Document:

Exhibit 10.1

 

______________, 2020

 

East Stone Acquisition Corporation

130 Worthen Road

Lexington, MA 02421

Attn: Sherman Xiaoma Lu, Chief Executive Officer

 

I-Bankers Securities Inc

535 5th Ave

Suite 423

 

	 	Re:	Initial Public Offering

 

Gentlemen:

 

This letter is being delivered to you in accordance
with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and between East Stone
Acquisition Corporation, a British Virgin Islands company (the “Company”), and I-Bankers Securities Inc.,
as Representative (the “Representative”) of the several Underwriters named in Schedule A thereto (the
“Underwriters”), relating to an underwritten initial public offering (the “IPO”)
of the Company’s units (the “Units”), each comprised of one ordinary share, no par value, of the
Company (the “Ordinary Shares”) and one redeemable warrant (the “Warrant”)
to purchase one-half of one Ordinary Share and one right to receive one-tenth (1/10) of one Ordinary Share upon the consummation
of the Company’s initial business combination (the “Right”). Certain capitalized terms used herein
are defined in paragraph 17 hereof.

 

In order to induce the
Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit
that such IPO will confer upon the undersigned as a shareholder or officer or director of the Company, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees with the Company as
follows:

 

1.  If the Company
solicits approval of its shareholders of a Business Combination (as defined below), the undersigned will vote all Ordinary Shares
beneficially owned by him, her or it, whether acquired before, in or after the IPO, or whether such Ordinary Shares are underlying
the Private Units, in favor of such Business Combination.

 

2.   (a) In the event
that the Company fails to consummate a Business Combination 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 undersigned shall take all reasonable
steps to (i) cause the Trust Fund to be liquidated and distributed to the holders of IPO Shares and (ii) cause the Company to liquidate
as soon as reasonably practicable.

 

(b) The undersigned hereby
waives any and all right, title, interest or claim of any kind (“Claim”) in, or, with respect to his,
her or its Insider Shares or Private Units, to any distribution of, the Trust Fund. The undersigned hereby waives any Claim the
undersigned may have in the future as a result of, or arising out of, any contracts or agreements with the Company and will not
seek recourse against the Trust Fund for any reason whatsoever. The undersigned acknowledges and agrees that there will be no distribution
from the Trust Fund with respect to any Warrants, which will terminate on the Company’s liquidation.

 

(c) In the event of the
liquidation of the Trust Fund, Double Ventures Holdings Limited (“Sponsor”) agrees to indemnify and hold
harmless the Company against any and all loss, liability, claims, damage and expense whatsoever (including, but not limited to,
any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether
pending or threatened, or any claim whatsoever) which the Company may become subject as a result of any claim by any vendor or
other person who is owed money by the Company for services rendered or products sold to or contracted for the Company, or by any
target business with which the Company has discussed entering into a transaction agreement, but only to the extent necessary to
ensure that such loss, liability, claim, damage or expense does not reduce the amount of funds in the Trust Fund to below $10.00
per IPO Share; provided that such indemnity shall not apply if such vendor or other person executes a waiver of
any and all rights to seek access to the Trust Account and except as to claims under the Company’s indemnity of the underwriters
of the IPO against certain liabilities.

 

     

     

    

 

3. (a) The Initial
Shareholders agree that they shall not Transfer any Insider Shares: (x) with respect to 50% of its Insider Shares, until the earlier
of (i) six (6) months after the date of the consummation of the Business Combination or (ii) the date on which the closing price
of the Ordinary Shares equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations)
for any 20 trading days within any 30-trading day period commencing after the Business Combination; and (y) with respect to the
remaining 50% of their Insider Shares, six (6) months after the date of the consummation of the Business Combination, or earlier,
in either case, if, subsequent to the Business Combination, the Company consummates a subsequent liquidation, merger, stock exchange
or other similar transaction which results in all of the Company’s shareholders having the right to exchange their Ordinary
Shares for cash, securities or other property.

 

(b) The Sponsor and Anchor
Investors agree that they shall not effectuate any Transfer of securities issued or issuable upon the exercise of the Private Units
or their underlying securities until 30 days after the completion of the Business Combination.

 

(c) Notwithstanding the
provisions set forth in paragraphs 3(a) and (b), Transfers of the Insider Shares, securities issued or issuable upon the exercise
of the Private Units or their underlying securities, and that are held by the Sponsor, any Insider or any of their permitted transferees
(that have complied with this paragraph 3(c)), are permitted: (1) to any persons (including their affiliates and shareholders)
participating in the private placement of the Private Units, officers, directors, shareholders, employees and members of the Sponsor
and its affiliates, (2) amongst insiders or to the Company’s officers, directors and employees, (3) if a holder is an entity,
as a distribution to its, partners, shareholders or members upon its liquidation, (4) by bona fide gift to a member of the holder’s
immediate family or to a trust, the beneficiary of which is a holder or a member of a holder’s immediate family, for estate
planning purposes, (5) by virtue of the laws of descent and distribution upon death, (6) pursuant to a qualified domestic relations
order, (7) by certain pledges to secure obligations incurred in connection with purchases of the Company’s securities, (8)
by private sales at prices no greater than the price at which the applicable securities were originally purchased or (9) to the
Company for no value for cancellation in connection with the consummation of the Business Combination, in each case (except for
clause 9) where the transferee agrees to the terms of this letter agreement and by the same agreements entered into by the Sponsor
with respect to such securities.

 

4.  [Intentionally
Omitted].

 

5.  In order to minimize
potential conflicts of interest which may arise from multiple affiliations, the undersigned directors and officers of the Company
agree to present to the Company for its consideration, prior to presentation to any other person or entity, any suitable opportunity
to acquire a target business, until the earlier of the consummation by the Company of a Business Combination or the liquidation
of the Company, subject to any pre-existing fiduciary and contractual obligations the undersigned directors and officers might
have.

 

6.  The undersigned
acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated with any Insiders
of the Company or their affiliates, such transaction must be approved by a majority of the Company’s disinterested independent
directors and the Company must obtain an opinion from an independent investment banking firm or independent accounting firm that
such Business Combination is fair to the Company’s unaffiliated shareholders from a financial point of view.

 

7.
 Neither the undersigned, any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled
to receive and will not accept any compensation or other cash payment for services rendered prior to, or in order to effectuate,
the consummation of the Business Combination; provided that the Company shall be allowed to (i) repay working
capital loans made by the undersigned or its affiliates to the Company in cash upon consummation of the Business Combination or,
at the undersigned’s discretion, with respect to up to an aggregate of $1,500,000 of working capital loans from all lenders,
by converting such loans into Private Units at a price of $10.00 per Private Unit, as more fully described in the Registration
Statement, (ii) repay non-interest bearing loans and advances in an aggregate amount of $[166,621]
made to the Company by the Initial Shareholders to cover the IPO
expenses, (iii) pay $10,000 per month to an affiliate of the Company’s executive officers for office space and related services,
and (iv) reimburse the undersigned and any affiliate of the undersigned for their out-of-pocket expenses incurred in connection
with identifying, investigating and consummating a Business Combination.

 

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8.  Neither any undersigned
officer or director, any member of the family of any undersigned officer or director, nor any affiliate of any undersigned officer
or director will be entitled to receive or accept a finder’s fee or any other compensation in the event any undersigned officer
or director, any member of the family of any undersigned officer or director or any affiliate of any undersigned officer or director
originates a Business Combination.

 

9.  The undersigned
officers and directors agree to be the officers and directors of the Company until the earlier of the consummation by the Company
of a Business Combination, the liquidation of the Company or such officer or director is officially replaced by the Company’s
board of directors. The undersigned officers’ and directors’ biographical information previously furnished to the Company
and the Representative is true and accurate in all material respects, does not omit any material information with respect to the
officers’ and directors’ biography and contains all of the information required to be disclosed pursuant to Item 401
of Regulation S-K, promulgated under the Securities Act of 1933, as amended (the “Securities Act”). Each
of the undersigned officers’ and directors’ FINRA Questionnaire previously furnished to the Company and the Representative
is true and accurate in all material respects.

 

10. Each of the undersigned
represents and warrants that:

 

(a) He, she or it
has never had a petition under the federal bankruptcy laws or any state or foreign insolvency law been filed by or against (i)
him, her or it, or any partnership in which he, she or it was a general partner at or within two years before the time of filing;
or (ii) (to the extent the undersigned is an individual) any corporation or business association of which he or she was an executive
officer at or within two years before the time of such filing;

 

(b) He, she or it has
never had a receiver, fiscal agent or similar officer been appointed by a court for his or her business or property, or any such
partnership;

 

(c) He, she, or it has
never been convicted of fraud in a civil or criminal proceeding;

 

(d) He, she, or it has
never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding traffic violations
and minor offenses);

 

(e) He, she, or it has
never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent
jurisdiction, permanently or temporarily enjoining or otherwise limiting him from (i) acting as a futures commission merchant,
introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other
person regulated by the Commodity Futures Trading Commission (“CFTC”) or an associated person of any
of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director
or employee of any investment company, bank, savings and loan association or insurance company, or from engaging in or continuing
any conduct or practice in connection with any such activity; or (ii) engaging in any type of business practice; or (iii) engaging
in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal
or state securities or federal commodities laws;

 

(f) He, she, or it has
never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state
authority barring, suspending or otherwise limiting for more than 60 days his, her or its right to engage in any activity described
in 8(e)(i) above, or to be associated with persons engaged in any such activity;

 

(g) He, she or it has
never been found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal, state, or foreign
securities law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended or
vacated;

 

(h) He, she or it has
never been found by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal commodities
law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or vacated;

 

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(i) He, she or it has
never been the subject of, or a party to, any federal, state, or foreign judicial or administrative order, judgment, decree or
finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any federal ,state or foreign
securities or commodities law or regulation, (ii) any law or regulation respecting financial institutions or insurance companies
including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or
temporary or permanent cease-and desist order, or removal or prohibition order or (iii) any law or regulation prohibiting mail
or wire fraud or fraud in connection with any business entity;

 

(j) He, she or it has
never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated, or any self-regulatory
organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority
over its members or persons associated with a member;

 

(k) He, she or it has
never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security; (ii) involving
the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer,
municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;

 

(l) He, she or it was
never subject to a final order of a state or foreign securities commission (or an agency of officer of a state performing like
functions); a state or foreign authority that supervises or examines banks, savings associations, or credit unions; a state or
foreign insurance commission (or an agency or officer of a state performing like functions); an appropriate federal or foreign
banking agency; the Commodity Futures Trading Commission; or the National Credit Union Administration that is based on a violation
of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct;

 

(m) He, she or it has
never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at the time of such sale, restrained
or enjoined him from engaging or continuing to engage in any conduct or practice: (i) in connection with the purchase or sale of
any security; (ii) involving the making of any false filing with the SEC or any foreign regulatory agency with similar functions;
or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment
adviser or paid solicitor of purchasers of securities;

 

(n) He, she or it has
never been subject to any order of the SEC or any foreign regulatory agency with similar functions that orders him to cease and
desist from committing or causing a future violation of: (i) any scienter-based anti-fraud provision of the foreign or federal
securities laws, including, but not limited to, Section 17(a)(1) of the Securities Act, Section 10(b) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 thereunder, and Section 206(1) of the Investment
Advisers Act of 1940, as amended (the “Advisers Act”), or any other rule or regulation thereunder; or
(ii) Section 5 of the Securities Act;

 

(o) He, she or it has
never been named as an underwriter in any registration statement or Regulation A offering statement filed with the SEC that was
the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently, the subject of an
investigation or proceeding to determine whether a stop order or suspension order should be issued;

 

(p) He, she or it has
never been subject to a United States Postal Service false representation order, or is currently subject to a temporary restraining
order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device
for obtaining money or property through the mail by means of false representations;

 

(q) He, she or it is not
subject to a final order of a state securities commission (or an agency of officer of a state performing like functions); a state
authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency
or officer of a state performing like functions); an appropriate federal banking agency; the Commodity Futures Trading Commission;
or the National Credit Union Administration that bars the undersigned from: (i) association with an entity regulated by such commission,
authority, agency or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging in savings association
or credit union activities;

 

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(r) He, she or it is not
subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Exchange Act or section 203(e) or 203(f) of the
Advisers Act that: (i) suspends or revokes the undersigned’s registration as a broker, dealer, municipal securities dealer
or investment adviser; (ii) places limitations on the activities, functions or operations of, or imposes civil money penalties
on, such person; or (iii) bars the undersigned from being associated with any entity or from participating in the offering of any
penny stock; and

 

(s) He, she or it has
never been suspended or expelled from membership in, or suspended or barred from association with a member of, a securities self-regulatory
organization (e.g., a registered national securities exchange or a registered national or affiliated securities association) for
any act or omission to act constituting conduct inconsistent with just and equitable principles of trade.

 

11.  The undersigned
has full right and power, without violating any agreement by which he, she or it is bound, to enter into this letter agreement
and to hold the position/title in the Company indicated in the Registration Statement (if applicable).

 

12. The undersigned
hereby waives his, her or its right to exercise redemption rights (in connection with a Business Combination) with respect to any
Ordinary Shares owned or to be owned by the undersigned directly or indirectly, whether purchased prior to the IPO, in the IPO
or in the aftermarket, or whether such Ordinary Shares are underlying the Private Units, and agrees that he, she or it will not
seek redemption with respect to or otherwise sell, such shares in connection with any vote to approve a Business Combination with
respect thereto.

 

13. The undersigned
hereby agrees to not propose an amendment to the Company’s Amended and Restated Memorandum and Articles of Association with
respect to the Company’s pre-Business Combination activities prior to the consummation of a Business Combination that would
affect the substance or timing of the Company’s obligation to redeem 100% of the IPO Shares if the Company does not complete
a Business Combination within the time period set forth in the Amended and Restated Memorandum and Articles of Association.

 

14.  In the event
that the Company does not consummate a Business Combination and must liquidate and its remaining net assets are insufficient to
complete such liquidation, the Sponsor agrees to advance such funds necessary to complete such liquidation and agrees not to seek
repayment for such expenses.

 

15.  Each officer
of the Company agrees not to become involved with another publicly listed blank check company with a class of securities registered
under the Exchange Act prior to us announcing an agreement to acquire our initial Business Combination, or the expiration of the
period for us to announce and/or complete our initial Business Combination.

 

16.  This letter 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. The undersigned
hereby (i) agrees that any action, proceeding or claim against him arising out of or relating in any way to this letter agreement
(a “Proceeding”) shall be brought and enforced in the courts of the State of New York of the United States
of America for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive,
(ii) waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum and (iii) irrevocably
agrees to appoint Ellenoff Grossman & Schole LLP as agent for the service of process in the State of New York to receive, for
the undersigned and on his behalf, service of process in any Proceeding.

 

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17. As used herein,
(i) “Anchor Investors” shall mean Hua Mao and Cheng Zhao; (ii) a “Business Combination”
shall mean a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of,
entering into contractual arrangements with, or any other similar business combination with one or more businesses or entities;
(iii) “Initial Shareholders” shall mean the Sponsor, Navy Sail International Limited and any of the officers
and directors that hold founder shares of the Company; (iv) “Insiders” shall mean all officers, directors
and shareholders of the Company immediately prior to the IPO; (v) “Insider Shares” shall mean all of
the Ordinary Shares of the Company acquired by an Insider prior to the IPO; (vi) “IPO Shares” shall mean
the Ordinary Shares issued in the Company’s IPO; (vii) “Permitted Transferees” shall mean any transferee
that received securities of the Company upon a Transfer in compliance with Section 3(c) herein; (viii)“Private Units”
shall mean (x) the Units purchased in the private placement taking place simultaneously with the consummation of the Company’s
IPO and (y) additional Units that will be purchased in a private placement upon the full or partial exercise of the underwriters’
over-allotment option for the Company’s IPO; (ix) “Registration Statement” means the registration
statement on Form S-1 filed by the Company with respect to the IPO; (x) “Transfer” shall mean the
(a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise
dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation
with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act and the rules
and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such
transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention
to effect any transaction specified in clause (a) or (b); and (xi) “Trust Fund” shall mean the trust
fund into which a portion of the net proceeds of the Company’s IPO will be deposited.

 

18.  Any notice, consent
or request to be given in connection with any of the terms or provisions of this letter 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 facsimile
transmission.

 

19.  No party hereto
may assign either this letter agreement or any of its rights, interests, or obligations hereunder without the prior written consent
of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate
to transfer or assign any interest or title to the purported assignee. This letter agreement shall be binding on the parties hereto
and any successors and assigns thereof.

 

20.  The undersigned
acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations and warranties
set forth herein in proceeding with the IPO.

 

21.  This letter agreement
constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersedes
all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate
in any way to the subject matter hereof or the transactions contemplated hereby. This letter agreement may not be changed, amended,
modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument
executed by the Company and each officer or director that is the subject of any such change, amendment modification or waiver.

 

[signature page follows]

 

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	 	DOUBLE VENTURES HOLDINGS LIMITED
	 	 	 
	 	By:	 
	 	 	Name: Charlie Chunyi Hao
	 	 	Title:  Director
	 	 	 
	 	NAVY SAIL INTERNATIONAL LIMITED 
	 	 
	 	By: 	 
	 	 	Name: Charlie Chunyi Hao 
	 	 	Title:  Director 
	 	 	 
	 	 
	 	Hua Mao
	 	 	 
	 	 
	 	Cheng Zhao
	 	 	 
	 	 
	 	Sherman Xiaoma Lu
	 	 
	 	 
	 	Charlie Chunyi Hao
	 	 
	 	 
	 	Sanjay Prasad
	 	 
	 	 
	 	Yuning Yao
	 	 
	 	 
	 	Yanan Zhao
	 	 
	 	 
	 	Richard Hong Yan

 

Acknowledged and Agreed:

 

EAST STONE ACQUISITION CORPORATION

 

	By: 	 	 
	 	Name: Sherman Xiaoma Lu	 
	 	Title: Chief Executive Officer

 

[Signature Page to the Insider Letter]

 

 

7Exhibit 10.2

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Agreement is made as of _____________, 2020 by and between East Stone Acquisition Corporation, a British Virgin Islands company
(the “Company”), and Continental Stock Transfer & Trust Company, a New York limited liability trust company (“Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1, No. 333-[ ] (“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,
I-Bankers Securities Inc. (“I-Bankers”) is acting as the representative of the underwriters in the IPO pursuant to
an underwriting agreement between the Company and I-Bankers, as representative of the underwriters (“Underwriting Agreement”);
and

 

WHEREAS,
the Company initially has 15 months from the consummation of the IPO (the “Initial Period”) to consummate an initial
business combination (as described in the Registration Statement, a “Business Combination”); and

 

WHEREAS,
if a Business Combination is not consummated within the Initial Period, Double Ventures Holdings Limited, a British Virgin Islands
company (the “Sponsor”) may extend such period up to two times, each by a three-month period, up to a maximum of 21
months in the aggregate, by depositing $1,000,000 (or $1,150,000 if the underwriters’ over-allotment option is exercised
in full, plus any amount eventually deposited on account of any Extension) into the Trust Account no later than the 15 month anniversary
of the IPO or the 18 month anniversary of the IPO (each, an “Applicable Deadline”) for each three month extension
(each, an “Extension”) for up to an aggregate of $2,000,000 (or $2,300,000 if the underwriters’ over-allotment
option is exercised in full); and

 

WHEREAS,
simultaneously with the IPO, the Sponsor, individuals Hua Mao and Cheng Zhao, and I-Bankers, and/or their respective designees
(collectively, the “Private Purchasers”) will be purchasing an aggregate of 323,750 (or 350,000 units if the over-allotment
option is exercised in full) (“Private Units”) from the Company for an aggregate purchase price of $3,237,500 (or
$3,500,000 if the over-allotment option is exercised in full); and 

 

WHEREAS,
as described in the Registration Statement, and in accordance with the Company’s Amended and Restated Memorandum and Articles
of Association, $100,000,000 of the net proceeds of the IPO and sale of the Private Units ($115,000,000 if the underwriters’
over-allotment option is exercised in full) 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, no par value per share (“Ordinary Shares”),
issued in the IPO as hereinafter provided (the amounts to be delivered to the Trustee, including any amount deposited in connection
with any Extension, 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, N.A. located in the United States and at a brokerage institution
selected by the Trustee that is 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 written instruction of the Company, invest and reinvest the Property in United States “government
securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment
Company Act”), having a maturity of 185 days or less, and/or in any open ended investment company registered under the Investment
Company Act that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(1),
(d)(2), (d)(3), and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act, which invest only in direct U.S. government
treasury obligations; it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting
the Company’s instructions hereunder and the Trustee may earn bank credits or other consideration; 

 

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

 

(e) Promptly
notify the Company and I-Bankers of all communications received by the Trustee 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;

 

(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 Chief Executive Officer or Chairman of the Board and Secretary or Assistant Secretary,
affirmed by counsel for the Company and complete the liquidation of the Trust Account and distribute the Property in the Trust
Account, including interest (which interest shall be net of any taxes payable and up to Fifty Thousand Dollars ($50,000) of interest
that may be released to the Company to pay dissolution expenses, if applicable, it being understood that the Trustee has no obligation
to monitor or question the Company’s position that an allocation has been made for taxes payable), 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 last date 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 “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 the Property in the Trust
Account, including interest (which interest shall be net of any taxes payable and less up to Fifty Thousand Dollars ($50,000)
of interest that may be released to the Company to pay dissolution expenses, if applicable), shall be distributed to the Public
Shareholders as of the Last Date;

 

(j)
Upon receipt of an Amendment Notification Letter (defined below), distribute to Public Shareholders who exercised their redemption
rights in connection with an Amendment (defined below) an amount equal to the pro rata share of the Property relating to the shares
for which such Public Shareholders have exercised redemption rights in connection with such Amendment; and

 

(k) 
Upon receipt of an extension letter (“Extension Letter”) substantially similar to Exhibit F hereto at least five days
prior to the Applicable Deadline, signed on behalf of the Company by one of the Company’s executive officers and affirmed
by counsel for the Company, and receipt of the dollar amount specified in the Extension Letter on or prior to the Applicable Deadline,
to follow the instructions set forth in the Extension Letter. 

 

		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 tax obligation owed by the Company.

 

    2

     

    

 

(b) Upon
written request from the Company following the Last Date, which may be given in a form substantially similar to that attached
hereto as Exhibit D, signed on behalf of the Company by one of the Company’s executive officers, the Trustee shall distribute
to the Company up to Fifty Thousand Dollars ($50,000) of interest income earned on the Property and requested by the Company to
cover expenses directly related to the Company’s liquidation (i.e., only those expenses incurred after the Last Date attributable
to the Company’s liquidation); provided, however, that the Company will not be allowed to withdraw interest income earned
on the trust account pursuant to this Section 2(b) unless there are sufficient funds available to pay the Company’s tax
obligations on such interest income or otherwise then due at that time.

 

(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 Sections 2(a) and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance
with Section 1(i) or 1(j) hereof.

 

(d) The
Company shall provide I-Bankers 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), 1(j), 1(k), 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;

 

(c) Pay
the Trustee an initial acceptance fee and an annual fee 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 Section 1(i) solely in connection with the consummation of a Business Combination. Otherwise, fees and disbursements shall
be paid by the Company from other funds held outside the Trust Account. 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 tabulating shareholder votes verifying the vote of the Company’s
shareholders regarding such Business Combination;

 

(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;

 

    3

     

    

 

(f) If
the Company seeks to amend any provisions of its Memorandum and Articles of Association relating to shareholders’ rights
or pre-Business Combination activity (including the substance and time within which the Company has to complete a Business Combination)
(in each case, an “Amendment”), the Company will provide the Trustee with a letter (an “Amendment Notification
Letter”) in the form of Exhibit E providing instructions for the distribution of funds to Public Shareholders who exercise
their redemption option in connection with such Amendment;

 

(g) If
applicable, issue a press release at least three days prior to the Applicable Deadline announcing that, at least five days prior
to the Applicable Deadline, the Company received notice from the Sponsor that the Sponsor intends to extend the Applicable Deadline;
and

 

(h) Promptly
following the Applicable Deadline, disclose whether or not the term the Company has to consummate a Business Combination has been
extended.

 

		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;

 

(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, fraud 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 and with reasonable care 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, other than accrued interest to the
extent otherwise provided by this Agreement, 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).

 

    4

     

    

 

(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), 1(j), 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 

 

		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. Except for any
liability arising out of the Trustee’s gross negligence, fraud or willful misconduct, 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, applicable to
contracts wholly performed within the borders of such states and 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. The Company
hereby appoints, without power of revocation, Ellenoff Grossman & Schole LLP, 1345 Avenue of the Americas, New York, New York
10105, Fax No.: (212) 370-7889, Attn: Stuart Neuhauser, Esq., as their respective agent to accept and acknowledge on its behalf
service of any and all process which may be served in any arbitration, action, proceeding or counterclaim in any way relating
to or arising out of this Agreement. The Company further agrees to take any and all action as may be necessary to maintain such
designation and appointment of such agent in full force and effect for a period of seven years from the date of this Agreement.

 

    5

     

    

 

(c) This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for Sections 1(i), 1 (j), 1(k), 2(a) and 2(c) (which may not be modified, amended or deleted without the affirmative vote of at
least 65% of the then outstanding Ordinary Shares attending and voting on such amendment at the relevant meeting; provided that
no such amendment will affect any Public Shareholder who has otherwise indicated his election to redeem his, her or its Ordinary
Shares in connection with a shareholder vote sought to amend this Agreement to extend to the time he, she or its would be entitled
to a return of his pro rata amount in the Trust Account), this Agreement or any provision hereof may only be changed, amended
or modified (other than to correct a typographical error) 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 I-Bankers. 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.

 

(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

One
State Street, 30th Floor

New
York, New York 10004

Attn:
Francis Wolf and Celeste Conzalez

Email:
fwolf@continentalstock.com

Email:
cgonzalez@continentalstock.com

 

if
to the Company, to:

 

East
Stone Acquisition Corporation

130 Worthen Road

Lexington,
MA 02421

Attn:
Sherman Xiaoma Lu, Chief Executive Officer

 

in
either case with a copy to:

 

I-Bankers
Securities Inc

535
5th Ave,

New
York, NY 10017

Attn:
Shelley Leonard, President

 

and 

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas

New
York, New York 10105

Attn:
Barry I. Grossman, Esq.

and

 

Schiff
Hardin LLP

901
K Street NW

Suite
300 700

Washington,
D.C. 20001

Attn:
Ralph V. De Martino, Esq. 

 

    6

     

    

 

(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. The Trustee acknowledges and agrees that it
shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any
funds in the Trust Account under any circumstance. In the event that the Trustee has a claim against the Company under this Agreement,
the Trustee will pursue such claim solely against the Company and not against the Property held in the Trust Account.

 

(h) This
Agreement is the joint product of the Trustee and the Company and each provision hereof has been subject to the mutual consultation,
negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

(i) This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic
transmission shall constitute valid and sufficient delivery thereof.

 

(j) Each
of the Company and the Trustee hereby acknowledges that I-Bankers, on behalf of the several underwriters, is a third party beneficiary
of this Agreement.

 

[Signature
Page Follows]

 

    7

     

    

 

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: Francis E. Wolf Jr.
	 	 	Title: Vice President

 

	 	EAST STONE ACQUISITION CORPORATION

 

	 	By:	 
	 	 	Name: Sherman Xiaoma Lu
	 	 	Title: Chief Executive Officer

 

[Signature
Page to Investment Management Trust Agreement]

 

    8

     

    

 

SCHEDULE
A

 

	Fee
    Item	 	Time
    and method of payment	 	Amount	 
	Initial one-time acceptance
    fee	 	Trust agreement negotiation,
    completion of Know Your Customer review, account set-up, and initial closing of IPO by wire transfer, set up and monitoring
    of the required principal crediting beginning year 2.	 	$	3,500	 
	 	 	 	 	 	 	 
	Trusteeship 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
    Sections 1(i) and 1(j)	 	Billed to Company upon delivery of service pursuant
    to Sections 1(i) and 1(j)	 	 	Prevailing
    rates 	 

 

     

     

    

 

EXHIBIT
A

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer

&Trust
Company

One
State Street, 30th Floor

New
York, New York 10004

Attn: Francis
Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account
    No. – [_____] Termination Letter

 

Ladies
and Gentlemen:

 

Pursuant
to paragraph 1(i) of the Investment Management Trust Agreement between East Stone Acquisition Corporation (“Company”)
and Continental Stock Transfer & Trust Company (“Trustee”), dated as of ______________, 20__ (“Trust Agreement”),
this is to advise you that the Company has entered into an agreement (“Business 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 (or such shorter
time as you may agree) 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 JP Morgan Chase Bank 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, neither I-Bankers nor the Company will 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) a written instruction
from the Company 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.

 

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,
	 	 
	 	EAST STONE ACQUISITION CORPORATION

 

	 	By:	 

 

	And	 
	AGREED TO AND	 
	ACKNOWLEDGED BY	 
	 	 
	I-BANKERS SECURITIES INC.	 

 

	By:	 	 

 

     

     

    

 

EXHIBIT
B

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer

&Trust
Company

One
State Street, 30th Floor

New
York, New York 10004

Attn: Francis
Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account
    No. [insert no.]___ - Termination Letter

 

Ladies
and Gentlemen:

 

Pursuant
to paragraph 1(i) of the Investment Management Trust Agreement between East Stone Acquisition Corporation (“Company”)
and Continental Stock Transfer & Trust Company (“Trustee”), dated as of __________, 20__ (“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 Operating Account at JP Morgan Chase Bank, NA to await distribution to the Public
Shareholders. The Company has selected ____________, 20__ as the effective date for the purpose of determining when the Public
Shareholders will 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 Operating 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,
	 	 
	 	EAST STONE ACQUISITION CORPORATION

 

	 	By:	 

 

cc:
I-Bankers Securities Inc.

 

     

     

    

 

EXHIBIT
C

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer

&Trust
Company

One
State Street, 30th Floor 

New
York, New York 10004

Attn: Francis
Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account No. [insert no.]___

 

Ladies
and Gentlemen:

 

Pursuant
to paragraph 2(a) of the Investment Management Trust Agreement between East Stone Acquisition Corporation (“Company”)
and Continental Stock Transfer & Trust Company (“Trustee”), dated as of ____________, 20__ (“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. 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]

 

	 	EAST STONE ACQUISITION CORPORATION

 

	 	By:	 

 

	cc:
    I-Bankers Securities Inc.

 

     

     

    

 

EXHIBIT
D

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer &Trust Company

One
State Street, 30th Floor

New
York, New York 10004

Attn:
Francis Wolf and Celeste Gonzalez

 

Re:
Trust Account No. [______]

 

Ladies
and Gentlemen:

 

Pursuant
to Section 2(b) of the Investment Management Trust Agreement between East Stone Acquisition Corporation (“Company”)
and Continental Stock Transfer & Trust Company (“Trustee”), dated as of ___________, 20__ (“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, which does not exceed, in the aggregate with all such prior disbursements pursuant
to Section 2(b), if any, the maximum amount set forth in Section 2(b). The Company needs such funds to pay its expenses relating
to its liquidation. 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,	 
	 	 
	EAST STONE ACQUISITION CORPORATION	 

 

	By:	 	 

 

cc:
I-Bankers Securities Inc.

 

     

     

    

 

EXHIBIT
E

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer

&Trust
Company

One
State Street, 30th Floor

New
York, New York 10004

Attn:
Francis Wolf and Celeste Gonzalez

 

Re:
Trust Account No. [______] - Amendment Notification Letter

 

Ladies
and Gentlemen:

 

Reference
is made to the Investment Management Trust Agreement between East Stone Acquisition Corporation (“Company”) and Continental
Stock Transfer & Trust Company, dated as of ___________, 20__ (“Trust Agreement”). Capitalized words used herein
and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement.

 

Pursuant
to Sections 1(j) and 3(f) of the Trust Agreement, this is to advise you that the Company has sought an Amendment. Accordingly,
in accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate a sufficient portion of the Trust Account
on [       ] in order to transfer $_____ of the proceeds of the Trust to the Trust Operating
Account at [JP Morgan Chase Bank, NA] for distribution to the shareholders that have requested redemption of their shares in connection
with such Amendment.

 

	[WIRE INSTRUCTION INFORMATION]	 

 

	 	Very truly yours,
	 	 
	 	EAST STONE ACQUISITION CORPORATION

 

	 	By:	 

 

cc:
I-Bankers Securities Inc.

 

     

     

    

 

EXHIBIT
F

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street Plaza, 30th Floor

New
York, NY 10004-1561

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account
    No. [   ] Extension Letter

 

Ladies
and Gentlemen:

 

Pursuant
to Section 1(k) of the Investment Management Trust Agreement between East Stone Acquisition Corporation (“Company”)
and Continental Stock Transfer & Trust Company, dated as of ____________, 20__ (“Trust Agreement”), this is to
advise you that the Company is extending the time available in order to consummate a Business Combination with the Target Businesses
for an additional three (3) months, from _______ to _________ (the “Extension”).

 

This
Extension Letter shall serve as the notice required with respect to Extension prior to the Applicable Deadline. Capitalized words
used herein and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to deposit $_____, which will be wired to you, into
the Trust Account upon receipt. These funds should be invested in [__________________________] or [the same manner as the funds
currently on deposit in the Trust Account].

 

This
is the ____ of up to three Extension Letters that the Company is permitted to deliver to you pursuant to the Trust Agreement. 

 

	 	Very truly yours,
	 	 
	 	EAST STONE ACQUISITION CORPORATION

 

	 	By:	 
	 	Name: 	 
	 	Title:	 

 

	cc:	I-Bankers Securities Inc.

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