Document:

Exhibit 10.1

 

August 10, 2021

Chardan NexTech Acquisition 2 Corp.

17 State Street, 21st Floor

New York, NY 10004

 

Chardan Capital Markets, LLC

17 State Street, 21st Floor

New York, NY 10004

 

	 	Re:	Initial Public Offering

 

Gentlemen:

 

This letter is being delivered
to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and between
Chardan NexTech Acquisition 2 Corp., a Delaware corporation (the “Company”) and Chardan Capital Markets, LLC,
as representative (the “Representative”) of the Underwriters named in Schedule A thereto (the “Underwriters”),
relating to an underwritten initial public offering (the “IPO”) of the Company’s units (the “Units”),
each comprised of one share of Common Stock of the Company, par value $0.0001 per share (the “Common Stock”),
and three-quarters of one warrant, with each whole warrant being exercisable to purchase one share of Common Stock at a price of $11.50
per share (“Warrant”). Certain capitalized terms used herein are defined in paragraph 15 hereof.

 

In order to induce the Company
and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit that such
IPO will confer upon each of the undersigned as a stockholder of the Company, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, each of Chardan NexTech Investments 2 LLC (the “Sponsor”),
Chardan NexTech 2 Warrant Holdings LLC (“Holdings”), and the undersigned individuals, each of whom is a member
of the Company’s board of directors and/or management team, hereby agrees with the Company as follows:

 

1. The officers and directors
of the Company will not enter into a binding agreement for a proposed Business Combination or propose any Business Combination to shareholders
of the Company, unless such action is first approved by the Sponsor.

 

2. Subject to paragraph 1 hereof,
if the Company solicits approval of its stockholders of a Business Combination, each of the undersigned will vote all shares of Common
Stock beneficially owned by him, her or it, whether acquired before, in or after the IPO, in favor of such Business Combination.

 

3. (a) In the event that the
Company fails to consummate a Business Combination within 12 months from the closing of the IPO (or up to 18 months from the closing of
the IPO if such date is extended as described in the prospectus relating to the IPO), each of the undersigned shall take all reasonable
steps to (i) cause the Trust Fund to be liquidated and distributed to the holders of IPO Shares and (ii) cause the Company to liquidate
promptly as reasonably possible but not more than five business days after the date we are required to consummate a Business Combination.

 

(b) Each of the undersigned
hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund and any remaining net
assets of the Company as a result of such liquidation with respect to his, her or its Insider Shares, Private Warrants, (“Claim”)
and hereby waives any Claim such undersigned may have in the future as a result of, or arising out of, any contracts or agreements with
the Company and will not seek recourse against the Trust Fund for any reason whatsoever. Each of the undersigned acknowledges and agrees
that there will be no distribution from the Trust Fund with respect to any Common Stock underlying the Private Warrants, all rights of
which will terminate on the Company’s liquidation.

 

(c) In the event of the liquidation
of the Trust Fund, the Sponsor agrees to indemnify and hold harmless the Company against any and all loss, liability, claims, damage and
expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing
or defending against any litigation, whether pending or threatened, or any claim whatsoever), which the Company may become subject as
a result of any claim by any vendor or other person who is owed money by the Company for services rendered or products sold or contracted
for, but only to the extent necessary to ensure that such loss, liability, claim, damage or expense does not reduce the amount of funds
in the Trust Fund; provided, that such indemnity shall not apply if such vendor or other person has executed an agreement waiving
any claims against the Trust Fund.

 

    

     

    

 

(d) In the event that the Company
does not consummate a Business Combination and must liquidate and its remaining net assets are insufficient to complete such liquidation,
each of the undersigned officers and directors agree to advance such funds necessary to complete such liquidation and agrees not to seek
repayment for such expenses.

 

4. Each of the undersigned will
place into escrow all of his, her or its Insider Shares held by the undersigned pursuant to the terms of a Stock Escrow Agreement which
the Company will enter into with each of the undersigned, as applicable, and an escrow agent acceptable to the Company. 50% of such Insider
Shares shall not be transferred, assigned, sold, or released from escrow until the earlier of (a) six months after the date of the consummation
of the Business Combination or (b) the date on which the closing price of the shares of 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 our Business Combination. The remaining 50% of the Insider Shares will not be transferred, assigned, sold or released
from escrow until six months after the date of Business Combination or earlier, in either case, if, subsequent to our Business Combination,
the Company consummates a subsequent liquidation, merger, stock exchange or other similar transaction that results in all of the Company’s
stockholders having the right to exchange their shares of Common Stock for cash, securities or other property.

 

5. Holdings agrees that until
the Company consummates a Business Combination, the Private Warrants held by Holdings will be subject to the transfer restrictions described
in the Subscription Agreement relating to the Private Warrants held by Holdings. Holdings shall not sell, transfer, assign, pledge or
hypothecate any of the Private Warrants issuable to Holdings pursuant to the Private Warrant Purchase Agreement or shares of Common Stock
issuable upon the exercise of the Private Warrants pursuant to the Private Warrant Purchase Agreement, or subject any of such securities
to any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of such securities,
except as provided in FINRA Rule 5110(e)(2).

 

6. In order to minimize potential
conflicts of interest which may arise from multiple affiliations, each of the undersigned agrees to present to the Company for its consideration,
prior to presentation to any other person or entity, any suitable opportunity to acquire a target business, until the earlier of the consummation
by the Company of a Business Combination or the liquidation of the Company, subject to any pre-existing fiduciary and contractual obligations
such undersigned might have.

 

7. Subject to paragraph 1 hereof,
each of the undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated
with any Insiders of the Company or their affiliates, including any company that is a portfolio company of, or otherwise affiliated with,
or has received financial investment from, an entity with which any Insider or their affiliates is affiliated, such transaction must be
approved by a majority of the Company’s disinterested independent directors and the Company must obtain an opinion from an independent
investment banking firm that such Business Combination is fair to the Company’s unaffiliated stockholders from a financial point
of view.

 

8. None of the undersigned,
nor any respective family member of the undersigned, nor any respective affiliate of the undersigned will be entitled to receive and will
not accept any compensation or other cash payment prior to, or for services rendered in connection with, the consummation of the Business
Combination, except for any fees paid pursuant to the Business Combination Marketing Agreement by and between the Company and the Representative.
Notwithstanding the foregoing, each of the undersigned and any affiliate of the undersigned shall be entitled to reimbursement from the
Company for their out-of-pocket expenses incurred in connection with identifying, investigating and consummating a Business Combination.

 

9. None of the undersigned,
nor any respective family member of the undersigned, nor any respective affiliate of the undersigned will be entitled to receive or accept
a finder’s fee or any other compensation in the event any of the undersigned, any respective family member of the undersigned or
any respective affiliate of the undersigned originates a Business Combination.

 

    

     

    

 

10. Each undersigned director/officer
agrees to serve the Company in his/her duly appointed role as a director/officer until the earlier of the consummation by the Company
of a Business Combination or the liquidation of the Company. Each undersigned director/officer’s biographical information previously
furnished to the Company and the Representative is true and accurate in all material respects, does not omit any material information
with respect to such undersigned director/officer’s biography, and contains all of the information required to be disclosed pursuant
to Item 401 of Regulation S-K, promulgated under the Securities Act of 1933. Each undersigned director/officer’s FINRA Questionnaire
and Director and Officer Questionnaire previously furnished to the Company and the Representative is true and accurate in all material
respects. Each undersigned director/officer represents and warrants that, except as disclosed in such undersigned director/officer’s
Director and Officer Questionnaire:

 

	 	(a)	he/she/it has never had a petition under the federal bankruptcy laws or any state insolvency law been filed by or against (i) him/her/it or any partnership in which he/she/it was a general partner at or within two years before the time of filing; or (ii) any corporation or business association of which he/she/it was an executive officer at or within two years before the time of such filing;
	 	(b)	he/she/it has never had a receiver, fiscal agent or similar officer been appointed by a court for his/her/its business or property, or any such partnership;
	 	(c)	he/she/it has never been convicted of fraud in a civil or criminal proceeding;
	 	(d)	he/she/it/ has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding traffic violations and minor offenses);
	 	(e)	he/she/it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining or otherwise limiting him/her/it from (i) acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission (“CFTC”) or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or from engaging in or continuing any conduct or practice in connection with any such activity; or (ii) engaging in any type of business practice; or (iii) engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal or state securities or federal commodities laws;
	 	(f)	he/she/it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state authority barring, suspending or otherwise limiting for more than 60 days his/her/its right to engage in any activity described in 9(e)(i) above, or to be associated with persons engaged in any such activity;
	 	(g)	he/she/it has never been found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal or state securities law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended or vacated;
	 	(h)	he/she/it has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal commodities law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or vacated;
	 	(i)	he/she/it has never been the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal or State securities or commodities law or regulation, (ii) any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and desist order, or removal or prohibition order or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity;
	 	(j)	he/she/it has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated, or any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member;

 

    

     

    

 

	 	(k)	he/she/it has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;
	 	(l)	he/she/it was never subject to a final order of a state securities commission (or an agency of officer of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the CFTC; or the National Credit Union Administration that is based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct;
	 	(m)	he/she/it has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at the time of such sale, restrained or enjoined him/her/it from engaging or continuing to engage in any conduct or practice: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities;
	 	(n)	he/she/it has never been subject to any order of the SEC that orders him/her/it to cease and desist from committing or causing a future violation of: (i) any scienter-based anti-fraud provision of the federal securities laws, including, but not limited to, Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Section 206(1) of the Advisers Act or any other rule or regulation thereunder; or (ii) Section 5 of the Securities Act;
	 	(o)	he/she/it has never been named as an underwriter in any registration statement or Regulation A offering statement filed with the SEC that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued;
	 	(p)	he/she/it has never been subject to a United States Postal Service false representation order, or is currently subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations;
	 	(q)	he/she/it is not subject to a final order of a state securities commission (or an agency of officer of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the CFTC; or the National Credit Union Administration that bars such undersigned from: (i) association with an entity regulated by such commission, authority, agency or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging in savings association or credit union activities;
	 	(r)	he/she/it is not subject to an order of the SEC entered pursuant to Section 15(b) or 15B(c) of the Securities Exchange Act of 1934 (the “Exchange Act”) or Section 203(e) or 203(f) of the Investment Advisers Act of 1940 (the “Advisers Act”) that: (i) suspends or revokes such undersigned’s registration as a broker, dealer, municipal securities dealer or investment adviser; (ii) places limitations on the activities, functions or operations of, or imposes civil money penalties on, such person; or (iii) bars such undersigned from being associated with any entity or from participating in the offering of any penny stock; and
	 	(s)	he/she/it has never been suspended or expelled from membership in, or suspended or barred from association with a member of, a securities self-regulatory organization (e.g., a registered national securities exchange or a registered national or affiliated securities association) for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade.

 

11. Each undersigned director/officer
has full right and power, without violating any agreement by which he is bound, to enter into this letter agreement and to serve in his/her
designated capacity of the Company, as described in the Registration Statement.

 

12. Each of the undersigned
hereby waives his, her or its right to exercise conversion rights with respect to any shares of Common Stock owned or to be owned by him,
her or it, directly or indirectly, whether purchased by him, her or it prior to the IPO, in the IPO or in the aftermarket, and agrees
that he, she or it will not seek conversion with respect to or otherwise sell, such shares in connection with any vote to approve a Business
Combination with respect thereto, a vote to amend the provisions of the Company’s Amended and Restated Certificate of Incorporation,
or a tender offer by the Company prior to a Business Combination.

 

    

     

    

 

13. Each of the undersigned
hereby agrees to not propose, or vote in favor of, an amendment to the Company’s Amended and Restated Certificate of Incorporation
that would affect the substance or timing of the Company’s obligation to redeem the IPO Shares if the Company cannot complete an
initial business combination within 12 months (or up to 18 months from the closing of the IPO if such date is extended as described in
the prospectus relating to the IPO) unless the Company offers holders of IPO Shares the right to receive their pro rata portion of the
funds then held in the Trust Fund upon approval of any such amendment.

 

14. In connection with Section
5-1401 of the General Obligations Law of the State of New York, this letter agreement shall be governed by, and construed in accordance
with, the laws of the State of New York without regard to principles of conflicts of law that would result in the application of the substantive
law of another jurisdiction. The parties hereto agree that any action, proceeding or claim arising out of or relating in any way to this
letter agreement shall be resolved through final and binding arbitration in accordance with the International Arbitration Rules of the
American Arbitration Association (“AAA”). The arbitration shall be brought before the AAA International Center
for Dispute Resolution’s offices in New York City, New York, will be conducted in English and will be decided by a panel of three
arbitrators selected from the AAA Commercial Disputes Panel and that the arbitrator panel’s decision shall be final and enforceable
by any court having jurisdiction over the party from whom enforcement is sought. The cost of such arbitrators and arbitration services,
together with the prevailing party’s legal fees and expenses, shall be borne by the non-prevailing party or as otherwise directed
by the arbitrators.

 

15. As used herein, (i) a “Business
Combination” shall mean a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or
other similar business combination with one or more businesses or entities; (ii) “Insiders” shall mean all officers,
directors and securityholders of the Company immediately prior to the IPO; (iii) “Insider Shares” shall include
all of the shares of Common Stock of the Company acquired by an Insider prior to the IPO and; (iv) “IPO Shares”
shall mean the shares of Common Stock issued in the Company’s IPO; (v) “Private Warrants” shall mean the
warrants (and the underlying securities) purchased in the private placement taking place simultaneously with the consummation of the Company’s
IPO; (vi) “Private Warrant Purchase Agreement” shall mean that certain Private Warrant Purchase Agreement by
and between the Company and Holdings to be executed in connection with the IPO; (vii) “Registration Statement”
means the registration statement on Form S-1 filed by the Company with respect to the IPO; and (viii) “Trust Fund”
shall mean the trust fund into which a portion of the net proceeds of the Company’s IPO will be deposited.

 

16. Any notice, consent or request
to be given in connection with any of the terms or provisions of this letter 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 facsimile transmission.

 

If to the Representative:

 

Chardan Capital Markets, LLC

17 State Street

New York, NY 10004

Attn: George Kaufman

Facsimile: (646) 465-9039

 

Copy (which copy shall not constitute notice)
to:

 

Greenberg Traurig, LLP

200 Park Avenue

New York, NY 10166

Attn: Jason T. Simon, Esq.

Facsimile: (212) 806-6400

 

    

     

    

 

If to the Company:

 

Chardan NexTech Acquisition 2 Corp.

17 State Street, Suite 1600

New York, NY 10004

Attn: Jonas Grossman

 

Copy (which copy shall not constitute notice)
to:

 

Reed Smith LLP

599 Lexington Avenue

New York, NY 10022

Attn: Ari Edelman, Esq.

Facsimile: (212) 521-5450

 

17. No party hereto may assign
either this letter agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other
party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign
any interest or title to the purported assignee. This letter agreement shall be binding on the parties hereto and any successors and assigns
thereof.

 

18. Each of the undersigned
acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations and warranties set forth
herein in proceeding with the IPO. Nothing contained herein shall be deemed to render the Underwriters a representative of, or a fiduciary
with respect to, the Company, its stockholders or any creditor or vendor of the company with respect to the subject matter hereof.

 

[Signature Page to follow]

 

    

     

    

 

	 	Sincerely,
	 	 
	 	
    CHARDAN NEXTECH INVESTMENTS 2 LLC

	 	 
	 	By:	/s/ Jonas Grossman
	 	 	Name: 	Jonas Grossman 
	 	 	Title:	Managing Member
	 	 	 
	 	 	 
	 	
    CHARDAN NEXTECH 2 WARRANT HOLDINGS LLC

	 	 	 
	 	By:	/s/ Jonas Grossman
	 	 	Name: 	Jonas Grossman
	 	 	Title: 	Managing Member
	 	 	 	 
	 	 	/s/ Jonas Grossman
	 	 	Jonas Grossman
	 	 	 
	 	 	/s/ Alex Weil
	 	 	Alex Weil
	 	 	 
	 	 	/s/ Kerry Propper
	 	 	Kerry Propper
	 	 	 
	 	 	/s/ Jonathan Biele
	 	 	Jonathan Biele
	 	 	 
	 	 	/s/ Perry Boyle
	 	 	Perry Boyle
	 	 	 
	 	 	/s/ Roderick Hardamon
	 	 	Roderick Hardamon
	 	 	 
	 	 	/s/ Jory Des Jardins
	 	 	Jory Des Jardins
	 	 	 
	 	 	/s/ Hitesh Thakrar
	 	 	Hitesh Thakrar 
	 	 	 
	 	 	/s/ Todd Thomson
	 	 	Todd Thomson

 

Acknowledged and Agreed:

 

CHARDAN NEXTECH ACQUISITION 2 CORP.

 

	By:	/s/ Alex Weil	 
	 	Name: Alex Weil	 
	 	Title: Chief Financial Officer	 

 

 

[Signature
Page – Insider Letter Agreement]Exhibit 10.2 

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Agreement is made as
of August 10, 2021 by and between Chardan NexTech Acquisition 2 Corp. (the “Company”) and Continental Stock Transfer &
Trust Company (“Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, No. 333-254010 (“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, as described in the
Registration Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation, $111,650,000 of
the gross proceeds of the IPO ($128,397,500 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 proceeds to be delivered to the Trustee 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 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 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 uninvested, 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) 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;
and

 

    

     

    

 

(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 12-month anniversary of the closing of the IPO (“Closing”)
(or the 18-month anniversary of the Closing if extended in full 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.

 

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;

 

    

     

    

 

(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.

 

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;

 

(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.

 

(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 2 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]

 

    

     

    

 

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 E. Wolf, Jr.
	 	 	Name: Francis E. Wolf, Jr.
	 	 	Title: Vice President
	 	 	 
	 	 	 
	 	CHARDAN NEXTECH ACQUISITION 2 CORP.
	 	 	 
	 	By:	/s/ Jonas Grossman
	 	 	Name: Jonas Grossman
	 	 	Title: President

 

[Signature Page to Investment Management Trust
Agreement]

 

    

     

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,500.00	 
	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	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Section 2	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 2	 	$	250.00	 
	Paying Agent services as required pursuant to section 1(i)	 	Billed to Company upon delivery of service pursuant to section 1(i)	 	 	Market Rate	 

 

    

     

    

 

EXHIBIT A

 

[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 - Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to paragraph 1(i)
of the Investment Management Trust Agreement between Chardan NexTech Acquisition 2 Corp. (“Company”) and Continental Stock
Transfer & Trust Company (“Trustee”), dated as of August 10, 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 [insert date]. The Company shall notify you at least 72 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 J.P. Morgan Chase Bank, N.A. 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 J.P. Morgan Chase Bank, N.A awaiting distribution, the Company will
not earn any interest or dividends.

 

On the Consummation Date (i)
counsel for the Company shall deliver to you written notification that the Business Combination has been consummated 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 2 CORP.
	 	 
	 	By:	 
	 	 	Jonas Grossman, Chief Executive Officer and Secretary

 

cc: Chardan Capital Markets, LLC

 

    

     

    

 

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 - Termination Letter

 

Ladies & Gentlemen:

 

Pursuant to paragraph 1(i)
of the Investment Management Trust Agreement between Chardan NexTech Acquisition 2 Corp. (“Company”) and Continental Stock
Transfer & Trust Company (“Trustee”), dated as of August 10, 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 J.P. Morgan Chase Bank, N.A 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 2 CORP.

	 	 
	 	
    By:
	 
	 	 	Jonas Grossman, Chief Executive Officer and Secretary

 

cc: Chardan Capital Markets, LLC

 

    

     

    

 

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 2 Corp. (“Company”) and Continental Stock
Transfer & Trust Company (“Trustee”), dated as of August 10, 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 2 CORP.

	 	 
	 	By:	 
	 	 	Jonas Grossman, Chief Executive Officer and Secretary

 

cc: Chardan Capital Markets, LLC

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