Exhibit 10.3


 


STOCK ESCROW AGREEMENT


 


STOCK ESCROW AGREEMENT, dated as of February
13, 2020 (“Agreement”), by and among Newborn Acquisition Corp., a Cayman Islands exempted company (the “Company”),
the initial securityholders listed on Exhibit A attached hereto (each, an “Initial Securityholder” and collectively
the “Initial Securityholders”) and Continental Stock Transfer & Trust Company, a New York corporation (the “Escrow
Agent”).


 


WHEREAS, the Company has entered into an Underwriting
Agreement, dated as of February 13, 2020 (“Underwriting Agreement”),
with Chardan Capital Markets LLC, acting as the representative of the underwriters (collectively, the “Underwriters”),
pursuant to which, among other matters, the Underwriters have agreed to purchase 5,000,000 units (“Units”) of the Company,
plus an additional 750,000 Units if the Underwriters exercise their over-allotment option in full. Each Unit consists of one ordinary
share of the Company, par value $.001 (an “Ordinary Share”), one redeemable warrant, each redeemable warrant entitling
its holder to purchase one-half (1/2) of one Ordinary Share at an exercise price of $11.50 per full Ordinary Share, and one right
to receive one-tenth (1/10) of an Ordinary Share, all as more fully described in the Company’s final Prospectus, dated February
14, 2020 (“Prospectus”), comprising part of the Company’s Registration Statement on Form S-1 (File No.
333-235788) under the Securities Act of 1933, as amended (“Registration
Statement”), declared effective on February 13, 2020 (“Effective
Date”).


 


WHEREAS, the Initial Securityholders have
agreed as a condition of the sale of the Units to deposit their Insider Shares (as defined in the Prospectus), Private Units (as
desfined in the Prospectus) and all securities underlying the Private Units, as set forth opposite their respective names in Exhibit
A attached hereto (collectively “Escrow Securities”), in escrow as hereinafter provided.


 


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


 


IT IS AGREED:


 


1. Appointment
of Escrow Agent. The Company and the Initial Securityholders hereby appoint the Escrow Agent to act in accordance with and
subject to the terms of this Agreement with authority and power to transfer the Escrow Securities and the Escrow Agent hereby accepts
such appointment and agrees to act in accordance with and subject to such terms without the need for any further guaranteed share
power from the Initial Securityholders.


 


2. Deposit
of Escrow Securities. On or prior to the Effective Date, the Escrow Securities shall have been issued to each of the Initial
Securityholders in book entry representing such Initial Securityholder’s respective Escrow Securities, to be held and disbursed
subject to the terms and conditions of this Agreement. Each of the Initial Securityholders acknowledges that the such Initial Securityholder’s
Escrow Securities is legended to reflect the deposit of such Escrow Securities under this Agreement.


 


3. Disbursement
of the Escrow Securities.


 


3.1 The
Escrow Agent shall hold the Insider Shares during the period (the “Insider Shares Escrow Period”) commencing on the
date hereof and (i) for 50% of the Insider 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 Ordinary Share 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 Insider Shares, ending six months after
the date of the consummation of a Business Combination. The Insider Shares shall be released upon notice to the Escrow Agent by
any Initial Securityholder or the Company that the foregoing requirements have been met. The Company shall promptly provide written
notice of the consummation of a Business Combination to the Escrow Agent. Upon completion of the Insider Shares Escrow Period,
the Escrow Agent shall disburse such amount of each Initial Securityholder’s Insider Shares to such Initial Securityholder;
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 Insider Shares Escrow Period, then the Escrow Agent shall promptly destroy the certificates representing
the Insider Shares; provided further, however, that if, subsequent to the Company’s 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 shareholders of such entity having the right to exchange their Ordinary Shares for cash, securities or other property,
then the Escrow Agent will, upon receipt of a written 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 Insider Shares to the Initial Securityholders.
The Escrow Agent shall have no further duties hereunder after the disbursement or cancellation of the Insider Shares in accordance
with this Section 3.


 






     


     


    

 


3.2 Notwithstanding
Section 3.1, if the Underwriters do not exercise their over-allotment option to purchase an additional 750,000 Units of the Company
in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Initial Securityholders
agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of Insider Shares held by each
such holder determined by multiplying (a) the product of (i) 187,500 multiplied by (ii) a fraction, (x) the numerator of which
is the number of Insider Shares held by each such holder, and (y) the denominator of which is the total number of Insider Shares,
by (b) a fraction, (i) the numerator of which is 750,000 minus the number of Ordinary Shares purchased by the Underwriters upon
the exercise of their over-allotment option, and (ii) the denominator of which is 750,000. The Company shall promptly provide written
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. The Initial Securityholders hereby irrevocably
constitute and appoint Escrow Agent to transfer the said Insider Shares on the books of the Company with full power of substitution
in the premises.


 


3.3 The
Escrow Agent shall hold the Private Units during the period (the “Private Units Escrow Period”, and together with the
“Insider Shares Escrow Period”, the “Escrow Periods”) commencing on the date hereof and ending on the date
of the consummation of the Business Combination. The Private Units shall be released upon notice to the Escrow Agent by the Sponsor
(as defined in the Prospectus) that the foregoing requirements have been met. The Company shall promptly provide written notice
of the consummation of a Business Combination to the Escrow Agent. Upon completion of the Private Units Escrow Period, the Escrow
Agent shall disburse each Initial Securityholder’s Private Units to such Initial Securityholder; 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 Private Units. The Escrow
Agent shall have no further duties hereunder after the disbursement or cancellation of the Private Units in accordance with this
Section 3.


 


 


4. Rights
of Initial Securityholders in Escrow Securities.


 


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


 


4.2 Dividends
and Other Distributions in Respect of the Escrow Securities. During the Escrow Periods, all dividends payable in cash with
respect to the Escrow Securities shall be paid to the Initial Securityholders, but all dividends payable in shares 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 Securities” shall be deemed to include the Non-Cash Dividends distributed thereon,
if any. 


 


4.3 Restrictions
on Transfer. During the Escrow Periods, the only permitted transfers of the Escrow Securities will be for transfers (i) to
the Company’s officers, directors or their respective affiliates (including for transfers to an entity’s member upon
its liquidation), (ii) to relatives and trusts for estate planning purposes, (iii) by virtue of the laws of descent and distribution
upon death of the Initial Securityholder, (iv) pursuant to a qualified domestic relations order, (v) by certain pledges to secure
obligations incurred in connection with purchases of the Company’s securities, (vi) by private sales made at or prior to
the consummation of a Business Combination at prices no greater than the price at which the shares were originally purchased, or
(vii) to the Company for cancellation in accordance with Section 3.2 above or in connection with the consummation of a Business
Combination, in each case, except for clause (vii), 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 Securityholder transferring the Escrow Securities.


 






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4.4 Insider
Letters. Each of the Initial Securityholders has executed a letter agreement with Chardan and the Company, dated as indicated
on Exhibit A 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 Securityholder 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.


 


5.2 Indemnification.
The Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses, including reasonable 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 Securities 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 Securities or it may deposit the Escrow Securities with the clerk of
any appropriate court or it may retain the Escrow Securities 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 Securities 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 Securityholders 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 Securities
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 Securities with any court it reasonably deems appropriate.


 






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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. 


 


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 Securityholders hereby acknowledges that Chardan is a third party beneficiaries 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:


 


Newborn Acquisition Corp.


Room 801, Building C

SOHO Square, No. 88

Zhongshan East 2nd Road, Huangpu District

Shanghai, 200002 China


Attn: Wenhui Xiong, Chief Executive Officer


 


If to a Securityholder, 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: Fran Wolf, Jr.


 






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


 


Chardan Capital Markets LLC


17 State Street, Suite 1600


New York, NY 10004


Attn: George Kaufman


Facsimile: (646) 465-9039


 


and:


 


Loeb & Loeb LLP


345 Park Avenue


New York, New York 10154


Attn: Giovanni Caruso, Esq.


 


and:


 


Greenberg Traurig, LLP


1750 Tysons Blvd., Suite 1000


McLean, VA 22102


Attn: Jason Simon, Esq.


Facsimile: (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:
	 	 	 
	 	 	NEWBORN ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name: Wenhui Xiong 
	 	 	Title: Chief Executive Officer
	 	 	 
	 	 	INITIAL SECURITYHOLDERS:
	 	 	 
	 	 	NeoGenesis Holding Co., Ltd.
	 	 	 
	 	By:	 
	 	 	Name: Wenhui Xiong 
	 	 	Title: Chief Executive Officer
	 	 	 
	 	 	Jianjun Nie
	 	 	 
	 	 	H. David Sherman
	 	 	 
	 	 	Li Wan
	 	 	 
	 	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 


 




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EXHIBIT A


 


	
        Name and Address of Initial Securityholder
	 	
        Number

        of Insider Shares or Private Units
	 	 	Date of Insider Letter or Subscription Agreement	 	 
	NeoGenesis Holding Co., Ltd.	 	 	1,372,812 Insider Shares	 	 	 	February 13, 2020	 	 
	 	 	 	 	 	 	 	 	 	 
	NeoGenesis Holding Co., Ltd.	 	 	Up to 272,500 Private Units	 	 	 	February 13, 2020	 	 
	 	 	 	 	 	 	 	 	 	 
	Jianjun Nie	 	 	14,375 Insider Shares	 	 	 	February 13, 2020	 	 
	 	 	 	 	 	 	 	 	 	 
	H. David Sherman	 	 	43,125 Insider Shares	 	 	 	Febraury 13, 2020	 	 
	 	 	 	 	 	 	 	 	 	 
	Li Wan	 	 	7,188 Insider Shares	 	 	 	February 13, 2020	 	 


 


 


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