Exhibit 10.3


 


STOCK
ESCROW AGREEMENT


 


This
STOCK ESCROW AGREEMENT, dated as of [●], 2021 (“Agreement”), by and among CHARDAN NEXTECH ACQUISITION CORP., a Delaware
corporation (“Company”), CHARDAN NEXTECH INVESTMENTS LLC, a Delaware limited liability company (the “Sponsor”),
and each of the other initial stockholders of the Company listed on the signature pages hereto (the “Independent Directors”
and, together with the Sponsor, 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 [●], 2019 (“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 15,000,000 units (“Units”) of the Company, plus an
additional 2,250,000 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 whole 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. 333-253958) under the Securities Act of 1933, as amended (“Registration Statement”), declared
effective on [●], 2021 (the “Effective Date”).


 


WHEREAS, the Sponsor purchased
4,312,500 shares of Common Stock (the “Founder Shares”) from the Company and subsequently transferred 30,000 Founder Shares
(the “Director Shares”) to each of the Independent Directors, in the amounts set forth opposite their respective names on
Exhibit A attached hereto, with the sponsor retaining 4,132,500 Founder Shares (the “Sponsor Shares”);


 


WHEREAS,
the Initial Stockholders have agreed as a condition of the sale of the Units to deposit the Director Shares and the Sponsor Shares (collectively,
the “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, Sponsor shall have delivered to the Escrow Agent (i) a stock power for the Founder Shares held in book
entry in the name of the Sponsor; and (ii) an instruction letter to make a book-entry notation evidencing that (A) the Director Shares
shall be transferred to the Escrow Agent for the benefit of each of the Independent Directors and allocated among the Independent Directors
in the amounts set forth on Exhibit A and (B) the Sponsor Shares shall be transferred to the Escrow Agent for the benefit of the Sponsor,
with the Director Shares and the Sponsor Shares to be held and disbursed subject to the terms and conditions of this Agreement. Each of
the Initial Stockholders acknowledges that the book-entry notation evidencing such Initial Stockholder’s Escrow Shares shall reflect
the deposit of such Escrow Shares under this Agreement.


 


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 10 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 cancel the book-entry notation representing the Escrow Shares then held by the Escrow Agent;
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 within such six-month period
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 2,250,000 Units of the Company in full
within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Sponsor agrees that the Escrow Agent shall
return to the Company for cancellation, at no cost, the number that is equal to the number of Sponsor Shares held by by Escrow Agent for
the benefit of Sponsor listed on Exhibit B multiplied by (a) the product of (i) 562,500 multiplied by (ii) a fraction, (x) the
numerator of which is the number of Escrow Shares held by each such holder, and (y) the denominator of which is the total number of Escrow
Shares, by (b) a fraction, (i) the numerator of which is 2,250,000 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 2,250,000. 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.


 


3.3
On the termination date of the Escrow Period, the Escrow Agent shall, upon written instructions from the Company disburse the
Escrow shares as set forth in such instructions.


 


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.


 


4.3 Restrictions on Transfer.
During the Escrow Period, the only permitted transfers of the Escrow Shares will be to (1) to Chardan NexTech Warrant Holdings, LLC,
a Delaware limited liability company, officers, directors, stockholders, employees and members of the Sponsor and its affiliates, (2)
amongst Initial Stockholders or to the Company’s officers, directors, and employees, (3) if a holder 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 holder’s immediate family
or to a trust, the beneficiary of which is a holder or a member of a holder’s immediate family, for estate planning purposes, (5)
by virtue of the laws of descent and distribution upon death, (6) pursuant to a qualified domestic relations order, (7) by certain pledges
to secure obligations incurred in connection with purchases of our securities, (8) by private sales at prices no greater than the price
at which the Escrow Shares were originally purchased, (9) in the event of the Company’s liquidation prior to its completion of
an initial Business Combination, (10) by virtue of the laws of the State of Delaware or the Sponsor’s operating agreement upon
dissolution of the Sponsor or the organizational documents of Chardan upon dissolution of Chardan; or (11) pursuant to Section 3.2 above,
in each case (except for clause 11 or with the Company’s prior written consent) where the transferee agrees to the terms of this
Agreement and 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 the Company, dated as indicated on Exhibit C hereto, and
the form of which is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting the rights and obligations
of such Initial Stockholder in certain events, including but not limited to the liquidation of the Company.


  






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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.


 


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.


 


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.


 




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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:	 	Chardan NexTech Acquisition Corp.
	 	 	 	17 State Street, 21st Floor
	 	 	 	New York, NY 10004
	 	 	 	Attn: Jonas Grossman
	 	 	 	 
	 	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, NY 10004
	 	 	 	Attn: Erika Young
	 	 	 	 
	 	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: George Kaufman
	 	 	 	Fax: (646) 465-9039
	 	 	 	 
	 	and:	 	Reed Smith LLP
	 	 	 	599 Lexington Avenue 
	 	 	 	New York, NY 10022 
	 	 	 	Attn: Ari Edelman, Esq. 
	 	 	 	Fax: (212) 521-5450
	 	 	 	 
	 	and: 	 	Greenberg Traurig LLP 
	 	 	 	1750 Tysons Blvd., Suite 1000
	 	 	 	McLean, VA 22102
	 	 	 	Attn: Jason Simon, Esq. 
	 	 	 	Fax: (703) 749-1301


 


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]


 




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


 





	 	COMPANY:
	 	 	 
	 	CHARDAN NEXTECH ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name: 	Steven Urbach
	 	 	Title:	Chief Financial Officer
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	INITIAL STOCKOLDERS:
	 	 	 
	 	CHARDAN NEXTECH INVESTMENTS LLC
	 	 	 
	 	By:	 
	 	 	Name: 	Jonas Grossman
	 	 	Title: 	Managing Member


 


[Signature
Page to Escrow Agreement]


 




     


     


    

 


EXHIBIT
A


 


Initial Stockholders


 


	Name of Initial Stockholder	 	Number 

of Shares	 	 	Date of

Insider Letter
	 	 	 	 	 	 
	Chardan NexTech Investments LLC	 	 	4,132,500 	 	 	[●],2021
	Todd Thomson	 	 30,000	 	 	[●],2021
	Perry Boyle	 	 	30,000	 	 	[●],2021
	Noor Sweid	 	30,000	 	 	[●],2021
	Bryan Mazlish	 	 	30,000	 	 	[●],2021
	Colleen DiClaudio	 	 30,000	 	 	[●],2021
	Steven Rosenblatt	 	 	30,000	 	 	[●],2021



  




     


     


    

 


EXHIBIT
B


 


Escrow Shares subject to Forfeiture


  


Chardan NexTech Investments LLC – 562,500


 




     


     


    

  


EXHIBIT
C


 


Insider
Letter


 


[●],
2021