Document:

Exhibit 10.3

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management Trust Agreement (this
 “Agreement”) is made effective as of December 21, 2021, by and between Gardiner Healthcare Acquisitions Corp.,
a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation
(the “Trustee”).

 

WHEREAS, the Company’s registration
statement on Form S-1, File No. 333-260422 (the “Registration Statement”) and prospectus (the “Prospectus”)
for the initial public offering of the Company’s units (the “Units”), each of which consists of one share
of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”), and one redeemable
warrant, each warrant entitling the holder thereof to purchase one share of Common Stock (such initial public offering hereinafter referred
to as the “Offering”), has been declared effective as of the date hereof by the U.S. Securities and Exchange Commission; and

 

WHEREAS, the Company has entered into an
Underwriting Agreement (the “Underwriting Agreement”) with Chardan Capital Markets, LLC as representative (the
 “Representative”) of the several underwriters (the “Underwriters”) named therein;
and

 

WHEREAS, if a Business Combination (as defined
herein) is not consummated within the initial 12 month period following the closing of the Offering, upon the request of the Company’s
sponsor (the “Sponsor”), the Company may extend such period twice, by an additional three months for each extension
period, for a total of up to 18 months, subject to the Sponsor or its affiliates or permitted designees depositing $750,000 (or up to
$862,500 if the Underwriters’ over-allotment option is exercised in full) into the Trust Account no later than the 12 month anniversary
of the Offering (the “Deadline”) for such extension (the “Extension”), in exchange
for which the Sponsor will receive a non-interest bearing, unsecured promissory note for such Extension payable upon consummation of a
Business Combination; and

 

WHEREAS, as described in the Prospectus,
$75,750,000 of the gross proceeds of the Offering and sale of the Private Placement Warrants (as defined in the Underwriting Agreement)
(or $87,112,500, if the Underwriters’ over-allotment option is exercised in full) and the proceeds from any loans in connection
with an Extension will be delivered to the Trustee to be deposited and held in a segregated trust account located at all times in the
United States (the “Trust Account”) for the benefit of the Company and the holders of the Common Stock included
in the Units issued in the Offering as hereinafter provided (the amount to be delivered to the Trustee (and any interest subsequently
earned thereon) is referred to herein as the “Property,” the stockholders for whose benefit the Trustee shall
hold the Property will be referred to as the “Public Stockholders,” and the Public Stockholders and the Company
will be referred to together as the “Beneficiaries”);

 

WHEREAS, pursuant to the Business Combination
Marketing Agreement (the “BCMA”), a portion of the Property equal to $2,625,000 (or up to $3,018,750 to the
extent that the Underwriters’ over-allotment option is exercised), is attributable to a service fee that will be payable by the
Company to the Representative upon and concurrently with the consummation of the Business Combination (as defined below) (the “Marketing
Fee”); and

 

    

     

    

 

WHEREAS, the Company and the Trustee desire
to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property.

 

NOW THEREFORE, IT IS AGREED:

 

1.                    Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(a)                 
Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established
by the Trustee in the United States at J.P. Morgan Chase Bank, N.A., (or at another U.S. chartered commercial bank with consolidated assets
of $100 billion or more), and at a brokerage institution selected by the Trustee that is reasonably satisfactory to the Company;

 

(b)                 
Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

(c)                 
In a timely manner, upon the written instruction of the Company, invest and reinvest the Property solely in United States
government securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185
days or less, or in money market funds meeting the conditions of Rule 2a-7(d) promulgated under the Investment Company Act of 1940, as
amended (or any successor rule), which invest only in direct U.S. government treasury obligations, as determined by the Company; it being
understood that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder;
and while account funds are invested or uninvested, the Trustee may earn bank credits or other consideration;

 

(d)                 
Collect and receive, when due, all interest or other income arising from the Property, which shall become part of the “Property,”
as such term is used herein;

 

(e)                 
Promptly notify the Company and the Representative of all communications received by the Trustee with respect to any Property
requiring action by the Company;

 

(f)                  
Supply any necessary information or documents as may be requested by the Company (or its authorized agents) in connection
with the Company’s preparation of the tax returns relating to assets held in the Trust Account;

 

(g)                 
Participate in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as
and when instructed by the Company to do so;

 

(h)                 
Render to the Company monthly written statements of the activities of, and amounts in, the Trust Account reflecting all
receipts and disbursements of the Trust Account;

 

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(i)                   Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the
terms of a letter from the Company (“Termination Letter”) in a form substantially similar to that attached hereto
as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive Officer, Chief Financial
Officer, President, Executive Vice President, Vice President, Secretary or Chairman of the board of directors of the Company (the “Board”)
or other authorized officer of the Company, and, in the case of a Termination Letter in a form substantially similar to the attached hereto
as Exhibit A, jointly signed by the Representative, and complete the liquidation of the Trust Account and distribute the Property
in the Trust Account, including interest not previously released to the Company to pay its taxes (less up to $100,000 of interest that
may be released to the Company to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred
to therein, or (y) the date which is the later of (1) 12 months after the closing of the Offering and (2) such later date upon an Extension
effectuated pursuant to the terms hereof and (3) such later date as may be approved by the Company’s stockholders in accordance
with the Company’s amended and restated certificate of incorporation if a Termination Letter has not been received by the Trustee
prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination
Letter attached as Exhibit B and the Property in the Trust Account, including interest not previously released to the Company to
pay its taxes (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses) shall be distributed to
the Public Stockholders of record as of such date; and provided, however, that in the event the Trustee receives a Termination
Letter in a form substantially similar to Exhibit B hereto, or if the Trustee begins to liquidate the Property because it has received
no such Termination Letter by the date specified in clause (y) of this Section 1(i), the Trustee shall keep the Trust Account open
until twelve (12) months following the date the Property has been distributed to the Public Stockholders. Other than what is provided
for in Section 1(k), it is acknowledged and agreed that there should be no reduction in the principal amount initially deposited
in the Trust Account;

 

(j)                   Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached
hereto as Exhibit C, withdraw from the Trust Account and distribute to the Company the amount of interest earned on the Property
requested by the Company to cover any tax obligation owed by the Company as a result of assets of the Company or interest or other income
earned on the Property, which amount shall be delivered directly to the Company by electronic funds transfer or other method of prompt
payment, and the Company shall forward such payment to the relevant taxing authority; provided, however, that to the extent
there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets held in the Trust
Account as shall be designated by the Company in writing to make such distribution, so long as there is no reduction in the principal
amount per share initially deposited in the Trust Account; provided, further, that if the tax to be paid is a franchise
tax, the written request by the Company to make such distribution shall be accompanied by a copy of the franchise tax bill from the State
of Delaware for the Company (it being acknowledged and agreed that any such amount in excess of interest income earned on the Property
shall not be payable from the Trust Account). The written request of the Company referenced above shall constitute presumptive evidence
that the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request;

 

(k)                 
Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached
hereto as Exhibit D, the Trustee shall distribute on behalf of the Company the amount requested by the Company to be used to redeem
shares of Common Stock from Public Stockholders properly submitted in connection with a stockholder vote to approve an amendment to the
Company’s amended and restated certificate of incorporation (a) to modify the substance or timing of the ability of Public Stockholders
to seek redemption in connection with an initial Business Combination or the Company’s obligation to redeem 100% of its public shares
of Common Stock if the Company has not consummated an initial Business Combination within such time as is described in the Company’s
amended and restated certificate of incorporation or (b) with respect to any other provisions relating to stockholders’ rights or
pre-initial Business Combination activity. The written request of the Company referenced above shall constitute presumptive evidence that
the Company is entitled to distribute said funds, and the Trustee shall have no responsibility to look beyond said request; and

 

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(l)                   Not
make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j) or (k) above.

 

(m)                 Upon receipt of an extension letter (“Extension Letter”) substantially similar to Exhibit E
hereto at least five business days prior to the Deadline, signed on behalf of the Company by an executive officer, and receipt of the
dollar amount specified in the Extension Letter on or prior to the Deadline, follow the instructions set forth in the Extension Letter.

 

2.                    Agreements
and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a)                 
Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board, Chief Executive
Officer, Chief Financial Officer, President, Executive Vice President, Vice President or Secretary. In addition, except with respect to
its duties under Sections 1(i), 1(j) and 1(k) hereof, the Trustee shall be entitled to rely on, and shall be protected
in relying on, any verbal or telephonic advice or instruction which it, in good faith and with reasonable care, believes to be given by
any one of the persons authorized above to give written instructions, provided that the Company shall promptly confirm such instructions
in writing;

 

(b)                 
Subject to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all expenses,
including reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder
and in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any
claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or
any interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross negligence, fraud or willful
misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding,
pursuant to which the Trustee intends to seek indemnification under this Section 2(b), it shall notify the Company in writing of
such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct
and manage the defense against such Indemnified Claim; provided that the Trustee shall obtain the consent of the Company with respect
to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim
without the prior written consent of the Company, which such consent shall not be unreasonably withheld. The Company may participate in
such action with its own counsel;

 

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(c)                 
Pay the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration
fee, and transaction processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood
that the Property shall not be used to pay such fees unless and until the closing of the Business Combination (defined below). The Company
shall pay the Trustee the initial acceptance fee and the first annual administration fee at the consummation of the Offering.. The Company
shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 2(c), Schedule A
and as may be provided in Section 2(b) hereof;

 

(d)                 
In connection with any vote of the Company’s stockholders regarding a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination involving the Company and one or more businesses (the “Business
Combination”), provide to the Trustee an affidavit or certificate of the inspector of elections for the stockholder meeting
verifying the vote of such stockholders regarding such Business Combination;

 

(e)                 
Provide the Representative with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the
Trustee with respect to any proposed withdrawal from the Trust Account promptly after it issues the same;

 

(f)                  
Unless otherwise agreed between the Company and the Representative, ensure that any Instruction Letter (as defined in Exhibit
A) delivered in connection with a Termination Letter in the form of Exhibit A expressly provides that the Marketing Fee is
paid directly to the account or accounts directed by the Representative prior to any transfer of the funds held in the Trust Account to
the Company or any other person;

 

(g)                 
Instruct the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing
the Trustee to make any distributions that are not permitted under this Agreement; and

 

(h)                 
Within four (4) business days after the Underwriters exercise the over-allotment option (or any unexercised portion thereof)
or such over-allotment expires, provide the Trustee with a notice in writing of the total amount of the Marketing Fee, which shall in
no event be less than $2,625,000.

 

(i)                    If
applicable, issue a press release at least three days prior to the Deadline announcing that, at least five days prior to the Deadline,
the Company received notice from the Sponsor that the Sponsor intends to deposit funds into the Trust Account for extending the Deadline
and the Board has approved such Extension.

 

(j)                    Promptly
following the Deadline, disclose whether or not the deadline for the Company to consummate a Business Combination has been extended.

 

3.                    Limitations
of Liability. The Trustee shall have no responsibility or liability to:

 

(a)                 
Imply obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other
than this Agreement and that which is expressly set forth herein;

 

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(b)                 
Take any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have
no liability to any third party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct;

 

(c)                 
Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or defend
any proceeding of any kind with respect to, any of the Property unless and until it shall have received instructions from the Company
given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident
thereto;

 

(d)                 
Refund any depreciation in principal of any Property;

 

(e)                 
Assume that the authority of any person designated by the Company to give instructions hereunder shall not be continuing
unless provided otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the
Trustee;

 

(f)                   The
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in
good faith and in the Trustee’s best judgment, except for the Trustee’s gross negligence, fraud or willful misconduct. The
Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel
(including counsel chosen by the Trustee, which counsel may be the Company’s counsel), statement, instrument, report or other paper
or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability
of any information therein contained) which the Trustee believes, in good faith and with reasonable care, to be genuine and to be signed
or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination
or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee, signed
by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent
thereto;

 

(g)                 
Verify the accuracy of the information contained in the Registration Statement;

 

(h)                 
Provide any assurance that any Business Combination entered into by the Company or any other action taken by the Company
is as contemplated by the Registration Statement;

 

(i)                    File information returns with respect to the Trust Account with any local, state or federal taxing authority or provide
periodic written statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned
on the Property;

 

(j)                   Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated
by, and activities relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including,
but not limited to, franchise and income tax obligations, except pursuant to Section 1(j) hereof; or

 

(k)                 
Verify calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections
1(i), 1(j) or 1(k) hereof.

 

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4.                    Trust Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it
may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including, without limitation,
under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely against the Company and its assets
outside the Trust Account and not against the Property or any monies in the Trust Account.

 

5.                    Termination. This Agreement shall terminate as follows:

 

(a)                 
If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use
its reasonable efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement.
At such time that the Company notifies the Trustee that a successor trustee has been appointed and has agreed to become subject to the
terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not limited
to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided,
however, that in the event that the Company does not locate a successor trustee within ninety (90) days of receipt of the resignation
notice from the Trustee, the Trustee may submit an application to have the Property deposited with any court in the State of New York
or with the United States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from
any liability whatsoever; or

 

(b)                 
At such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with
the provisions of Section 1(i) hereof and distributed the Property in accordance with the provisions of the Termination Letter,
this Agreement shall terminate except with respect to Section 2(b).

 

6.                    Miscellaneous.

 

(a)                 
The Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect
to funds transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating
to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized
persons may have obtained access to such confidential information, or of any change in its authorized personnel. In executing funds transfers,
the Trustee shall rely upon all information supplied to it by the Company, including, account names, account numbers, and all other identifying
information relating to a Beneficiary, Beneficiary’s bank or intermediary bank. Except for any liability arising out of the Trustee’s
gross negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss, liability or expense resulting from any error
in the information or transmission of the funds.

 

(b)                 
This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. This
Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together
shall constitute but one instrument.

 

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(c)                 
This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter
hereof. This Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical error)
by a writing signed by each of the parties hereto; provided, however, that no such change, amendment or modification to Section 1(i),
2(f) or Exhibit A may be made without the prior written consent of the Representative.

 

(d)                 
This Agreement or any provision hereof may only be changed, amended or modified pursuant to Section 6(c) hereof with
the Consent of the Stockholders. For purposes of this Section 6(d), the “Consent of the Stockholders”
means receipt by the Trustee of a certificate from the inspector of elections of the stockholder meeting certifying that the Company’s
stockholders of record as of a record date established in accordance with Section 213(a) of the Delaware General Corporation Law, as amended
(“DGCL”) (or any successor rule), who hold sixty-five percent (65%) or more of all then outstanding shares of
the Common Stock and Class B common stock, par value $0.0001 per share, of the Company voting together as a single class, have voted in
favor of such change, amendment or modification. No such amendment will affect any Public Stockholder who has otherwise indicated his
election to redeem his shares of Common Stock in connection with a stockholder vote sought to amend this Agreement to modify the substance
or timing of the Company’s obligation to redeem 100% of the Common Stock if the Company does not complete its initial Business Combination
within the time frame specified in the Company’s amended and restated certificate of incorporation. Except for any liability arising
out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee may rely conclusively on the certification from
the inspector or elections referenced above and shall be relieved of all liability to any party for executing the proposed amendment in
reliance thereon.

 

(e)                  
The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York,
State of New York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING
TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

 

(f)                  
Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be
in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand
delivery or by electronic mail:

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust
Company

1 State Street, 30th Floor

New York, NY 10004

Attn: Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com;

Email: cgonzalez@continentalstock.com

 

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if to the Company, to:

 

Gardiner Healthcare Acquisitions Corp.

3107 Warrington Road

Shaker Heights, OH 44120

Attn: Marc F. Pelletier

Email: mfpelletier@gardinerhealthcare.com

 

in each case, with copies to:

 

Reed Smith LLP

506 Carnegie Center

Suite 300

Princeton, New Jersey 08540

Attn: Edward P. Bromley III, Esq.

Email: ebromley@reedsmith.com

 

and

 

Chardan Capital Markets LLC

17 State Street, 21st Floor

New York, NY 10004

Attn: Richard Korhammer

Fax. No.: (646) 465-9002

 

and

 

Greenberg Traurig, LLP

1750 Tysons Boulevard, Suite 1000

McLean, VA 22102

Attn: Jason T. Simon, Esq.

E-mail: simonj@gtlaw.com

 

(g)                 
Each of the Company and the Trustee hereby represents that it has the full right and power and has been duly authorized
to enter into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees
that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any
funds in the Trust Account under any circumstance.

 

(h)                 
This Agreement is the joint product of the Trustee and the Company and each provision hereof has been subject to the mutual
consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

(i)                   (i)
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic
transmission shall constitute valid and sufficient delivery thereof.

 

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(j)                   Each
of the Company and the Trustee hereby acknowledges and agrees that Chardan Capital Markets, LLC is a third party beneficiary of this
Agreement.

 

(k)                 
Except as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any
other person or entity.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties have duly
executed this Investment Management Trust Agreement as of the date first written above.

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee  
	 	 
	 	By:	/s/ Francis Wolf
	 	Name:	Francis Wolf
	 	Title:	Vice President
	 	 
	 	GARDINER HEALTHCARE ACQUISITIONS CORP.  
	 	 
	 	By:	/s/ Marc F. Pelletier
	 	Name:	Marc F. Pelletier
	 	Title:	Chief Executive Officer

 

[Signature Page to Investment Management
Trust Agreement]

 

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SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial set-up fee.	 	Initial closing of Offering by wire transfer.	 	$	3,500	 
	Trustee administration fee	 	Payable annually. First year fee payable, at initial closing of Offering by wire transfer, thereafter by wire transfer or check.	 	$	10,000	 
	Transaction processing fee for disbursements to Company under Sections 1(i), (j) and (k)	 	Billed to Company following disbursement made to Company under Section 1	 	$	250	 
	Paying Agent services as required pursuant to Sections 1(i) and 1(k)	 	Billed to Company upon delivery of service pursuant to Section 1(i) and 1(k)	 	 	Prevailing rates	 

 

    

     

    

 

EXHIBIT A

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Fran Wolf and Celeste Gonzalez

 

Re: Trust Account. Termination Letter.

 

Ladies and Gentlemen:

 

Pursuant to Section 1(i) of the Investment Management Trust
Agreement between Gardiner Healthcare Acquisitions Corp. (the “Company”) and Continental Stock Transfer &
Trust Company (the “Trustee”), dated as of [_____ __], 2021 (the “Trust Agreement”),
this is to advise you that the Company has entered into an agreement with (the “Target Business”) to consummate
a business combination with Target Business (the “Business Combination”) on or about [insert date]. The Company
shall notify you at least seventy-two (72) hours in advance of the actual date of the consummation of the Business Combination (the “Consummation
Date”). Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust Agreement, we hereby authorize
you to commence to liquidate all of the assets of the Trust Account, and to transfer the proceeds to a segregated account held by you
on behalf of the Beneficiaries to the effect that, on the Consummation Date, all of the funds held in the Trust Account will be immediately
available for transfer to the account or accounts that the Company shall direct on the Consummation Date (including as directed to it
by the Representative (with respect to the Marketing Fee)). It is acknowledged and agreed that while the funds are on deposit in the trust
operating account at J.P. Morgan Chase Bank, N.A. awaiting distribution, the Company will not earn any interest or dividends.

 

On the Consummation Date (i) counsel for the Company shall deliver
to you written notification that the Business Combination has been consummated, or will be consummated concurrently with your transfer
of funds to the accounts as directed by the Company (the “Notification”) and (ii) the Company shall deliver
to you (a) a certificate of the Chief Executive Officer, which verifies that the Business Combination has been approved by a vote of the
Company’s stockholders, if a vote is held and (b) a joint written instruction signed by the Company and the Representative with
respect to the transfer of the funds held in the Trust Account, including payment of amounts owed to public stockholders who have properly
exercised their redemption rights and payment of the Marketing Fee to the Representative from the Trust Account (the “Instruction
Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt
of the Notification and the Instruction Letter, (x) to the Representative in an amount equal to the Marketing Fee as directed by the Representative
and (y) the remainder in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account
may not be liquidated by the Consummation Date without penalty, you will notify the Company in writing of the same and the Company shall
direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the Company.
Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the
Trust Account, your obligations under the Trust Agreement shall be terminated.

 

    

     

    

 

In the event that the Business Combination is not consummated on the
Consummation Date described in the notice thereof and we have not notified you on or before the original Consummation Date of a new Consummation
Date, then upon receipt by the Trustee of written instructions from the Company, the funds held in the Trust Account shall be reinvested
as provided in Section 1(c) of the Trust Agreement on the business day immediately following the Consummation Date as set forth
in such notice as soon thereafter as possible.

 

	 	GARDINER HEALTHCARE ACQUISITIONS CORP.  
	 	 
	 	By:	
	 	Name:	Marc F. Pelletier
	 	Title:	Chief Executive Officer

 

	Acknowledged and Agreed by:	 
	 	 	 
	Chardan Capital Markets, LLC	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:
    	 	 

 

     - 14 -

     

    

 

EXHIBIT B

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Fran Wolf and Celeste Gonzalez

 

Re: Trust Account Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to Section 1(i) of the Investment Management Trust
Agreement between Gardiner Healthcare Acquisitions Corp. (the “Company”) and Continental Stock Transfer &
Trust Company (the “Trustee”), dated as of [____ __], 2021 (the “Trust Agreement”),
this is to advise you that the Company has been unable to effect a business combination with a Target Business (the “Business
Combination”) within the time frame specified in the Company’s Amended and Restated Certificate of Incorporation,
as described in the Company’s Prospectus relating to the Offering. Capitalized terms used but not defined herein shall have the
meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust Agreement, we hereby authorize
you to liquidate all of the assets in the Trust Account and to transfer the total proceeds into a segregated account held by you on behalf
of the Beneficiaries to await distribution to the Public Stockholders. The Company has selected (1) as the effective date for the purpose
of determining when the Public Stockholders will be entitled to receive their share of the liquidation proceeds. You agree to be the Paying
Agent of record and, in your separate capacity as Paying Agent, agree to distribute said funds directly to the Company’s Public
Stockholders in accordance with the terms of the Trust Agreement and the Amended and Restated Certificate of Incorporation of the Company.
Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the
Trust Account, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(j)
of the Trust Agreement.

 

     

     

    

 

(1)       12 months from the closing
of the Offering, or such later date upon an Extension, if any, effectuated pursuant to the Trust Agreement.

 

	 	Very truly yours,
	 	 
	 	GARDINER HEALTHCARE ACQUISITIONS CORP.  
	 	 
	 	By:	
	 	Name:	Marc F. Pelletier
	 	Title:	Chief Executive Officer

 

		cc:	Chardan Capital Markets, LLC

 

     - 16 -

     

    

 

EXHIBIT C

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Fran Wolf and Celeste Gonzalez

 

Re: Trust Account Withdrawal Instruction

 

Ladies and Gentlemen:

 

Pursuant to Section 1(j) of the Investment Management Trust
Agreement between Gardiner Healthcare Acquisitions Corp. (the “Company”) and Continental Stock Transfer &
Trust Company (the “Trustee”), dated as of [____ __], 2021 (the “Trust Agreement”),
the Company hereby requests that you deliver to the Company $ of the interest income earned on the Property as of the date hereof. Capitalized
terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The Company needs such funds to pay for the tax obligations as set
forth on the attached tax return or tax statement. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized
to transfer (via wire transfer) such funds promptly upon your receipt of this letter to a segregated account held by you on behalf of
the Beneficiaries:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 
	 	GARDINER HEALTHCARE ACQUISITIONS CORP.  
	 	 
	 	By:	
	 	Name:	Marc F. Pelletier
	 	Title:	Chief Executive Officer

 

		cc:	Chardan Capital Markets, LLC

 

     

     

    

 

EXHIBIT D

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Fran Wolf and Celeste Gonzalez

 

		Re:	Trust Account Stockholder Redemption Withdrawal Instruction

 

Ladies and Gentlemen:

 

Pursuant to Section 1(k) of the Investment Management Trust
Agreement between Gardiner Healthcare Acquisitions Corp. (the “Company”) and Continental Stock Transfer &
Trust Company (the “Trustee”), dated as of [_____ __], 2021 (the “Trust Agreement”),
the Company hereby requests that you deliver to the redeeming Public Stockholders of the Company $ of the principal and interest income
earned on the Property as of the date hereof to a segregated account held by you on behalf of the Beneficiaries for distribution to the
Stockholders who have requested redemption of their Common Stock. Capitalized terms used but not defined herein shall have the meanings
set forth in the Trust Agreement.

 

The Company needs such funds to pay its Public Stockholders who have
properly elected to have their shares of Common Stock redeemed by the Company in connection with a stockholder vote to approve an amendment
to the Company’s amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation
to redeem 100% of public shares of Common Stock if the Company has not consummated an initial Business Combination within such time as
is described in the Company’s amended and restated certificate of incorporation or with respect to any other provisions relating
to stockholders’ rights or pre-initial Business Combination activity. As such, you are hereby directed and authorized to transfer
(via wire transfer) such funds promptly upon your receipt of this letter to a segregated account held by you on behalf of the Beneficiaries.

 

	 	Very truly yours,
	 	 
	 	GARDINER HEALTHCARE ACQUISITIONS CORP.  
	 	 
	 	By:	
	 	Name:	Marc F. Pelletier
	 	Title:	Chief Executive Officer

 

		cc:	Chardan Capital Markets, LLC

 

     

     

    

 

EXHIBIT E

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Fran Wolf and Celeste Gonzalez

 

		Re:	Trust Account Extension Letter

 

Ladies and Gentlemen:

 

Pursuant to Section 1(m) of the Investment Management
Trust Agreement between Gardiner Healthcare Acquisitions Corp. (“Company”) and Continental Stock Transfer & Trust Company,
dated as of [____] [__], 2021 (“Trust Agreement”), this is to advise you that the Company is extending the time available
to consummate a Business Combination for an additional three (3) months, from _______ to _________ (the “Extension”).

 

This Extension Letter shall serve as the notice
required with respect to the Extension prior to the Deadline. Capitalized words used herein and not otherwise defined shall have the meanings
ascribed to them in the Trust Agreement.

 

In accordance with the terms of the Trust Agreement,
we hereby authorize you to deposit $750,000 [(or up to $862,500 if the underwriters’ over-allotment option was exercised in full)],
which will be wired to you, into the Trust Account investments upon receipt.

 

	 	Very truly yours,
	 	 
	 	GARDINER HEALTHCARE ACQUISITIONS CORP.  
	 	 
	 	By:	
	 	Name:	Marc F. Pelletier
	 	Title:	Chief Executive Officer

 

		cc:	Chardan Capital Markets, LLC

 

     - 19 -Exhibit 10.4 

 

STOCK ESCROW AGREEMENT

 

This STOCK ESCROW AGREEMENT,
dated as of December 21, 2021 (“Agreement”), by and among GARDINER HEALTHCARE ACQUISITIONS CORP., a Delaware corporation
(“Company”), the initial stockholders listed on the signature pages hereto (collectively, the “Initial Stockholders”),
and CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation (“Escrow Agent”).

 

WHEREAS, the Company has entered
into an Underwriting Agreement, dated as of December 21, 2021 (“Underwriting Agreement”), with Chardan Capital Markets,
LLC (“Chardan”) acting as representative of the several underwriters (collectively, the “Underwriters”),
pursuant to which, among other matters, the Underwriters have agreed to purchase 7,500,000 units (the “Units”) of the
Company, plus an additional 1,125,000 Units if the Underwriters exercise their over-allotment option in full. Each Unit consists of one
share of common stock of the Company, par value $0.0001 per share (the “Common Stock”), and one warrant, with each
warrant entitling the holder thereof to purchase one share of the Common Stock at an exercise price of $11.50 per share, all as more fully
described in the Company’s final Prospectus, dated [●], 2021 (“Prospectus”), comprising part of the Company’s
Registration Statement on Form S-1 (File No. 333-260422) under the Securities Act of 1933, as amended (the “Registration Statement”),
declared effective on December 21, 2021 (“Effective Date”).

 

WHEREAS, the Initial Stockholders
have agreed as a condition of the sale of the Units to deposit their Insider Shares (as defined in the Prospectus), as set forth opposite
their respective names on Exhibit A attached hereto (collectively “Escrow Shares”), in escrow as hereinafter
provided.

 

WHEREAS, the Company and the
Initial Stockholders desire that the Escrow Agent accept the Escrow Shares, in escrow, to be held and disbursed as hereinafter provided.

 

IT IS AGREED:

 

1.            
Appointment of Escrow Agent. The Company and the Initial Stockholders hereby appoint the Escrow Agent to act in accordance
with and subject to the terms of this Agreement, and the Escrow Agent hereby accepts such appointment and agrees to act in accordance
with and subject to such terms.

 

2.            
Deposit of Escrow Shares. On or prior to the date hereof, each of the Initial Stockholders delivered to the Escrow
Agent certificates representing such Initial Stockholder’s respective Escrow Shares, together with applicable share powers, to be
held and disbursed subject to the terms and conditions of this Agreement. Each of the Initial Stockholders acknowledges that the certificate
representing such Initial Stockholder’s Escrow Shares is legended to reflect the deposit of such Escrow Shares under this Agreement.

 

    	 	1	 

     

    

 

3.            
Disbursement of the Escrow Shares.

 

3.1              The Escrow Agent shall hold the Escrow Shares during the period (the “Escrow Period”) commencing on the date
hereof and (i) for 50% of the Escrow Shares, ending on the earlier of (x) six months after the date of the consummation of the Company’s
initial business combination (as described in the Registration Statement, hereinafter a “Business Combination”) and
(y) the date on which the closing price of the Common Stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends,
reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after the Company’s
initial Business Combination and (ii) for the remaining 50% of the Escrow Shares, ending six months after the date of the consummation
of an initial Business Combination. The Company shall promptly provide notice of the consummation of a Business Combination to the Escrow
Agent. Upon completion of the Escrow Period, the Escrow Agent shall disburse such amount of each Initial Stockholder’s Escrow Shares
(and any applicable share power) to such Initial Stockholder; provided, however, that if the Escrow Agent is notified by the Company
pursuant to Section 6.7 hereof that the Company is being liquidated at any time during the Escrow Period, then the Escrow Agent shall
promptly destroy the certificates representing the Escrow Shares; provided further, however, that if, within six months after the Company
consummates an initial Business Combination, the Company (or the surviving entity) subsequently consummates a liquidation, merger, stock
exchange or other similar transaction which results in all of the stockholders of such entity having the right to exchange their shares
of Common Stock for cash, securities or other property, then the Escrow Agent will, upon receipt of a notice executed by the Chairman
of the Board, Chief Executive Officer or other authorized officer of the Company, in form reasonably acceptable to the Escrow Agent,
certifying that such transaction is then being consummated or such conditions have been achieved, as applicable, release the Escrow Shares
to the Initial Stockholders. The Escrow Agent shall have no further duties hereunder after the disbursement or destruction of the Escrow
Shares in accordance with this Section 3.1.

 

3.2              
Notwithstanding Section 3.1, if the Underwriters do not exercise their over-allotment option to purchase an additional 1,125,000
Units of the Company in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), Gardiner Healthcare
Holdings, LLC, Chardan Gardiner LLC and CCMAUS Pty Ltd (together, the “Co-Sponsors”) agree that the Escrow Agent shall
return to the Company for cancellation, at no cost, the number of Escrow Shares held by the Co-Sponsors listed on Exhibit B determined
by multiplying (a) 182,812 in the case of Gardiner Healthcare Holdings, LLC, 50,625 in the case of Chardan Gardiner LLC and 47,813 in
the case of CCMAUS Pty Ltd, by (b) a fraction, (i) the numerator of which is 1,125,000 minus the number of shares of Common Stock purchased
by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is 1,125,000. The Company shall
promptly provide notice to the Escrow Agent of the expiration or termination of the Underwriters’ over-allotment option and the
number of Units, if any, purchased by the Underwriters in connection with their exercise thereof.

 

4.            
Rights of Initial Stockholders in Escrow Shares.

 

4.1            
Voting Rights as a Stockholder. Subject to the terms of the Insider Letters described in Section 4.4 hereof and except
as herein provided, the Initial Stockholders shall retain all of their rights as stockholders of the Company during the Escrow Period,
including, without limitation, the right to vote such shares.

 

4.2            
Dividends and Other Distributions in Respect of the Escrow Shares. During the Escrow Period, all dividends payable
in cash with respect to the Escrow Shares shall be paid to the Initial Stockholders, but all dividends payable in stock or other non-cash
property (“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof.
As used herein, the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

 

    	 	2	 

     

    

 

4.3            
Restrictions on Transfer. During the Escrow Period, the only permitted transfers of the Escrow Shares will be to
(1) any person (including their affiliates and stockholders) participating in the private placement of the private warrants, officers,
directors, stockholders, employees and members of Gardiner Healthcare Holdings, LLC, Chardan Gardiner LLC and CCMAUS Pty Ltd and their
respective affiliates, (2) to the Company’s pre-IPO stockholders or their respective affiliates, or to the Company’s offices,
directors, advisors and employees (3) if the Initial Stockholder is an entity, as a distribution to its, partners, stockholders or members
upon its liquidation, (4) by bona fide gift to a member of the Initial Stockholder’s immediate family or to a trust, the beneficiary
of which is the Initial Stockholder or a member of the Initial Stockholder’s immediate family for estate planning purposes, (5)
by virtue of the laws of descent and distribution upon death of the Initial Stockholder, (6) pursuant to a qualified domestic relations
order, (7) by certain pledges to secure obligations incurred in connection with purchases of the Company’s securities, (8) by private
sales at prices no greater than the price at which the Insider Shares were originally purchased or (9) for the cancellation of up to 281,250
shares of Common Stock subject to forfeiture to the extent that the Underwriters’ over-allotment is not exercised in full or in
part or in connection with the consummation of our initial Business Combination, in each case (except for clause 9 or with our prior consent),
on the condition that such transfers may be implemented only upon the respective transferee’s written agreement to be bound by the
terms and conditions of this Agreement and of the Insider Letter (as defined below) signed by the Initial Stockholder transferring the
Escrow Shares.

 

4.4             
Insider Letters. Each of the Initial Stockholders has executed a letter agreement with Chardan and the Company, the
form of which is filed as an exhibit to the Registration Statement (each an “Insider Letter” and together the “Insider
Letters”), respecting the rights and obligations of such Initial Stockholder in certain events, including but not limited to
the liquidation of the Company.

 

5.            
Concerning the Escrow Agent.

 

5.1             
Good Faith Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and
in the exercise of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate,
opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document
(not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of
any information therein contained) which is believed by the Escrow Agent to be genuine and to be signed or presented by the proper person
or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this
Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights
of the Escrow Agent are affected, unless it shall have given its prior written consent thereto.

 

    	 	3	 

     

    

 

5.2            
Indemnification. The Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses,
including counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding
involving any claim which in any way, directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent
hereunder, or the Escrow Shares held by it hereunder, other than expenses or losses arising from the gross negligence or willful misconduct
of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action,
suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice, the
Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in an appropriate court to determine ownership
or disposition of the Escrow Shares or it may deposit the Escrow Shares with the clerk of any appropriate court or it may retain the Escrow
Shares pending receipt of a final, non-appealable order of a court having jurisdiction over all of the parties hereto directing to whom
and under what circumstances the Escrow Shares are to be disbursed and delivered. The provisions of this Section 5.2 shall survive in
the event the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

 

5.3             
Compensation. The Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered
by it hereunder. The Escrow Agent shall also be entitled to reimbursement from the Company for all expenses paid or incurred by it in
the administration of its duties hereunder including, but not limited to, all counsel, advisors’ and agents’ fees and disbursements
and all taxes or other governmental charges.

 

5.4             
Further Assurances. From time to time on and after the date hereof, the Company and the Initial Stockholders shall
deliver or cause to be delivered to the Escrow Agent such further documents and instruments and shall do or cause to be done such further
acts as the Escrow Agent shall reasonably request to carry out more effectively the provisions and purposes of this Agreement, to evidence
compliance herewith or to assure itself that it is protected in acting hereunder.

 

5.5             
Resignation. The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder
by its giving the other parties hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation
shall become effective at such time that the Escrow Agent shall turn over to a successor escrow agent appointed by the Company, the Escrow
Shares held hereunder. If no new escrow agent is so appointed within the 60 day period following the giving of such notice of resignation,
the Escrow Agent may deposit the Escrow Shares with any court it reasonably deems appropriate.

 

5.6             
Discharge of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder
if so requested in writing at any time by the other parties hereto, jointly, provided, however, that such resignation shall become effective
only upon acceptance of appointment by a successor escrow agent as provided in Section 5.5.

 

5.7             
Liability. Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from liability
hereunder for its own gross negligence or its own willful misconduct.

 

    	 	4	 

     

    

 

5.8             
Waiver. The Escrow Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind
(“Claim”) in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust
Agreement, dated as of the date hereof, by and between the Company and the Escrow Agent as trustee thereunder) and hereby agrees not to
seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

6.            
Miscellaneous.

 

6.1             
Governing Law. This Agreement shall for all purposes be deemed to be made under and shall be construed in accordance
with the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the
substantive laws of another jurisdiction.

 

6.2             
Third Party Beneficiaries. Each of the Initial Stockholders hereby acknowledges that Chardan is a third party beneficiary
of this Agreement and this Agreement may not be modified or changed without the prior written consent of Chardan.

 

6.3             
Entire Agreement. This Agreement contains the entire agreement of the parties hereto with respect to the subject
matter hereof and, except as expressly provided herein, may not be changed or modified except by an instrument in writing signed by the
party to the charged.

 

6.4             
Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in any way
the meaning or interpretation thereof.

 

6.5            
Binding Effect. This Agreement shall be binding upon and inure to the benefit of the respective parties hereto and
their legal representatives, successors and assigns.

 

6.6             
Notices. Any notice or other communication required or which may be given hereunder shall be in writing and either
be delivered personally or be mailed, certified or registered mail, or by private national courier service, return receipt requested,
postage prepaid, and shall be deemed given when so delivered personally or, if mailed, two days after the date of mailing, as follows:

 

If to the Company, to:                                              Gardiner
Healthcare Acquisitions Corp.

3107 Warrington Road

Shaker Heights, OH 44120

Attn: Chief Executive
Officer

 

If to a Stockholder, to his
address set forth in Exhibit A.

 

and if to the Escrow
Agent, to:                             Continental Stock Transfer & Trust Company

1 State Street, 30th
Floor

New York, New York 10004

Attn: Account Administration

 

    	 	5	 

     

    

 

A copy (which copy shall not
constitute notice) sent hereunder shall be sent to:

 

Chardan Capital Markets
LLC

17 State Street, 21st
Floor

New York, NY 10004

Attn: Richard Korhammer

Fax: (646) 465-9002

 

		and:	Greenberg Traurig, LLP

1750 Tyson Boulevard,
Suite 1000

McLean, Virginia 22102

Attn: Jason Simon

Email: simonj@gtlaw.com

Fax: (212) 801-6400

 

		and:	Reed Smith LLP

506 Carnegie Center

Suite 300

Princeton, New Jersey 08540

Attn: Edward P. Bromley III, Esq.

Email: ebromley@reedsmith.com

 

 

The parties may change the
persons and addresses to which the notices or other communications are to be sent by giving written notice to any such change in the manner
provided herein for giving notice.

 

6.7              
Liquidation of the Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution
of the Company in the event that the Company fails to consummate a Business Combination within the time period specified in the Prospectus.

 

[Signature Page Follows]

 

    	 	6	 

     

    

 

WITNESS the execution of this
Agreement as of the date first above written.

 

	 	COMPANY:
	 	 
	 	GARDINER HEALTHCARE ACQUISITIONS CORP.
	 	 
	 	By:	/s/ Marc F. Pelletier
	 	 	Name: Marc F. Pelletier
	 	 	Title: Chief Executive Officer
	 	 
	 	 
	 	ESCROW AGENT:
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 
	 	By:	/s/ Erika Young
	 	 	Name:Erika Young
	 	 	Title: Vice President

 

[Signature Page to Escrow
Agreement]

 

     

     

    

 

WITNESS the execution of this
Agreement as of the date first above written.

 

	 	INITIAL STOCKHOLDERS:
	 	 
	 	GARDINER HEALTHCARE

HOLDINGS, LLC
	 	 
	 	By:	Gardiner Founder, LLC,

its Managing Member
	 	 
	 	By:	/s/ Marc F. Pelletier
	 	 	Name: Marc F. Pelletier
	 	 	Title: Manager
	 	 
	 	 
	 	CHARDAN GARDINER LLC
	 	 
	 	By:	/s/ Jonas Grossman
	 	 	Name:Jonas Grossman
	 	 	Title: Managing Member
	 	 
	 	 
	 	CCMAUS PTY LTD
	 	 
	 	By:	/s/ Mohendra Moodley
	 	 	Name: Mohendra Moodley
	 	 	Title: Director

 

[Signature Page to Escrow
Agreement]

 

     

     

    

 

	 	/s/ Frank C. Sciavolino
	 	Frank C. Sciavolino
	 	 
	 	/s/ James P. Linton
	 	James P. Linton
	 	 
	 	/s/ Thomas F. Ryan, Jr.
	 	Thomas F. Ryan, Jr.
	 	 
	 	/s/ Matthew Rossen
	 	Matthew Rossen

 

 

[Signature Page to Escrow
Agreement]

 

     

     

    

 

EXHIBIT A

 

Initial Stockholders

 

	Name of Initial Stockholder	 	Number 
 of Shares	 
	Gardiner Healthcare Holdings, LLC	 	 	1,336,563	 
	Chardan Gardiner LLC	 	 	370,125	 
	CCMAUS Pty Ltd	 	 	349,562	 
	 	 	 	 	 
	Frank C. Sciavolino	 	 	25,000	 
	James P. Linton	 	 	25,000	 
	Thomas F. Ryan Jr.	 	 	25,000	 
	Matthew Rossen	 	 	25,000	 

 

Gardiner Healthcare Holdings,
LLC – Address: 3107 Warrington Road, Shaker Heights, OH 44120

 

Chardan Gardiner LLC –
Address: 17 State Street, 21st Floor, New York, New York 10004

 

CCMAUS Pty Ltd – Address:
32 Stewart Street, Artarmon, New South Wales 2064

 

Frank C. Sciavolino –
Address: 51 Oswegatchie Road, Waterford, Connecticut 06357

 

James P. Linton – Address:
1433 Horizon Court, San Marcos, California 92078

 

Thomas F. Ryan Jr. – Address:
13 High Field Lane, Madison, CT 06443

 

Matthew Rossen – Address:
133 Clarendon Rd. Burlingame, CA 94010

 

     

     

    

 

EXHIBIT B

 

Escrow Shares

 

Gardiner Healthcare Holdings,
LLC – 1,336,563

 

Chardan Gardiner LLC –
370,125

 

CCMAUS Pty Ltd – 349,562

 

Frank C. Sciavolino –
25,000

 

James P. Linton - 25,000

 

Thomas F. Ryan Jr. – 25,000

 

Matthew Rossen – 25,000

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