Document:

Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management
Trust Agreement (this “Agreement”) is made as of June 4, 2020 by and between Mountain Crest Acquisition Corp (the “Company”)
and Continental Stock Transfer & Trust Company, a New York corporation (the “Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, No. 333-238320 (“Registration Statement”), for its initial public offering of securities
(“IPO”) has been declared effective as of the date hereof (“Effective Date”) by the U.S. 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 representative of the underwriters in the IPO; and

 

WHEREAS, simultaneously
with the IPO, Sunlight Global Investment LLC and Chardan will be purchasing up to 355,250 private units (“Private Placement
Units”) from the Company for an aggregate purchase price of up to $3,552,500; and

 

WHEREAS, as described
in the Registration Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation, as
the same may be amended from time to time (the “Charter”), $51,000,000 of the gross proceeds of the IPO and sale of
the Private Placement Units ($58,650,000 if the underwriters’ over-allotment option is exercised in full) will be delivered
to the Trustee to be deposited and held in a segregated trust account located at all times in the United States (the “Trust
Account”) for the benefit of the Company and the holders of the Company’s shares of common stock, par value $0.0001
per share (“Common Stock”), issued in the IPO as hereinafter provided (the amount to be delivered to the Trustee will
be referred to herein as the “Property”; the shareholders for whose benefit the Trustee shall hold the Property will
be referred to as the “Public Shareholders,” and the Public Shareholders and the Company will be referred to together
as the “Beneficiaries”); and

 

WHEREAS, pursuant to
the Underwriting Agreement, a portion of the Property equal to $1,750,000, or $2,012,500 if the underwriters’ over-allotment
option is exercised in full, is attributable to deferred underwriting discounts and commissions that may become payable by the
Company to the underwriters upon the consummation of an initial business combination (as described in the Registration Statement,
a “Business Combination”) (the “Deferred Discount”); and

 

WHEREAS, the Company
and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold
the Property.

 

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 in the United States at JP Morgan Chase Bank N.A. (or 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 of185 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 account funds are uninvested
awaiting the Company’s instructions hereunder and that Trustee may earn bank credits or 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 the Underwriters 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;

 

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(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, acknowledged and agreed to by Chardan, 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, in the event that the Company extended the time to complete the Business Combination for up to 15,
18 or 21 months from the closing of the IPO but has not completed the Business Combination within such 15-, 18- or 21-month period,
the 15, 18- or 21-month anniversary of the Closing (as applicable, the “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
Shareholders as of the Last Date.

 

(j)       
Upon receipt of an extension letter (“Extension Letter”) substantially similar to Exhibit D hereto at least
five business days prior to the Applicable Deadline, signed on behalf of the Company by an executive officer, 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.

 

(k)       Upon
receipt of a letter (an “Amendment Notification Letter”) in the form of Exhibit E, signed on behalf of the Company
by its Chief Executive Officer and Chief Financial Officer and, distribute to Public Stockholders who exercised their conversion
rights in connection with an amendment to Article Sixth of the Company’s amended and restated certificate of incorporation
(an “Amendment”) an amount equal to the pro rata share of the Property relating to the Common Stock for which such
Public Stockholders have exercised conversion/redemption rights in connection with such Amendment.

 

(l)       
Not disburse any amounts from the Trust Account in connection with a Business Combination in the event that the amount per
share to be received by the redeeming Public Shareholders is less than $10.20 per share (plus the amount per share deposited in
the Trust Account pursuant to any Extension Letter).

 

(m)      In
connection with a Business Combination, before making disbursements to the Depository Trust Company, the Company or any other person,
disburse the per share amount to redeeming Public Shareholders (other than shares tendered through the Depository Trust Company)
that have tendered their shares directly to the Trustee. 

 

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.

 

(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), no other distributions from the Trust Account shall be permitted except in accordance with Section
1(i) hereof.

 

(c)       
The Company shall provide the Underwriters 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.

 

(d)       If applicable, the Company shall 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 Company’s insiders that the insiders
intend to extend the Applicable Deadline.

 

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

 

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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
or Chief Financial Officer. In addition, except with respect to its duties under paragraphs 1(i), 2(a) and 2(b) 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”); provided, however,
that the Trustee’s failure to provide such notice shall not relieve the Company of its liability hereunder, except to the
extent that it is materially prejudiced by such failure. 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 or delayed. 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 Sections
2(a) and 2(b) 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 and further agreed that any fees owed to the Trustee
shall be deducted by the Trustee from the disbursements made to the Company pursuant to Sections 1(i) solely in connection with
the consummation of the Company’s initial acquisition, share exchange, share reconstruction and amalgamation, purchase of
all or substantially all of the assets of, or any other similar business combination with one or more businesses or entities (a
 “Business Combination”), or pursuant to Section 2 (b). 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.

 

(d)       In
connection with any vote of the Company’s shareholders 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 shareholder votes verifying
the vote of the Company’s shareholders regarding such Business Combination.

 

(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;

 

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(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), 2(a) or 2(b) 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.

 

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(c)       This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for Sections 1(i), 1(k), 1(l), 1(m), 1(n), 3(g), 7(c) and 7(h) (which may only be amended with the approval of the holders of
at least 50% of the shares of common stock sold in the IPO, provided that all Public Shareholders must be given the right to receive
a pro-rata portion of the trust account (no less than $10.20 per share plus the amount per share deposited in the Trust Account
pursuant to any Extension Letter) in connection with any such amendment), 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 the Underwriters. 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

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

  

if to the Company,
to:

 

Mountain Crest Acquisition Corp

311 West 43rd Street, 12th Floor

New York, NY 10036

Attn:  Suying Liu

 

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

 

and:

 

Loeb & Loeb LLP

345 Park Avenue

New York, NY 10154

Attn: Giovanni Caruso

Fax No.: (212) 407-4990

 

and:

 

Scarinci Hollenbeck, LLC

3 Park Avenue, 15 Floor

New York, NY 10016

Attn: Dan Brecher

Fax No.: (212) 808-4155

 

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(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. The Trustee acknowledges and
agrees that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled
to any funds in the Trust Account under any circumstance.

 

(h)      This
Agreement is the joint product of the Company and the Trustee and each provision hereof has been subject to the mutual consultation,
negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

(i)      
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such
counterparts shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile
or electronic transmission shall constitute valid and sufficient delivery thereof.

 

(j)      
  Each of the Company and the Trustee hereby acknowledge that the Underwriters are a third party beneficiary of this Agreement
and that each Public Shareholder is a third party beneficiary of Sections 1(i), 1(k), 1(l), 3(g), 3(h) and 7(c).

 

(k)      
Except as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any
other person or entity.

  

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IN WITNESS WHEREOF,
the parties have duly executed this Investment Management Trust Agreement as of the date first written above.

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 
	 	By:	    /s/ Francis Wolf
	 	 	Name: Francis Wolf
	 	 	Title:   Vice President

 

	 	MOUNTAIN CREST ACQUISITION CORP
	 	 
	 	By:	    /s/ Suying Liu
	 	 	Name: Suying Liu
	 	 	Title:   Chief Executive Officer

 

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SCHEDULE A

 

	Fee Item	Time and method of payment	Amount
	
        Initial acceptance fee

         
	Initial closing of IPO by wire transfer	$2,500.00
	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	$8,000.00
	Transaction processing fee for disbursements to Company under Section 2	 Billed to Company following disbursement made to Company under Section 2	$250.00
	Paying Agent services as required pursuant to section 1(i) and 1(k)	Billed to Company upon delivery of service pursuant to section 1(i) and (k)	Prevailing rates

 

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EXHIBIT A

 

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attention: Francis Wolf and Celeste Gonzalez

 

Re:      Trust
Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to paragraph
1(i) of the Investment Management Trust Agreement between Mountain Crest Acquisition Corp (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of June 4, 2020 (“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 JPMorgan 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 account 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  shareholders 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, which must provide for the disbursement of no less than $10.20 per share plus the amount per share deposited
in the Trust Account per Extension Letter to redeeming Public Shareholders (“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.

 

    A-1

     

    

 

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,
	 	 
	 	 MOUNTAIN CREST ACQUISITION CORP
	 	 
	 	By:	    
	 	 	Name:
	 	 	Title:

 

	 	By:	    
	 	 	Name:
	 	 	Title: Secretary/Assistant Secretary

 

Acknowledged and Agreed:

 

Chardan Capital Markets, LLC

 

	By:	 	 
	Name:	 
	Title:	 

 

    A-2

     

    

 

 

 

EXHIBIT B

 

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attention: Francis Wolf and Celeste Gonzalez

 

Re:      Trust
Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to paragraph
1(i) of the Investment Management Trust Agreement between Mountain Crest Acquisition Corp (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of June 4, 2020 (“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  on 
and  to  transfer  the  total  proceeds  to  the  Trust  Operating Account
at JPMorgan Chase Bank, N.A. to await distribution to the Public Shareholders. The Company has   selected [      ,
20    ] as the effective date for the purpose of determining when the Public Shareholders 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 Operating 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 Shareholders 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,
	 	 
	 	 MOUNTAIN CREST ACQUISITION CORP
	 	 
	 	By:	    
	 	 	Name:
	 	 	Title:

 

	 	By:	    
	 	 	Name:
	 	 	Title: Secretary/Assistant Secretary

 

cc:        Chardan Capital
Markets, LLC

 

    B-1

     

    

 

EXHIBIT C

 

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attention: Francis Wolf and Celeste Gonzalez

 

Re:      
Trust Account – Interest Withdrawal Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to paragraph
2(a) of the Investment Management Trust Agreement between Mountain Crest Acquisition Corp (“Company”) and American
Stock Transfer & Trust Company, LLC (“Trustee”), dated as of June 4, 2020 (“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. 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]

 

	 	MOUNTAIN CREST ACQUISITION CORP
	 	 
	 	By:	    
	 	 	Name:
	 	 	Title:

 

cc:        Chardan Capital
Markets, LLC

 

    C-1

     

    

 

EXHIBIT D

 

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attention: Francis Wolf and Celeste Gonzalez

 

Re:      
Trust Account - Extension Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

Pursuant to Section 1(l) of the Investment
Management Trust Agreement between Mountain Crest Acquisition Corp (“Company”) and Continental Stock Transfer &
Trust Company, dated as of June 4, 2020 (“Trust Agreement”), this is to advise you that the Company is extending the
time available in order to consummate a Business Combination with the Target Businesses [for an additional three (3) months,] from
______________ to ______________ (the “Extension”).

 

This Extension Letter shall serve as the
notice required with respect to Extension prior to the Applicable Deadline. Capitalized words used herein and not otherwise defined
shall have the meanings ascribed to them in the Trust Agreement.

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to deposit [$500,000] [(or $575,000 if the underwriters’ over-allotment option was exercised
in full)] [(or, if beyond 21 months) $ ], which will be wired to you, into the Trust Account  investments upon receipt.

 

	 	Very truly yours,
	 	 
	 	 MOUNTAIN CREST ACQUISITION CORP
	 	 
	 	By:	    
	 	 	Name:
	 	 	Title:

 

cc:        Chardan Capital
Markets, LLC

 

    D-1

     

    

 

EXHIBIT E

 

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attention: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account - Amendment Notification Letter

 

Dear Mr.Wolf and Ms. Gonzalez:

 

Reference is made to that certain Investment Management Trust
Agreement between Mountain Crest Acquisition Corp (“Company”) and Continental Stock Transfer & Trust Company, dated
as of June 4, 2020 (“Trust Agreement”). Capitalized words used herein and not otherwise defined shall have the meanings
ascribed to them in the Trust Agreement.

 

Pursuant to Section 1(k) of the Trust Agreement, this
is to advise you that the Company has sought an Amendment. Accordingly, in accordance with the terms of the Trust Agreement, we
hereby authorize you to liquidate a sufficient portion of the Trust Account and to transfer $            
of the proceeds of the Trust to the account at J.P. Morgan Chase Bank N.A. for distribution to the stockholders that have requested
conversion of their shares in connection with such Amendment. The remaining funds shall be reinvested by you as previously instructed.

 

	 	MOUNTAIN CREST ACQUISITION CORP
	 	 
	 	By:	    
	 	 	Name:
	 	 	Title:

 

	cc:	Chardan Capital Markets, LLC

 

    E-1Exhibit
10.3

 

STOCK
ESCROW AGREEMENT

 

This
STOCK ESCROW AGREEMENT, dated as of June 4, 2020 (“Agreement”), by and among MOUNTAIN CREST ACQUISITION CORP, a Delaware
corporation (“Company”), and the initial shareholders listed on the signature pages hereto (collectively, the “Initial
Shareholders”) CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation(“Escrow Agent”).

 

WHEREAS,
the Company has entered into an Underwriting Agreement, dated as of June 4, 2020 (“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 5,000,000 units (“Units”) of the
Company, plus an additional 750,000 Units if the Underwriters exercise their over-allotment option in full.  Each Unit consists
of one share of common stock of the Company, par value $0.0001 per share (the “Common Stock”) and one right to receive
one-tenth (1/10) of a share of common stock upon the consummation of an initial business combination, all as more fully described
in the Company’s final Prospectus, dated June 4, 2020 (“Prospectus”), comprising part of the Company’s
Registration Statement on Form S-1 (File No. 333-238320) under the Securities Act of 1933, as amended (“Registration Statement”),
declared effective on June 4, 2020 (“Effective Date”).

 

WHEREAS,
the Initial Shareholders have agreed as a condition of the sale of the Units to deposit their Insider Shares (as defined in the
Prospectus), as set forth opposite their respective names on Exhibit A attached hereto (collectively “Escrow Shares”),
in escrow as hereinafter provided.

 

WHEREAS,
the Company and the Initial Shareholders 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 Shareholders 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, each of the Initial Shareholders delivered to the Escrow Agent certificates representing such Initial Shareholder’s
respective Escrow Shares, together with applicable share powers, to be held and disbursed subject to the terms and conditions
of this Agreement.  Each of the Initial Shareholders acknowledges that the certificate representing such Initial Shareholder’s
Escrow Shares is legended to 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 20
trading days within any 30-trading day period commencing after the Company’s initial Business Combination and (ii) for the
remaining 50% of the 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 Shareholder’s Escrow Shares (and any applicable
share power) to such Initial Shareholder; provided, however, that if the Escrow Agent is notified by the Company pursuant to Section
6.7 hereof that the Company is being liquidated at any time during the Escrow Period, then the Escrow Agent shall promptly destroy
the certificates representing the Escrow Shares; 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 which results in all of the shareholders 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 Shareholders.  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 750,000 Units of the Company in full within 45 days of the date of the Prospectus
(as described in the Underwriting Agreement), the Initial Shareholders agree that the Escrow Agent shall return to the Company
for cancellation, at no cost, the number of Escrow Shares held by the Initial Shareholders listed on Exhibit B determined
by multiplying (a) the product of (i) 187,500 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 750,000 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 750,000. 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.

 

    1

     

    

 

	 	4.	Rights of Initial
    Shareholders in Escrow Shares.

 

4.1      
Voting Rights as a Shareholder.  Subject to the terms
of the Insider Letters described in Section 4.4 hereof and except as herein provided, the Initial Shareholders shall retain all
of their rights as shareholders 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 Shareholders, 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 (1) to the Company’s pre-IPO stockholders or their respective
affiliates, or to the Company’s offices, directors, advisors and employees, (2) if the Initial Shareholder is an entity,
as a distribution to its, partners, stockholders or members upon its liquidation, (3) by bona fide gift to a member of the Initial
Shareholder’s immediate family or to a trust, the beneficiary of which is the Initial Shareholder or a member of the Initial
Shareholder’s immediate family for estate planning purposes, (4) by virtue of the laws of descent and distribution upon
death of the Initial Shareholder, (5) pursuant to a qualified domestic relations order, (6) by certain pledges to secure obligations
incurred in connection with purchases of the Company’s securities, (7) by private sales at prices no greater than the price
at which the Insider Shares were originally purchased or (8) for the cancellation of up to 187,500 shares of Common Stock subject
to forfeiture to the extent that the Underwriters’ over-allotment is not exercised in full or in part or in connection with
the consummation of our initial Business Combination, in each case (except for clause 8 or with our prior consent) on the condition
that such transfers may be implemented only upon the respective transferee’s written agreement to be bound by the terms
and conditions of this Agreement and of the Insider Letter (as defined below) signed by the Initial Shareholder transferring the
Escrow Shares.

 

4.4      
Insider Letters.  Each of the Initial Shareholders
has executed a letter agreement with Chardan and 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 Shareholder in certain events, including but not limited to the liquidation of the Company.

 

	 	5.	Concerning the Escrow
    Agent.

 

5.1      
Good Faith Reliance.  The Escrow Agent shall not
be liable for any action taken or omitted by it in good faith and in the exercise of its own best judgment, and may rely conclusively
and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel
chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only as to its due execution and the
validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained)
which is believed by the Escrow Agent to be genuine and to be signed or presented by the proper person or persons.  The
Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement
unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights
of the Escrow Agent are affected, unless it shall have given its prior written consent thereto.

 

5.2      
Indemnification.  The Escrow Agent shall be indemnified
and held harmless by the Company from and against any expenses, including 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.

 

    2

     

    

 

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 Shareholders 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.

 

	 	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 Shareholders
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:	Mountain
    Crest Acquisition Corp
	 	311 West 43rd Street,
    12th Floor
	 	New York, NY 10036
	 	Attn: Suying Liu, Chief
    Executive Officer

 

If
to a Shareholder, to his address set forth in Exhibit A.

 

	and if to the Escrow
    Agent, to:	Continental
    Stock Transfer & Trust Company
	 	1 State Street
	 	New York, New York 10004
	 	Attention: Francis Wolft

 

    3

     

    

 

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:	 	Scarinci Hollenbeck, LLC
	 	 	3 Park Avenue, 15th Floor
	 	 	New York, New York 10016
	 	 	Attn: Dan Brecher
	 	 	Fax: (212) 808-4155

 

	 and:	 	Loeb & Loeb LLP
	 	 	345 Park Avenue
	 	 	New York, New York 10154
	 	 	Attn:  Mitchell S. Nussbaum, Esq. and
    Giovanni Caruso, Esq.
	 	 	Fax: (212) 407-4000

 

	 and:	 	Continental Stock Transfer
    & Trust Company
	 	 	1 State Street
	 	 	New York, New York 10004
	 	 	Attention: Francis Wolf

 

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:
	 	 
	 	MOUNTAIN CREST ACQUISITION CORP
	 	 	 
	 	By:	 /s/
    Suying Liu
	 	 	Name: 	Suying Liu
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	INITIAL SHAREHOLDERS:
	 	 
	 	Sunlight Global Investment LLC
	 	 	 
	 	By:	 /s/
    Suying Lui
	 	 	Name: 	Suying Liu
	 	 	Title:	Member

 

	 	 	 /s/
    Nelson Haight
	 	 	Nelson Haight

 

	 	 	 /s/
    Nelson Haight
	 	 	Todd Milbourn

 

	 	 	 /s/
    Wenhua Zhang
	 	 	Wenhua Zhang

 

	 	ESCROW
        AGENT:

         

        CONTINENTAL
        STOCK TRANSFER & TRUST COMPANY

	 	 
	 	By:	 /s/
    James F. Kiszka
	 	 	Name: James F. Kiszka
	 	 	Title: Vice President

 

 [Signature
Page to Stock Escrow Agreement]

 

    5

     

    

 

EXHIBIT
A

 

Initial
Shareholders

 

	Name
        of

        Initial
        Shareholder
	 	Number

        of
        Shares
	 	Date
        of

        Insider
        Letter
	 
	 Sunlight
    Global Investment, LLC	 	 1,431,500	 	 June
    4, 2020	 
	 Nelson
    Haight	 	 2,000	 	 June
    4, 2020	 
	 Todd Milbourn	 	 2,000	 	 June
    4, 2020	 
	 Wenhua
    Zhang	 	 2,000	 	 June
    4, 2020	 

 

    6

     

    

 

EXHIBIT
B

 

Escrow
Shares

 

    7

     

    

 

EXHIBIT
C

 

Insider
Letter

 

    8

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