Document:

Exhibit 4.1

 

DESCRIPTION OF SECURITIES 

  

As of December 31, 2021, Microvast Holdings, Inc.
(“Microvast,” “us,” “our,” “we,” or the “Company”) had two classes of securities
registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) our common stock,
par value $0.0001 per share, and (ii) our warrants, exercisable for shares of common stock at an exercise price of $11.50 per share.

 

The following description of our capital stock and
warrants is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our Second Amended
and Restated Certificate of Incorporation (our “Charter”) and our Amended and Restated Bylaws (our “Bylaws”),
the Stockholders’Agreement entered on July 26, 2021, the Registration Rights and Lockup Agreement entered into on July 26, 2021,
the Warrant Agreement entered into on March 5, 2019, and the applicable provisions of the General Corporation Law of the State of Delaware
(the “DGCL”), as applicable.

 

Authorized and Outstanding Stock

 

Authorized Stock

 

The Charter authorizes the issuance of 800,000,000
shares of capital stock, consisting of 750,000,000 shares of common stock, par value $0.0001 per share, and 50,000,000 shares of preferred
stock, par value $0.0001 per share.

 

Common Stock

 

Voting.    Each
holder of common stock is entitled to one vote for each share of common stock held of record by such holder on all matters on which stockholders
generally are entitled to vote. The holders of shares of common stock will vote together as a single class (or, if the holders of one
or more outstanding series of preferred stock are entitled to vote together with the holders of common stock as a single class, together
with the holders of such other series of preferred stock) on all matters submitted to a vote of our stockholders generally. Generally,
all matters to be voted on by stockholders must be approved by a majority (or, (1) in the case of election of directors, by a plurality
and (2), in the case of amendment of the Charter, so long as Mr. Wu maintains beneficial ownership of at least 10% of the total voting
power of all the outstanding shares of the Company entitled to vote generally in the election of directors, by a vote of at least 75%)
of the votes entitled to be cast by all stockholders present in person or represented by proxy, voting together as a single class. Notwithstanding
the foregoing, to the fullest extent permitted by law, holders of common stock, as such, will have no voting power with respect to, and
will not be entitled to vote on, any amendment to the Charter (including any certificate of designations relating to any series of preferred
stock) that relates solely to the terms of one or more outstanding series of preferred stock if the holders of such affected series are
entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to the Charter (including
any certificate of designations relating to any series of preferred stock) or pursuant to the DGCL.

 

Dividend Rights.    Subject
to preferences that may be applicable to any outstanding series of preferred stock or any other outstanding class or series of stock,
the holders of shares of common stock are entitled to receive such dividends or distributions, if any, as may be declared from time-to-time
by the Board of Directors (the “Board”) out of funds or assets legally available therefor.

 

Rights upon Liquidation.    In
the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company’s affairs, the holders of common
stock are entitled to the assets remaining after payment of the Company’s debts and other liabilities, subject to prior distribution
rights of preferred stock or any class or series of stock having a preference over the common stock, then outstanding, if any.

 

    

     

    

 

Other Rights.    The
holders of common stock have no preemptive, preferential, or similar rights with respect to issuances of shares of stock of the Company.
There are no redemption provisions or sinking fund provisions applicable to the common stock. The rights, preferences and privileges of
holders of common stock will be subject to those of the holders of any shares of preferred stock the Company may issue in the future.

 

Preferred Stock

 

No shares of preferred stock have been issued. The
Charter authorizes the Board to establish one or more series of preferred stock. Unless required by law or any stock exchange, the authorized
shares of preferred stock will be available for issuance without further action by the holders of common stock. The Board has the discretion
to determine the powers, preferences and relative, participating, optional and other special rights, including voting rights, dividend
rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock.

 

The issuance of preferred stock may have the effect
of delaying, deferring or preventing a change in control of the Company without further action by the stockholders. Additionally, the
issuance of preferred stock may adversely affect the holders of common stock by restricting dividends on the common stock, diluting the
voting power of the common stock or subordinating the liquidation rights of the common stock. As a result of these or other factors, the
issuance of preferred stock could have an adverse impact on the market price of the common stock. At present, we have no plans to issue
any preferred stock.

 

Warrants

 

Each public warrant entitles the registered holder
to purchase one share of common stock at a price of $11.50 per share, subject to adjustment (as discussed below). No warrants will be
exercisable for cash unless we have an effective and current registration statement covering the shares of common stock issuable upon
exercise of the warrants and a current prospectus relating to such shares of common stock. Notwithstanding the foregoing, since a registration
statement covering the shares of common stock issuable upon exercise of the public warrants was not effective within a specified period
following the consummation of the Business Combination, warrant holders may, until such time as there is an effective registration statement
and during any period when we will have failed to maintain an effective registration statement, exercise warrants on a cashless basis
pursuant to the exemption provided by Section 3(a)(9) of the Securities Act of 1933 (the “Securities Act”), provided
that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their
warrants on a cashless basis. In such event, each holder would pay the exercise price by surrendering the warrants for that number of
shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying
the warrants multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined
below) by (y) the fair market value. The “fair market value” for this purpose will mean the average reported last sale
price of the shares of common stock for the 5 trading days ending on the trading day prior to the date of exercise. The warrants will
expire on the fifth anniversary of the Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

The private warrants are identical to the public
warrants, except that such warrants will be exercisable for cash or on a cashless basis, at the holder’s option, and will not be
redeemable by us so long as they are still held by Tuscan Holdings Acquisition LLC, a Delaware limited liability company (the “Sponsor),
or its permitted transferees.

 

We may call the warrants for redemption (excluding
the private warrants), in whole and not in part, at a price of $0.01 per warrant,

 

		●	at any time,

 

		●	upon not less than 30 days’ prior written notice
of redemption to each warrant holder,

 

		●	if, and only if, the reported last sale price of the shares
of common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations),
for any 20 trading days within a 30 trading day period ending on the third business day prior to the notice of redemption to warrant
holders; and

  

		●	if, and only if, there is a current registration statement
in effect with respect to the shares of common stock underlying such warrants.

 

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The right to exercise will be forfeited unless the
warrants are exercised prior to the date specified in the notice of redemption. On and after the redemption date, a record holder of a
warrant will have no further rights except to receive the redemption price for such holder’s warrant upon surrender of such warrant.

 

The redemption criteria for our warrants have been
established at a price which is intended to provide warrant holders a reasonable premium to the initial exercise price and provide a sufficient
differential between the then-prevailing share price and the warrant exercise price so that if the share price declines as a result
of our redemption call, the redemption will not cause the share price to drop below the exercise price of the warrants.

 

If we call the warrants for redemption as described
above, our management will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.”
In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of common stock equal to
the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by
the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair
market value. The “fair market value” will mean the average reported last sale price of the shares of common stock for the
5 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants.

 

The warrants were issued in registered form under
a Warrant Agreement, dated March 5, 2019, between Continental Stock Transfer & Trust Company, as warrant agent, and us. The Warrant
Agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any
defective provision, but requires the approval, by written consent or vote, of the holders of at least 50% of the then outstanding public
warrants, in order to make any change that adversely affects the interests of the registered holders.

 

The exercise price and number of shares of common
stock issuable on exercise of the warrants may be adjusted in certain circumstances, including in the event of a stock dividend, extraordinary
dividend or our recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuances of
shares of common stock at a price below their respective exercise prices.

 

The warrants may be exercised upon surrender of
the warrant certificate on or prior to the expiration date at the offices of the warrant agent with the exercise form on the reverse side
of the warrant certificate completed and executed as indicated accompanied by full payment of the exercise price, by certified or official
bank check payable to us, for the number of warrants being exercised. The warrant holders do not have the rights or privileges of holders
of shares of common stock nor do the warrant holders have any voting rights until they exercise their warrants and receive shares of common
stock. After the issuance of shares of common stock upon exercise of the warrants, each holder will be entitled to one vote for each share
held of record on all matters to be voted on by stockholders.

 

Under the terms of the Warrant Agreement, we agreed
to use our best efforts to have declared effective a prospectus relating to the shares of common stock issuable upon exercise of the warrants
and to keep such prospectus current until the expiration of the warrants. However, we have not been able to do so and cannot assure you
that we will be able to do so and, if we do not maintain a current prospectus relating to the shares of common stock issuable upon exercise
of the warrants, holders will be unable to exercise their warrants for cash and we will not be required to net cash settle or cash settle
the warrant exercise.

 

Warrant holders may elect to be subject to a restriction
on the exercise of their warrants such that an electing warrant holder would not be able to exercise their warrants to the extent that,
after giving effect to such exercise, such holder would beneficially own in excess of 9.8% of the shares of common stock outstanding.

 

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No fractional shares will be issued upon exercise
of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon
exercise, round up to the nearest whole number the number of shares of common stock to be issued to the warrant holder.

 

Dividends

 

We have not paid any cash dividend on our common
stock to date and do not intend to pay cash dividends. The payment of cash dividends in the future will be dependent upon our revenues
and earnings, if any, capital requirements and general financial condition. The payment of any cash dividends will be within the discretion
of our Board. Our Board is not currently contemplating and does not anticipate declaring any stock dividends in the foreseeable future.
Further, if we incur any indebtedness, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection
therewith.

 

Stockholders’ Agreement

 

On July 26,
2021, the Company, Mr. Yang Wu and the Sponsor entered into the Stockholders’ Agreement. The Stockholders’ Agreement
provides that Mr. Wu will have the right, but not the obligation, to nominate for election to the Board at every meeting of the stockholders
of the Company at which directors are elected a number of individuals (rounded up to the nearest whole number) equal to (a) the total
number of directors, multiplied by (b) the quotient obtained by dividing the shares of common stock beneficially owned by Mr. Wu
by the total number of outstanding shares of common stock (each, a “Wu Director”) less the number of Wu Directors then serving
on the Board and whose terms in office are not expiring at such meeting. Mr. Wu, Yanzhuan Zheng, Stanley Whittingham and Arthur Wong
were nominated by Mr. Wu as the initial Wu Directors. The Stockholders' Agreement provides that any increase or decrease in the number
of directors will require the affirmative vote of the Wu Directors.

 

So long as the Sponsor
beneficially owns at least 5,481,441 shares of common stock, the Sponsor will have the right, but not the obligation, to nominate
for election to the Board at every meeting of the stockholders of the Company at which directors are elected, one individual (the “Sponsor
Director”) less the number of Sponsor Directors then serving on the Board and whose terms in office are not expiring at such meeting.
Stephen Vogel was nominated by the Sponsor as the initial Sponsor Director.

 

Registration Rights and Lock-Up Agreement

 

On July 26, 2021, the Company
entered into the Registration Rights and Lockup Agreement with stockholders of Microvast prior to the consummation of the Business Combination,
the affiliates of certain former investors in our subsidiary Microvast Power System (Houzhou) Co. Ltd., the Sponsor and certain officers
and directors of the Company, pursuant to which the Company was obligated to file a registration statement promptly following the closing
of the Business Combination to register the resale of certain securities of the Company held by the parties to the Registration Rights
and Lock-Up Agreement. The Registration Rights and Lock-Up Agreement provides the parties thereto with “piggy-back”
registration rights and block trade registration rights, subject to certain requirements and customary conditions.

 

In connection with the PIPE Offering, the Company
agreed that, within 30 calendar days after the closing of the Business Combination, the Company had to file with the SEC a registration
statement registering the resale or transfer of the shares issued to the PIPE investors. The Company must use 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, (ii) the date on which such Shares have actually
been sold and (iii) the date which is two years after the closing of the Business Combination.

 

In connection with the Company’s initial public
offering, the Company agreed that, as soon as practicable after the closing of the Business Combination, it had to use its best efforts
to file, with the SEC, a registration statement for the registration, under the Securities Act, of the shares of common stock issuable
upon exercise of the warrants. The Company must use its best efforts to cause the same to become effective and to maintain the effectiveness
of such registration statement until the expiration of the warrants.

 

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Anti-Takeover Effects of the Charter and the Bylaws

 

Some provisions of the Charter and the Bylaws, which
are summarized in the following paragraphs, are intended to enhance the likelihood of continuity and stability in the composition of the
Board and to discourage certain types of transactions that may involve an actual or threatened acquisition of the Company. However, these
provisions may have the effect of rendering more difficult, discouraging, delaying, or preventing an acquisition deemed undesirable by
Mr. Wu or the Board and therefore depress the trading price of the common stock.

 

Authorized but Unissued Capital Stock

 

Our authorized but unissued common stock and preferred
stock are available for future issuances without stockholder approval and could be utilized for a variety of corporate purposes, including
future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved
common stock and preferred stock could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest,
tender offer, merger or otherwise.

 

Classified Board

 

The Charter provides that the Board (other than
those directors, if any, elected by the holders of any outstanding series of preferred stock) is divided into three classes of directors.
The existence of a classified board of directors could discourage a third-party from making a tender offer or otherwise attempting to
obtain control of the Company, as the classification of the Board makes it more time consuming for stockholders to replace a majority
of the directors.

 

Number of Directors 

 

The Charter provides that the number of directors
on the Board will be fixed in the manner set forth in the Bylaws, except that any increase or decrease in the number of directors will
require the affirmative vote of the directors appointed by Mr. Wu then in office.

 

Board of Director Vacancies

 

The Charter provides that, with respect to directors
elected by the stockholders generally entitled to vote, (i) newly created directorships resulting from an increase in the authorized
number of directors or any vacancies on the Board resulting from death, resignation, disqualification, removal or other cause will be
filled solely and exclusively by a majority of the directors then in office, although less than a quorum, or by the sole remaining director,
and (ii) that any director so elected will hold office until the expiration of the term of office of the director whom he or she
has replaced and until his or her successor is elected and qualified, subject to such director’s earlier death, resignation, disqualification
or removal, which prevents stockholders from being able to fill vacancies on the Board.

 

Directors Removed Only for Cause

 

The Charter provides that any director elected by
the stockholders generally entitled to vote may only be removed for cause.

 

Special Meeting of Stockholders

 

The Charter provides that special meetings of stockholders
may only be called by: (1) the Board, (2) the chairman of the Board or (3) Mr. Wu, so long as Mr. Wu beneficially owns
at least 10% of the total voting power of the outstanding capital stock of the Company, which may delay the ability of our stockholders
to force consideration of a proposal or to take action, including the removal of directors.

 

Action by Written Consent

 

The Charter provides that stockholder action can
be taken only at an annual or special meeting of stockholders and cannot be taken by consent in lieu of a meeting.

 

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Supermajority Requirement for Amendments of the Charter

 

The DGCL generally provides that the affirmative
vote of the holders of a majority of the total voting power of the shares entitled to vote is required to amend a corporation’s
certificate of incorporation, unless the corporation’s certificate of incorporation requires a greater percentage. The Charter provides
that, so long as Mr. Wu owns at least 10% of the total voting power of the outstanding capital stock of the Company, the Charter may only
be amended by the affirmative vote of at least 75% of the total voting power of the outstanding capital stock of the Company. If Mr. Wu
ceases to own at least 10% of the total voting power of the outstanding capital stock of the Company, the Charter may be amended by the
affirmative vote of a majority of the total voting power of the outstanding capital stock of the Company. Such requirement for a supermajority
to approve amendments to the Charter could enable a minority of the stockholders of the Company to exercise veto power over such amendments.

 

Notice Requirements for Stockholder Proposals and Director Nominations

 

The Charter and Bylaws provide advance notice procedures
for stockholders seeking to bring business before the special meeting of stockholders or to nominate candidates for election as directors
at the special meeting of stockholders. The Bylaws will also specify certain requirements regarding the form and content of a stockholder’s
notice. These provisions might make it more difficult to bring matters before the special meeting.

 

Exclusive Forum Selection

 

The Charter provides that, unless we consent to
the selection of an alternative forum, any (1) derivative action or proceeding brought on behalf of the Company, (2) action
asserting a claim of breach of a fiduciary duty owed by any current or former director, officer, other employee or stockholder of the
Company to the Company or the Company’s stockholders, (3) action asserting a claim against the Company or any director or officer
of the Company (a) action arising pursuant to any provision of the DGCL or the Charter or the Bylaws or (b) as to which the
DGCL confers jurisdiction on the Court of Chancery of the State of Delaware or (iv) action asserting a claim against the Company
or any director or officer of the Company governed by the internal affairs doctrine of the law of the State of Delaware will, to the fullest
extent permitted by law, be solely and exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not
have subject matter jurisdiction thereof, any other court located in the State of Delaware with subject matter jurisdiction. This forum
selection provision does not apply to any action asserting claims arising under the Exchange Act or the Securities Act. The forum provision
further provides that the federal district courts of the United States of America will, to the fullest extent permitted by applicable
law, be the sole and exclusive forum for the resolution of any action asserting claims arising under the Securities Act. To the fullest
extent permitted by law, any person or entity purchasing or otherwise acquiring or holding any interest in shares of capital stock of
the Company will be deemed to have notice of and consented to the forum provisions in the Charter. Although the Company believes this
provision benefits it by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies,
the provision may have the effect of discouraging lawsuits against Company’s directors and officers.

 

Limitations on Liability and Indemnification of Officers and Directors

 

The DGCL authorizes corporations to limit or eliminate
the personal liability of the directors of corporations and their stockholders for monetary damages for breaches of directors’ fiduciary
duties, subject to certain exceptions. The Charter includes a provision that eliminates the personal liability of directors for monetary
damages for any breach of fiduciary duties as a director, except to the extent such exemption from liability or limitation thereof is
not permitted under the DGCL. The effect of this provision is to eliminate the rights of the Company and its stockholders, through stockholders’
derivative suits on the Company’s behalf, to recover monetary damages from a director for a breach of fiduciary duties as a director,
including breaches resulting from grossly negligent behavior. However, exculpation does not apply to any director if the director has
acted in bad faith or knowingly or intentionally violated the law.

 

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The Charter and the Bylaws provide that the Company
must indemnify and advance expenses to directors and officers to the fullest extent authorized by the DGCL. The Company is also expressly
authorized to carry directors’ and officers’ liability insurance providing indemnification for directors, officers and certain
employees for some liabilities. The Company believes that these indemnification and advancement provisions and insurance are useful to
attract and retain qualified directors and executive officers.

 

The limitation of liability, indemnification and
advancement provisions in the Charter and the Bylaws may discourage stockholders from bringing a lawsuit against directors for breach
of their fiduciary duties. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors
and officers, even though such an action, if successful, might otherwise benefit the Company and its stockholders. In addition, your investment
may be adversely affected to the extent the Company pays the costs of settlement and damage awards against directors and officers pursuant
to these indemnification provisions. The Company believes that these provisions, liability insurance and the indemnity agreements are
necessary to attract and retain talented and experienced directors and officers.

 

Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to the Company’s directors, officers and controlling persons pursuant to the foregoing
provisions, or otherwise, the Company has been advised that, in the opinion of the SEC, such indemnification is against public policy
as expressed in the Securities Act and is, therefore, unenforceable.

Transfer Agent

 

The transfer agent for our securities is Continental
Stock Transfer & Trust Company, 1 State Street, New York, New York 10004.

 

Listing of Securities

 

Our common stock and warrants are listed on the
NASDAQ under the symbols “MVST” and “MVSTW”. As of December 31, 2021, the Company estimates that it has approximately
[●] holders of common stock and [two] record holders of the warrants.

 

 

7Exhibit 10.15

 

RESTRICTED STOCK UNIT AWARD AGREEMENT

 

You have been selected to
receive a grant of Restricted Stock Units (the “RSUs”) under the Microvast Holdings, Inc. 2021 Equity Incentive Plan,
as in effect and as amended from time to time (the “Plan”), as stated below:

 

	Participant Name:	[●]	 
	Grant Date:	[●]	 
	Number of RSUs:	[●]	 
	Vesting Date(s):	[●]	 

 

THIS RESTRICTED STOCK UNIT
AWARD AGREEMENT (this “Agreement”) between Microvast Holdings, Inc., a Delaware corporation (the “Company”),
and the Participant whose name appears above, is made effective as of the Grant Date set forth above and pursuant to the Plan. Capitalized
terms that are not defined herein shall have the meanings given to such terms in the Plan.

 

1.  Grant of RSUs. The Company
hereby evidences and confirms the grant to the Participant of the number of RSUs set forth above. This Agreement is entered into pursuant
to, and the terms of the RSUs are subject to, the terms and conditions of the Plan, which is incorporated by reference herein. If there
is any inconsistency between this Agreement and the terms of the Plan, the terms of the Plan shall govern.

 

2.  Vesting of RSUs.

 

(a) Vesting.
Except as otherwise provided in this Section 2, the RSUs shall vest, if at all in the amount, and on one or more vesting dates
set forth above (each, a “Vesting Date”), subject to the Participant’s continued service on the Board through
such date.

 

(b) Termination
of Directorship.

 

(i) If
the Participant’s service on the Board terminates due to death, Disability or Retirement (as defined below), the RSUs shall vest
pro rata as of the effective date of the Participant’s Termination of Directorship. The pro rata portion of the RSUs that vest shall
be calculated by multiplying the number of RSUs by a fraction, the numerator of which is the number of days from the Grant Date through
the effective date of the Participant’s Termination of Directorship and the denominator of which is the number of days in the vesting
period from the Grant Date to the Vesting Date. For purposes of the foregoing, the term “Retirement” shall mean the Participant’s
voluntary or involuntary Termination of Directorship, other than by reason of death or Disability, occurring on or after the date on which
either (A) the Participant reaches the age of sixty-five (65) or (B) the Participant’s age plus years of service on the Company’s
Board equal seventy-five (75).

 

(ii) If
the Participant’s service on the Board terminates for any other reason other than due to death, Disability or Retirement, including
the Participant’s voluntary resignation or termination by the Company for “Cause” (as defined below), any remaining
unvested RSUs shall immediately be forfeited and canceled effective as of the effective date of the Participant’s Termination of
Directorship. For purposes of the foregoing, the term “Cause” shall mean the (A) conviction of or plea of guilty by the Participant
of any felony or (B) gross or willful misconduct by the Participant in the performance of his duties which causes serious injury to the
Company. For purposes of this definition, no act or failure to act on Participant’s part shall be considered “gross”
or “willful” unless done, or omitted to be done, by Participant in the absence of good faith and without reasonable belief
that his or her action or omission was in the best interests of the Company.

 

(c) Change
in Control. In the event of a Change in Control, the RSUs shall vest or continue and shall have such treatment as set forth in the
Plan.

 

(d) Committee
Discretion. Notwithstanding anything contained in this Agreement to the contrary, subject to Article 3 of the Plan, the
Committee, in its sole discretion, may accelerate the vesting with respect to any RSUs under this Agreement, at such times and upon such
terms and conditions as the Committee shall determine.

 

     

     

    

 

3. Settlement
of RSUs. The Company shall deliver to the Participant one Share (or the value thereof) in settlement of each outstanding RSU that
has vested as provided in Section 2 on the first to occur of (i) the Vesting Date (or as soon as is administratively
practicable thereafter) or (ii) a Change in Control in which the RSUs do not continue, in each case, as determined by the Committee
in its sole discretion (the “Settlement Date”), in Shares by either, (x) issuing one or more certificates evidencing
the Shares to the Participant or (y) registering the issuance of the Shares in the name of the Participant through a book entry credit
in the records of the Company’s transfer agent. No fractional Shares shall be issued in settlement of RSUs. Fractional RSUs shall
be settled through a cash payment based on the Fair Market Value of the Shares on the Settlement Date.

 

4. Securities
Law Compliance. Notwithstanding any other provision of this Agreement, the Participant may not sell the Shares acquired upon vesting
of the RSUs unless such Shares are registered under the Securities Act of 1933, as amended (the “Securities Act”),
or, if such Shares are not then so registered, such sale would be exempt from the registration requirements of the Securities Act. The
sale of such Shares must also comply with other applicable laws and regulations governing the Shares and Participant may not sell the
Shares if the Company determines that such sale would not be in material compliance with such laws and regulations.

 

5. Participant’s
Rights with Respect to the RSUs.

 

(a) Restrictions
on Transferability. The RSUs granted hereby are not assignable or transferable, in whole or in part, and may not, directly or indirectly,
be offered, transferred, sold, pledged, assigned, alienated, hypothecated or otherwise disposed of or encumbered (including without limitation
by gift, operation of law or otherwise) other than by will or by the laws of descent and distribution to the estate of the Participant
upon the Participant’s death; provided that the deceased Participant’s beneficiary or representative of the Participant’s
estate shall acknowledge and agree in writing, in a form reasonably acceptable to the Company, to be bound by the provisions of this Agreement
and the Plan as if such beneficiary or the estate were the Participant.

 

(b) No
Rights as Stockholder. The Participant shall not have any rights as a stockholder including any voting, dividend or other rights or
privileges as a stockholder of the Company with respect to any Shares corresponding to the RSUs granted hereby unless and until Shares
are issued to the Participant in respect thereof.

 

(c) Dividends.
The Participant shall be credited with Dividend Equivalents equal to the dividends the Participant would have received if the Participant
had been the owner of a number of Shares equal to the number of RSUs credited to the Participant on such dividend payment date. Any Dividend
Equivalent deriving from a cash dividend shall be converted into additional RSUs based on the Fair Market Value of Common Stock on the
dividend payment date (or, if the dividend payment date is not a day during which Nasdaq is open for trading (“Nasdaq Trading
Day”), then on the first Nasdaq Trading Day following the dividend payment date). Subject to Article 18 of the Plan,
any Dividend Equivalent deriving from a dividend of Shares shall be converted into additional RSUs on a one-for-one basis. The Participant
shall continue to be credited with Dividend Equivalents until the Settlement Date (or, if applicable, the forfeiture of the corresponding
Award). The Dividend Equivalents so credited shall be subject to the same terms and conditions as the corresponding Award, and they shall
vest, if at all, and be settled in the same manner and at the same time as the corresponding Award, as if they had been granted at the
same time as such Award.

 

6. Adjustments.
The number, class or other terms of any outstanding RSU may be adjusted by the Committee to reflect any extraordinary dividend, stock
dividend, stock split or share combination or any recapitalization, business combination, merger, consolidation, spin-off, exchange of
shares, liquidation or dissolution of the Company or other similar transaction affecting the Shares in such manner as the Committee determines
in its sole discretion.

 

     2

     

    

 

7. Miscellaneous.

 

(a) Binding
Effect; Benefits. This Agreement shall be binding upon and inure to the benefit of the parties to this Agreement and their respective
successors and assigns. Nothing in this Agreement, express or implied, is intended or shall be construed to give any Person other than
the parties to this Agreement or their respective successors or assigns any legal or equitable right, remedy or claim under or in respect
of any agreement or any provision contained herein.

 

(b) No
Right to Continued Service. Nothing in the Plan or this Agreement shall interfere with or limit in any way any right to terminate
the Participant’s service on the Board.

 

(c) Interpretation.
The Committee shall have full power and discretion to construe and interpret the Plan (and any rules and regulations issued thereunder)
and this Award. Any determination or interpretation by the Committee under or pursuant to the Plan or this Award shall be final and binding
and conclusive on all Persons affected hereby.

 

(e) Applicable
Law. This Agreement shall be governed by and construed in accordance with the law of the State of Delaware regardless of the application
of rules of conflict of law that would apply the laws of any other jurisdiction.

 

(f) Limitation
on Rights; No Right to Future Grants; Extraordinary Item of Compensation. By entering into this Agreement and accepting the RSUs evidenced
hereby, the Participant acknowledges: (i) that the Plan is discretionary in nature and may be suspended or terminated by the Board
at any time; (ii) that the Award does not create any contractual or other right to receive future grants of Awards; (iii) that
participation in the Plan is voluntary; and (iv) that the future value of the Shares is unknown and cannot be predicted with certainty.

 

(g) Participant
Data Privacy. By entering into this Agreement and accepting the RSUs evidenced hereby, the Participant: (i) authorizes the Company,
the Participant’s employer, if different, and any agent of the Company administering the Plan or providing Plan recordkeeping services,
to disclose to the Company or any of its affiliates any information and Data the Company requests in order to facilitate the grant of
the Award and the administration of the Plan; (ii) waives any data privacy rights the Participant may have with respect to such information;
and (iii) authorizes the Company and its agents to store and transmit such information in electronic form.

 

(h) Consent
to Electronic Delivery. By entering into this Agreement and accepting the RSUs evidenced hereby, the Participant hereby consents to
the delivery of information (including, without limitation, information required to be delivered to the Participant pursuant to applicable
securities laws) regarding the Company and the Subsidiaries, the Plan, this Agreement and the RSUs via Company website, email or other
electronic delivery.

 

(i) Headings
and Captions. The section and other headings contained in this Agreement are for reference purposes only and shall not affect the
meaning or interpretation of this Agreement.

 

(j) Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together
shall constitute one and the same instrument.

 

(k) Acceptance
of RSUs and Agreement. By signing below, the Participant has indicated his or her consent and acknowledgement of the terms of this
Agreement. The Participant acknowledges receipt of the Plan, represents to the Company that he or she has read and understood this Agreement
and the Plan, and, as an express condition to the grant of the RSUs under this Agreement, agrees to be bound by the terms of this Agreement
and the Plan. The Participant and the Company each agrees and acknowledges that the use of electronic media (including, without limitation,
a clickthrough button or checkbox on a website of the Company or a third-party administrator) to indicate the Participant’s confirmation,
consent, signature, agreement and delivery of this Agreement and the RSUs is legally valid and has the same legal force and effect as
if the Participant and the Company signed and executed this Agreement in paper form. The same use of electronic media may be used for
any amendment or waiver of this Agreement.

 

     3

     

    

 

	PARTICIPANT	 	MICROVAST HOLDINGS, INC.
	 	 	 
		 	
	Signature	 	By
	[●]	 	 
	 	 	Yang Wu
	 	 	 
	Printed Name	 	Printed Name
	 	 	 
	 	 	Chairman & CEO
	 	 	 
	 	 	Title

 

 

4

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