Document:

Exhibit 10.1 

 

Execution Version

 

VOTING AND SUPPORT AGREEMENT

 

VOTING
AND SUPPORT AGREEMENT (this “Agreement”) is made and entered into as of August 13, 2021, by and among TH
International Limited, a Cayman Islands exempted company (the “Company”), Silver Crest Acquisition Corporation, a Cayman
Islands exempted company (“SPAC”), and Silver Crest Management LLC, Cayman Islands
limited liability company (“Sponsor”).

 

WHEREAS,
capitalized terms used but not otherwise defined in this Agreement shall have the meanings ascribed thereto in the Agreement and Plan
of Merger (the “Merger Agreement”) entered into by and among the Company, Miami Swan Ltd, a Cayman Islands exempted
company and wholly owned subsidiary of the Company (“Merger Sub”), and SPAC, pursuant to which, among other things,
(i) Merger Sub will be merged with and into SPAC (the “First Merger”), with SPAC surviving the First Merger as
a wholly owned subsidiary of the Company, and (ii) SPAC will be merged with and into the Company (the “Second Merger”
and together with the First Merger, the “Mergers”), with the Company surviving the Second Merger;

 

WHEREAS,
Sponsor is, as of the date of this Agreement, the sole legal owner of (a) 8,625,000 SPAC Class B Shares and (b) 8,900,000
SPAC Class A Shares underlying SPAC Warrants (all such shares set forth in clauses (a) and (b), being collectively referred
to herein as the “Owned Shares”; and the Owned Shares and any other SPAC Shares (or any securities convertible into
or exercisable or exchangeable for SPAC Shares) acquired by Sponsor after the date of this Agreement and during the term of this Agreement,
being collectively referred to herein as the “Subject Shares”); and

 

WHEREAS,
as a condition to their willingness to enter into the Merger Agreement, the Company and SPAC have requested that Sponsor enter into this
Agreement.

 

NOW,
THEREFORE, the parties hereto agree as follows:

 

Article I

Representations and Warranties of Sponsor

 

Sponsor hereby represents and warrants to the
Company and SPAC as follows:

 

1.1          Organization
and Standing. Sponsor has been duly organized and is validly existing and in good standing under the Laws of the Cayman Islands and
has all requisite power and authority to own, lease and operate its properties and to carry on its business as now being conducted. Sponsor
is duly qualified or licensed and in good standing to do business in each jurisdiction in which the character of the property owned,
leased or operated by it or the nature of the business conducted by it makes such qualification or licensing necessary.

 

1.2          Authorization;
Binding Agreement. Sponsor
has all requisite power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the
transactions contemplated hereby. The execution and delivery of this Agreement and the consummation of the transactions contemplated
hereby have been duly and validly authorized and no other proceedings on the part of Sponsor are necessary to authorize the execution
and delivery of this Agreement or to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed
and delivered by Sponsor and, assuming the due authorization, execution and delivery of this Agreement by the other parties hereto, constitutes
the valid and binding obligation of Sponsor, enforceable against Sponsor in accordance with its terms, subject to the Enforceability
Exceptions.

 

    	 	2	 

     

    

 

1.3          Governmental
Approvals. No consent of or with any Governmental Authority on the part of Sponsor is required to be obtained or made in connection
with the execution, delivery or performance by Sponsor of this Agreement or the consummation by Sponsor of the transactions contemplated
hereby, other than (a) applicable requirements, if any, of the Securities Act, the Exchange Act, and/ or any state “blue sky”
securities Laws, and the rules and regulations thereunder and (b) where the failure to obtain or make such consents or to make
such filings or notifications would not prevent, impede or, in any material respect, delay or adversely affect the performance by Sponsor
of its obligations under this Agreement.

 

1.4          Non-Contravention.
The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and compliance with any of the
provisions hereof by Sponsor will not (a) conflict with or violate any provision of the Organizational Documents of Sponsor, (b) conflict
with or violate any Law, permit, Governmental Order or consent applicable to Sponsor or any of its properties or assets, or (c) (i) violate,
conflict with or result in a breach of, (ii) constitute a default (or an event which, with notice or lapse of time or both, would
constitute a default) under, (iii) result in the termination, withdrawal, suspension, cancellation or modification of, (iv) accelerate
the performance required by Sponsor under, (v) result in a right of termination or acceleration under, (vi) give rise to any
obligation to make payments or provide compensation under, (vii) result in the creation of any Lien (other than Permitted Lien)
upon any of the properties or assets of Sponsor under, (viii) give rise to any obligation to obtain any third party consent from
any Person or (ix) give any Person the right to declare a default, exercise any remedy, accelerate the maturity or performance,
cancel, terminate or modify any right, benefit, obligation or other term under, any of the terms, conditions or provisions of, any material
Contract of Sponsor, except for any deviations from any of the foregoing clauses (b) or (c) that would not prevent, impede
or, in any material respect, delay or adversely affect the performance by Sponsor of its obligations under this Agreement.

 

1.5          Owned
Shares. Sponsor is the sole legal owner of the Owned Shares, and all such Owned Shares are owned by Sponsor free and clear of all
liens or encumbrances, other than liens or encumbrances pursuant to this Agreement, the Organizational Documents of SPAC, the Letter
Agreement (as defined below), the Merger Agreement or applicable federal or state securities laws. Sponsor does not legally own any shares
of SPAC other than the Owned Shares. Sponsor has the sole right to vote the Owned Shares, and none of the Owned Shares is subject to
any voting trust or other agreement, arrangement or restriction with respect to the voting of the Owned Shares, except as contemplated
by this Agreement, the Letter Agreement, dated as of January 13, 2021, among SPAC, Sponsor and SPAC’s officers and directors
(the “Letter Agreement”), the Merger Agreement or the Organizational Documents of SPAC.

 

1.6          Merger
Agreement. Sponsor understands and acknowledges that the Company and SPAC are entering into the Merger Agreement in reliance upon
Sponsor’s execution and delivery of this Agreement. Sponsor has received a copy of the Merger Agreement and is familiar with the
provisions of the Merger Agreement.

 

    	 	3	 

     

    

 

Article II

Representations and Warranties of SPAC

 

SPAC hereby represents and warrants to Sponsor
and the Company as follows:

 

2.1          Organization
and Standing. SPAC is an exempted company duly incorporated, validly existing and in good standing under the Laws of the Cayman Islands.
SPAC has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being
conducted. SPAC is duly qualified or licensed and in good standing to do business in each jurisdiction in which the character of the
property owned, leased or operated by it or the nature of the business conducted by it makes such qualification or licensing necessary.

 

2.2          Authorization;
Binding Agreement. SPAC has all requisite corporate power and authority to execute and deliver this Agreement, to perform its obligations
hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the consummation of
the transactions contemplated hereby have been duly and validly authorized and no other corporate proceedings on the part of SPAC are
necessary to authorize the execution and delivery of this Agreement or to consummate the transactions contemplated hereby. This Agreement
has been duly and validly executed and delivered by SPAC and, assuming the due authorization, execution and delivery of this Agreement
by the other parties hereto, constitutes the valid and binding obligation of SPAC, enforceable against SPAC in accordance with its terms,
subject to the Enforceability Exceptions.

 

2.3          Non-Contravention.
The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and compliance with any of the
provisions hereof by SPAC will not (a) conflict with or violate any provision of Organizational Documents of SPAC, (b) conflict
with or violate any Law, permit, Governmental Order or consent applicable to SPAC or any of its properties or assets, or (c) (i) violate,
conflict with or result in a breach of, (ii) constitute a default (or an event which, with notice or lapse of time or both, would
constitute a default) under, (iii) result in the termination, withdrawal, suspension, cancellation or modification of, (iv) accelerate
the performance required by SPAC under, (v) result in a right of termination or acceleration under, (vi) give rise to any obligation
to make payments or provide compensation under, (vii) result in the creation of any Lien (other than Permitted Lien) upon any of
the properties or assets of SPAC under, (viii) give rise to any obligation to obtain any third party consent from any Person or
(ix) give any Person the right to declare a default, exercise any remedy, accelerate the maturity or performance, cancel, terminate
or modify any right, benefit, obligation or other term under, any of the terms, conditions or provisions of, any material Contract of
SPAC, except for any deviations from any of the foregoing clauses (b) or (c) that would not prevent, impede or, in any material
respect, delay or adversely affect the performance by SPAC of its obligations under this Agreement.

 

    	 	4	 

     

    

 

Article III

Representations and Warranties of the Company

 

The Company hereby represents and warrants to
Sponsor and SPAC as follows:

 

3.1          Organization
and Standing. The Company is an exempted company duly incorporated, validly existing and in good standing under the Laws of the Cayman
Islands. The Company has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business
as now being conducted. The Company is duly qualified or licensed and in good standing to do business in each jurisdiction in which the
character of the property owned, leased or operated by it or the nature of the business conducted by it makes such qualification or licensing
necessary.

 

3.2          Authorization;
Binding Agreement. The Company has all requisite corporate power and authority to execute and deliver this Agreement, to perform
its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby have been duly and validly authorized and no other corporate proceedings on the
part of the Company are necessary to authorize the execution and delivery of this Agreement or to consummate the transactions contemplated
hereby. This Agreement has been duly and validly executed and delivered by and, assuming the due authorization, execution and delivery
of this Agreement by the other parties hereto, constitutes the valid and binding obligation of the Company, enforceable against the Company
in accordance with its terms, subject to the Enforceability Exceptions.

 

3.3          Non-Contravention.
The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and compliance with any of the
provisions hereof by the Company will not (a) conflict with or violate any provision of Organizational Documents of the Company,
(b) conflict with or violate any Law, permit, Governmental Order or consent applicable to the Company or any of its properties or
assets, or (c) (i) violate, conflict with or result in a breach of, (ii) constitute a default (or an event which, with
notice or lapse of time or both, would constitute a default) under, (iii) result in the termination, withdrawal, suspension, cancellation
or modification of, (iv) accelerate the performance required by the Company under, (v) result in a right of termination or
acceleration under, (vi) give rise to any obligation to make payments or provide compensation under, (vii) result in the creation
of any Lien (other than Permitted Lien) upon any of the properties or assets of the Company under, (viii) give rise to any obligation
to obtain any third party consent from any Person or (ix) give any Person the right to declare a default, exercise any remedy, accelerate
the maturity or performance, cancel, terminate or modify any right, benefit, obligation or other term under, any of the terms, conditions
or provisions of, any material Contract of the Company, except for any deviations from any of the foregoing clauses (b) or (c) that
would not prevent, impede or, in any material respect, delay or adversely affect the performance by the Company of its obligations under
this Agreement.

 

Article IV

Agreement to Vote; Certain Other Covenants of Sponsor

 

Sponsor covenants and agrees during the term of this Agreement
as follows:

 

4.1          Agreement
to Vote.

 

(a)            In
Favor of the Mergers. At any meeting of the shareholders of SPAC called to seek the SPAC Shareholder Approval, or at any adjournment
thereof, or in connection with any written consent of the shareholders of SPAC or in any other circumstances upon which a vote, consent
or other approval with respect to the SPAC Transaction Proposals and any other transactions contemplated by the Merger Agreement and
any other Transaction Agreements, Sponsor shall (i) if a meeting is held, appear at such meeting or otherwise cause the Subject
Shares to be counted as present at such meeting for purposes of establishing a quorum, and (ii) vote or cause to be voted (including
by class vote and/or written consent, if applicable) the Subject Shares in favor of granting the SPAC Shareholder Approval or, if there
are insufficient votes in favor of granting the SPAC Shareholder Approval, in favor of the adjournment of such meeting of the shareholders
of SPAC to a later date.

 

    	 	5	 

     

    

 

(b)            Against
Other Transactions. At any meeting of shareholders of SPAC or at any adjournment thereof, or in connection with any written consent
of the shareholders of SPAC or in any other circumstances upon which Sponsor’s vote, consent or other approval is sought, Sponsor
shall vote (or cause to be voted) the Subject Shares (including by withholding class vote and/or written consent, if applicable) against
(i) other than in connection with the Transactions, any business combination agreement, merger agreement or merger (other than the
Merger Agreement and the Mergers), scheme of arrangement, business combination, consolidation, combination, sale of substantial assets,
reorganization, recapitalization, dissolution, liquidation or winding up of or by SPAC or any public offering of any shares of SPAC or,
in case of a public offering only, a newly-formed holding company of SPAC, (ii) any offer or proposal relating to a SPAC Alternative
Transaction, and (iii) any amendment of Organizational Documents of SPAC or other proposal or transaction involving SPAC, which,
in each of cases (i) and (iii) of this sentence, would be reasonably likely to in any material respect impede, interfere with,
delay or attempt to discourage, frustrate the purposes of, result in a breach by SPAC of, prevent or nullify any provision of the Merger
Agreement or any other Transaction Agreement, the Mergers or any other Transaction or change in any manner the voting rights of any class
of SPAC’s share capital.

 

(c)            Revoke
Other Proxies. Sponsor represents and warrants that any proxies or powers of attorney heretofore given in respect of the Subject Shares
that may still be in effect are not irrevocable, and such proxies or powers of attorney have been or are hereby revoked, other than the
voting and other arrangements under the Organizational Documents of SPAC and the Letter Agreement.

 

(d)           Irrevocable
Proxy and Power of Attorney. Sponsor hereby unconditionally and irrevocably grants to, and appoints, the Company and any individual
designated in writing by the Company, and each of them individually, as Sponsor’s proxy and attorney-in-fact (with full power of
substitution), for and in the name, place and stead of Sponsor, to vote the Subject Shares, or grant a written consent or approval in
respect of the Subject Shares, in a manner consistent with Section 4.1(a). Sponsor understands and acknowledges that the Company
is entering into the Merger Agreement in reliance upon Sponsor’s execution and delivery of this Agreement. Sponsor hereby affirms
that the irrevocable proxy and power of attorney set forth in this Section 4.1(d) are given in connection with the execution
of the Merger Agreement, and that such irrevocable proxy and power of attorney are given to secure the performance of the duties of Sponsor
under this Agreement. Sponsor hereby further affirms that the irrevocable proxy and power of attorney are given to secure a proprietary
interest and may under no circumstances be revoked. Sponsor hereby ratifies and confirms all that such irrevocable proxy and power of
attorney may lawfully do or cause to be done by virtue hereof. SUCH IRREVOCABLE PROXY AND POWER OF ATTORNEY ARE EXECUTED AND INTENDED
TO BE IRREVOCABLE IN ACCORDANCE WITH THE PROVISIONS OF THE POWERS OF ATTORNEY ACT OF THE CAYMAN ISLANDS (REVISED). The irrevocable proxy
and power of attorney granted hereunder shall only terminate upon the termination of this Agreement.

 

    	 	6	 

     

    

 

4.2          No
Transfer. Other than (x) pursuant to this Agreement, (y) upon the consent of the Company and SPAC or (z) to an Affiliate
of Sponsor (provided that such Affiliate shall enter into a written agreement, in form and substance reasonably satisfactory to the Company
and SPAC, agreeing to be bound by this Agreement to the same extent as Sponsor was with respect to such transferred Subject Shares),
from the date of this Agreement until the date of termination of this Agreement, Sponsor shall not, directly or indirectly, (i) (a) sell,
offer to sell, contract or agree to sell, hypothecate, pledge, grant any option, right or warrant to purchase or otherwise transfer,
dispose of or agree to transfer or dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate
or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, and the rules and regulations
of the Securities and Exchange Commission promulgated thereunder, any Subject Share, (b) enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of any Subject Shares, whether any such
transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) publicly announce any intention to effect
any transaction specified in clause (a) or (b) (the actions specified in clauses (a)-(c), collectively, “Transfer”),
other than pursuant to the First Merger, (ii) grant any proxies or powers of attorney or enter into any voting arrangement, whether
by proxy, voting agreement, voting trust, voting deed or otherwise (including pursuant to any loan of Subject Shares), or enter into
any other agreement, with respect to any Subject Shares, in each case, other than as set forth in this Agreement, the Merger Agreement,
Transaction Agreements or the voting and other arrangements under the Organizational Documents of SPAC, (iii) take any action that
would reasonably be expected to make any representation or warranty of Sponsor herein untrue or incorrect, or would reasonably be expected
to have the effect of preventing or disabling Sponsor from performing its obligations hereunder, or (iv) commit or agree to take
any of the foregoing actions. Any action attempted to be taken in violation of the preceding sentence will be null and void. Sponsor
agrees with, and covenants to, the Company and SPAC that Sponsor shall not request that SPAC register the Transfer (by book-entry or
otherwise) of any certificated or uncertificated interest representing any of the Subject Shares.

 

4.3          Waiver
of Dissenters’ Rights. Sponsor hereby irrevocably waives, and agrees not to exercise or assert, any dissenters’ rights
under Section 238 of the Cayman Companies Law and any other similar statute in connection with the Mergers and the Merger Agreement.

 

4.4          No
Redemption. Sponsor irrevocably and unconditionally agrees that, from the date hereof and until the termination of this Agreement,
Sponsor shall not elect to cause SPAC to redeem any Subject Shares now or at any time legally or beneficially owned by Sponsor, or submit
or surrender any of its Subject Shares for redemption, in connection with the Transactions.

 

    	 	7	 

     

    

 

4.5          New
Shares. In the event that prior to the Closing (i) any SPAC Shares or other securities are issued or otherwise distributed to
Sponsor pursuant to any stock dividend or distribution, or any change in any of the SPAC Shares or other share capital of SPAC by reason
of any stock split-up, recapitalization, combination, exchange of shares or the like, (ii) Sponsor acquires legal or beneficial
ownership of any SPAC Shares after the date of this Agreement, including upon exercise of options, settlement of restricted share units
or capitalization of working capital loans or (iii) Sponsor acquires the right to vote or share in the voting of any SPAC Share
after the date of this Agreement (collectively, the “New Securities”), the terms “Subject Shares” shall
be deemed to refer to and include such New Securities (including all such stock dividends and distributions and any securities into which
or for which any or all of the Subject Shares may be changed or exchanged into).

 

4.6          Sponsor
Letter Agreement. Each of Sponsor and SPAC hereby agree that from the date hereof until the termination of this Agreement, none of
them shall, or shall agree to, amend, modify or vary the Letter Agreement, except in connection with the Transactions.

 

4.7          Termination.
This Agreement shall terminate upon the earliest of (i) the Closing (provided, however, that upon such termination,
Section 4.3, this Section 4.7, Section 4.8, Section 5.1 and Section 5.2 shall survive indefinitely) and (ii) the
termination of the Merger Agreement in accordance with its terms, and upon such termination, no party shall have any liability hereunder
other than for its willful and material breach of this Agreement prior to such termination.

 

4.8          Additional
Matters. Sponsor shall, from time to time, (i) execute and deliver, or cause to be executed and delivered, such additional or
further consents, documents and other instruments as the Company or SPAC may reasonably request for the purpose of effectively carrying
out the transactions contemplated by this Agreement, the Merger Agreement and the other Transaction Agreements and (ii) refrain
from exercising any veto right, consent right or similar right (whether under the Organizational Documents of SPAC or the Cayman Companies
Law) which would prevent, impede or, in any material respect, delay or adversely affect the consummation of the Mergers or any other
Transaction.

 

4.9          Waiver
of Anti-Dilution Protection. Sponsor hereby waives, and agrees not to exercise, assert or claim, to the fullest extent permitted
by applicable Law, the ability to adjust the Initial Conversion Ratio (as defined in the SPAC Memorandum and Articles of Association)
pursuant to and in compliance with Article 18.3 of the SPAC Memorandum and Articles of Association in connection with the Transactions.

 

4.10        Confidentiality.
Sponsor shall be bound by and comply with Sections 8.03(a) (Exclusivity) and 8.05(b) (Confidentiality; Publicity)
of the Merger Agreement (and any relevant definitions contained in any such sections) as if (a) Sponsor was an original signatory
to the Merger Agreement with respect to such provisions, and (b) each reference to the “Company” contained in Section 8.03(a) of
the Merger Agreement (other than Section 8.03(a)(i) or for purposes of the definition of Alternative Transaction Proposal)
and “Affiliates” contained in Section 8.05(b) of the Merger Agreement also referred to Sponsor.

 

    	 	8	 

     

    

 

4.11        Consent
to Disclosure. Sponsor consents to and authorizes the Company or SPAC, as applicable, to publish and disclose in all documents and
schedules filed with the SEC or any other Governmental Entity or applicable securities exchange, and any press release or other disclosure
document that the Company or SPAC, as applicable, reasonably determines to be necessary or advisable in connection with the Mergers or
any other transactions contemplated by the Merger Agreement or this Agreement, Sponsor’s identity and ownership of the Subject
Shares, the existence of this Agreement and the nature of Sponsor’s commitments and obligations under this Agreement, and Sponsor
acknowledges that the Company or SPAC may, in their sole discretion, file this Agreement or a form hereof with the SEC or any other Governmental
Entity or securities exchange. Sponsor agrees to promptly give the Company or SPAC, as applicable, any information that is in its possession
that the Company or SPAC, as applicable, may reasonably request for the preparation of any such disclosure documents, and Sponsor agrees
to promptly notify the Company and SPAC of any required corrections with respect to any written information supplied by it specifically
for use in any such disclosure document, if and to the extent that Sponsor shall become aware that any such information shall have become
false or misleading in any material respect.

 

4.12        Share
Adjustment in connection with SPAC Transaction Expenses. If the accrued and unpaid SPAC Transaction Expenses (as set forth on the
written statement to be delivered to the Company pursuant to Section 3.02(c) of the Merger Agreement) exceed the SPAC Expense
Cap, then, prior to the Share Split, Sponsor in its sole discretion shall (including a combination thereof) (i) purchase from SPAC
(and SPAC agrees to sell thereto) a number of SPAC Class A Shares (with each such SPAC Class A Share valued at $10.00 per share),
(ii) forfeit a number of SPAC Class B Shares (with each such SPAC Class B Share valued at $10.00 per share), and/or (iii) decrease
the number of Aggregate Fully Diluted Company Shares by a number of hypothetical Pre-Split Shares in accordance with clause (b) of
the definition of “Aggregate Fully Diluted Company Shares”, that would, in the aggregate, have a value equal to the amount
of the SPAC Transaction Expenses minus the SPAC Expense Cap (the “Overage”). For purposes of this Section 4.12,
 “SPAC Expense Cap” means (x) $22,000,000 plus (y) the incremental amount of additional fees and expenses
(including placement agent fees) incurred by SPAC in connection with the PIPE Financing in the event the PIPE Financing amount received
by the Company in connection with the Closing exceeds the anticipated PIPE Financing amount set forth in the Non-Binding Letter of Intent
dated as of April 6, 2021.

 

Article V

General Provisions.

 

5.1          Notice.
All notices and other communications hereunder shall be in writing and shall be deemed given if delivered personally or sent by overnight
courier (providing proof of delivery) to the Company and SPAC in accordance with Section 11.02 of the Merger Agreement and to Sponsor
at the address set forth below (or at such other address for a party as shall be specified by like notice):

 

Silver Crest Management LLC

Suite 3501, 35/F, Jardine House

1 Connaught Place, Central

Hong Kong, China

Attn: Leon Meng; Derek Cheung

E-mail: leon@ascendentcp.com; derek@ascendentcp.com

 

    	 	9	 

     

    

 

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

 

Morrison & Foerster LLP

Edinburgh Tower, 33/F

The Landmark, 15 Queen's Road Central

Hong Kong, China

Attn: Marcia Ellis

E-mail: mellis@mofo.com

 

and

 

Morrison & Foerster LLP

Suite 4401, HKRI Centre One

HKRI Taikoo Hui, 288 Shimen Road (No. 1)

Shanghai, China 200041

Attn: Ruomu Li

E-mail: rli@mofo.com

 

and

 

Morrison & Foerster LLP

250 West 55th Street

New York, NY 10019

United States

Attn: Mitchell S. Presser; Omar E.
Pringle

E-mail: mpresser@mofo.com; opringle@mofo.com

 

5.2          Governing
Law. This Agreement, and all Actions or causes of action based upon, arising out of, or related to this Agreement or the transactions
contemplated hereby, shall be governed by, and construed in accordance with, the internal substantive Laws of the State of New York applicable
to contracts entered into and to be performed solely within such state, without giving effect to principles or rules of conflict
of laws to the extent such principles or rules would require or permit the application of Laws of another jurisdiction.

 

5.3          Miscellaneous.
The provisions of Article XI (other than Section 11.06) of the Merger Agreement are incorporated herein by reference, mutatis
mutandis, as if set forth in full herein.

 

[Signature pages follow]

 

    	 	10	 

     

    

 

IN WITNESS WHEREOF, each party has duly executed and delivered this
Agreement as a deed, all as of the date first written above.

 

	 	EXECUTED AND DELIVERED AS A DEED BY:
	 	 
	 	TH International Limited
	 	 
	 	Signature:	/s/ Paul Hong

 

	 	Name:	Paul Hong

 

	 	Title:	Director

 

[Signature Page to Sponsor Voting and Support Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, each party has duly executed and delivered this
Agreement as a deed, all as of the date first written above.

 

	 	EXECUTED AND DELIVERED AS A DEED BY:
	 	 
	 	SILVER CREST ACQUISITION CORPORATION
	 	 
	 	Signature:	/s/ Liang (Leon) Meng

 

	 	Name:	Liang (Leon) Meng

 

	 	Title:	Chairman

 

[Signature Page to Sponsor Voting and Support
Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, each party has duly executed and delivered this
Agreement as a deed, all as of the date first written above.

 

	 	EXECUTED AND DELIVERED AS A DEED BY:
	 	 
	 	Silver Crest Management LLC
	 	 
	 	Signature:	/s/ Liang (Leon) Meng

 

	 	Name:	Liang (Leon) Meng

 

	 	Title:	Manager

 

[Signature Page to Sponsor Voting and Support
Agreement]Exhibit 10.2

 

SPONSOR LOCK-UP AGREEMENT

 

Execution Version

 

This
Sponsor Lock-Up Agreement (this “Agreement”) is made and entered into as of August 13, 2021, by and between
TH International Limited, a Cayman Islands exempted company (the “Company”), and Silver Crest Management LLC, a Cayman
Islands limited liability company (“Sponsor”).

 

WHEREAS,
capitalized terms used but not otherwise defined in this Agreement shall have the meanings ascribed thereto in the Agreement and Plan
of Merger (the “Merger Agreement”) entered into by and among the Company, Miami Swan Ltd, a Cayman Islands exempted
company and wholly owned subsidiary of the Company (“Merger Sub”), and Silver Crest Acquisition Corporation (“SPAC”),
a Cayman Islands exempted company, pursuant to which, among other things, (i) Merger Sub will be merged with and into SPAC (the “First
Merger”), with SPAC surviving the First Merger as a wholly owned subsidiary of the Company, and (ii) SPAC will be merged
with and into the Company (the “Second Merger” and together with the First Merger, the “Mergers”),
with the Company surviving the Second Merger.

 

WHEREAS, in connection with the transactions contemplated
by the Merger Agreement, and in view of the valuable consideration to be received by the parties thereunder, the Company and Sponsor desire
to enter into this Agreement, pursuant to which the Locked-Up Shares and Sponsor Covered Shares (each as defined below) shall become subject
to limitations as set forth herein.

 

NOW, THEREFORE, in consideration of the premises
set forth above, which are incorporated into this Agreement as if fully set forth below, and intending to be legally bound hereby, the
parties hereto agree as follows:

 

1.             Definitions.
The terms defined in this Section 1 shall, for all purposes of this Agreement, have the respective meanings set forth below:

 

“Company Per Share Trading Price”
means, at any given time, the trading price per share of Company Ordinary Shares as reported by Bloomberg or, if not available on Bloomberg,
as reported by Morningstar.

 

“Company
Sale” means the transfer to or acquisition by (whether by tender offer, merger, consolidation, division or other similar transaction),
in one transaction or a series of related transactions, a person or entity or group of affiliated persons or entities (other than an underwriter
pursuant to an offering), of the Company’s voting securities if, after such transfer or acquisition, such person, entity or group
of affiliated persons or entities would beneficially own (as defined in Rule 13d-3 promulgated under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”)) more than 50% of the outstanding voting securities of the Company.

 

“Maximum Target Sponsor Covered Shares”
means 700,000 Unvested Shares.

 

“Minimum Target Sponsor Covered Shares”
means 700,000 Unvested Shares.

 

“Sponsor Covered Shares” means,
collectively, the Minimum Target Sponsor Covered Shares and the Maximum Target Sponsor Covered Shares.

 

     

     

    

 

“Trading Day” means any day on
which Company Ordinary Shares are actually traded on the principal securities exchange or securities market on which Company Ordinary
Shares are then traded.

 

2.             Lock-Up
Provisions.

 

(a)            Subject
to the exceptions set forth herein, during the applicable Lock-Up Period (as defined below), Sponsor agrees not to, without the prior
written consent of the board of directors of the Company, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge,
grant any option, right or warrant to purchase or otherwise transfer or dispose of, or agree to transfer or dispose of, directly or indirectly,
or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16
of the Exchange Act, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder, any Company
Ordinary Shares held by it immediately after the closing of the Transactions (the “Closing”), any Company Ordinary
Shares issuable upon the exercise of options or warrants to purchase Company Ordinary Shares held by it immediately after the Closing
(along with such options or warrants themselves), or any Company Ordinary Shares acquirable upon the conversion, exercise or exchange
of any securities convertible into or exercisable or exchangeable for Company Ordinary Shares held by it immediately after the Closing
(along with such securities themselves) (such Company Ordinary Shares, options, warrants and securities, collectively, the “Locked-Up
Shares”), (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of any of such Locked-Up Shares, whether any such transaction is to be settled by delivery of such securities,
in cash or otherwise or (iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii) (the
actions specified in clauses (i)-(iii), collectively, “Transfer”); provided, however, if any other holder
of securities of the Company enters into an agreement relating to the subject matter set forth in this Section 2 in connection
with the Closing on terms and conditions that are less restrictive than those agreed to herein (or such terms and conditions are subsequently
relaxed including as a result of a modification, waiver or amendment), then the less restrictive terms and conditions shall apply to Sponsor.
The foregoing limitations shall remain in full force and effect for a period of (i) with respect to 100% of the Company Ordinary
Shares held, issuable or acquirable in respect of any Locked-Up Shares, six (6) months from and after the Closing Date, (ii) with
respect to 80% of the Company Ordinary Shares held, issuable or acquirable in respect of any Locked-Up Shares (rounded up to the nearest
whole share), twelve (12) months from and after the Closing Date, and (iii) with respect to 50% of the Company Ordinary Shares held,
issuable or acquirable in respect of any Locked-Up Shares (rounded up to the nearest whole share), eighteen (18) months from and after
the Closing Date (such periods set forth in the foregoing clauses (i) through (iii), as applicable, the “Lock-Up Period”),
with the percentages set forth in this sentence applying to the aggregate holdings of Locked-Up Shares held by all entities constituting
Sponsor, and calculated on an aggregated basis. For the avoidance of doubt, the Locked-Up Shares shall be measured on an as-exercised
or as-converted basis, as applicable.

 

    2 

     

    

 

(b)            The
restrictions set forth in Section 2(a) (the “Lock-Up Restrictions”) shall not apply to:

 

(i)             in
the case of an entity, Transfers to (A) such entity’s officers or directors or any affiliate (as defined below) or immediate
family (as defined below) of any of such entity’s officers or directors, (B) any shareholder, partner or member of such entity
or their affiliates, (C) any affiliate of such entity, or (D) any employees of such entity or of its affiliates;

 

(ii)            in
the case of an individual, Transfers by gift to members of the individual’s immediate family or to a trust, the beneficiary of which
is a member of the individual’s immediate family, an affiliate of such person or to a charitable organization;

 

(iii)            in
the case of an individual, Transfers by virtue of laws of descent and distribution upon death of the individual;

 

(iv)            in
the case of an individual, Transfers by operation of law or pursuant to a court order, such as a qualified domestic relations order, divorce
decree or separation agreement;

 

(v)            in
the case of an individual, Transfers to a partnership, limited liability company or other entity of which the undersigned and/or the immediate
family of the undersigned are the legal and beneficial owner of all of the outstanding equity securities or similar interests;

 

(vi)            in
the case of an entity that is a trust, to a trustor or beneficiary of the trust or to the estate of a beneficiary of such trust;

 

(vii)          in
the case of an entity, Transfers by virtue of the laws of the state of the entity’s organization and the entity’s organizational
documents upon dissolution of the entity;

 

(viii)         pledges
of any Locked-Up Shares to a financial institution that create a mere security interest in such Locked-Up Shares pursuant to a bona fide
loan or indebtedness transaction so long as Sponsor continues to control the exercise of the voting rights of such pledged Locked-Up Shares
as well as any foreclosures on such pledged Locked-Up Shares;

 

(ix)            Transfers
of any Company Ordinary Shares acquired as part of the PIPE Financing;

 

(x)             transactions
relating to Company Ordinary Shares or other securities convertible into or exercisable or exchangeable for Company Ordinary Shares acquired
in open market transactions after the Closing, provided that no such transaction is required to be, or is, publicly announced (whether
on Form 4, Form 5 or otherwise, other than a required filing on Schedule 13F, 13G or 13G/A) during the applicable Lock-Up Period;

 

(xi)            the
exercise of any options or warrants to purchase Company Ordinary Shares (which exercises may be effected on a cashless basis to the extent
the instruments representing such options or warrants permit exercises on a cashless basis);

 

    3 

     

    

 

(xii)           Transfers
to the Company to satisfy tax withholding obligations pursuant to the Company’s equity incentive plans or arrangements;

 

(xiii)          Transfers
to the Company pursuant to any contractual arrangement in effect at the Closing that provides for the repurchase by the Company or forfeiture
of Sponsor’s Company Ordinary Shares or other securities convertible into or exercisable or exchangeable for Company Ordinary Shares
in connection with the termination of Sponsor’s service to the Company;

 

(xiv)         the
establishment of a trading plan that meets the requirements of Rule 10b5-1(c) under the Exchange Act (a “Trading Plan”);
provided, however, that no sales of Locked-Up Shares, shall be made by Sponsor pursuant to such Trading Plan during the
applicable Lock-Up Period and no public announcement or filing is voluntarily made regarding such plan during the applicable Lock-Up Period;

 

(xv)           Transfers
made after the date on which the closing Company Per Share Trading Price equals or exceeds $12.00 per share for any twenty (20) Trading
Days within any consecutive thirty (30)-Trading Day period commencing at least one hundred fifty (150) days after the Closing Date;

 

(xvi)          Transfers
made in connection with a liquidation, merger, share exchange or other similar transaction that results in all of the Company’s
shareholders having the right to exchange their Company Ordinary Shares for cash, securities or other property subsequent to the Closing
Date; and

 

(xvii)         transactions
to satisfy any U.S. federal, state, or local income tax obligations of Sponsor (or its direct or indirect owners) arising from a change
in the U.S. Internal Revenue Code of 1986, as amended (the “Code”), or the U.S. Treasury Regulations promulgated thereunder
(the “Regulations”) after the date on which the Merger Agreement was executed by the parties, and such change prevents
the Mergers from qualifying as a “reorganization” pursuant to Section 368 of the Code (and the Mergers do not qualify
for similar tax-free treatment pursuant to any successor or other provision of the Code or Regulations taking into account such changes),
in each case, solely to the extent necessary to cover any tax liability as a result of the transaction.

 

provided,
however, that in the case of clauses (i) through (viii), these permitted transferees must enter into a written agreement,
in substantially the form of this Agreement, agreeing to be bound by the Lock-Up Restrictions and shall have the same rights and benefits
under this Agreement. For purposes of this paragraph, “immediate family” shall mean a spouse, domestic partner, child, grandchild
or other lineal descendant (including by adoption), father, mother, brother or sister of an individual; and “affiliate” shall
have the meaning set forth in Rule 405 under the Securities Act of 1933, as amended.

 

(c)            For
the avoidance of doubt, Sponsor shall retain all of its rights as a shareholder of the Company during the Lock-Up Period, including the
right to vote any Locked-Up Shares.

 

    4 

     

    

 

(d)            In
furtherance of the foregoing, the Company, and any duly appointed transfer agent for the registration or transfer of the Locked-Up Shares,
are hereby authorized to decline to make any transfer of securities if such Transfer would constitute a violation or breach of the Lock-Up
Restrictions.

 

3.             Earn-In
Provisions.

 

(a)            Each
of the Company and Sponsor agrees that (x), immediately after the First Effective Time, 1,400,000 of the Company Ordinary Shares held
by Sponsor immediately after the First Effective Time shall become unvested shares (the “Unvested Shares”) and shall
be subject to the vesting and forfeiture provisions set forth in this Section 3 and (y) each Unvested Share shall not
be transferable until such Unvested Share vests pursuant to this Section 3 and until such Unvested Share vests, any certificate
representing such Unvested Share shall bear a legend referencing that such Unvested Share is subject to forfeiture pursuant to the provisions
of this Agreement, and any transfer agent for the Company will be given appropriate stop transfer orders that will be applicable until
such Unvested Share vests; provided that the foregoing transfer restriction under Section 3(a)(y) shall not apply
to Transfers to any shareholder, partner or member of Sponsor or their affiliates or, in the case of an individual who is such a shareholder,
partner or member (or affiliate thereof), further Transfers by such shareholder, partner or member (or affiliate thereof) by gift to a
trust, the beneficiary of which is a member of the individual’s immediate family, so long as (1) such Transfer is in compliance
with any applicable securities laws and (2) any transferee thereof entering into a written agreement, in substantially the form of
this Agreement, agreeing to be bound by the vesting and forfeiture provisions set forth in this Section 3 and to receive the
rights of a holder of Sponsor Covered Shares hereunder).

 

(b)            Subject
to Section 3(c), Section 3(d), and Section 4(a), on the fifth (5th) anniversary of
the Closing Date, (i) if the Minimum Target (as defined below) has not been achieved, all Minimum Target Sponsor Covered Shares shall
be forfeited by Sponsor to the Company for no consideration and Sponsor shall surrender its Minimum Target Sponsor Covered Shares to the
Company and (ii) if the Maximum Target (as defined below) has not been achieved, all Maximum Target Sponsor Covered Shares shall
be forfeited by Sponsor to the Company for no consideration and Sponsor shall surrender its Maximum Target Sponsor Covered Shares to the
Company. Any forfeiture of Company Ordinary Shares, and all references to forfeiture of Company Ordinary Shares, described in this Agreement
shall take effect as a surrender of Company Ordinary Shares for no consideration as a matter of Cayman Islands law.

 

(c)            The
Unvested Shares shall fully vest (and shall not be subject to the restrictions and forfeiture provisions set forth in this Section 3,
including, for the avoidance of doubt, Section 3(b)), as follows: (i) such Minimum Target Sponsor Covered Shares
shall vest if the Company Per Share Trading Price at any point during the trading hours of a Trading Day equals or exceeds $12.50 per
share for any twenty (20) Trading Days within any consecutive thirty (30)-Trading Day period at any time commencing on or after the Closing
Date and ending on or prior to the five (5)-year anniversary of the Closing Date (the “Minimum Target”) and (ii) such
Maximum Target Sponsor Covered Shares shall vest if the Company Per Share Trading Price at any point during the trading hours of a Trading
Day equals or exceeds $15.00 per share for any twenty (20) Trading Days within any consecutive thirty (30)-Trading Day period at any time
commencing on or after the Closing Date and ending on or prior to the five (5)-year anniversary of the Closing Date (the “Maximum
Target”). For the avoidance of doubt, if the Maximum Target has been achieved, but the Minimum Target has not been previously
achieved, the Minimum Target shall be deemed achieved on the date that the Maximum Target is achieved.

 

    5 

     

    

 

(d)            In
the event that after the Closing and prior to the five (5)-year anniversary of the Closing Date, there is a Company Sale (or a definitive
agreement providing for a Company Sale has been entered into prior to the five (5)-year anniversary of the Closing Date and such Company
Sale is ultimately consummated, even if such consummation occurs after the five (5)-year anniversary of the Closing Date), then if the
per share value of the consideration to be received by the holders of the Company Ordinary Shares in such Company Sale equals or exceeds
$12.50 per share and the Minimum Target has not been previously achieved, then the Minimum Target shall be deemed to have been achieved,
and if the per share value of the consideration to be received by the holders of the Company Ordinary Shares in such Company Sale equals
or exceeds $15.00 per share and the Maximum Target (or both the Minimum Target and the Maximum Target) has not been previously achieved,
then the Maximum Target (and, if not previously achieved, the Minimum Target) shall be deemed to have been achieved; provided,
that if the consideration to be received by the holders of the Company Ordinary Shares in such Company Sale includes non-cash consideration,
the value of such consideration shall be determined in good faith by the Company Board; provided, further, that
such Sponsor Covered Shares that are not deemed earned as of the consummation of such Company Sale shall be cancelled or forfeited by
Sponsor to the Company for no consideration. In the event either the Minimum Target or the Maximum Target would be deemed to be achieved
pursuant to this Section 3(d), the Minimum Target or Maximum Target shall be deemed to be satisfied immediately prior to the
consummation of the Company Sale and the applicable Sponsor Covered Shares shall receive the same consideration per share as the shares
of Company Ordinary Shares receive in the Company Sale.

 

(e)            Notwithstanding
anything set forth herein, prior to the date that a Sponsor Covered Share is no longer subject to the vesting and forfeiture provisions
set forth in this Section 3, Sponsor will remain entitled to all of the other rights of a holder of Company Ordinary
Shares, including to (i) exercise voting rights carried by such Sponsor Covered Share and (ii) receive any dividends or other
distributions in respect of such Sponsor Covered Share.

 

(f)            Notwithstanding
anything set forth in this Section 3 to the contrary, if any of the terms of the Lock-Up and Support Agreement (the “Company
Lock-Up and Support Agreement”), dated as of the date hereof, by and among the Company, SPAC and the other parties thereto in
respect of the Earn-Out Shares are less restrictive than those agreed to herein (or such terms and conditions are subsequently relaxed
including as a result of a modification, waiver or amendment), then the less restrictive terms and conditions shall apply to the Sponsor
Covered Shares. For the avoidance of doubt, (x) if the Minimum Share Price Milestone (as defined in the Company Lock-Up and Support
Agreement) shall have been achieved, then the Minimum Target shall be deemed achieved, and (y) if the Maximum Share Price Milestone
(as defined in the Company Lock-Up and Support Agreement) shall have been achieved, then the Maximum Target shall be deemed achieved.

 

    6 

     

    

 

4.             Miscellaneous.

 

(a)            If,
during the period between the Closing Date and the fifth (5th) anniversary of the Closing Date, the Company Ordinary Shares outstanding
as of immediately following the First Effective Time shall have been changed into a different number of shares or a different class by
reason of any share capitalization, dividend, distribution, combination, reverse share split, share consolidation, split, subdivision,
conversion, exchange, transfer, sale, cancelation, repurchase, redemption or reclassification, or any similar event shall have occurred,
then the Company Per Share Trading Price specified in each of Section 1(b)(xv), Section 3(c)(i) and Section 3(c)(ii) and
the per share value of the consideration with respect to any Company Sale specified in Section 3(d) shall be equitably
adjusted to reflect such change.

 

(b)            The
Company shall remove, and shall cause to be removed (including by causing its transfer agent and The Depository Trust Company (as applicable)
to remove), any legends, marks, stop-transfer instructions or other similar notations (i) pertaining to the lock-up arrangements
herein from the book-entries evidencing any Locked-Up Shares at the time any such share is no longer subject to the Lock-Up Restrictions,
and (ii) pertaining to the vesting and forfeiture provisions herein from the book-entries evidencing any Sponsor Covered Shares at
the time any such share is no longer subject to the vesting and forfeiture provisions set forth in Section 3 (any such Locked-Up
Share and/or Sponsor Covered Share, a “Free Share”), and shall take all such actions (and shall cause to be taken all
such actions) necessary or proper to cause the Free Shares to be consolidated under the CUSIP(s) and/or ISIN(s) applicable to
the unrestricted Company Ordinary Shares or so that the Free Shares are in a like position. Any holder of a Locked-Up Share and/or Sponsor
Covered Share is an express third-party beneficiary of this Section 4(b) and entitled to enforce specifically the obligations
of the Company set forth in this Section 4(b) directly against the Company.

 

(c)            This
Agreement shall be effective the date hereof and shall immediately terminate upon the earlier of (x) the termination of the Merger
Agreement pursuant to its terms, and (y) the date on which none of the Company, Sponsor or any holder of a Locked-Up Share and/or
Sponsor Covered Share has any rights or obligations hereunder.

 

(d)            Each
of Sponsor and the Company hereby represents and warrants that it has full power and authority to enter into this Agreement and that this
Agreement constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms. Upon the other party’s
request, Sponsor or the Company, as applicable, will execute any additional documents necessary in connection with enforcement hereof.

 

(e)            This
Agreement constitutes the entire agreement and understanding between the parties hereto relating to the subject matter hereof and the
transactions contemplated hereby and supersedes any other agreements and understandings, whether written or oral, that may have been made
or entered into by or between the parties hereto relating to the subject matter hereof or the transactions contemplated hereby. This 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 all parties hereto.

 

    7 

     

    

 

(f)            No
party hereto shall assign this Agreement or any part hereof without the prior written consent of the other party hereto; provided, that
no such assignment shall relieve the assigning party of its obligations hereunder. Subject to the foregoing, this Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Any attempted assignment in
violation of the terms of this paragraph shall be null and void, ab initio. For the avoidance of doubt, no transfer of Company
Ordinary Shares, Locked-Up Shares, Sponsor Covered Shares or Free Shares shall be (or be deemed to be) an assignment of this Agreement
or the rights or obligations hereunder.

 

(g)            This
Agreement shall be governed by, and construed in accordance with, the internal substantive laws of the State of New York applicable to
contracts entered into and to be performed solely within such state, without giving effect to principles or rules of conflict of
laws to the extent such principles or rules would require or permit the application of laws of another jurisdiction. Any dispute,
controversy, difference, or claim arising out of or relating to this Agreement, including its existence, validity, interpretation, performance,
breach, or termination, or any dispute regarding non-contractual obligations arising out of or relating to this Agreement, shall be referred
to and finally resolved by arbitration administered by the Hong Kong International Arbitration Centre (“HKIAC”) under
the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted. The seat of arbitration shall be Hong
Kong. There shall be three arbitrators. The arbitration proceedings shall be conducted in English. The law of this arbitration clause
shall be Hong Kong law. For the avoidance of doubt, a request by a party hereto to a court of competent jurisdiction for interim measures
necessary to preserve such party’s rights, including pre-arbitration attachments, injunctions, or other equitable relief, shall
not be deemed incompatible with, or a waiver of, the agreement to arbitrate in this Section.

 

(h)            Each
of the parties hereto acknowledges that its obligations under this Agreement are unique, recognizes and affirms that in the event of a
breach of this Agreement by it, money damages will be inadequate and the other party will have no adequate remedy at law, and agrees that
irreparable damage would occur in the event that any of the provisions of this Agreement were not performed by it in accordance with their
specific terms or were otherwise breached. Accordingly, the non-breaching party shall be entitled to an injunction or restraining order
to prevent breaches of this Agreement by the other party and to enforce specifically the terms and provisions hereof, without the requirement
to post any bond or other security or to prove that money damages would be inadequate, this being in addition to any other right or remedy
to which the non-breaching party may be entitled under this Agreement, at law or in equity.

 

(i)            This
Agreement may be executed in two or more counterparts (any of which may be delivered by electronic transmission), each of which shall
constitute an original, and all of which taken together shall constitute one and the same instrument.

 

    8 

     

    

 

(j)            For
the avoidance of doubt, the Lock-Up Restrictions shall supersede the lock-up provisions contained in Section 5 of that certain letter
agreement, dated as of January 13, 2021, by and among SPAC, Sponsor and certain of SPAC’s current and former officers and directors
(the “Insider Letter”), which Insider Letter shall terminate and be of no further force or effect as of the day following
the Closing Date.

 

[remainder of page intentionally left blank]

 

    9 

     

    

 

IN WITNESS WHEREOF, the parties hereto have hereunto
caused this Agreement to be duly executed as of the date first set forth above.

 

		 	TH INTERNATIONAL LIMITED
	 	 	 	 
	 	 	By:	/s/ Paul Hong
	 	 	 	Name:	Paul Hong
	 	 	 	Title:	Director

 

[Signature Page to Sponsor Lock-Up Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have hereunto
caused this Agreement to be duly executed as of the date first set forth above.

 

		 	Silver Crest Management LLC
	 	 	 	 
	 	 	By:	/s/ Liang (Leon) Meng
	 	 	 	Name:	Liang (Leon) Meng
	 	 	 	Title:	Manager

 

[Signature Page to Sponsor Lock-Up Agreement]

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