Document:

Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Agreement is made as of [________], 2015
by and between E-compass Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (“Trustee”).

 

WHEREAS, the Company’s registration statement
on Form S-1, No. 333-204054 (“Registration Statement”) for its initial public offering of securities (“IPO”)
has been declared effective as of the date hereof (“Effective Date”) by the Securities and Exchange Commission (capitalized
terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement); and

 

WHEREAS, Cantor Fitzgerald & Co. (“Cantor
Fitzgerald”) is acting as the underwriter in the IPO; and

 

WHEREAS, as described in the Registration Statement, and in accordance
with the Company’s Amended and Restated Memorandum and Articles of Association, $37,700,000 of the gross proceeds of the
IPO ($43,700,000 if the over-allotment option is exercised in full) and the net proceeds of a private placement of $3,100,000
taking place simultaneously therewith will be delivered to the Trustee to be deposited and held in a trust account for the benefit
of the Company and the holders of the Company’s ordinary shares, par value $.0001 per share (“Ordinary Shares”),
issued in the IPO as hereinafter provided (the proceeds to be delivered to the Trustee will be referred to herein as the “Property”;
the shareholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Shareholders,”
and the Public Shareholders and the Company will be referred to together as the “Beneficiaries”); and

 

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

 

IT IS AGREED:

 

1.          Agreements and Covenants of Trustee. The Trustee hereby
agrees and covenants to:

 

(a)        Hold the Property in trust for the Beneficiaries in accordance
with the terms of this Agreement in a segregated trust account (“Trust Account”) established by the Trustee at JP Morgan
Chase Bank, NA in the United States, maintained by Trustee, and at a brokerage institution selected by the Trustee that is reasonably
satisfactory to the Company;

 

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

 

(c)        In a timely manner, upon the instruction of the Company,
invest and reinvest the Property (i) in United States government treasury bills, notes or bonds having a maturity of 180 days or
less and/or (ii) in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act
of 1940, as amended, and that invest solely in U.S. treasuries, as determined by the Company;

 

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

 

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

 

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

 

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

 

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

 

(i)        Commence liquidation of the Trust Account only after
and promptly after receipt of, and only in accordance with, the terms of a letter (“Termination Letter”), in a form
substantially similar to that attached hereto as either Exhibit A or Exhibit B, signed on behalf of the Company by its President,
Chief Executive Officer or Chairman of the Board and Secretary or Assistant Secretary, affirmed by counsel for the Company and,
in the case of a Termination Letter in a form substantially similar to that attached hereto as Exhibit A, acknowledged and agreed
to by Cantor Fitzgerald, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account only
as directed in the Termination Letter and the other documents referred to therein; provided, however, that in the event that a
Termination Letter has not been received by the Trustee by the 18-month anniversary of the closing of the IPO  (“Last Date”), the Trust Account shall be liquidated in accordance with the procedures set forth in
the Termination Letter attached as Exhibit B hereto and distributed to the Public Shareholders as of the Last Date. The provisions
of this Section 1(i) may not be modified, amended or deleted under any circumstances.

 

2.        Limited Distributions of Income from Trust Account.

 

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

 

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(b)        Upon written request from the Company, which may be given
from time to time in a form substantially similar to that attached hereto as Exhibit D, the Trustee shall distribute to the Company
the amount of interest income earned on the Trust Account requested by the Company to cover expenses related to investigating and
selecting a target business and other working capital requirements; provided, however, that the Company will not be allowed to
withdraw interest income earned on the Trust Account unless there is an amount of
interest income available in the Trust Account sufficient to pay the Company’s tax obligations on such interest income.

 

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

 

(d)        The Company shall provide Cantor Fitzgerald with a copy
of any Termination Letters and/or any other correspondence that it issues to the Trustee with respect to any proposed withdrawal
from the Trust Account promptly after such issuance.

 

3.        Agreements and Covenants of the Company. The Company
hereby agrees and covenants to:

 

(a)        Give all instructions to the Trustee hereunder in writing,
signed by the Company’s Chairman of the Board, Vice Chairman of the Board, Chief Executive Officer, President or Chief Financial
Officer. In addition, except with respect to its duties under paragraphs 1(i), 2(a) and 2(b) above, the Trustee shall be entitled
to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it in good faith believes
to be given by any one of the persons authorized above to give written instructions, provided that the Company shall promptly confirm
such instructions in writing;

 

(b)        Subject to the provisions of Sections 5 and 7(g) of this
Agreement, hold the Trustee harmless and indemnify the Trustee from and against, any and all expenses, including reasonable counsel
fees and disbursements, or loss suffered by the Trustee in connection with any claim, potential claim, action, suit or other proceeding
brought against the Trustee involving any claim, or in connection with any claim or demand which in any way arises out of or relates
to this Agreement, the services of the Trustee hereunder, or the Property or any income earned from investment of the Property,
except for expenses and losses resulting from the Trustee’s gross negligence or willful misconduct. Promptly after the receipt
by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee
intends to seek indemnification under this paragraph, it shall notify the Company in writing of such claim (hereinafter referred
to as the “Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense against such Indemnified
Claim, provided, that the Trustee shall obtain the consent of the Company with respect to the selection of counsel, which consent
shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim without the prior written consent
of the Company, which consent shall not be unreasonably withheld. The Company may participate in such action with its own counsel;

 

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(c)        Pay the Trustee an initial acceptance fee, an annual
fee and a transaction processing fee for each disbursement made pursuant to Sections 2(a) and 2(b) as set forth on Schedule A hereto,
which fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property shall
not be used to pay such fees and further agreed that any fees owed to the Trustee shall be deducted by the Trustee from the disbursements
made to the Company pursuant to Sections 1(i) solely in connection with the consummation of a Business Combination, or pursuant
to Section 2(b). The Company shall pay the Trustee the initial acceptance fee and first year’s fee at the consummation of
the IPO and thereafter on the anniversary of the Effective Date;

 

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

 

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

  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

5.        Trust Account Waiver. The Trustee has no right of set-off
or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby
irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future. In the event the
Trustee has any Claim against the Company under this Agreement, including, without limitation, under Section 3(b) or Section 3(c)
hereof, the Trustee shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against
the Property or any monies in the Trust Account.

 

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6.        Termination. This Agreement shall terminate as follows:

 

(a)        If the Trustee gives written notice to the Company that
it desires to resign under this Agreement, the Company shall use its reasonable efforts to locate a successor trustee during which
time the Trustee shall act in accordance with this Agreement. At such time that the Company notifies the Trustee that a successor
trustee has been appointed by the Company and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer
the management of the Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports
and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however, that, in the event that
the Company does not locate a successor trustee within ninety days of receipt of the resignation notice from the Trustee, the Trustee
may submit an application to have the Property deposited with any court in the State of New York or with the United States District
Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever; or

 

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

 

7.        Miscellaneous.

 

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

 

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

 

(c)        This Agreement contains the entire agreement and understanding
of the parties hereto with respect to the subject matter hereof. Except for Section 1(i) (which may not be amended under any circumstances),
this Agreement or any provision hereof may only be changed, amended or modified by a writing signed by each of the parties hereto;
provided, however, that no such change, amendment or modification may be made without the prior written consent of Cantor Fitzgerald.
As to any claim, cross-claim or counterclaim in any way relating to this Agreement, each party waives the right to trial by jury.
The Trustee may require from Company counsel an opinion as to the propriety of any proposed amendment.

 

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(d)        The parties hereto consent to the jurisdiction and venue
of any state or federal court located in the City of New York, Borough of Manhattan, for purposes of resolving any disputes hereunder.

 

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

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven G. Nelson, Chairman, and Frank
A. DiPaolo, CFO

Fax No.: (212) 509-5150

 

if to the Company, to:

 

E-compass Acquisition Corp.

6F/Tower, 2 West Prosper Centre

No.5, Guanghua Road

Chaoyang District

Beijing, 100020, P.R. China

Attn: Richard Xu, Chairman and Chief
Executive Officer

Fax No.: (___) ___-____

 

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

 

Cantor Fitzgerald & Co.

499 Park Avenue

New York, New York 10022

Attn: General Counsel and Investment Banking
Department

Facsimile: (212) 829-4708

 

and

 

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn: Mitchell S. Nussbaum, Esq.

Fax No.: (212) 407-4990 

 

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(f)        This Agreement may not be assigned by the Trustee without
the prior consent of the Company.

 

(g)        Each of the Trustee and the Company hereby represents
that it has the full right and power and has been duly authorized to enter into this Agreement and to perform its respective obligations
as contemplated hereunder.

 

(h)        Each of the Company and the Trustee hereby acknowledge
that Cantor Fitzgerald is a third party beneficiary of this Agreement.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties have duly executed this Investment
Management Trust Agreement as of the date first written above.

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 	 
	 	By: 	 
	 	 	Name:  Frank A. Di Paolo
	 	 	Title:  Trust Officer
	 	 	 
	 	E-COMPASS ACQUISITION CORP.
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title: 

 

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SCHEDULE A

 

	Fee Item		Time and method of payment 	 	Amount
	Initial acceptance fee	 	Initial closing of IPO by wire transfer 	 	[$2,000]
	 	 	 	 	 
	Annual fee	 	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	[$10,000]
	 	 	 	 	 
	Transaction processing fee for disbursements to Company under Section 2	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 2	 	[$250]
	 	 	 	 	 
	Paying Agent services as required pursuant to section 1(i) 	 	Billed to Company upon delivery of service pursuant to section 1(i) 	 	
        Prevailing rates

         

 

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EXHIBIT
A

 

[Letterhead
of Company]

 

                     [Insert
date]

 

Continental
Stock Transfer 

&
Trust Company

17 Battery
Place

New York,
New York 10004

Attn:
Steven Nelson and Frank DiPaolo

 

Re:        Trust
Account No. XXXXX - Termination Letter

 

Gentlemen:

 

Pursuant
to paragraph 1(i) of the Investment Management Trust Agreement between E-compass Acquisition Corp. (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of [________], 2015 (“Trust Agreement”),
this is to advise you that the Company has entered into an agreement with [__________________] (“Target Business”)
to consummate a business combination with Target Business (“Business Combination”) on or about [insert date].
The Company shall notify you at least 48 hours in advance of the actual date of the consummation of the Business Combination (“Consummation
Date”). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

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

 

On the
Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been
consummated and (ii) the Company shall deliver to you (a) [an affidavit] [a certificate] of [__________________], which verifies
the vote of the Company’s shareholders in connection with the Business Combination if a vote is held and (b) joint written
instructions from the Company and Cantor Fitzgerald & Co. with respect to the transfer of the funds held in the Trust Account
(“Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately
upon your receipt of the counsel's letter and the Instruction Letter, in accordance with the terms of the Instruction Letter. In
the event that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will
notify the Company of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and
distributed after the Consummation Date to the Company. Upon the distribution of all the funds in the Trust Account pursuant to
the terms hereof, the Trust Agreement shall be terminated.

 

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In the
event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not
notified you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written
instructions from the Company, the funds held in the Trust Account shall be reinvested as provided in the Trust Agreement on the
business day immediately following the Consummation Date as set forth in the notice.

 

	 	Very truly yours,
	 	 
	 	E-COMPASS ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Richard Xu, Chairman of the Board
	 	 	 
	 	By:	 
	 	 	Chen Liu, President

 

AGREED TO AND

ACKNOWLEDGED BY

 

CANTOR FITZGERALD & CO.

 

	By:	 	 

 

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EXHIBIT
B

 

[Letterhead
of Company]

 

                     [Insert
date]

 

Continental
Stock Transfer 

&
Trust Company

17 Battery
Place

New York,
New York 10004

Attn:
Steven Nelson and Frank DiPaolo

 

Re:        Trust
Account No. XXXXX - Termination Letter

 

Gentlemen:

 

Pursuant to paragraph 1(i) of the Investment
Management Trust Agreement between E-compass Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust
Company (“Trustee”), dated as of [________], 2015 (“Trust Agreement”), this
is to advise you that the Company has been unable to effect a Business Combination with a Target Company within the time frame
specified in the Company’s Amended and Restated Memorandum and Articles of Association, as described in the Company’s
prospectus relating to its IPO. Capitalized terms used herein and not otherwise defined shall have the meanings set forth
in the Trust Agreement.

 

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

 

	 	Very truly yours,
	 	 
	 	E-COMPASS ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Richard Xu, Chairman of the Board
	 	 	 
	 	By:	 
	 	 	Chen Liu, President

 

cc: Cantor Fitzgerald & Co.

 

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EXHIBIT
C

 

[Letterhead
of Company]

 

                     [Insert
date]

 

Continental
Stock Transfer 

&
Trust Company

17 Battery
Place

New York,
New York 10004

Attn:
Frank Di Paolo and Cynthia Jordan

 

Re:        Trust
Account No. XXXXX

 

Gentlemen:

 

Pursuant to paragraph 2(a) of the Investment
Management Trust Agreement between E-compass Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust
Company (“Trustee”), dated as of [________], 2015 (“Trust Agreement”), the
Company hereby requests that you deliver to the Company [$_______] of the interest income earned on the Property as of the date
hereof. The Company needs such funds to pay for its tax obligations as a result of such interest income. In accordance with the
terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your
receipt of this letter to the Company’s operating account at:

 

[WIRE
INSTRUCTION INFORMATION]

 

	 	E-COMPASS ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Richard Xu, Chairman of the Board
	 	 	 
	 	By:	 
	 	 	Chen Liu, President

 

cc: Cantor Fitzgerald & Co.

 

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EXHIBIT
D

 

[Letterhead of Company]

 

                     [Insert
date]

 

Continental
Stock Transfer 

&
Trust Company

17 Battery
Place

New York,
New York 10004

Attn:
Frank Di Paolo and Cynthia Jordan

 

Re:        Trust
Account No. XXXXX

 

Gentlemen:

 

Pursuant to paragraph 2(b) of the Investment
Management Trust Agreement between E-compass Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust
Company (“Trustee”), dated as of [________], 2015 (“Trust Agreement”), the
Company hereby requests that you deliver to the Company [$_______] of the interest income earned on the Property as of the date
hereof. The Company needs such funds to cover its expenses relating to investigating and selecting a target business and other
working capital requirements. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer
(via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating account at:

 

[WIRE
INSTRUCTION INFORMATION]

 

	 	Very
    truly yours,
	 	 
	 	E-COMPASS ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Richard Xu, Chairman of the Board
	 	 	 
	 	By:	 
	 	 	Chen Liu, President

 

cc: Cantor Fitzgerald & Co.

 

 

15Exhibit
10.3

 

STOCK
ESCROW AGREEMENT

 

STOCK
ESCROW AGREEMENT, dated as of [________], 2015 (“Agreement”), by and among E-COMPASS ACQUISITION CORP., a Cayman Islands
corporation (“Company”), LODESTAR INVESTMENT HOLDINGS I LLC, HANDY GLOBAL LIMITED, CLASSICAL SKY LIMITED and CARNELIAN
BAY CAPITAL INC. (collectively “Initial Shareholders”) and CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York
corporation (“Escrow Agent”).

 

WHEREAS,
the Company has entered into an Underwriting Agreement, dated as of [________], 2015 (“Underwriting Agreement”), with
Cantor Fitzgerald & Co. (the “Underwriter”), pursuant to which, among other matters, the Underwriter has agreed
to purchase 4,000,000 units (“Units”) of the Company, plus an additional 600,000 Units if the Underwriter exercises
its over-allotment option in full. Each Unit consists of one ordinary share of the Company, par value $0.0001 per share (“Ordinary
Shares”), and one right (“Right”) to receive one-tenth of one Ordinary Share upon the Company’s initial
business combination, all as more fully described in the Company’s final Prospectus, dated [________], 2015 (“Prospectus”),
comprising part of the Company’s Registration Statement on Form S-1 (File No. 333-204054) under the Securities Act of 1933,
as amended (“Registration Statement”), declared effective on [________], 2015 (“Effective Date”).

 

WHEREAS,
the Initial Shareholders have agreed as a condition of the sale of the Units to deposit their Ordinary shares of the Company,
as set forth opposite their respective names in Exhibit A attached hereto (collectively “Escrow Shares”), in escrow
as hereinafter provided.

 

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

 

IT
IS AGREED:

 

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

 

2.     Deposit of Escrow Shares. On
or prior to the date hereof, each of the Initial Shareholders delivered to the Escrow Agent certificates representing such Initial
Shareholder’s respective Escrow Shares, together with applicable share powers, to be held and disbursed subject to the terms
and conditions of this Agreement. Each of the Initial Shareholders acknowledges that the certificate representing such Initial
Shareholder’s Escrow Shares is legended to reflect the deposit of such Escrow Shares under this Agreement.

 

    	 

    	 

    

 

3.     Disbursement
of the Escrow Shares.

 

3.1     The
Escrow Agent shall hold the Escrow Shares during the period (the “Escrow Period”) commencing on the date hereof and
(i) for 50% of the Escrow Shares, ending on the earlier of (x) one year after the date of the consummation of the Company’s
initial business combination (as described in the Registration Statement, hereinafter a “Business Combination”) and
(y) the date on which the closing price of the Company’s Ordinary Shares equals or exceeds $13.00 per share (as adjusted
for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period
commencing after the Company’s initial Business Combination and (ii) for the remaining 50% of the Escrow Shares, ending
one year after the date of the consummation of an initial Business Combination. The Company shall promptly provide notice of the
consummation of a Business Combination to the Escrow Agent. Upon completion of the Escrow Period, the Escrow Agent shall disburse
such amount of each Initial Shareholder’s Escrow Shares (and any applicable share power) to such Initial Shareholder; provided,
however, that if the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company is being liquidated
at any time during the Escrow Period, then the Escrow Agent shall promptly destroy the certificates representing the Escrow Shares;
provided further, however, that if, within one year after the Company consummates a Business Combination, the Company (or the
surviving entity) subsequently consummates a liquidation, merger, stock exchange or other similar transaction which results in
all of the shareholders of such entity having the right to exchange their Ordinary Shares for cash, securities or other property,
then the Escrow Agent will, upon receipt of a notice executed by the Chairman of the Board, Chief Executive Officer or other authorized
officer of the Company, in form reasonably acceptable to the Escrow Agent, certifying that such transaction is then being consummated
or such conditions have been achieved, as applicable, release the Escrow Shares to the Initial Shareholders. The Escrow Agent
shall have no further duties hereunder after the disbursement or destruction of the Escrow Shares in accordance with this Section
3.

 

3.2     Notwithstanding
Section 3.1, if the Underwriter does not exercise its over-allotment option to purchase an additional 600,000 Units of the Company
in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Initial Shareholders agree
that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of Escrow Shares held by each such
holder determined by multiplying (a) the product of (i) 150,000, multiplied by (ii) a fraction, (x) the numerator of which is
the number of Escrow Shares held by each such holder, and (y) the denominator of which is the total number of Escrow Shares, by
(b) a fraction, (i) the numerator of which is 600,000 minus the number of Ordinary Shares purchased by the Underwriter upon the
exercise of its over-allotment option, and (ii) the denominator of which is 600,000. The Company shall promptly provide notice
to the Escrow Agent of the expiration or termination of the Underwriter’s over-allotment option and the number of Units,
if any, purchased by the Underwriter in connection with their exercise thereof.

 

    	2

    	 

    

 

4.     Rights
of Initial Shareholders in Escrow Shares.

 

4.1     Voting
Rights as a Shareholder. Subject to the terms of the Insider Letters described in Section 4.4 hereof and except as herein
provided, the Initial Shareholders shall retain all of their rights as shareholders of the Company during the Escrow Period, including,
without limitation, the right to vote such shares.

 

4.2     Dividends
and Other Distributions in Respect of the Escrow Shares. During the Escrow Period, all dividends payable in cash with respect
to the Escrow Shares shall be paid to the Initial Shareholders, but all dividends payable in stock or other non-cash property
(“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used
herein, the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

 

4.3     Restrictions
on Transfer. During the Escrow Period, the only permitted transfers of the Escrow Shares will be (i) if the Initial Shareholder
is an entity, as a distribution to partners, members or shareholders of the Initial Shareholder upon the liquidation and dissolution
of the Initial Shareholder, (ii) by bona fide gift to a member of the Initial Shareholder’s immediate family or to a trust,
the beneficiary of which is the Initial Shareholder or a member of the Initial Shareholder’s immediate family for estate
planning purposes, (iii) by virtue of the laws of descent and distribution upon death of the Initial Shareholder, (iv) pursuant
to a qualified domestic relations order, (v) by certain pledges to secure obligations incurred in connection with purchases of
the Company’s securities, (vi) by private sales at prices no greater than the price at which the Escrow Shares were originally
purchased or (vii) to the Company for cancellation in accordance with Section 3.2 above or in connection with the consummation
of a Business Combination, in each case, except for clause (vii), on the condition that such transfers may be implemented only
upon the respective transferee’s written agreement to be bound by the terms and conditions of this Agreement and of the
Insider Letter (as defined below) signed by the Initial Shareholder transferring the Escrow Shares.

 

4.4     Insider
Letters. Each of the Initial Shareholders has executed a letter agreement with the Underwriter and the Company, dated as indicated
on Exhibit A hereto, and the form of which is filed as an exhibit to the Registration Statement (“Insider Letter”),
respecting the rights and obligations of such Initial Shareholder in certain events, including but not limited to the liquidation
of the Company.

 

5.     Concerning
the Escrow Agent.

 

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

 

    	3

    	 

    

 

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

 

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

 

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

 

5.5     Resignation.
The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties
hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective
at such time that the Escrow Agent shall turn over to a successor escrow agent appointed by the Company, the Escrow Shares held
hereunder. If no new escrow agent is so appointed within the 60 day period following the giving of such notice of resignation,
the Escrow Agent may deposit the Escrow Shares with any court it reasonably deems appropriate.

 

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

 

    	4

    	 

    

 

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

 

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

 

6.     Miscellaneous.

 

6.1     Governing
Law. This Agreement shall for all purposes be deemed to be made under and shall be construed in accordance with the laws of
the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive
laws of another jurisdiction.

 

6.2     Third
Party Beneficiaries. Each of the Initial Shareholders hereby acknowledges that the Underwriter is a third party beneficiary
of this Agreement and this Agreement may not be modified or changed without the prior written consent of the Underwriter.

 

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

 

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

 

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

 

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

 

If
to the Company, to:

 

E-compass
Acquisition Corp.

6F/Tower,
2 West Prosper Centre

No.5,
Guanghua Road

Chaoyang
District

Beijing,
100020, P.R. China

Attn:
Richard Xu, Chairman and Chief Executive Officer

 

    	5

    	 

    

 

If
to a Shareholder, to his address set forth in Exhibit A.

 

and
if to the Escrow Agent, to:

 

Continental
Stock Transfer & Trust Company

17
Battery Place

New
York, New York 10004

Attn:
Chairman

 

A
copy (which copy shall not constitute notice) sent hereunder shall be sent to:

 

Cantor
Fitzgerald & Co.

499
Park Avenue

New
York, New York 10022

Attn:
General Counsel and Investment Banking Department

Facsimile:
(212) 829-4708

 

and:

 

Graubard
Miller

The
Chrysler Building

405
Lexington Avenue

New
York, New York 10174

Attn:
David Alan Miller, Esq.

 

and:

 

Loeb
& Loeb LLP

345
Park Avenue

New
York, New York 10154

Attn:
Mitchell S. Nussbaum, Esq.

 

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

 

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

 

[Signature
Page Follows]

 

    	6

    	 

    

 

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

 

	 	COMPANY:
	 	 	 
	 	E-COMPASS
    ACQUISITION CORP.
	 	 	 
	 	By:	 
	 		Name: 
	 		Title: 
	 	 	 
	 	INITIAL
    SHAREHOLDERS:
	 	 	 
	 	LODESTAR
    INVESTMENT HOLDINGS I LLC
	 	 	 
	 	By:	 
	 		Name: 
	 		Title: 
	 	 	 
	 	HANDY
    GLOBAL LIMITED
	 	 	 
	 	By:	 
	 		Name: 
	 		Title: 
	 	 	 
	 	CLASSICAL
    SKY LIMITED
	 	 	 
	 	By:	 
	 		Name: 
	 		Title: 
	 	 	 
	 	CARNELIAN
    BAY CAPITAL INC.
	 	 	 
	 	By:	 
	 		Name: 
	 		Title: 
	 	 	 
	 	CONTINENTAL
    STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	By:	 
	 		Name: 
	 		Title: 

 

    	7

    	 

    

 

EXHIBIT
A

 

	Name
        and Address of 

        Initial
        Shareholder 
	 	Number

        of
        Shares
	 	Share

        Certificate
        Number
	 	Date
        of 

        Insider
        Letter

	 	 	 	 	 	 	 
	Lodestar
        Investment Holdings I LLC

        c/o
        E-compass Acquisition Corp.

        6F/Tower,
        2 West Prosper Centre

        No.5,
        Guanghua Road

        Chaoyang
        District

        Beijing,
100020, P.R. China
	 	460,000	 	[_]	 	[______],
    2015
	 	 	 	 	 	 	 
	Handy
        Global Limited

        c/o
        E-compass Acquisition Corp.

        6F/Tower,
        2 West Prosper Centre

        No.5,
        Guanghua Road

        Chaoyang
        District

        Beijing,
100020, P.R. China
	 	460,000	 	[_]	 	[______],
    2015
	 	 	 	 	 	 	 
	Classical
        Sky Limited

        c/o
        E-compass Acquisition Corp.

        6F/Tower,
        2 West Prosper Centre

        No.5,
        Guanghua Road

        Chaoyang
        District

        Beijing,
100020, P.R. China
	 	115,000	 	[_]	 	[______],
    2015
	 	 	 	 	 	 	 
	Carnelian
        Bay Capital Inc.

        c/o
        E-compass Acquisition Corp.

        6F/Tower,
        2 West Prosper Centre

        No.5,
        Guanghua Road

        Chaoyang
        District

        Beijing,
        100020, P.R. China
	 	86,250	 	[_]	 	[______],
    2015

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