Document:

Exhibit 10.4

 

FORM
OF SUBSCRIPTION AGREEMENT

 

Tuscan
Holdings Corp.

135
E. 57th Street, 18th Floor

New
York, New York, 10022

Ladies
and Gentlemen:

 

In
connection with the proposed business combination (the “Transaction”) between Tuscan Holdings Corp., a Delaware
corporation (the “Company”), and Microvast, Inc., a Delaware corporation (“Microvast”),
the undersigned desires to subscribe for and purchase from the Company, and the Company desires to sell to the undersigned, that
number of shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), set
forth on the signature page hereof for a purchase price of $10.00 per share (the “Per Share Price” and the
aggregate of such Per Share Price for all Shares subscribed for by the undersigned being referred to herein as the “Purchase
Price”), on the terms and subject to the conditions contained herein. In connection with the Transaction, certain other
institutional “accredited investors” (as defined in Rule 501 under the Securities Act of 1933, as amended (the “Securities
Act”)) have entered into separate subscription agreements with the Company (the “Other Subscription Agreements”),
pursuant to which such investors (the “Other Subscribers”) have, together with the undersigned pursuant to
this Subscription Agreement, agreed to purchase an aggregate of [ ] shares of Common Stock at the Per Share Price (the undersigned
being referred to sometimes herein as a “Subscriber” and together with the Other Subscribers, the “Subscribers”).
In connection therewith, the undersigned and the Company agree as follows:

 

1.
Subscription. Subject to the provisions of Section 2 hereof, the undersigned hereby irrevocably subscribes for and agrees
to purchase from the Company such number of shares of Common Stock as is set forth on the signature page of this Subscription
Agreement on the terms and subject to the conditions provided for herein (the “Shares”). The undersigned understands
and agrees that the undersigned’s subscription for the Shares shall be deemed to be accepted by the Company if and when
this Subscription Agreement is signed and delivered by a duly authorized person by or on behalf of the Company; the Company may
do so in counterpart form.

 

For
the purposes of this Subscription Agreement, “business day” means any other day than a Saturday, Sunday or
a day on which the Federal Reserve Bank of New York is closed.

 

     

     

    

 

2.
Closing. The closing of the sale of the Shares contemplated hereby (the “Subscription Closing”) is contingent
upon the substantially concurrent consummation of the Transaction (the “Transaction Closing”). The Subscription
Closing shall occur on the date of, and immediately prior to, the Transaction Closing (the “Transaction Closing Date”).
Not less than ten business days prior to the scheduled Transaction Closing Date, the Company shall provide written notice to the
undersigned (the “Closing Notice”) (i) of such scheduled Transaction Closing Date, (ii) that the Company reasonably
expects all conditions to the closing of the Transaction to be satisfied or waived, and (iii) wire instructions for delivery of
the Purchase Price to the Escrow Agent (as defined below). The undersigned shall deliver to Continental Stock Transfer & Trust
Company, as escrow agent (the “Escrow Agent”), at least one business day prior to the Transaction Closing Date
specified in the Closing Notice, the Purchase Price, which shall be held in a segregated escrow account for the benefit of the
Subscriber (the “Escrow Account”) until the Subscription Closing pursuant to the terms of a customary escrow
agreement, which shall be on terms and conditions reasonably satisfactory to the undersigned to be entered into by the Company
and the Escrow Agent (the “Escrow Agreement”), by wire transfer of United States dollars in immediately available
funds to the account specified by the Company in the Closing Notice. The Company shall provide to the undersigned, no later than
the date on which the Closing Notice is delivered to the undersigned, a copy of the executed Escrow Agreement to be in force on
the Transaction Closing Date. On the Transaction Closing Date, the Company shall deliver to the undersigned (i) the Shares in
book-entry form, or, if required by the undersigned, certificated form, free and clear of any liens or other restrictions whatsoever
(other than those arising under state or federal securities laws as set forth herein), in the name of the undersigned (or its
nominee in accordance with its delivery instructions) or to a custodian designated by the undersigned, as applicable, and (ii) a
copy of the records of the Company’s transfer agent showing the undersigned (or such nominee or custodian) as the owner
of the Shares on and as of the Transaction Closing Date. Upon delivery of the Shares to the undersigned (or its nominee or custodian,
if applicable), the Purchase Price shall be released from the Escrow Account automatically and without further action by the Company
or the undersigned.

 

If
the Transaction Closing does not occur within two business days after the Transaction Closing Date specified in the Closing Notice,
the Escrow Agent shall promptly (but not later than one business day thereafter) return the Purchase Price to the undersigned
by wire transfer of U.S. dollars in immediately available funds to the account specified by the undersigned. Furthermore, if the
Transaction Closing does not occur on the same day as the Subscription Closing, the Escrow Agent (or the Company, if the Purchase
Price has been released by the Escrow Agent) shall promptly (but not later than one business day thereafter) return the Purchase
Price to the undersigned by wire transfer of U.S. dollars in immediately available funds to the account specified by the undersigned,
and any book-entries and, if applicable, certificated shares, shall be deemed cancelled (and, in the case of certificated shares,
the undersigned shall promptly return such certificates to the Company or, as directed by the Company, to the Company’s
representative or agent).

 

If
this Subscription Agreement terminates following the delivery by the undersigned of the Purchase Price for the Shares, the Escrow
Agent shall promptly (but not later than one business day thereafter) return the Purchase Price to the undersigned, whether or
not the Transaction Closing shall have occurred. If this Subscription Agreement terminates following the Transaction Closing,
the undersigned shall promptly upon the return to the undersigned of the Purchase Price by the Escrow Agent, transfer the Shares
to the Company.

 

Notwithstanding
the foregoing in this Section 2, if the undersigned informs the Company (1) that it is an investment company registered under
the Investment Company Act of 1940, as amended, (2) that it is advised by an investment adviser subject to regulation under the
Investment Advisers Act of 1940, as amended, or (3) that its internal compliance policies and procedures so require it, then,
in lieu of the settlement procedures provided above, the following shall apply: the undersigned shall deliver at 8:00 a.m. New
York City time on the Transaction Closing Date (or as soon as practicable prior to the Transaction Closing on the Transaction
Closing Date, following receipt of evidence from the Company’s transfer agent of the issuance to the undersigned of the
Shares on and as of the Transaction Closing Date) the Purchase Price for the Shares by wire transfer of United States dollars
in immediately available funds to the account specified by the Company in the Closing Notice against delivery by the Company to
the undersigned of the Shares in book entry form, free and clear of any liens or other restrictions (other than those arising
under this Subscription Agreement or applicable securities laws), in the name of the undersigned (or its nominee in accordance
with its delivery instructions) and evidence from the Company’s transfer agent of the issuance to the undersigned of the
Shares on and as of the Transaction Closing Date.

 

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3.
Closing Conditions.

 

a.
The obligations of the Company to consummate the transactions contemplated hereunder are subject to the conditions that, at the
Subscription Closing:

 

		i.	all
                                         representations and warranties of the undersigned contained in this Subscription Agreement
                                         shall be true and correct in all material respects (other than representations and warranties
                                         that are qualified as to materiality, which representations and warranties shall be true
                                         and correct in all respects) at and as of the Subscription Closing as though made on
                                         the Subscription Closing (except for those representations and warranties that speak
                                         as of a specific date, which shall be so true and correct in all material respects as
                                         of such specified date), and consummation of the Subscription Closing shall constitute
                                         a reaffirmation by the undersigned of each of the representations, warranties and agreements
                                         of the undersigned contained in this Subscription Agreement as of the Subscription Closing,
                                         but in each case without giving effect to consummation of the Transaction; and

 

		ii.	the
                                         undersigned shall have performed or complied in all material respects with all agreements
                                         and covenants required by this Subscription Agreement.

 

b.
The obligations of the undersigned to consummate the transactions contemplated hereunder are subject to the conditions that, at
the Subscription Closing:

 

		i.	all
                                         representations and warranties of the Company contained in this Subscription Agreement
                                         shall be true and correct in all material respects (other than representations and warranties
                                         that are qualified as to materiality or Material Adverse Effect (as defined herein),
                                         which representations and warranties shall be true and correct in all respects) at and
                                         as of the Subscription Closing as though made on the Subscription Closing (except for
                                         those representations and warranties that speak as of a specific date, which shall be
                                         so true and correct in all material respects as of such specified date), and consummation
                                         of the Subscription Closing shall constitute a reaffirmation by the Company of each of
                                         the representations, warranties and agreements of the Company contained in this Subscription
                                         Agreement as of the Subscription Closing, but in each case without giving effect to consummation
                                         of the Transaction;

 

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		ii.	the
                                         Company shall have performed or complied in all material respects with all agreements
                                         and covenants required by this Subscription Agreement; and

 

		iii.	no
                                         amendment, modification or waiver of the Transaction Agreement (as defined below) shall
                                         have occurred that reasonably would be expected to materially and adversely affect the
                                         economic benefits that the Subscriber reasonably would expect to receive under this Subscription
                                         Agreement.

 

c.
The obligations of each of the Company and the undersigned to consummate the transactions contemplated hereunder are subject to
the conditions that, at the Subscription Closing:

 

		i.	no
                                         governmental authority shall have enacted, issued, promulgated, enforced or entered any
                                         judgment, order, law, rule or regulation (whether temporary, preliminary or permanent)
                                         which is then in effect and has the effect of making consummation of the transactions
                                         contemplated hereby illegal or otherwise restraining or prohibiting consummation of the
                                         transactions contemplated hereby, and no governmental authority shall have instituted
                                         or threatened in writing a proceeding seeking to impose any such restraint or prohibition;

 

		ii.	all
                                         conditions precedent to the closing of the Transaction set forth in the Transaction Agreement,
                                         including the approval of the Company’s stockholders and regulatory approvals,
                                         if any, shall have been satisfied or waived (other than those conditions which, by their
                                         nature, are to be satisfied by a party to the Transaction Agreement at the closing of
                                         the Transaction, but subject to satisfaction or waiver by such party of such conditions
                                         as of the closing of the Transaction); and

 

		iii.	no
                                         suspension of the qualification of the Shares for offering or trading in any jurisdiction,
                                         or initiation or threatening of any proceedings for any of such purposes, shall have
                                         occurred and be continuing.

 

4.
Further Assurances. At the Subscription Closing, the parties hereto shall execute and deliver or cause to be executed and
delivered such additional documents and take such additional actions as the parties reasonably may deem to be practical and necessary
in order to consummate the subscription as contemplated by this Subscription Agreement.

 

5.
Company Representations and Warranties. The Company represents and warrants to the undersigned that:

 

a.
The Company is validly existing and is in good standing under the laws of the State of Delaware, with corporate power and authority
to own, lease and operate its properties and conduct its business as presently conducted and to enter into, deliver and perform
its obligations under this Subscription Agreement.

 

b.
The Shares have been duly authorized by the Company and, when issued and delivered to the undersigned against full payment therefor
in accordance with the terms of this Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable
and will not have been issued in violation of or subject to any preemptive or similar rights created under the Company’s
Amended and Restated Certificate of Incorporation or under the laws of the State of Delaware.

 

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c.
As of the date hereof, the authorized capital stock of the Company consists of (i) 1,000,000 shares of preferred stock, par value
$0.0001 per share (“Preferred Stock”) and (ii) 65,000,000 shares of Common Stock. As of the date hereof and
as of immediately prior to the Subscription Closing and the Transaction Closing: (A) no shares of Preferred Stock are issued and
outstanding and (B) 35,487,000 shares of Common Stock are issued and outstanding, (C) 687,000 private placement warrants (the
“Private Placement Warrants”) are issued and outstanding and 687,000 shares of Common Stock are issuable in
respect of such Private Placement Warrants, and (D) 27,600,000 public warrants (the “Public Warrants”) are
issued and outstanding and 27,600,000 shares of Common Stock are issuable in respect of such Public Warrants. Each Private Placement
Warrant and Public Warrant is exercisable for one share of Common Stock at an exercise price of $11.50 per share. As of the date
hereof, except for TSCN Merger Sub Inc. and MVST SPV Inc. (both of whom were formed for purposes of effecting the Transaction),
the Company has no subsidiaries and does not own, directly or indirectly, interests or investments (whether equity or debt) in
any person, whether incorporated or unincorporated. As of the date hereof, except as set forth above and pursuant to (i) the Other
Subscription Agreements, (ii) the CL Subscription Agreements (as defined below), (iii) the Transaction Agreement or (iv) the Framework
Agreement, dated as of the date of the Transaction Agreement, by and among the Company, Microvast, Microvast Power System (Huzhou)
Co., Ltd. and certain of its investors and an affiliate entity of certain of its investors, there are no outstanding options,
warrants or other rights to subscribe for, purchase or acquire from the Company any shares of Common Stock or other equity interests
in the Company (collectively, “Equity Interests”) or securities convertible into or exchangeable or exercisable
for Equity Interests. There are no securities or instruments issued by or to which the Company is a party containing anti-dilution
or similar provisions that will be triggered by the issuance of (i) the Shares or (ii) the shares of Common Stock to be issued
pursuant to any Other Subscription Agreement, in each case, that have not been or will not be validly waived on or prior to the
Subscription Closing.

 

d.
The Shares are not, and following the Transaction Closing and the Subscription Closing will not be, subject to any Transfer Restriction.
The term “Transfer Restriction” means any condition to or restriction on the ability of the undersigned to
pledge, sell, assign or otherwise transfer the Shares under any organizational document, policy or agreement of, by or with the
Company, but excluding the restrictions on transfer described in paragraph 6(c) of this Subscription Agreement with respect to
the status of the Shares as “restricted securities” pending their registration for resale or transfer under the Securities
Act in accordance with the terms of this Subscription Agreement.

 

e.
This Subscription Agreement and the Transaction Agreement have been duly authorized, executed and delivered by the Company and
are the legally binding obligations of the Company and are enforceable in accordance with their respective terms, except as may
be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws
relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity.

 

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f.
The execution, delivery and performance of the Subscription Agreement, the issuance and sale of the Shares and the compliance
by the Company with all of the provisions of this Subscription Agreement and the consummation of the transactions herein will
not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result
in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company or any of its
subsidiaries pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan or credit agreement, guarantee, note, bond,
permit, lease, license or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which
the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company is subject, which would
reasonably be expected to have a material adverse effect on the business, properties, financial condition, stockholders’
equity or results of operations of the Company (a “Material Adverse Effect”) or materially affect the validity
of the Shares or the legal authority or ability of the Company to comply in all material respects with the terms of this Subscription
Agreement; (ii) result in any violation of the provisions of the organizational documents of the Company; or (iii) result in any
violation of any statute or any judgment, order, rule or regulation of any court or governmental agency, taxing authority or regulatory
body, domestic or foreign, having jurisdiction over the Company or any of its properties that would reasonably be expected to
have a Material Adverse Effect or materially affect the validity of the Shares or the legal authority of the Company to comply
with this Subscription Agreement.

 

g.
The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or
registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization (including
NASDAQ) or other person in connection with the execution, delivery and performance of this Subscription Agreement (including,
without limitation, the issuance of the Shares), other than (i) filings with the Securities and Exchange Commission (the “Commission”),
(ii) filings required by applicable state securities laws, (iii) filings required by NASDAQ, including with respect to obtaining
shareholder approval, (iv) filings required to consummate the Transaction as provided under the definitive documents relating
to the Transaction, and (v) where the failure of which to obtain would not be reasonably likely to have a Material Adverse Effect
or have a material adverse effect on the Company’s ability to consummate the transactions contemplated hereby, including
the issuance and sale of the Shares.

 

h.
The Company is in compliance with all applicable law, except where such non-compliance would not have a Material Adverse Effect.
The Company has not received any written communication from a governmental entity that alleges that the Company is not in compliance
with or is in default or violation of any applicable law, except where such non-compliance, default or violation would not be
reasonably likely to have, individually or in the aggregate, a Material Adverse Effect.

 

i.
The issued and outstanding shares of Common Stock of the Company are registered pursuant to Section 12(b) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and are listed for trading on NASDAQ under the symbol
“THCB” (it being understood that the trading symbol will be changed in connection with the Transaction Closing). Except
as disclosed in the Company’s filings with the Commission, there is no suit, action, proceeding or investigation pending
or, to the knowledge of the Company, threatened against the Company by NASDAQ or the Commission, respectively, to prohibit or
terminate the listing of the Company’s Common Stock on NASDAQ or to deregister the Common Stock under the Exchange Act.
The Company has taken no action that is designed to terminate the registration of the Common Stock under the Exchange Act.

 

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j.
Assuming the accuracy of the undersigned’s representations and warranties set forth in Section 6 of this Subscription
Agreement, no registration under the Securities Act is required for the offer and sale of the Shares by the Company to the undersigned.

 

k.
A copy of each form, report, statement, schedule, prospectus, proxy, registration statement and other document, if any, filed
by the Company with the Commission since its initial registration of the Common Stock under the Exchange Act (the “SEC
Documents”) is available to the undersigned via the Commission’s EDGAR system, which SEC Documents, as of their
respective filing dates, complied in all material respects with the requirements of the Exchange Act applicable to the SEC Documents
and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents. None of the SEC Documents contained,
when filed or, if amended, as of the date of such amendment with respect to those disclosures that are amended, any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading; provided, that with respect to the information
about the Company’s affiliates contained in the Schedule 14A and related proxy materials (or other SEC document) to be filed
by the Company the representation and warranty in this sentence is made to the Company’s knowledge. The Company has timely
filed each report, statement, schedule, prospectus, and registration statement that the Company was required to file with the
Commission since its initial registration of the Common Stock under the Exchange Act. The financial statements of the Company
included in the SEC Documents comply in all material respects with applicable accounting requirements and the rules and regulations
of the Commission with respect thereto as in effect at the time of filing and fairly present in all material respects the financial
position of the Company as of and for the dates thereof and the results of operations and cash flows for the periods then ended,
subject, in the case of unaudited statements, to normal, year-end audit adjustments. There are no material outstanding or unresolved
comments in comment letters from the staff of the Division of Corporation Finance (the “Staff”) of the Commission
with respect to any of the SEC Documents.

 

l.
Except for such matters as have not had and would not be reasonably likely to have, individually or in the aggregate, a Material
Adverse Effect, there is no (i) action, suit, claim or other proceeding, in each case by or before any governmental authority
pending, or, to the knowledge of the Company, threatened against the Company or (ii) judgment, decree, injunction, ruling or order
of any governmental entity or arbitrator outstanding against the Company.

 

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m.
Other than the Other Subscription Agreements, the Company has not entered into any side letter or similar agreement with any Other
Subscriber or investor in connection with such Other Subscriber’s or other investor’s direct or indirect investment
in the Company or with any other investor, and such Other Subscription Agreements have not been amended in any material respect
following the date of this Subscription Agreement and reflect the same Per Share Purchase Price and terms that are not materially
more favorable to such Other Subscriber thereunder than the terms of this Subscription Agreement. Notwithstanding anything herein,
concurrently with the execution of the Other Subscription Agreements, and in accordance with the Framework Agreement, the Company
has entered into subscription agreements (the “CL Subscription Agreements”) with Affiliates of the Lenders
(as defined in the Convertible Loan Agreement, dated as of November 2, 2018, by and among Microvast, Microvast Power System (Huzhou)
Co., Ltd., the lenders named therein, and the other parties thereto (the “Convertible Loan Agreement”), which
subscriptions will provide for the issuance of shares of Common Stock that would otherwise have been issued to such Lenders in
connection with the Convertible Loan Agreements had such Lenders converted their interest in the Convertible Loan Agreement to
equity of Microvast prior to the Transaction Closing. As of the date hereof, the Company has not agreed and will not agree to
issue any warrant to purchase equity securities of the Company to any person in connection with the Transaction, provided that
the Company has agreed, pursuant to the Transaction Agreement, to issue to option and restricted stock unit holders of Microvast,
in exchange for Microvast options and restricted stock units, options to purchase and restricted stock units in respect of Common
Stock of the Company.

 

n.
The Company acknowledges and agrees that, notwithstanding anything herein to the contrary, the Shares may be pledged by the Subscriber
in connection with a bona fide margin agreement, which shall not be deemed to be a transfer, sale or assignment of the Shares
hereunder, and the Subscriber effecting a pledge of Shares shall not be required to provide the Company with any notice thereof
or otherwise make any delivery to the Company pursuant to this Subscription Agreement; provided that such pledge shall be (i)
pursuant to an available exemption from the registration requirements of the Securities Act or (ii) pursuant to, and in accordance
with, a registration statement that is effective under the Securities Act at the time of such pledge.

 

o.
Neither the Company, nor any person acting on its behalf has, directly or indirectly, made any offers or sales of any Company
security or solicited any offers to buy any Company security under circumstances that would adversely affect reliance by the Company
on Section 4(a)(2) of the Securities Act for the exemption from registration of the offer and sale of the Shares or would require
registration of the issuance of the Shares under the Securities Act.

 

p.
The Company is not, and immediately after receipt of payment for the Shares will not be, an “investment company” within
the meaning of the Investment Company Act of 1940, as amended.

 

6.
Subscriber Representations and Warranties. The undersigned represents and warrants to the Company that:

 

a.
The undersigned is (i) a “qualified institutional buyer” (as defined under the Securities Act) or (ii) an institutional
“accredited investor” (within the meaning of Rule 501(a) under the Securities Act), in each case, satisfying the requirements
set forth on Schedule A, and is acquiring the Shares only for his, her or its own account and not for the account of others,
and not on behalf of any other account or person or with a view to, or for offer or sale in connection with, any distribution
thereof in violation of the Securities Act (and shall provide the requested information on Schedule A following the signature
page hereto). Accordingly, the undersigned understands that the offering of the Shares meets the exemptions from filing under
FINRA Rule 5123(b)(1)(C) or (J).

 

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b.
The undersigned (i) is an institutional account as defined in FINRA Rule 4512(c), (ii) is a sophisticated investor, experienced
in investing in private equity transactions and capable of evaluating investment risks independently, both in general and with
regard to all transactions and investment strategies involving a security or securities and (iii) has exercised independent judgment
in evaluating its participation in the purchase of the Shares. Accordingly, the undersigned understands that the offering of the
Shares meets (x) the exemptions from filing under FINRA Rule 5123(b)(1)(A) and (y) the institutional customer exemption under
FINRA Rule 2111(b).

 

c.
The undersigned understands that the Shares are being offered in a transaction not involving any public offering within the meaning
of the Securities Act and that the Shares have not been registered under the Securities Act. The undersigned understands that
the Shares may not be resold, transferred, pledged or otherwise disposed of by the undersigned absent an effective registration
statement under the Securities Act except (i) to the Company or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers
and sales that occur outside the United States within the meaning of Regulation S under the Securities Act or (iii) pursuant to
another applicable exemption from the registration requirements of the Securities Act (including, without limitation, a private
resale or transfer pursuant to the so-called “Section 4(a)(11⁄2)” exemption), and in each of cases (i) and (iii)
in accordance with any applicable securities laws of the states and other jurisdictions of the United States, and that any certificates
or book-entry positions representing the Shares shall contain a legend to such effect. The undersigned acknowledges that the Shares
will not be immediately eligible for resale or transfer pursuant to Rule 144 promulgated under the Securities Act, that Rule 144
will not be available until 12 months following the closing and, as a result, the undersigned may not be able to readily resell
or transfer the Shares and may be required to bear the financial risk of an investment in the Shares for an indefinite period
of time. The undersigned understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge
or transfer of any of the Shares.

 

d.
The undersigned understands and agrees that the undersigned is purchasing Shares directly from the Company. The undersigned further
acknowledges that there have been no representations, warranties, covenants and agreements made to the undersigned by the Company,
its officers or directors, or any other party to the Transaction or person or entity, expressly or by implication, other than
those representations, warranties, covenants and agreements included in this Subscription Agreement.

 

e.
Either (i) the undersigned is not a Benefit Plan Investor as contemplated by the Employee Retirement Income Security Act of 1974,
as amended (“ERISA”), or (ii) the undersigned’s acquisition and holding of the Shares will not constitute
or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Internal Revenue Code of 1986,
as amended, or any applicable similar law.

 

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f.
The undersigned acknowledges and agrees that the undersigned has received and has had an adequate opportunity to review, such
financial and other information as the undersigned deems necessary in order to make an investment decision with respect to the
Shares and made its own assessment and is satisfied concerning the relevant tax and other economic considerations relevant to
the undersigned’s investment in the Shares. Without limiting the generality of the foregoing, the undersigned acknowledges
that it has reviewed the risk factors provided to the undersigned by the Company. The undersigned represents and agrees that the
undersigned and the undersigned’s professional advisor(s), if any, have had the full opportunity to ask such questions,
receive such answers and obtain such information as the undersigned and such undersigned’s professional advisor(s), if any,
have deemed necessary to make an investment decision with respect to the Shares. The undersigned further acknowledges that the
information provided to the undersigned is preliminary and subject to change and the Company is under no obligation to inform
the undersigned regarding any such changes, except to the extent such changes would reasonably be expected to cause the failure
of the Company to satisfy a condition to the Subscriber’s obligations at the Subscription Closing.

 

g.
The undersigned became aware of this offering of the Shares solely by means of direct contact between the undersigned and the
Company or a representative of the Company, and the Shares were offered to the undersigned solely by direct contact between the
undersigned and the Company or a representative of the Company. The undersigned did not become aware of this offering of the Shares,
nor were the Shares offered to the undersigned, by any other means. The undersigned acknowledges that the Company represents and
warrants that the Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are not being
offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state
securities laws.

 

h.
The undersigned acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares.
The undersigned is able to fend for himself, herself or itself in the transactions completed herein, has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Shares and has the
ability to bear the economic risks of such investment in the Shares and can afford a complete loss of such investment. The undersigned
has sought such accounting, legal and tax advice as the undersigned has considered necessary to make an informed investment decision.

 

i.
Alone, or together with any professional advisor(s), the undersigned has adequately analyzed and fully considered the risks of
an investment in the Shares and determined that the Shares are a suitable investment for the undersigned and that the undersigned
is able at this time and in the foreseeable future to bear the economic risk of a total loss of the undersigned’s investment
in the Company. The undersigned acknowledges specifically that a possibility of total loss exists.

 

j.
In making its decision to purchase the Shares, the undersigned has relied solely upon independent investigation made by the undersigned
and the representations, warranties and covenants contained herein. Without limiting the generality of the foregoing, the undersigned
has not relied on any statements or other information provided by the Placement Agent (as defined below) concerning the Company
or the Shares or the offer and sale of the Shares.

 

k.
The undersigned understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering
of the Shares or made any findings or determination as to the fairness of this investment.

 

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l.
The undersigned is validly existing in good standing under the laws of its jurisdiction of incorporation or formation.

 

m.
The execution, delivery and performance by the undersigned of this Subscription Agreement are within the powers of the undersigned,
have been duly authorized and will not constitute or result in a breach or default under or conflict with any order, ruling or
regulation of any court or other tribunal or of any governmental commission or agency, or any agreement or other undertaking,
to which the undersigned is a party or by which the undersigned is bound, and, if the undersigned is not an individual, will not
violate any provisions of the undersigned’s charter documents, including, without limitation, its incorporation or formation
papers, bylaws, indenture of trust or partnership or operating agreement, as may be applicable. The signature on this Subscription
Agreement is genuine, and the signatory, if the undersigned is an individual, has legal competence and capacity to execute the
same or, if the undersigned is not an individual, the signatory has been duly authorized to execute the same, and this Subscription
Agreement constitutes a legal, valid and binding obligation of the undersigned, enforceable against the undersigned in accordance
with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered
at law or equity.

 

n.
Neither the due diligence investigation conducted by the undersigned in connection with making its decision to acquire the Shares
nor any representations and warranties made by the undersigned herein shall modify, amend or affect the undersigned’s right
to rely on the truth, accuracy and completeness of the Company’s representations and warranties contained herein.

 

o.
The undersigned is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered
by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive Order
issued by the President of the United States and administered by OFAC (“OFAC List”), or a person or entity
prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R.
Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank. The undersigned agrees
to provide law enforcement agencies, if requested thereby, such records as required by applicable law, provided that the undersigned
is permitted to do so under applicable law. If the undersigned is a financial institution subject to the Bank Secrecy Act (31
U.S.C. Section 5311 et seq.), as amended by the USA PATRIOT Act of 2001, and its implementing regulations (collectively, the “BSA/PATRIOT
Act”), the undersigned maintains policies and procedures reasonably designed to comply with applicable obligations under
the BSA/PATRIOT Act.  To the extent required, it maintains policies and procedures reasonably designed for the screening
of its investors against the OFAC sanctions programs, including the OFAC List. To the extent required, it maintains policies and
procedures reasonably designed to ensure that the funds held by the undersigned and used to purchase the Shares were legally derived.

 

p.
No disclosure or offering document has been prepared by Morgan Stanley & Co. LLC (the “Placement Agent”)
or any of their respective affiliates in connection with the offer and sale of the Shares.

 

    11

     

    

 

q.
The Placement Agent and its directors, officers, employees, representatives and controlling persons have made no independent investigation
with respect to the Company or the Shares or the accuracy, completeness or adequacy of any information supplied to the undersigned
by the Company.

 

r.
In connection with the issue and purchase of the Shares, the Placement Agent has not acted as the undersigned’s financial
advisor or fiduciary.

 

s.
If the undersigned is a resident of Canada, the undersigned hereby declares, represents, warrants and agrees as set forth in the
attached Schedule B.

 

7.
Registration Rights.

 

a.
The Company agrees that, within 30 calendar days after the consummation of the Transaction (the “Filing Deadline”),
the Company will file with the Commission (at the Company’s sole cost and expense) a registration statement (the “Registration
Statement”) registering the resale or transfer of the Shares, and the Company shall use its commercially reasonable
efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof, but no later than
the earlier of (i) the 90th calendar day following the Filing Deadline if the Commission notifies the Company that
it will “review” the Registration Statement, and (ii) the 5th business day after the date the Company is
notified (orally or in writing, whichever is earlier) by the Commission that the Registration Statement will not be “reviewed”
or will not be subject to further review) (such earlier date, the “Effectiveness Date”); provided, however,
that the Company’s obligations to include the Shares in the Registration Statement are contingent upon the undersigned furnishing
in writing to the Company such information regarding the undersigned, the securities of the Company held by the undersigned and
the intended method of disposition of the Shares as shall be reasonably requested by the Company to effect the registration of
the Shares, and shall execute such documents in connection with such registration as the Company may reasonably request that are
customary of a selling stockholder in similar situations. Notwithstanding the foregoing, if the Commission prevents the Company
from including in the Registration Statement any or all of the Shares due to limitations on the use of Rule 415 of the Securities
Act for the resale or transfer of the Shares by the applicable stockholders or otherwise, the Registration Statement shall register
for resale or transfer such number of Shares which is equal to the maximum number of Shares as is permitted by the Commission.
In such event, the number of Shares to be registered for each selling stockholder named in the Registration Statement shall be
reduced pro rata among all such selling stockholders. If the Commission requests that the undersigned be identified as a statutory
underwriter in the Registration Statement, the undersigned will have an opportunity to withdraw from the Registration Statement.
The Company will use its commercially reasonable efforts to maintain the continuous effectiveness of the Registration Statement
until the earliest of (i) the date on which the Shares may be resold without volume or manner of sale limitations pursuant to
Rule 144 promulgated under the Securities Act, (ii) the date on which such Shares have actually been sold and (iii) the date which
is two years after the Subscription Closing. For purposes of clarification, any failure by the Company to file the Registration
Statement by the Filing Deadline or to effect such Registration Statement by the Effectiveness Date shall not otherwise relieve
the Company of its obligations to file or effect the Registration Statement set forth in this Section 7.

 

    12

     

    

 

b.
Notwithstanding anything to the contrary in this Subscription Agreement, the Company shall be entitled to delay or postpone the
effectiveness of the Registration Statement, and from time to time to require the Subscriber not to sell under the Registration
Statement or to suspend the effectiveness thereof, if the negotiation or consummation of a transaction by the Company or its subsidiaries
is pending or an event has occurred, which negotiation, consummation or event, the Company’s board of directors reasonably
believes, upon the advice of legal counsel, would require additional disclosure by the Company in the Registration Statement of
material information that the Company has a bona fide business purpose for keeping confidential and the non-disclosure of which
in the Registration Statement would be expected, in the reasonable determination of the Company’s board of directors, upon
the advice of legal counsel, to cause the Registration Statement to fail to comply with applicable disclosure requirements (each
such circumstance, a “Suspension Event”); provided, however, that the Company may not delay or suspend the
Registration Statement on more than 2 occasions or for more than 60 consecutive calendar days, or more than 90 total calendar
days, in each case during any twelve-month period. Upon receipt of any written notice from the Company of the happening of any
Suspension Event (which notice shall not contain material non-public information) during the period that the Registration Statement
is effective or if as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue statement
of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made (in the case of the prospectus) not misleading, the Subscriber agrees
that (i) it will immediately discontinue offers and sales of the Shares under the Registration Statement (excluding, for the avoidance
of doubt, sales conducted pursuant to Rule 144) until the Subscriber receives copies of a supplemental or amended prospectus (which
the Company agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice
that any post-effective amendment has become effective or unless otherwise notified by the Company that it may resume such offers
and sales, and (ii) it will maintain the confidentiality of any information included in such written notice delivered by the Company
unless otherwise required by law or subpoena. If so directed by the Company, the Subscriber will deliver to the Company or, in
the Subscriber’s sole discretion destroy, all copies of the prospectus covering the Shares in the Subscriber’s possession;
provided, however, that this obligation to deliver or destroy all copies of the prospectus covering the Shares shall not apply
(i) to the extent the Subscriber is required to retain a copy of such prospectus (a) in order to comply with applicable legal,
regulatory, self-regulatory or professional requirements or (b) in accordance with a bona fide pre-existing document retention
policy or (ii) to copies stored electronically on archival servers as a result of automatic data back-up.

 

c.
In the case of the registration, qualification, exemption or compliance effected by the Company pursuant to this Subscription
Agreement, the Company shall, upon reasonable request, inform the Subscriber as to the status of such registration, qualification,
exemption and compliance. At its expense the Company shall:

 

		(i)	Advise
                                         the Subscriber within 2 business days:

 

		A.	when
                                         a Registration Statement or any amendment thereto has been filed with the Commission
                                         and when such Registration Statement or any post-effective amendment thereto has become
                                         effective;

 

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		B.	of
                                         any request by the Commission for amendments or supplements to any Registration Statement
                                         or the prospectus included therein or for additional information;

 

		C.	of
                                         the issuance by the Commission of any stop order suspending the effectiveness of any
                                         Registration Statement or the initiation of any proceedings for such purpose;

 

		D.	of
                                         the receipt by the Company of any notification with respect to the suspension of the
                                         qualification of the Shares included therein for sale in any jurisdiction or the initiation
                                         or threatening of any proceeding for such purpose; and

 

		E.	subject
                                         to the provisions in this Subscription Agreement, of the occurrence of any event that
                                         requires the making of any changes in any Registration Statement or prospectus so that,
                                         as of such date, the statements therein are not misleading and do not omit to state a
                                         material fact required to be stated therein or necessary to make the statements therein
                                         (in the case of a prospectus, in the light of the circumstances under which they were
                                         made) not misleading.

 

Notwithstanding
anything to the contrary set forth herein, the Company shall not, when so advising the Subscriber of such events, provide the
Subscriber with any material, nonpublic information regarding the Company other than to the extent that providing notice to the
Subscriber of the occurrence of the events listed in (A) through (E) above constitutes material, nonpublic information regarding
the Company;

 

		(ii)	use
                                         commercially reasonable efforts to obtain the withdrawal of any order suspending the
                                         effectiveness of any Registration Statement as soon as reasonably practicable;

 

		(iii)	upon
                                         the occurrence of any Suspension Event, except for such times as the Company is permitted
                                         hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration
                                         Statement, the Company shall use its commercially reasonable efforts to as soon as reasonably
                                         practicable prepare a post-effective amendment to such Registration Statement or a supplement
                                         to the related prospectus, or file any other required document so that, as thereafter
                                         delivered to purchasers of the Shares included therein, such prospectus will not include
                                         any untrue statement of a material fact or omit to state any material fact necessary
                                         to make the statements therein, in the light of the circumstances under which they were
                                         made, not misleading;

 

    14

     

    

 

 

		(iv)	use
                                         its commercially reasonable efforts to cause all Shares to be listed on each securities
                                         exchange or market, if any, on which the Shares issued by the Company have been listed;
                                         and

 

		(v)	use
                                         its commercially reasonable efforts to take all other steps necessary to effect the registration
                                         of the Shares contemplated hereby and to enable Subscriber to sell the Shares under Rule
                                         144.

 

d.
The Subscriber may deliver written notice (an “Opt-Out Notice”) to the Company requesting that the Subscriber
not receive notices from the Company otherwise required by this Section 7; provided, however, that the Subscriber
may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from the Subscriber (unless subsequently
revoked), (i) the Company shall not deliver any such notices to the Subscriber and the Subscriber shall no longer be entitled
to the rights associated with any such notice and (ii) each time prior to the Subscriber’s intended use of an effective
Registration Statement, the Subscriber will notify the Company in writing at least two business days in advance of such intended
use, and if a notice of a Suspension Event was previously delivered (or would have been delivered but for the provisions of this
Section 7(d)) and the related suspension period remains in effect, the Company will so notify the Subscriber, within one business
day of the Subscriber’s notification to the Company, by delivering to the Subscriber a copy of such previous notice of Suspension
Event, and thereafter will provide the Subscriber with the related notice of the conclusion of such Suspension Event immediately
upon its availability.

 

e.
The Company shall, at its sole expense, upon appropriate notice from the Subscriber stating that Shares have been sold or transferred
pursuant to an effective Registration Statement, timely prepare and deliver certificates or evidence of book-entry positions representing
the Shares to be delivered to a transferee pursuant to such Registration Statement, which certificates or book-entry positions
shall be free of any restrictive legends and in such denominations and registered in such names as the Subscriber may request.
Further, the Company shall use its commercially reasonable efforts, at its sole expense, to cause its legal counsel to (a) issue
to the transfer agent and maintain a “blanket” legal opinion instructing the transfer agent that, in connection with
a sale or transfer of “restricted securities” (i.e., securities issued pursuant to an exemption from the registration
requirements of Section 5 of the Securities Act), the resale or transfer of which restricted securities has been registered pursuant
to an effective Registration Statement by the holder thereof named in such Registration Statement, upon receipt of an appropriate
broker representation letter and other such documentation as the Company’s counsel deems necessary and appropriate and after
confirming compliance with relevant prospectus delivery requirements, is authorized to remove any applicable restrictive legend
in connection with such sale or transfer and (b) if the Shares are not registered pursuant to an effective Registration Statement,
issue to the transfer agent a legal opinion to facilitate the sale or transfer of the Shares and removal of any restrictive legends
pursuant to any exemption from the registration requirements of Section 5 of the Securities Act that may be available to a requesting
Subscriber; provided, that in the case of a request to remove such restrictive legends in connection with a sale or transfer of
Shares pursuant to clause (a) or (b) above, the Company shall use its commercially reasonable efforts to cause the Company’s
transfer agent to remove any such applicable restrictive legends in connection with such sale or transfer within two business
days of such request.

 

    15

     

    

 

f.
The Company shall, notwithstanding any termination of this Subscription Agreement, indemnify, defend and hold harmless the Subscriber
(if the Subscriber is named as a selling shareholder under the Registration Statement), its officers, directors and agents, and
each person who controls the Subscriber (within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act) to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities,
costs (including, without limitation, reasonable costs of preparation and investigation and reasonable attorneys’ fees)
and expenses (collectively, “Losses”), as incurred, that arise out of or are based upon (i) any untrue
or alleged untrue statement of a material fact contained in the Registration Statement, any prospectus included in the Registration
Statement or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out
of or relating to any omission or alleged omission to state a material fact required to be stated therein or necessary to make
the statements therein (in the case of any prospectus or form of prospectus or supplement thereto, in light of the circumstances
under which they were made) not misleading, or (ii) any violation or alleged violation by the Company of the Securities Act,
Exchange Act or any state securities law or any rule or regulation thereunder, in connection with the performance of its obligations
under this Section 7, except to the extent, but only to the extent, that such untrue statements, alleged untrue statements,
omissions or alleged omissions are based upon information regarding the Subscriber furnished in writing to the Company by the
Subscriber expressly for use therein or the Subscriber has omitted a material fact from such information or otherwise violated
the Securities Act, Exchange Act or any state securities law or any rule or regulation thereunder; provided, however, that the
indemnification contained in this Section 7 shall not apply to amounts paid in settlement of any Losses if such settlement is
effected without the consent of the Company (which consent shall not be unreasonably withheld, conditioned or delayed), nor shall
the Company be liable for any Losses to the extent they arise out of or are based upon a violation which occurs (A) in reliance
upon and in conformity with written information furnished by a Subscriber, (B) in connection with any failure of such person to
deliver or cause to be delivered a prospectus made available by the Company in a timely manner, (C) as a result of offers or sales
effected by or on behalf of any person by means of a freewriting prospectus (as defined in Rule 405) that was not authorized in
writing by the Company, or (D) in connection with any offers, sales or transfers effected by or on behalf of a Subscriber in violation
of Section 7(e) hereof. The Company shall notify the Subscriber promptly of the institution, threat or assertion of any proceeding
arising from or in connection with the transactions contemplated by this Section 7 of which the Company is aware. Such indemnity
shall remain in full force and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive
the transfer of the Shares by the Subscriber.

 

g.
The Subscriber shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers, agents and
employees, and each person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20
of the Exchange Act), to the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising out
of or are based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any prospectus
included in the Registration Statement, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein (in the case of any prospectus, or any form of prospectus or supplement thereto, in
light of the circumstances under which they were made) not misleading to the extent, but only to the extent, that such untrue
statements or omissions are based upon information regarding the Subscriber furnished in writing to the Company by the Subscriber
expressly for use therein; provided, however, that the indemnification contained in this Section 7 shall not apply to amounts
paid in settlement of any Losses if such settlement is effected without the consent of the Subscriber (which consent shall not
be unreasonably withheld, conditioned or delayed). In no event shall the liability of any Subscriber be greater in amount than
the dollar amount of the net proceeds received by the Subscriber upon the sale of the Shares giving rise to such indemnification
obligation. The Subscriber shall notify the Company promptly of the institution, threat or assertion of any proceeding arising
from or in connection with the transactions contemplated by this Section 7 of which the Subscriber is aware. Such indemnity
shall remain in full force and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive
the transfer of the Shares by the Subscriber.

 

    16

     

    

 

8.
Termination. This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights
and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof,
upon the earliest to occur of (a) following the execution of a definitive agreement among the Company and Microvast with respect
to the Transaction (a “Transaction Agreement”), such date and time as such Transaction Agreement is terminated
in accordance with its terms without the Transaction being consummated, (b) upon the mutual written agreement of each of
the parties hereto to terminate this Subscription Agreement, (c) if any of the conditions to the Subscription Closing set
forth in Section 3 of this Subscription Agreement are not satisfied or waived on or prior to the Subscription Closing and,
as a result thereof, the transactions contemplated by this Subscription Agreement are not consummated at the Subscription Closing,
or (d) at the election of the Subscriber, if the consummation of the Transaction shall not have occurred by the Termination Date
(as defined in the Transaction Agreement); provided that nothing herein will relieve any party from liability for any willful
breach hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover
losses, liabilities or damages arising from such breach. The Company shall promptly notify the undersigned of the termination
of the Transaction Agreement after the termination of such agreement. For the avoidance of doubt, if any termination hereof occurs
after the delivery by the Subscriber of the Purchase Price for the Shares, the Company shall promptly (but not later than one
business day thereafter) return the Purchase Price to the Subscriber without any deduction for or on account of any tax, withholding,
charges, or set-off.

 

9.
Trust Account Waiver. The undersigned acknowledges that the Company is a blank check company with the powers and privileges
to effect a merger, asset acquisition, reorganization or similar business combination involving the Company and one or more businesses
or assets. The undersigned further acknowledges that, as described in the Company’s prospectus relating to its initial public
offering dated March 5, 2019 available at www.sec.gov, substantially all of the Company’s assets consist of the cash proceeds
of the Company’s initial public offering and private placements of its securities, and substantially all of those proceeds
have been deposited in a trust account (the “Trust Account”) for the benefit of the Company, its public stockholders
and the underwriters of the Company’s initial public offering. For and in consideration of the Company entering into this
Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby irrevocably waives
any and all right, title and interest, or any claim of any kind it has or may have in the future, in or to any monies held in
the Trust Account, and agrees not to seek recourse against the Trust Account, in each case, as a result of, or arising out of,
this Subscription Agreement; provided that nothing in this Section 9 shall be deemed to limit the undersigned’s right,
title, interest or claim to the Trust Account by virtue of the undersigned’s record or beneficial ownership of Common Stock
of the Company acquired by any means other than pursuant to this Subscription Agreement.

 

    17

     

    

 

10.
No Short Sales. The undersigned hereby agrees that, from the date of this Agreement until the Subscription Closing, none
of the undersigned, its controlled affiliates, or any person or entity acting on behalf of the undersigned or any of its controlled
affiliates or pursuant to any understanding with the undersigned or any of its controlled affiliates will engage in any Short
Sales with respect to securities of the Company. For purposes of this Section 10, “Short Sales” shall include,
without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act,
and all types of direct and indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage
arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis),
and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers.

 

11.
Miscellaneous.

 

a.
The Company shall, no later than 9:00 a.m., New York City time, on the first business day immediately following the date of this
Subscription Agreement, issue one or more press releases or file with the Commission a Current Report on Form 8-K (collectively,
the “Disclosure Document”) disclosing all material terms of the transactions contemplated hereby, the Transaction
and any other material, nonpublic information that the Company or any of its officers, directors, employees or agents (including
the Placement Agent) has provided to the undersigned at any time prior to the filing of the Disclosure Document. From and after
the issuance of the Disclosure Document, the undersigned shall not be in possession of any material, non-public information received
from the Company or any of its officers, directors, employees or agents (including the Placement Agent) and the Subscriber shall
no longer be subject to any confidentiality or similar obligations under any current agreement, whether written or oral with the
Company, the Placement Agent, or any of their respective affiliates. Except with the express written consent of the Subscriber
and unless prior thereto the Subscriber shall have executed a written agreement regarding the confidentiality and use of such
information, the Company shall not, and shall cause its officers, directors, employees and agents, not to, provide Subscriber
with any material, non-public information regarding the Company or the Transaction from and after the filing of the Disclosure
Document, other than to the extent that providing notice to the Subscriber of the occurrence of the events listed in (A) through
(E) of Section 7(c)(i) constitutes material, nonpublic information regarding the Company. Notwithstanding anything in this Subscription
Agreement to the contrary, each party hereto acknowledges and agrees that without the prior written consent of the other party
hereto it will not (and in the case of the Company it will cause its representatives, including the Placement Agent not to) publicly
make reference to such other party or any of its affiliates (i) in connection with the Transaction or this Subscription Agreement
(provided that the undersigned may disclose its entry into this Subscription Agreement and the Purchase Price) or (ii) in any
promotional materials, media, or similar circumstances, except, in each case, as required by law or regulation or at the request
of the Staff or regulatory agency or under the regulations of NASDAQ, including, in the case of the Company (a) as required by
the federal securities law in connection with the Registration Statement, (b) the filing of this Subscription Agreement (or a
form of this Subscription Agreement) with the Commission and (c) the filing of the Registration Statement on Form S-4 and Schedule
14A and related materials to be filed by the Company with respect to the Transaction, in which case the Company shall provide
the Subscriber with prior written notice of such disclosure permitted under this subclause (ii).

 

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b.
Neither this Subscription Agreement nor any rights that may accrue to the undersigned hereunder (other than the Shares acquired
hereunder, if any) may be transferred or assigned.

 

c.
The Company may request from the undersigned such additional information as the Company may deem necessary to evaluate the eligibility
of the undersigned to acquire the Shares, and the undersigned promptly shall provide such information as may reasonably be requested,
to the extent readily available and to the extent consistent with its internal policies and procedures, provided that the
Company agrees to keep confidential any such information to the extent such information is not in the public domain, was not provided
lawfully to the Company by another source not under a duty of confidentiality and except to the extent disclosure of such information
by the Company is compelled by law, court order or a self-regulatory organization such as NASDAQ or FINRA or required to be included
in the Registration Statement, in which case, the Company shall provide the Subscriber with prior written notice of any disclosure
of such information if reasonably practicable and legally permitted.

 

d.
The undersigned acknowledges that the Company and the Placement Agent (only pursuant to the final sentence of this paragraph)
and, only following the Subscription Closing and the Transaction Closing, Microvast may rely on the acknowledgments, understandings,
agreements, representations and warranties of the undersigned contained in this Subscription Agreement. The Company acknowledges
that the Subscriber will rely on the acknowledgements, understandings, agreements, representations and warranties of the Company
contained in this Subscription Agreement. Prior to the Subscription Closing, the undersigned agrees to notify the Company promptly
if any of the acknowledgments, understandings, agreements, representations and warranties set forth herein are no longer accurate
in any material respect (other than those acknowledgments, understandings, agreements, representations and warranties qualified
by materiality, in which case the undersigned shall notify the Company if they are no longer accurate in all respects). The undersigned
agrees that the purchase by the undersigned of Shares from the Company pursuant this Subscription Agreement will constitute a
reaffirmation of the acknowledgments, understandings, agreements, representations and warranties herein (as modified by any such
notice) by the undersigned as of the Subscription Closing. The undersigned further acknowledges and agrees that the Placement
Agent is a third-party beneficiary of the representations and warranties of the undersigned contained in Sections 6(a), 6(b),
6(c), 6(f), 6(h), 6(j), 6(p), 6(q) and 6(r) of this Subscription Agreement.

 

e.
The Company and the Subscriber are entitled to rely upon this Subscription Agreement and the Company is irrevocably authorized
to produce this Subscription Agreement or a copy hereof when required by law, regulatory authority or NASDAQ to do so in any administrative
or legal proceeding or official inquiry with respect to the matters covered hereby.

 

f.
Except if required by law or NASDAQ, without the prior written consent of the undersigned, the Company shall not, and shall cause
its representatives, including the Placement Agent and their respective representatives, not to, disclose the existence of this
Subscription Agreement or any negotiations related hereto, or to use the name of the undersigned or any information provided by
the undersigned in connection herewith in or for the purpose of any marketing activities or materials or for any similar or related
purpose.

 

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g.
All the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the
Subscription Closing.

 

h.
This Subscription Agreement may not be modified, waived or terminated except by an instrument in writing, signed by the party
against whom enforcement of such modification, waiver, or termination is sought; provided that any rights (but not obligations)
of a party under this Subscription Agreement may be waived, in whole or in part, by such party on its own behalf without the prior
consent of any other party.

 

i.
This Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations
and warranties, both written and oral, among the parties, with respect to the subject matter hereof. Except as otherwise expressly
set forth in subsection (d) of this Section 11, this Subscription Agreement shall not confer any rights or remedies upon any person
other than the parties hereto, and their respective successor and assigns.

 

j.
Except as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties
hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements,
representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon,
such heirs, executors, administrators, successors, legal representatives and permitted assigns.

 

k.
If any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability
of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue
in full force and effect.

 

l.
This Subscription Agreement may be executed in one or more counterparts (including by facsimile or electronic mail or in .pdf)
and by different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document.
All counterparts so executed and delivered shall be construed together and shall constitute one and the same agreement.

 

m.
The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Subscription Agreement
were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties
shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement and to enforce specifically
the terms and provisions of this Subscription Agreement, this being in addition to any other remedy to which such party is entitled
at law, in equity, in contract, in tort or otherwise.

 

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n.
Notices. Any notice, request, claim, demand, waiver, consent, approval or other communication which is required or permitted
hereunder shall be in writing and shall be deemed given (a) when delivered by hand (with written confirmation of receipt), (b)
when received by the addressee if sent by a nationally recognized overnight courier postage prepaid (receipt requested), (c) on
the date sent by email (with no “bounceback” or notice of non-delivery, and provided that, unless affirmatively confirmed
by the recipient as received, notice is also sent to such party under another method permitted in this Section 11(n) within two
business days thereafter) if sent during normal business hours of the recipient, and on the next business day if sent after normal
business hours of the recipient or (d) on the third business day after the date mailed, by certified or registered mail, return
receipt requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses (or
at such other address for a party as shall be specified in a notice given in accordance with this Section 11(n)):

 

		i.	if
                                         to the undersigned, to such address or addresses set forth on the undersigned’s
                                         signature page hereto;

 

		ii.	if
                                         to the Company prior to the Transaction Closing, to:

 

Tuscan
Holdings Corp.

135
E. 57th Street, 18th Floor

New
York NY 10022

Attention:
Stephen A. Vogel

Telephone:
(646) 948-7100

 

With
a required copy to (which shall not constitute notice):

 

Greenberg
Traurig, LLP

MetLife
Building

200
Park Avenue

New
York, New York 10166

Attention:
Alan Annex

Kevin
Friedmann

Email:
AnnexA@gtlaw.com

FriedmannK@gtlaw.com

 

		iii.	If
                                         to Microvast prior to the Transaction Closing, to:

 

Microvast,
Inc.

12603 Southwest Freeway, Suite 210

Stafford, Texas 77477

Attention: Yang Wu

Email: wuyang@microvast.com

 

With
a required copy to (which shall not constitute notice):

 

Shearman
& Sterling LLP

2828 N. Harwood Street, Suite 1800

Dallas, Texas 75201

Attention: Paul Strecker

Alain
Dermarkar

Email:
Paul.Strecker@Shearman.com

Alain.Dermarkar@Shearman.com

    21

     

    

 

		iv.	If
                                         to the Company after the Transaction Closing, to:

 

Microvast
Holdings, Inc.

12603 Southwest Freeway, Suite 210

Stafford, Texas 77477

Attention: Yang Wu

Email: wuyang@microvast.com

 

With
a required copy to (which shall not constitute notice):

 

Shearman
& Sterling LLP

2828 N. Harwood Street, Suite 1800

Dallas, Texas 75201

Attention: Paul Strecker

Alain
Dermarkar

Email:
Paul.Strecker@Shearman.com

Alain.Dermarkar@Shearman.com

 

o.
THIS SUBSCRIPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD OTHERWISE REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER STATE.

 

THE
PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT
OF NEW YORK, THE SUPREME COURT OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE
STATE OF NEW YORK SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS SUBSCRIPTION AGREEMENT AND
THE DOCUMENTS REFERRED TO IN THIS SUBSCRIPTION AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE,
AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT
THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR
THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS SUBSCRIPTION AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY
SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE
HEARD AND DETERMINED BY SUCH A NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION
OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS
IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN SECTION 11(n) OR IN SUCH OTHER MANNER AS MAY BE PERMITTED
BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

 

EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES
AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND
HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH
PARTY HAS BEEN INDUCED TO ENTER INTO THIS SUBSCRIPTION AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS
IN THIS SECTION 11(o).

 

[SIGNATURE
PAGES FOLLOW]

 

    22

     

    

 

IN
WITNESS WHEREOF, the undersigned has executed or caused this Subscription Agreement to be executed by its duly authorized
representative as of the date set forth below.

 

	Name of Investor:	 	State/Country of Formation
    or Domicile:
	 	 	 
	By: 	                                  	 	 
	Name: 	 	 	 
	Title: 	 	 	 
	 	 	 
	Name in
    which shares are to be registered (if different):	 	Date: _______________,
    2021
	 	 	 
	Investor’s
    EIN:	 	 
	 	 	 
	Business
    Address-Street:	 	Mailing Address-Street
    (if different):
	 	 	 
	City, State,
    Zip:	 	City, State, Zip:
	 	 	 
	Attn: __________________	 	Attn: __________________
	 	 	 
	Telephone
    No.:	 	Telephone No.:
	Email Address:	 	Email Address:
	 	 	 
	Number
    of Shares subscribed for:	 	 
	 	 	 
	Aggregate
    Subscription Amount: $	 	Price Per Share: $10.00

 

The
above Subscriber agrees that it shall pay the Purchase Price by wire transfer of United States dollars in immediately available
funds to the account specified by the Company in the Closing Notice.

 

[Signature
Page to Subscription Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, Tuscan Holdings Corp. has accepted this Subscription Agreement as of the date set forth below.

 

	 	TUSCAN
    HOLDINGS CORP.
	 	 
	 	By:	                            
	 	 
	 	Name:	 
	 	 
	 	Title:	 
	 	 
	Date:  ____________,
    2021	 

 

[Signature
Page to Subscription Agreement]

 

     

     

    

 

SCHEDULE
A

ELIGIBILITY REPRESENTATIONS OF THE INVESTOR

 

A.
QUALIFIED INSTITUTIONAL BUYER STATUS

(Please
check the applicable subparagraphs):

 

		1.	☐We
                                         are a “qualified institutional buyer” (as defined in Rule 144A under the
                                         Securities Act).

 

B.
INSTITUTIONAL ACCREDITED INVESTOR STATUS

(Please
check the applicable subparagraphs):

 

		1.	☐We
                                         are an “accredited investor” (within the meaning of Rule 501(a) under the
                                         Securities Act) for one or more of the following reasons (Please check the applicable
                                         subparagraphs):

 

		☐	We
                                         are a bank, as defined in Section 3(a)(2) of the Securities Act or any savings and loan
                                         association or other institution as defined in Section 3(a)(5)(A) of the Securities Act,
                                         whether acting in an individual or a fiduciary capacity.

 

		☐	We
                                         are a broker or dealer registered under Section 15 of the Securities Exchange Act of
                                         1934, as amended.

 

		☐	We
                                         are an insurance company, as defined in Section 2(13) of the Securities Act.

 

		☐	We
                                         are an investment company registered under the Investment Company Act of 1940 or a business
                                         development company, as defined in Section 2(a)(48) of that act.

 

		☐	We
                                         are a Small Business Investment Company licensed by the U.S. Small Business Administration
                                         under Section 301(c) or (d) of the Small Business Investment Act of 1958.

 

		☐	We
                                         are a plan established and maintained by a state, its political subdivisions or any agency
                                         or instrumentality of a state or its political subdivisions for the benefit of its employees,
                                         if the plan has total assets in excess of $5 million.

 

		☐	We
                                         are an employee benefit plan within the meaning of Title I of the Employee Retirement
                                         Income Security Act of 1974, if the investment decision is being made by a plan fiduciary,
                                         as defined in Section 3(21) of such act, and the plan fiduciary is either a bank, an
                                         insurance company, or a registered investment adviser, or if the employee benefit plan
                                         has total assets in excess of $5 million.

 

		☐	We
                                         are a private business development company, as defined in Section 202(a)(22) of the Investment
                                         Advisers Act of 1940.

 

		☐	We
                                         are a corporation, Massachusetts or similar business trust, partnership, limited liability
                                         company or an organization described in Section 501(c)(3) of the Internal Revenue Code
                                         of 1986, as amended, that was not formed for the specific purpose of acquiring the Securities,
                                         and that has total assets in excess of $5 million.

 

    Schedule A-1

    

    

 

		☐	We
                                         are a trust with total assets in excess of $5 million not formed for the specific purpose
                                         of acquiring the Securities, whose purchase is directed by a sophisticated person as
                                         described in Rule 506(b)(2)(ii) under the Securities Act.

 

		☐	We
                                         are an investment adviser relying on the exemption from registering with the SEC under
                                         Section 203(l) or (m) of the Investment Advisers Act of 1940, as amended;

 

		☐	We
                                         are a Rural Business Investment Company as defined in Section 384A of the Consolidated
                                         Farm and Rural Development Act;

 

		☐	We
                                         are a family office, as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers
                                         Act of 1940, as amended, that (i) has assets under management in excess of $5 million;
                                         (ii) is not formed for the specific purpose of acquiring the Securities and (iii) has
                                         a person directing the prospective investment who has such knowledge and experience in
                                         financial and business matters so that the family office is capable of evaluating the
                                         merits and risks of the prospective investment;

 

		☐	We
                                         are a family client, as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers
                                         Act of 1940, as amended, of a family office meeting the requirements of clause (d) above
                                         and whose prospective investment in the Company is directed by that family office pursuant
                                         to clause (12)(iii) above;

 

		☐	We
                                         are an entity of a type not previously listed that is not formed for the specific purpose
                                         of acquiring the Securities and owns investments in excess of $5 million. For purposes
                                         of this clause, "investments" means investments as defined in Rule 2a51-1(b)
                                         under the Investment Company Act of 1940, as amended;

 

		☐	We
                                         are an entity in which all of the equity owners are accredited investors.

 

 C. AFFILIATE STATUS

 

(Please
check the applicable box)

 

THE
INVESTOR:

 

		☐	is:

 

		☐	is
not:

 

an
“affiliate” (as defined in Rule 144 under the Securities Act) of the Company or acting on behalf of an affiliate of
the Company.

 

This
page should be completed by the Investor and constitutes a part of the Subscription Agreement

  

    Schedule
A-2

    

    

 

SCHEDULE
B

ELIGIBILITY
REPRESENTATIONS OF THE INVESTOR (Canadian Investors Only)

 

		1.	We
                                         hereby declare, represent and warrant that:

 

		(a)	we
                                         are purchasing the Shares as principal for our own account, or are deemed to be purchasing
                                         the Shares as principal for our own account in accordance with applicable Canadian securities
                                         laws, and not as agent for the benefit of another investor;

 

		(b)	we
                                         are residents in or subject to the laws of one of the provinces or territories of Canada;

 

		(c)	we
                                         are entitled under applicable securities laws to purchase the Shares without the benefit
                                         of a prospectus qualified under such securities laws and, without limiting the generality
                                         of the foregoing, are both:

 

		a.	an
                                         “accredited investor” as defined in section 1.1 of National Instrument 45-106
                                         Prospectus Exemptions (“NI 45-106”) or section 73.3(2) of the Securities
                                         Act (Ontario) by virtue of satisfying the indicated criterion in Section 11 below,
                                         and we are not a person created or used solely to purchase or hold securities as an “accredited
                                         investor” as described in paragraph (m) of the definition of “accredited
                                         investor” in section 1.1 of NI 45-106; and

 

		b.	a
                                         “permitted client” as defined in section 1.1 of National Instrument 31-103
                                         Registration Requirements, Exemptions and Ongoing Registrant Obligations (“NI
                                         31-103”) by virtue of satisfying the indicated criterion in Section 12 below

 

		(d)	we
                                         have received, reviewed and understood, this Subscription Agreement and certain disclosure
                                         materials relating to the placing of Shares in Canada and, are basing our investment
                                         decision solely on this Subscription and the materials provided by the Company and not
                                         on any other information concerning the Company or the offering of the Shares;

 

		(e)	the
                                         acquisition of Shares does not and will not contravene any applicable Canadian securities
                                         laws, rules or policies of the jurisdiction in which we are resident and does not trigger
                                         (i) any obligation to prepare and file a prospectus or similar document or (ii) any registration
                                         or other similar obligation on the part of any person;

 

		(f)	we
                                         will execute and deliver within the applicable time periods all documentation as may
                                         be required by applicable Canadian securities laws to permit the purchase of the Shares
                                         on the terms set forth herein and, if required by applicable Canadian securities laws,
                                         will execute, deliver and file or assist the Company in obtaining and filing such reports,
                                         undertakings and other documents relating to the purchase of the Shares as may be required
                                         by any applicable Canadian securities laws, securities regulator, stock exchange or other
                                         regulatory authority; and

 

		(g)	neither
                                         we nor any party on whose behalf we are acting has been established, formed or incorporated
                                         solely to acquire or permit the purchase of Shares without a prospectus in reliance on
                                         an exemption from the prospectus requirements of applicable Canadian securities laws.

  

    Schedule B-1

    

    

 

		2.	We
                                         are aware of the characteristics of the Shares, the risks relating to an investment therein
                                         and agree that we must bear the economic risk of its investment in the Shares. We understand
                                         that we will not be able to resell the Shares under applicable Canadian securities laws
                                         except in accordance with limited exemptions and compliance with other requirements of
                                         applicable law, and we (and not the Company) are responsible for compliance with applicable
                                         resale restrictions or hold periods and will comply with all relevant Canadian securities
                                         laws in connection with any resale of the Shares.

 

		3.	We
                                         hereby undertake to notify the Company immediately of any change to any declaration,
                                         representation, warranty or other information relating to us set forth herein which takes
                                         place prior to the closing of the purchase of the Shares applied for hereby.

 

		4.	We
                                         understand and acknowledge that (i) the Company is not a reporting issuer in any province
                                         or territory in Canada and its securities are not listed on any stock exchange in Canada
                                         and there is currently no public market for the Shares in Canada; and (ii) the Company
                                         currently has no intention of becoming a reporting issuer in Canada and the Company is
                                         not obligated to file and has no present intention of filing a prospectus with any securities
                                         regulatory authority in Canada to qualify the resale of the Shares to the public, or
                                         listing the Company’s securities on any stock exchange in Canada and thus the applicable
                                         restricted period or hold period may not commence and the Shares may be subject to an
                                         unlimited hold period or restricted period in Canada and in that case may only be sold
                                         pursuant to limited exemptions under applicable securities legislation.

 

		5.	We
                                         confirm we have reviewed applicable resale restrictions under relevant Canadian legislation
                                         and regulations.

 

		6.	It
                                         is acknowledged that we should consult our own legal and tax advisors with respect to
                                         the tax consequences of an investment in the Shares in our particular circumstances and
                                         with respect to the eligibility of the Shares for investment by us and resale restrictions
                                         under relevant Canadian legislation and regulations, and that we have not relied on the
                                         Company or on the contents of the disclosure materials provided by the Company, for any
                                         legal, tax or financial advice.

 

		7.	If
we are a resident of Quebec, we acknowledge that it is our express wish that all documents evidencing or relating in any way to
the sale of the Shares be drawn in the English language only. Si nous sommes résidents de la province de Québec,
nous reconnaissons par les présentes que c’est notre volonté expresse que tous les documents faisant foi ou
se rapportant de quelque manière à la vente des engagements soient rédigés en anglais seulement

 

		8.	We
                                         understand and acknowledge that we are making the representations, warranties and agreements
                                         contained herein with the intent that they may be relied upon by the Company and the
                                         agents in determining our eligibility to purchase the Shares, including the availability
                                         of exemptions from the prospectus requirements of applicable Canadian securities laws
                                         in connection with the issuance of the Shares.

 

		9.	We
                                         consent to the collection, use and disclosure of certain personal information for the
                                         purposes of meeting legal, regulatory, self-regulatory, security and audit requirements
                                         (including any applicable tax, securities, money laundering or anti-terrorism legislation,
                                         rules or regulations) and as otherwise permitted or required by law, which disclosures
                                         may include disclosures to tax, securities or other regulatory or self-regulatory authorities
                                         in Canada and/or in foreign jurisdictions, if applicable, in connection with the regulatory
                                         oversight mandate of such authorities.

 

    Schedule B-2

    

    

 

		10.	If
                                         we are an individual resident in Canada, we acknowledge that: (A) the Company or the
                                         agents may be required to provide personal information pertaining to us as required to
                                         be disclosed in Schedule I of Form 45-106F1 Report of Exempt Distribution (“Form
                                         45-106F1”) under NI 45-106 (including its name, email address, address, telephone
                                         number and the aggregate purchase price paid by the purchaser) (“personal information”)
                                         to the securities regulatory authority or regulator in the local jurisdiction (the “Regulator”);
                                         (B) the personal information is being collected indirectly by the Regulator under the
                                         authority granted to it in securities legislation; and (C) the personal information is
                                         being collected for the purposes of the administration and enforcement of the securities
                                         legislation; and by purchasing the securities, we shall be deemed to have authorized
                                         such indirect collection of personal information by the Regulator. Questions about the
                                         indirect collection of information should be directed to the Regulator in the local jurisdiction,
                                         using the contact information set out below:

 

		(a)	in
                                         Alberta, the Alberta Securities Commission, Suite 600, 250 - 5th Street SW, Calgary,
                                         Alberta T2P 0R4, Telephone: (403) 297-6454, toll free in Canada: 1-877-355-0585;

 

		(b)	in
                                         British Columbia, the British Columbia Securities Commission, P.O. Box 10142, Pacific
                                         Centre, 701 West Georgia Street, Vancouver, British Columbia V7Y 1L2, Inquiries: (604)
                                         899-6581, toll free in Canada: 1-800-373-6393, Email: inquiries@bcsc.bc.ca;

 

		(c)	in
                                         Manitoba, The Manitoba Securities Commission, 500 - 400 St. Mary Avenue, Winnipeg, Manitoba
                                         R3C 4K5, Telephone: (204) 945-2548, toll free in Manitoba 1-800-655-5244;

 

		(d)	in
                                         New Brunswick, Financial and Consumer Services Commission (New Brunswick), 85 Charlotte
                                         Street, Suite 300, Saint John, New Brunswick E2L 2J2, Telephone: (506) 658-3060, toll
                                         free in Canada: 1-866-933-2222, Email: info@fcnb.ca;

 

		(e)	in
                                         Newfoundland and Labrador, Government of Newfoundland and Labrador, Financial Services
                                         Regulation Division, P.O. Box 8700, Confederation Building, 2nd Floor, West Block, Prince
                                         Philip Drive, St. John’s, Newfoundland and Labrador, A1B 4J6, Attention: Director
                                         of Securities, Telephone: (709) 729-4189,

 

		(f)	in
                                         the Northwest Territories, the Government of the Northwest Territories, Office of the
                                         Superintendent of Securities, P.O. Box 1320, Yellowknife, Northwest Territories X1A 2L9,
                                         Attention: Deputy Superintendent, Legal & Enforcement, Telephone: (867) 920-8984;

 

		(g)	in
                                         Nova Scotia, the Nova Scotia Securities Commission, Suite 400, 5251 Duke Street, Duke
                                         Tower, P.O. Box 458, Halifax, Nova Scotia B3J 2P8, Telephone: (902) 424-7768;

 

		(h)	in
                                         Nunavut, Government of Nunavut, Department of Justice, Legal Registries Division, P.O.
                                         Box 1000, Station 570, 1st Floor, Brown Building, Iqaluit, Nunavut X0A 0H0, Telephone:
                                         (867) 975-6590;

 

		(i)	in
                                         Ontario, the Inquiries Officer at the Ontario Securities Commission, 20 Queen Street
                                         West, 22nd Floor, Toronto, Ontario M5H 3S8, Telephone: (416) 593-8314, toll free in Canada:
                                         1-877-785-1555, Email: exemptmarketfilings@osc.gov.on.ca;

 

		(j)	in
                                         Prince Edward Island, the Prince Edward Island Securities Office, 95 Rochford Street,
                                         4th Floor Shaw Building, P.O. Box 2000, Charlottetown, Prince Edward Island C1A 7N8,
                                         Telephone: (902) 368-4569;

 

		(k)	in
                                         Québec, the Autorité des marchés financiers, 800, Square Victoria,
                                         22e étage, C.P. 246, Tour de la Bourse, Montréal, Québec H4Z 1G3,
                                         Telephone: (514) 395-0337 or 1-877-525-0337, Email: financementdessocietes@lautorite.qc.ca
                                         (For corporate finance issuers), fonds_dinvestissement@lautorite.qc.ca (For investment
                                         fund issuers);

 

    Schedule B-3

    

    

 

		(l)	in
                                         Saskatchewan, the Financial and Consumer Affairs Authority of Saskatchewan, Suite 601
                                         - 1919 Saskatchewan Drive, Regina, Saskatchewan S4P 4H2, Telephone: (306) 787-5879; and

 

		(m)	in
                                         Yukon, Government of Yukon, Department of Community Services, Law Centre, 3rd Floor,
                                         2130 Second Avenue, Whitehorse, Yukon Y1A 5H6, Telephone: (867) 667-5314.

 

		11.	We
                                         hereby represent, warrant, covenant and certify that we are, or any party on whose behalf
                                         we are acting is, an “accredited investor” as defined in NI 45-106 or section
                                         73.3(1) of the Securities Act (Ontario) by virtue of satisfying the indicated
                                         criterion below:

 

Please
check the category that applies:

 

	☐	 	a
    Canadian financial institution or a Schedule III bank of the Bank Act (Canada),
	☐	 	the
    Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act (Canada),
	☐	 	a
    subsidiary of any person or company referred to in paragraphs (a) or (b) if the person or company owns all of the voting securities
    of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary,
	☐	 	a
    person or company registered under the securities legislation of a province or territory of Canada as an adviser or dealer,
    except as otherwise prescribed by the regulations,
	 	 	[omitted]
	 	(e.1)	[omitted]
	☐	 	the
    Government of Canada, the government of a province or territory of Canada, or any Crown corporation, agency or wholly owned
    entity of the Government of Canada or of the government of a province or territory of Canada,
	☐	 	a
    municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion
    de la taxe scolaire de l’île de Montréal or an intermunicipal management board in Québec,
	☐	 	any
    national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency
    of that government,
	☐	(i)	a
    pension fund that is regulated by either the Office of the Superintendent of Financial Institutions (Canada) or a pension
    commission or similar regulatory authority of a province or territory of Canada,
	 	 	[omitted]
	☐	(j.1)	an
    individual who beneficially owns financial assets having an aggregate realizable value that before taxes, but net of any related
    liabilities, exceeds CAD$5,000,000,
	 	 	[omitted]
	 	 	[omitted]
	☐	 	a
    person, other than an individual or investment fund, that has net assets of at least $5,000,000 as shown on its most recently
    prepared financial statements,
	☐	 	an
    investment fund that distributes or has distributed its securities only to a person that is or was an accredited investor
    at the time of the distribution,

 

    Schedule B-4

    

    

 

	 	 	a
    person that acquires or acquired securities in the circumstances referred to in sections 2.10 of NI 45-106 [Minimum
    amount investment], or 2.19 of NI 45-106 [Additional investment in investment funds], or
	 	 	a
    person described in paragraph (i) or (ii) that acquires or acquired securities under section 2.18 of NI 45-106 [Investment
    fund reinvestment],
	☐	 	an
    investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the
    regulator or, in Québec, the securities regulatory authority, has issued a receipt,
	☐	 	a
    trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act
    (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a
    fully managed account managed by the trust company or trust corporation, as the case may be,
	☐	 	a
    person acting on behalf of a fully managed account1  managed by that person, if that person is registered or
    authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada
    or a foreign jurisdiction,
	☐	 	a
    registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained advice from an eligibility
    adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice
    on the securities being traded,
	☐	 	an
    entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) through
    (d) or paragraph (i) in form and function,
	☐	 	a
    person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required
    by law to be owned by directors, are persons that are accredited investors,
	☐	 	an
    investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser,
	☐	 	a
    person that is recognized or designated by the Commission as an accredited investor,
	☐	 	a
    trust established by an accredited investor for the benefit of the accredited investor’s family members of which a majority
    of the trustees are accredited investors and all of the beneficiaries are the accredited investor’s spouse, a former
    spouse of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited investor,
    of that accredited investor’s spouse or of that accredited investor’s former spouse.

 

		12.	We
                                         hereby represent, warrant, covenant and certify that we are, or any party on whose behalf
                                         we are acting is, a “permitted client” by virtue of the criterion indicated
                                         below,

 

Please
check the category that applies:

 

	☐	(a)	a
    Canadian financial institution or a Schedule III bank;
	☐	(b)	the
    Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act (Canada);

 

 

1A
“fully managed account” means an account of a client for which a person makes the investment decisions if that
person has full discretion to trade in securities for the account without requiring the client’s express consent to a transaction.

  

    Schedule B-5

    

    

 

	☐ 	(c)	a
    subsidiary of any person or company referred to in paragraph (a) or (b), if the person or company owns all of the voting securities
    of the subsidiary, except the voting securities required by law to be owned by directors of the subsidiary;
	☐ 	(d)	a
    person or company registered under the securities legislation of a jurisdiction of Canada as an adviser, investment dealer,
    mutual fund dealer or exempt market dealer;
	☐ 	(e)	a
    pension fund that is regulated by either the Office of the Superintendent of Financial Institutions or a pension commission
    or similar regulatory authority of a jurisdiction of Canada or a wholly-owned subsidiary of such a pension fund;
	☐	(f)	an
    entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) through
    (e);
	☐ 	(g)	the
    Government of Canada or a jurisdiction of Canada, or any Crown corporation, agency or wholly-owned entity of the Government
    of Canada or a jurisdiction of Canada;
	☐ 	(h)	any
    national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency
    of that government;
	☐ 	(i)	a
    municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion
    de la taxe scolaire de l’île de Montréal or an intermunicipal management board in Quebec;
	☐ 	(j)	a
    trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada)
    or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a managed account
    managed by the trust company or trust corporation, as the case may be;
	☐ 	(k)	a
    person or company acting on behalf of a managed account managed by person or company, if the person or company is registered
    or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada
    or a foreign jurisdiction;
	☐ 	(l)	an
        investment fund if one or both of the following apply:

        (i)
        the fund is managed by a person or company registered as an investment fund manager under the securities legislation of
        a jurisdiction of Canada;

        (ii)
        the fund is advised by a person or company authorized to act as an adviser under the securities legislation of a jurisdiction
        of Canada;

	☐ 	(m)	in
    respect of a dealer, a registered charity under the Income Tax Act (Canada) that obtains advice on the securities to
    be traded from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the
    registered charity;
	☐ 	(n)	in
    respect of an adviser, a registered charity under the Income Tax Act (Canada) that is advised by an eligibility adviser or
    an adviser registered under the securities legislation of the jurisdiction of the registered charity;
	☐ 	(o)	a
    registered charity under the Income Tax Act (Canada) that obtains advice on the securities to be traded from an eligibility
    adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity;
	☐ 	(p)	an
    individual who beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related
    liabilities, exceeds $5 million;
	☐ 	(q)	a
    person or company that is entirely owned by an individual or individuals referred to in paragraph (o), who holds the beneficial
    ownership interest in the person or company directly or through a trust, the trustee of which is a trust company or trust
    corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under
    comparable legislation in a jurisdiction of Canada or a foreign jurisdiction;
	☐ 	(r)	a
    person or company, other than an individual or an investment fund, that has net assets of at least C$25,000,000 as shown on
    its most recently prepared financial statements; or
	☐ 	(s)	a
    person or company that distributes securities of its own issue in Canada only to persons or companies referred to in paragraphs
    (a) through (r).

 

 

Schedule
B-6Exhibit 10.5

 

SUBSCRIPTION
AGREEMENT

 

Tuscan
Holdings Corp.

135
E. 57th Street, 18th Floor

New
York, New York 10022

Ladies
and Gentlemen:

 

In
connection with the proposed business combination (the “Transaction”) between Tuscan Holdings Corp., a Delaware
corporation (the “Company”), and Microvast, Inc., a Delaware corporation (“Microvast”),
to be effected pursuant to that certain Merger Agreement, dated on or about the date hereof, by and among the Company, Microvast
and the other parties thereto (the “Merger Agreement”), the undersigned desires to subscribe for and purchase
from the Company, and the Company desires to sell to the undersigned, that number of shares of the Company’s common stock,
par value $0.0001 per share (the “Common Stock”), set forth on the signature page hereof in exchange for a
promissory note in favor of the Company (the “Promissory Note”) with a total principal amount equal to RMB
30,000,000 (the “Purchase Price”) to be executed and delivered at the Subscription Closing pursuant to the
terms of that certain Framework Agreement, dated on or about the date hereof, by and among the Company, Microvast, the undersigned
and the other parties thereto (the “Framework Agreement”), on the terms and subject to the conditions contained
herein. In connection therewith, the undersigned (sometimes referred to herein as a “Subscriber”) and the Company
agree as follows:

 

1. Subscription.
Subject to the provisions of Section 2 hereof, the undersigned hereby irrevocably subscribes for and agrees to purchase from the
Company such number of shares of Common Stock as is set forth on the signature page of this Subscription Agreement on the terms
and subject to the conditions provided for in the Framework Agreement and herein (the “Shares”). The undersigned
understands and agrees that the undersigned’s subscription for the Shares shall be deemed to be accepted by the Company
if and when this Subscription Agreement is signed and delivered by a duly authorized person by or on behalf of the Company; the
Company may do so in counterpart form.

 

In
connection with the Transaction and by virtue of its acquisition and ownership of the Common Stock, the undersigned shall be entitled
to 93,888 Earn Out Shares (as defined in the Merger Agreement) pursuant to Section 2.7 of the Merger Agreement in accordance with
the Merger Consideration Allocation Schedule (as defined in the Merger Agreement), if and when issued by the Company following
the consummation of the Transaction.

 

For
the purposes of this Subscription Agreement, “business day” means any other day than a Saturday, Sunday or
a day on which the Federal Reserve Bank of New York is closed.

 

2. Closing.
The closing of the sale of the Shares contemplated hereby (the “Subscription Closing”) is contingent upon the
substantially concurrent consummation of the Transaction (the “Transaction Closing”). The Subscription Closing
shall occur on the date of, and immediately prior to, the Transaction Closing (the “Transaction Closing Date”).
Not less than ten business days prior to the scheduled Transaction Closing Date, the Company shall provide written notice to the
undersigned (the “Closing Notice”) (i) of such scheduled Transaction Closing Date, and (ii) that the Company
reasonably expects all conditions to the closing of the Transaction to be satisfied or waived. On the Transaction Closing Date,
the Company shall deliver to the undersigned (i) the Shares in book-entry form, or, if required by the undersigned, certificated
form, free and clear of any liens or other restrictions whatsoever (other than those arising under state or federal securities
laws as set forth herein), in the name of the undersigned (or its nominee in accordance with its delivery instructions) or to
a custodian designated by the undersigned, as applicable, and (ii) a copy of the records of the Company’s transfer
agent showing the undersigned (or such nominee or custodian) as the owner of the Shares on and as of the Transaction Closing Date.
Upon concurrent delivery of (a) the duly executed Promissory Note in accordance with the terms of the Framework Agreement, and
(b) the Shares to the undersigned (or its nominee or custodian, if applicable), in each case, at the Subscription Closing, the
Promissory Note shall go into effect automatically and without further action by the Company or the undersigned.

 

     

     

    

 

If
the Transaction Closing does not occur within two business days after the Transaction Closing Date specified in the Closing Notice,
the Promissory Note shall terminate automatically and without further action by the Company or the undersigned. Furthermore, if
the Transaction Closing does not occur on the same day as the Subscription Closing, any book-entries and, if applicable, certificated
shares, shall be deemed cancelled (and, in the case of certificated shares, the undersigned shall promptly return such certificates
to the Company or, as directed by the Company, to the Company’s representative or agent).

 

If
this Subscription Agreement terminates following the delivery by the undersigned of the Promissory Note for the Shares, the Promissory
Note shall terminate automatically and without further action by the Company or the undersigned, whether or not the Transaction
Closing shall have occurred.

 

3. Closing
Conditions.

 

a. The
obligations of the Company to consummate the transactions contemplated hereunder are subject to the conditions that, at the Subscription
Closing:

 

		i.	all
                                         representations and warranties of the undersigned contained in this Subscription Agreement
                                         shall be true and correct in all material respects (other than representations and warranties
                                         that are qualified as to materiality, which representations and warranties shall be true
                                         and correct in all respects) at and as of the Subscription Closing as though made on
                                         the Subscription Closing (except for those representations and warranties that speak
                                         as of a specific date, which shall be so true and correct in all material respects as
                                         of such specified date), and consummation of the Subscription Closing shall constitute
                                         a reaffirmation by the undersigned of each of the representations, warranties and agreements
                                         of the undersigned contained in this Subscription Agreement as of the Subscription Closing,
                                         but in each case without giving effect to consummation of the Transaction; and

 

		ii.	the
                                         undersigned shall have performed or complied in all material respects with all agreements
                                         and covenants required by this Subscription Agreement.

 

    2

     

    

 

b. The
obligations of the undersigned to consummate the transactions contemplated hereunder are subject to the conditions that, at the
Subscription Closing:

 

		i.	all
                                         representations and warranties of the Company contained in this Subscription Agreement
                                         shall be true and correct in all material respects (other than representations and warranties
                                         that are qualified as to materiality or Material Adverse Effect (as defined herein),
                                         which representations and warranties shall be true and correct in all respects) at and
                                         as of the Subscription Closing as though made on the Subscription Closing (except for
                                         those representations and warranties that speak as of a specific date, which shall be
                                         so true and correct in all material respects as of such specified date), and consummation
                                         of the Subscription Closing shall constitute a reaffirmation by the Company of each of
                                         the representations, warranties and agreements of the Company contained in this Subscription
                                         Agreement as of the Subscription Closing, but in each case without giving effect to consummation
                                         of the Transaction;

 

		ii.	the
                                         Company shall have performed or complied in all material respects with all agreements
                                         and covenants required by this Subscription Agreement; and

 

		iii.	no
                                         amendment, modification or waiver of the Transaction Agreement (as defined below) shall
                                         have occurred that reasonably would be expected to materially and adversely affect the
                                         economic benefits that the Subscriber reasonably would expect to receive under this Subscription
                                         Agreement.

 

c. The
obligations of each of the Company and the undersigned to consummate the transactions contemplated hereunder are subject to the
conditions that, at the Subscription Closing:

 

		i.	no
                                         governmental authority shall have enacted, issued, promulgated, enforced or entered any
                                         judgment, order, law, rule or regulation (whether temporary, preliminary or permanent)
                                         which is then in effect and has the effect of making consummation of the transactions
                                         contemplated hereby illegal or otherwise restraining or prohibiting consummation of the
                                         transactions contemplated hereby, and no governmental authority shall have instituted
                                         or threatened in writing a proceeding seeking to impose any such restraint or prohibition;

 

		ii.	all
                                         conditions precedent to the closing of the Transaction set forth in the Transaction Agreement,
                                         including the approval of the Company’s stockholders and regulatory approvals,
                                         if any, shall have been satisfied or waived (other than those conditions which, by their
                                         nature, are to be satisfied by a party to the Transaction Agreement at the closing of
                                         the Transaction, but subject to satisfaction or waiver by such party of such conditions
                                         as of the closing of the Transaction); and

 

    3

     

    

 

		iii.	no
                                         suspension of the qualification of the Shares for offering or trading in any jurisdiction,
                                         or initiation or threatening of any proceedings for any of such purposes, shall have
                                         occurred and be continuing.

 

4. Further
Assurances. At the Subscription Closing, the parties hereto shall execute and deliver or cause to be executed and delivered
such additional documents and take such additional actions as the parties reasonably may deem to be practical and necessary in
order to consummate the subscription as contemplated by this Subscription Agreement.

 

5. Company
Representations and Warranties. The Company represents and warrants to the undersigned that:

 

a. The
Company is validly existing and is in good standing under the laws of the State of Delaware, with corporate power and authority
to own, lease and operate its properties and conduct its business as presently conducted and to enter into, deliver and perform
its obligations under this Subscription Agreement.

 

b. The
Shares have been duly authorized by the Company and, when issued and delivered to the undersigned against full payment therefor
in accordance with the terms of this Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable
and will not have been issued in violation of or subject to any preemptive or similar rights created under the Company’s
Amended and Restated Certificate of Incorporation or under the laws of the State of Delaware.

 

c. As
of the date hereof, the authorized capital stock of the Company consists of (i) 1,000,000 shares of preferred stock, par value
$0.0001 per share (“Preferred Stock”) and (ii) 65,000,000 shares of Common Stock. As of the date hereof and
as of immediately prior to the Subscription Closing and the Transaction Closing: (A) no shares of Preferred Stock are issued and
outstanding and (B) 35,487,000 shares of Common Stock are issued and outstanding, (C) 687,000 private placement warrants (the
“Private Placement Warrants”) are issued and outstanding and 687,000 shares of Common Stock are issuable in
respect of such Private Placement Warrants, and (D) 27,600,000 public warrants (the “Public Warrants”) are
issued and outstanding and 27,600,000 shares of Common Stock are issuable in respect of such Public Warrants. Each Private Placement
Warrant and Public Warrant is exercisable for one share of Common Stock at an exercise price of $11.50 per share. As of the date
hereof, except for TSCN Merger Sub Inc. and MVST SPV Inc. (both of whom were formed for purposes of effecting the Transaction),
the Company has no subsidiaries and does not own, directly or indirectly, interests or investments (whether equity or debt) in
any person, whether incorporated or unincorporated. As of the date hereof, except as set forth above and pursuant to (i) the Other
Subscription Agreements, (ii) the CL Subscription Agreements (as defined below), (iii) the Transaction Agreement or (iv) the Framework
Agreement, dated as of the date of the Transaction Agreement, by and among the Company, Microvast, Microvast Power System (Huzhou)
Co., Ltd. and certain of its investors and an affiliate entity of certain of its investors, there are no outstanding options,
warrants or other rights to subscribe for, purchase or acquire from the Company any shares of Common Stock or other equity interests
in the Company (collectively, “Equity Interests”) or securities convertible into or exchangeable or exercisable
for Equity Interests. There are no securities or instruments issued by or to which the Company is a party containing anti-dilution
or similar provisions that will be triggered by the issuance of (i) the Shares or (ii) the shares of Common Stock to be issued
pursuant to any Other Subscription Agreement, in each case, that have not been or will not be validly waived on or prior to the
Subscription Closing.

 

    4

     

    

 

d. The
Shares are not, and following the Transaction Closing and the Subscription Closing will not be, subject to any Transfer Restriction.
The term “Transfer Restriction” means any condition to or restriction on the ability of the undersigned to
pledge, sell, assign or otherwise transfer the Shares under any organizational document, policy or agreement of, by or with the
Company, but excluding the restrictions on transfer described in Section 6(c) of this Subscription Agreement with respect to the
status of the Shares as “restricted securities” pending their registration for resale under the Securities Act of
1933, as amended (the “Securities Act”) in accordance with the terms of this Subscription Agreement.

 

e. This
Subscription Agreement and the Transaction Agreement have been duly authorized, executed and delivered by the Company and are
the legally binding obligations of the Company and are enforceable in accordance with their respective terms, except as may be
limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating
to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity.

 

f. The
execution, delivery and performance of the Subscription Agreement, the issuance and sale of the Shares and the compliance by the
Company with all of the provisions of this Subscription Agreement and the consummation of the transactions herein will not conflict
with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the
creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company or any of its subsidiaries
pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan or credit agreement, guarantee, note, bond, permit,
lease, license or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company
or any of its subsidiaries is bound or to which any of the property or assets of the Company is subject, which would reasonably
be expected to have a material adverse effect on the business, properties, financial condition, stockholders’ equity or
results of operations of the Company (a “Material Adverse Effect”) or materially affect the validity of the
Shares or the legal authority or ability of the Company to comply in all material respects with the terms of this Subscription
Agreement; (ii) result in any violation of the provisions of the organizational documents of the Company; or (iii) result in any
violation of any statute or any judgment, order, rule or regulation of any court or governmental agency, taxing authority or regulatory
body, domestic or foreign, having jurisdiction over the Company or any of its properties that would reasonably be expected to
have a Material Adverse Effect or materially affect the validity of the Shares or the legal authority of the Company to comply
with this Subscription Agreement.

 

g. The
Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration
with, any court or other federal, state, local or other governmental authority, self-regulatory organization (including NASDAQ)
or other person in connection with the execution, delivery and performance of this Subscription Agreement (including, without
limitation, the issuance of the Shares), other than (i) filings with the Securities and Exchange Commission (the “Commission”),
(ii) filings required by applicable state securities laws, (iii) filings required by NASDAQ, including with respect to obtaining
shareholder approval, (iv) filings required to consummate the Transaction as provided under the definitive documents relating
to the Transaction, and (v) where the failure of which to obtain would not be reasonably likely to have a Material Adverse Effect
or have a material adverse effect on the Company’s ability to consummate the transactions contemplated hereby, including
the issuance and sale of the Shares.

 

    5

     

    

 

h. The
Company is in compliance with all applicable law, except where such non-compliance would not have a Material Adverse Effect. The
Company has not received any written communication from a governmental entity that alleges that the Company is not in compliance
with or is in default or violation of any applicable law, except where such non-compliance, default or violation would not be
reasonably likely to have, individually or in the aggregate, a Material Adverse Effect.

 

i. The
issued and outstanding shares of Common Stock of the Company are registered pursuant to Section 12(b) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), and are listed for trading on NASDAQ under the symbol “THCB”
(it being understood that the trading symbol will be changed in connection with the Transaction Closing). Except as disclosed
in the Company’s filings with the Commission, there is no suit, action, proceeding or investigation pending or, to the knowledge
of the Company, threatened against the Company by NASDAQ or the Commission, respectively, to prohibit or terminate the listing
of the Company’s Common Stock on NASDAQ or to deregister the Common Stock under the Exchange Act. The Company has taken
no action that is designed to terminate the registration of the Common Stock under the Exchange Act.

 

j. Assuming
the accuracy of the undersigned’s representations and warranties set forth in Section 6 of this Subscription Agreement,
no registration under the Securities Act is required for the offer and sale of the Shares by the Company to the undersigned.

 

k. A
copy of each form, report, statement, schedule, prospectus, proxy, registration statement and other document, if any, filed by
the Company with the Commission since its initial registration of the Common Stock under the Exchange Act (the “SEC Documents”)
is available to the undersigned via the Commission’s EDGAR system, which SEC Documents, as of their respective filing dates,
complied in all material respects with the requirements of the Exchange Act applicable to the SEC Documents and the rules and
regulations of the SEC promulgated thereunder applicable to the SEC Documents. None of the SEC Documents contained, when filed
or, if amended, as of the date of such amendment with respect to those disclosures that are amended, any untrue statement of a
material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading; provided, that with respect to the information
about the Company’s affiliates contained in the Schedule 14A and related proxy materials (or other SEC document) to be filed
by the Company the representation and warranty in this sentence is made to the Company’s knowledge. The Company has timely
filed each report, statement, schedule, prospectus, and registration statement that the Company was required to file with the
Commission since its initial registration of the Common Stock under the Exchange Act. The financial statements of the Company
included in the SEC Documents comply in all material respects with applicable accounting requirements and the rules and regulations
of the Commission with respect thereto as in effect at the time of filing and fairly present in all material respects the financial
position of the Company as of and for the dates thereof and the results of operations and cash flows for the periods then ended,
subject, in the case of unaudited statements, to normal, year-end audit adjustments. There are no material outstanding or unresolved
comments in comment letters from the staff of the Division of Corporation Finance (the “Staff”) of the Commission
with respect to any of the SEC Documents.

 

    6

     

    

 

l. Except
for such matters as have not had and would not be reasonably likely to have, individually or in the aggregate, a Material Adverse
Effect, there is no (i) action, suit, claim or other proceeding, in each case by or before any governmental authority pending,
or, to the knowledge of the Company, threatened against the Company or (ii) judgment, decree, injunction, ruling or order of any
governmental entity or arbitrator outstanding against the Company.

 

m. Other
than separate subscription agreements entered into by the Company with certain other institutional “accredited investors”
(as defined in rule 501 of the Securities Act) (such investors, the “Other Subscribers” and such subscription
agreements, the “Other Subscription Agreements”), the Company has not entered into any side letter or similar
agreement with any Other Subscriber or investor in connection with such Other Subscriber’s or other investor’s direct
or indirect investment in the Company or with any other investor, and such Other Subscription Agreements have not been amended
in any material respect following the date of this Subscription Agreement and reflect substantially the same terms that are not
materially more favorable to such Other Subscriber thereunder than the terms of this Subscription Agreement.

 

n. The
Company acknowledges and agrees that, notwithstanding anything herein to the contrary, the Shares may be pledged by the Subscriber
in connection with a bona fide margin agreement, which shall not be deemed to be a transfer, sale or assignment of the Shares
hereunder, and the Subscriber effecting a pledge of Shares shall not be required to provide the Company with any notice thereof
or otherwise make any delivery to the Company pursuant to this Subscription Agreement; provided that such pledge shall be (i)
pursuant to an available exemption from the registration requirements of the Securities Act or (ii) pursuant to, and in accordance
with, a registration statement that is effective under the Securities Act at the time of such pledge.

 

o. Neither
the Company, nor any person acting on its behalf has, directly or indirectly, made any offers or sales of any Company security
or solicited any offers to buy any Company security under circumstances that would adversely affect reliance by the Company on
Section 4(a)(2) of the Securities Act for the exemption from registration of the offer and sale of the Shares or would require
registration of the issuance of the Shares under the Securities Act.

 

p. The
Company is not, and immediately after receipt of payment for the Shares will not be, an “investment company” within
the meaning of the Investment Company Act of 1940, as amended.

 

6. Subscriber
Representations and Warranties. The undersigned represents and warrants to the Company that:

 

a. The
undersigned is (i) a “qualified institutional buyer” (as defined under the Securities Act) or (ii) an institutional
“accredited investor” (within the meaning of Rule 501(a) under the Securities Act), in each case, satisfying the requirements
set forth on Schedule A, and is acquiring the Shares only for his, her or its own account and not for the account of others,
and not on behalf of any other account or person or with a view to, or for offer or sale in connection with, any distribution
thereof in violation of the Securities Act (and shall provide the requested information on Schedule A following the signature
page hereto). Accordingly, the undersigned understands that the offering of the Shares meets the exemptions from filing under
FINRA Rule 5123(b)(1)(C) or (J).

 

    7

     

    

 

b. The
undersigned (i) is an institutional account as defined in FINRA Rule 4512(c), (ii) is a sophisticated investor, experienced in
investing in private equity transactions and capable of evaluating investment risks independently, both in general and with regard
to all transactions and investment strategies involving a security or securities and (iii) has exercised independent judgment
in evaluating its participation in the purchase of the Shares. Accordingly, the undersigned understands that the offering of the
Shares meets (x) the exemptions from filing under FINRA Rule 5123(b)(1)(A) and (y) the institutional customer exemption under
FINRA Rule 2111(b).

 

c. The
undersigned understands that the Shares are being offered in a transaction not involving any public offering within the meaning
of the Securities Act and that the Shares have not been registered under the Securities Act. The undersigned understands that
the Shares may not be resold, transferred, pledged or otherwise disposed of by the undersigned absent an effective registration
statement under the Securities Act except (i) to the Company or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers
and sales that occur outside the United States within the meaning of Regulation S under the Securities Act or (iii) pursuant to
another applicable exemption from the registration requirements of the Securities Act (including, without limitation, a private
resale pursuant to the so-called “Section 4(a)(11⁄2)” exemption), and in each of cases (i) and (iii) in accordance
with any applicable securities laws of the states and other jurisdictions of the United States, and that any certificates or book-entry
positions representing the Shares shall contain a legend to such effect. The undersigned acknowledges that the Shares will not
be immediately eligible for resale pursuant to Rule 144 promulgated under the Securities Act, that Rule 144 will not be available
until 12 months following the closing and, as a result, the undersigned may not be able to readily resell the Shares and may be
required to bear the financial risk of an investment in the Shares for an indefinite period of time. The undersigned understands
that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Shares.

 

d. The
undersigned understands and agrees that the undersigned is purchasing Shares directly from the Company. The undersigned further
acknowledges that there have been no representations, warranties, covenants and agreements made to the undersigned by the Company,
its officers or directors, or any other party to the Transaction or person or entity, expressly or by implication, other than
those representations, warranties, covenants and agreements included in this Subscription Agreement.

 

e. Either
(i) the undersigned is not a Benefit Plan Investor as contemplated by the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”), or (ii) the undersigned’s acquisition and holding of the Shares will not constitute
or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Internal Revenue Code of 1986,
as amended, or any applicable similar law.

 

    8

     

    

 

f. The
undersigned acknowledges and agrees that the undersigned has received and has had an adequate opportunity to review, such financial
and other information as the undersigned deems necessary in order to make an investment decision with respect to the Shares and
made its own assessment and is satisfied concerning the relevant tax and other economic considerations relevant to the undersigned’s
investment in the Shares. Without limiting the generality of the foregoing, the undersigned acknowledges that it has reviewed
the risk factors provided to the undersigned by the Company. The undersigned represents and agrees that the undersigned and the
undersigned’s professional advisor(s), if any, have had the full opportunity to ask such questions, receive such answers
and obtain such information as the undersigned and such undersigned’s professional advisor(s), if any, have deemed necessary
to make an investment decision with respect to the Shares. The undersigned further acknowledges that the information provided
to the undersigned is preliminary and subject to change and the Company is under no obligation to inform the undersigned regarding
any such changes, except to the extent such changes would reasonably be expected to cause the failure of the Company to satisfy
a condition to the Subscriber’s obligations at the Subscription Closing.

 

g. The
undersigned became aware of this offering of the Shares solely by means of direct contact between the undersigned and the Company
or a representative of the Company, and the Shares were offered to the undersigned solely by direct contact between the undersigned
and the Company or a representative of the Company. The undersigned did not become aware of this offering of the Shares, nor were
the Shares offered to the undersigned, by any other means. The undersigned acknowledges that the Company represents and warrants
that the Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered
in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities
laws.

 

h. The
undersigned acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares.
The undersigned is able to fend for himself, herself or itself in the transactions completed herein, has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Shares and has the
ability to bear the economic risks of such investment in the Shares and can afford a complete loss of such investment. The undersigned
has sought such accounting, legal and tax advice as the undersigned has considered necessary to make an informed investment decision.

 

i. Alone,
or together with any professional advisor(s), the undersigned has adequately analyzed and fully considered the risks of an investment
in the Shares and determined that the Shares are a suitable investment for the undersigned and that the undersigned is able at
this time and in the foreseeable future to bear the economic risk of a total loss of the undersigned’s investment in the
Company. The undersigned acknowledges specifically that a possibility of total loss exists.

 

j. In
making its decision to purchase the Shares, the undersigned has relied solely upon independent investigation made by the undersigned
and the representations, warranties and covenants contained herein. Without limiting the generality of the foregoing, the undersigned
has not relied on any statements or other information provided by the Placement Agent (as defined below) concerning the Company
or the Shares or the offer and sale of the Shares.

 

    9

     

    

 

k. The
undersigned understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the
Shares or made any findings or determination as to the fairness of this investment.

 

l. The
undersigned is validly existing in good standing under the laws of its jurisdiction of incorporation or formation.

 

m. The
execution, delivery and performance by the undersigned of this Subscription Agreement are within the powers of the undersigned,
have been duly authorized and will not constitute or result in a breach or default under or conflict with any order, ruling or
regulation of any court or other tribunal or of any governmental commission or agency, or any agreement or other undertaking,
to which the undersigned is a party or by which the undersigned is bound, and, if the undersigned is not an individual, will not
violate any provisions of the undersigned’s charter documents, including, without limitation, its incorporation or formation
papers, bylaws, indenture of trust or partnership or operating agreement, as may be applicable. The signature on this Subscription
Agreement is genuine, and the signatory, if the undersigned is an individual, has legal competence and capacity to execute the
same or, if the undersigned is not an individual, the signatory has been duly authorized to execute the same, and this Subscription
Agreement constitutes a legal, valid and binding obligation of the undersigned, enforceable against the undersigned in accordance
with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered
at law or equity.

 

n. Neither
the due diligence investigation conducted by the undersigned in connection with making its decision to acquire the Shares nor
any representations and warranties made by the undersigned herein shall modify, amend or affect the undersigned’s right
to rely on the truth, accuracy and completeness of the Company’s representations and warranties contained herein.

 

o. The
undersigned is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered
by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive Order
issued by the President of the United States and administered by OFAC (“OFAC List”), or a person or entity
prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R.
Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank. The undersigned agrees
to provide law enforcement agencies, if requested thereby, such records as required by applicable law, provided that the undersigned
is permitted to do so under applicable law. If the undersigned is a financial institution subject to the Bank Secrecy Act (31
U.S.C. Section 5311 et seq.), as amended by the USA PATRIOT Act of 2001, and its implementing regulations (collectively, the “BSA/PATRIOT
Act”), the undersigned maintains policies and procedures reasonably designed to comply with applicable obligations under
the BSA/PATRIOT Act.  To the extent required, it maintains policies and procedures reasonably designed for the screening
of its investors against the OFAC sanctions programs, including the OFAC List. To the extent required, it maintains policies and
procedures reasonably designed to ensure that the funds held by the undersigned and used to purchase the Shares were legally derived.

 

    10

     

    

 

p. No
disclosure or offering document has been prepared by Morgan Stanley & Co. LLC (the “Placement Agent”) or
any of their respective affiliates in connection with the offer and sale of the Shares.

 

q. The
Placement Agent and its directors, officers, employees, representatives and controlling persons have made no independent investigation
with respect to the Company or the Shares or the accuracy, completeness or adequacy of any information supplied to the undersigned
by the Company.

 

r. In
connection with the issue and purchase of the Shares, the Placement Agent has not acted as the undersigned’s financial advisor
or fiduciary.

 

7. Registration
Rights. At the Transaction Closing, the undersigned is entering into the Registration Rights and Lock-Up Agreement (as defined
in the Merger Agreement).

 

8. Termination.
This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of
the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earliest
to occur of (a) following the execution of a definitive agreement among the Company and Microvast with respect to the Transaction
(a “Transaction Agreement”), such date and time as such Transaction Agreement is terminated in accordance with
its terms without the Transaction being consummated, (b) upon the mutual written agreement of each of the parties hereto
to terminate this Subscription Agreement, (c) if any of the conditions to the Subscription Closing set forth in Section 3
of this Subscription Agreement are not satisfied or waived on or prior to the Subscription Closing and, as a result thereof, the
transactions contemplated by this Subscription Agreement are not consummated at the Subscription Closing, or (d) at the election
of the Subscriber, if the consummation of the Transaction shall not have occurred by the Termination Date (as defined in the Transaction
Agreement); provided that nothing herein will relieve any party from liability for any willful breach hereof prior to the
time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages
arising from such breach. The Company shall promptly notify the undersigned of the termination of the Transaction Agreement after
the termination of such agreement. For the avoidance of doubt, if any termination hereof occurs after the delivery by the Subscriber
of the Purchase Price for the Shares, the Company shall promptly (but not later than one business day thereafter) return the Purchase
Price to the Subscriber without any deduction for or on account of any tax, withholding, charges, or set-off.

 

9. Trust
Account Waiver. The undersigned acknowledges that the Company is a blank check company with the powers and privileges to effect
a merger, asset acquisition, reorganization or similar business combination involving the Company and one or more businesses or
assets. The undersigned further acknowledges that, as described in the Company’s prospectus relating to its initial public
offering dated March 5, 2019 available at www.sec.gov, substantially all of the Company’s assets consist of the cash proceeds
of the Company’s initial public offering and private placements of its securities, and substantially all of those proceeds
have been deposited in a trust account (the “Trust Account”) for the benefit of the Company, its public stockholders
and the underwriters of the Company’s initial public offering. For and in consideration of the Company entering into this
Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby irrevocably waives
any and all right, title and interest, or any claim of any kind it has or may have in the future, in or to any monies held in
the Trust Account, and agrees not to seek recourse against the Trust Account, in each case, as a result of, or arising out of,
this Subscription Agreement; provided that nothing in this Section 9 shall be deemed to limit the undersigned’s right,
title, interest or claim to the Trust Account by virtue of the undersigned’s record or beneficial ownership of Common Stock
of the Company acquired by any means other than pursuant to this Subscription Agreement.

 

    11

     

    

 

10. No
Short Sales. The undersigned hereby agrees that, from the date of this Agreement until the Subscription Closing, none of the
undersigned, its controlled affiliates, or any person or entity acting on behalf of the undersigned or any of its controlled affiliates
or pursuant to any understanding with the undersigned or any of its controlled affiliates will engage in any Short Sales with
respect to securities of the Company. For purposes of this Section 10, “Short Sales” shall include, without
limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, and
all types of direct and indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage
arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis),
and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers.

 

11. Miscellaneous.

 

a. The
Company shall, no later than 9:00 a.m., New York City time, on the first business day immediately following the date of this Subscription
Agreement, issue one or more press releases or file with the Commission a Current Report on Form 8-K (collectively, the “Disclosure
Document”) disclosing all material terms of the transactions contemplated hereby, the Transaction and any other material,
nonpublic information that the Company or any of its officers, directors, employees or agents (including the Placement Agent)
has provided to the undersigned at any time prior to the filing of the Disclosure Document. From and after the issuance of the
Disclosure Document, the undersigned shall not be in possession of any material, non-public information received from the Company
or any of its officers, directors, employees or agents (including the Placement Agent) and the Subscriber shall no longer be subject
to any confidentiality or similar obligations under any current agreement, whether written or oral with the Company, the Placement
Agent, or any of their respective affiliates. Except with the express written consent of the Subscriber and unless prior thereto
the Subscriber shall have executed a written agreement regarding the confidentiality and use of such information, the Company
shall not, and shall cause its officers, directors, employees and agents, not to, provide Subscriber with any material, non-public
information regarding the Company or the Transaction from and after the filing of the Disclosure Document, other than to the extent
that providing any notice to the Subscriber pursuant to the Registration Rights and Lock-Up Agreement constitutes material, nonpublic
information regarding the Company. Notwithstanding anything in this Subscription Agreement to the contrary, each party hereto
acknowledges and agrees that without the prior written consent of the other party hereto it will not (and in the case of the Company
it will cause its representatives, including the Placement Agent not to) publicly make reference to such other party or any of
its affiliates (i) in connection with the Transaction or this Subscription Agreement (provided that the undersigned may disclose
its entry into this Subscription Agreement) or (ii) in any promotional materials, media, or similar circumstances, except, in
each case, as required by law or regulation or at the request of the Staff or regulatory agency or under the regulations of NASDAQ,
including, in the case of the Company (A) as required by the federal securities law in connection with any registration statement,
(B) the filing of this Subscription Agreement (or a form of this Subscription Agreement) with the Commission and (C) the filing
of any registration statement on Form S-4 and Schedule 14A and related materials to be filed by the Company with respect to the
Transaction, in which case the Company shall provide the Subscriber with prior written notice of such disclosure permitted under
this subclause (ii).

 

    12

     

    

 

b. Neither
this Subscription Agreement nor any rights that may accrue to the undersigned hereunder (other than the Shares acquired hereunder,
if any) may be transferred or assigned.

 

c. The
Company may request from the undersigned such additional information as the Company may deem necessary to evaluate the eligibility
of the undersigned to acquire the Shares, and the undersigned promptly shall provide such information as may reasonably be requested,
to the extent readily available and to the extent consistent with its internal policies and procedures, provided that the
Company agrees to keep confidential any such information to the extent such information is not in the public domain, was not provided
lawfully to the Company by another source not under a duty of confidentiality and except to the extent disclosure of such information
by the Company is compelled by law, court order or a self-regulatory organization such as NASDAQ or FINRA, in which case, the
Company shall provide the Subscriber with prior written notice of any disclosure of such information if reasonably practicable
and legally permitted.

 

d. The
undersigned acknowledges that the Company and the Placement Agent (only pursuant to the final sentence of this paragraph) and,
only following the Subscription Closing and the Transaction Closing, Microvast may rely on the acknowledgments, understandings,
agreements, representations and warranties of the undersigned contained in this Subscription Agreement. The Company acknowledges
that the Subscriber will rely on the acknowledgements, understandings, agreements, representations and warranties of the Company
contained in this Subscription Agreement. Prior to the Subscription Closing, the undersigned agrees to notify the Company promptly
if any of the acknowledgments, understandings, agreements, representations and warranties set forth herein are no longer accurate
in any material respect (other than those acknowledgments, understandings, agreements, representations and warranties qualified
by materiality, in which case the undersigned shall notify the Company if they are no longer accurate in all respects). The undersigned
agrees that the purchase by the undersigned of Shares from the Company pursuant this Subscription Agreement will constitute a
reaffirmation of the acknowledgments, understandings, agreements, representations and warranties herein (as modified by any such
notice) by the undersigned as of the Subscription Closing. The undersigned further acknowledges and agrees that the Placement
Agent is a third-party beneficiary of the representations and warranties of the undersigned contained in Sections 6(a), 6(b),
6(c), 6(f), 6(h), 6(j), 6(p), 6(q) and 6(r) of this Subscription Agreement.

 

    13

     

    

 

e. The
Company and the Subscriber are entitled to rely upon this Subscription Agreement and the Company is irrevocably authorized to
produce this Subscription Agreement or a copy hereof when required by law, regulatory authority or NASDAQ to do so in any administrative
or legal proceeding or official inquiry with respect to the matters covered hereby.

 

f. Except
if required by law or NASDAQ, without the prior written consent of the undersigned, the Company shall not, and shall cause its
representatives, including the Placement Agent and their respective representatives, not to, disclose the existence of this Subscription
Agreement or any negotiations related hereto, or to use the name of the undersigned or any information provided by the undersigned
in connection herewith in or for the purpose of any marketing activities or materials or for any similar or related purpose.

 

g. All
the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Subscription
Closing.

 

h. This
Subscription Agreement may not be modified, waived or terminated except by an instrument in writing, signed by the party against
whom enforcement of such modification, waiver, or termination is sought; provided that any rights (but not obligations) of a party
under this Subscription Agreement may be waived, in whole or in part, by such party on its own behalf without the prior consent
of any other party.

 

i. This
Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations
and warranties, both written and oral, among the parties, with respect to the subject matter hereof. Except as otherwise expressly
set forth in subsection (d) of this Section 11, this Subscription Agreement shall not confer any rights or remedies upon any person
other than the parties hereto, and their respective successor and assigns.

 

j. Except
as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto
and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations,
warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors,
administrators, successors, legal representatives and permitted assigns.

 

k. If
any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability
of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue
in full force and effect.

 

l. This
Subscription Agreement may be executed in one or more counterparts (including by facsimile or electronic mail or in .pdf) and
by different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. All
counterparts so executed and delivered shall be construed together and shall constitute one and the same agreement.

 

m. The
parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Subscription Agreement
were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties
shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement and to enforce specifically
the terms and provisions of this Subscription Agreement, this being in addition to any other remedy to which such party is entitled
at law, in equity, in contract, in tort or otherwise.

 

    14

     

    

 

n. Notices.
Any notice, request, claim, demand, waiver, consent, approval or other communication which is required or permitted hereunder
shall be in writing and shall be deemed given (a) when delivered by hand (with written confirmation of receipt), (b) when received
by the addressee if sent by a nationally recognized overnight courier postage prepaid (receipt requested), (c) on the date sent
by email (with no “bounceback” or notice of non-delivery, and provided that, unless affirmatively confirmed by the
recipient as received, notice is also sent to such party under another method permitted in this Section 11(n) within two business
days thereafter) if sent during normal business hours of the recipient, and on the next business day if sent after normal business
hours of the recipient or (d) on the third business day after the date mailed, by certified or registered mail, return receipt
requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses (or at such
other address for a party as shall be specified in a notice given in accordance with this Section 11(n)):

 

		i.	if
                                         to the undersigned, to such address or addresses set forth on the undersigned’s
                                         signature page hereto;

 

		ii.	if
                                         to the Company prior to the Transaction Closing, to:

 

Tuscan
Holdings Corp.

135
E. 57th Street, 18th Floor

New
York NY 10022

Attention:
Stephen A. Vogel

Telephone:
(646) 948-7100

 

With
a required copy to (which shall not constitute notice):

 

Greenberg
Traurig, LLP

MetLife
Building

200
Park Avenue

New
York, New York 10166

Attention:
Alan Annex

Kevin
Friedmann

Email:
AnnexA@gtlaw.com

FriedmannK@gtlaw.com

 

		iii.	If
                                         to Microvast prior to the Transaction Closing, to:

 

Microvast,
Inc.

12603 Southwest Freeway, Suite 210

Stafford, Texas 77477

Attention: Yang Wu

Email: wuyang@microvast.com

 

    15

     

    

 

With
a required copy to (which shall not constitute notice):

 

Shearman
& Sterling LLP

2828 N. Harwood Street, Suite 1800

Dallas, Texas 75201

Attention: Paul Strecker

Alain
Dermarkar

Email: Paul.Strecker@Shearman.com

Alain.Dermarkar@Shearman.com

 

		iv.	If
                                         to the Company after the Transaction Closing, to:

 

Microvast
Holdings, Inc.

12603 Southwest Freeway, Suite 210

Stafford, Texas 77477

Attention: Yang Wu

Email: wuyang@microvast.com

 

With
a required copy to (which shall not constitute notice):

 

Shearman
& Sterling LLP

2828 N. Harwood Street, Suite 1800

Dallas, Texas 75201

Attention: Paul Strecker

Alain
Dermarkar

Email: Paul.Strecker@Shearman.com

Alain.Dermarkar@Shearman.com

 

o. THIS
SUBSCRIPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO THE PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD OTHERWISE REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER STATE.

 

    16

     

    

 

THE
PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT
OF NEW YORK, THE SUPREME COURT OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE
STATE OF NEW YORK SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS SUBSCRIPTION AGREEMENT AND
THE DOCUMENTS REFERRED TO IN THIS SUBSCRIPTION AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE,
AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT
THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR
THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS SUBSCRIPTION AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY
SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE
HEARD AND DETERMINED BY SUCH A NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION
OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS
IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN SECTION 11(n) OR IN SUCH OTHER MANNER AS MAY BE PERMITTED
BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

 

EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES
AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND
HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH
PARTY HAS BEEN INDUCED TO ENTER INTO THIS SUBSCRIPTION AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS
IN THIS SECTION 11(o).

 

[SIGNATURE
PAGES FOLLOW]

 

    17

     

    

 

IN
WITNESS WHEREOF, the undersigned has executed or caused this Subscription Agreement to be executed by its duly authorized
representative as of the date set forth below.

 

	Name of Investor:	 	State/Country of Formation or Domicile:
	RIHENG HK LIMITED	 	British Virgin Islands
	 	 	 
	By: 	/s/ Zhang, Xiaoling	 	 
	Name: 	Zhang, Xiaoling	 	 
	Title: 	Director	 	 
	 	 	 
	Name in which shares are to be registered (if different):	 	Date: January 29, 2021 
	Investor’s EIN:	 	 
	 	 	 
	Business Address-Street:	 	Mailing Address-Street (if different):
	Buiding No. 17, Xianghu Financial Town Part I, Yuewang Road No. 928, Xiaoshan District,	 	 
	City, State, Zip:	 	City, State, Zip:
	Hangzhou, Zhejiang Province, China	 	 
	Attn: Zhang, Zhongcan (章忠灿)	 	Attn: __________________
	 	 	 
	Telephone No.:	 	Telephone No.:
	 	 	 
	Email Address:	 	Email Address:
	 	 	 
	Number of Shares subscribed for:	 	 
	985,827	 	 
	Aggregate Subscription Amount: RMB 30,000,000	 	Price Per Share: N/A

 

The above Subscriber agrees that it shall execute and deliver
the Promissory Note prior to or at the Subscription Closing. 

 

[Signature Page to Subscription Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, Tuscan Holdings Corp. has accepted this Subscription Agreement as of the date set forth below.

 

	 	TUSCAN HOLDINGS CORP.
	 	 	 
	 	By:	/s/ Stephen A. Vogel
	 	Name:	Stephen A. Vogel
	 	Title:	Chief Executive Officer

 

Date:
February 1, 2021

 

[Signature Page to Subscription Agreement]

 

     

     

    

 

SCHEDULE
A

ELIGIBILITY REPRESENTATIONS OF THE INVESTOR

 

		A.	QUALIFIED
INSTITUTIONAL BUYER STATUS

(Please
check the applicable subparagraphs):

 

		1.	☐
We are a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act).

 

		B.	INSTITUTIONAL
ACCREDITED INVESTOR STATUS

(Please
check the applicable subparagraphs):

 

		1.	☐ We
are an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act) for one or more of the following
reasons (Please check the applicable subparagraphs):

 

		☐	We are a bank, as defined in Section 3(a)(2) of the Securities
Act or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act, whether acting
in an individual or a fiduciary capacity.

 

		☐	We are a broker or dealer registered under Section 15
of the Securities Exchange Act of 1934, as amended.

 

		☐	We
are an insurance company, as defined in Section 2(13) of the Securities Act.

 

		☐	We
are an investment company registered under the Investment Company Act of 1940 or a business development company, as defined in
Section 2(a)(48) of that act.

 

		☐	We
are a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the
Small Business Investment Act of 1958.

 

		☐	We
are a plan established and maintained by a state, its political subdivisions or any agency or instrumentality of a state or its
political subdivisions for the benefit of its employees, if the plan has total assets in excess of $5 million.

 

		☐	We
are an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, if the investment
decision is being made by a plan fiduciary, as defined in Section 3(21) of such act, and the plan fiduciary is either a bank,
an insurance company, or a registered investment adviser, or if the employee benefit plan has total assets in excess of $5 million.

 

		☐	We are a private business development company, as defined
in Section 202(a)(22) of the Investment Advisers Act of 1940.

 

		☐	We
are a corporation, Massachusetts or similar business trust, partnership, limited liability company or an organization described
in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, that was not formed for the specific purpose of acquiring
the Securities, and that has total assets in excess of $5 million.

 

    Schedule A

     

    

 

		☐	We
are a trust with total assets in excess of $5 million not formed for the specific purpose of acquiring the Securities, whose purchase
is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the Securities Act.

 

		☐	We
are an investment adviser relying on the exemption from registering with the SEC under Section 203(l) or (m) of the Investment
Advisers Act of 1940, as amended;

 

		☐	We
                                         are a Rural Business Investment Company as defined in Section 384A of the Consolidated
                                         Farm and Rural Development Act;

 

		☐	We
                                         are a family office, as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers
                                         Act of 1940, as amended, that (i) has assets under management in excess of $5 million;
                                         (ii) is not formed for the specific purpose of acquiring the Securities and (iii) has
                                         a person directing the prospective investment who has such knowledge and experience in
                                         financial and business matters so that the family office is capable of evaluating the
                                         merits and risks of the prospective investment;

 

		☐	We
                                         are a family client, as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers
                                         Act of 1940, as amended, of a family office meeting the requirements of clause (d) above
                                         and whose prospective investment in the Company is directed by that family office pursuant
                                         to clause (12)(iii) above;

 

		☐	We
                                         are an entity of a type not previously listed that is not formed for the specific purpose
                                         of acquiring the Securities and owns investments in excess of $5 million. For purposes
                                         of this clause, "investments" means investments as defined in Rule 2a51-1(b)
                                         under the Investment Company Act of 1940, as amended;

 

		☐	We
are an entity in which all of the equity owners are accredited investors.

 

C.
 AFFILIATE STATUS

 

(Please
check the applicable box)

 

THE
INVESTOR:

 

		☐	is:

 

		☐	is
not:

 

an
“affiliate” (as defined in Rule 144 under the Securities Act) of the Company or acting on behalf of an affiliate of
the Company.

 

This
page should be completed by the Investor and constitutes a part of the Subscription Agreement

  

Schedule A

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