Document:

Exhibit 10.2

 

RIGHT AGREEMENT

 

This Right Agreement (this “Agreement”)
is made as of September 14, 2017 between Draper Oakwood Technology Acquisition, Inc., a Delaware corporation, with offices at c/o
Draper Oakwood Investments, LLC, 55 East 3rd Ave., San Mateo, CA 94401 (the “Company”), and Continental Stock Transfer
& Trust Company, a New York corporation, with offices at 1 State Street, 30th Floor, New York, NY 10004-1561 (“Rights
Agent”).

 

WHEREAS, the Company is engaged in an initial
public offering (the “Offering”) of units of the Company’s equity securities (each, a “Unit” and
collectively, the “Units”) to EarlyBirdCapital, Inc. (the “Representative”), as representative of the several
underwriters, each such Unit comprised of one share of Class A common stock of the Company, par value $.0001 per share (“Common
Stock”), one right to receive one-tenth of one share of Common Stock (each, a “Public Right” and collectively,
the “Public Rights”) upon the happening of an “Exchange Event” (defined herein), and one half of one warrant
to purchase one share of Common Stock, and in connection therewith, has determined to issue and deliver up to 5,000,000 Public
Rights (including up to 750,000 Public Rights subject to the over-allotment option) to public investors in the Offering; and

 

WHEREAS, the Company has entered into that
certain Unit Purchase Agreement dated as of August 24, 2017, with Draper Oakwood Investments, LLC (the “Sponsor”),
pursuant to which the Company will issue and deliver to the Sponsor up to an aggregate of 218,000 Units, including 218,000 rights
underlying such Units (the “Sponsor Private Placement Rights”); and

 

WHEREAS, the Company has entered into that
certain Unit Purchase Agreement dated as of August 24, 2017, pursuant to which the Company will issue and deliver to the Representative
up to an aggregate of 54,500 Units, including 54,500 rights underlying such Units (the “Representative Private Placement
Rights” and together with the Sponsor Private Placement Rights, the “Private Placement Rights”); and

 

WHEREAS, the Company has entered into that
certain Unit Purchase Option, dated as of September 14, 2017, pursuant to which the Company will issue and deliver to the Representative
an aggregate of 500,000 Units, including 500,000 rights underlying such Units (the “Purchase Option Rights”); and

 

WHEREAS, in order to finance the Company’s
transaction costs in connection with an intended initial Business Combination, the Sponsor or an affiliate of the Sponsor or certain
of the Company’s executive officers and directors may loan to the Company funds as may be required, of which up to $1,500,000
of such loans may be convertible into up to an additional 150,000 Units, including 150,000 rights underlying such Units (the “Working
Capital Rights” and together with the Purchase Option Rights, Private Placement Rights and Public Rights, the “Rights”);
and

 

WHEREAS, the Company has filed with the Securities
and Exchange Commission registration statement on Form S-1, File No. 333-220180, and the prospectus forming a part thereof (collectively,
the “Prospectus”), for the registration under the Securities Act of 1933, as amended, of the Units and each of the
securities comprising the Units, and the shares of Common Stock underlying the Public Rights; and

 

WHEREAS, the Company desires the Rights Agent
to act on behalf of the Company, and the Rights Agent is willing to so act, in connection with the issuance, registration, transfer
and exchange of the Rights; and

 

WHEREAS, the Company desires to provide for
the form and provisions of the Rights, the terms upon which they shall be issued, and the respective rights, limitation of rights,
and immunities of the Company, the Rights Agent, and the holders of the Rights; and

 

WHEREAS, all acts and things have been done
and performed which are necessary to make the Rights, when executed on behalf of the Company and countersigned by or on behalf
of the Rights Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution
and delivery of this Agreement.

 

    	 	 	 

     

    

 

NOW, THEREFORE, in consideration of the mutual
agreements herein contained, the parties hereto agree as follows:

 

1. Appointment of Rights Agent. The Company hereby
appoints the Rights Agent to act as agent for the Company for the Rights, and the Rights Agent hereby accepts such appointment
and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

2. Rights.

 

2.1. Form of Right. Each Right
shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the provisions of which are incorporated
herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board and the Secretary of the Company and
shall bear a facsimile of the Company’s seal. In the event the person whose facsimile signature has been placed upon any
Right shall have ceased to serve in the capacity in which such person signed the Right before such Right is issued, it may be issued
with the same effect as if he or she had not ceased to be such at the date of issuance.

 

2.2. Effect of Countersignature.
Unless and until countersigned by the Rights Agent pursuant to this Agreement, a Right shall be invalid and of no effect and may
not be exchanged for shares of Common Stock.

 

2.3. Registration.

 

2.3.1. Right Register. The Rights
Agent shall maintain books (“Right Register”) for the registration of original issuance and the registration of transfer
of the Rights. Upon the initial issuance of the Rights, the Rights Agent shall issue and register the Rights in the names of the
respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Rights Agent by
the Company.

 

2.3.2. Registered Holder. Prior
to due presentment for registration of transfer of any Right, the Company and the Rights Agent may deem and treat the person in
whose name such Right shall be registered upon the Right Register (“registered holder”) as the absolute owner of such
Right and of each Right represented thereby (notwithstanding any notation of ownership or other writing on the Right Certificate
made by anyone other than the Company or the Rights Agent), for the purpose of the exchange thereof, and for all other purposes,
and neither the Company nor the Rights Agent shall be affected by any notice to the contrary.

 

2.4. Detachability of Rights.
The securities comprising the Units, including the Rights, will not be separately transferable until ten business days following
the earlier to occur of: (i) the 90th day following the date of the Prospectus or (ii) the announcement by Representative
of its intention to allow separate earlier trading, except that in no event will the securities comprising the Units be separately
tradeable until the Company files a Current Report on Form 8-K which includes an audited balance sheet reflecting the receipt by
the Company of the gross proceeds of the Offering including the proceeds received by the Company from the exercise of the over-allotment
option, if the over-allotment option is exercised by the date thereof and the Company issues a press release and files a Current
Report on Form 8-K announcing when such separate trading shall begin.

 

3. Terms and Exchange of Rights

 

3.1. Rights. Each Right shall
entitle the holder thereof to receive one-tenth of one share of Common Stock upon the happening of an Exchange Event (defined below).
No additional consideration shall be paid by a holder of Rights in order to receive his, her or its shares of Common Stock upon
an Exchange Event as the purchase price for such shares of Common Stock has been included in the purchase price for the Units.
In no event will the Company be required to net cash settle the Rights. The provisions of this Section 3.1 may not be modified,
amended or deleted without the prior written consent of the Representative.

 

3.2. Exchange Event. An “Exchange
Event” shall occur upon the Company’s consummation of an initial Business Combination (as defined in the Company’s
Amended and Restated Certificate of Incorporation).

 

    	 	2	 

     

    

 

3.3. Exchange of Rights.

 

3.3.1. Issuance of Certificates.
As soon as practicable upon the occurrence of an Exchange Event, the Company shall direct holders of the Rights to return their
Rights Certificates to the Rights Agent. Upon receipt of a valid Rights Certificate, the Company shall issue to the registered
holder of such Right(s) a certificate or certificates for the number of full shares Common Stock to which he, she or it is entitled,
registered in such name or names as may be directed by him, her or it. Notwithstanding the foregoing, or any provision contained
in this Agreement to the contrary, in no event will the Company be required to net cash settle the Rights. The Company shall not
issue fractional shares upon exchange of Rights. At the time of an Exchange Event, the Company will inform the Right Agent how
fractional shares will be addressed, in accordance with Section 155 of the Delaware General Corporation Law. Each holder of a Right
will be required to affirmatively convert his, her or its rights in order to receive the 1/10 of a share underlying each right
(without paying any additional consideration) upon consummation of the Exchange Event. Each holder of a Right will be required
to indicate his, her or its election to convert the Rights into the underlying shares as well as to return the original certificates
evidencing the Rights to the Company.

 

3.3.2. Valid Issuance. All shares
of Common Stock issued upon an Exchange Event in conformity with this Agreement shall be validly issued, fully paid and nonassessable.

 

3.3.3. Date of Issuance. Each
person in whose name any such certificate for shares of Common Stock is issued shall for all purposes be deemed to have become
the holder of record of such shares on the date of the Exchange Event, irrespective of the date of delivery of such certificate.

 

3.3.4 Company Not Surviving Following
Exchange Event. Upon an Exchange Event in which the Company does not continue as the publicly held reporting entity, the definitive
agreement will provide for the holders of Rights to receive the same per share consideration the holders of the shares of Common
Stock will receive in such transaction, for the number of shares such holder is entitled to pursuant to Section 3.3.1 above.

 

3.5 Duration of Rights. If an
Exchange Event does not occur within the time period set forth in the Company’s Certificate of Incorporation, as the same
may be amended from time to time, the Rights shall expire and shall be worthless.

 

4. Transfer and Exchange of Rights.

 

4.1. Registration of Transfer.
The Rights Agent shall register the transfer, from time to time, of any outstanding Right upon the Right Register, upon surrender
of such Right for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for
transfer. Upon any such transfer, a new Right representing an equal aggregate number of Rights shall be issued and the old Right
shall be cancelled by the Rights Agent. The Rights so cancelled shall be delivered by the Rights Agent to the Company from time
to time upon request.

 

4.2. Procedure for Surrender of Rights.
Rights may be surrendered to the Rights Agent, together with a written request for exchange or transfer, and thereupon the Rights
Agent shall issue in exchange therefor one or more new Rights as requested by the registered holder of the Rights so surrendered,
representing an equal aggregate number of Rights; provided, however, that in the event that a Right surrendered for transfer bears
a restrictive legend, the Rights Agent shall not cancel such Right and issue new Rights in exchange therefor until the Rights Agent
has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Rights
must also bear a restrictive legend.

 

4.3. Fractional Rights. The Rights
Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance of a Right Certificate
for a fraction of a Right.

 

4.4. Service Charges. No service
charge shall be made for any exchange or registration of transfer of Rights.

 

4.5. Right Execution and Countersignature.
The Rights Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Rights
required to be issued pursuant to the provisions of this Section 4, and the Company, whenever required by the Rights Agent, will
supply the Rights Agent with Rights duly executed on behalf of the Company for such purpose.

 

    	 	3	 

     

    

 

5. Other Provisions Relating to Rights of Holders of
Rights.

 

5.1. No Rights as Shareholder.
Until exchange of a Right for shares of Common Stock as provided for herein, a Right does not entitle the registered holder thereof
to any of the rights of a shareholder of the Company, including, without limitation, the right to receive dividends, or other distributions,
exercise any preemptive rights to vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders
or the election of directors of the Company or any other matter.

 

5.2. Lost, Stolen, Mutilated, or
Destroyed Rights. If any Right is lost, stolen, mutilated, or destroyed, the Company and the Rights Agent may on such terms
as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Right, include the
surrender thereof), issue a new Right of like denomination, tenor, and date as the Right so lost, stolen, mutilated, or destroyed.
Any such new Right shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen,
mutilated, or destroyed Right shall be at any time enforceable by anyone.

 

5.3. Reservation of Common Stock.
The Company shall at all times reserve and keep available a number of its authorized but unissued shares of Common Stock that will
be sufficient to permit the exchange of all outstanding Rights issued pursuant to this Agreement.

 

6. Concerning the Rights Agent and Other Matters.

 

6.1. Payment of Taxes. The Company
will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Rights Agent in respect of
the issuance or delivery of shares of Common Stock upon the exchange of Rights, but the Company shall not be obligated to pay any
transfer taxes in respect of the Rights or such shares.

 

6.2. Resignation, Consolidation,
or Merger of Rights Agent.

 

6.2.1. Appointment of Successor Rights
Agent. The Rights Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further
duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Rights
Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Rights
Agent in place of the Rights Agent. If the Company shall fail to make such appointment within a period of 30 days after it has
been notified in writing of such resignation or incapacity by the Rights Agent or by the holder of the Right (who shall, with such
notice, submit his, her or its Right for inspection by the Company), then the holder of any Right may apply to the Supreme Court
of the State of New York for the County of New York for the appointment of a successor Rights Agent at the Company’s cost.
Any successor Rights Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under
the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State
of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal
or state authority. After appointment, any successor Rights Agent shall be vested with all the authority, powers, rights, immunities,
duties, and obligations of its predecessor Rights Agent with like effect as if originally named as Rights Agent hereunder, without
any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Rights Agent shall execute
and deliver, at the expense of the Company, an instrument transferring to such successor Rights Agent all the authority, powers,
and rights of such predecessor Rights Agent hereunder; and upon request of any successor Rights Agent the Company shall make, execute,
acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor
Rights Agent all such authority, powers, rights, immunities, duties, and obligations.

 

6.2.2. Notice of Successor Rights
Agent. In the event a successor Rights Agent shall be appointed, the Company shall give notice thereof to the predecessor Rights
Agent and the transfer agent for the Common Stock not later than the effective date of any such appointment.

 

    	 	4	 

     

    

 

6.2.3. Merger or Consolidation of
Rights Agent. Any corporation into which the Rights Agent may be merged or with which it may be consolidated or any corporation
resulting from any merger or consolidation to which the Rights Agent shall be a party shall be the successor Rights Agent under
this Agreement without any further act.

  

6.3. Fees and Expenses of Rights
Agent.

 

6.3.1. Remuneration. The Company
agrees to pay the Rights Agent reasonable remuneration for its services as such Rights Agent hereunder and will reimburse the Rights
Agent upon demand for all expenditures that the Rights Agent may reasonably incur in the execution of its duties hereunder.

 

6.3.2. Further Assurances. The
Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all
such further and other acts, instruments, and assurances as may reasonably be required by the Rights Agent for the carrying out
or performing of the provisions of this Agreement.

 

6.4. Liability of Rights Agent.

 

6.4.1. Reliance on Company Statement.
Whenever in the performance of its duties under this Agreement, the Rights Agent shall deem it necessary or desirable that any
fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless
other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by
a statement signed by the Chief Executive Officer, Chief Operating Officer or Chief Financial Officer and delivered to the Rights
Agent. The Rights Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions
of this Agreement.

 

6.4.2. Indemnity. The Rights
Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. Subject to Section 6.6 below,
the Company agrees to indemnify the Rights Agent and save it harmless against any and all liabilities, including judgments, costs
and reasonable counsel fees, for anything done or omitted by the Rights Agent in the execution of this Agreement except as a result
of the Rights Agent’s gross negligence, willful misconduct, or bad faith.

 

6.4.3. Exclusions. The Rights
Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
of any Right (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or
condition contained in this Agreement or in any Right; nor shall it by any act hereunder be deemed to make any representation or
warranty as to the authorization or reservation of any Common Stock to be issued pursuant to this Agreement or any Right or as
to whether any Common Stock will when issued be valid and fully paid and nonassessable.

 

6.5. Acceptance of Agency. The
Rights Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions
herein set forth.

 

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

 

7. Miscellaneous Provisions.

 

7.1. Successors. All the covenants
and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to the benefit of
their respective successors and assigns.

 

    	 	5	 

     

    

 

7.2. Notices. Any notice, statement
or demand authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Right to or on the Company
shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier
service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by
the Company with the Rights Agent), as follows:

 

Draper Oakwood Technology Acquisition, Inc.

c/o Draper Oakwood Investments, LLC

55 East 3rd Ave.

San Mateo, CA 94401

Attn: Chief Executive Officer  

 

Any notice, statement or demand authorized by this Agreement
to be given or made by the holder of any Right or by the Company to or on the Rights Agent shall be sufficiently given when so
delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after deposit
of such notice, postage prepaid, addressed (until another address is filed in writing by the Rights Agent with the Company), as
follows:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004-1561

Attn: Compliance Department

 

with a copy to:

 

EarlyBirdCapital, Inc.

366 Madison Avenue, 8th Floor

New York, New York 10017

Attention: General Counsel

 

7.3. Applicable Law. The validity,
interpretation, and performance of this Agreement and of the Rights shall be governed in all respects by the laws of the State
of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws
of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in
any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court
for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The
Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such
process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail,
return receipt requested, postage prepaid, addressed to it at the address set forth in Section 7.2 hereof. Such mailing shall be
deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

7.4. Persons Having Rights under
this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof is intended,
or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered holders
of the Rights and, for the purposes of Sections 3.1, 7.4 and 7.8 hereof, the Representative, any right, remedy, or claim under
or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Representative shall
be deemed to be a third-party beneficiary of this Agreement with respect to Sections 3.1, 7.4 and 7.8 hereof. All covenants, conditions,
stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto
(and the Representative with respect to the Sections 3, 7.4 and 7.8 hereof) and their successors and assigns and of the registered
holders of the Rights. The provisions of this Section 7.4 may not be modified, amended or deleted without the prior written consent
of the Representative.

 

7.5. Examination of the Right Agreement.
A copy of this Agreement shall be available at all reasonable times at the office of the Rights Agent in the Borough of Manhattan,
City and State of New York, for inspection by the registered holder of any Right. The Rights Agent may require any such holder
to submit his, her or its Right for inspection by it.

 

    	 	6	 

     

    

 

7.6. Counterparts. This Agreement
may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed
to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

7.7. Effect of Headings. The
Section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof.

 

7.8 Amendments. This Agreement
may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity, or of
curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect
to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall
not adversely affect the interest of the registered holders. All other modifications or amendments shall require the written consent
or vote of the registered holders of a majority of the then outstanding Rights. The provisions of this Section 7.8 may not be modified,
amended or deleted without the prior written consent of the Representative.

 

7.9 Severability. This Agreement
shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity
or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms
to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

[Signature Page Follows]

 

    	 	7	 

     

    

  

IN WITNESS WHEREOF, this Agreement has been
duly executed by the parties hereto as of the day and year first above written.

   

	 	DRAPER OAKWOOD TECHNOLOGY ACQUISITION, INC.
	 	 	 
	 	By:	/s/
Aaemer Sarfraz
	 	 	Name: Aaemer Sarfraz
	 	 	Title: Chief Executive Officer

  

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	By:	/s/ Henry Farrell

	 	 	Name: Henry Farrell
	 	 	Title: Vice President

  

[Signature Page to Right Agreement]

 

    	 	8Exhibit 10.3

 

STOCK ESCROW AGREEMENT

 

STOCK ESCROW AGREEMENT, dated as of September
14, 2017 (“Agreement”), by and among DRAPER OAKWOOD TECHNOLOGY ACQUISITION, INC., a Delaware corporation (“Company”),
DRAPER OAKWOOD INVESTMENTS, LLC, a Delaware limited liability company (the “Founder”) and CONTINENTAL STOCK TRANSFER &
TRUST COMPANY, a New York corporation (“Escrow Agent”).

 

WHEREAS, the Company has entered into
an Underwriting Agreement, dated September 14, 2017 (“Underwriting Agreement”), with EarlyBirdCapital, Inc. (the “Representative”)
acting as representative of the several underwriters (collectively, the “Underwriters”), pursuant to which, among other
matters, the Underwriters have agreed to purchase 5,000,000 units (“Units”) of the Company, plus an additional 750,000
Units if the Representative exercises the over-allotment option in full. Each Unit consists of one share of the Company’s
Class A Common Stock, par value $.0001 per share (“Common Stock”), one right to receive one-tenth (1/10) of one share
of Common Stock upon the consummation of an initial business combination, and one half of one Warrant, each whole Warrant to purchase
one share of Common Stock, all as more fully described in the Company’s final Prospectus, dated September 14, 2017 (“Prospectus”)
comprising part of the Company’s Registration Statement on Form S-1 (File No. 333-220180) under the Securities Act of
1933, as amended (collectively, the “Registration Statement”), declared effective on September 14, 2017 (“Effective
Date”) (the “IPO”).

 

WHEREAS, the Founder has agreed as a condition
of the sale of the Units to deposit its 1,437,500 shares of Class F Common Stock of the Company (“Founder’s Shares”),
as set forth opposite its name in Exhibit A attached hereto, in escrow as hereinafter provided.

 

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

 

IT IS AGREED:

 

1. Appointment of Escrow Agent.
The Company and the Founder hereby appoint the Escrow Agent to act in accordance with and subject to the terms of this Agreement
and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to such terms.

 

2. Deposit of Shares. On or
before the Effective Date, the Founder shall have delivered to the Escrow Agent certificates representing Founder’s Shares
(which may be in book entry form), to be held and disbursed subject to the terms and conditions of this Agreement. Founder acknowledges
that the certificate representing Founder’s Shares is legended to reflect the deposit of such shares under this Agreement.

 

3. Disbursement of the Escrow Shares.

 

3.1 If the Underwriters do not exercise
their over-allotment option to purchase all or a portion of the additional 750,000 Units of the Company within 45 days of the date
of the Prospectus (as described in the Underwriting Agreement), the Founder agrees that the Escrow Agent shall return to the Company
for cancellation, at no cost, a number of Founder’s Shares held by the Founder equal to 187,500 multiplied by a fraction,
(i) the numerator of which is 750,000 minus the number of shares of Common Stock purchased by the Underwriters upon the exercise
of their over-allotment option, and (ii) the denominator of which is 750,000. The Company shall promptly provide notice to
the Escrow Agent of the expiration or termination of the Underwriters’ over-allotment option and the number of Units, if
any, purchased by the Underwriters in connection with their exercise thereof.  

 

    	 	 	 

     

    

 

3.2 Except as otherwise set forth herein,
the Escrow Agent shall hold the Founder’s Shares remaining after any cancellation required pursuant to Section 3.1 above
(such remaining shares to be referred to herein as the “Escrow Shares”) until one year after the Company consummates
a business combination (as such term is described in the Registration Statement, a “Business Combination”) (the “Escrow
Period”). The Company shall promptly provide notice of the consummation of a Business Combination to the Escrow Agent. Upon
completion of the Escrow Period, the Company shall notify the Escrow Agent and the Escrow Agent shall disburse Founder’s
Escrow Shares to Founder; provided, however, that if the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof
that the Company is being liquidated, then the Escrow Agent shall promptly destroy the certificates representing the Escrow Shares;
provided further, however, that if, within one year after the Company consummates a Business Combination, the last sales price
of the Common Stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations)
for any 20 trading days within any 30-trading day period, then the Escrow Agent will, upon receipt of a notice from the Company,
in form reasonably acceptable to the Escrow Agent, certifying that such transaction is then being consummated or such conditions
have been achieved, as applicable, release 50% of the Escrow Shares to the Founder; provided further, however, that if, within
one year after the Company consummates a Business Combination, the Company (or the surviving entity) subsequently consummates a
liquidation, merger, stock exchange or other similar transaction which results in all of the stockholders of such entity having
the right to exchange their shares of Common Stock for cash, securities or other property, then the Escrow Agent will, upon receipt
of a notice from the Company, in form reasonably acceptable to the Escrow Agent, certifying that such transaction is then being
consummated or such conditions have been achieved, as applicable, release all the Escrow Shares to the Founder. The Escrow Agent
shall have no further duties hereunder after the disbursement or destruction of the Escrow Shares in accordance with this Section 3.

 

4. Rights of Founder in Escrow
Shares.

 

4.1 Voting Rights as a Stockholder.
Subject to the terms of the Insider Letters described in Section 4.4 hereof and except as herein provided, the Founder shall
retain all of its rights as a stockholder of the Company as long as any shares are held in escrow pursuant to this Agreement, including,
without limitation, the right to vote such shares.

 

4.2 Dividends and Other Distributions
in Respect of the Escrow Shares. For as long as any shares are held in escrow pursuant to this Agreement, all dividends payable
in cash with respect to the Escrow Shares shall be paid to the Founder, but all dividends payable in stock or other non-cash property
(“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used
herein, the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

 

4.3 Restrictions on Transfer.
During the Escrow Period, the only permitted transfers of the Escrow Shares will be (i) to the Company’s officers, directors,
employees, consultants or their affiliates, (ii) to Founder’s officers, directors, employees or members, (iii) by
bona fide gift to a member of the immediate family of a member of the Founder or to a trust, the beneficiary of which is a member
of the Founder or a member of the immediate family of a member of the Founder for estate planning purposes, (iv) by virtue
of the laws of descent and distribution upon death, (v) pursuant to a qualified domestic relations order, (vi) to the
Company for no value for cancellation in connection with the consummation of a Business Combination or (vii) by private sales
of the Escrow Shares made at or prior to the consummation of a Business Combination at prices no greater than the price at which
the Escrow Shares were originally purchased; provided, however, that except for clause (vi) or with the Company’s prior consent,
such permissive transfers may be implemented only upon the respective transferee’s written agreement to be bound by the terms
and conditions of this Agreement and of the Insider Letter signed by the Founder transferring the shares.

 

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

 

5. Concerning the Escrow Agent.

 

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

 

    	 	2	 

     

    

 

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

 

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

 

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

 

5.5 Resignation. The Escrow
Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties hereto
written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective at
such time that the Escrow Agent shall turn over to a successor escrow agent appointed by the Company and approved by the Representative,
which approval will not be unreasonably withheld, conditioned or delayed, the Escrow Shares held hereunder. If no new escrow agent
is so appointed within the 60-day period following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow
Shares with any court it reasonably deems appropriate in the State of New York.

 

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

 

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

 

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

 

    	 	3	 

     

    

 

6. Miscellaneous.

 

6.1 Governing Law. This Agreement
shall for all purposes be deemed to be made under and shall be construed in accordance with the laws of the State of New York,
without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
Each of the parties hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this
Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern
District of New York, and irrevocably submits to such personal jurisdiction, which jurisdiction shall be exclusive. Each of the
parties hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

 

6.2 Third Party Beneficiaries.
The Founder hereby acknowledges that the Underwriters are third party beneficiaries of this Agreement.

 

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

 

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

 

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

 

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

 

If to the Company, to:

 

Draper Oakwood Technology Acquisition,
Inc.

c/o Draper Oakwood Investments, LLC

55 East 3rd Ave.

San Mateo, CA 94401

Attn: Chief Executive Officer

 

If to a Founder, to his/it address set
forth in Exhibit A.

 

and if to the Escrow Agent, to:

 

Continental Stock Transfer &
Trust Company

1 State Street 30th Floor

New York, NY 10004-1561

Attn: Chairman

 

A copy of any notice sent hereunder shall
be sent to:

 

EarlyBirdCapital, Inc.

366 Madison Avenue, 8th Fl.

New York, NY 10017

Attn: Steven Levine, Chief
Executive Officer

Fax No.: (212) 661-4936

 

    	 	4	 

     

    

 

with a copy to:

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas

New York, New York 10105

Attn: Douglas S. Ellenoff, Esq.

 

and:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

 

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

 

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

 

6.8 Counterparts. This Agreement
may be executed in several counterparts, each one of which shall constitute an original and may be delivered by facsimile transmission
and together shall constitute one instrument.

 

[Signature Page Follows]

  

    	 	5	 

     

    

  

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

   

	 	DRAPER OAKWOOD TECHNOLOGY ACQUISITION, INC.
	 	 	 
	 	By:	/s/ Aamer Sarfraz
	 	 	
        Name: Aamer Sarfraz

        Title: Chief Executive Officer

 

	 	
        FOUNDER:

         

        DRAPER OAKWOOD INVESTMENTS, LLC

	 	 	 
	 	By:	/s/ Aamer Sarfraz
	 	 	
        Name: Aamer Sarfraz

        Title: Managing Member

	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 
	 	By:	/s/ Henry Farrell

	 	 	
        Name: Henry Farrell

        Title: Vice President

  

[Signature Page to Stock Escrow Agreement]

 

    	 	6	 

     

    

  

EXHIBIT A

 

	Name and
Address of Founder
	 	Number of
 Shares	 	 	Stock
 Certificate

 Number	 
	Draper Oakwood Investments, LLC 
55 East 3rd Ave. 
San Mateo, CA 94401	 	 	1,437,500	 	 	 	1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}]]