Document:

Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management Trust Agreement
(this “Agreement”) is made as of March 2, 2021 by and between Roth CH Acquisition III Co. (the “Company”)
and Continental Stock Transfer & Trust Company, a New York corporation (the “Trustee”).

 

WHEREAS, the Company’s registration
statement on Form S-1, No. 333-252044 (“Registration Statement”), for its initial public offering of securities
(“IPO”) has been declared effective as of the date hereof (“Effective Date”) by the U.S. Securities and
Exchange Commission (capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Registration
Statement); and

 

WHEREAS, Roth Capital Partners, LLC and
Craig-Hallum Capital Group LLC (collectively, the “Representatives”) are jointly acting as the representatives of the
underwriters (collectively, the “Underwriters”) in the IPO pursuant to an underwriting agreement between the Company
and the Underwriters (“Underwriting Agreement”); and

 

WHEREAS, simultaneously with the IPO, initial
stockholders of the Company will be purchasing up to 408,000 private units (“Private Placement Units”) from the Company
for an aggregate purchase price of up to $4,080,000; and

 

WHEREAS, as described in the Registration
Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation, as the same may be amended
from time to time (the “Charter”), $100,000,000 of the net proceeds of the IPO and sale of the Private Placement Units
($115,000,000 if the underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to be deposited
and held in a segregated trust account located at all times in the United States (the “Trust Account”) for the benefit
of the Company and the holders of the Company’s shares of common stock, par value $0.0001 per share (“Common Stock”),
issued in the IPO as hereinafter provided (the amount to be delivered to the Trustee will be referred to herein as the “Property”;
the shareholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Shareholders,”
and the Public Shareholders and the Company will be referred to together as the “Beneficiaries”); and

 

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

 

IT IS AGREED:

 

1.            
Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(a)               Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in a segregated trust account (“Trust
Account”) established by the Trustee in the United States at JPMorgan Chase Bank, N.A. (or at another U.S. chartered commercial
bank with consolidated assets of $100 billion or more) maintained by Trustee, and at a brokerage institution selected by the Trustee
that is reasonably satisfactory to the Company;

 

(b)              
Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

(c)              
In a timely manner, upon the instruction of the Company, invest and reinvest the Property (i) in United States government
treasury bills, notes or bonds having a maturity of 185 days or less and/or (ii) in money market funds meeting certain conditions
under Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, and that invest solely in U.S. treasuries,
as determined by the Company; it being understood that the Trust Account will earn no interest while account funds are uninvested
awaiting the Company’s instructions hereunder and that Trustee may earn bank credits or other consideration;

 

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

 

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

 

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

 

(g)               Participate
in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed
by the Company to do so;

 

(h)               Render
to the Company monthly written statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements
of the Trust Account; and

 

(i)                Commence
liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter (“Termination
Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B,
signed on behalf of the Company by its President, Chief Executive Officer or Chairman of the Board and Secretary or Assistant Secretary
and, in the case of a Termination Letter in a form substantially similar to that attached hereto as Exhibit A, acknowledged
and agreed to by the Representatives, and complete the liquidation of the Trust Account and distribute the Property in the Trust
Account only as directed in the Termination Letter and the other documents referred to therein; provided, however, that in the
event that a Termination Letter has not been received by the Trustee upon the date which is the later of (x) 24 months after
the closing of the offering or (y) within the period of time provided in the Charter, as the same may be amended from time
to time (“Last Date”), the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination
Letter attached as Exhibit B hereto and distributed to the Public Shareholders as of the Last Date.

 

(j)                
Intentionally Omitted

 

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

 

2.            
Limited Distributions of Income from Trust Account.

 

(a)               Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit D, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account
requested by the Company to cover any income or other tax obligation owed by the Company.

 

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

 

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

 

3.           
Agreements and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a)              
Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board, Chief Executive
Officer or Chief Financial Officer. In addition, except with respect to its duties under Sections 1(i), 2(a) and 2(b) above,
the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction
which it in good faith believes to be given by any one of the persons authorized above to give written instructions, provided that
the Company shall promptly confirm such instructions in writing.

 

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(b)              
Subject to the provisions of Sections 5 and 7(g) of this Agreement, hold the Trustee harmless and indemnify the Trustee
from and against, any and all expenses, including reasonable counsel fees and disbursements, or loss suffered by the Trustee in
connection with any claim, potential claim, action, suit or other proceeding brought against the Trustee involving any claim, or
in connection with any claim or demand which in any way arises out of or relates to this Agreement, the services of the Trustee
hereunder, or the Property or any income earned from investment of the Property, except for expenses and losses resulting from
the Trustee’s gross negligence or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim
or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this
Section 3(b), it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”);
provided, however, that the Trustee’s failure to provide such notice shall not relieve the Company of its liability hereunder,
except to the extent that it is materially prejudiced by such failure. The Trustee shall have the right to conduct and manage the
defense against such Indemnified Claim, provided, that the Trustee shall obtain the consent of the Company with respect to the
selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim
without the prior written consent of the Company, which consent shall not be unreasonably withheld or delayed. The Company may
participate in such action with its own counsel.

 

(c)               Pay
the Trustee an initial acceptance fee, an annual fee and a transaction processing fee for each disbursement made pursuant to Sections
2(a) and 2(b) as set forth on Schedule A hereto, which fees shall be subject to modification by the parties from
time to time. It is expressly understood that the Property shall not be used to pay such fees and further agreed that any fees
owed to the Trustee shall be deducted by the Trustee from the disbursements made to the Company pursuant to Sections 1(i) solely
in connection with the consummation of the Company’s initial acquisition, share exchange, share reconstruction and amalgamation,
purchase of all or substantially all of the assets of, or any other similar business combination with one or more businesses or
entities (a “Business Combination”), or pursuant to Section 2 (b). The Company shall pay the Trustee the initial
acceptance fee and first year’s fee at the consummation of the IPO and thereafter on the anniversary of the Effective Date.

 

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

 

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

 

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

 

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

 

(b)               Institute
any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of
any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided
herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto;

 

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

 

(d)               Refund
any depreciation in principal of any Property;

 

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(e)                Assume
that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided
otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;

 

(f)                The
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted,
in good faith and in the exercise of its own best judgment, except for its gross negligence or willful misconduct. The Trustee
may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel
(including counsel chosen by the Trustee), statement, instrument, report or other paper or document (not only as to its due execution
and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained)
which is believed by the Trustee, in good faith, to be genuine and to be signed or presented by the proper person or persons. The
Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or
any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee signed by the proper party or parties
and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto;

 

(g)               Verify
the correctness of the information set forth in the Registration Statement or to confirm or assure that any acquisition made by
the Company or any other action taken by it is as contemplated by the Registration Statement;

 

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

 

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

 

(j)               
Imply obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other
than this agreement and that which is expressly set forth herein; and

 

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

 

5.           
Trust Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including,
without limitation, under Section 3(b) or Section 3(c) hereof, the Trustee shall pursue such Claim solely against
the Company and its assets outside the Trust Account and not against the Property or any monies in the Trust Account.

 

6.           
Termination. This Agreement shall terminate as follows:

 

(a)               If
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee during which time the Trustee shall act in accordance with this Agreement. At such time that
the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to
the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including
but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement
shall terminate; provided, however, that, in the event that the Company does not locate a successor trustee within ninety days
of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with
any court in the State of New York or with the United States District Court for the Southern District of New York and upon such
deposit, the Trustee shall be immune from any liability whatsoever; or

 

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(b)             
At such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of Section 1(i) hereof,
and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except
with respect to Section 3(b).

 

7.            
Miscellaneous.

 

(a)              
The Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect
to funds transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information
relating to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason
to believe unauthorized persons may have obtained access to such information, or of any change in its authorized personnel. In
executing funds transfers, the Trustee will rely upon all information supplied to it by the Company, including account names, account
numbers and all other identifying information relating to a beneficiary, beneficiary’s bank or intermediary bank. The Trustee
shall not be liable for any loss, liability or expense resulting from any error in the information or transmission of the wire.

 

(b)             
This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
It may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together
shall constitute but one instrument.

 

(c)              
This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter
hereof. Except for Sections 1(i), 1(k), 7(c) and 7(h) (which may only be amended with the approval of the holders of
at least 50% of the shares of Common Stock sold in the IPO, provided that all Public Shareholders must be given the right to receive
a pro-rata portion of the trust account (no less than $10.00 per share) in connection with any such amendment), this Agreement
or any provision hereof may only be changed, amended or modified by a writing signed by each of the parties hereto; provided, however,
that no such change, amendment or modification may be made without the prior written consent of the Representatives. As to any
claim, cross-claim or counterclaim in any way relating to this Agreement, each party waives the right to trial by jury. The Trustee
may require from Company counsel an opinion as to the propriety of any proposed amendment.

 

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

 

(e)              
Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be
in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested),
by hand delivery or by facsimile transmission:

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com
and cgonzalez@continentalstock.com

 

if to the Company, to:

 

Roth CH Acquisition III Co.

888 San Clemente Drive, Suite 400

Newport Beach, CA 92660

Attn: Byron Roth

 

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

 

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Roth Capital Partners, LLC

888 San Clemente Drive, Suite 400

Newport Beach, CA 92660

Attn: Byron Roth

 

and:

 

Craig-Hallum Capital Group LLC

222 South Ninth Street, Suite 350

Minneapolis, MN 55402

Attn: John Lipman

 

and:

 

Loeb & Loeb LLP

345 Park Avenue

New York, NY 10154

Attn: Giovanni Caruso

Fax No.: (212) 407-4990

 

and:

 

Graubard Miller

405 Lexington Avenue

New York, NY 10174

Attn: David Alan Miller and Jeffrey Gallant

Fax No.: (212) 818-8881

 

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

 

(g)              
Each of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized
to enter into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and
agrees that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled
to any funds in the Trust Account under any circumstance.

 

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

 

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

 

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

 

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

 

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

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 
	 	By: 	 /s/ Francis Wolf
	 	 	Name: 	 Francis Wolf
	 	 	Title:	Vice President  
	 	 
	 	ROTH CH ACQUISITION III CO.
	 	 
	 	By:	 /s/ Byron Roth
	 	 	Name: 	 Byron Roth
	 	 	Title:	Co-Chief Executive Officer

 

[Signature Page to Investment Management
Trust Agreement]

 

     

     

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,500	 
	Annual fee	 	First year, for the initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	$	10,000	 
	Transaction processing fee for disbursements to Company under Section 2	 	Billed to Company following disbursement made to Company under Section 2	 	$	250	 
	Paying Agent services as required pursuant to Section 1(i) and 1(k)	 	Billed to Company upon delivery of service pursuant to section 1(i) and 1(k)	 	 	Prevailing 

rates	 

 

 

     

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, N.Y. 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of the
Investment Management Trust Agreement between Roth CH Acquisition III Co. (“Company”) and Continental Stock Transfer &
Trust Company (“Trustee”), dated as of [*], 2021 (“Trust Agreement”), this is to advise you that the Company
has entered into an agreement with [___________] (“Target Business”) to consummate a business combination with Target
Business (“Business Combination”) on or about [insert date]. The Company shall notify you at least 72 hours
in advance of the actual date of the consummation of the Business Combination (“Consummation Date”). Capitalized terms
used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to liquidate the Trust Account investments and to transfer the proceeds to the above-referenced
account at JPMorgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of funds held in the Trust Account will
be immediately available for transfer to the account or accounts that the Company shall direct on the Consummation Date. It is
acknowledged and agreed that while the funds are on deposit in the trust operating account awaiting distribution, the Company will
not earn any interest or dividends.

 

On the Consummation Date (i) counsel
for the Company shall deliver to you written notification that the Business Combination has been consummated, and (ii) the
Company shall deliver to you a certificate by the Chief Executive Office, which verifies the vote of the Company’s shareholders
in connection with the Business Combination if a vote is held and (b) joint written instructions from the Company and the
Representatives with respect to the transfer of the funds held in the Trust Account, which must provide for the disbursement of
no less than $10.00 per share to redeeming Public Shareholders (“Instruction Letter”). You are hereby directed and
authorized to transfer the funds held in the Trust Account immediately upon your receipt of the counsel’s letter and the
Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust
Account may not be liquidated by the Consummation Date without penalty, you will notify the Company of the same and the Company
shall direct you as to whether such funds should remain in the Trust Account and distributed after the Consummation Date to the
Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be
terminated.

 

     

     

    

 

In the event that the Business Combination
is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original
Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the funds
held in the Trust Account shall be reinvested as provided in the Trust Agreement on the business day immediately following the
Consummation Date as set forth in the notice.

 

	 	Very truly yours,
	 	 
	 	ROTH CH ACQUISITION III CO.
	 	 
	 	By:	 
	 	 	Name: Byron Roth
	 	 	Title: Co-Chief Executive Officer
	 	 	 
	 	By:	 
	 	 	Name: Gordon Roth
	 	 	Title: Chief Financial Officer

 

	Acknowledged and Agreed:	 
	 	 
	Roth Capital Partners, LLC	 

 

	By:	 	 

	Name:	 
	Title:	 
	 	 
	Craig-Hallum Capital Group LLC	 

 

	By:	 	 

	Name:	 
	Title:  	 

 

     

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, N.Y. 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of the
Investment Management Trust Agreement between Roth CH Acquisition III Co. (“Company”) and Continental Stock Transfer &
Trust Company (“Trustee”), dated as of [*], 2021 (“Trust Agreement”), this is to advise you that the Company
has been unable to effect a Business Combination with a Target Company within the time frame specified in the Charter, as described
in the Company’s prospectus relating to its IPO. Capitalized terms used herein and not otherwise defined shall have the meanings
set forth in the Trust Agreement.

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to liquidate all the Trust Account investments and to transfer the total proceeds to the Trust
Operating Account at JPMorgan Chase Bank, N.A. to await distribution to the Public Shareholders. The Company has selected [         ,
20 ] as the effective date for the purpose of determining when the Public Shareholders will be entitled to receive their share
of the liquidation proceeds. It is acknowledged that no interest will be earned by the Company on the liquidation proceeds while
on deposit in the Trust Checking Account. You agree to be the Paying Agent of record and in your separate capacity as Paying Agent,
to distribute said funds directly to the Public Shareholders in accordance with the terms of the Trust Agreement and the Charter.
Upon the distribution of all the funds in the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

	 	Very truly yours,
	 	 
	 	ROTH CH ACQUISITION III CO.

 

	 	By:	 

	 	Name: Byron Roth
	 	Title: Co-Chief Executive Officer

 

	 	By:	 

	 	Name: Gordon Roth
	 	Title: Chief Financial Officer

 

	cc:	Roth Capital Partners, LLC
	 	Craig-Hallum Capital Group LLC

 

     

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, N.Y. 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account - Amendment Notification Letter

 

Dear Francis Wolf and Celeste Gonzalez:

 

Reference is made to that certain Investment Management Trust
Agreement between Roth CH Acquisition III Co. (“Company”) and Continental Stock Transfer & Trust Company,
dated as of [*], 2021 (“Trust Agreement”). Capitalized words used herein and not otherwise defined shall have the meanings
ascribed to them in the Trust Agreement.

 

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

 

	 	ROTH CH ACQUISITION III CO.
	 	 
	 	By: 	 
	 	 	Name: 	Byron Roth
	 	 	
        Title:
	Co-Chief Executive Officer

	 	 	 	 
	 	By:	 
	 	 	Name: 	Gordon Roth
	 	 	Title:	Chief Financial Officer

 

	
        

        cc:
	Roth Capital Partners, LLC
	 	Craig-Hallum Capital Group LLC

 

     

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, N.Y. 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account – Tax Payment Withdrawal Instruction

 

Dear Francis Wolf and Celeste Gonzalez:

 

Pursuant to Section (2(a) of the
Investment Management Trust Agreement between Roth CH Acquisition III Co. (“Company”) and Continental Stock Transfer &
Trust Company (“Trustee”), dated as of [*], 2021 (“Trust Agreement”), the Company hereby requests that
you deliver to the Company [$       ] of the interest income earned on the Property as of
the date hereof. The Company needs such funds to pay for its tax obligations. In accordance with the terms of the Trust Agreement,
you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to
the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	ROTH CH ACQUISITION III CO.
	 	 
	 	By:	 
	 	 	Name: Byron Roth
	 	 	Title: Co-Chief Executive Officer

 

	cc:	Roth Capital Partners, LLC
	 	Craig-Hallum Capital Group LLCExhibit 10.3

 

STOCK ESCROW AGREEMENT

 

This STOCK ESCROW AGREEMENT, dated as of March 2,
2021 (“Agreement”), is by and among Roth CH Acquisition III Co., a Delaware corporation (the “Company”),
the initial securityholders listed on Exhibit A attached hereto (each, an “Initial Securityholder” and
collectively the “Initial Securityholders”) and Continental Stock Transfer & Trust Company, a New York corporation
(the “Escrow Agent”).

 

WHEREAS, the Company has entered into an Underwriting
Agreement, dated as of March 2, 2021 (“Underwriting Agreement”), with Roth Capital Partners, LLC and Craig-Hallum
Capital Group LLC, acting jointly as the representatives of the underwriters (collectively, the “Underwriters”), pursuant
to which, among other matters, the Underwriters have agreed to purchase 10,000,000 units (“Units”) of the Company,
plus an additional 1,500,000 Units if the Underwriters exercise their over-allotment option in full. Each Unit consists of one
share of common stock of the Company, par value $0.0001 (“Common Stock”), and one-quarter of one redeemable warrant,
each whole warrant entitling its holder to purchase one share of Common Stock at an exercise price of $11.50 per full share of
Common Stock, both as more fully described in the Company’s final Prospectus, dated March 2, 2021 (“Prospectus”),
comprising part of the Company’s Registration Statement on Form S-1 (File No. 333-252044) under the Securities
Act of 1933, as amended (“Registration Statement”), declared effective on March 2, 2021 (“Effective Date”).

 

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

 

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

 

IT IS AGREED:

 

1.             Appointment
of Escrow Agent. The Company and the Initial Securityholders hereby appoint the Escrow Agent to act in accordance with and
subject to the terms of this Agreement with authority and power to transfer the Escrow Securities, and the Escrow Agent hereby
accepts such appointment and agrees to act in accordance with and subject to such terms without the need for any further guaranteed
share power from the Initial Securityholders.

 

2.             Deposit
of Escrow Securities. On or prior to the Effective Date, the Escrow Securities shall have been issued to each of the Initial
Securityholders in book entry representing such Initial Securityholder’s respective Escrow Securities, to be held and disbursed
subject to the terms and conditions of this Agreement. Each of the Initial Securityholders acknowledges that such Initial Securityholder’s
Escrow Securities is legended to reflect the deposit of such Escrow Securities under this Agreement.

 

3.             Disbursement
of the Escrow Securities.

 

3.1           The
Escrow Agent shall hold the Insider Shares during the period (the “Insider Shares Escrow Period”) commencing on the
date hereof and (i) for 50% of the Insider Shares, ending on the earlier of (x) six months after the date of the consummation
of the Company’s initial business combination (as described in the Registration Statement, hereinafter a “Business
Combination”) and (y) the date on which the closing price of the Common Stock equals or exceeds $12.50 per share (as
adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading
day period commencing after the Company’s initial Business Combination and (ii) for the remaining 50% of the Insider
Shares, ending six months after the date of the consummation of a Business Combination. The Insider Shares shall be released upon
notice to the Escrow Agent by any Initial Securityholder or the Company that the foregoing requirements have been met. The Company
shall promptly provide written notice of the consummation of a Business Combination to the Escrow Agent. Upon completion of the
Insider Shares Escrow Period, the Escrow Agent shall disburse such amount of each Initial Securityholder’s Insider Shares
to such Initial Securityholder; provided, however, that if the Escrow Agent is notified by the Company pursuant to Section 6.7
hereof that the Company is being liquidated at any time during the Insider Shares Escrow Period, then the Escrow Agent shall promptly
destroy the certificates representing the Insider Shares; provided further, however, that if, subsequent to the Company’s
Business Combination, the Company (or the surviving entity) subsequently consummates a liquidation, merger, stock exchange or other
similar transaction which results in all of the shareholders of such entity having the right to exchange their shares of Common
Stock for cash, securities or other property, then the Escrow Agent will, upon receipt of a written notice executed by the Chairman
of the Board, Chief Executive Officer or other authorized officer of the Company, in form reasonably acceptable to the Escrow Agent,
certifying that such transaction is then being consummated or such conditions have been achieved, as applicable, release the Insider
Shares to the Initial Securityholders. The Escrow Agent shall have no further duties hereunder after the disbursement or cancellation
of the Insider Shares in accordance with this Section 3.

 

    

     

    

 

3.2           Notwithstanding
Section 3.1, if the Underwriters do not exercise their over-allotment option to purchase an additional 1,500,000 Units of
the Company in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Initial Securityholders
agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of Insider Shares held by each
such holder determined by multiplying (a) the product of (i) 375,000 multiplied by (ii) a fraction, (x) the
numerator of which is the number of Insider Shares held by each such holder, and (y) the denominator of which is the total
number of Insider Shares, by (b) a fraction, (i) the numerator of which is 1,500,000 minus the number of shares of Common
Stock purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is
1,500,000. The Company shall promptly provide written notice to the Escrow Agent of the expiration or termination of the Underwriters’
over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with their exercise thereof.
The Initial Securityholders hereby irrevocably constitute and appoint Escrow Agent to transfer the said Insider Shares on the books
of the Company with full power of substitution in the premises.

 

4.             Rights
of Initial Securityholders in Escrow Securities.

 

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

 

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

 

4.3           Restrictions
on Transfer. During the Escrow Periods, the only permitted transfers of the Escrow Securities will be for transfers (i) to
any persons (including their affiliates and stockholders) participating in the private placement of the private units and the Company’s
officers, directors, stockholders and employees, (ii) amongst Initial Securityholder or to the Company’s officers, directors
and employees, (iii) if an Initial Securityholder is an entity, as a distribution to its, partners, stockholders or members
upon its liquidation, (iv) by bona fide gift to a member of the Initial Securityholder’s immediate family or to a trust,
the beneficiary of which is a holder or a member of an Initial Securityholder’s immediate family, for estate planning purposes,
(v) by virtue of the laws of descent and distribution upon death, (vi) pursuant to a qualified domestic relations order,
(vii) by certain pledges to secure obligations incurred in connection with purchases of the Company’s securities, (viii) by
private sales at prices no greater than the price at which the Escrow Securities were originally purchased, or (ix) to the
Company for cancellation in accordance with Section 3.2 above or in connection with the consummation of a Business Combination,
in each case, (except for clause (ix) or with the Company’s prior consent) on the condition that such transfers may
be implemented only upon the respective transferee’s written agreement to be bound by the terms and conditions of this Agreement
and of the Insider Letter (as defined below) signed by the Initial Securityholder transferring the Escrow Securities.

 

4.4           Insider
Letters. Each of the Initial Securityholders has executed a letter agreement with the Company, dated as of the date hereof,
and the form of which is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting the rights
and obligations of such Initial Securityholder in certain events, including but not limited to the liquidation of the Company.

 

    2

     

    

 

5.             Concerning
the Escrow Agent.

 

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

 

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

 

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

 

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

 

5.5           Resignation.
The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties
hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective
at such time that the Escrow Agent shall turn over to a successor escrow agent appointed by the Company, the Escrow Securities
held hereunder. If no new escrow agent is so appointed within the 60 day period following the giving of such notice of resignation,
the Escrow Agent may deposit the Escrow Securities with any court it reasonably deems appropriate.

 

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

 

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

 

    3

     

    

 

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

 

6.             Miscellaneous.

 

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

 

6.2           Third
Party Beneficiaries. Each of the Initial Securityholders hereby acknowledges that Roth Capital Partners, LLC and Craig-Hallum
Capital Group LLC are third party beneficiaries of this Agreement, and this Agreement may not be modified or changed without the
prior written consent of Roth Capital Partners, LLC and Craig-Hallum Capital Group LLC.

 

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

 

6.4           Headings.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
thereof.

 

6.5           Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives,
successors and assigns.

 

6.6           Notices.
Any notice or other communication required or which may be given hereunder shall be in writing and either be delivered personally
or be mailed, certified or registered mail, or by private national courier service, return receipt requested, postage prepaid,
and shall be deemed given when so delivered personally or, if mailed, two days after the date of mailing, as follows:

 

If to the Company, to:

 

Roth CH Acquisition III Co.

888 San Clemente Drive, Suite 400

Newport Beach, CA 92660

Attn: Byron Roth, Co-Chief Executive Officer

 

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

 

and if to the Escrow Agent, to:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attn: Erika Young

 

A copy (which copy shall not constitute
notice) sent hereunder shall be sent to:

 

Roth Capital Partners, LLC

888 San Clemente Drive, Suite 400

Newport Beach, CA 92660

Attn: Byron Roth

 

    4

     

    

 

and:

 

Craig-Hallum Capital Group LLC

222 South Ninth Street, Suite 350

Minneapolis, MN 55402

Attn: John Lipman

 

and:

 

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn: Giovanni Caruso

 

and:

 

Graubard Miller

405 Lexington Avenue

New York, NY 10174

Attn: David Alan Miller and Jeffrey Gallant

Fax No.: (212) 818-8881

 

The parties may change the persons and addresses
to which the notices or other communications are to be sent by giving written notice to any such change in the manner provided
herein for giving notice.

 

6.7           Liquidation
of the Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the Company
in the event that the Company fails to consummate a Business Combination within the time period specified in the Prospectus.

 

[Signature Page Follows]

 

    5

     

    

 

WITNESS the execution of this Agreement as
of the date first above written.

 

	 	COMPANY:
	 	 
	 	ROTH CH ACQUISITION III CO.
	 	 
	 	By:	/s/ Byron Roth
	 	Name: Byron Roth
	 	Title: Co-Chief Executive Officer
	 	 
	 	INITIAL SECURITYHOLDERS:
	 	 
	 	CR Financial Holdings,Inc.
	 	 
	 	By:	/s/ Byron Roth                         
	 	Name: Byron Roth
	 	Title: Chief Executive Officer
	 	 
	 	Craig-Hallum Capital Group, LLC
	 	 
	 	By:	/s/ Jeannie Sonstegard
	 	Name: Jeannie Sonstegard
	 	Title:
	 	 
	 	/s/ Byron Roth
	 	Byron Roth
	 	 
	 	/s/ Gordon Roth
	 	Gordon Roth
	 	 
	 	/s/ Aaron Gurewitz
	 	Aaron Gurewitz, as Trustee of the AMG Trust established January 23, 2007
	 	 
	 	/s/ Andrew Costa
	 	Andrew Costa
	 	 
	 	/s/ Matthew Day
	 	Matthew Day
	 	 
	 	/s/ Theodore Roth
	 	Theodore Roth

 

[Signature Page to
Stock Escrow Agreement]

 

    

     

    

 

	 	/s/ John Lipman
	 	John Lipman
	 	 
	 	/s/ Nazan Akdeniz
	 	Nazan Akdeniz
	 	 
	 	/s/ Louis J. Ellis III
	 	Louis J. Ellis III
	 	 
	 	/s/ James Zavoral
	 	James Zavoral
	 	 
	 	/s/ Kevin Harris
	 	Kevin Harris
	 	 
	 	/s/ William F. Hartfiel III
	 	William F. Hartfiel III
	 	 
	 	/s/ Brad Baker
	 	Brad Baker
	 	 
	 	/s/ George Sutton
	 	George Sutton
	 	 
	 	/s/ Dan Kapke
	 	Dan Kapke
	 	 
	 	/s/ Steve Dyer
	 	Steve Dyer
	 	 
	 	/s/ Mike Anderson
	 	Mike Anderson
	 	 
	 	/s/ Christian Schwab
	 	Christian Schwab
	 	 
	 	/s/ Donald Hulstrand
	 	Donald Hulstrand
	 	 
	 	/s/ James Gold
	 	James Gold

 

[Signature Page to
Stock Escrow Agreement]

 

    

     

    

 

	 	/s/ Sam Chawla
	 	Sam Chawla
	 	 
	 	Rx3 Growth Partners
	 	 
	 	By:	/s/ Nate Raabe               
	 	Name: Nate Raabe
	 	Title:
	 	 
	 	/s/ Molly Hemmeter
	 	Molly Hemmeter
	 	 
	 	Hampstead Park Capital Management, LLC
	 	 
	 	By:	/s/ Daniel M. Friedberg
	 	Name: Daniel M. Friedberg
	 	Title: Managing Member
	 	 
	 	/s/ Adam Rothstein
	 	Adam Rothstein
	 	 
	 	CONTINENTAL STOCK TRANSFER& TRUST COMPANY
	 	 
	 	By:	/s/ Erika Young
	 	Name: Erika Young
	 	Title: Vice President

 

[Signature Page to
Stock Escrow Agreement]

 

    

     

    

 

EXHIBIT A

 

	Name and Address of
 Initial Securityholder	 	Number 
 of Insider

Shares
	CR Financial Holdings, Inc.	 	 	497,377
	Craig-Hallum Capital Group, LLC	 	 	122,186
	Byron Roth	 	 	392,562
	Gordon Roth	 	 	80,875
	Aaron Gurewitz, as Trustee of the AMG Trust established January 23, 2007	 	 	104,683
	Theodore Roth	 	 	45,799
	John Lipman	 	 	612,464
	Nazan Akdeniz	 	 	7,270
	Louis J. Ellis III	 	 	7,270
	Molly Montgomery	 	 	35,233
	Hampstead Park Capital Management, LLC	 	 	35,233
	Adam Rothstein	 	 	35,233
	Andrew Costa	 	 	75,000
	Matthew Day	 	 	14,093
	James Zavoral	 	 	39,222
	Kevin Harris	 	 	78,445
	William F. Hartfiel III	 	 	78,445
	Brad Baker	 	 	78,445
	George Sutton	 	 	39,222
	Dan Kapke	 	 	19,611
	Steve Dyer	 	 	39,222
	Mike Anderson	 	 	39,222
	Christian Schwab	 	 	19,611
	Donald Hulstrand	 	 	58,833
	Rx3 Ventures, LP	 	 	159,722
	James Gold	 	 	79,861
	Sam Chawla	 	 	79,861

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