Document:

Exhibit
10.2

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This Investment Management Trust Agreement (this “Agreement”)
is made as of [*], 2022 by and between Aquaron Acquisition Corp. (the “Company”) and American Stock Transfer &
Trust Company, LLC, a New York limited liability trust company, with offices at 6201 15th Avenue, Brooklyn, NY 11219 (the “Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1, No. 333-[*] (“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, Aquaron Investments LLC, the
Company’s sponsor, will be purchasing 231,250 private units (“Private Placement Units”) at $10.00 per private
unit (for a total purchase price of $2,312,500). Aquaron Investments LLC has also agreed that if the over-allotment option is exercised
by the underwriters, it will purchase from us up to a maximum of an additional 18,750 private units at a price of $10.00 per private unit.

 

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”),
$50,000,000 of the gross proceeds of the IPO and sale of the Private Placement Units ($57,500,000 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 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, 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”); 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 established by the Trustee in the United States at JPMorgan Chase Bank
(or at another U.S. chartered commercial bank with consolidated assets of $100 billion or more), 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;

 

     

     

    

 

(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;

 

(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 within the 15 months or 18 months from the closing of the IPO by depositing $500,000 (or $575,000 if the underwriters’
over-allotment option was exercised in full) for each 3-month extension, but has not completed the Business Combination within the 15
month or 18-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 Stockholders 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 or Chief Financial Officer and,
distribute to Public Stockholders who exercised their conversion rights in connection with an amendment to 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 Stockholders is less than $10.10 per share (plus the amount per share deposited in the Trust Account
pursuant to any Extension Letter).

 

    2

     

    

 

(m)
In connection with a Business Combination, disburse the per share amount to redeeming Public Stockholders (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.

 

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, 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.

 

    3

     

    

 

(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 shareholder votes verifying the vote
of the Company’s stockholders 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;

 

(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);

 

    4

     

    

 

(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.

 

(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% or more of the shares of the Common Stock present or represented at the meeting, par value $0.0001 per share, of the Company voting
together as a single class, have voted in favor of such change, amendment or modification., provided that all Public Stockholders must
be given the right to receive a pro-rata portion of the trust account (no less than $10.10 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.

 

    5

     

    

 

(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:

 

American
Stock Transfer & Trust Company, LLC

6201
15th Avenue, Brooklyn, NY 11219

Attn:
Relationship Management

Email:
admin12@astfinancial.com

 

if
to the Company, to:

 

Aquaron Acquisition Corp.

c/o Aquaron Investments LLC

515 Madison Avenue, 8th Floor

New York, NY 10022

Attn: Jie Weng, Chief Executive Officer

Email: jieweng@aquaroncorp.com

 

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: Shai Gerson

Facsimile: (646) 465-9039

 

and:

 

Wilson Sonsini Goodrich & Rosati Professional Corporation

1301 Avenue of the Americas, 40th Floor

New York, NY 10019-6022

Attn: Sally Yin, Esq.

Email: syin@wsgr.com

 

and:

 

Reed Smith LLP

506 Carnegie Center, Suite 300

Princeton, NJ 08540

Attn: Edward P. Bromley, III, Esq.

Email: ebromley@reedsmith.com

 

(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 Stockholder 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.

 

[Signature
Page Follows]

 

    6

     

    

 

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

 

	 	AMERICAN
STOCK TRANSFER & TRUST COMPANY, LLC, as Trustee

	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:
    	 

 

	 	

    AQUARON
ACQUISITION CORP.

	 	 
	 	By:	 
	 	 	Name:     	Jie
    Weng
	 	 	Title:
    	Chief
    Executive Officer

 

Signature
Page to the Investment Management Trust Agreement

 

     

     

    

 

SCHEDULE
A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	[*]	 
	Annual fee	 	First year ($10,000.00), initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	$	[*]	 
	Transaction processing fee for disbursements to Company under Section 2	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 2	 	$	250.00	 
	Paying Agent services as required pursuant to section 1(i)	 	Billed to Company upon delivery of service pursuant to section 1(i)	 	 	Prevailing rates	 

 

    Sch-A-1

     

    

 

EXHIBIT
A

 

[Letterhead
of Company]

 

[Insert date]

 

American
Stock Transfer & Trust Company, LLC

6201
15th Avenue

Brooklyn,
NY 11219

Attn:
Relationship Management

 

	 	Re:	Trust
    Account - Termination Letter

 

Ladies
and Gentlemen:

 

Pursuant to paragraph 1(i) of the Investment Management Trust Agreement
between Aquaron Acquisition Corp. (“Company”) and American Stock Transfer & Trust Company, LLC (“Trustee”),
dated as of [*], 2022 (“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 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
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, which must provide for the disbursement of
no less than $10.10 per share plus the amount per share deposited in the Trust Account per Extension Letter to redeeming Public Stockholders
(“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,
	 	 
	 	AQUARON
    ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	By:	 
	 	 	Name:	 
	 	 	Title: 	Secretary/Assistant Secretary

 

Acknowledged
and Agreed:

Chardan
Capital Markets, LLC

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    A-1

     

    

 

EXHIBIT
B

 

[Letterhead
of Company]

 

[Insert date]

 

American
Stock Transfer & Trust Company, LLC

6201
15th Avenue

Brooklyn,
NY 11219

Attn:
Relationship Management

 

	 	Re:	Trust
    Account - Termination Letter

 

Ladies
and Gentlemen:

 

Pursuant to paragraph 1(i) of the Investment Management Trust Agreement
between Aquaron Acquisition Corp. (“Company”) and American Stock Transfer & Trust Company, LLC (“Trustee”),
dated as of [*], 2022 (“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 JPMorgan Chase Bank, N.A. to await distribution to the Public Stockholders. The
Company has selected [___, 20 ] as the record 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 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,
	 	 
	 	AQUARON
    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]

 

American
Stock Transfer & Trust Company, LLC

6201
15th Avenue

Brooklyn,
NY 11219

Attn:
Relationship Management

 

		Re:	Trust
Account – Tax Withdrawal Instruction Letter

 

Pursuant to paragraph 2(a) of the Investment Management Trust Agreement
between Aquaron Acquisition Corp. (“Company”) and American Stock Transfer & Trust Company, LLC (“Trustee”),
dated as of [*], 2022 (“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]

 

	 	AQUARON
    ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	cc:	Chardan
    Capital Markets, LLC

 

     C-1

     

    

 

EXHIBIT
D

 

[Letterhead
of Company]

 

[Insert
date]

 

American
Stock Transfer & Trust Company, LLC

6201
15th Avenue

Brooklyn,
NY 11219

Attn:
Relationship Management

 

	 	Re:	Trust
    Account - Extension Letter

 

Ladies
and Gentlemen:

 

Pursuant to Section 1(l) of the Investment Management Trust Agreement
between Aquaron Acquisition Corp. (“Company”) and American Stock Transfer & Trust Company, LLC, dated as of [*], 2022
(“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)], which will be wired to you, into the Trust Account investments upon receipt.].

 

This
is our _______ of up to two 3-month extension requests.

 

	 	Very
    truly yours,
	 	 
	 	AQUARON
    ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	cc:	Chardan
    Capital Markets, LLC

 

    D-1

     

    

 

EXHIBIT
E

 

[Letterhead
of Company]

 

[Insert
date]

 

American
Stock Transfer & Trust Company, LLC

6201
15th Avenue

Brooklyn,
NY 11219

Attn:
Relationship Management

 

	 	Re:	Trust
    Account - Extension Letter

 

Ladies
and Gentlemen:

 

Reference is made to that certain Investment Management Trust Agreement
between Aquaron Acquisition Corp (“Company”) and American Stock Transfer & Trust Company, LLC, dated as of [*], 2022 (“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.

 

	 	AQUARON
    ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name: 	          
	 	 	Title:	 

 

	cc:	Chardan
    Capital Markets, LLC

 

 

E-1Exhibit
10.3

 

STOCK
ESCROW AGREEMENT

 

This STOCK ESCROW AGREEMENT,
dated as of [*], 2022 (“Agreement”), by and among AQUARON ACQUISITION CORP., a Delaware corporation (“Company”),
and the initial stockholders listed on the signature pages hereto (collectively, the “Initial Stockholders”) AMERICAN
STOCK TRANSFER & TRUST COMPANY, LLC, a New York limited liability trust company, with offices at 6201 15th Avenue, Brooklyn, NY 11219
(“Escrow Agent”).

 

WHEREAS, the Company has
entered into an Underwriting Agreement, dated as of [*], 2022 (“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”), one warrant entitling
its holder to purchase one share of Common Stock for $11.50 per whole share, and one right to receive one-tenth (1/10) of one share of
Common Stock upon the consummation of an initial business combination, all as more fully described in the Company’s final Prospectus,
dated [*], 2022 (“Prospectus”), comprising part of the Company’s Registration Statement on Form S-1 (File No.
333-[*]) under the Securities Act of 1933, as amended (“Registration Statement”), declared effective on [*], 2022
(“Effective Date”).

 

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

 

IT
IS AGREED:

 

1. Appointment
of Escrow Agent. The Company and the Initial Stockholders hereby appoint the Escrow Agent to act in accordance with and
subject to the terms of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and
subject to such terms.

 

2. Deposit
of Escrow Shares. On or prior to the date hereof, each of the Initial Stockholders delivered to the Escrow Agent certificates
representing such Initial Stockholder’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 Stockholders acknowledges that the certificate representing
such Initial Stockholder’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 Stockholder; provided, however, that if the Escrow Agent is notified by the Company pursuant to Section
6.7 hereof that the Company is being liquidated at any time during the Escrow Period, then the Escrow Agent shall promptly 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 stockholders of such entity having the right to exchange their shares of Common Stock for cash,
securities or other property, then the Escrow Agent will, upon receipt of a notice executed by the Chairman of the Board, Chief Executive
Officer or other authorized officer of the Company, in form reasonably acceptable to the Escrow Agent, certifying that such transaction
is then being consummated or such conditions have been achieved, as applicable, release the Escrow Shares to the Initial Stockholders. The
Escrow Agent shall have no further duties hereunder after the disbursement or destruction of the Escrow Shares in accordance with this
Section 3.1.

 

    

     

    

 

3.2 Notwithstanding
Section 3.1, if the Underwriters do not exercise their over-allotment option to purchase an additional 750,000 Units of the Company in
full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the sponsor, Aquaron Investments LLC,
agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of Escrow Shares held by it determined
by multiplying (a) the product of (i) 187,500, 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.

 

4.
Rights of Initial Shareholders in Escrow Shares.

 

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

 

4.2 Dividends
and Other Distributions in Respect of the Escrow Shares. During the Escrow Period, all dividends payable in cash with respect
to the Escrow Shares shall be paid to the Initial Stockholders, but all dividends payable in stock or other non-cash property (“Non-Cash
Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used herein, the term
“Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

 

4.3 Restrictions
on Transfer. During the Escrow Period, the only permitted transfers of the Escrow Shares will be (i) to the Company’s
pre-IPO stockholders or their respective affiliates, or to the Company’s offices, directors, advisors and employees, (ii) if the
Initial Stockholder is an entity, as a distribution to its, partners, stockholders or members upon its liquidation, (iii) by bona fide
gift to a member of the Initial Stockholder’s immediate family or to a trust, the beneficiary of which is the Initial Stockholder
or a member of the Initial Stockholder’s immediate family for estate planning purposes, (iv) by virtue of the laws of descent and
distribution upon death of the Initial Stockholder, (v) pursuant to a qualified domestic relations order, (vi) by private sales at prices
no greater than the price at which the Insider Shares were originally purchased or (vii) 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 vii 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 Stockholder transferring
the Escrow Shares.

 

4.4 Insider
Letters. Each of the Initial Stockholders has executed a letter agreement with Chardan and the Company, dated as indicated on Exhibit
B hereto, and the form of which is filed as an exhibit to the Registration Statement (“Insider Letter”),
respecting the rights and obligations of such Initial Stockholder in certain events, including but not limited to the liquidation of
the Company. 

 

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 in good faith 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. 

 

    2

     

    

 

5.2 Indemnification. The
Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses, including counsel fees and disbursements,
or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim which in any way, directly
or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent hereunder, or the Escrow Shares held by it
hereunder, other than expenses or losses arising from the gross negligence or willful misconduct of the Escrow Agent. Promptly after
the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent
shall notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion,
may commence an action in the nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow Shares
or it may deposit the Escrow Shares with the clerk of any appropriate court or it may retain the Escrow Shares pending receipt of a final,
non-appealable order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances the
Escrow Shares are to be disbursed and delivered. The provisions of this Section 5.2 shall survive in the event the Escrow Agent resigns
or is discharged pursuant to Sections 5.5 or 5.6 below.

 

5.3 Compensation. The
Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered by it hereunder. The Escrow Agent
shall also be entitled to reimbursement from the Company for all expenses paid or incurred by it in the administration of its duties
hereunder including, but not limited to, all counsel, advisors’ and agents’ fees and disbursements and all taxes or other
governmental charges.

 

5.4 Further
Assurances. From time to time on and after the date hereof, the Company and the Initial Stockholders shall deliver or cause
to be delivered to the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the
Escrow Agent shall reasonably request to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance
herewith or to assure itself that it is protected in acting hereunder.

 

5.5 Resignation. The
Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties hereto
written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective at such time
that the Escrow Agent shall turn over, to a successor escrow agent appointed by the Company and approved by the Representative, which
approval will not be unreasonably withheld, conditioned or delayed, the Escrow Shares held hereunder. If no new escrow agent is so appointed
within the 60-day period following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Shares with any
court it reasonably deems appropriate.

 

5.6 Discharge
of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested in
writing at any time by the other parties hereto, jointly, provided, however, that such resignation shall become effective only upon acceptance
of appointment by a successor escrow agent as provided in Section 5.5.

 

5.7 Liability. Notwithstanding
anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross negligence or its
own willful misconduct.

 

5.8 Waiver. The
Escrow Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or
to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof,
by and between the Company and the Escrow Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment
or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

    3

     

    

 

6.
Miscellaneous.

 

6.1 Governing
Law. This Agreement shall for all purposes be deemed to be made under and shall be construed in accordance with the laws of
the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws
of another jurisdiction.

 

6.2 Third
Party Beneficiaries. Each of the Initial Stockholders hereby acknowledges that Chardan is a third-party beneficiary of this
Agreement and this Agreement may not be modified or changed without the prior written consent of Chardan.

 

6.3 Entire
Agreement. This Agreement contains the entire agreement of the parties hereto with respect to the subject matter hereof and,
except as expressly provided herein, may not be changed or modified except by an instrument in writing signed by the party to the change,
Chardan and the Escrow Agent.

 

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:	Aquaron
    Acquisition Corp.
	 	c/o Aquaron Investments LLC

515
                                            Madison Avenue, 8th Floor

    New
    York, NY 10022

    Attn:
    Jie Weng, Chief Executive Officer

     Email: jieweng@aquaroncorp.com

 

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

 

	and
    if to the Escrow Agent, to:	American
    Stock Transfer & Trust Company
	 	6201
    15th Avenue
	 	Brooklyn,
    New York 11219
	 	Attention:
    Relationship Management

 

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:
    Shai Gerson
	 	Facsimile:
    (646) 465-9039

 

	 	and:	
    Reed Smith LLP

    506 Carnegie Center, Suite 300

    Princeton, NJ 08540

    Attn: Edward P. Bromley, III, Esq.

    Email: ebromley@reedsmith.com

 

	 	and:	Wilson Sonsini Goodrich & Rosati Professional Corporation
	 	 	1301 Avenue of the Americas, 40th Floor
	 	 	New York, NY 10019-6022
	 	 	
    Attn: Sally Yin, Esq.

    Email: syin@wsgr.com

 

	 and:	American
    Stock Transfer & Trust Company
	 	6201
    15th Avenue
	 	Brooklyn,
    New York 11219
	 	Attention:
    Legal Department

 

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:
	 	 
	 	AQUARON
    ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name: 	Jie
    Weng
	 	 	Title:	Chief
    Executive Officer

 

	 	INITIAL
    STOCKHOLDERS:
	 	 
	 	AQUARON
    INVESTMENTS LLC
	 	 
	 	By:	 
	 	 	Name: 	Yating
    Wang 
	 	 	Title:	Authorized
    Representative 

 

	 	 	 
	 	 	Jie
    Weng

 

	 	 	 
	 	 	Qingze
    Zhao

 

	 	 	 
	 	 	 Yang
    Wang

 

	 	 	 
	 	 	Yanyan Lin
	 	 	 
	 	 	 
	 	 	Xiaoming Ma

 

	 	ESCROW
AGENT:

	 	 
	 	AMERICAN
    STOCK TRANSFER & TRUST COMPANY
	 	 
	 	By:	 
	 	 	Name: 	 
	 	 	Title:	 

 

Signature Page to the Stock Escrow Agreement

 

    5

     

    

 

EXHIBIT
A

 

Initial
Shareholders

 

	Name and
    Address of Initial1 Shareholder	 	Number of Shares	 	 	Date of Insider Letter
	Aquaron Investments LLC	 	 	1,392,500	 	 	 
	Jie Weng	 	 	10,000	 	 	 
	Qingze Zhao	 	 	10,000	 	 	 
	Yang Wang	 	 	5,000	 	 	[*], 2022
	Yanyan Lin	 	 	15,000	 	 	 
	Xiaoming Ma	 	 	5,000	 	 	 

 

 

		1	The address of each of the individuals is c/o, Aquaron Acquisition
Corp., 515 Madison Avenue, 8th Floor, New York, NY 10022.

 

    6

     

    

 

EXHIBIT
B

 

Insider
Letter

 

 

7

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