Document:

ex_224563.htm

 

Exhibit 10.1

 

Execution Version

 

THIS DOCUMENT SHALL NOT BE BINDING UPON ANY PERSON UNLESS AND UNTIL IT IS FULLY EXECUTED AND DELIVERED BY ALL OF THE PARTIES HERETO. WITHOUT LIMITATION OF THE FOREGOING, THIS DOCUMENT (I) IS DISTRIBUTED PURSUANT TO, AND IS SUBJECT TO THE PROTECTIONS AND BENEFITS OF, THE TERMS, PROVISIONS AND COVENANTS OF THE PRE-NEGOTIATION AGREEMENT DATED AS OF JANUARY 14, 2021; AND (II) SHALL NOT COMPRISE A “WRITTEN AGREEMENT” WITHIN THE MEANING OF SECTION 2 OF SUCH PRE-NEGOTIATION AGREEMENT UNLESS AND UNTIL IT IS FULLY EXECUTED AND DELIVERED BY ALL OF THE PARTIES HERETO. 

 

FORBEARANCE AGREEMENT 

 

THIS FORBEARANCE AGREEMENT (this “Agreement”) dated as of February 1, 2021 (such date, the “Effective Date”) is made by and among CITIBANK, N.A., as administrative agent and collateral agent for the Lenders party to the Loan Agreement (as defined below) (in such capacities, collectively, “Agent”), each of the parties identified as a “Borrower” on the signature pages hereof (collectively, “Borrower”), HOSPITALITY INVESTORS TRUST, INC., a Maryland corporation (“Parent Guarantor”), HOSPITALITY INVESTORS TRUST OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (together with Parent Guarantor, “Guarantors” and Guarantors with Borrower, the “Borrower Parties”), CITIBANK, N.A. (“Citibank”), DEUTSCHE BANK AG NEW YORK BRANCH (“DB”), JPMORGAN CHASE BANK, NATIONAL ASSOCIATION (“JPM”), MORGAN STANLEY BANK, N.A. (“MS”), GOLDMAN SACHS BANK USA (“GS”), CTBC BANK CO., LTD., NEW YORK BRANCH (“CTBC”), and BBVA USA, fka COMPASS BANK (“BBVA” and with Citibank, DB, JPM, MS, GS, and CTBC, collectively, the “Lenders”). The Borrower Parties, Agent, and the Lenders, being referred to in this Agreement as a “Party”, and collectively, as the “Parties”) with respect to the following facts and circumstances:

 

PRELIMINARY STATEMENTS:

 

	 	
			A.

				
			Reference is made to (i) that certain Second Amended and Restated Term Loan Agreement dated as of April 27, 2017 (as amended by that certain Amendment No. 1 to the Second Amended and Restated Term Loan Agreement dated as of June 29, 2017 and as further amended by that certain Amendment No. 2 to the Second Amended and Restated Term Loan Agreement dated as of May 22, 2019, as the same may be further amended, restated, replaced, supplemented, or otherwise modified from time to time, collectively, the “Loan Agreement”; capitalized terms used in this Agreement without definition shall have the meanings ascribed to such terms in the Loan Agreement) among Borrower and the Lenders, (ii) the Loan Documents identified in the Loan Agreement, (iii) that certain Pre-Negotiation Agreement (the “Pre-Negotiation Agreement”) dated as of January 14, 2021 among the Borrower Parties and Agent and (iv) that certain forbearance request letter dated as of January 22, 2021.

			

 

	 	
			B.

				
			Pursuant to Sections 5.01(j), 5.01(n), 5.01(r) (with respect to the George Tech Hotel’s Approved Management Agreement), 5.01(l) (with respect to the George Tech Hotel’s Approved Management Agreement), 5.01(cc)(i)-(ii), 5.02(b)(iii) (to the extent that any unpaid rents under the Georgia Tech Ground Lease constitute Indebtedness), 5.02(e), 5.02(l), and 5.02(w) of the Loan Agreement, Borrower must pay and perform its obligations, as applicable, under the Georgia Tech Ground Lease and the Approved Management Agreement with respect to the George Tech Hotel. Borrower has advised that it will not be paying or performing its obligations, as applicable, under the Georgia Tech Ground Lease and the Approved Management Agreement with respect to the George Tech Hotel during the Forbearance Period (defined below), and this may result in a termination or exercise of other remedies by the applicable lessor or other obligors with respect to the Georgia Tech Ground Lease and/or the Approved Management Agreement with respect to the George Tech Hotel (collectively, the “Potential Defaults”).

			

 

 

 

 

 

	 	
			C.

				
			In order to give the Parties and their authorized representatives time to discuss the Loan and negotiate a potential modification of the Loan (any and all such previous and future discussions, negotiations, correspondence and other communications between the Borrower Parties or their respective attorneys, servicers, asset managers, consultants, agents, or representatives and Agent, the Lenders or their, respective attorneys, servicers, asset managers, consultants, agents, or representatives, being hereinafter referred to collectively, “Discussions”), subject to the terms of this Agreement, Agent and the Lenders have agreed to forbear from exercising their respective remedies under the Loan Documents, at law, in equity, and otherwise, in respect of the Potential Defaults.

			

 

NOW, THEREFORE, in consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree, represent, warrant, covenant and acknowledge as follows:

 

	 	
			1.

				
			Forbearance Period. Each of Agent and the Lenders hereby agrees, in each case for itself and its respective Affiliates, and each such Person’s current and former heirs, executors, administrators, predecessors, successors, assigns, officers, directors, members, shareholders, partners, managers, stockholders, agents, employees, designees, nominees, representatives, attorneys, affiliates, subsidiaries, participants, and all Persons acting by, through, under or under the control of any of the foregoing (with respect to each such Person, each a “Related Person”, and collectively, the “Related Persons”), for the benefit of each other Party, the Lenders, and each such Lender’s Related Persons, to forbear from exercising any of their remedies pursuant to the Loan Documents, at law, in equity, or otherwise in connection with the Loan or the Loan Documents for a period of time commencing on the date of this Agreement and ending on the first to occur of (i) April 30, 2021 and (ii) the date on which any Forbearance Termination Event occurs (such period, the “Forbearance Period”).

			

 

	 	
			2.

				
			Representations and Warranties. Each Borrower Party hereby represents and warrants to Agent and each Lender as follows:

			

 

	 	
			a.

				
			This Agreement and each of the other Loan Documents to which it is a party has been duly executed and delivered by such Borrower Party and constitutes the valid, legal and binding obligations of such Borrower Party, enforceable against such Borrower Party in accordance with their respective terms, subject to laws affecting creditors’ rights and equitable principles of general application. The execution, delivery and performance by each Borrower Party of this Agreement does not violate any provision of such Borrower Party’s organizational documents, as amended to date. The execution, delivery and performance of this Agreement does not and will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, the terms of any agreement or instrument to which any Borrower Party or any of its Affiliates is a party or by which the properties or assets of any Borrower Party or any Affiliate thereof is subject, nor will such action result in any violation of the provisions of any Legal Requirements. All consents, approvals, and authorizations which pertain to each Borrower Party and all of such Borrower Party’s constituent owners required in order to permit or authorize each Borrower Party to enter into and perform all obligations of such Borrower Party under or with respect to this Agreement have been obtained and are in full force and effect.

			

 

	 	
			b.

				
			No Indebtedness is outstanding with respect to any Borrower (excluding Indebtedness in connection with the Potential Default) that is not permitted under the Loan Agreement.

			

 

	 	
			c.

				
			Other than the Potential Defaults, there are no currently outstanding Defaults, Events of Default, offsets or defenses, or any event that has occurred which with the giving of notice, passage of time, or both, would constitute a Default, Event of Default, offset or defense under any Loan Documents.

			

 

HIT Forbearance Agreement (2021)

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			d.

				
			There are no defenses, counterclaims, offsets, cross-complaints, causes of action, rights, claims or demands of any kind or nature whatsoever, including without limitation, any usury or lender liability claims or defenses, arising out of any of the Loan, any Loan Document or any past or present relationship between or among the Borrower Parties and the Lender Parties or any of them. Each Borrower Party further acknowledge that to the extent that any such claim should in fact exist, including without limitation, any usury or lender liability claim, it is hereby fully, finally and irrevocably waived and released by such Borrower Party.

			

 

	 	
			e.

				
			Each of the representations and warranties set forth in the Loan Documents is hereby reaffirmed and remade as of the Effective Date, except to the extent that such representations and warranties have been modified since the date of the Loan Documents by changes in facts that do not constitute a violation of the Loan Documents, and except that such representations and warranties are qualified by the existence of the Potential Defaults.

			

 

	 	
			3.

				
			Continuation and Reservation of Rights.

			

 

	 	
			a.

				
			Each Borrower Party acknowledges and agrees that the forbearance by Agent and the Lenders as described in Section 1 of this Agreement does not alter, impair or affect in any way or manner (or evidence the intent of Agent, Lenders or any Related Person to alter, impair or affect in any way or manner) any and all past, present, and future claims, counterclaims, demands, suits, promises, defenses, offsets, judgments, causes of action, damages, costs and other obligations, duties and liabilities or rights and remedies of any kind, direct or indirect, known or unknown, foreseen or unforeseen, matured or unmatured, accrued, contingent or non-contingent, which Agent, the Lenders, or their respective former, current and future Related Persons, now has or may have in the future against such Borrower Party or any of its respective former, current and future Related Persons, which relate to, arise from or are connected with the Loan, in each case, except as specifically set forth in this Agreement. Agent, for itself and for the Lenders and their respective Related Persons, expressly reserves its right and their rights to pursue all remedies and actions, whether at law, in equity or otherwise.

			

 

	 	
			b.

				
			Notwithstanding anything to the contrary contained in this Agreement and the existence of any Potential Default, during the Forbearance Period, the Borrower Parties shall be entitled to any rights provided to it in the Loan Documents that are conditioned on there being no Default or Event of Default in existence but only to the extent any such Default or Event of Default relates to the Potential Defaults.

			

 

	 	
			c.

				
			Upon the termination or expiration of the Forbearance Period, Agent’s and Lenders’ agreement to forbear in accordance with the terms of this Agreement shall automatically terminate and Agent and each Lender shall be entitled to pursue unconditionally all or any of their respective rights and remedies under the Loan Documents and under applicable law, in equity or otherwise, without notice or delay and Agent and each Lender shall immediately be fully restored to the position they would have held if this Agreement had never been executed, subject to the survival section contained herein.

			

 

	 	
			d.

				
			Nothing contained in this Agreement shall, or shall be deemed independently to (x) create any obligation, duty, agreement or undertaking by Agent or the Lenders to fund any Advances or protective advances, (y) extend the Maturity Date, or (z) waive any Default or Event of Default.

			

 

HIT Forbearance Agreement (2021)

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			4.

				
			Forbearance Termination Events. The occurrence of any of the following events (collectively, the “Forbearance Termination Events”) shall cause the Forbearance Period to terminate:

			

 

	 	
			a.

				
			If any of the representations and warranties contained in Section 2 shall become untrue or is false when made in any material respect. Borrower and Guarantor each hereby covenants to notify Agent immediately in the event that Borrower or Guarantor obtain knowledge that any representation or warranty becomes untrue or was false when made;

			

 

	 	
			b.

				
			If an Event of Default (other than the Potential Defaults) shall occur;

			

 

	 	
			c.

				
			If any Borrower or Guarantor fails to timely comply with any of its obligations herein;

			

 

	 	
			d.

				
			If any Party shall repudiate or breach or attempt to repudiate or breach any of its obligations under this Agreement (whether orally or in writing in any medium);

			

 

	 	
			e.

				
			If any Borrower or Guarantor shall assert in writing any defense, claim, counterclaim or other assertion as to the full validity and enforceability of the Loan Documents;

			

 

	 	
			f.

				
			If an event of default by Borrower or Guarantor (or any of their respective subsidiaries) shall occur in respect of any of the Indebtedness forth on Schedule I attached hereto (the “Material Debt”) and Borrower, Guarantor or any of their respective subsidiaries shall have received written notice that the lender under such Material Debt has accelerated the maturity of such Material Debt, has declared to be due and payable or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption), or has otherwise commenced remedies under such Material Debt; or

			

 

	 	
			g.

				
			If (x) any Borrower Party shall be the subject of a voluntary or involuntary proceeding under the Bankruptcy Code or any other insolvency, bankruptcy or reorganization law in the United States or elsewhere, or (y) an Event of Default pursuant to Section 6.01(f) or 6.01(m) of the Loan Agreement shall occur (any of the events referred to in clauses (x) or (y), a “Bankruptcy Default”).

			

 

	 	
			5.

				
			Pre-Negotiation Agreement. The Pre-Negotiation Agreement is hereby confirmed and ratified in all respects and remains in full force and effect. Without limiting the effectiveness of the previous sentence, for the avoidance of doubt, all discussions and negotiations conducted during the Forbearance Period are covered by, and entitled to the existing protections and benefits of the covenants, conditions and terms of, the Pre-Negotiation Agreement. This Agreement is a “written agreement” within the meaning of Section 2 of the Pre-Negotiation Agreement.

			

 

	 	
			6.

				
			No Commitment or Waiver. This Agreement does not represent (a) a commitment by Agent or the Lenders to make any new loans or grant or extend any financial accommodations to Borrower, (b) a commitment by Agent or any of the Lenders to restructure the Loan, (c) an expression of any intention (or an intention) by Agent or any of the Lenders to waive, modify or, except as expressly set forth in this Agreement, forbear from exercising any rights or remedies under the Loan Documents or (d) except as expressly set forth in this Agreement, a modification, amendment or restatement of any of the terms and conditions of any of the Loan Documents. Each of the Parties hereto acknowledge and confirm that no such commitment, waiver, modification or forbearance has been offered, granted, extended or agreed to by any Party, except pursuant to this Agreement.

			

 

	 	
			7.

				
			Miscellaneous.

			

 

	 	
			a.

				
			Effectiveness and Amendments. This Agreement shall become effective as of the date first above written solely when Agent shall have received counterparts of this Agreement executed by Borrower, Agent and each Lender. The effectiveness of this Agreement is conditioned upon the accuracy of the factual matters described herein. This Agreement is subject to the provisions of Section 9.01 of the Loan Agreement.

			

 

HIT Forbearance Agreement (2021)

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			b.

				
			Successors and Assigns. This Agreement is entered into for the exclusive benefit of the Parties and the Lenders and no other party shall derive any rights or benefits herefrom; provided, however, that, to the extent permitted by the terms and provisions of the Loan Documents, this Agreement shall be binding upon and inure to the benefit of the Parties and their respective permitted successors, legal representatives and assigns.

			

 

	 	
			c.

				
			Loan Documents Continue. Except as expressly provided herein, the Loan Agreement, the Notes and each of the other Loan Documents are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed, including without limitation, all payment Obligations thereunder. The execution, delivery and effectiveness of this Agreement shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or Agent under any of the Loan Documents.

			

 

	 	
			d.

				
			Loan Document. This Agreement constitutes a Loan Document.

			

 

	 	
			e.

				
			Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which, together, shall constitute one and the same instrument. Copies of originals, including copies delivered by facsimile, .pdf, or other electronic means, shall have the same import and effect as original counterparts and shall be valid, enforceable and binding for the purposes of this Agreement. The words “execution,” “signed,” “signature,” and words of like import shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

			

 

	 	
			f.

				
			Headings. The headings in this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

			

 

	 	
			g.

				
			Governing Law; Jurisdictions. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. Solely for purposes of any action arising under this agreement, each Borrower Party and Agent each (a) irrevocably waives the right to a jury trial, (b) consents to the exclusive jurisdiction and venue of the state and federal courts sitting in the City and County of New York and (c) agrees not to object to such jurisdiction or to the laying of venue in such courts.

			

 

	 	
			h.

				
			Notices. Any notices under this Agreement shall be given in accordance with Section 9.02 of the Loan Agreement and Section 8(k) of the Pre-Negotiation Agreement. Each of Borrower and Guarantor hereby acknowledge and agree that any notices so given shall be effective as against Guarantor for all purposes under the New York Civil Practice Law and Rules.

			

 

	 	
			i.

				
			Captions; Interpretation. The captions and section headings appearing in this Agreement are included solely for convenience of reference and are not intended to affect the interpretation of any provision of this Agreement.

			

 

	 	
			j.

				
			Time of the Essence. TIME IS STRICTLY OF THE ESSENCE OF THIS AGREEMENT with respect to the obligations of Borrower and Guarantor and full and complete performance of each provision hereof by Borrower and Guarantor.

			

 

	 	
			k.

				
			Severability. If any provision of this Agreement is invalid and unenforceable in any jurisdiction, then, to the fullest extent permitted by law, provided that the essential terms of this Agreement remain valid, binding and enforceable, (i) the other provisions hereof shall remain in full force and effect in such jurisdiction and (ii) the invalidity or unenforceability of any provision hereof in any jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction.

			

 

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			l.

				
			Advice from Independent Counsel. Each Party understands that this is a legally binding agreement that may affect such Party’s rights. Each Party hereto represents to each other Party hereto that it has obtained independent counsel and received legal advice about the meaning and legal significance of this Agreement.

			

 

	 	
			m.

				
			Preliminary Statements. The preliminary statements set forth on page 1 hereof comprise a material part of this Agreement.

			

 

	 	
			n.

				
			Expenses. Borrower Parties shall pay the costs and expenses of Agent, Arrangers, and the Lenders to the extent set forth in Section 8(i) of the Pre-Negotiation Agreement.

			

 

	 	
			o.

				
			Judicial Interpretation. Should any provision of this Agreement require judicial interpretation, it is agreed that a court interpreting or construing the same shall not apply a presumption that the terms hereof shall be more strictly construed against any party by reason of the rule of construction that a document is to be construed more strictly against the party who itself or through its agent prepared the same, it being agreed that all Parties have participated in the preparation hereof.

			

 

	 	
			p.

				
			No Fiduciary Relationship. Neither the terms, covenants and conditions of this Agreement, nor the entering into of this Agreement, shall, in and of itself, create any fiduciary or special relationship between Agent and/or any of the Lenders, on the one hand, and any Borrower Party, on the other hand.

			

 

	 	
			q.

				
			Survival. The provisions of Sections 2, 3, 5, 6 and 7 shall survive the termination or expiration of the Forbearance Period and the repayment of the Loan indefinitely.

			

 

 

 

[Balance of page intentionally left blank.]

 

HIT Forbearance Agreement (2021)

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.

 

	 	Borrower:
	 	 
	 	HIT NBL CY CBSOH OWNER, LLC
	 	HIT NBL HH ATLGA OWNER, LLC
	 	HIT SMT CY FLGAZ OWNER, LLC 
	 	HIT SMT BTRLA001 OWNER, LLC 
	 	HIT SMT FTWIN001 OWNER, LLC 
	 	HIT SMT MDFOR001 OWNER, LLC 
	 	HIT SMT RI FTWIN OWNER, LLC 
	 	HIT SMT SHS FLGAZ OWNER, LLC 
	 	HIT SMT FIS DENCO OWNER, LLC 
	 	HIT SMT FIS BELWA OWNER, LLC 
	 	HIT SMT FTCCO002 OWNER, LLC 
	 	HIT SMT SHS DENCO OWNER, LLC 
	 	HIT SMT RI GRMTN OWNER, LLC 
	 	HIT GA TECH HOLDING LLC,
	 	each a Delaware limited liability company

 

 

	
			 

				
			By: 

				
			/s/ Jonathan P. Mehlman

				
			 

			
	
			 

				
			 

				
			Name: Jonathan P. Mehlman

				
			 

			
	
			 

				
			 

				
			Title: Chief Executive Officer and President

				
			 

			

 

Signature Page to HIT Forbearance Agreement (2021)

 

 

	 	HIT NBL MNTCA001 OWNER, LP, a Delaware limited partnership
	 	 
	 	By: HIT NBL NTC Owner GP, LLC, a Delaware limited liability company, its general partner

 

 

	 	By:	/s/ Jonathan P. Mehlman
	 	 	Name: Jonathan P. Mehlman
	 	 	Title: Chief Executive Officer and President

 

	 	HIT SMT ELPTX001 OWNER, LP, a Delaware limited partnership
	 	 
	 	By: HIT SMT NTC Owner GP, LLC, a Delaware limited liability company, its general partner

                          

 

	 	By:	/s/ Jonathan P. Mehlman
	 	 	Name: Jonathan P. Mehlman
	 	 	Title: Chief Executive Officer and President

 

Signature Page to HIT Forbearance Agreement (2021)

 

 

CONSENTED AND AGREED:

 

GUARANTORS:

 

HOSPITALITY INVESTORS TRUST, INC.,

a Maryland corporation

 

By:  /s/ Jonathan P. Mehlman 

Name: Jonathan P. Mehlman

Title: Chief Executive Officer and President

 

 

 

HOSPITALITY INVESTORS TRUST OPERATING

PARTNERSHIP, L.P., a Delaware limited partnership

 

By: HOSPITALITY INVESTORS TRUST, INC., a

Maryland corporation, its general partner

 

By:  /s/ Jonathan P. Mehlman

Name: Jonathan P. Mehlman

Title: Chief Executive Officer and President

 

Signature Page to HIT Forbearance Agreement (2021)

 

 

	
			 

				
			ADMINISTRATIVE AGENT AND COLLATERAL AGENT: 

				
			 

			
	 	 	 
	 	CITIBANK, N.A.	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Chris Albano

				
			 

			
	
			 

				
			 

				
			Name: Chris Albano 

				
			 

			
	
			 

				
			 

				
			Title: Authorized Signatory 

				
			 

			

 

Signature Page to HIT Forbearance Agreement (2021)

 

 

	
			 

				
			CITIBANK, N.A., as a Lender  

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Chris Albano

				
			 

			
	
			 

				
			 

				
			Name: Chris Albano 

				
			 

			
	
			 

				
			 

				
			Title: Authorized Signatory 

				
			 

			

 

Signature Page to HIT Forbearance Agreement (2021)

 

 

	
			 

				
			DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender 

				
			 

			
	 	 	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Darrell L. Gustafson

				
			 

			
	
			 

				Name:  Darrell L. Gustafson	
			 

			
	
			 

				Title:  Managing Director	
			 

			

 

	
			 

				
			By: 

				
			/s/ Stephen Choe

				
			 

			
	
			 

				Name:  Stephen Choe	
			 

			
	
			 

				Title:  Managing Director	
			 

			

 

Signature Page to HIT Forbearance Agreement (2021)

 

 

	
			 

				
			JPMORGAN CHASE BANK, NATIONAL 

				
			 

			
	 	ASSOCIATION, as a Lender	 
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Simon B. Burce

				
			 

			
	
			 

				
			 

				
			Name:  Simon B. Burce 

				
			 

			
	
			 

				
			 

				
			Title: Executive Director 

				
			 

			

 

Signature Page to HIT Forbearance Agreement (2021)

 

 

	
			 

				
			MORGAN STANLEY BANK, N.A., a national banking 

				
			 

			
	
			 

				association, as a Lender	
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Cynthia Eckes

				
			 

			
	
			 

				
			 

				
			Name: Cynthia Eckes 

				
			 

			
	
			 

				
			 

				
			Title: Authorized Signatory 

				
			 

			

 

Signature Page to HIT Forbearance Agreement (2021)

 

 

	
			 

				
			GOLDMAN SACHS BANK USA, as a Lender 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Michael Dalton

				
			 

			
	
			 

				
			 

				
			Name:  Michael Dalton 

				
			 

			
	
			 

				
			 

				
			Title: Authorized Signatory 

				
			 

			

                                                                   

Signature Page to HIT Forbearance Agreement (2021)

 

 

	
			 

				
			BBVA USA, fka COMPASS BANK, as a Lender 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Scott Place

				
			 

			
	
			 

				
			 

				
			Name:  Scott Place 

				
			 

			
	
			 

				
			 

				
			Title: SVP 

				
			 

			

 

Signature Page to HIT Forbearance Agreement (2021)

 

 

 

Schedule I

 

Material Debt

 

	
			Description of Indebtedness

				
			Principal Outstanding as of December 31, 2020

			
	
			Second Amended and Restated Term Loan

			(16 hotels)

			$310,000,000 Term Loan – Original Principal Balance

				
			$228,849,847.45

			
	
			92 Pack Mortgage Loan (62 hotels)

			$870,000,000 Mortgage Loan - Original Principal Balance

				
			$707,775,193.11

			
	
			92 Pack Mezzanine A Loan (62 hotels)

			$100,000,000 Mezzanine A Loan - Original Principal Balance

				
			$81,352,018.85

			
	
			92 Pack Mezzanine B Loan (62 hotels)

			$70,000,000 Mezzanine B Loan - Original Principal Balance

				
			$56,947,627.87

			
	
			ENN Pool II Loan (21 hotels)

			$232,000,000 Term Loan – Original Principal Balance

				
			$232,000,000.00

			

 

Schedule IExhibit 10.1

 

EXECUTION
VERSION

 

FRAMEWORK
AGREEMENT

 

This
FRAMEWORK AGREEMENT (this “Framework Agreement”), is made and entered into as of February 1, 2021 (the “Effective
Date”), by and among:

 

(a) Tuscan
Holdings Corp., a Delaware corporation (“Holdings”);

 

(b) MVST
SPV Inc., a Delaware corporation and wholly owned subsidiary of Holdings (“MVST SPV”);

 

(c) Microvast,
Inc., a Delaware corporation (“Microvast”);

 

(d) Microvast
Power System (Huzhou) Co., Ltd. (微宏动力系统(湖州)有限公司),
a Sino-foreign equity joint venture company established and existing under the laws of the PRC (“MPS” and together
with Microvast, the “Microvast Parties”);

 

(e) (i)
Ningbo Yuxiang Investment Partnership (Limited Partnership) (宁波昱享投资合伙企业(有限合伙)),
a limited partnership established and existing under the laws of the PRC (“Ningbo CDH 1”), (ii) Ningbo
Dinghui Jiaxuan Investment Partnership (Limited Partnership) (宁波鼎晖嘉暄投资合伙企业(有限合伙)),
a limited partnership established and existing under the laws of the PRC (“Ningbo CDH 2” and together with
Ningbo CDH 1, the “CDH Investors”), and (iii) Hangzhou Heyu Equity Investment Partnership (Limited Partnership)
(杭州核煜股权投资合伙企业(有限合伙)),
a limited partnership established and existing under the laws of the PRC (“HHEIP Investor” and together with
the CDH Investors, the “CL Investors”); 

 

(f)
 (i) Aurora Sheen Limited, a limited liability company established and existing under
the laws of the British Virgin Islands and an Affiliate of the CDH Investors (“CDH SPV”), and (ii) Riheng HK
Limited (香港日衡有限公司), a limited company established and existing under the
laws of Hong Kong and an Affiliate of the HHEIP Investor (“HHEIP SPV” and CDH SPV, each a “CL SPV”);
and

 

(g) (i)
Hangzhou CDH New Trend Equity Investment Partnership (Limited Partnership) (杭州鼎晖新趋势股权投资合伙企业(有限合伙)),
a limited partnership established and existing under the laws of the PRC (“Hangzhou CDH”), (ii) Hangzhou Binchuang
Equity Investment Co., Ltd. (杭州滨创股权投资有限公司),
a limited liability company duly established and validly existing under the laws of the PRC (“Hangzhou Binchuang”),
and (iii) SDIC (Shanghai) Science and Technology Achievements Transformation Venture Capital Fund Enterprise (Limited Partnership)
(国投(上海)科技成果转化创业投资基金企业(有限合伙)),
a limited partnership established and existing under the laws of the PRC (“SDIC” and together with Hangzhou
CDH and Hangzhou Binchuang, the “RMB Investors”).

 

Each
of Holdings, MVST SPV, Microvast, MPS, each CL Investor and CL SPV, and each RMB Investor may also be referred to herein individually
as a “Party” and collectively as the “Parties”.

 

     

     

    

 

RECITALS

 

WHEREAS,
each of Microvast, MPS, the CDH Investors, and RMB Investors entered into that certain Convertible Loan Agreement, dated November
2, 2018 (“Convertible Loan Agreement”), pursuant to which, among other things, the CL Investors (a) committed
to make available to MPS a non-interest bearing term loan facility in an aggregate amount equal to the Total Commitments (as defined
in the Convertible Loan Agreement) on one or more instalments as contemplated thereunder (collectively, “Convertible
Loans”); (b) received certain repayment rights pursuant to Clause 4 of the Convertible Loan Agreement that require MPS
to repay the outstanding Convertible Loans subject to the satisfaction of certain conditions, including obtaining certain government
approvals (such rights, the “CL Repayment Rights”); and (c) received certain conversion rights pursuant to
Clause 5 of the Convertible Loan Agreement that give the CL Investors the right to (i) convert the outstanding Convertible Loans
into certain equity interests of MPS and (ii), following such conversion and upon issuance thereafter by Microvast of certain
warrants to the CL Investors (such warrants, “CL Warrants”), exchange such equity interests of MPS into shares
of certain preferred stock of Microvast in accordance with the terms of the CL Warrants, in each case, subject to the satisfaction
of certain conditions, including obtaining certain government approvals (such rights, “CL Conversion Rights”);

 

WHEREAS,
the CDH Investors and Guian Xinte EV Industry Co., Ltd. (贵安新区新特电动汽车工业有限公司),
a limited liability company established and existing under the laws of the PRC (“GXEI Investor”), entered into
that certain agreement, dated January 4, 2019, that provided for the assignment of certain rights and obligations under the Convertible
Loan Agreement, and pursuant to which (a) the CDH Investors assigned certain of their rights and obligations under the Convertible
Loan Agreement to GXEI Investor, and (b) following such assignment, GXEI Investor became a lender under the Convertible Loan Agreement,
entitled to all of the same rights and obligations provided to the CDH Investors thereunder;

 

WHEREAS,
GXEI Investor and Chongqing Xinte Changshou EV Co., Ltd. (重庆市新特长寿新能源汽车有限公司),
a limited liability company established and existing under the laws of the PRC (“CQXE”) entered into that certain
set-off agreement, January 1, 2021, pursuant to which, CQXE assumed RMB 30,000,000 of Convertible Loans held by GXEI Investor
and all of GEXI Investor’s rights and obligations under the Convertible Loan Agreement subsequent to such assumption;

 

WHEREAS,
CQXE and HHEIP Investor entered into that certain convertible loan transfer agreement, dated January 26, 2021, pursuant to which,
CQXE assigned RMB 30,000,000 of Convertible Loans held by CQXE and all of CQXE’s rights and obligations under the Convertible
Loan Agreement to HHEIP;

 

WHEREAS,
as of the Effective Date, the total amount of Convertible Loans outstanding under the Convertible Loan Agreement is equal to RMB
204,500,000 (“Convertible Loan Amount”), held respectively by (a) Ningbo CDH 1 in an amount equal to RMB 137,500,000
(“CDH 1 CL Amount”), Ningbo CDH 2 in an amount equal to RMB 37,000,000 (“CDH 2 CL Amount”),
and HHEIP Investor in an amount equal to RMB 30,000,000 (“HHEIP CL Amount” and each such CDH 1 CL Amount, CDH
2 CL Amount and HHEIP CL Amount, a “CL Amount”);

 

    2

     

    

 

WHEREAS,
as of the Effective Date, the conditions required for the CL Investors to exercise their CL Repayment Rights and CL Conversion
Rights have not been fully satisfied;

 

WHEREAS,
as of the Effective Date, each of Hangzhou CDH, Hangzhou Binchuang and SDIC have purchased certain equity interests in MPS (“MPS
Equity”) in the amount of RMB 100,000,000, RMB 130,000,000 and RMB 300,000,000, respectively, and total aggregate amount
equal to RMB 530,000,000;

 

WHEREAS,
as of the Effective Date, each of the RMB Investors are registered holders of MPS Equity and are entitled to certain rights, benefits
and interests as shareholders of MPS under each of (a) that certain investment agreement, dated March 16, 2017, by and among the
RMB Investors, Microvast, MPS, and the other parties thereto, (b) that certain amended and restated joint venture agreement, dated
as of 2018, by and among the RMB Investors, Microvast and the other parties thereto, and (c) certain commitment letters issued
to each of the RMB Investors by Microvast and MPS on or about November 1, 2018 (such investment agreement, shareholders agreement,
and commitment letters, together with all modifications, supplements and amendments thereto, and all agreements and understandings
effective between any Microvast Parties on one part and any or all RMB Investors on the other part relating to the subject matter
thereof, collectively, the “China Investment Agreements”);

 

WHEREAS,
subject to the satisfaction of certain conditions under the China Investment Agreements, the RMB Investors have a right to subscribe
for certain warrants to be issued by Microvast (such warrants, “RMB Warrants” and together with the CL Warrants,
“Microvast Warrants”), which such RMB Warrants would provide the RMB Investors with the right to require Microvast
to repurchase all the MPS Equity held by the RMB Investors provided that they use the proceeds from such repurchase to subscribe,
directly or indirectly through certain designated nominees, for certain shares of Microvast preferred stock;

 

WHEREAS,
as of the Effective Date, there are no Microvast Warrants issued and outstanding;

 

WHEREAS,
it has been proposed that Holdings and Microvast consummate a business combination (“De-SPAC Transaction”)
pursuant to that certain Agreement and Plan of Merger, dated on or about the Effective Date, substantially in the form attached
hereto as Exhibit A (“Merger Agreement”), by and among Microvast, Holdings and TSCN Merger Sub, Inc.,
a Delaware corporation (“Merger Sub”), whereby, among other things: (a) Merger Sub will merge with and into
Microvast (the “Merger”), with Microvast surviving the Merger as a wholly-owned subsidiary of Holdings; and
(b) upon consummation of the Merger, all of the issued and outstanding shares of capital stock of Microvast as of immediately
prior to the Merger (“Microvast Shares”) will be cancelled in exchange for the right to receive shares of common
stock of Holdings (“Holdings Shares”) such that, following the consummation of the Merger, all of the stockholders
of Microvast immediately prior to the Merger will become stockholders of Holdings;

 

WHEREAS,
as soon as practicable after the Effective Date, but prior to the Closing Date, MVST SPV will convert from a Delaware corporation
into a Delaware limited liability company treated as a disregarded entity owned by Holdings for U.S. federal and applicable state
income tax purposes (“SPV Conversion”);

 

    3

     

    

 

WHEREAS,
in connection with the De-SPAC Transaction, the Parties propose to enter into this Framework Agreement and each of the agreements
contemplated by this Framework Agreement (each, a “Transaction Agreement”) to which they are a party, and to
consummate the transactions contemplated hereby and thereby (collectively, “MPS Transactions”), in order to
(a) provide each of the CL Investors and RMB Investors with the same economic benefits they would have had if each of them had
participated directly in the De-SPAC Transaction as Microvast stockholders, in each case, in a manner that complies with applicable
laws, and (b) ensure that, following the consummation of the MPS Transactions, MPS will become a 100% wholly-owned subsidiary
of Microvast as contemplated in this Framework Agreement; and

 

WHEREAS,
concurrently with the execution and delivery of this Framework Agreement on the Effective Date, the following Parties have entered
into and delivered the following Transaction Agreements, which will take effect at the Closing (or at such other time as set forth
herein): (a) the Microvast Parties and RMB Investors have entered into an irrevocable proxy and waiver agreement (“RMB
Irrevocable Proxy”); (b) Holdings and each CL SPV have entered into (i) a subscription agreement with each of CDH SPV
and HHEIP SPV (each such subscription agreement, a “CL Subscription Agreement”) pursuant to which (A) CDH SPV
will subscribe for 5,734,018 Holdings Shares (the “CDH Shares”) and receive the right to receive up to 546,097
additional Holdings Shares (the “CDH Earn Out Shares”) and (B) HHEIP SPV will subscribe for 985,827 Holdings
Shares (the “HHEIP Shares” and together with the CDH Shares, the “CL Shares”) and receive
the right to receive up to 93,888 additional Holdings Shares (the “HHEIP Earn Out Shares” and together with
the CDH Earn Out Shares, the “CL Earn Out Shares”), which CL Shares and CL Earn Out Shares comprise the aggregate
consideration that otherwise would have been paid to the CL Investors in the Merger in respect of the Convertible Loans, and in
connection therewith, (ii) a promissory note in favor of Holdings (such promissory note with (y) CDH SPV, the “CDH Promissory
Note” and (z) HHEIP SPV, the “HHEIP Promissory Note”, and each such HHEIP Promissory Note or CDH
Promissory Note, a “CL Promissory Note”) with a total aggregate principal amount equal to, (A) in the case
of the CDH Promissory Note, RMB174,5000,000 (“CDH Subscription Amount”) and (B) in the case of the HHEIP Promissory
Note, RMB 30,000,000 (“HHEIP Subscription Amount”), and (C) in the case of the aggregate of the CDH Subscription
Amount and HHEIP Subscription Amount, the Convertible Loan Amount as of the Effective Date (such aggregate subscription amount,
the “CL Subscription Amount”) and (iii) a stock pledge (each, a “CL Stock Pledge”) together
with each CL Subscription Agreement, and each CL Promissory Note, the “CL Subscription Documents”); and (c)
each of the Parties who are a Party to the Convertible Loan Agreement has entered into an amendment and restatement agreement
in relation to the Convertible Loan Agreement (the “Convertible Loan Amendment”).

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the mutual covenants, agreements and conditions set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

1. Interpretation.

 

1.1 Definitions.
All capitalized terms used in this Framework Agreement (including its recitals, Exhibits and Schedules) shall, unless otherwise
defined herein, have the respective meanings set forth in Schedule 1 hereto.

 

    4

     

    

 

1.2 Construction.

 

(a) The
headings and sub-headings in this Framework Agreement shall not affect its interpretation. References in this Framework Agreement
to Sections, Exhibits and Schedules shall, unless the context otherwise requires, be references to Sections of, and Exhibits and
Schedules to, this Framework Agreement.

 

(b) Words
denoting the singular number only shall include the plural number also and vice versa; words denoting one gender only shall include
the other genders and words denoting persons shall include firms and corporations and vice versa.

 

(c) References
to a Person are also to its permitted successors or assigns.

 

(d) References
in this Framework Agreement to any agreement or other document shall be deemed also to refer to such agreement or document as
amended or varied or novated from time to time.

 

(e) References
to an amendment include a supplement, novation, restatement or re-enactment, and “amend” and “amended”
(or any of their derivative forms) will be construed accordingly.

 

(f) Reference
to a time of day is a reference to Houston, Texas time.

 

(g) “Include”,
“includes” and “including” shall be deemed to be followed by the words “without limitation.”

 

(h) “Hereof”,
“hereto”, “herein” and “hereunder” and words of similar import when used in this Framework
Agreement refer to this Framework Agreement as a whole and not to any particular provision of this Framework Agreement.

 

(i) References
to a “writing” or “written” include any text transmitted or made available on paper or through electronic
means.

 

(j) References
to “$”, U.S. Dollars or otherwise to dollar amounts refer to the lawful currency of the United States. References
to “RMB” refer to the lawful currency of the PRC.

 

(k) References
to a law include any amendment or modification to such law and any rules and regulations issued thereunder, whether such amendment
or modification is made, or issuance of such rules and regulations occurs, before or after the Effective Date.

 

2. Closing.
Upon the terms and subject to the conditions herein, and unless otherwise provided for in this Framework Agreement or in any Transaction
Agreement, the consummation of the transactions contemplated hereunder (the “Closing”) shall take place immediately
prior to, but subject to the consummation of, the De-SPAC Transaction (the date on which the Closing takes place, the “Closing
Date”). Not less than five Business Days prior to the anticipated Closing Date, Microvast shall provide written notice
to the CL Investors and the RMB Investors (a) of such anticipated Closing Date and (b) that Microvast reasonably expects all conditions
to the closing of the De-SPAC Transaction to be satisfied or waived.

 

    5

     

    

 

3. Transactions.

 

3.1 RMB
Investor Transactions.

 

(a) Formation
of MVST SPV;SPV Conversion. Holdings has formed MVST SPV as a wholly-owned subsidiary of Holdings. The sole purpose of MVST
SPV shall be to enter into this Framework Agreement and engage in the transaction contemplated by this Section 3.1. As
soon as practicable after the Effective Date, but prior to the Closing Date, MVST SPV shall effect the SPV Conversion.

 

(b) Issuance
of Holdings Shares to MVST SPV. Prior to the Closing, Holdings shall issue an aggregate of 17,253,182 Holdings Shares to MVST
SPV to be held on behalf of the RMB Investors in connection with the MPS Transactions (such shares, the “SPV Shares”
and such issuance, the “SPV Share Issuance”), of which 3,255,266 SPV Shares will be issued on behalf of Hangzhou
CDH, 4,231,958 SPV Shares will be issued on behalf of Hangzhou Binchuang, and 9,765,958 SPV Shares will be issued on behalf of
SDIC. For the avoidance of doubt, the number of SPV Shares issued pursuant to the SPV Share Issuance shall equal the aggregate
number of Holdings Shares that would have been issued to the RMB Investors in connection with the De-SPAC Transaction had the
RMB Investors held Microvast Shares prior to the consummation of the Merger (which number is set forth in the Merger Consideration
Allocation Schedule). Holdings shall also issue to MVST SPV an aggregate of 1,643,160 Earn Out Shares (as that term is defined
in the Merger Agreement) for the benefit of the RMB Investors if and when such Earn out Shares are issuable pursuant to the Merger
Agreement, with the amount of any such Earn Out Shares being held for each RMB Investor as set forth in the Merger Consideration
Allocation Schedule. If any such Earn Out Shares are issued, they will be deemed SPV Shares for all purposes hereunder. The only
rights that the RMB Investors shall have with respect to the SPV Shares shall be: (i) the right to receive any and all net proceeds
(before tax) generated from a sale of SPV Shares in accordance with Section 3.1(e); and (ii) the information right
enjoyed by direct holders of Holdings Shares; however, in the event that Holdings issues a dividend to its stockholders, Holdings
shall concurrently pay or cause to be paid an amount to the RMB Investors as if they were direct holders of Holdings Shares on
the record and payment dates in respect of such dividend. In connection with the issuance of the SPV Shares, effective as of the
Closing, each RMB Investor agrees not to exercise any and all rights or claims that such RMB Investor has or may have by virtue
of its investment in MPS or ownership of MPS Equity, whether under the applicable laws or any China Investment Agreement.

 

    6

     

    

 

(c) RMB
Investor Irrevocable Proxy and Waiver. The RMB Irrevocable Proxy and Waiver will take effect concurrently with the date that
the Registration Statement first becomes effective. Among other things, the RMB Irrevocable Proxy and Waiver will provide that:
(i) effective from such date that the Registration Statement first becomes effective, each RMB Investor irrevocably and unconditionally
waives (A) any and all rights that such RMB Investor has by virtue of its investment in MPS or ownership of MPS Equity and (B)
any and all rights and/or claims that such RMB Investor has, or may have, against the Microvast Parties or properties and assets
of the Microvast Parties under the China Investment Agreements or under applicable law, including under any contractual obligation,
arrangement or agreement of any kind (written, oral or otherwise); (ii) effective from the Closing, the China Investment Agreements
shall terminate and cease be in effect as between the Microvast Parties, on the one hand, and the RMB Investors, on the other
hand; (iii) Ms. Piao Yuhua (a director of MPS appointed by SDIC) shall be replaced by MPS in accordance with the terms of the
governing documents of MPS; and (iv) the RMB Investors shall execute and deliver, or cause to be executed and delivered, such
additional documents and take such additional actions in their capacities as registered shareholders of MPS that the Microvast
Parties may deem to be practical and necessary in order to consummate the MPS Transactions and the transactions contemplated by
the Merger Agreement, including the De-SPAC Transaction.

 

(d) Registration
of SPV Shares.

 

(i) Holdings
shall, within 30 calendar days after the consummation of the De-SPAC Transaction (the “Filing Deadline”), file
with the SEC (at Holdings’ sole cost and expense) a registration statement (the “Registration Statement”)
registering the resale of the SPV Shares, and Holdings shall use its commercially reasonable efforts to have the Registration
Statement declared effective as soon as practicable after the filing thereof, but no later than the 90th calendar day (or 120th
calendar day if the SEC notifies Holdings that it will “review” the Registration Statement) following the Filing Deadline;
provided, however, that Holdings’ obligations to include any SPV Shares in the Registration Statement are
contingent upon each RMB Investor (A) executing such documents and (B) furnishing in writing to Holdings such information from
such RMB Investors, in each case, as may be reasonably requested by Holdings. Notwithstanding the foregoing, if the SEC prevents
the Company from including in the Registration Statement any or all of the SPV Shares due to limitations on the use of Rule 415
of the Securities Act of 1933, as amended (the “Securities Act”) for the resale of the SPV Shares by the applicable
stockholders or otherwise, the Registration Statement shall register for resale such number of SPV Shares which is equal to the
maximum number of SPV Shares as is permitted by the SEC. In such event, the number of SPV Shares to be registered for each selling
stockholder named in the Registration Statement shall be reduced pro rata among all such selling stockholders. Holdings will use
its commercially reasonable efforts to maintain the continuous effectiveness of the Registration Statement until the earliest
of (x) the date on which the SPV Shares may be resold without volume or manner of sale limitations pursuant to Rule 144 promulgated
under the Securities Act, (y) the date on which such SPV Shares have actually been sold and (z) the date which is two years after
the Closing.

 

(ii) Notwithstanding
anything to the contrary in this Framework Agreement, each of the RMB Investors acknowledges and agrees that Holdings shall be
entitled to delay or postpone the effectiveness of the Registration Statement, and from time to time to require any stockholder,
including MVST SPV, not to sell under the Registration Statement or to suspend the effectiveness thereof, if the negotiation or
consummation of a transaction by Holdings or its subsidiaries is pending or an event has occurred, which negotiation, consummation
or event, Holdings’ board of directors reasonably believes would require additional disclosure by Holdings in the Registration
Statement of material information that Holdings has a bona fide business purpose for keeping confidential and the non-disclosure
of which in the Registration Statement would be expected, in the reasonable determination of Holdings’ board of directors
to cause the Registration Statement to fail to comply with applicable disclosure requirements; provided, however,
that Holdings may not delay or suspend the Registration Statement on more than three occasions or for more than 90 consecutive
calendar days, or more than 120 total calendar days, in each case during any 12-month period.

 

    7

     

    

 

(e) Disposition
of SPV Shares Pursuant to Underwritten Offering. Subject to Section 3.1(c) and Section 3.2(a), following the
later of the registration of the SPV Shares pursuant to Section 3.1(d) and the expiration of the six-month Other Holder
Lock-Up Period that will apply to all existing Microvast equity holders, the RMB Investors and the CL Investors, and any other
holding period required under any applicable law or valid contractual agreement, if requested by one or more RMB Investors, MVST
SPV shall, and Holdings shall cause MVST SPV to, use its commercially reasonable efforts to effect one or more dispositions of
the SPV Shares pursuant to one or more registered securities offerings through one or more underwriters in accordance with applicable
laws, including the U.S. securities laws (“Underwritten Offering”). Each participating RMB Investor acknowledges
and agrees to: (i) reasonably cooperate with MVST SPV and Holdings to (A) engage an investment bank (or investments banks, as
necessary) selected by Holdings subject to the reasonable approval of the RMB Investors (it being understood that Morgan Stanely
is approved as an underwriter) to serve as the underwriter (or underwriters, as necessary) with respect to any such Underwritten
Offering and, in connection therewith, and (B) negotiate, execute and deliver any agreements with such underwriters on such reasonable
and customary terms (based on underwritten offerings of similar size and terms as such Underwritten Offering) as may be reasonably
acceptable to Holdings and such RMB Investors, in each case, as may be required and necessary (as reasonably determined by Holdings
and such underwriter or underwriters) to consummate such Underwritten Offering; and (ii) provide any such information as is reasonably
requested by MVST SPV or Holdings in connection with any such Underwritten Offering. MVST SPV and Holdings shall reasonably cooperate
with, and provide reasonable assistance to, the RMB Investors and the underwriters selected pursuant to this Section 3.1(e)
in connection with the Underwritten Offering. MVST SPV shall maintain records as necessary to at all times identify the number
of SPV Shares held on behalf of each RMB Investor and shall maintain in a separate account (for the benefit of each RMB Investor)
the net proceeds from the sale thereof, and upon request shall provide such information to each such RMB Investor. MVST SPV shall
use all of the net cash proceeds (before tax) received by it from each such Underwritten Offering to purchase a proportionate
amount of the MPS Equity held on behalf of each participating RMB Investor pursuant to an equity purchase agreement, substantially
in the form of Exhibit A attached hereto (“RMB Equity Purchase Agreement” and each such purchase, an
“MPS Equity Purchase”), and such relevant payment for the purchase of such MPS Equity shall be paid to
the RMB Investors within 30 calendar days after receipt of corresponding net cash proceeds from any such Underwritten Offering
(subject to opening of a specific bank account to receive cash proceeds), such that following the disposition of all such SPV
Shares held by MVST SPV and consummation of all such corresponding MPS Equity Purchases, in each case, pursuant to this Section
3.1(e), MVST SPV will own all of the MPS Equity held by the RMB Investors and the RMB Investors will have received all of
the net proceeds (before tax) generated from the sale of all such SPV Shares in accordance with this Section 3.1(e). Before
the expiration of the Other Holder Lock-Up Period, the Company will take great efforts to, either repay all the debt obligations
that may restrict the ability to effect the MPS Equity Purchase or otherwise cause any restrictions therein on the MPS Equity
Purchase to be waived or released. Following the SPV Conversion, MVST SPV will not be subject to any U.S. federal and applicable
state income tax with respect to any gain on its disposition of SPV Shares.

 

    8

     

    

 

(f) Termination
of MPS Equity Rights. Subject to Section 3.1(c) and the terms of the RMB Irrevocable Proxy and Waiver, following the
consummation of each MPS Equity Purchase, the RMB Investors shall cease to have any remaining rights or obligations, if any, with
respect to any such MPS Equity purchased by MVST SPV pursuant to any such MPS Equity Purchase.

 

(g) Potential
Direct Investment in Holdings. Notwithstanding anything in this Section 3.1 to the contrary, if at any time following
the Closing, and only to the extent permitted by applicable law and subject to completion of all registrations and approvals required
by applicable law, an RMB Investor requests to hold all (but not less than all) of the SPV Shares held on in its behalf by MVST
SPV, then MVST SPV shall transfer such SPV Shares to such RMB Investor (each such transfer, a “Direct Investment”)
in exchange for all of the MPS Equity held by such RMB Investor. Holdings, MPS and MVST SPV shall use commercially reasonable
efforts to assist the RMB Investors in obtaining any required approvals for the Direct Investment (including executing and delivering
any documents required to consummate such Direct Investment), including assisting the RMB Investors in obtaining any required
financing in connection therewith.  Each RMB Investor shall be responsible for any liabilities (including tax liabilities)
incurred by such RMB Investor in connection with any Direct Investment.

 

3.2 CL
Investor Transactions.

 

(a) CL
Share Subscription. Effective at the Closing and pursuant to the applicable CL Subscription Documents, each CL SPV shall (i)
subscribe for the applicable CL Shares issued by Holdings in exchange for the applicable CL Promissory Note (each, a “CL Share Subscription”),
which subscription will include a right to a number of CL Earn Out Shares in accordance with the Merger Consideration Allocation
Schedule, (ii) pledge such CL Shares pursuant to the applicable CL Stock Pledge, in each case, as collateral for the applicable
CL Promissory Note, and (iii) receive certain registration rights and Holdings shall agree to register such CL Shares held by
such CL SPV following the Closing in accordance with the terms of the Registration Rights and Lock-up Agreement to be entered
into by and among the CL SPVs, Holdings and other relevant parties thereto at the Closing. For the avoidance of doubt, the aggregate
number of CL Shares that will be issued pursuant to the CL Share Subscriptions shall equal the aggregate number of Holdings Shares
that would have been issued collectively to the CL Investors with respect to the Convertible Loan Agreement pursuant to the De-SPAC
Transaction had such CL Investors held Microvast Shares prior to the consummation of the Merger.

 

(b) Waiver
of CL Repayment Rights and CL Conversion Rights. Effective as of the Closing, the Parties to the Convertible Loan Agreement
shall amend the Convertible Loan Agreement. Among other things, the Convertible Loan Amendment shall provide that: (i) no further
extension of credit shall be made pursuant to the Convertible Loan Agreement; (ii) the outstanding Convertible Loans will only
be repaid in connection with (A) obtaining the Required Approvals (or in connection with providing funding proof necessary for
the ODI Approval) and effecting the transactions contemplated by Section 3.2(c)(ii), (C) a conversion of the Convertible
Loans into Conversion Shares pursuant to Section 3.2(c)(iii) (in which case the repayment will be through the issuance
of Conversion Shares), and/or (D) the full repayment of the applicable CL Subscription Amount pursuant to Section 3.2(d),
(iii) any conversion of the Convertible Loans into Conversion Shares pursuant to Section 3.2(c)(iii) will only occur in
connection with a CL Share Sale and (iv) the Parties waive any rights to any put or conversion in connection with the De-SPAC
Transaction (including the Merger), other than in respect of the CL Shares.

 

    9

     

    

 

(c) Required
Approvals; Disposition of CL Shares.

 

(i) Each
CL Investor shall use its commercially reasonable efforts to obtain the approvals required (including the ODI Approval and U.S.
Approvals, if legally required) for such CL Investor to invest in its applicable CL SPV (such approvals, “Required Approvals”)
by the date (“Approval Deadline”) that is the later of (A) the date of the CL Share Qualification (as defined
below), and (B) 120 calendar days following such CL Investor’s obtainment of the funding proof necessary for the ODI Approval
with the assistance of MPS.

 

(ii) Except
as provided in Section 3.2(c)(iii), the Microvast Parties acknowledge that MPS will continue to have certain obligations
under the Convertible Loan Agreement (as amended by the Convertible Loan Amendment), and in connection therewith, Holdings and
MPS shall use commercially reasonable efforts to assist the CL Investors in obtaining the Required Approvals, including assisting
the CL Investor in obtaining any required financing in connection therewith.  As soon as practicable following the receipt
by a CL Investor of the applicable Required Approvals, but in any event within five Business Days of such CL Investor’s
receipt of such Required Approvals, (A) MPS shall repay in full any remaining portion of the CL Amount held by such CL Investor
and substantially concurrently therewith, (B) such CL Investor shall use the same proceeds received from such repayment of such
applicable CL Amount to repay in full any portion of the applicable CL Subscription Amount that remains outstanding under the
applicable CL Promissory Note. Upon such payment of such CL Promissory Note, such CL Promissory Note and its applicable CL Stock
Pledge shall terminate in accordance with their own terms. Following such full and final repayment of the applicable CL Amount
by MPS and full and final repayment of the applicable CL Subscription Amount by such CL SPV, and contingent upon the prior registration
of the CL Shares with the SEC and expiration of the Other Holder Lock-Up Period and any other holding period as required under
any applicable law or contractual agreement (such prior registration and expiration, “CL Share Qualification”),
such CL SPV, at its option, may effect any transfer, sale or other disposition of all of the CL Shares held by it in accordance
with applicable law (each such sale, a “CL Share Sale”). For the avoidance of doubt, nothing in this
Agreement shall limit a CL SPV’s right to freely transfer, sell or dispose of the CL Shares held thereby immediately following
the CL Share Qualification.

 

(iii) Notwithstanding
each of Section 3.2(c)(i) and Section 3.2(c)(ii), if a CL Investor has either (x) not obtained the applicable Required
Approvals prior to the Approval Deadline or (y) has otherwise notified Holdings in writing that it is no longer seeking the applicable
Required Approvals, then in each case (A) beginning on the first day after the CL Share Qualification, such CL Investor will cause
its applicable CL SPV to effect CL Share Sales at its option following the CL Share Qualification and may at any time notify MPS
of its intention to convert a specified amount of the Convertible Loans held by such CL Investor (relative to the bona fide estimate
of the total number of CL Shares sold and/or intended to be sold by its CL SPV) into Conversion Shares pursuant to the applicable
Conversion Documents, and the conversion of the specified amount of the Convertible Loans shall be registered with the applicable
governmental authorities (including the State Administration of Foreign Exchange, the State Administration for Market Regulation,
the Ministry of Commerce of the PRC or their respective local competent counterpart, etc.) within 30 days after the date of the
notice (each a “Convertible Loan Conversion”); provided, however, that as a condition to such Convertible Loan
Conversion and the issuance of Conversion Shares, concurrently with such registration and issuance of Conversion Shares, (A) the
applicable CL Investor shall enter into an equity purchase agreement with its applicable CL SPV, substantially in the form of
Exhibit B attached hereto (“CL Equity Purchase Agreement”), pursuant to which such CL SPV shall purchase
all such Conversion Shares from such CL Investor in exchange for certain amount of the net cash proceeds received by such CL SPV
pursuant to any CL Share Sales, and shall register such sale with the applicable governmental authorities (“Conversion
Share Purchase”) and (B) such CL Investor and CL SPV shall enter into an irrevocable proxy and waiver agreement, substantially
in the form of Exhibit C attached hereto (“CL Irrevocable Proxy and Waiver”) with MPS with respect to
such Conversion Shares in connection with the relevant Conversion Share Purchase. The foregoing procedures shall continue to be
followed until the acquisition by a CL SPV of all Conversion Shares issued or issuable to the applicable CL Investor. Unless otherwise
approved in writing by Holdings in its sole discretion, in no event shall any CL SPV sell, transfer or otherwise dispose of any
of the Conversion Shares. Immediately following the acquisition by a CL SPV of all Conversion Shares issued or issuable to the
applicable CL Investor, such CL Investor shall enter into an equity purchase agreement with Holdings and such CL SPV, substantially
in the form of Exhibit D attached hereto (“CL SPV Purchase Agreement”), pursuant to which Holdings shall
purchase all of the equity interests of such CL SPV in exchange for $1.00 and, at such time, the CL SPV shall hold all of the
applicable Conversion Shares (“Completion Purchase”). Notwithstanding the foregoing, a CL SPV may sell any
portion of the Conversion Shares it then holds to Holdings or its Affiliate at a price equal to such amount of the Convertible
Loans so converted from time to time if it is agreed between the relevant parties that such sale is feasible and will not incur
additional tax or other compliance risks, and such CL SPV shall use all proceeds received from such sales to repay a commensurate
portion of the relevant CL Subscription Amount that remains outstanding under the applicable CL Promissory Note. If Holdings or
its Affiliate is able to acquire all Conversion Shares issued or issuable to the applicable CL Investor as described in the preceding
sentence and such CL SPV is able to repay in full the CL Subscription Amount, the relevant parties shall not enter into the CL
SPV Purchase Agreement.

 

    10

     

    

 

(d) Notwithstanding
Section 3.2(c), subject to compliance with applicable law, within ten Business Days after the full repayment of the applicable
CL Subscription Amount that remains outstanding under the applicable CL Promissory Note by a CL SPV, or such other date as agreed
by the relevant CL Investor, MPS shall repay in full any remaining portion of the CL Amount held by the relevant CL Investor.

 

(e) Termination
of CL Investor Rights. Upon the earlier to occur of (i) the consummation of the first CL Share Sale by a CL SPV pursuant to
Section 3.2(c)(ii), (ii) the consummation of a Convertible Loan Conversion by a CL Investor pursuant to Section 3.2(c)(iii),
and (iii) the full repayment by MPS of the CL Amount held by a CL Investor pursuant to Section 3.2(d), notwithstanding
anything under the Convertible Loan Agreement or any agreement contemplated by the Convertible Loan Agreement to the contrary,
but to the extent the transactions contemplated under Section 3.2(c)(iii) can be fully carried out, (A) such applicable
CL Investor shall cease to have any rights with respect to the Convertible Loans and the Convertible Loan Agreement and all obligations
with respect to any Convertible Loans under the Convertible Loan Agreement shall be (in the case of (i) and (iii)) and deemed
to be (in the case of (ii)) fully repaid and discharged without any further action of any party thereto, (B) the Convertible Loan
Agreement shall terminate without any further action by any party thereto and (C) to the extent remaining in effect, the Capital
Increase Agreement, Exchange Agreement, Subscription Agreement and Warrant contemplated by the Convertible Loan Agreement, shall
each terminate without any further action by any party thereto. Upon the concurrent consummation of each Conversion Share Purchase
and Completion Purchase pursuant to Section 3.2(c)(iii)(A) and Section 3.2(c)(iii)(B), respectively, such CL Investor
shall cease to have any rights as a registered holder of MPS Equity or otherwise with respect to MPS; provided, however,
that upon consummation of the Convertible Loan Conversion, in its capacity as a registered holder of Conversion Shares, such CL
Investor shall only be entitled to receive the net cash proceeds that result from a CL Share Sale and shall not have any other
rights with respect to such Conversion Shares.

 

(f) CL
Irrevocable Proxy and Waiver. The CL Irrevocable Proxy and Waiver will, among other things, provide that: (i) effective from
the issuance of any Conversion Shares, the applicable CL Investor and CL Investor each irrevocably and unconditionally waives
(A) any and all rights that such person has by virtue of its investment in MPS or ownership of MPS Equity and (B) any and all
rights and/or claims that such person has, or may have, against the Microvast Parties or properties and assets of the Microvast
Parties under any agreement or under applicable law, including under any contractual obligation, arrangement or agreement of any
kind (written, oral or otherwise), other than the right to receive sale proceeds from Holdings or its Affiliate for any sale of
the Conversion Shares pursuant to Section 3.2(c)(iii).

 

4. Representations
and Warranties; Other Covenants and Agreements.

 

4.1 Representations
and Warranties of each Party. Each Party represents and warrants to each other Party:
(a) such Party has full legal right and capacity to execute and deliver this Framework Agreement and each of the Transaction
Agreements, to perform such Party’s obligations hereunder and thereunder, and to consummate the transactions contemplated
hereby and thereby, (b) this Framework Agreement and each Transaction Agreement has been or will be duly executed and delivered
by such Party and the execution, delivery and performance of this Framework Agreement and each Transaction Agreement by such Party
and the consummation of the transactions contemplated hereby and thereby have been (or will be) duly authorized by all necessary
action on the part of such Party and no other actions or proceedings on the part of such Party are necessary to authorize this
Framework Agreement or any of the Transaction Agreements, or to consummate the transactions contemplated hereby or thereby, (c) this
Framework Agreement and each of the Transaction Agreements constitute (or will constitute upon execution) the valid and binding
agreements of such Party, enforceable against such Party in accordance with its terms, and (d) the execution and delivery
of this Framework Agreement and each Transaction Agreement by such Party does not, and the consummation of the transactions contemplated
hereby and thereby, and the compliance with the provisions hereof and thereof will not, conflict with or violate any applicable
law or agreement binding upon such Party, nor require any authorization, consent or approval of, or filing with, any governmental
entity, except for any applicable ODI Approvals or U.S. Approvals or required filings with the SEC in order to register the Holdings
Shares.

 

    11

     

    

 

4.2 Specific
Representations of the CL Investors.

 

(a) Ningbo CDH 1.
Ningbo CDH 1 represents and warrants to Holdings and the Microvast Parties that (i) the total aggregate amount of Convertible
Loans held, beneficially and of record, or controlled by Ningbo CDH 1 is equal to the CDH 1 CL Amount (such loans, the “CDH
1 Convertible Loans”), (ii) Ningbo CDH 1 does not own, beneficially or of record, or control any Microvast Warrants,
(iii) except for such transfer restrictions of general applicability as may be provided under applicable PRC laws and/or any requirements
of any PRC governmental authority or the U.S. Approvals, Ningbo CDH 1 owns, beneficially and of record, or controls all of the
CDH 1 Convertible Loans free and clear of any proxy, voting restriction, adverse claim or other lien (other than any restrictions
created by this Framework Agreement or any of the Transaction Agreements) and has sole control with respect to such CDH 1
Convertible Loans and sole power of disposition and transfer with respect to all such CDH 1 Convertible Loans, with no restrictions
on Ningbo CDH 1’s rights of disposition or transfer pertaining thereto, and no person other than Ningbo CDH 1 has any right
to direct or approve the voting or disposition of any of the CDH 1 Convertible Loans.

 

(b) Ningbo CDH 2.
Ningbo CDH 2 represents and warrants to Holdings and the Microvast Parties that (i) the total aggregate amount of Convertible
Loans held, beneficially and of record, or controlled by Ningbo CDH 2 is equal to the CDH 2 CL Amount (such loans, the “CDH
2 Convertible Loans”), (ii) Ningbo CDH 2 does not own, beneficially or of record, or control any Microvast Warrants,
(iii) except for such transfer restrictions of general applicability as may be provided under applicable PRC laws and/or any requirements
of any PRC governmental authority or the U.S. Approvals, Ningbo CDH 2 owns, beneficially and of record, or controls all of the
CDH 2 Convertible Loans free and clear of any proxy, voting restriction, adverse claim or other lien (other than any restrictions
created by this Framework Agreement or any of the Transaction Agreements) and has sole control with respect to such CDH 2 Convertible
Loans and sole power of disposition and transfer with respect to all such CDH 2 Convertible Loans, with no restrictions on Ningbo
CDH 2’s rights of disposition or transfer pertaining thereto, and no person other than Ningbo CDH 2 has any right to direct
or approve the voting or disposition of any of the CDH 2 Convertible Loans.

 

(c) HHEIP
Investor. HHEIP Investor represents and warrants to Holdings and the Microvast Parties that (i) the total aggregate amount
of Convertible Loans held, beneficially and of record, or controlled by HHEIP Investor is equal to the HHEIP CL Amount (such loans,
the “HHEIP Convertible Loans”), (ii) HHEIP Investor does not own, beneficially or of record, or control any
Microvast Warrants, (iii) except for such transfer restrictions of general applicability as may be provided under applicable PRC
laws and/or any requirements of any PRC governmental authority or the U.S. Approvals, HHEIP Investor owns, beneficially and of
record, or controls all of the HHEIP Convertible Loans free and clear of any proxy, voting restriction, adverse claim or other
lien (other than any restrictions created by this Framework Agreement or any of the Transaction Agreements) and has sole control
with respect to such HHEIP Convertible Loans and sole power of disposition and transfer with respect to all such HHEIP Convertible
Loans, with no restrictions on HHEIP Investor’s rights of disposition or transfer pertaining thereto, and no person other
than HHEIP Investor has any right to direct or approve the voting or disposition of any of the HHEIP Convertible Loans.

 

    12

     

    

 

4.3 Specific
Representations of the RMB Investors.

 

(a) Hangzhou
CDH. Hangzhou CDH represents and warrants to Holdings and the Microvast Parties that (i) the total aggregate amount of MPS
Equity owned, beneficially and of record, or controlled by Hangzhou CDH is $556,826.85 (“Hangzhou CDH MPS Equity”),
(ii) Hangzhou CDH does not own, beneficially or of record, or control any Microvast Warrants, (iii) except for such transfer restrictions
of general applicability as may be provided under applicable PRC laws and/or any requirements of any PRC governmental authority
or the U.S. Approvals, Hangzhou CDH collectively owns, beneficially and of record, or controls all of the Hangzhou CDH MPS Equity
free and clear of any proxy, voting restriction, adverse claim or other lien (other than any restrictions created by this Framework
Agreement or any of the Transaction Agreements) and has sole voting power with respect to the Hangzhou CDH MPS Equity and sole
power of disposition with respect to all of the Hangzhou CDH MPS Equity, with no restrictions on Hangzhou CDH’s rights of
voting or disposition pertaining thereto, and no person other than Hangzhou CDH has any right to direct or approve the voting
or disposition of any of the Hangzhou CDH MPS Equity.

 

(b) Hangzhou
Binchuang. Hangzhou Binchuang represents and warrants to Holdings and the Microvast Parties that (i) the total aggregate amount
of MPS Equity owned, beneficially and of record, or controlled by Hangzhou Binchuang is $723,874.91 (“HB MPS Equity”),
(ii) Hangzhou Binchuang does not own, beneficially or of record, or control any Microvast Warrants, (iii) except for such transfer
restrictions of general applicability as may be provided under applicable PRC laws and/or any requirements of any PRC governmental
authority or the U.S. Approvals, Hangzhou Binchuang collectively owns, beneficially and of record, or controls all of the HB MPS
Equity free and clear of any proxy, voting restriction, adverse claim or other lien (other than any restrictions created by this
Framework Agreement or any of the Transaction Agreements) and has sole voting power with respect to the HB MPS Equity and sole
power of disposition with respect to all of the HB MPS Equity, with no restrictions on Hangzhou Binchuang’s rights of voting
or disposition pertaining thereto, and no person other than Hangzhou Binchuang has any right to direct or approve the voting or
disposition of any of the HB MPS Equity.

 

(c) SDIC.
SDIC represents and warrants to Holdings and the Microvast Parties that (i) the total aggregate amount of MPS Equity owned, beneficially
and of record, or controlled by SDIC is $1,670,480.55 (“SDIC MPS Equity”), (ii) SDIC does not own, beneficially
or of record, or control any Microvast Warrants, (iii) except for such transfer restrictions of general applicability as may be
provided under applicable PRC laws and/or any requirements of any PRC governmental authority or the U.S. Approvals, SDIC collectively
owns, beneficially and of record, or controls all of the SDIC MPS Equity free and clear of any proxy, voting restriction, adverse
claim or other lien (other than any restrictions created by this Framework Agreement or any of the Transaction Agreements) and
has sole voting power with respect to the SDIC MPS Equity and sole power of disposition with respect to all of the SDIC MPS Equity,
with no restrictions on SDIC’s rights of voting or disposition pertaining thereto, and no person other than SDIC has any
right to direct or approve the voting or disposition of any of the SDIC MPS Equity.

 

    13

     

    

 

4.4 Certain
Additional Covenants. The Parties covenant as follows:

 

(a) Purpose
of MVST SPV, CDH SPV and HHEIP SPV. Each of MVST SPV, CDH SPV and HHEIP SPV has been formed solely for the purpose of consummating
the MPS Transactions and shall not, directly or indirectly, (i) have any assets or liabilities, (ii) enter into any agreements
(written or oral or otherwise) or have any contractual obligations, arrangements or agreements (written, oral or otherwise) whatsoever,
(iii) conduct any business or have any operations, in the case of each of (i) through (iii), other than those directly related
to, or arising from, and required in order for each of MVST SPV, CDH SPV and HHEIP SPV to perform its obligations under this Framework
Agreement and each of the Transaction Agreements it will be party to in connection with the consummation of the MPS Transactions.

 

(b) Compliance
with Laws, Etc. Each Party shall comply in all material respects with all applicable laws, rules, regulations and orders applicable
to it, including any PRC laws and/or any requirements of any PRC governmental authority, the U.S. Approvals and any other applicable
laws (including the U.S. securities laws) and/or any requirements of any U.S. governmental authority in performing its obligations
under, and in executing the transactions contemplated by, this Framework Agreement and each of the Transaction Agreements to which
each such Party is a party.

 

(c) Performance
and Compliance with Agreements. At its own expense, each Party shall timely and fully perform and comply in all material respects
with all provisions, covenants and other promises required to be observed by it under this Framework Agreement and the Transaction
Agreements to which each such Party is a party.

 

(d) Restrictions
on Assignment of Convertible Loans. Subject to the terms and conditions of this Framework Agreement and each Transaction Agreement
and notwithstanding anything in the Convertible Loan Agreement to the contrary, following the Effective Date, no CL Investor shall
assign and/or otherwise transfer any Convertible Loan to any other Person or otherwise dispose of any Convertible Loan without
the prior written consent of the Microvast Parties.

 

(e) Restrictions
on Assignment of MPS Equity. Subject to the terms and conditions of this Framework Agreement and each Transaction Agreement
and notwithstanding anything in any agreement pertaining to the MPS Equity to the contrary, following the Effective Date, no RMB
Investor shall assign and/or otherwise transfer any MPS Equity to any other Person or otherwise dispose of any MPS Equity without
the prior written consent of the Microvast Parties.

 

(f) Indemnity.
Each Party will indemnify, defend and hold harmless the other Parties against any and all claims, actions, liabilities, losses,
damages, costs and expenses (including reasonable attorneys’ fees) that are threatened or brought or may be brought against
or incurred by the Indemnified Party as a result of any breach of any representation, warranty or covenant of such the Indemnifying
Party hereunder; provided, however, that in no event will (a) any Party be liable to any other Party for any indirect, incidental,
consequential or punitive damages and (b) Holdings or any of its subsidiaries be liable to any Party for any fluctuations in the
sale price of any SPV Shares or CL Shares. For any liabilities or indemnities that shall be borne by Holdings or any of its subsidiaries,
the MVST SPV or the Microvast Parties, all of them shall bear such liabilities or indemnities jointly and severally.

 

    14

     

    

 

4.5 Agreement
Regarding Warrants. To the extent any CL Investor or RMB Investor has any rights whatsoever related to the Microvast Warrants
as of the Effective Date (any such rights, “Warrant Rights”), notwithstanding anything to the contrary in any
other agreement between the Microvast Parties and each of the CL Investors and RMB Investors, respectively, such Warrant Rights,
without any further action from any Party, shall be deemed to be indefinitely waived as of the Effective Date (but shall be resumed
immediately if the Merger Agreement is terminated according to Section 8.1 thereof) and terminated without any further action
of any Party upon the Closing.

 

5. Miscellaneous.
Except as otherwise expressly set forth in a Transaction Agreement, the following will apply to all Transaction Agreements:

 

5.1 Further
Assurances. At or prior to the Closing, the Parties shall execute and deliver or cause to be executed and delivered such additional
documents and take such additional actions as the Parties reasonably may deem to be practical and necessary in order to consummate
the MPS Transactions and the transactions contemplated by the Merger Agreement, including the De-SPAC Transaction.

 

5.2 Expenses.
Each Party shall be responsible for its own costs and expenses (including attorneys’ fees) in connection with the negotiation
and execution of this Framework Agreement or any of the Transaction Agreements, and the consummation of the transactions contemplated
hereby and thereby.

 

5.3 Entire
Agreement. This Framework Agreement, together with the other Transaction Agreements, constitutes the entire agreement between
the Parties and supersedes all prior oral and written negotiations, communications, discussions, and correspondence pertaining
to the subject matter of the Transaction Agreements.

 

5.4 Order
of Precedence. If there is a conflict between this Framework Agreement and any other Transaction Agreement, this Framework
Agreement will control unless the conflicting provision of the other Transaction Agreement specifically references the provision
of this Framework Agreement to be superseded.

 

5.5 Amendments
and Waivers. No amendment, supplement, modification or waiver of any provision of this Framework Agreement or any other Transaction
Agreement, and no consent to any departure by any Party therefrom, shall be effective unless in writing signed by all Parties,
and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

 

5.6 Binding
Effect. The Transaction Agreements will be binding upon and inure to the benefit of the Parties and their respective heirs,
legal representatives, successors, and permitted assigns.

 

    15

     

    

 

5.7 Assignment.
Except as otherwise provided in this Framework Agreement or any other Transaction Agreement, neither this Framework Agreement
nor any other Transaction Agreement, respectively, may be assigned or otherwise transferred, nor may any right or obligation hereunder
or thereunder be assigned or transferred by any Party without the prior written consent of the other Parties. Any permitted assignee
shall assume all obligations of its assignor under this Framework Agreement and any other applicable Transaction Agreements. Any
attempted assignment not in accordance with this Section 5.7 shall be void.

 

5.8 Notices.

 

(a) All
notices, requests, demands, and other communications required or permitted to be given under this Framework Agreement or any of
the Transaction Agreements must be in writing delivered to (i), for all Parties other than Holdings and the Microvast Parties,
the address or email address listed on the signature pages hereto, (ii) for Holdings and the Microvast Parties, the below listed
address or email address (if applicable), or (iii) such other address as such Party may designate by written notice to each other
Party, in any case, in accordance with Section 5.8 (b).

 

If
to Holdings:

 

Tuscan
Holdings Corp.

135
E. 57th Street, 18th Floor

New
York NY 10022

		Attention:	Stephen
A. Vogel

		Email:	Stephen@vpllp.com

 

With
copy to (which shall not constitute notice):

 

Greenberg
Traurig, P.A.

333
SE 2nd Avenue, Suite 4400

Miami,
FL 33131

		Attention:	Alan
Annex

		Email:	AnnexA@gtlaw.com

 

If
to the Microvast Parties:

 

c/o
Microvast, Inc.

12603 Southwest Freeway, Suite 210

Stafford, Texas 77477

		Attention:	Yang
Wu

		Email:	wuyang@microvast.com

 

    16

     

    

 

With
copy to (which shall not constitute notice):

 

Shearman
& Sterling LLP

2828 North Harwood Street, Suite 1800

Dallas, TX 75201

Attention:

Paul
Strecker

Alain
Dermarkar

Robert
Cardone

		E-Mail:	Paul.Strecker@Shearman.com

Alain.Dermarkar@Shearman.com

Robert.Cardone@shearman.com

 

(b) Each
notice, request, demand, or other communication will be deemed given and effective, as follows: (i) if sent by hand delivery,
upon delivery; (ii) if sent by first-class U.S. Mail, postage prepaid, upon the earlier to occur of receipt or three calendar
days after deposit in the U.S. Mail; (iii) if sent by a recognized prepaid overnight courier service, one Business Day after the
date it is given to such service; and (iv) if sent by e-mail, upon acknowledgement of receipt by the recipient.

 

5.9 Governing
Law. This Framework Agreement and, unless otherwise expressly specified therein, each of the Transaction Agreements shall
be governed by and construed in accordance with the Laws of the State of Delaware without giving effect to any choice or conflict
of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of laws
of any jurisdictions other than those of the State of Delaware.

 

5.10 Submission
to Jurisdiction; WAIVER OF JURY TRIAL. Each of the Parties, unless otherwise agreed in any Transaction Agreements, (a) irrevocably
and unconditionally submits to the exclusive personal jurisdiction of the Court of Chancery of the State of Delaware, New Castle
County, or, if that court does not have jurisdiction, a federal court sitting in Wilmington, Delaware (and in each case, any appellate
courts thereof) in any action or proceeding arising out of or relating to this Framework Agreement or any Transaction Agreement
or any transactions contemplated hereby or thereby, (b) agrees that all claims in respect of such action or proceeding may
be heard and determined in any such court, (c) irrevocably and unconditionally agrees that it shall not attempt to deny or
defeat such personal jurisdiction by motion or other request for leave from any such court and (d) agrees not to bring any
action or proceeding arising out of or relating to this Framework Agreement or any Transaction Agreement or any transaction contemplated
hereby or thereby in any other court. Each Party agrees that a final judgment in any such action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable law. Each of
the Parties irrevocably and unconditionally waives any defense of inconvenient forum to the maintenance of any action or proceeding
so brought and waives any bond, surety or other security that might be required of any other party with respect thereto. Any Party
hereto may make service on another party by sending or delivering a copy of the process to the Party to be served at the address
and in the manner provided for the giving of notices in Section 5.8. Nothing in this Section 5.10, however, shall
affect the right of any party to serve legal process in any other manner permitted by applicable law. To
the FULLEST extent permitted by applicable law, each Party hereby irrevocably and unconditionally waives all rights to trial by
jury in any action OR proceeding contemplated hereby. Each of the Parties (i) certifies that no Representative, agent
or attorney of any other Party has represented, expressly or otherwise, that such other Party would not, in the event of litigation,
seek to enforce that foregoing waiver and (ii) acknowledges that it and the other Parties have been induced to enter into
this Framework Agreement and each of the Transaction Agreements and each of the transactions contemplated hereby and thereby,
as applicable, by, among other things, the mutual waivers and certifications in this Section 5.10.

 

    17

     

    

 

5.11 Severability.
If any provision of this Framework Agreement, any Transaction Agreement or any document related to this Framework Agreement or
any Transaction Agreement is held by a court of competent jurisdiction to be invalid, unenforceable, or void, that provision will
be enforced to the fullest extent permitted by applicable law, and the remainder of such agreement will remain in full force and
effect. If the time period or scope of any provision is declared by a court of competent jurisdiction to exceed the maximum time
period or scope that that court deems enforceable, then that court will reduce the time period or scope to the maximum time period
or scope permitted by applicable law.

 

5.12 Survival.
The provisions of this Article 5 shall survive any termination or expiration of this Framework Agreement and any of the
Transaction Agreements.

 

5.13 Counterparts.
This Framework Agreement, each of the Transaction Agreements and any document related to this Framework Agreement or the Transaction
Agreements may be executed by the Parties on any number of separate counterparts, by email, and all of those counterparts taken
together will be deemed to constitute one and the same instrument; signature pages may be detached from multiple separate counterparts
and attached to a single counterpart so that all signatures are physically attached to the same document. A portable document
format (“.pdf”) signature page will constitute an original for the purposes of this Section 5.13.

 

[SIGNATURE
PAGES FOLLOW]

 

    18

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Framework Agreement as of the date first written above.

 

	 	HOLDINGS:
	 	 
	 	TUSCAN HOLDINGS CORP.
	 	 
	 	By:	 /s/ Stephen A. Vogel
	 	Name:	Stephen A. Vogel
	 	Title:	Chief Executive Officer
	 	 
	 	MVST SPV:
	 	 
	 	MVST SPV INC.
	 	 
	 	By:	/s/ Stephen A. Vogel
	 	Name:	Stephen A. Vogel
	 	Title:	 President

 

[Signature Page to
Framework Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Framework Agreement as of the date first written above.

 

	 	MICROVAST PARTIES:
	 	 
	 	MICROVAST, INC.
	 	 
	 	By:	 /s/ Yang Wu
	 	Name:	 Yang Wu
	 	Title: 	Chief Executive Officer
	 	 
	 	MICROVAST POWER SYSTEM (HUZHOU) CO., LTD.
	 	 
	 	By:	 /s/ Shengxian Wu
	 	Name: 	Shengxian Wu
	 	Title: 	President

 

[Signature Page to Framework Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Framework Agreement as of the date first written above.

 

	 	CL INVESTORS:
	 	 
	 	Ningbo Yuxiang Investment Partnership (Limited Partnership)
	 	 
	 	(宁波昱享投资合伙企业(有限合伙))
	 	 
	 	By: 	/s/ Li, Dan
	 	Name: 	Li, Dan
	 	Title: 	Authorized Representative
	 	 
	 	Ningbo Dinghui Jiaxuan Investment Partnership (Limited Partnership)
	 	 
	 	(宁波鼎晖嘉暄投资合伙企业(有限合伙))
	 	 
	 	By: 	/s/ Xu, Qian
	 	Name: 	Xu, Qian
	 	Title: 	Authorized Representative

 

[Signature Page to Framework Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Framework Agreement as of the date first written above.

 

	 	CL INVESTORS (continued):
	 	 
	 	Hangzhou Heyu Equity Investment Partnership (Limited Partnership)
	 	 
	 	(杭州核煜股权投资合伙企业(有限合伙))
	 	 
	 	By:	 /s/ Zhang, Zhongcan
	 	Name: 	Zhang, Zhongcan
	 	Title: 	Authorized Representative

 

[Signature Page to Framework Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Framework Agreement as of the date first written above.

 

	 	CDH SPV:
	 	 
	 	AURORA SHEEN LIMITED
	 	 
	 	By:	 /s/ Ying, Wei
	 	Name:	 Ying, Wei
	 	Title: 	Director

 

[Signature Page to Framework Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Framework Agreement as of the date first written above.

 

	 	HHEIP SPV:
	 	 
	 	Riheng HK Limited (香港日衡有限公司)
	 	 
	 	By: 	/s/ Zhang, Xiaoling
	 	Name:	 Zhang, Xiaoling
	 	Title: 	Director

 

[Signature Page to Framework Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Framework Agreement as of the date first written above.

	 	RMB INVESTORS:
	 	 
	 	Hangzhou CDH New Trend Equity Investment Partnership (Limited Partnership)
	 	 
	 	(杭州鼎晖新趋势股权投资合伙企业(有限合伙)
	 	 
	 	By: 	/s/ Wang Lin
	 	Name: 	Wang Lin (王霖)
	 	Title: 	Managing Partner
	 	 
	 	Hangzhou Binchuang Equity Investment Co., Ltd.
	 	(杭州滨创股权投资有限公司)
	 	 
	 	By:	/s/ Shen Weidong
	 	Name: 	Shen Weidong (沈伟东)
	 	Title: 	General Manager

 

[Signature
Page to Framework Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Framework Agreement as of the date first written above.

 

	 	RMB INVESTORS (continued):
	 	 
	 	SDIC (Shanghai) Science and Technology Achievements Transformation Venture Capital Fund Enterprise (Limited Partnership)
	 	 
	 	(国投(上海)科技成果转化创业投资基金企业(有限合伙))
	 	 
	 	By: 	/s/ Gao, Aimin
	 	Name: 	Gao, Aimin (高爱民)
	 	Title: 	General Manager

 

     

     

    

 

SCHEDULE
1

 

DEFINITIONS

 

As
used in the Transaction Agreements, the following terms have the following meanings unless otherwise defined in any Transaction
Agreement:

 

“Affiliate”
in relation to a Person means any other Person that is, directly or indirectly, Controlling, Controlled by or under common Control
with that Person. “Control” in relation to a body corporate means the ability of a Person to ensure that the
activities and business of that body corporate are conducted in accordance with the wishes of that Person, and a Person shall
be deemed to have Control of a body corporate if that Person possesses or is entitled to acquire the majority of the issued share
capital or the voting rights in that body corporate or the right to receive the majority of the income of that body corporate
on any distribution by it of all of its income or the majority of its assets on a winding up, and any derivative term shall be
construed accordingly.

 

“Approval
Deadline” has the meaning set forth in Section 3.2(c)(i).

 

“Business
Day” means any day other than (a) a Saturday or Sunday or (b) a day on which the banking institutions located in New
York, New York or Houston, Texas are permitted or required by applicable law, executive order or governmental decree to remain
closed.

 

“CDH
Earn Out Shares” has the meaning set forth in the recitals.

 

“CDH
Investors” has the meaning set forth in the preamble.

 

“CDH
Promissory Note” has the meaning set forth in the recitals.

 

“CDH
Shares” has the meaning set forth in the recitals.

 

“CDH
SPV” has the meaning set forth in the preamble.

 

“CDH
SPV Equity Purchase Agreement” has the meaning set forth in Section 3.1(c)(iii).

 

“CDH
Subscription Amount” has the meaning set forth in the recitals.

 

“CDH
1 CL Amount” has the meaning set forth in the recitals.

 

“CDH
2 CL Amount” has the meaning set forth in the recitals.

 

“CDH
1 Convertible Loans” has the meaning set forth in Section 4.2(a).

 

“CDH
2 Convertible Loans” has the meaning set forth in Section 4.2(b).

 

“CL
Conversion Rights” has the meaning set forth in the recitals.

 

“CL
Equity Purchase Agreement” has the meaning set forth in Section 3.1(c)(iii).

 

“CL
Investors” has the meaning set forth in the preamble.

 

    Schedule 1

     

    

 

“CL
Promissory Note” has the meaning set forth in the recitals.

 

“Closing”
has the meaning set forth in Section 2.

 

“Closing
Date” has the meaning set forth in Section 2.

 

“CL
Amount” has the meaning set forth in the recitals.

 

“CL
Earn Out Shares” has the meaning set forth in the recitals.

 

“CL
Repayment Rights” has the meaning set forth in the recitals.

 

“CL
Share Qualification” has the meaning set forth in Section 3.2(c)(ii).

 

“CL
Shares” has the meaning set forth in the recitals.

 

“CL
Share Sale” has the meaning set forth in Section 3.2(c)(ii).

 

“CL
Share Subscription” has the meaning set forth in Section 3.2(a).

 

“CL
Stock Pledge” has the meaning set forth in the recitals.

 

“CL
Subscription Agreement” has the meaning set forth in the recitals.

 

“CL
Subscription Amount” has the meaning set forth in the recitals.

 

“CL
Subscription Documents” has the meaning set forth in the recitals.

 

“CL
Warrants” has the meaning set forth in the recitals.

 

“Completion
Purchase” has the meaning set forth in Section 3.2(c)(iii).

 

“Conversion
Documents” has the meaning set forth in the Convertible Loan Agreement.

 

“Conversion
Share” has the meaning set forth in the Convertible Loan Agreement.

 

“Conversion
Share Purchase” has the meaning set forth in Section 3.2(c)(iii).

 

“Convertible
Loan” has the meaning set forth in the recitals.

 

“Convertible
Loan Agreement” has the meaning set forth in the recitals.

 

“Convertible
Loan Amendment” has the meaning set forth in the recitals.

 

“Convertible
Loan Amount” has the meaning set forth in the recitals.

 

“Convertible
Loan Conversion” has the meaning set forth in Section 3.2(c)(iii).

 

“CQXE”
has the meaning set forth in the recitals.

 

“De-SPAC
Transaction” has the meaning set forth in the recitals.

 

    Schedule 2

     

    

 

“Effective
Date” has the meaning set forth in the preamble.

 

“Filing
Deadline” has the meaning set forth in Section 3.1(d)(i).

 

“Final
CL Share Disposition” has the meaning set forth in Section 3.2(c)(ii).

 

“Framework
Agreement” has the meaning set forth in the preamble.

 

“GXEI
Investor” has the meaning set forth in the preamble.

 

“Hangzhou
Binchuang” has the meaning set forth in the preamble.

 

“Hangzhou
CDH” has the meaning set forth in the preamble.

 

“Hangzhou
CDH MPS Equity” has the meaning set forth in Section 4.3(a).

 

“HB
MPS Equity” has the meaning set forth in Section 4.3(b).

 

“HHEIP
CL Amount” has the meaning set forth in the recitals.

 

“HHEIP
Convertible Loans” has the meaning set forth in Section 4.2(c).

 

“HHEIP
Earn Out Shares” has the meaning set forth in the recitals.

 

“HHEIP
Investor” has the meaning set forth in the preamble.

 

“HHEIP
Promissory Note” has the meaning set forth in the recitals.

 

“HHEIP
Shares” has the meaning set forth in the recitals.

 

“HHEIP
SPV” has the meaning set forth in the preamble.

 

“HHEIP
Subscription Amount” has the meaning set forth in the recitals.

 

“Holdings”
has the meaning set forth in the preamble.

 

“Holdings
Shares” has the meaning set forth in the recitals.

 

“Merger”
has the meaning set forth in the recitals.

 

“Merger
Agreement” has the meaning set forth in the recitals.

 

“Merger
Consideration Allocation Schedule” has the meaning set forth in the Merger Agreement.

 

“Merger
Sub” has the meaning set forth in the recitals.

 

“Microvast”
has the meaning set forth in the preamble.

 

“Microvast
Parties” has the meaning set forth in the preamble.

 

    Schedule 3

     

    

 

“Microvast
Shares” has the meaning set forth in the preamble.

 

“Microvast
Warrants” has the meaning set forth in the recitals.

 

“MPS”
has the meaning set forth in the preamble.

 

“MPS
Equity” has the meaning set forth in the recitals.

 

“MPS
Equity Conversion” has the meaning set forth in Section 3.1(e).

 

“MPS
Equity Purchase” has the meaning set forth in Section 3.1(e).

 

“MPS
Transactions” has the meaning set forth in the recitals.

 

“MVST
SPV” has the meaning set forth in the preamble.

 

“Ningbo
CDH 1” has the meaning set forth in the preamble.

 

“Ningbo
CDH 2” has the meaning set forth in the preamble.

 

“ODI
Approval” has the meaning set forth in the Convertible Loan Agreement.

 

“Other
Holder Lock-Up Period” has the meaning set forth in the Registration Rights and Lock-Up Agreement.

 

“Party”
has the meaning set forth in the preamble.

 

“Person”
means any individual, firm, company, corporation, government, state or agency of a state or any association or body (including
a partnership, trust, fund, joint venture or consortium), or other entity (whether or not having separate legal personality).

 

“PRC”
means the People’s Republic of China and, for the purpose of the Convertible Loan Agreement and this Framework Agreement,
excludes Hong Kong, the Macau Special Administrative Region and Taiwan.

 

“Registration
Rights and Lock-Up Agreement” has the meaning set forth in the Merger Agreement.

 

“Registration
Statement” has the meaning set forth in Section 3.1(d)(i).

 

“Required
Approvals” has the meaning set forth in Section 3.2(c)(i).

 

“RMB
Equity Purchase Agreement” has the meaning set forth in Section 3.1(e).

 

“RMB
Investors” has the meaning set forth in the preamble.

 

“RMB
Irrevocable Proxy and Waiver” has the meaning set forth in the recitals.

 

“RMB
Warrants” has the meaning set forth in the recitals.

 

    Schedule 4

     

    

 

“SDIC”
has the meaning set forth in the preamble.

 

“SDIC
MPS Equity” has the meaning set forth in Section 4.3(c).

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Securities
Act” has the meaning set forth in Section 3.1(d)(i).

 

“Shares”
has the meaning set forth in Section 3.1(d)(i).

 

“SPV
Conversion” has the meaning set forth in the recitals.

 

“SPV
Shares” has the meaning set forth in Section 3.1(b).

 

“SPV
Share Issuance” has the meaning set forth in Section 3.1(b).

 

“Transaction
Agreement” has the meaning set forth in the recitals.

 

“Underwritten
Offering” has the meaning set forth in Section 3.1(e).

 

“U.S.
Approvals” has the meaning set forth in the Convertible Loan Agreement.

 

“Warrant
Rights” has the meaning set forth in Section 4.5.

 

    Schedule 5

     

    

 

Exhibit
A

 

Form
of RMB Equity Purchase Agreement

 

(See
attached.)

 

    Exhibit A

     

    

 

Exhibit
B

 

Form
of CL Equity Purchase Agreement

 

(See
attached.)

 

    Exhibit B

     

    

Exhibit
C

 

Form
of CL Irrevocable Proxy and Waiver

 

(See
attached.)

 

    Exhibit C

     

    

 

Exhibit
D

 

Form
of SPV Equity Purchase Agreement

 

(See
attached.)

 

 

Exhibit
D

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