Exhibit
10.2


 


INVESTMENT
MANAGEMENT TRUST AGREEMENT


 


This Investment
Management Trust Agreement (this “Agreement”) is made effective as of January 7, 2021, by and between Provident
Acquisition Corp., a Cayman Islands exempted company (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. 333-251571 (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 of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Ordinary
Shares”), and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Ordinary
Share (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 Citigroup Global
Markets Inc., as the representative (the “Representative”) of the several underwriters (the “Underwriters”)
named therein; and


 


WHEREAS,
as described in the Prospectus, $200,000,000 of the gross proceeds of the Offering and sale of the Private Placement Warrants
(as defined in the Underwriting Agreement) (or $230,000,000 if the Underwriters’ over-allotment option is exercised in full)
will be delivered to the Trustee to be deposited and held in a trust account located at all times in the United States (the “Trust
Account”) for the benefit of the Company and the holders of the Ordinary Shares 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 shareholders for whose benefit the Trustee shall hold the Property
will be referred to as the “Public Shareholders,” and the Public Shareholders and the Company will be referred
to together as the “Beneficiaries”);


 


WHEREAS,
pursuant to the Underwriting Agreement, a portion of the Property equal to $7,000,000, or $8,050,000 if the Underwriters’
over-allotment option is exercised in full, is attributable to deferred underwriting discounts and commissions that may be payable
by the Company to the Underwriters upon the consummation of the Business Combination (as defined below) (the “Deferred
Discount”); 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) in the United States, maintained by the Trustee 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 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 paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 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; the Trustee may not invest in any other securities or assets, it being understood that
the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder;
while on deposit, 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 or in connection with the
preparation or completing of the audit of the Company’s financial statements by the Company’s auditors;


 


(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;


 


(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


 




    2 


     


    

the
Company by its Chief Executive Officer or Chairman of the board of directors of the Company (the “Board”) and,
in the case of Exhibit A, acknowledged and agreed to by the Representative, and complete the liquidation of the Trust Account
and distribute the Property in the Trust Account, including interest (which interest shall be net of any taxes payable and, in
the case of a Termination Letter in a form substantially similar to that attached hereto as Exhibit B, less up to $100,000
of interest to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred to therein,
or (y) upon the date which is the later of (i) 24 months after the closing of the Offering and (ii) such later date as may
be approved by the Company’s shareholders in accordance with the Company’s amended and restated memorandum and articles
of association, 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 (which interest shall be net of any taxes payable and less up to $100,000 of
interest to pay dissolution expenses), shall be distributed to the Public Shareholders of record as of such date;


 


(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, as applicable;
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 for the Company and a written statement from the principal financial officer
of the Company setting forth the actual amount payable (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 to the Public Shareholders of record as of such date the amount
requested by the Company to be used to redeem Ordinary Shares from Public Shareholders properly submitted in connection with a
shareholder vote to approve an amendment to the Company’s amended and


 




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restated
memorandum and articles of association (i) to modify the substance or timing of the Company’s obligation to allow redemption
in connection with the Company’s initial Business Combination (as defined below) or to redeem 100% of the Ordinary Shares
included in the Units sold in the Offering (the “Public Ordinary Shares”) if the Company has not consummated
an initial Business Combination within such time as is described in the Company’s amended and restated memorandum and articles
of association or (ii) with respect to any other material provision relating to shareholders’ rights or pre-initial Business
Combination activity; and


 


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


 


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 Chief Executive Officer or Chairman
of the Board. 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 out-of-pocket
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
or delayed. 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 or delayed. 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 it is distributed to the Company pursuant to
Sections 1(i) through 1(k) hereof. 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 shareholders regarding a merger, amalgamation, share exchange, asset
acquisition, share purchase, reorganization or similar business combination involving the Company and one or more businesses (a
“Business Combination”), provide to the Trustee an affidavit or certificate of the inspector of elections for
the shareholder meeting verifying the vote of such shareholders 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)  
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;


 


(g)  
Expressly provide in any Instruction Letter (as defined in Exhibit A) delivered in connection with a Termination
Letter in a form substantially similar to that attached hereto as Exhibit A that the Deferred Discount be paid directly
to the account or accounts directed by the Representative; and


 


(h)  
Within four (4) business days after the Underwriters’ exercise of the over-allotment option (or any unexercised portion
thereof) or such over-allotment option expires, provide the Trustee with a notice in writing of the total amount of the Deferred
Discount, which shall in no event be less than $7,000,000, (or $8,050,000 if the Underwriters’ over-allotment option is
exercised in full).


 


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;


 


(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


 




    5 


     


    

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


 




    6 


     


    

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) and 1(k) hereof.


 


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); or


 


(c)  
If the Offering is not consummated within ten (10) business days of the date of this Agreement, or such later time agreed
by the Company and the Trustee, in which case any funds received by the Trustee from the Company or Provident Acquisition Holdings
Ltd. for purposes of funding the Trust Account shall be promptly returned to the Company or Provident Acquisition Holdings Ltd.,
as applicable.


 




    7 


     


    

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.


 


(c)  
This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter
hereof. Except for Sections 1(i), 1(j) and 1(k) hereof (which sections may not be modified, amended
or deleted without the affirmative vote of sixty-five percent (65%) of the votes cast of the then outstanding Ordinary Shares
and Class B ordinary shares participated in the vote, par value $0.0001 per share, of the Company voting together as a single
class; provided that no such amendment will affect any Public Shareholder who has otherwise indicated his, her or its election
to redeem his, her or its Ordinary Shares in connection with a shareholder vote sought to amend this Agreement (i) to modify the
substance or timing of the Company’s obligation to allow redemption in connection with our initial business combination
or to redeem 100% of its Public Ordinary Shares if the Company has not consummated its initial Business Combination within such
time specified in the Company’s amended and restated memorandum and articles of association or (ii) with respect to any
other material provision relating to shareholders’ rights or pre-initial Business Combination activity), 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.


 


(d)  
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.


 




    8 


     


    

(e)  
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, by electronic mail or by facsimile transmission:


 


if to the Trustee,
to:


 


Continental Stock Transfer
& Trust Company





One State Street, 30th
Floor 


New York, New York 10004





Attn: Francis Wolf &
Celeste Gonzalez 


Email: fwolf@continentalstock.com





Email: cgonzalez@continentalstock.com


 


if to the Company,
to:


 


Provident Acquisition
Corp.

Unit 11C/D, Kimley Commercial Building





142 – 146 Queen’s
Road Central, Hong Kong 


Attention: Michael Aw,
Chief Executive Officer


 


in each case, with
copies to:


 


Davis Polk & Wardwell
LLP

18th Floor, The Hong Kong Club Building





3A Chater Road, Central,
Hong Kong 


Attn: James C. Lin, Esq.

Email: james.lin@davispolk.com


 


and


 


Citigroup Global Markets
Inc.





388 Greenwich Street 


New York, New York 10013





Attn.: General Counsel 


Email: ecmsyndicate@citi.com


 


and


 


White & Case LLP





9th Floor Central Tower 


28 Queen's Road Central
Hong Kong





Attn:Jessica Zhou,
Esq. 


Email: jessica.zhou@whitecase.com


 


(f)  
This Agreement may not be assigned by the Trustee without the prior consent of the Company.


 




    9 


     


    

(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)  
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which
together shall constitute one instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic transmission
shall constitute valid and sufficient delivery thereof. Delivery of this Agreement by one party to the other may be made by facsimile,
electronic mail or other transmission method.


 


(j)  
Each of the Company and the Trustee hereby acknowledges and agrees that the Representative, on behalf of the Underwriters,
are third party beneficiaries 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]


 




    10 


     


    

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	 
	 	 	 	 
	 	 	 	 


	 	PROVIDENT ACQUISITION CORP.	 
	 	 	 
	 	 	 
	 	By:	/s/ Michael Aw	 
	 	 	Name: Michael Aw	 
	 	 	Title: Chief Executive Officer	 


 





[Signature
Page to Investment Management Trust Agreement]


 




     


     


    

SCHEDULE
A


 


	Fee
Item
	Time
and method of payment
	Amount

	Initial acceptance fee	Initial closing of Offering by wire transfer	$3,500
	Trustee administration fee	First year, initial closing of Offering by wire transfer; thereafter on the anniversary
    of the effective date of the Offering by wire transfer or check	$10,000
	Transaction processing fee for disbursements to Company under Sections 1(i), 1(j) and 1(k)	Deduction by Trustee from accumulated income 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 Sections 1(i) and 1(k)	Prevailing rates




    Sched. A-1


     


    

EXHIBIT
A


 


[Letterhead
of Company]


 


[Insert
date]


 


Continental Stock Transfer &
Trust Company





One State Street, 30th Floor 


New York, New York 10004





Attn: Francis Wolf and Celeste
Gonzalez


 


Re: Trust Account - Termination
Letter


 


Mr. Wolf and Ms. Gonzalez:


 


Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Provident Acquisition 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 (or such shorter time
as you may agree) 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 into 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 Citigroup
Global Markets Inc. (the “Representative”) (with respect to the Deferred Discount) and the Company shall direct
on the Consummation Date. 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, neither the Company nor the Representative will 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 substantially, 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
or Chairman of the Board, which verifies that the Business Combination has been approved by a vote of the Company’s shareholders,
if a vote is held and (b) 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 the Deferred Discount from the Trust Account (the “Instruction



 




    A-1


     


    

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, 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 written instruction as soon thereafter as possible.


 


	 	Very truly yours,
	 	 	 	 	 
	 	 	 	 	 
	 	Provident Acquisition Corp.
	 	 	 	 	 
	 	 	 	 	 
	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 


	Agreed and Acknowledged by	 
	 	 	 	 
	 	 	 	 
	Citigroup Global Markets Inc.	 
	 	 	 	 
	 	 	 	 
	By:	 	 
	 	Name:	 	 
	 	Title:	 	 




    A-2


     


    

EXHIBIT
B


 


[Letterhead
of Company]


 


[Insert
date]


 


Continental Stock Transfer &
Trust Company





One State Street, 30th Floor 


New York, New York 10004





Attn: Francis Wolf and Celeste
Gonzalez 


 


Re: Trust Account - Termination
Letter


 


Mr. Wolf and Ms. Gonzalez:


 


Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Provident Acquisition 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 within the time frame specified in the Company’s amended and restated memorandum and articles of
association, 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 Shareholders.
The Company has selected [·]1
as the effective date for the purpose of determining when the Public Shareholders 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 Shareholders in accordance with the terms of the Trust Agreement
and the amended and restated memorandum and articles of association 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(i) of the Trust Agreement.


 


	 	Very truly yours,
	 	 	 	 	 
	 	 	 	 	 
	 	Provident Acquisition Corp.
	 	 	 	 	 
	 	 	 	 	 
	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 


 


		cc:	Citigroup Global Markets
Inc.



 


 









 












1
24 months from the closing of the Offering, or at a later date, if extended.



    B-1


     


    

EXHIBIT
C


 


[Letterhead
of Company]


 


[Insert
date]


 


Continental Stock Transfer &
Trust Company





One State Street, 30th Floor 


New York, New York 10004





Attn: Francis Wolf and Celeste
Gonzalez


 


Re: Trust Account - Tax Payment
Instruction


 


Mr. Wolf and Ms. Gonzalez:


 


Pursuant
to Section 1(j) of the Investment Management Trust Agreement between Provident Acquisition 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 the Company’s operating account at:


 


[WIRE INSTRUCTION INFORMATION]


 


	 	Very truly yours,
	 	 	 	 	 
	 	 	 	 	 
	 	Provident Acquisition Corp.
	 	 	 	 	 
	 	 	 	 	 
	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 


 


		cc:	Citigroup Global Markets
Inc.



 




    C-1


     


    

EXHIBIT
D


 


[Letterhead
of Company]


 


[Insert
date]


 


Continental Stock Transfer &
Trust Company





One State Street, 30th Floor 


New York, New York 10004





Attn: Francis Wolf and Celeste
Gonzalez


 


Re: Trust Account - Shareholder
Redemption Withdrawal Instruction


 


Mr. Wolf and Ms. Gonzalez:


 


Pursuant
to Section 1(k) of the Investment Management Trust Agreement between Provident Acquisition 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 Shareholders
of the Company $[·] of the principal and interest income earned on the Property
as of the date hereof into a segregated account held by you on behalf of the Beneficiaries for distribution to the Shareholders
who have requested redemption of their Ordinary Shares. 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 Shareholders who have properly elected to have their Ordinary Shares redeemed by the Company
in connection with a shareholder vote to approve an amendment to the provisions of the Company’s amended and restated memorandum
and articles of association (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection
with the Company’s initial Business Combination or to redeem 100% of its Public Ordinary Shares if the Company has not consummated
its initial Business Combination within such time as is described in the Company’s amended and restated memorandum and articles
of association or (ii) with respect to any other material provision relating to shareholders’ 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.


 


	 	Very truly yours,
	 	 
	 	 
	 	Provident Acquisition Corp.
	 	 
	 	 
	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 


 





		cc:	Citigroup Global Markets
Inc.



 




    D-1