Document:

Exhibit
10.2

 

July
14, 2021

 

CleanTech
Acquisition Corp.

207
West 25th Street, 9th Floor

New York, NY 10001

 

Chardan
Capital Markets, LLC 17 State Street,

21st Floor New York, NY 10004

 

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 CleanTech Acquisition Corp., a Delaware corporation (the “Company”) and Chardan Capital
Markets, LLC, as representative (the “Representative”) of the 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 share of Common Stock of the Company, par value $0.0001 per share (the
“Common Stock”), one right to receive one-twentieth of one share of Common Stock, and one-half of a warrant, with each
warrant being exercisable to purchase one share of Common Stock at a price of $11.50 per full share (“Warrant”). Certain
capitalized terms used herein are defined in paragraph 14 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 stockholder 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, the undersigned will vote all shares of Common Stock beneficially
owned by him, her or it, whether acquired before, in or after the IPO, in favor of such Business Combination.

 

2. (a)
In the event that the Company fails to consummate a Business Combination within 12 months (or in the event the Company extended the time
to complete a Business Combination up to 18 months) from the closing of the Company’s IPO, 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 promptly as reasonably possible but not more than five business days after the date we are required to consummate a Business Combination.

 

     

     

    

 

(b) The undersigned hereby
waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund and any remaining net
assets of the Company as a result of such liquidation with respect to any shares he, she or it owns, including his, her or its
Insider Shares, IPO Shares and Private Warrants purchased during or after the offering, if any, (“Claim”)
and 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 Common Stock underlying the Private Warrants, all
rights of which will terminate on the Company’s liquidation.

 

(c) In
the event of the liquidation of the Trust Fund, the undersigned 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 or contracted for, 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; provided, that such indemnity shall not apply if such vendor or other person
has executed an agreement waiving any claims against the Trust Fund.

 

(d) 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 undersigned agrees to advance such funds necessary to complete such liquidation and agrees not to seek
repayment for such expenses.

 

3. The
undersigned will place into escrow all of his, her or its Insider Shares pursuant to the terms of a Stock Escrow Agreement which the
Company will enter into with the undersigned and an escrow agent acceptable to the Company.

 

4. The
undersigned agrees that until the Company consummates a Business Combination, the undersigned’s Private Warrants will be subject
to the transfer restrictions described in the Subscription Agreement relating to the undersigned’s Private Warrants.

 

5. In
order to minimize potential conflicts of interest which may arise from multiple affiliations, the undersigned agrees 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 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, including any company that is a portfolio company of, or otherwise affiliated with,
or has received financial investment from, an entity with which any Insider or their affiliates is affiliated, 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 that such Business Combination is fair to the Company’s unaffiliated stockholders from a financial point
of view.

 

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

 

8. The
undersigned’s FINRA Questionnaire and Director and Officer Questionnaire previously furnished to the Company and the Representative
is true and accurate in all material respects. The undersigned represents and warrants that, except as disclosed in the undersigned’s
Director and Officer Questionnaire:

 

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

 

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

 

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

 

		(d)	he/she/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/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/her/it 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/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/its right to engage in any activity described in 9(e)(i) above,
                                            or to be associated with persons engaged in any such activity;

 

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

 

			

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		(h)	he/she/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;

 

		(i)	he/she/it
                                            has never been the subject of, or a party to, any Federal or State judicial or administrative
                                            order, judgment, decree or finding, not subsequently reversed, suspended or vacated, relating
                                            to an alleged violation of (i) any Federal or State 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/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/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/it
                                            was never 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 CFTC; 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/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/her/it 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 (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/it
                                            has never been subject to any order of the SEC that orders him/her/it to cease and desist
                                            from committing or causing a future violation of: (i) any scienter-based
anti-fraud provision of the federal securities laws, including, but not limited to, Section 17(a)(1) of the Securities Act, Section 10(b)
of the Exchange Act and Rule 10b-5 thereunder, and Section 206(1) of the Advisers Act or any other rule or regulation thereunder; or
(ii) Section 5 of the Securities Act;

 

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		(o)	he/she/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/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/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 CFTC; 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;

 

		(r)	he/she/it
                                            is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the
                                            Securities Exchange Act of 1934 (the “Exchange Act”) or section 203(e) or 203(f)
                                            of the Investment Advisers Act of 1940 (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/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.

 

9. 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 serve as a director or officer of the Company, as applicable.

 

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10. The
undersigned hereby waives his, her or its right to exercise conversion rights with respect to any shares of Common Stock owned or to
be owned by the undersigned, directly or indirectly, whether purchased by the undersigned prior to the IPO, in the IPO or in the aftermarket,
and agrees that he, she or it will not seek conversion with respect to or otherwise sell, such shares in connection with any vote to
approve a Business Combination with respect thereto, a vote to amend the provisions of the Company’s Amended and Restated Certificate
of Incorporation, or a tender offer by the Company prior to a Business Combination.

 

11. The
undersigned hereby agrees to not propose, or vote in favor of, an amendment to the Company’s Amended and Restated Certificate of
Incorporation with respect to stockholder’s rights or the Company’s pre-Business Combination activities (including the substance
or timing within which we have to complete a business combination) of a Business Combination unless the Company offers holders of IPO
Shares the right to receive their pro rata portion of the funds then held in the Trust Fund upon approval of any amendment.

 

12. In
connection with Section 5-1401 of the General Obligations Law of the State of New York, this letter agreement shall be governed by, and
construed in accordance with, the laws of the State of New York without regard to principles of conflicts of law that would result in
the application of the substantive law of another jurisdiction. The parties hereto agree that any action, proceeding or claim arising
out of or relating in any way to this letter agreement shall be resolved through final and binding arbitration in accordance with the
International Arbitration Rules of the American Arbitration Association (“AAA”). The arbitration shall be brought
before the AAA International Center for Dispute Resolution’s offices in New York City, New York, will be conducted in English and
will be decided by a panel of three arbitrators selected from the AAA Commercial Disputes Panel and that the arbitrator panel’s
decision shall be final and enforceable by any court having jurisdiction over the party from whom enforcement is sought. The cost of
such arbitrators and arbitration services, together with the prevailing party’s legal fees and expenses, shall be borne by the
non-prevailing party or as otherwise directed by the arbitrators.

 

13. As
used herein, (i) a “Business Combination” shall mean a merger, share exchange, asset acquisition, stock
purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities; (ii)
“Insiders” shall mean all officers, directors and stockholders of the Company immediately prior to the
IPO; (iii) “Insider Shares” shall mean all of the shares of Common Stock of the Company acquired by
an Insider prior to the IPO and the purchase of the Private Warrants; (iv) “IPO Shares” shall mean the
shares of Common Stock issued in the Company’s IPO; (v) “Private Warrants” shall mean the 6,500,000
warrants (or up to 7,175,000 warrants if the over-allotment option granted to the Underwriters in connection with the IPO is
exercised in full) purchased in the private placement taking place simultaneously with the consummation of the Company’s IPO;
(vi) “Registration Statement” means the registration statement on Form S-1 filed by the Company with
respect to the IPO; and (vii) “Trust Fund” shall mean the trust fund into which a portion of the net
proceeds of the Company’s IPO will be deposited.

 

14. 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.

 

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If
to the Representative:

 

Chardan
Capital Markets, LLC

17 State Street, 21st Floor

New York, NY 10004

Attn:
Jonas Grossman

Facsimile: (646) 465-9002

 

Copy
(which copy shall not constitute notice) to:

Cooley
LLP

55
Hudson Yards

New
York, New York 10001

Attn:
Yvan-Claude Pierre; Peter Byrne

Email: ypierre@cooley.com

           pbyrne@cooley.com

 

Fax:

 

If
to the Company:

 

CleanTech
Acquisition Corp.

207 West 25th Street, 9th Floor

New York, NY 10001

Attn:
Eli Spiro

Facsimile:

 

Copy
(which copy shall not constitute notice) to:

 

Loeb
& Loeb LLP

345 Park Avenue

New York, NY 10154

Attn:
Mitchell S. Nussbaum, Esq. and Giovanni Caruso

Facsimile: (212) 504-3013

 

15. 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.

 

16. 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. Nothing contained herein shall be deemed to render the Underwriters a representative of,
or a fiduciary with respect to, the Company, its stockholders or any creditor or vendor of the company with respect to the subject matter
hereof.

 

[Signature
page to follow]

 

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Sincerely,

 

	 	CLEANTECH INVESTMENTS, LLC
	 	 
	 	/s/ Jonas Grossman 
	 	Name:  	Jonas Grossman 
	 	Title: 	Managing Member
	 	 
	 	CLEANTECH SPONSOR I LLC
	 	 
	 	/s/ Eli Spiro
	 	Name: 	Eli Spiro
	 	Title: 	Managing Member

 

[Signature
Page to Insider Letter]Exhibit 10.3 

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Agreement is made as
of July 14, 2021 by and between CleanTech Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company
(“Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, No. 333-256578 (“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, Chardan Capital Markets,
LLC (“Chardan”) is acting as the underwriter in the IPO; and

 

WHEREAS, as described in the
Registration Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation, $151,500,000 ($174,225,000
if the 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 common stock, par value $0.0001 per share (“Common Stock”),
issued in the IPO as hereinafter provided (the proceeds to be delivered to the Trustee will be referred to herein as the “Property”;
the shareholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Shareholders,” and
the Public Shareholders and the Company will be referred to together as the “Beneficiaries”); and

 

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

 

THEREFORE, 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 JPMorgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated
assets of $100 billion or more) in the United States, maintained by Trustee, and at a brokerage institution selected by the Trustee that
is reasonably satisfactory to the Company;

 

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

 

(c) In
a timely manner, upon the instruction of the Company, invest and reinvest the Property (i) in United States government treasury bills,
notes or bonds having a maturity of 183 days or less and/or (ii) in money market funds meeting certain conditions under Rule 2a-7 promulgated
under the Investment Company Act of 1940, as amended, and that invest solely in U.S. treasuries, as determined by the Company, it being
understood that the Trust Account will earn no interest while the account funds are uninvested awaiting the Company’s instructions
hereunder; while the account funds are invested or uninvested, the Trustee may earn bank credits and other consideration;

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

(i) Commence
liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter (“Termination
Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, signed on behalf of the Company
by its President, Chief Executive Officer or Chairman of the Board and Secretary or Assistant Secretary, and complete the liquidation
of the Trust Account and distribute the Property in the Trust Account only as directed in the Termination Letter and the other documents
referred to therein; provided, however, that in the event that a Termination Letter has not been received by the Trustee by (X) the 12-month
anniversary of the closing of the IPO (“Closing”), or (Y) if the Company’s Board of Directors extends the time to complete
the Business Combination by three (3) months, the 15-month anniversary of the Closing, provided that the Company deposits $0.10 for each
outstanding public share of common stock into the Trust Account on or prior to the 12-month anniversary of the Closing, or (Z) if the
Company’s Board of Directors further extends the time to complete the Business Combination by an additional 3-month period, the
18-month anniversary of the Closing, provided that the Company deposits an additional $0.10 for each outstanding public share of common
stock into the Trust Account on or prior to the 15-month anniversary of the Closing, but the Company has not completed the Business Combination
within the applicable monthly anniversary of the Closing (“Last Date”), the Trust Account shall be liquidated in accordance
with the procedures set forth in the Termination Letter attached as Exhibit B hereto and distributed to the Public Shareholders as of
the Last Date. For example, if during the 12th month, the Company does not deposit $0.10 for each outstanding public share by the last
day of the 12th month, then the Last Date shall be the last day of the 12th month.

 

(j) Upon
receipt of an extension letter (“Extension Letter”) substantially similar to Exhibit D hereto at least five business days
prior to the Applicable Deadline, signed on behalf of the Company by an executive officer, and receipt of the dollar amount specified
in the Extension Letter on or prior to the Applicable Deadline, to follow the instructions set forth in the Extension Letter.

 

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2. Limited
Distributions of Income from Trust Account.

 

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

 

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

 

(c) The
Company shall provide Chardan 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, Chief Executive Officer, President
or Chief Financial Officer. In addition, except with respect to its duties under paragraphs 1(i) and 2(a) 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, an annual fee and a transaction processing fee for each disbursement made pursuant to Section 2(a)
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 except for disbursements made to the Company pursuant to Sections 1(i) solely in
connection with the consummation of a Business Combination. 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. Except as set forth in this Section 3(c) and
Section 3(b) hereof, the Company shall not be responsible for any other fees or charges of the Trustee.

 

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

 

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

 

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

 

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

 

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

  

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

 

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

 

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

 

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

 

    4 

     

    

 

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

 

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

 

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

 

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

 

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

 

    5 

     

    

 

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

 

7. Miscellaneous.

 

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

 

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

 

(c) This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for
Sections 1(i) and 1(j) (which may only be amended with the approval of the holders of a majority of the outstanding shares of Common Stock),
this Agreement or any provision hereof may only be changed, amended or modified by a writing signed by each of the parties hereto; provided,
however, that no such change, amendment or modification may be made without the prior written consent of Chardan. 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.

 

    6 

     

    

 

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

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com

 

Email: cgonzalez@continentalstock.com

 

if to the Company, to:

 

CleanTech Acquisition Corp.

207 West 25th Street, 9th Floor

New York, NY 10001

Attn: Eli Spiro

 

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

 

Chardan Capital Markets, LLC

17 State Street, 21st Floor

New York, NY 10004

Attn: [_]

Facsimile: (646) 465-9002

 

and

 

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn: Mitchell S. Nussbaum, Esq. and Giovanni Caruso, Esq.

Fax No.: (212) 407-4990

 

(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.

 

(h) Each
of the Company and the Trustee hereby acknowledge that Chardan 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:	/s/ Francis E. Wolf, Jr.
	 	 	Name: Francis E. Wolf, Jr.
	 	 	Title:   Vice President
	 	 	 
	 	CLEANTECH ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Eli Spiro
	 	 	Name: Eli Spiro
	 	 	Title:   Chief Executive Officer

 

[Signature Page to Investment Management Trust
Agreement]

 

     

     

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,500.00	 
	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	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Section 2	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 2	 	$	250.00	 
	Paying Agent services as required pursuant to section 1(i) and 1(j)	 	Billed to Company upon delivery of service pursuant to section 1(i) and 1(j)	 	 	Market Rate	 

  

     

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, N.Y. 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account - Termination Letter

 

Gentlemen:

 

Pursuant to paragraph 1(i)
of the Investment Management Trust Agreement between CleanTech Acquisition Corp. (“Company”) and Continental Stock Transfer&
Trust Company (“Trustee”), dated as of [______________], 2021 (“Trust Agreement”), this is to advise you that
the Company has entered into an agreement with [__________________] (“Target Business”) to consummate a business combination
with Target Business (“Business Combination”) on or about [insert date]. The Company shall notify you at least 48 hours
in advance of the actual date of the consummation of the Business Combination (“Consummation Date”). Capitalized terms used
herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

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

 

On the Consummation Date (i)
counsel for the Company shall deliver to you written notification that the Business Combination has been consummated and (ii) the Company
shall deliver to you (a) a certificate of the Chief Executive Officer, which verifies the vote of the Company’s shareholders in
connection with the Business Combination if a vote is held and (b) joint written instructions from the Company and Chardan Capital Markets
LLC with respect to the transfer of the funds held in the Trust Account (“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,
	 	 	 
	 	CLEANTECH ACQUISITION CORP.
	 	 	 
	 	By:	              
	 		[●],
	 	 	 
	 	By:	              
	 		[●],

 

cc: Chardan Capital Markets, LLC

 

     

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, N.Y. 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account No.- Termination Letter

 

Gentlemen:

 

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

 

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

 

	 	Very truly yours,
	 	 	 
	 	CLEANTECH ACQUISITION CORP.
	 	 	 
	 	By:	              
	 		[●],
	 	 	 
	 	By:	              
	 		[●],

 

cc: Chardan Capital Markets, LLC

 

     

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, N.Y. 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account - Withdrawal Instructions

 

Gentlemen:

 

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

 

[WIRE INSTRUCTION INFORMATION]

 

	 	CLEANTECH ACQUISITION CORP.
	 	 	 
	 	By:	              
	 		[●],

 

cc: Chardan Capital Markets, LLC

 

     

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, N.Y. 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account– Extension Letter

 

Gentlemen:

 

Pursuant to paragraph 1(j)
of the Investment Management Trust Agreement between CleanTech Acquisition Corp. (“Company”) and Continental Stock Transfer
& Trust Company (“Trustee”), dated as of [______________], 2021 (“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”). Capitalized words used herein and not otherwise
defined shall have the meanings ascribed to them in the Trust Agreement.

 

This Extension Letter shall
serve as the notice required with respect to Extension prior to the Applicable Deadline.

 

In accordance with the terms
of the Trust Agreement, we hereby authorize you to deposit $[_] [(or $[_] if the underwriters’ over-allotment option was exercised
in full)], which will be wired to you, into the Trust Account  investments upon receipt.

 

	 	Very truly yours,
	 	 
	 	CLEANTECH ACQUISITION CORP.
	 	 	 
	 	By:	              
	 		[●],

 

cc: Chardan Capital Markets, LLC

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