Document:

Exhibit 10.5

 

ESCROW AGREEMENT

 

This ESCROW AGREEMENT (this “Agreement”)
dated as of this [●] day of March 2021 by and among EBANG INTERNATIONAL HOLDINGS INC., a company organized under the
laws of the Cayman Islands (the “Company” or “Ebang”), having an address at 26-27/F, Building
3, Xinbei Qianjiang International Building, Qianjiang Economic and Technological Development Zone, Yuhang District, Hangzhou, Zhejiang,
311100, People’s Republic of China; UNIVEST SECURITIES, LLC, having an address at 375 Park Avenue, 15th
Fl., New York, NY 10152 (the “Placement Agent”), and WILMINGTON TRUST, NATIONAL ASSOCIATION (the “Escrow
Agent”), with its principal corporate trust office at 166 Mercer Street, Suite 2R, New York, NY 10012. The Company, the
Escrow Agent and the Placement Agent are collectively referred to as “Parties” and individually, a “Party.”

 

W I T N E S S E T H:

 

WHEREAS, the
Company proposes to sell units of equity securities (each a “Unit” and collectively, the “Units”),
with each Unit consisting of one Class A ordinary share and one warrant to purchase one-half of one Class A ordinary share (collectively,
the “Securities”) at a to be determined public offering price per Unit, for an offering amount of up
to $125,000,000 (the “Maximum Offering Amount”) in a best efforts offering (the “Offering”)
to investors (each, an “Investor”); and

 

WHEREAS, subject
to all of the conditions to closing being satisfied or waived, the closing of the Offering shall take place on the date upon which
Ebang and the Placement Agent elect to close the Offering in their sole discretion, after all conditions for the closing of the
Offering have been satisfied; provided, however, that such date shall be on or before April 16, 2021 (the “Closing Date”);
and

 

WHEREAS, in
connection with the Offering, the Company entered into an Engagement Agreement and Placement Agency Agreement with the Placement
Agent and will enter into a Securities Purchase Agreement and the documents that are exhibits thereto (including form of Warrant)
with each Investor, and certain other agreements, documents, instruments and certificates necessary to carry out the purposes thereof
(collectively, the “Transaction Documents”); and

 

WHEREAS, the
Company and the Placement Agent desire to establish an escrow account with the Escrow Agent into which the Company and the Placement
Agent shall instruct the Investors to deposit checks and other instruments for the payment of money made payable to the order of
“WILMINGTON TRUST, N.A. as Escrow Agent for Ebang Escrow,” and the Escrow Agent is willing to accept said checks and
other instruments for the payment of money in accordance with the terms hereinafter set forth; and

 

WHEREAS, there
is no minimum offering amount and all funds shall only be returned to the potential Investors in the event the Offering is not
consummated or if the Company, in its sole discretion, rejects all or a part of a particular potential Investor’s subscription;
and

 

WHEREAS, the
Company and the Placement Agent represent and warrant to the Escrow Agent that they have not stated to any individual or entity
that the Escrow Agent’s duties will include anything other than those duties stated in this Agreement; and

 

     

     

    

 

WHEREAS, THE COMPANY
AND THE PLACEMENT AGENT UNDERSTAND THAT THE ESCROW AGENT, BY ACCEPTING THE APPOINTMENT AND DESIGNATION AS ESCROW AGENT HEREUNDER,
IN NO WAY ENDORSES THE MERITS OF THE OFFERING OF THE SECURITIES. THE COMPANY AND THE PLACEMENT AGENT AGREE TO NOTIFY ANY PERSON
ACTING ON ITS BEHALF THAT THE ESCROW AGENT’S POSITION AS ESCROW AGENT DOES NOT CONSTITUTE SUCH AN ENDORSEMENT, AND TO PROHIBIT
SAID PERSONS FROM THE USE OF THE ESCROW AGENT’S NAME AS AN ENDORSER OF THE OFFERING; and

 

WHEREAS, the
Company and the Placement Agent represent and warrant to the Escrow Agent that a copy of each document that has been delivered
to the Investor and third parties that include Escrow Agent’s name and duties, has been attached hereto as Schedule I.

 

NOW, THEREFORE,
IT IS AGREED as follows:

 

Article
1

ESCROW DEPOSIT

 

Section 1.1 Delivery of Escrow
Funds.

 

(a) The
Placement Agent and the Company shall instruct the Investors to deliver to Escrow Agent checks made payable to the order of “WILMINGTON
TRUST, N.A. as Escrow Agent for Ebang Escrow”, or wire transfer to:

 

Wilmington Trust Company

ABA #: [●]

A/C #: [●]

A/C Name: Ebang International Escrow

Attn: Boris Treyger

 

International Wires:

 

M&T

Buffalo, New York

ABA: 022000046

SWIFT: MANTUS33

Beneficiary Bank: Wilmington Trust

Beneficiary ABA: [●]

A/C #: [●]

A/C Name: Ebang International Escrow

 

All such checks and wire transfers
remitted to the Escrow Agent shall be accompanied by information identifying each Investor, subscription, the
Investor’s social security or taxpayer identification number and address. In the event the Investor’s address
and/or social security number or taxpayer identification number are not provided to Escrow Agent by the Investor, then the
Placement Agent and/or the Company agree to promptly upon request provide the Escrow Agent with such information in writing.
The checks or wire transfers shall be deposited into a non-interest-bearing account at WILMINGTON TRUST, NATIONAL ASSOCIATION
entitled “Ebang Escrow” (the “Escrow Account”).

 

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(b) The
collected funds deposited into the Escrow Account are referred to as the “Escrow Funds.”

 

(c) The
Escrow Agent shall have no duty or responsibility to enforce the collection or demand payment of any funds deposited into the Escrow
Account. If, for any reason, any check deposited into the Escrow Account shall be returned unpaid to the Escrow Agent, the sole
duty of the Escrow Agent shall be to return the check to the Investor and advise the Company and the Placement Agent promptly thereof.

 

(d) All
funds received by the Escrow Agent shall be held only in non-interest bearing bank accounts at WILMINGTON TRUST, NATIONAL ASSOCIATION.

 

Section 1.2 Release of
Escrow Funds. The Escrow Funds shall be paid by the Escrow Agent in accordance with the following:

 

(a) In
the event that the Company advises the Escrow Agent in writing that the Offering has been terminated, the Escrow Agent shall promptly
return the funds paid by each Investor to such Investor without interest or offset;

 

(b) In
the event that the Company advises the Escrow Agent in writing that it has rejected a proposed Investor’s Securities Purchase
Agreement, the Escrow Agent shall promptly return such proposed Investor’s Purchase Price to such proposed Investor without
interest or offset.

 

(c) [Reserved]

 

(d) At
the closing of the Offering, the Company and the Placement Agent shall provide the Escrow Agent with written instructions regarding
the disbursement of the Escrow Funds in accordance with Exhibit A attached hereto and made a part hereof and signed
by the Company and the Placement Agent (the “Disbursement Instructions”).

 

(e) [Reserved]

 

(f) If
by 5:00 P.M. Eastern time on April 16, 2021, the Escrow Agent has not received in accordance with paragraph 2(d) above, written
Disbursement Instructions from the Company and the Placement Agent regarding the disbursement of the Escrow Funds in the Escrow
Account, if any, then the Escrow Agent shall promptly return such Escrow Funds, if any, to the Investors without interest or offset.
The Escrow Funds returned to the Investors shall be free and clear of any and all claims of the Escrow Agent.

 

(g) The
Escrow Agent shall not be required to pay any uncollected funds or any funds that are not available for withdrawal.

 

(h) The Placement
Agent or the Company will provide the Escrow Agent with the payment instructions for each Investor, to whom the funds should be
returned in accordance with this section.

 

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(i)  In
the event that the Escrow Agent makes any payment to any other party pursuant to this Agreement and for any reason such payment
(or any portion thereof) is required to be returned to the Escrow Account or another party or is subsequently invalidated, declared
to be fraudulent or preferential, set aside and/or required to be repaid to a receiver, trustee or other party under any bankruptcy
or insolvency law, other federal or state law, common law or equitable doctrine, then the recipient party shall repay to the Escrow
Agent upon written request the amount so paid to it.

 

(j) The
Escrow Agent shall, in its sole discretion, comply with judgments or orders issued or process entered by any court with respect
to the Escrow Funds, including without limitation any attachment, levy or garnishment, without any obligation to determine such
court's jurisdiction in the matter and in accordance with its normal business practices. If the Escrow Agent complies with any
such judgment, order or process, then it shall not be liable to any of the Parties or any other person by reason of such compliance,
regardless of the final disposition of any such judgment, order or process.

 

(k) Each
Party understands and agrees that the Escrow Agent shall have no obligation or duty to act upon any Disbursement Instructions delivered
to the Escrow Agent for the disbursement of Escrow Funds under this Agreement if such Disbursement Instructions are not:

 

(i) in writing,

 

(ii) signed
by representatives of both Parties listed in Schedule II to this Agreement, in each case, each such individual an “Authorized
Representative” of such Party), and

 

(iii) delivered
to, and able to be authenticated by, the Escrow Agent in accordance with Section 3.3 below.

 

(l) Upon
request by any Party, the Escrow Agent will set up each Party with on-line access to the account(s) established pursuant to this
Agreement, which each Party can use to view and verify transaction on such account(s).

 

(m) A
Party may specify in a written notice for the disbursement of funds whether such Escrow Funds shall be disbursed by way of wire
transfer or check. If the written notice for the disbursement of funds does not so specify the disbursement means, Escrow Agent
may disburse the Escrow Funds by wire transfer.

 

Section 1.3 Disbursement
Instructions and Other Instructions.

 

(a) With respect to
any Disbursement Instructions or any other notice, direction or other instruction required to be delivered by a Party to the Escrow
Agent under this Agreement, the Escrow Agent is authorized to follow and rely upon any and all such instructions given to it from
time to time if the Escrow Agent believes, in good faith, that such instruction is genuine and to have been signed by an Authorized
Representative of such Party. The Escrow Agent shall have no duty or obligation to verify that the person who sent such instruction
is, in fact, a person duly authorized to give instructions on behalf of a Party, other than to verify that the signature of the
Authorized Representative on any such instruction appears to be the signature of such person. Each Party acknowledges and agrees
that it is fully informed of the protections and risks associated with the various methods of transmitting instructions to the
Escrow Agent, and that there may be more secure methods of transmitting instructions other than the method selected by such Party.
The Escrow Agent shall have no responsibility or liability for any loss which may result from (i) any action taken or not taken
by the Escrow Agent in good faith reliance on any such signatures or instructions, (ii) as a result of a Party’s reliance
upon or use of any particular method of delivering instructions to the Escrow Agent, including the risk of interception of such
instruction and misuse by third parties, or (iii) any officer or Authorized Representative of a Party named in Schedule II
delivered hereunder prior to actual receipt by the Escrow Agent of a more current incumbency certificate or an updated Schedule
II and a reasonable time for the Escrow Agent to act upon such updated or more current certificate or Schedule.

 

    4

     

    

 

(b) Each
Party may, at any time, update Schedule II by signing and submitting to the Escrow Agent an update of such Schedule. Any
updated Schedule shall not be effective unless the Escrow Agent countersigns a copy thereof. The Escrow Agent shall be entitled
to a reasonable time to act to implement any changes on an updated Schedule II.

 

Section 1.4 Delivery and
Authentication of Disbursement Instructions.

 

(a) Disbursement
Instructions must be delivered to Escrow Agent by one of the delivery methods set forth in Section 3.3.

 

(b) Each
Party and the Escrow Agent hereby agree that the following security procedures will be used to verify the authenticity of Disbursement
Instructions delivered by any Party to the Escrow Agent under this Agreement:

 

		(i)	The Disbursement Instructions must include the name and signature of the person delivering the
disbursement request to the Escrow Agent. The Escrow Agent will check that the name and signature of the person identified on the
Disbursement Instructions appears to be the same as the name and signature of an Authorized Representative of such Party.

 

		(ii)	The Escrow Agent will make a telephone call to an Authorized Representative of the Party purporting
to deliver the Disbursement Instructions (which Authorized Representative may be the same as the Authorized Representative who
delivered the Disbursement Instructions) at any telephone number for such Authorized Representative as set forth on Schedule
II to obtain oral confirmation of delivery of the Disbursement Instructions. The Escrow Agent is hereby authorized to call
only one of the Parties signing the Disbursement Instructions, at the number listed in Schedule II to this Agreement.

 

		(iii)	If the Disbursement Instructions are sent by email to the Escrow Agent, the Escrow Agent also shall
review such email address to verify that it appears to have been sent from an email address for an Authorized Representative of
one of the Parties as set forth on Schedule II, as applicable, or from an email address for a person authorized under Schedule
II to email Disbursement Instructions to the Escrow Agent on behalf of the Authorized Representative).

 

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(c) Each
Party acknowledges and agrees that given its particular circumstances, including the nature of its business, the size, type and
frequency of its instructions, transactions and files, internal procedures and systems, the alternative security procedures offered
by the Escrow Agent and the security procedures in general use by other customers and banks similarly situated, the security procedures
set forth in this Section 1.4 are a commercially reasonable method of verifying the authenticity of a payment order in any Disbursement
Instructions.

 

(d) The
Escrow Agent is authorized to execute, and each Party expressly agrees to be bound by any payment order in any Disbursement Instructions
issued in its name (and associated funds transfer) (i) that is accepted by the Escrow Agent in accordance with the security procedures
set forth in this Section 1.4, whether or not authorized by such Party and/or (ii) that is authorized by or on behalf of such Party
or for which such Party is otherwise bound under the law of agency, whether or not the security procedures set forth in this Section
1.4 were followed, and to debit the Escrow Account for the amount of the payment order. Notwithstanding anything else, the Escrow
Agent shall be deemed to have acted in good faith and without negligence, gross negligence or misconduct if the Escrow Agent is
authorized to execute the payment order under this Section 1.4. Any action taken by the Escrow Agent pursuant to this paragraph
prior to the Escrow Agent’s actual receipt and acknowledgement of a notice of revocation, cancellation or amendment of any
Disbursement Instructions shall not be affected by such notice.

 

(e) The
security procedures set forth in this Section 1.4 are intended to verify the authenticity of payment orders provided to the Escrow
Agent and are not designed to, and do not, detect errors in the transmission or content of any payment order. The Escrow Agent
is not responsible for detecting an error in the payment order, regardless of whether any of the Parties believes the error was
apparent, and the Escrow Agent is not liable for any damages arising from any failure to detect an error.

 

(f) When
instructed to credit or pay a party by both name and a unique numeric or alpha-numeric identifier (e.g. ABA number or account number),
the Escrow Agent, and any other banks participating in the funds transfer, may rely solely on the unique identifier, even if it
identifies a party different than the party named. Each Party agrees to be bound by the rules of any funds transfer network used
in connection with any payment order accepted by the Escrow Agent hereunder.

 

(g) The
Escrow Agent shall not be obliged to make any payment requested under this Agreement if it is unable to validate the authenticity
of the request by the security procedures set forth in this Section 1.4. The Escrow Agent’s inability to confirm a payment
order may result in a delay or failure to act on that payment order. Notwithstanding anything else in this Agreement, the Escrow
Agent shall not be required to treat a payment order as having been received until the Escrow Agent has authenticated it pursuant
to the security procedures in this Section 1.4 and shall not be liable or responsible for any losses arising in relation to such
delay or failure to act.

 

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ARTICLE 2

PROVISIONS CONCERNING THE ESCROW AGENT

 

Section 2.1 Acceptance
by Escrow Agent. The Escrow Agent hereby accepts and agrees to perform its obligations hereunder, provided that:

 

(a) The
Escrow Agent may act in reliance upon any signature reasonably believed by it to be genuine, and may assume that any person who
has been designated by the Placement Agent or the Company to give any written instructions, notice or receipt, or make any statements
in connection with the provisions hereof has been duly authorized to do so. The Escrow Agent shall have no duty to make inquiry
as to the genuineness, accuracy or validity of any statements or instructions or any signatures on statements or instructions.
The names and true signatures of each individual authorized to act singly on behalf of the Company and The Placement Agent are
stated in Schedule II, which is attached hereto and made a part hereof. The Company and the Placement Agent may each remove
or add one or more of its authorized signers stated on Schedule II by notifying the Escrow Agent in writing of such change
in accordance with this Agreement, which notice shall include the true signature for any new authorized signatories. The Escrow
Agent shall be entitled to rely upon any order, judgment, opinion, or other writing delivered to it in compliance with the provisions
of this Agreement without being required to determine the authenticity or the correctness of any fact stated therein or the propriety
or validity of service thereof.

 

(b) The
Escrow Agent may act relative hereto in reliance upon advice of counsel in reference to any matter connected herewith. The Escrow
Agent shall not be liable for any mistake of fact or error of judgment or law, or for any acts or omissions of any kind, unless
caused by its willful misconduct or gross negligence.

 

(c) In
the event that the Escrow Agent shall be uncertain as to its duties or rights hereunder, the Escrow Agent shall be entitled to
(i) refrain from taking any action other than to keep safely the Escrow Funds until it shall be directed otherwise by a court of
competent jurisdiction, or (ii) deliver the Escrow Funds to a court of competent jurisdiction.

 

(d) The
Escrow Agent shall have no duty, responsibility or obligation to interpret or enforce the terms of any agreement other than the
Escrow Agent’s obligations hereunder, and the Escrow Agent shall not be required to make a request that any monies be delivered
to the Escrow Account, it being agreed that the sole duties and responsibilities of the Escrow Agent shall be to the extent not
prohibited by applicable law (i) to accept checks or other instruments for the payment of money and wire transfers delivered to
the Escrow Agent for the Escrow Account and deposit said checks and wire transfers into the non-interest bearing Escrow Account,
and (ii) to disburse or refrain from disbursing the Escrow Funds as stated above, provided that the checks received by the Escrow
Agent have been collected and are available for withdrawal. The Escrow Agent makes no representation as to the validity, value,
genuineness or collectability of any security or other document or instrument held by or delivered to it.

 

(e) The Escrow
Agent shall be obligated to perform only such duties as are expressly set forth in this Agreement. No implied covenants or
obligations shall be inferred from this Agreement against the Escrow Agent, nor shall the Escrow Agent be bound by the
provisions of any agreement by the Company beyond the specific terms hereof. Without limiting the foregoing, the Escrow Agent
shall dispose of the Escrow Funds in accordance with the express provisions of this Agreement, and has not reviewed and shall
not make, be required to make or be liable in any manner for its failure to make, any determination under the Transaction
Documents, or any other agreement, including, without limitation, any determination of whether (i) the Company has complied
with the terms of the Transaction Documents, (ii) an investment in the Securities is suitable for the proposed Investors, or
(iii) the Transaction Documents comply with applicable securities laws.

 

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(f) No
provision of this Agreement shall require the Escrow Agent to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder. The Escrow Agent is acting under this Agreement as a stakeholder only and shall
be considered an independent contractor with respect to each Party. No term or provision of this Agreement is intended to create,
nor shall any such term or provision be deemed to have created, any trust, joint venture, partnership, or debtor/creditor relationship
between or among the Escrow Agent and any of the Parties.

 

(g) In
no event shall the Escrow Agent be liable for any lost profits, lost savings or other special, exemplary, consequential or incidental
damages even if the Escrow Agent has been advised of the likelihood of such loss or damage.

 

Section 2.2. Indemnification.
The Placement Agent and the Company agree, jointly and severally, to indemnify and hold the Escrow Agent and its employees,
officers, directors and agents harmless from and against any and all claims, losses, costs, liabilities, damages, suits,
demands, judgments or expenses (including but not limited to reasonable attorney’s fees) claimed against or incurred by
the Escrow Agent arising out of or related, directly or indirectly, to this Agreement unless caused by the Escrow
Agent’s gross negligence or willful misconduct. The Placement Agent and the Company agree, jointly and severally, to
pay or reimburse the Escrow Agent upon request for any transfer taxes or other taxes relating to the Escrow Funds incurred in
connection herewith and shall indemnify and hold harmless the Escrow Agent with respect to any amounts that it is obligated
to pay in the way of such taxes. The Escrow Agent shall not incur any liability for performing or not performing any act or
fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of the Escrow
Agent, including, without limitation, war (whether declared or existing), revolution, insurrection, riot, civil commotion,
accident, fire, explosion, stoppage of labor, strikes and other differences with employees; the act, failure or neglect of
the parties hereto (other than the Escrow Agent) or any of their agents; any delay, error, omission or default of any mail,
courier, facsimile or wireless agency or operator; or the acts or edicts of any government or governmental agency or other
group or entity exercising governmental powers. The terms of this paragraph shall survive termination of this Agreement.

 

Section
2.3. Limitation of Liability. the escrow
agent SHALL NOT be liable, directly or indirectly, for any (i) damages, Losses or expenses arising out of the services
provided hereunder, other than damages, losses or expenses which have been finally adjudicated to have DIRECTLY resulted from
the escrow agent’s gross negligence or willful misconduct, or (ii) special, Indirect or consequential damages or LOSSES
OF ANY KIND WHATSOEVER (INCLUDING WITHOUT LIMITATION LOST PROFITS), even if the escrow agent has been advised of the
possibility of such LOSSES OR damages AND REGARDLESS OF THE FORM OF ACTION.

 

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Section 2.4. Resignation and
Termination of the Escrow Agent. The Escrow Agent may resign at any time by giving 30 days’ prior written
notice of such resignation to the Placement Agent and the Company. Upon providing such notice, the Escrow Agent shall have no
further obligation hereunder except to hold as depositary the Escrow Funds that it receives until the end of such 30-day
period. In such event, the Escrow Agent shall not take any action, other than receiving and depositing the Investor’s
checks and wire transfers in accordance with this Agreement, until the Company has designated a banking corporation, trust
company, attorney or other person as successor. Upon receipt of such written designation signed by the Placement Agent and
the Company, the Escrow Agent shall promptly deliver the Escrow Funds to such successor and shall thereafter have no further
obligations hereunder. If such instructions are not received within 30 days following the effective date of such resignation,
then the Escrow Agent may deposit the Escrow Funds held by it pursuant to this Agreement with a clerk of a court of competent
jurisdiction pending the appointment of a successor. In either case provided for in this paragraph, the Escrow Agent shall be
relieved of all further obligations and released from all liability thereafter arising with respect to the Escrow Funds.

 

Section 2.5
Termination. The Company and the Placement Agent may terminate the appointment of the Escrow Agent hereunder upon
written notice specifying the date upon which such termination shall take effect, which date shall be at least 30 days from
the date of such notice. In the event of such termination, the Company and the Placement Agent shall, within 30 days of such
notice, appoint a successor escrow agent and the Escrow Agent shall, upon receipt of written instructions signed by the
Company and the Placement Agent, turn over to such successor escrow agent all of the Escrow Funds; provided, however,
that if the Company and the Placement Agent fail to appoint a successor escrow agent within such 30-day period, such
termination notice shall be null and void and the Escrow Agent shall continue to be bound by all of the provisions hereof.
Upon receipt of the Escrow Funds, the successor escrow agent shall become the escrow agent hereunder and shall be bound by
all of the provisions hereof and the Escrow Agent shall be relieved of all further obligations and released from all
liability thereafter arising with respect to the Escrow Funds and under this Agreement.

 

Section 2.6
Compensation. The Escrow Agent shall be entitled, for the duties to be performed by it hereunder, to compensation as
stated in the schedule attached hereto as Schedule III, which fee shall be paid by the Company upon the signing of
this Agreement. In addition, the Company shall be obligated to reimburse the Escrow Agent for all fees, costs and expenses
incurred or that become due in connection with this Agreement or the Escrow Account, including reasonable attorney’s
fees. Neither the modification, cancellation, termination or rescission of this Agreement nor the resignation or termination
of the Escrow Agent shall affect the right of the Escrow Agent to retain the amount of any fee which has been paid, or to be
reimbursed or paid any amount which has been incurred or becomes due, prior to the effective date of any such modification,
cancellation, termination, resignation or rescission. To the extent the Escrow Agent has incurred any such expenses, or any
such fee becomes due, prior to the closing, the Escrow Agent shall advise the Company and the Company shall direct all such
amounts to be paid directly at the closing. The terms of this paragraph shall survive termination of this Agreement.

 

Section 2.7. Merger or
Consolidation. Any corporation or association into which the Escrow Agent may be converted or merged, or with which
it may be consolidated, or to which it may sell or transfer all or substantially all of its corporate trust business and
assets as a whole or substantially as a whole, or any corporation or association resulting from any such conversion, sale,
merger, consolidation or transfer to which the Escrow Agent is a party, shall be and become the successor escrow agent under
this Agreement and shall have and succeed to the rights, powers, duties, immunities and privileges as its predecessor,
without the execution or filing of any instrument or paper or the performance of any further act.

 

    9

     

    

 

Section 2.8. Attachment of
Escrow Funds; Compliance with Legal Orders. In the event that any Escrow Funds shall be attached, garnished or levied
upon by any court order, or the delivery thereof shall be stayed or enjoined by an order of a court, or any order, judgment
or decree shall be made or entered by any court order affecting the Escrow Funds, the Escrow Agent is hereby expressly
authorized, in its sole discretion, to respond as it deems appropriate or to comply with all writs, orders or decrees so
entered or issued, or which it is advised by legal counsel of its own choosing is binding upon it, whether with or without
jurisdiction. In the event that the Escrow Agent obeys or complies with any such writ, order or decree it shall not be liable
to any Party or to any other person, firm or corporation, should, by reason of such compliance notwithstanding, such writ,
order or decree be subsequently reversed, modified, annulled, set aside or vacated.

 

Section 2.9 Force
Majeure. The Escrow Agent shall not be responsible or liable for any failure or delay in the performance of its
obligation under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable
control, including, without limitation, acts of God; earthquakes; fire; flood; wars; acts of terrorism; civil or military
disturbances; sabotage; epidemic; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or
communications services; accidents; labor disputes; acts of civil or military authority or governmental action; it being
understood that the Escrow Agent shall use commercially reasonable efforts which are consistent with accepted practices in
the banking industry to resume performance as soon as reasonably practicable under the circumstances.

 

Section 2.10 Compliance with
Legal Orders. The Escrow Agent shall be entitled to consult with legal counsel in the event that a question or
dispute arises with regard to the construction of any of the provisions hereof, and shall incur no liability and shall be
fully protected in acting in accordance with the advice or opinion of such counsel.

 

Section 2.11 No Financial
Obligation. The Escrow Agent shall not be required to use its own funds in the performance of any of its obligations
or duties or the exercise of any of its rights or powers, and shall not be required to take any action which, in the Escrow
Agent's sole and absolute judgment, could involve it in expense or liability unless furnished with security and indemnity
which it deems, in its sole and absolute discretion, to be satisfactory.

 

ARTICLE 3

MISCELLANEOUS

 

Section 3.1. Successors and
Assigns. This Agreement shall be binding on and inure to the benefit of each Party and the Escrow Agent and their
respective successors and permitted assigns. No other persons shall have any rights under this Agreement. No assignment of
the interest of any of the Parties shall be binding unless and until written notice of such assignment shall be delivered to
the other Parties and the Escrow Agent and shall require the prior written consent of the other Parties and the Escrow Agent
(such consent not to be unreasonably withheld).

 

Section 3.2. Escheat.
Each Party is aware that under applicable state law, property which is presumed abandoned may under certain circumstances
escheat to the applicable state. The Escrow Agent shall have no liability to any of the Parties, their respective heirs,
legal representatives, successors and assigns, or any other party, should any or all of the Escrow Funds escheat by operation
of law.

 

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Section 3.3. Notices.
All notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall
be deemed to have been duly given if sent by hand-delivery, by facsimile (followed by first-class mail), by nationally recognized
overnight courier service or by prepaid registered or certified mail, return receipt requested, to the addresses set forth below:

 

If to The Placement
Agent:

 

Univest Securities, LLC

375 Park Avenue, 15th Fl., New York, NY
10152

Attention: Edric Guo

Phone: (212) 343-8888

Email: yguo@univest.us

 

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

 

Hunter Taubman Fischer & Li LLC

800 Third Avenue, Suite 2800, New York,
NY 10022

Attention: Ying Li

Phone: (212) 530-2206

E-Mail: yli@htflawyers.com

 

If to the Company:

 

Ebang International Holdings Inc.

26-27/F, Building 3, Xinbei Qianjiang International
Building, Qianjiang Economic and Technological Development Zone, Yuhang District, Hangzhou, Zhejiang, 311100, People’s Republic
of China

Attention: Mr. Dong Hu

Phone: +86-173-6452-6411

Email: hd@ebang.com.cn

 

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

 

Sullivan & Worcester
LLP

1633 Broadway

New York, NY 10019

Email: ddanovitch@sullivanlaw.com

Attention: David E.
Danovitch; Esq.

 

If to Escrow Agent:

 

WILMINGTON TRUST, NATIONAL
ASSOCIATION

166 Mercer Street,
Suite 2R

New York, New York
10012

Attention: Boris Treyger

Phone: (212) 941-4416

Email: btreyger@wilmingtontrust.com

 

    11

     

    

 

Section 3.4. Governing Law and
Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. Each
Party and Escrow Agent hereby consents to the exclusive personal jurisdiction of the courts located in the State of New York in
the event of a dispute arising out of or under this Agreement. Each Party and Escrow Agent hereby irrevocably waives any objection
to the laying of the venue of any suit, action or proceeding and irrevocably submits to the exclusive jurisdiction of such court
in such suit, action or proceeding.

 

Section 3.5. Entire
Agreement. This Agreement and the Schedules and Exhibits attached hereto (as updated from time to time in accordance
herewith) set forth the entire agreement and understanding of the parties related to the Escrow Account.

 

Section 3.6. Amendment.
This Agreement may be amended, modified, superseded, rescinded, or canceled only by a written instrument executed by each of
the Parties and the Escrow Agent.

 

Section 3.7. Waivers.
The failure of any party to this Agreement at any time or times to require performance of any provision under this Agreement shall
in no manner affect the right at a later time to enforce the same performance. A waiver by any party to this Agreement of any such
condition or breach of any term, covenant, representation, or warranty contained in this Agreement, in any one or more instances,
shall neither be construed as a further or continuing waiver of any such condition or breach nor a waiver of any other condition
or breach of any other term, covenant, representation, or warranty contained in this Agreement.

 

Section 3.8. Headings.
Section headings of this Agreement have been inserted for convenience of reference only and shall in no way restrict or otherwise
modify any of the terms or provisions of this Agreement.

 

Section 3.9. Counterparts.
This Agreement may be executed in one or more counterparts, each of which when executed shall be deemed to be an original,
and such counterparts shall together constitute one and the same instrument.

 

Section 3.10. Waiver of Jury
Trial. EACH OF THE PARTIES HERETO AND THE ESCROW AGENT EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN RESOLVING ANY CLAIM
OR COUNTERCLAIM RELATING TO OR ARISING OUT OF THIS AGREEMENT.

 

Section 3.11 Form of
Signature. The Parties and the Escrow Agent agree to accept a facsimile or email PDF transmission copy of
their respective actual signatures as evidence of their actual signatures to this Agreement and any modification or amendment
of this Agreement; provided, however, that each party who produces a facsimile or email PDF signature agrees,
by the express terms hereof, if requested by another party hereto, to place, promptly after transmission of his or her
signature by fax, a true and correct original copy of his or her signature in overnight mail to the address of the other
party.

 

Section 3.12 Termination.
This Agreement will terminate upon the Termination Date or Final Termination Date, as applicable.

 

    12

     

    

 

Section 3.13 Anti-Terrorism/Anti-Money Laundering
Laws.

 

IMPORTANT
INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT - To help the United States government fight the funding of terrorism or
money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies
each person who opens a new account. What this means for the parties to this Agreement: the Escrow Agent will ask for your name,
address, date of birth, and other information that will allow the Escrow Agent to identify you (e.g., your social security
number or tax identification number.) The Escrow Agent may also ask to see your driver’s license or other identifying documents
(e.g., passport, evidence of formation of corporation, limited liability company, limited partnership, etc., certificate
of good standing.)

 

Each Party
to this Agreement hereby agrees to provide the Escrow Agent, prior to the establishment of the Escrow Account, with the information
identified above pertaining to it by completing the form attached as Exhibit B and returning it to the Escrow Agent.
Exhibit B includes one form for individuals and another form for entities.

 

[The balance of this page intentionally
left blank – signature page follows]

 

    13

     

    

 

IN WITNESS WHEREOF, the parties
have duly executed this Agreement as of the date first set forth above.

 

Ebang
International Holdings Inc.

 

	By:	 	 
	Name: 	Dong Hu	 
	Title: 	Chief Executive Officer	 

 

UNIVEST SECURITIES, LLC

 

	By:	 	 
	Name: 	Edric Guo	 
	Title: 	COO	 

  

WILMINGTON TRUST, NATIONAL ASSOCIATION 

 

	By:	 	 
	Name: 	Boris Treyger	 
	Title: 	Vice President	 

 

     

     

    

 

Schedule
I

 

Securities Purchase Agreement

Other Transaction Documents

 

     

     

    

 

 

 

Schedule
II

 

Certificate
as to Authorized Signatures

 

of
Company

 

Company hereby designates
each of the following persons as its Authorized Representative for purposes of this Agreement, and confirms that the title, contact
information and specimen signature of each such person as set forth below is true and correct. Each such Authorized Representative
is authorized to initiate and approve transactions of all types for the Escrow Account established under the Agreement to which
this Schedule II is attached, on behalf of Company.

 

	
        Name (print):
	 
	Specimen Signature:	
         

         

	Title:	 
	
        Telephone Number (required):

        If more than one, list all applicable telephone numbers.
	
         

         

	
        E-mail (required):

        If more than one, list all applicable email addresses.
	 

 

	Name (print):	 
	Specimen Signature:	
         

         

	Title:	 
	
        Telephone Number (required):

        If more than one, list all applicable telephone numbers.
	
         

         

         

	
        E-mail (required):

        If more than one, list all applicable email addresses.
	 

 

     

     

    

 

Additional Email Addresses: 

The following additional email addresses
also may be used by Escrow Agent to verify the email address used to send any Payment Notice to Escrow Agent:

Email 1: __________________________________

Email 2: __________________________________

Email 3: __________________________________

 

COMPLETE BELOW TO UPDATE SCHEDULE II

 

If Company wishes to update this Schedule
II, Company must complete, sign and send to Escrow Agent an updated copy of this Schedule II with such changes. Any updated Schedule
II shall be effective once signed by Company and Escrow Agent and shall entirely supersede and replace any prior Schedule II to
this Agreement.

 

EBANG INTERNATIONAL HOLDINGS INC.

 

	By:	 	 
	Name: 	 	 
	Title: 	 	 

 

Date: 

 

WILMINGTON TRUST, NATIONAL ASSOCIATION (as Escrow Agent)

 

	By:	 	 
	Name: 	 	 
	Title: 	 	 

 

Date: 

 

     

     

    

 

 

 

Certificate
as to Authorized Signatures

 

of
Placement Agent

 

The Placement Agent
hereby designates each of the following persons as its Authorized Representative for purposes of this Agreement, and confirms that
the title, contact information and specimen signature of each such person as set forth below is true and correct. Each such Authorized
Representative is authorized to initiate and approve transactions of all types for the Escrow Account established under the Agreement
to which this Schedule II is attached, on behalf of the Placement Agent.

 

	
         Univest Securities, LLC

	Name (print):	Edric Guo
	Specimen Signature:	
         

         

	Title:	COO
	
        Telephone Number (required):

        If more than one, list all applicable telephone numbers.
	
        (212) 343-8888

        (646) 775-0000 Cell

	
        E-mail (required):

        If more than one, list all applicable email addresses.
	yguo@univest.us

 

	Univest Securities, LLC
	Name (print):	 
	Specimen Signature:	
         

         

	Title:	 
	
        Telephone Number (required):

        If more than one, list all applicable
        telephone numbers.
	 
	
        E-mail (required):

        If more than one, list all applicable
        email addresses.
	
        Email 1:

        Email 2:

 

Additional Email Addresses: 

The following additional email addresses
also may be used by Escrow Agent to verify the email address used to send any Payment Notice to Escrow Agent:

Email 1: __________________________________

Email 2: __________________________________

Email 3: __________________________________

 

     

     

    

 

COMPLETE BELOW TO UPDATE SCHEDULE II

 

If the Placement Agent wishes to update
this Schedule II, the Placement Agent must complete, sign and send to Escrow Agent an updated copy of this Schedule II with such
changes. Any updated Schedule II shall be effective once signed by the Placement Agent and Escrow Agent and shall entirely supersede
and replace any prior Schedule II to this Agreement.

 

UNIVEST SECURITIES, LLC

 

	By:	 	 
	Name: 	Edric Yi Guo	 
	Title: 	Chief Operating Officer	 

  

Date: 

 

WILMINGTON TRUST, NATIONAL ASSOCIATION (as Escrow Agent)

 

	By:	 	 
	Name: 	 	 
	Title: 	 	 

 

Date: 

 

     

     

    

 

Schedule III

 

Fees of Escrow Agent

 

	
        Acceptance Fee:
	Waived

 

Initial Fees as they relate to Wilmington Trust acting in the
capacity of Escrow Agent – includes review of the Escrow Agreement; acceptance of the Escrow appointment; setting up of Escrow
Account(s) and accounting records; and coordination of receipt of Escrow Information for deposit to the Escrow Account(s). Acceptance
Fee payable at time of Escrow Agreement execution.

 

	
        Escrow Agent Administration Fee:
	$4,000

 

For ordinary administrative services by Escrow Agent –
includes daily routine account management; monitoring claim notices pursuant to the agreement; and disbursement of Escrow Information
in accordance with the agreement.

 

Wilmington Trust’s bid is based on the following
assumptions:

 

		●	Number of Escrow Accounts to be established: 1

		●	Est. Term: Under 12 months

		●	Escrow funds remain un-invested

 

	
        Out-of-Pocket Expenses:
	Billed At Cost

  

     

     

    

 

Exhibit A

 

FORM OF ESCROW DISBURSEMENT INSTRUCTIONS

AND RELEASE NOTICE

 

Date:

 

WILMINGTON TRUST, NATIONAL ASSOCIATION

166 Mercer Street, Suite 2R

New York, NY 10012

Attention: Boris Treyger

 

Dear Mr./Ms. _______:

 

In accordance with the terms of Section
1.2(d) of an Escrow Agreement dated as of March [●], 2021 (the “Escrow Agreement”), by and among EBANG INTERNATIONAL
HOLDINGS INC., a company organized under the laws of the Cayman Islands (the “Company”); UNIVEST SECURITIES,
LLC (the “Placement Agent”), and WILMINGTON TRUST, NATIONAL ASSOCIATION (the “Escrow Agent”),
the Company and the Placement Agent hereby direct the Escrow Agent to distribute all of the Escrow Funds (as defined in the Escrow
Agreement) in accordance with the following wire instructions:

 

________________________:                                 $

________________________:                                 $

________________________:                                 $

 

Very truly yours,

 

Ebang International
Holdings Inc.

 

	By:	 	 
	Name: 	 	 
	Title: 	 	 

  

UNIVEST SECURITIES, LLC

 

	By:	 	 
	Name: 	Edric Yi Guo	 
	Title: 	Chief Operating Officer	 

 

     

     

    

 

Exhibit B

 

CIP FormExhibit 4.4

 

RIGHTS AGREEMENT

 

This Rights Agreement
(this “Agreement”) is made as of [       ], 2021 between Nocturne Acquisition Corporation,
a Cayman Islands exempted company with number 367466, with offices at 7244 Carrizo Drive, La Jolla, CA 92037 (the “Company”),
and Continental Stock Transfer & Trust Company, a New York corporation, with offices at One State Street, 30th Floor, New York,
New York 10004 (“Rights Agent”).

 

WHEREAS, the Company
has received binding commitments from its sponsor (as defined in the Registration Statement) to purchase up to 450,000 units (or
up to 495,000 units if the underwriters’ over-allotment option is exercised in full), each unit (“Unit”) comprised
of one ordinary share with par value $0.0001 per share in the Company (“Ordinary Share”) and one right to receive one-tenth
of one Ordinary, subject to adjustment, upon the happening of the triggering event described herein (“Right”), and
in connection therewith, will issue and deliver up to an aggregate of 450,000 Rights (or up to 495,000 units if the underwriters’
over-allotment option is exercised in full) as part of such Units upon consummation of such private placement (the “Private
Offering”); and

 

WHEREAS, the Company
is engaged in a public offering (“Public Offering”) of Units and, in connection therewith, will issue and deliver up
to 10,000,000 Rights (or up to 11,500,000 Rights if the underwriters’ over-allotment option is exercised in full) to the
public investors; and

 

WHEREAS, the Company
has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, File No. 333-252852
(“Registration Statement”), and related Prospectus (“Prospectus”) for the registration, under the Securities
Act of 1933, as amended (“Act”), of, among other securities, the Rights and the Ordinary Shares issuable to the holders
of the Rights; and

 

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

 

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

 

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

 

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

 

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

 

2. Rights.

 

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

 

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

 

     

     

    

 

2.3. Registration.

 

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

 

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

 

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

 

3. Terms
and Exchange of Rights

 

3.1. Rights.
Each Right shall entitle the holder thereof to receive one-tenth of one Ordinary Share upon the happening of an Exchange
Event (defined below). No additional consideration shall be paid by a holder of Rights in order to receive his, her or its
Ordinary Shares upon an Exchange Event as the purchase price for such Ordinary Shares has been included in the purchase price
for the Units. In no event will the Company be required to net cash settle the Rights or issue fractional Ordinary
Shares.

 

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

 

3.3. Exchange
of Rights.

 

3.3.1. Issuance
of Ordinary Shares. As soon as practicable upon the occurrence of an Exchange Event, the Company shall direct holders of the
Rights to return their Rights Certificates to the Rights Agent. Upon receipt of a valid Rights Certificate, the Company shall issue
to the registered holder of such Right(s) the number of full Ordinary Shares to which he, she or it is entitled, registered in
such name or names as may be directed by him, her or it and issue to such registered holder(s) a certificate or book-entry position
for the such shares. Notwithstanding the foregoing, or any provision contained in this Agreement to the contrary, in no event will
the Company be required to net cash settle the Rights. The Company shall not issue fractional shares upon exchange of Rights. In
the event that any holder would otherwise be entitled to any fractional share upon exchange of Rights, at the time of an Exchange
Event, the Company will instruct the Right Agent how any such entitlement will be addressed. To the fullest extent permitted by
the Company’s Amended and Restated Memorandum and Articles of Association the Company reserves the right to deal with any
such fractional entitlement at the relevant time in any manner permitted by the Act and the Amended and Restated Memorandum and
Articles, which would include the rounding down of any entitlement to receive Ordinary Shares to the nearest whole share (and in
effect extinguishing any fractional entitlement), or the holder being entitled to hold any remaining fractional entitlement (without
any share being issued) and to aggregate the same with any future fractional entitlement to receive shares in the Company until
the holder is entitled to receive a whole number. Any rounding down and extinguishment may be done with or without any in lieu
cash payment or other compensation being made to the holder of the relevant Rights, such that value received on exchange of the
Rights may be considered less than the value that the holder would otherwise expect to receive.

 

    2

     

    

 

3.3.2. Valid
Issuance. All Ordinary Shares issued upon an Exchange Event in conformity with this Agreement and the Amended and Restated
Memorandum and Articles of Association of the Company shall be validly issued, fully paid and nonassessable.

 

3.3.3. Date
of Issuance. Each person in whose name any such certificate or book-entry position for Ordinary Shares is issued shall for
all purposes be deemed to have become the holder of record of such shares on the date of the Exchange Event, irrespective of the
date of delivery of such certificate or entry of position.

 

3.3.4 Company
Not Surviving Following Exchange Event. Upon an Exchange Event in which the Company does not continue as the publicly held
reporting entity, the definitive agreement will provide for the holders of Rights to receive the same per share consideration the
holders of the Ordinary Shares will receive in such transaction, for the number of shares such holder is entitled to pursuant to
Section 3.3.1 above. If the Company does not continue as the publicly held reporting entity upon an Exchange Event, each holder
of a Right will be required to affirmatively convert his/her or its rights in order to receive the 1/10 share underlying each right
(without paying any additional consideration) upon consummation of the Exchange Event. In such a case, each holder of a Right will
be required to indicate his, her or its election to convert the Rights into underlying shares as well as to return the original
certificates evidencing the Rights to the Company.

 

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

 

4. Transfer
and Exchange of Rights.

 

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

 

4.2. Procedure
for Surrender of Rights. Rights may be surrendered to the Rights Agent, together with a written request for exchange or
transfer, and thereupon the Rights Agent shall issue in exchange therefor one or more new Rights as requested by the
registered holder of the Rights so surrendered, representing an equal aggregate number of Rights; provided, however, that in
the event that a Right surrendered for transfer bears a restrictive legend and the new Rights to be issued will not bear a
restrictive legend, the Rights Agent shall not cancel such Right and issue new Rights in exchange therefor until the Rights
Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating no restrictive
legend is required.

 

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

 

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

 

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

 

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

 

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

 

    3

     

    

 

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

 

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

 

6. Concerning
the Rights Agent and Other Matters.

 

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

 

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

 

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

 

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

 

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

 

    4

     

    

 

6.3. Fees
and Expenses of Rights Agent.

 

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

 

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

 

6.4. Liability
of Rights Agent.

 

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

 

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

 

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

 

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

 

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

 

7. Miscellaneous
Provisions.

 

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

 

    5

     

    

 

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

 

Nocturne Acquisition Corporation

7244 Carrizo Drive

La Jolla, CA 92037

Attn: Henry Monzon, Chairman
and Chief Executive Officer

 

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

 

Continental Stock Transfer &
Trust Company

One State Street, 30th
Floor

New York, New York 10004

Attn: Compliance Department

 

with a copy to:

 

Ellenoff Grossman & Schole,
LLP

1345 Avenue of the Americas,

New York, NY 10105

Attn: Stuart Neuhauser, Esq.

 

and

 

Loeb & Loeb LLP

345 Park Avenue

New York, New York
10154

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

 

and

 

Maples and Calder

PO Box 309, Ugland House

Grand Cayman

KY1-1104

Cayman Islands

Attn: Michael Jones and Michael
Lockwood

 

and

 

Chardan Capital Markets, LLC

17 State Street #2100

New York, NY 10004

Attn: [ ]

 

7.3. Applicable
Law. If any action, the subject matter of which is within the scope the forum provisions above, is filed in a court other
than a court located within the State of New York or the United States District Court for the Southern District of New York
(a “foreign action”) in the name of any right holder, such right holder shall be deemed to have
consented to: (x) the personal jurisdiction of the state and federal courts located within the State of New York or the
United States District Court for the Southern District of New York in connection with any action brought in any such court to
enforce the forum provisions (an “enforcement action”), and (y) having service of process made upon such right
holder in any such enforcement action by service upon such right holder’s counsel in the foreign action as agent for
such right holder.

 

    6

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

 

[Signature Page Follows]

 

    7

     

    

 

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

 

	 	NOCTURNE ACQUISITION CORPORATION
	 	 	 
	 	By:	 
	 	 	Name: 	Henry Monzon
	 	 	
        Title:
	Chairman
and Chief Executive 

Officer

        

 

	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

[Signature Page to Right Agreement]

 

    8

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