Document:

Exhibit 10.1

 

______________, 2020

 

East Stone Acquisition Corporation

25 Mall Road, Suite 330

Burlington, MA 01803

Attn: Xiaoma (Sherman) Lu, Chief Executive
Officer

 

I-Bankers Securities Inc

535 5th Ave

Suite 423

 

	 	Re:	Initial Public Offering

 

Gentlemen:

 

This letter is being delivered to you in
accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and between
East Stone Acquisition Corporation, a British Virgin Islands company (the “Company”), and I-Bankers Securities
Inc., as Representative (the “Representative”) of the several Underwriters named in Schedule A thereto
(the “Underwriters”), relating to an underwritten initial public offering (the “IPO”)
of the Company’s units (the “Units”), each comprised of one ordinary share, no par value, of the
Company (the “Ordinary Shares”) and one redeemable warrant (the “Warrant”)
to purchase one-half of one Ordinary Share and one right to receive one-tenth (1/10) of one Ordinary Share upon the consummation
of the Company’s initial business combination (the “Right”). Certain capitalized terms used herein
are defined in paragraph 17 hereof.

 

In order to induce
the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the
benefit that such IPO will confer upon the undersigned as a shareholder or officer or director of the Company, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees with the
Company as follows:

 

1.  If the Company
solicits approval of its shareholders of a Business Combination (as defined below), the undersigned will vote all Ordinary Shares
beneficially owned by him, her or it, whether acquired before, in or after the IPO, or whether such Ordinary Shares are underlying
the Private Units, in favor of such Business Combination.

 

2.   (a)
In the event that the Company fails to consummate a Business Combination within the time period set forth in the Company’s
Amended and Restated Memorandum and Articles of Association, as the same may be amended from time to time, the undersigned shall
take all reasonable steps to (i) cause the Trust Fund to be liquidated and distributed to the holders of IPO Shares and (ii) cause
the Company to liquidate as soon as reasonably practicable.

 

(b) The undersigned
hereby waives any and all right, title, interest or claim of any kind (“Claim”) in, or, with respect
to his, her or its Insider Shares or Private Units, to any distribution of, the Trust Fund. The undersigned hereby waives any Claim
the undersigned may have in the future as a result of, or arising out of, any contracts or agreements with the Company and will
not seek recourse against the Trust Fund for any reason whatsoever. The undersigned acknowledges and agrees that there will be
no distribution from the Trust Fund with respect to any Warrants, which will terminate on the Company’s liquidation.

 

(c) In the event of
the liquidation of the Trust Fund, Double Ventures Holdings Limited (“Sponsor”) agrees to indemnify and
hold harmless the Company against any and all loss, liability, claims, damage and expense whatsoever (including, but not limited
to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether
pending or threatened, or any claim whatsoever) which the Company may become subject as a result of any claim by any vendor or
other person who is owed money by the Company for services rendered or products sold to or contracted for the Company, or by any
target business with which the Company has discussed entering into a transaction agreement, but only to the extent necessary to
ensure that such loss, liability, claim, damage or expense does not reduce the amount of funds in the Trust Fund to below $10.00
per IPO Share; provided that such indemnity shall not apply if such vendor or other person executes a waiver of
any and all rights to seek access to the Trust Account and except as to claims under the Company’s indemnity of the underwriters
of the IPO against certain liabilities.

 

     

     

     

3. (a) The Initial
Shareholders agree that they shall not Transfer any Insider Shares: (x) with respect to 50% of its Insider Shares, until the earlier
of (i) six (6) months after the date of the consummation of the Business Combination or (ii) the date on which the closing price
of the Ordinary Shares 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 Business Combination; and (y) with respect to the
remaining 50% of their Insider Shares, six (6) months after the date of the consummation of the Business Combination, or earlier,
in either case, if, subsequent to the Business Combination, the Company consummates a subsequent liquidation, merger, stock exchange
or other similar transaction which results in all of the Company’s shareholders having the right to exchange their Ordinary
Shares for cash, securities or other property.

 

(b) The Sponsor and
Anchor Investors agree that they shall not effectuate any Transfer of securities issued or issuable upon the exercise of the Private
Units or their underlying securities until 30 days after the completion of the Business Combination.

 

(c) Notwithstanding
the provisions set forth in paragraphs 3(a) and (b), Transfers of the Insider Shares, securities issued or issuable upon the exercise
of the Private Units or their underlying securities, and that are held by the Sponsor, any Insider or any of their permitted transferees
(that have complied with this paragraph 3(c)), are permitted: (1) to any persons (including their affiliates and shareholders)
participating in the private placement of the Private Units, officers, directors, shareholders, employees and members of the Sponsor
and its affiliates, (2) amongst insiders or to the Company’s officers, directors and employees, (3) if a holder is an entity,
as a distribution to its, partners, shareholders or members upon its liquidation, (4) by bona fide gift to a member of the holder’s
immediate family or to a trust, the beneficiary of which is a holder or a member of a holder’s immediate family, for estate
planning purposes, (5) by virtue of the laws of descent and distribution upon death, (6) pursuant to a qualified domestic relations
order, (7) by certain pledges to secure obligations incurred in connection with purchases of the Company’s securities, (8)
by private sales at prices no greater than the price at which the applicable securities were originally purchased or (9) to the
Company for no value for cancellation in connection with the consummation of the Business Combination, in each case (except for
clause 9) where the transferee agrees to the terms of this letter agreement and by the same agreements entered into by the Sponsor
with respect to such securities.

 

4.  [Intentionally
Omitted].

 

5.  In order to
minimize potential conflicts of interest which may arise from multiple affiliations, the undersigned directors and officers of
the Company agree to present to the Company for its consideration, prior to presentation to any other person or entity, any suitable
opportunity to acquire a target business, until the earlier of the consummation by the Company of a Business Combination or the
liquidation of the Company, subject to any pre-existing fiduciary and contractual obligations the undersigned directors and officers
might have.

 

6.  The undersigned
acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated with any Insiders
of the Company or their affiliates, such transaction must be approved by a majority of the Company’s disinterested independent
directors and the Company must obtain an opinion from an independent investment banking firm or independent accounting firm that
such Business Combination is fair to the Company’s unaffiliated shareholders from a financial point of view.

 

7.  Neither the
undersigned, any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive and
will not accept any compensation or other cash payment for services rendered prior to, or in order to effectuate, the consummation
of the Business Combination; provided that the Company shall be allowed to (i) repay working capital loans made
by the undersigned or its affiliates to the Company in cash upon consummation of the Business Combination or, at the undersigned’s
discretion, with respect to up to an aggregate of $1,500,000 of working capital loans from all lenders, by converting such loans
into Private Units at a price of $10.00 per Private Unit, as more fully described in the Registration Statement, (ii) repay non-interest
bearing loans and advances in an aggregate amount of $[166,621] made to the Company by the Initial Shareholders to cover the IPO
expenses, (iii) pay $10,000 per month to an affiliate of the Company’s executive officers for office space and related services,
and (iv) reimburse the undersigned and any affiliate of the undersigned for their out-of-pocket expenses incurred in connection
with identifying, investigating and consummating a Business Combination.

 

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8.  Neither any
undersigned officer or director, any member of the family of any undersigned officer or director, nor any affiliate of any undersigned
officer or director will be entitled to receive or accept a finder’s fee or any other compensation in the event any undersigned
officer or director, any member of the family of any undersigned officer or director or any affiliate of any undersigned officer
or director originates a Business Combination.

 

9.  The undersigned
officers and directors agree to be the officers and directors of the Company until the earlier of the consummation by the Company
of a Business Combination, the liquidation of the Company or such officer or director is officially replaced by the Company’s
board of directors. The undersigned officers’ and directors’ biographical information previously furnished to the Company
and the Representative is true and accurate in all material respects, does not omit any material information with respect to the
officers’ and directors’ biography and contains all of the information required to be disclosed pursuant to Item 401
of Regulation S-K, promulgated under the Securities Act of 1933, as amended (the “Securities Act”). Each
of the undersigned officers’ and directors’ FINRA Questionnaire previously furnished to the Company and the Representative
is true and accurate in all material respects.

 

10. Each of the
undersigned represents and warrants that:

 

(a) He, she or it
has never had a petition under the federal bankruptcy laws or any state or foreign insolvency law been filed by or against (i)
him, her or it, or any partnership in which he, she or it was a general partner at or within two years before the time of filing;
or (ii) (to the extent the undersigned is an individual) any corporation or business association of which he or she was an executive
officer at or within two years before the time of such filing;

 

(b) He, she or it
has never had a receiver, fiscal agent or similar officer been appointed by a court for his or her business or property, or any
such partnership;

 

(c) He, she, or it
has never been convicted of fraud in a civil or criminal proceeding;

 

(d) He, she, or it
has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding traffic violations
and minor offenses);

 

(e) He, she, or it
has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent
jurisdiction, permanently or temporarily enjoining or otherwise limiting him from (i) acting as a futures commission merchant,
introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other
person regulated by the Commodity Futures Trading Commission (“CFTC”) or an associated person of any
of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director
or employee of any investment company, bank, savings and loan association or insurance company, or from engaging in or continuing
any conduct or practice in connection with any such activity; or (ii) engaging in any type of business practice; or (iii) engaging
in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal
or state securities or federal commodities laws;

 

(f) He, she, or it
has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or
state authority barring, suspending or otherwise limiting for more than 60 days his, her or its right to engage in any activity
described in 8(e)(i) above, or to be associated with persons engaged in any such activity;

 

(g) He, she or it
has never been found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal, state,
or foreign securities law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended
or vacated;

 

(h) He, she or it
has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal commodities
law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or vacated;

 

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(i) He, she or
it has never been the subject of, or a party to, any federal, state, or foreign judicial or administrative order, judgment,
decree or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any federal,
state or foreign securities or commodities law or regulation, (ii) any law or regulation respecting financial institutions or
insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution,
civil money penalty or temporary or permanent cease-and desist order, or removal or prohibition order or (iii) any law or
regulation prohibiting mail or wire fraud or fraud in connection with any business entity;

 

(j) He, she or it
has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated, or any self-regulatory
organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority
over its members or persons associated with a member;

 

(k) He, she or it
has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security; (ii) involving
the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer,
municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;

 

(l) He, she or it
was never subject to a final order of a state or foreign securities commission (or an agency of officer of a state performing like
functions); a state or foreign authority that supervises or examines banks, savings associations, or credit unions; a state or
foreign insurance commission (or an agency or officer of a state performing like functions); an appropriate federal or foreign
banking agency; the Commodity Futures Trading Commission; or the National Credit Union Administration that is based on a violation
of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct;

 

(m) He, she or it
has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at the time of such sale,
restrained or enjoined him from engaging or continuing to engage in any conduct or practice: (i) in connection with the purchase
or sale of any security; (ii) involving the making of any false filing with the SEC or any foreign regulatory agency with similar
functions; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer,
investment adviser or paid solicitor of purchasers of securities;

 

(n) He, she or it
has never been subject to any order of the SEC or any foreign regulatory agency with similar functions that orders him to cease
and desist from committing or causing a future violation of: (i) any scienter-based anti-fraud provision of the foreign or federal
securities laws, including, but not limited to, Section 17(a)(1) of the Securities Act, Section 10(b) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 thereunder, and Section 206(1) of the Investment
Advisers Act of 1940, as amended (the “Advisers Act”), or any other rule or regulation thereunder; or
(ii) Section 5 of the Securities Act;

 

(o) He, she or it
has never been named as an underwriter in any registration statement or Regulation A offering statement filed with the SEC that
was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently, the subject of
an investigation or proceeding to determine whether a stop order or suspension order should be issued;

 

(p) He, she or it
has never been subject to a United States Postal Service false representation order, or is currently subject to a temporary restraining
order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device
for obtaining money or property through the mail by means of false representations;

 

(q) He, she or it
is not subject to a final order of a state securities commission (or an agency of officer of a state performing like functions);
a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an
agency or officer of a state performing like functions); an appropriate federal banking agency; the Commodity Futures Trading Commission;
or the National Credit Union Administration that bars the undersigned from: (i) association with an entity regulated by such commission,
authority, agency or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging in savings association
or credit union activities;

 

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(r) He, she or it
is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Exchange Act or section 203(e) or 203(f)
of the Advisers Act that: (i) suspends or revokes the undersigned’s registration as a broker, dealer, municipal securities
dealer or investment adviser; (ii) places limitations on the activities, functions or operations of, or imposes civil money penalties
on, such person; or (iii) bars the undersigned from being associated with any entity or from participating in the offering of any
penny stock; and

 

(s) He, she or it
has never been suspended or expelled from membership in, or suspended or barred from association with a member of, a securities
self-regulatory organization (e.g., a registered national securities exchange or a registered national or affiliated securities
association) for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade.

 

11.  The undersigned
has full right and power, without violating any agreement by which he, she or it is bound, to enter into this letter agreement
and to hold the position/title in the Company indicated in the Registration Statement (if applicable).

 

12. The undersigned
hereby waives his, her or its right to exercise redemption rights (in connection with a Business Combination) with respect to any
Ordinary Shares owned or to be owned by the undersigned directly or indirectly, whether purchased prior to the IPO, in the IPO
or in the aftermarket, or whether such Ordinary Shares are underlying the Private Units, and agrees that he, she or it will not
seek redemption with respect to or otherwise sell, such shares in connection with any vote to approve a Business Combination with
respect thereto.

 

13. The undersigned
hereby agrees to not propose an amendment to the Company’s Amended and Restated Memorandum and Articles of Association with
respect to the Company’s pre-Business Combination activities prior to the consummation of a Business Combination that would
affect the substance or timing of the Company’s obligation to redeem 100% of the IPO Shares if the Company does not complete
a Business Combination within the time period set forth in the Amended and Restated Memorandum and Articles of Association.

 

14.  In the event
that the Company does not consummate a Business Combination and must liquidate and its remaining net assets are insufficient to
complete such liquidation, the Sponsor agrees to advance such funds necessary to complete such liquidation and agrees not to seek
repayment for such expenses.

 

15.  Each officer
of the Company agrees not to become involved with another publicly listed blank check company with a class of securities registered
under the Exchange Act prior to us announcing an agreement to acquire our initial Business Combination, or the expiration of the
period for us to announce and/or complete our initial Business Combination.

 

16.  This letter
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. The
undersigned hereby (i) agrees that any action, proceeding or claim against him arising out of or relating in any way to this letter
agreement (a “Proceeding”) shall be brought and enforced in the courts of the State of New York of the
United States of America for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction
shall be exclusive, (ii) waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum
and (iii) irrevocably agrees to appoint Ellenoff Grossman & Schole LLP as agent for the service of process in the State of
New York to receive, for the undersigned and on his behalf, service of process in any Proceeding.

 

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17. As used herein,
(i) “Anchor Investors” shall mean Hua Mao and Cheng Zhao; (ii) a “Business Combination”
shall mean a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of,
entering into contractual arrangements with, or any other similar business combination with one or more businesses or entities;
(iii) “Initial Shareholders” shall mean the Sponsor, Navy Sail International Limited and any of the officers
and directors that hold founder shares of the Company; (iv) “Insiders” shall mean all officers, directors
and shareholders of the Company immediately prior to the IPO; (v) “Insider Shares” shall mean all of
the Ordinary Shares of the Company acquired by an Insider prior to the IPO; (vi) “IPO Shares” shall mean
the Ordinary Shares issued in the Company’s IPO; (vii) “Permitted Transferees” shall mean any transferee
that received securities of the Company upon a Transfer in compliance with Section 3(c) herein; (viii)“Private Units”
shall mean (x) the Units purchased in the private placement taking place simultaneously with the consummation of the Company’s
IPO and (y) additional Units that will be purchased in a private placement upon the full or partial exercise of the underwriters’
over-allotment option for the Company’s IPO; (ix) “Registration Statement” means the registration
statement on Form S-1 filed by the Company with respect to the IPO; (x) “Transfer” shall mean the
(a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise
dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation
with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act and the rules
and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such
transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention
to effect any transaction specified in clause (a) or (b); and (xi) “Trust Fund” shall mean the trust
fund into which a portion of the net proceeds of the Company’s IPO will be deposited.

 

18.  Any notice,
consent or request to be given in connection with any of the terms or provisions of this letter 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 facsimile transmission.

 

19.  No party
hereto may assign either this letter agreement or any of its rights, interests, or obligations hereunder without the prior written
consent of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not
operate to transfer or assign any interest or title to the purported assignee. This letter agreement shall be binding on the parties
hereto and any successors and assigns thereof.

 

20.  The undersigned
acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations and warranties
set forth herein in proceeding with the IPO.

 

21.  This letter
agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and
supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent
they relate in any way to the subject matter hereof or the transactions contemplated hereby. This letter agreement may not be changed,
amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument
executed by the Company and each officer or director that is the subject of any such change, amendment modification or waiver.

 

[signature page follows]

 

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	 	DOUBLE VENTURES HOLDINGS LIMITED
	 	 	 
	 	By:	 
	 	 	Name: Chunyi (Charlie) Hao
	 	 	Title:  Director
	 	 	 
	 	NAVY SAIL INTERNATIONAL LIMITED 
	 	 
	 	By:	 
	 	 	Name: Chunyi (Charlie) Hao
	 	 	Title:  Director
	 	 	 
	 	 
	 	Hua Mao
	 	 	 
	 	 
	 	Cheng Zhao
	 	 	 
	 	 
	 	Xiaoma (Sherman) Lu
	 	 
	 	 
	 	Chunyi (Charlie) Hao
	 	 
	 	 
	 	Sanjay Prasad
	 	 
	 	 
	 	Michael S. Cashel
	 	 
	 	 
	 	William Zielke

 

Acknowledged and Agreed:

 

EAST STONE ACQUISITION CORPORATION

 

	By: 	 	 
	 	Name: Xiaoma (Sherman) Lu	 
	 	Title: Chief Executive Officer

 

[Signature Page to
the Insider Letter]

 

 

7Exhibit 10.2

 

INVESTMENT MANAGEMENT
TRUST AGREEMENT

 

This Agreement is made
as of _____________, 2020 by and between East Stone Acquisition Corporation, a British Virgin Islands company (the “Company”),
and Continental Stock Transfer & Trust Company, a New York limited liability trust company (“Trustee”).

 

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

 

WHEREAS, I-Bankers
Securities Inc. (“I-Bankers”) is acting as the representative of the underwriters in the IPO pursuant to an underwriting
agreement between the Company and I-Bankers, as representative of the underwriters (“Underwriting Agreement”); and

 

WHEREAS, the Company
initially has 15 months from the consummation of the IPO (the “Initial Period”) to consummate an initial business combination
(as described in the Registration Statement, a “Business Combination”); and

 

WHEREAS, if a Business
Combination is not consummated within the Initial Period, Double Ventures Holdings Limited, a British Virgin Islands company (the
“Sponsor”) may extend such period up to two times, each by a three-month period, up to a maximum of 21 months in the
aggregate, by depositing $1,000,000 (or $1,150,000 if the underwriters’ over-allotment option is exercised in full, plus
any amount eventually deposited on account of any Extension) into the Trust Account no later than the 15 month anniversary of the
IPO or the 18 month anniversary of the IPO (each, an “Applicable Deadline”) for each three month extension (each, an
“Extension”) for up to an aggregate of $2,000,000 (or $2,300,000 if the underwriters’ over-allotment option is
exercised in full); and

 

WHEREAS, simultaneously
with the IPO, the Sponsor, individuals Hua Mao and Cheng Zhao, and I-Bankers, and/or their respective designees (collectively,
the “Private Purchasers”) will be purchasing an aggregate of 323,750 (or 350,000 units if the over-allotment option
is exercised in full) (“Private Units”) from the Company for an aggregate purchase price of $3,237,500 (or $3,500,000
if the over-allotment option is exercised in full); and 

 

WHEREAS, as described
in the Registration Statement, and in accordance with the Company’s Amended and Restated Memorandum and Articles of Association,
$100,000,000 of the net proceeds of the IPO and sale of the Private 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 trust account for the benefit of the
Company and the holders of the Company’s ordinary shares, no par value per share (“Ordinary Shares”), issued
in the IPO as hereinafter provided (the amounts to be delivered to the Trustee, including any amount deposited in connection with
any Extension, 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 at JP Morgan Chase Bank, N.A. located in the United States and at a brokerage institution selected by
the Trustee that is 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 written instruction of the Company, invest and reinvest the Property in United States “government securities”
within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”),
having a maturity of 185 days or less, and/or in any open ended investment company registered under the Investment Company Act
that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3),
and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act, which invest only in direct U.S. government treasury obligations;
it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s
instructions hereunder and the Trustee may earn bank credits or other consideration; 

 

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

 

(e) Promptly notify
the Company and I-Bankers of all communications received by the Trustee 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;

 

(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 Chief Executive Officer or Chairman of the Board and Secretary or Assistant Secretary, affirmed by counsel for the
Company, and, in the case of a Termination Letter in a form substantially similar to that attached hereto as Exhibit A, jointly
acknowledged and agreed to by I-Bankers, and complete the liquidation of the Trust Account and distribute the Property in the Trust
Account, including interest (which interest shall be net of any taxes payable and up to Fifty Thousand Dollars ($50,000) of interest
that may be released to the Company to pay dissolution expenses, if applicable, it being understood that the Trustee has no obligation
to monitor or question the Company’s position that an allocation has been made for taxes payable), only as directed in the
Termination Letter and the other documents referred to therein; provided, however, that in the event that a Termination Letter
has not been received by the Trustee by the last date set forth in the Company’s Amended and Restated Memorandum and Articles
of Association, as the same may be amended from time to time (the “Last Date”), the Trust Account shall be liquidated
in accordance with the procedures set forth in the Termination Letter attached as Exhibit B hereto and the Property in the Trust
Account, including interest (which interest shall be net of any taxes payable and less up to Fifty Thousand Dollars ($50,000) of
interest that may be released to the Company to pay dissolution expenses, if applicable), shall be distributed to the Public Shareholders
as of the Last Date;

 

(j) Upon receipt of
an Amendment Notification Letter (defined below), distribute to Public Shareholders who exercised their redemption rights in connection
with an Amendment (defined below) an amount equal to the pro rata share of the Property relating to the shares for which such Public
Shareholders have exercised redemption rights in connection with such Amendment; and

 

(k)  Upon receipt
of an extension letter (“Extension Letter”) substantially similar to Exhibit F hereto at least five days prior to the
Applicable Deadline, signed on behalf of the Company by one of the Company’s executive officers, affirmed by counsel for
the Company, and jointly acknowledged and agreed to by I-Bankers,, and receipt of the dollar amount specified in the Extension
Letter on or prior to the Applicable Deadline, to follow the instructions set forth in the Extension Letter. 

 

	 	2.	Limited Distributions of Income from Trust Account.

 

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

 

 

    2

     

     

(b) Upon written
request from the Company following the Last Date, which may be given in a form substantially similar to that attached hereto as
Exhibit D, signed on behalf of the Company by one of the Company’s executive officers, the Trustee shall distribute to the
Company up to Fifty Thousand Dollars ($50,000) of interest income earned on the Property and requested by the Company to cover
expenses directly related to the Company’s liquidation (i.e., only those expenses incurred after the Last Date attributable
to the Company’s liquidation); provided, however, that the Company will not be allowed to withdraw interest income earned
on the trust account pursuant to this Section 2(b) unless there are sufficient funds available to pay the Company’s tax obligations
on such interest income or otherwise then due at that time.

 

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

 

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

 

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

 

(b) Subject to
the provisions of Sections 5 and 7(g) of this Agreement, hold the Trustee harmless and indemnify the Trustee from and against,
any and all expenses, including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection with any
claim, potential claim, action, suit or other proceeding brought against the Trustee involving any claim, or in connection with
any claim or demand which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the
Property or any income earned from investment of the Property, except for expenses and losses resulting from the Trustee’s
gross negligence or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement
of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this paragraph, it shall
notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). 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. The Company may participate in such action with its own counsel;

 

(c) Pay the Trustee
an initial acceptance fee and an annual fee 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 Section 1(i)
solely in connection with the consummation of a Business Combination. Otherwise, fees and disbursements shall be paid by the Company
from other funds held outside the Trust Account. 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 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;

 

 

    3

     

     

(f) If the Company
seeks to amend any provisions of its Memorandum and Articles of Association relating to shareholders’ rights or pre-Business
Combination activity (including the substance and time within which the Company has to complete a Business Combination) (in each
case, an “Amendment”), the Company will provide the Trustee with a letter (an “Amendment Notification Letter”)
in the form of Exhibit E providing instructions for the distribution of funds to Public Shareholders who exercise their redemption
option in connection with such Amendment;

 

(g) If applicable,
issue a press release at least three days prior to the Applicable Deadline announcing that, at least five days prior to the Applicable
Deadline, the Company received notice from the Sponsor that the Sponsor intends to extend the Applicable Deadline; and

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(f) The other
parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in
good faith and in the exercise of its own best judgment, except for its gross negligence, fraud 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 and with reasonable care 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; and

 

(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, other than accrued interest to the extent otherwise
provided by this Agreement, shall not be used to pay any such taxes and that such taxes, if any, shall be paid by the Company from
funds not held in the Trust Account or released to it under Section 2(a) hereof).

 

 

    4

     

     

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

 

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

 

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

 

	 	6.	Termination. This Agreement shall terminate as follows:

 

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

 

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

 

	 	7.	Miscellaneous.

 

(a) The Company
and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds transferred
from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating to such security
procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized persons
may have obtained access to such information, or of any change in its authorized personnel. In executing funds transfers, the Trustee
will rely upon all information supplied to it by the Company, including account names, account numbers and all other identifying
information relating to a beneficiary, beneficiary’s bank or intermediary bank. Except for any liability arising out of the
Trustee’s gross negligence, fraud or willful misconduct, 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, applicable to contracts wholly
performed within the borders of such states and 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. The Company hereby appoints, without
power of revocation, Ellenoff Grossman & Schole LLP, 1345 Avenue of the Americas, New York, New York 10105, Fax No.: (212)
370-7889, Attn: Stuart Neuhauser, Esq., as their respective agent to accept and acknowledge on its behalf service of any and all
process which may be served in any arbitration, action, proceeding or counterclaim in any way relating to or arising out of this
Agreement. The Company further agrees to take any and all action as may be necessary to maintain such designation and appointment
of such agent in full force and effect for a period of seven years from the date of this Agreement.

 

 

    5

     

     

(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 (j), 1(k), 2(a) and 2(c) (which may not be modified, amended or deleted without the affirmative vote of at least 65% of
the then outstanding Ordinary Shares attending and voting on such amendment at the relevant meeting; provided that no such amendment
will affect any Public Shareholder who has otherwise indicated his election to redeem his, her or its Ordinary Shares in connection
with a shareholder vote sought to amend this Agreement to extend to the time he, she or its would be entitled to a return of his
pro rata amount in the Trust Account), this Agreement or any provision hereof may only be changed, amended or modified (other than
to correct a typographical error) 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 I-Bankers. 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

One State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Conzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

if to the Company, to:

 

East Stone Acquisition Corporation

25 Mall Road, Suite 330

Burlington, MA 01803

Attn: Xiaoma
(Sherman) Lu, Chief Executive Officer

 

in either case with a copy to:

 

I-Bankers Securities Inc

535 5th Ave,

New York, NY 10017

Attn: Shelley Leonard, President

 

and 

 

Ellenoff Grossman & Schole
LLP

1345 Avenue of the Americas

New York, New York 10105

Attn: Barry I. Grossman, Esq.

and

 

Schiff Hardin LLP

901 K Street NW

Suite 300 700

Washington, D.C. 20001

Attn: Ralph V. De Martino, Esq. 

 

 

    6

     

     

(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. In the event that the Trustee has a claim against the Company under this Agreement, the
Trustee will pursue such claim solely against the Company and not against the Property held in the Trust Account.

 

(h) This Agreement
is the joint product of the Trustee and the Company 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 I-Bankers, on behalf of the several underwriters, is a third party beneficiary
of this Agreement.

 

[Signature Page Follows]

 

 

    7

     

     

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: 	 
	 	 	Name: Francis E. Wolf Jr.
	 	 	Title: Vice President

 

	 	EAST STONE ACQUISITION CORPORATION

 

	 	By:	 
	 	 	Name: Xiaoma (Sherman) Lu
	 	 	Title: Chief Executive Officer

 

[Signature Page to Investment Management
Trust Agreement]

 

 

    8

     

     

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial one-time acceptance fee	 	Trust agreement negotiation, completion of Know Your Customer review, account set-up, and initial closing of IPO by wire transfer, set up and monitoring of the required principal crediting beginning year 2.	 	$	3,500	 
	 	 	 	 	 	 	 
	Trusteeship annual fee	 	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	$	10,000	 
	 	 	 	 	 	 	 
	Transaction processing fee for disbursements to Company under Section 2	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 2	 	$	250	 
	 	 	 	 	 	 	 
	Paying Agent services as required pursuant to Sections 1(i) and 1(j)	 	Billed to Company upon delivery of service pursuant to Sections 1(i) and 1(j)	 	 	Prevailing rates 	 

 

 

     

     

     

EXHIBIT A

 

[Letterhead of
Company]

 

[Insert date]

 

Continental Stock Transfer

&Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account No. – [_____] Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to paragraph
1(i) of the Investment Management Trust Agreement between East Stone Acquisition Corporation (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of ______________, 20__ (“Trust Agreement”), this
is to advise you that the Company has entered into an agreement (“Business 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 48 hours in advance of the actual date (or such shorter time as you may agree)
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 on __________ and to transfer
the proceeds to the above-referenced account at JP Morgan Chase Bank to the effect that, on the Consummation Date, all of funds
held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct on
the Consummation Date. It is acknowledged and agreed that while the funds are on deposit in the trust account awaiting distribution,
neither I-Bankers nor the Company will 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) [an affidavit] [a certificate] of __________________, which verifies the vote of
the Company’s shareholders in connection with the Business Combination if a vote is held and (b) joint written instruction
from the Company and I-Bankers with respect to the transfer of the funds held in the Trust Account (“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,
	 	 
	 	EAST STONE ACQUISITION CORPORATION

 

	 	By:	 

 

	And	 
	AGREED TO AND	 
	ACKNOWLEDGED BY	 
	 	 
	I-BANKERS SECURITIES INC.	 

 

	By:	 	 

 

 

     

     

     

EXHIBIT B

 

[Letterhead of
Company]

 

[Insert date]

 

Continental Stock Transfer

&Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account No. [insert no.]___ - Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to paragraph
1(i) of the Investment Management Trust Agreement between East Stone Acquisition Corporation (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of __________, 20__ (“Trust Agreement”), this
is to advise you that the Company has been unable to effect a Business Combination with a Target Company within the time frame
specified in the Company’s Amended and Restated Memorandum and Articles of Association, as described in the Company’s
prospectus relating to its IPO. Capitalized terms used herein and not otherwise defined shall have the meanings set forth
in the Trust Agreement.

 

In accordance with
the terms of the Trust Agreement, we hereby authorize you to liquidate all the Trust Account investments on ______________ and
to transfer the total proceeds to the Trust Operating Account at JP Morgan Chase Bank, NA 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
entitled to receive their share of the liquidation proceeds. It is acknowledged that no interest will be earned by the Company
on the liquidation proceeds while on deposit in the Trust Operating Account. You agree to be the Paying Agent of record and in
your separate capacity as Paying Agent, to distribute said funds directly to the Public Shareholders in accordance with the terms
of the Trust Agreement and the Amended and Restated Memorandum and Articles of Association of the Company. Upon the distribution
of all the funds in the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

	 	Very truly yours,
	 	 
	 	EAST STONE ACQUISITION CORPORATION

 

	 	By:	 

 

cc: I-Bankers Securities Inc.

 

 

     

     

     

EXHIBIT C

 

[Letterhead of
Company]

 

[Insert date]

 

Continental Stock Transfer

&Trust Company

One State Street, 30th Floor 

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account No. [insert no.]___

 

Ladies and Gentlemen:

 

Pursuant to paragraph
2(a) of the Investment Management Trust Agreement between East Stone Acquisition Corporation (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of ____________, 20__ (“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]

 

	 	EAST STONE ACQUISITION CORPORATION

 

	 	By:	 

 

	cc: I-Bankers Securities Inc.

 

 

     

     

     

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer &Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account No. [______]

 

Ladies and Gentlemen:

 

Pursuant to Section
2(b) of the Investment Management Trust Agreement between East Stone Acquisition Corporation (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of ___________, 20__ (“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, which does not exceed, in the aggregate with all such prior disbursements pursuant to Section
2(b), if any, the maximum amount set forth in Section 2(b). The Company needs such funds to pay its expenses relating to its liquidation.
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]

 

	Very truly yours,	 
	 	 
	EAST STONE ACQUISITION CORPORATION	 

 

	By:	 	 

 

cc: I-Bankers Securities Inc.

 

 

     

     

     

EXHIBIT E

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

&Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account No. [______] - Amendment Notification Letter

 

Ladies and Gentlemen:

 

Reference is made to the Investment Management
Trust Agreement between East Stone Acquisition Corporation (“Company”) and Continental Stock Transfer & Trust Company,
dated as of ___________, 20__ (“Trust Agreement”). Capitalized words used herein and not otherwise defined shall have
the meanings ascribed to them in the Trust Agreement.

 

Pursuant to Sections 1(j) and 3(f) 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 on [       ]
in order to transfer $_____ of the proceeds of the Trust to the Trust Operating Account at [JP Morgan Chase Bank, NA] for distribution
to the shareholders that have requested redemption of their shares in connection with such Amendment.

 

	[WIRE INSTRUCTION INFORMATION]	 

 

	 	Very truly yours,
	 	 
	 	EAST STONE ACQUISITION CORPORATION

 

	 	By:	 

 

cc: I-Bankers Securities Inc.

 

 

     

     

     

EXHIBIT F

 

[Letterhead of
Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street Plaza, 30th Floor

New York, NY 10004-1561

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account No. [   ] Extension Letter

 

Ladies and Gentlemen:

 

Pursuant to Section
1(k) of the Investment Management Trust Agreement between East Stone Acquisition Corporation (“Company”) and Continental
Stock Transfer & Trust Company, dated as of ____________, 20__ (“Trust Agreement”), this is to advise you that
the Company is extending the time available in order to consummate a Business Combination with the Target Businesses for an additional
three (3) months, from _______ to _________ (the “Extension”).

 

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

 

In accordance with
the terms of the Trust Agreement, we hereby authorize you to deposit $_____, which will be wired to you, into the Trust Account
upon receipt. These funds should be invested in [__________________________] or [the same manner as the funds currently on deposit
in the Trust Account].

 

This is the ____ of
up to three Extension Letters that the Company is permitted to deliver to you pursuant to the Trust Agreement. 

 

	 	Very truly yours,
	 	 
	 	EAST STONE ACQUISITION CORPORATION

 

	 	By:	 
	 	Name: 	 
	 	Title:	 

 

	And	 
	AGREED TO AND	 
	ACKNOWLEDGED BY	 
	 	 
	I-BANKERS SECURITIES INC.	 

 

	By:

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