Document:

Exhibit 10.2

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Agreement is made as of [●], 2021 by and between Chardan NexTech Acquisition Corp. (the “Company”) and Continental
Stock Transfer & Trust Company (“Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, No. 333-253958 (“Registration Statement”) for its initial public offering of securities
(“IPO”) has been declared effective as of the date hereof (“Effective Date”) by the Securities and Exchange Commission
(capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement); and

 

WHEREAS,
Chardan Capital Markets, LLC (“Chardan”) is acting as the underwriter in the IPO; and

 

WHEREAS, the Company initially
has 15 months from the consummation of the IPO (the “Initial Period”) to consummate an initial business combination (as described
in the Registration Statement, a “Business Combination”);

 

WHEREAS, if a Business Combination
is not consummated within the Initial Period, Chardan NexTech Investments LLC (the “Sponsor”) and certain other insiders and
affiliates of the Company (the “Insiders”) may extend such period up to two times, each by a three-month period, up to a maximum
of 21 months in the aggregate, by depositing $1,500,000 (or $1,725,000 if the underwriters’ over-allotment option is exercised in
full) into the Trust Account no later than the 15 month anniversary of the IPO or the 18 month anniversary of the IPO, as applicable (each,
an “Applicable Deadline”), for each three month extension (each, an “Extension”) for up to an aggregate of $3,000,000
(or $3,450,000 if the underwriters’ over-allotment option is exercised in full);

 

WHEREAS, as described in the
Registration Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation, $150,000,000 of
the gross proceeds of the IPO ($172,500,000 if the over-allotment option is exercised in full) will be delivered to the Trustee to be
deposited and held in a trust account for the benefit of the Company and the holders of the Company’s common stock, par value $.0001
per share (“Common Stock”), issued in the IPO as hereinafter provided (the amounts to be delivered to the Trustee, including
any amount deposited in connection with any Extension, will be 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”); 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.

 

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 a segregated trust account (“Trust Account”) established
by the Trustee at Morgan Stanley (or at another U.S.-chartered commercial bank with consolidated assets of $100 billion or more) in the
United States, maintained by 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 instruction of the Company, invest and reinvest the Property (i) in United States government treasury bills, notes or bonds having
a maturity of 185 days or less and/or (ii) in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment
Company Act of 1940, as amended, and that invest solely in U.S. treasuries, as determined by the Company, it being understood that the
Trust Account will earn no interest while the account funds are uninvested awaiting the Company’s instructions hereunder; and while
the account funds are invested or univested the Trustee may earn bank credits and other consideration

 

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

 

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

 

(f)
Supply any necessary information or documents as may be requested by the Company in connection with the Company’s preparation
of its tax returns;

 

(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 receipt of, and only in accordance with, the terms of a letter (“Termination Letter”),
in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, signed on behalf of the Company by its President,
Chief Executive Officer or Chairman of the Board and Secretary or Assistant Secretary and, in the case of a Termination Letter in a form
substantially similar to that attached hereto as Exhibit A, and complete the liquidation of the Trust Account and distribute the Property
in the Trust Account only as directed in the Termination Letter and the other documents referred to therein; provided, however, that
in the event that a Termination Letter has not been received by the Trustee by the 15-month anniversary of the closing of the IPO (“Closing”)
(or the 18-month or 21-month anniversary of the Closing, as applicable, if extended as described in the prospectus relating to the IPO)
(“Last Date”), the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter
attached as Exhibit B hereto and distributed to the Public Stockholders as of the Last Date;

 

(j) Upon receipt of an Amendment
Notification Letter (defined below), distribute to Public Stockholders who exercised their redemption rights in connection with an Amendment
(defined below) an amount equal to the pro rata share of the Property relating to the shares for which such Public Stockholders have exercised
redemption rights in connection with such Amendment; and

 

(k) Upon receipt of an extension letter (“Extension Letter”)
substantially similar to Exhibit E hereto at least five days prior to the Applicable Deadline, signed on behalf of the Company by one
of the Company’s executive officers and affirmed by counsel for the Company, and receipt of the dollar amount specified in the Extension
Letter on or prior to the Applicable Deadline, to follow the instructions set forth in the Extension Letter.

 

2.
Limited Distributions of Income from Trust Account.

 

(a)
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, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested
by the Company to cover any income or other tax obligation owed by the Company as a result of such interest income.

 

(b)
The limited distributions referred to in Section 2(a) above shall be made only from income collected on the Property. Except as
provided in Section 2(a) above, no other distributions from the Trust Account shall be permitted except in accordance with Section
1(i) hereof.

 

(c)
The Company shall provide Chardan with a copy of any Termination Letters and/or any other correspondence that it issues to the
Trustee with respect to any proposed withdrawal from the Trust Account promptly after such issuance.

 

3.
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, President or Chief Financial Officer. In addition, except with respect to its duties under paragraphs 1(i) and 2(a) above,
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 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 the provisions of Sections 5 and 7(g) of this Agreement, hold the Trustee harmless and indemnify the Trustee from and
against, any and all expenses, including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection
with any claim, potential claim, 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 income earned from investment of the Property, except for expenses and losses resulting from the Trustee’s
gross negligence 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 paragraph, 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 consent shall not be unreasonably
withheld. The Company may participate in such action with its own counsel;

 

    2

     

    

 

(c)
Pay the Trustee an initial acceptance fee, an annual fee and a transaction processing fee for each disbursement made pursuant
to Section 2(a) as set forth on Schedule A hereto, 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 except for disbursements made to the Company pursuant
to Sections 1(i) solely in connection with the consummation of a Business Combination. The Company shall pay the Trustee the initial
acceptance fee and first year’s fee at the consummation of the IPO and thereafter on the anniversary of the Effective Date.
Except as set forth in this Section 3(c) and Section 3(b) hereof, the Company shall not be responsible for any other fees or charges
of the Trustee.

 

(d) In connection with any vote
of the Company’s stockholders regarding a Business Combination, provide to the Trustee an affidavit or certificate of a firm regularly
engaged in the business of soliciting proxies and/or tabulating stockholder votes verifying the vote of the Company’s stockholders
regarding such Business Combination; and

 

(e)
In the event that the Company directs the Trustee to commence liquidation of the Trust Account pursuant to Section 1(i), the Company
agrees that it will not direct the Trustee to make any payments that are not specifically authorized by this Agreement.

 

(f) If the Company seeks to
amend any provisions of its Amended and Restated Certificate of Incorporation (i) to modify the substance or timing of the Company’s
obligation to allow redemption in connection with its initial Business Combination or to redeem 100% of the shares of Common Stock issued
in the IPO if the Company does not complete its initial Business Combination within 15 months (or up to 21 months, as applicable)
from the closing of the IPO or (ii) with respect to any other provision relating to stockholders’ rights or pre-initial Business
Combination activity (in each case, an “Amendment”), the Company will provide the Trustee with a letter (an “Amendment
Notification Letter”) in the form of Exhibit D providing instructions for the distribution of funds to Public Stockholders who exercise
their redemption option in connection with such Amendment;

 

(g) If applicable, issue a press
release at least three days prior to the Applicable Deadline announcing that, at least five days prior to the Applicable Deadline, the
Company received notice from the Sponsor that the Sponsor intends to extend the Applicable Deadline; and

 

(h) Promptly following the Applicable Deadline, disclose whether or
not the term the Company has to consummate a Business Combination has been extended.

 

4.
Limitations of Liability. The Trustee shall have no responsibility or liability to:

 

(a)
Take any action with respect to the Property, other than as directed in paragraphs 1 and 2 hereof and the Trustee shall have no
liability to any party except for liability arising out of its own gross negligence or willful misconduct;

 

(b)
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;

 

(c)
Change the investment of any Property, other than in compliance with paragraph 1(c);

 

(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 exercise of its own best judgment, except for its gross negligence 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), 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 Trustee, in good faith, 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 correctness of the information set forth in the Registration Statement or to confirm or assure that any acquisition
made by the Company or any other action taken by it is as contemplated by the Registration Statement;

 

(h)
File local, state and/or federal tax returns or information returns with any taxing authority on behalf of the Trust Account and
payee statements with the Company documenting the taxes, if any, payable by the Company or the Trust Account, relating to the
income earned on the Property;

 

    3

     

    

 

(i)
Pay any taxes on behalf of the Trust Account (it being expressly understood that the Property shall not be used to pay any such
taxes and that such taxes, if any, shall be paid by the Company from funds not held in the Trust Account or released to it under
Section 2(a) hereof);

 

(j)
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; and

 

(k)
Verify calculations, qualify or otherwise approve Company requests for distributions pursuant to Section 1(i) or 2(a) above.

 

5.
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 3(b) or Section 3(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.

 

6.
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 during which time the Trustee shall act in accordance with this Agreement. At such time
that the Company notifies the Trustee that a successor trustee has been appointed by the Company 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 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 in accordance with the provisions of paragraph
1(i) hereof, and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate
except with respect to Paragraph 3(b).

 

7.
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 information, or of any change in its authorized personnel. In
executing funds transfers, the Trustee will 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.
The Trustee shall not be liable for any loss, liability or expense resulting from any error in the information or transmission
of the wire.

 

(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. It
may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together shall
constitute but one instrument.

 

(c)
This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof.
Except for Section 1(i) (which may only be amended with the approval of the holders of a majority of the outstanding shares of
Common Stock sold in the IPO), this Agreement or any provision hereof may only be changed, amended or modified by a writing signed
by each of the parties hereto; provided, however, that no such change, amendment or modification may be made without the prior
written consent of Chardan. As to any claim, cross-claim or counterclaim in any way relating to this Agreement, each party waives
the right to trial by jury. The Trustee may require from Company counsel an opinion as to the propriety of any proposed amendment.

 

    4

     

    

 

(d)
The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough
of Manhattan, for purposes of resolving any disputes hereunder.

 

(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
or by facsimile transmission:

 

if
to the Trustee, to:

 

Continental
Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

Email:
fwolf@continentalstock.com

Email:
cgonzalez@continentalstock.com

 

if
to the Company, to:

 

Chardan
NexTech Acquisition Corp.

17 State Street, Suite 1600

New York, NY 10004

Attn: Jonas Grossman

 

in
either case with a copy (which copy shall not constitute notice) to:

 

Chardan
Capital Markets, LLC

17 State Street, Suite 1600

New York, NY 10004

Attn: George Kaufman

Facsimile: (646) 465-9039

 

and

 

Reed
Smith LLP

599 Lexington Avenue

New York, New York 10022

Attn: Ari Edelman, Esq.

 

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

 

(g)
Each of the Trustee and the Company 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.

 

(h)
Each of the Company and the Trustee hereby acknowledge that Chardan is a third party beneficiary of this Agreement.

 

[Signature
Page Follows]

 

    5

     

    

 

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:	 
	 	 	Name:  	Francis E. Wolf, Jr.
	 	 	Title: 	Vice President
	 	 	 
	 	CHARDAN
    NEXTECH ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name: 	Jonas Grossman
	 	 	Title:	 Chief Executive Officer

 

[Signature
Page to Investment Management Trust Agreement]

 

    6

     

    

 

SCHEDULE
A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	[●]	 
	Annual fee	 	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	$	[●]	 
	Transaction processing fee for disbursements to Company under Section 2	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 2	 	$	[●]	 
	Paying Agent services as required pursuant to section 1(i)	 	Billed to Company upon delivery of service pursuant to section 1(i)	 	 	Market Rate	 

 

    7

     

    

 

EXHIBIT
A

 

[Letterhead
of Company]

[●]

 

Continental
Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, N.Y. 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust
    Account Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to paragraph 1(i)
of the Investment Management Trust Agreement between Chardan NexTech Acquisition Corp. (“Company”) and Continental Stock Transfer
& Trust Company (“Trustee”), dated as of [●], 2021 (“Trust Agreement”), this is to advise you that the
Company has entered into an agreement with [●] (“Target Business”) to consummate a business combination with Target
Business (“Business Combination”) on or about [●]. The Company shall notify you at least 48 hours in advance of the
actual date of the consummation of the Business Combination (“Consummation Date”). Capitalized terms used herein and not otherwise
defined 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 the Trust Account investments and to transfer the proceeds to the above-referenced
account at [●] to the effect that, on the Consummation Date, all of 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. It is acknowledged and agreed that while
the funds are on deposit in the trust operating account at [●] 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 and (ii) the Company
shall deliver to you (a) a certificate of the Chief Executive Officer, which verifies the vote of the Company’s stockholders in
connection with the Business Combination if a vote is held and (b) joint written instructions from the Company and Chardan Capital Markets
LLC with respect to the transfer of the funds held in the Trust Account (“Instruction Letter”). You are hereby directed and
authorized to transfer the funds held in the Trust Account immediately upon your receipt of the counsel’s letter 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 of the same and the Company shall direct you as to whether
such funds should remain in the Trust Account and distributed after the Consummation Date to the Company. Upon the distribution of all
the funds in the Trust Account pursuant to the terms hereof, 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 the Trust Agreement on the
business day immediately following the Consummation Date as set forth in the notice.

 

	 	Very
    truly yours,
	 	 
	 	CHARDAN
    NEXTECH ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Jonas
    Grossman, Chief Executive Officer

 

cc:
Chardan Capital Markets, LLC

 

    8

     

    

 

EXHIBIT
B

 

[Letterhead
of Company]

[Date]

 

Continental
Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, N.Y. 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account No.
    [●] - Termination Letter

 

Ladies & Gentlemen:

 

Pursuant
to paragraph 1(i) of the Investment Management Trust Agreement between Chardan NexTech Acquisition Corp. (“Company”)
and Continental Stock Transfer & Trust Company (“Trustee”), dated as of [●], 2021 (“Trust Agreement”),
this is to advise you that the Company has been unable to effect a Business Combination with a Target Company within the time
frame specified in the Company’s Amended and Restated Certificate of Incorporation, as described in the Company’s
prospectus relating to its IPO. Capitalized terms used herein and not otherwise defined 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 the Trust Account investments and to transfer the total proceeds to the
Trust Operating Account at [●] to await distribution to the Public Stockholders. The Company has selected [●] as the effective
date for the purpose of determining when the Public Stockholders will be entitled to receive their share of the liquidation proceeds.
It is acknowledged that no interest will be earned by the Company on the liquidation proceeds while on deposit in the Trust Checking Account.
You agree to be the Paying Agent of record and in your separate capacity as Paying Agent, to distribute said funds directly to the 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 in the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

	 	Very
    truly yours,
	 	 
	 	CHARDAN
    NEXTECH ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Jonas
    Grossman, Chief Executive Officer

 

cc:
Chardan Capital Markets, LLC

 

    9

     

    

 

EXHIBIT
C

 

[Letterhead
of Company]

[Date]

 

Continental
Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, N.Y. 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account
     Withdrawal Instructions

 

Ladies
and Gentlemen:

 

Pursuant
to paragraph 2(a) of the Investment Management Trust Agreement between Chardan NexTech Acquisition Corp. (“Company”)
and Continental Stock Transfer & Trust Company (“Trustee”), dated as of [●], 2021 (“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. The Company needs such funds to pay for its tax obligations as a result of such interest income. 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]

 

	 	CHARDAN
    NEXTECH ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Jonas
    Grossman, Chief Executive Officer

 

cc:
Chardan Capital Markets, LLC

 

 

10Exhibit 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.

  

    2

     

    

 

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.

 

    3

     

    

 

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]

 

    4

     

    

 

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

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