Document:

Exhibit 10.2

 

 

COMPANY STOCKHOLDER SUPPORT AGREEMENT

This COMPANY STOCKHOLDER
SUPPORT AGREEMENT, dated as of February 1, 2021 (this “Agreement”), is made by and among Microvast, Inc., a
Delaware corporation (the “Company”), Tuscan Holdings Corp., a Delaware corporation (“Parent”),
and certain of the stockholders of the Company whose names appear on the signature pages of this Agreement (each, a “Stockholder”
and, collectively, the “Stockholders”).

WHEREAS, the Company,
Parent and TSCN Merger Sub Inc., a Delaware corporation and a wholly owned direct subsidiary of Parent (“Merger Sub”)
propose to enter into, concurrently herewith, an agreement and plan of merger in the form attached hereto as Exhibit A
(the “Merger Agreement”; capitalized terms used but not defined in this Agreement shall have the meanings ascribed
to such terms in the Merger Agreement), which provides, among other things, that, upon the terms and subject to the conditions
thereof, Merger Sub will be merged with and into the Company (the “Merger”), with the Company surviving the
Merger as a wholly owned subsidiary of Parent; and

WHEREAS, as of the
date hereof, each Stockholder owns of record the number of shares of Company Common Stock and Company Preferred Stock as set forth
opposite such Stockholder’s name on Exhibit B hereto (all such shares of Company Common Stock and Company Preferred
Stock and any shares of Company Common Stock and Company Preferred Stock of which ownership of record or the power to vote is hereafter
acquired by the Stockholders prior to the termination of this Agreement being referred to herein as the “Shares”).

NOW, THEREFORE, in
consideration of the foregoing and of the mutual covenants and agreements contained herein, the receipt and sufficiency of which
is hereby acknowledged, and intending to be legally bound, the parties hereto hereby agree as follows:

1.                 
Agreement to Vote. Each Stockholder, with respect to its Shares, severally and not jointly, hereby agrees, regardless
of whether or not there shall have been a Company Adverse Recommendation Change, to vote, at any meeting of the stockholders of
the Company, and in any action by irrevocable written consent of the stockholders of the Company, all Shares held by such Stockholder
at such time (a) in favor of the approval and adoption of the Merger Agreement, the Merger and all other Transactions (and
each Stockholder agrees to deliver to the Company an irrevocable written consent containing such approval and adoption promptly,
and in any event within twenty-four (24) hours, after execution of this Agreement) and (b) against any action, agreement, transaction
or proposal that would result in a breach of any covenant, representation or warranty or any other obligation or agreement of
the Company under the Merger Agreement or that would reasonably be expected to result in the failure of the Merger from being
consummated. Each Stockholder acknowledges receipt and review of a copy of the Merger Agreement.

2.                 
Termination of Company Stockholder Agreement. Each Stockholder, with respect to its Shares, severally and not jointly,
hereby agrees to terminate, subject to the occurrence of, and effective immediately prior to, the Effective Time, the Company
Stockholder Agreement.

 

    

     

    

3.                 
Transfer of Shares; Redemption or Conversion of Shares. Each Stockholder, severally and not jointly, agrees that
it shall not, directly or indirectly, (a) sell, assign, transfer (including by operation of law), lien, pledge, dispose of
or otherwise encumber any of the Shares or otherwise agree to do any of the foregoing, except for a sale, assignment or transfer
pursuant to the Merger Agreement or to another stockholder of the Company that is a party to this Agreement and bound by the terms
and obligations hereof, (b) deposit any Shares into a voting trust or enter into a voting Contract or grant any proxy or power
of attorney with respect thereto that is inconsistent with this Agreement or (c) enter into any Contract, option or other arrangement
or undertaking with respect to the direct or indirect acquisition or sale, assignment, transfer (including by operation of law)
or other disposition of any Shares; provided that the foregoing shall not prohibit the transfer of the Shares by a Stockholder
to an Affiliate of such Stockholder, but only if such Affiliate of Stockholder shall execute this Agreement or a joinder agreeing
to become a party to this Agreement. Each Stockholder agrees that it shall not, directly or indirectly, to the extent it has any
such right, redeem any of the Shares held by such Stockholder (or permit or agree to the redemption of such Shares) or convert
or agree to convert any Company Preferred Stock held by such Stockholder into Company Common Stock.

4.                 
No Solicitation of Transactions. Each of the Stockholders, severally and not jointly, agrees not to directly or
indirectly, through any officer, director, representative, agent or otherwise, (a) solicit, initiate or knowingly encourage (including
by furnishing information) the submission of, or participate in any discussions or negotiations regarding, any Company Acquisition
Proposal or any proposal or offer that could reasonably be expected to lead to a Company Acquisition Proposal, or (b) participate
in any discussions or negotiations regarding, or furnish to any person, any information with the intent to, or otherwise cooperate
in any way with respect to, or knowingly assist, participate in, facilitate or encourage, any unsolicited proposal that constitutes,
or may reasonably be expected to lead to, a Company Acquisition Proposal. Each Stockholder shall, and shall direct its representatives
and agents to, immediately cease and cause to be terminated any discussions or negotiations with any parties that may be ongoing
with respect to any Company Acquisition Proposal. Each Stockholder may respond to any unsolicited proposal regarding a Company
Acquisition Proposal by indicating that the Company is subject to an exclusivity agreement and such Stockholder is unable to provide
any information related to the Company or entertain any proposals or offers or engage in any negotiations or discussions concerning
a Company Acquisition Proposal for as long as the Merger Agreement remains in effect.

5.                 
Appraisal Rights. Each Stockholder hereby irrevocably and unconditionally (a) waives and agrees to refrain from
exercising any dissenters’ rights, appraisal rights or similar rights (collectively, “Appraisal Rights”)
such Stockholder may have with respect to all of the Shares such Stockholder owns as of the date of this Agreement and all of
the shares of Company Common Stock or Company Preferred Stock or other Equity Interests of the Company it acquires after the date
of this Agreement that may arise with respect to the Merger or any of the Transactions, including Appraisal Rights under the DGCL
and (b) agrees that it will not bring, commence, institute, maintain, prosecute, participate in or voluntarily aid any Action,
in law or in equity, in any court or before any governmental entity, which (i) challenges the validity of or seeks to enjoin the
operation of any provision of this Agreement, the Merger Agreement or any certificate or other writing delivered by or on behalf
of such Stockholder at or prior to the Closing, and/or (ii) alleges that the execution and delivery of this Agreement by
such Stockholder, or the approval of the Merger Agreement by the Company Board breaches any fiduciary duty of the Company Board
or any member thereof.

    

     

    

   6.                 
Representations and Warranties. Each Stockholder, severally and not jointly, represents and warrants to the Company
and Parent as follows:

(a)              
The execution, delivery and performance by such Stockholder of this Agreement and the consummation by such Stockholder of
the transactions contemplated hereby do not and will not (i) conflict with or violate any Law applicable to such Stockholder, (ii)
require any consent, approval or authorization of, declaration, filing or registration with, or notice to, any Person, (iii) result
in the creation of any encumbrance on any Shares (other than under this Agreement, the Merger Agreement and the agreements contemplated
by the Merger Agreement) or (iv) conflict with or result in a breach of or constitute a default under any provision of such Stockholder’s
Organizational Documents.

(b)              
As of the date of this Agreement, such Stockholder owns exclusively of record and has good and valid title to the Shares
set forth opposite such Stockholder’s name on Exhibit B free and clear of any security interest, lien, claim,
pledge, proxy, option, right of first refusal, agreement, voting restriction, limitation on disposition, charge, adverse claim
of ownership or use or other encumbrance of any kind, other than pursuant to (i) this Agreement, (ii) applicable securities
laws, (iii) the Company Charter and Company Bylaws and (iv) the Company Stockholder Agreement, and as of the date of this
Agreement, such Stockholder has the sole power (as currently in effect) to vote and right, power and authority to sell, transfer
and deliver such Shares, and such Stockholder does not own, directly or indirectly, any other Shares.

(c)              
Such Stockholder has the power, authority and capacity to execute, deliver and perform this Agreement and this Agreement
has been duly authorized, executed and delivered by such Stockholder.

  7.                 
Termination. This Agreement and the obligations of the parties hereto under this Agreement shall automatically terminate
upon the earliest of (a) the Effective Time; (b) the termination of the Merger Agreement in accordance with its terms and
(c) the effective date of a written agreement of all the parties hereto terminating this Agreement. Upon termination of this Agreement,
no party shall have any further obligations or liabilities under this Agreement; provided, however, such termination
shall not relieve any party from liability for a willful and intentional breach of this Agreement occurring prior to its termination.
The representations and warranties contained in this Agreement and in any certificate or other writing delivered pursuant hereto
shall not survive the Closing or the termination of this Agreement.

  8.                 
Miscellaneous.

(a)              
Except as otherwise provided herein, all costs and expenses incurred in connection with this Agreement and the transactions
contemplated hereby shall be paid by the party incurring such costs and expenses, whether or not the transactions contemplated
hereby are consummated.

(b)              
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall
be deemed to have been duly given upon receipt) by delivery in person, by e-mail or by registered or certified mail (postage prepaid,
return receipt requested) to the respective parties at the following addresses or e-mail addresses (or at such other address or
email address for a party as shall be specified in a notice given in accordance with this Section 8(b)):

    

     

    

	 	
        If to the Company, to:

        Microvast, Inc.

        12603 Southwest Freeway, Suite 210

        Stafford, Texas 77477

        Attention: Yang Wu

        Email: wuyang@microvast.com

	 	
        with a copy to:

        Shearman & Sterling LLP

        2828 N. Harwood Street, Suite 1800

        Dallas, Texas 75201

        Attention: Paul Strecker

        Alain Dermarkar

        Email: Paul.Strecker@Shearman.com

        Alain.Dermarkar@Shearman.com

	 	
        If to Parent, to:

        Tuscan Holdings Corp.

        135 E. 57th Street, 18th Floor

        New York NY 10022

        Attention: Stephen A. Vogel

        Email: Stephen@vpllp.com

	 	
        

        with a copy to:

        Greenberg Traurig, LLP

        333 SE 2nd Avenue, Suite 4400

        Miami, Florida 33131

        Attention: Alan I. Annex, Esq.

        Email: annexa@gtlaw.com

 

If to a Stockholder, to the address
or email address set forth for Stockholder on the signature page hereof.

(c)              
If any provision of this Agreement or the application thereof to any Person or circumstances is held by a court of competent
jurisdiction or other Governmental Authority to be invalid or unenforceable in any jurisdiction, the remainder hereof, and the
application of such provision to such Person or circumstances in any other jurisdiction, shall not be affected thereby, and to
this end the provisions of this Agreement shall be severable. Upon such determination by such court or other Governmental Authority,
the parties hereto will substitute for any invalid or unenforceable provision a suitable and equitable provision that carries out,
so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision.

    

     

    

(d)              
(i) The words “hereof”, “herein”, and “hereunder” and words of similar import, when
used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement; (ii) the
words “date hereof,” when used in this Agreement, shall refer to the date set forth in the Preamble; (iii) the terms
defined in the singular have a comparable meaning when used in the plural, and vice versa; (iv) the terms defined in the present
tense have a comparable meaning when used in the past tense, and vice versa; (v) any references herein to a specific Section or
Article shall refer, respectively, to Sections or Articles of this Agreement; (vi) references herein to any gender (including the
neuter gender) includes each other gender; (vii) the word “or” shall not be exclusive; (viii) the headings herein are
for convenience of reference only, do not constitute part of this Agreement and shall not be deemed to limit or otherwise affect
any of the provisions hereof; (ix) the words “include”, “includes” and “including” shall be
deemed to be followed by the phrase “without limitation;” and (x) the parties hereto have participated jointly in the
negotiation and drafting of this Agreement and, in the event that an ambiguity or question of intent or interpretation arises,
this Agreement shall be construed as jointly drafted by the parties hereto and no presumption or burden of proof shall arise favoring
or disfavoring any party by virtue of the authorship of any provision of this Agreement.

(e)              
This Agreement is intended to create, and creates, a contractual relationship and is not intended to create, and does not
create, any agency, partnership, joint venture or any like relationship between the parties hereto.

(f)               
This Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes
all prior agreements and undertakings, both written and oral, among the parties, or any of them, with respect to the subject matter
hereof. This Agreement shall not be assigned (whether pursuant to a merger, by operation of law or otherwise), by any party without
the prior express written consent of the other parties hereto.

(g)              
This Agreement shall be binding upon and inure solely to the benefit of each party hereto (and each of their permitted assigns),
and nothing in this Agreement, express or implied, is intended to or shall confer upon any other person any right, benefit or remedy
of any nature whatsoever under or by reason of this Agreement. No Stockholder shall be liable for the breach by any other Stockholder
of this Agreement.

(h)              
Subject to the provisions of Section 8(n), the parties hereto agree that irreparable damage would occur in the event
any provision of this Agreement was not performed in accordance with the terms hereof and that the parties shall be entitled to
specific performance of the terms hereof, in addition to any other remedy at law or in equity.

(i)                
This Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware without giving effect
to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause
the application of laws of any jurisdictions other than those of the State of Delaware. Except for International Finance Corporation
(“IFC”), each of the parties hereto (i) irrevocably and unconditionally submits to the exclusive personal
jurisdiction of the Court of Chancery of the State of Delaware, New Castle County, or, if that court does not have jurisdiction,
a federal court sitting in Wilmington, Delaware (and in each case, any appellate courts thereof) in any action or proceeding arising
out of or relating to this Agreement, (ii) agrees that all claims in respect of such action or proceeding may be heard and
determined in any such court, (iii) irrevocably and unconditionally agrees that it shall not attempt to deny or defeat such
personal jurisdiction by motion or other request for leave from any such court and (iv) agrees not to bring any action or proceeding
arising out of or relating to this Agreement in any other court. Each party agrees that a final judgment in any such action or
proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by Law. Each of the parties hereto irrevocably and unconditionally waives any defense of inconvenient forum to the maintenance
of any action or proceeding so brought and waives any bond, surety or other security that might be required of any other party
with respect thereto.

(j)                
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall
be deemed to be one and the same agreement. A signed copy of this Agreement delivered by email shall be deemed to have the same
legal effect as delivery of an original signed copy of this Agreement.

 

    

     

    

(k)              
Without further consideration, each party hereto shall execute and deliver or cause to be executed and delivered such additional
documents and instruments and take all such further action as may be reasonably necessary to consummate the transactions contemplated
by this Agreement.

(l)                
This Agreement shall not be effective or binding upon any party hereto until after such time as the Merger Agreement is
executed and delivered by the Company, Parent and Merger Sub.

(m)            
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ALL
RIGHTS TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING CONTEMPLATED HEREBY. Each of the parties hereto (i) certifies that no Representative,
agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of
litigation, seek to enforce that foregoing waiver and (ii) acknowledges that it and the other parties have been induced to enter
into this Agreement by, among other things, the mutual waivers and certifications in this Section 8(m).

(n)              
Notwithstanding the foregoing, each of the parties hereto hereby acknowledges that IFC shall be entitled, under applicable
Law, including the provisions of the International Organizations Immunities Act, to immunity from a trial by jury in any action,
suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby brought against IFC in
any court of the United States of America. Each of the parties hereto hereby waives any and all rights to demand a trial by jury
in any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated by this Agreement,
brought against IFC in any forum in which IFC is not entitled to immunity from a trial by jury. The parties hereto acknowledge
and agree that no provision of this Agreement, nor the submission to arbitration by IFC, in any way constitutes or implies a waiver,
termination or modification by IFC of any privilege, immunity or exemption of IFC granted in the Articles of Agreement establishing
IFC, international conventions or applicable Law.

[Signature pages follow]

    

     

    

 

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

	 	
        MICROVAST, INC.

        By: /s/ Yang
        Wu                      

        Name: Yang Wu

        Title: Chief Executive Officer

	 	 

 

 

 

 

 

[Signature Page to Stockholder Support Agreement]

    

     

    

 

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

	 	
        TUSCAN HOLDINGS CORP.

        By: /s/ Stephen
        A. Vogel               

        Name: Stephen A. Vogel

        Title: Chief Executive Officer

 

 

 

[Signature Page to Stockholder Support Agreement]

    

     

    

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

	 	YANG WU
	 	 
	 	/s/ Yang Wu
	 	 
	 	 
	 	DIAOKUN XIAO
	 	 
	 	/s/ Diaokun Xiao
	 	 
	 	 
	 	WEI LI
	 	 
	 	/s/
    Wei Li
	 	 
	 	 
	 	XIAOPING ZHOU
	 	 
	 	/s/ Xiaoping Zhou
	 	 
	 	 
	 	GUOYOU DENG
	 	 
	 	/s/ Guoyou Deng
	 	 
	 	 
	 	YANZHUAN ZHENG
	 	 
	 	/s/ Yanzhuan Zheng
	 	 
	 	 
	 	WENJUAN MATTIS
	 	 
	 	/s/ Wenjuan Mattis

 

[Signature Page to Stockholder Support Agreement]

    

     

    

 

 

	 	BRUCE RABEN
	 	 
	 	/s/ Bruce Raben
	 	 
	 	 
	 	MICHAEL TODD BOYD
	 	 
	 	/s/ Michael Todd Boyd
	 	 
	 	 
	 	EVERGREEN EVER LIMITED
	 	 
	 	Ying Wei
	 	Name: Ying Wei
	 	Title: Director
	 	 
	 	 
	 	ASHMORE GLOBAL SPECIAL SITUATIONS FUND 4 LIMITED PARTNERSHI
	 	 
	 	/s/ Elysia Gallienne; /s/ Claire Field
	 	Northern Trust (Guernsey) Limited

	 	as custodian and agent for and on behalf of

	 	Ashmore Global Special Situations Fund 4 Limited

Partnership acting through its general partner Ashmore Global Special
Situations Fund 4 (GP) Limited

	 	 
	 	 
	 	 

 

[Signature Page to Stockholder Support Agreement]

    

     

    

 

	 	ASHMORE GLOBAL SPECIAL SITUATIONS FUND
    5 LIMITED PARTNERSHIP
	 	 
	 	/s/
    Elysia Gallienne; /s/ Claire Field
	 	Northern Trust (Guernsey) Limited
	 	as custodian and agent for and on behalf of
	 	Ashmore Global Special Situations Fund 5 Limited
	 	Partnership acting through its general partner Ashmore Global
    Special Situations Fund 5 (GP) Limited
	 	 
	 	 
	 	ASHMORE CAYMAN SPC LIMITED
	 	on behalf of and for the account of Microvast Segregated Portfolio
	 	 
	 	/s/ Sean Inggs
	 	Name: Sean Inggs
	 	Title: Director
	 	 
	 	 
	 	INTERNATIONAL FINANCE CORPORATION
	 	 
	 	/s/ Hoi Ying So
	 	Name: Hoi Ying So
	 	Title: Global Portfolio Manager
	 	 
	 	 
	 	HUZHOU HONGLI INVESTMENT MANAGEMENT LIMITED LIABILITY PARTNERSHIP
	 	 
	 	/s/ Yanzhuan Zheng
	 	Name: Yanzhuan (Leon) Zheng
	 	Title: General Representative

[Signature Page to Stockholder Support Agreement]

    

     

    

 

	 	HUZHOU HONGYUAN INVESTMENT MANAGEMENT LIMITED
    LIABILITY PARTNERSHIP
	 	 
	 	/s/ Yanzhuan Zheng
	 	Name: Yanzhuan (Leon) Zheng
	 	Title: General Representative
	 	 
	 	 
	 	HUZHOU HONGYI INVESTMENT MANAGEMENT LIMITED LIABILITY PARTNERSHIP
	 	 
	 	/s/
    Yanzhuan Zheng
	 	Name: Yanzhuan (Leon) Zheng
	 	Title: General Representative
	 	 
	 	 
	 	HUZHOU OUHONG INVESTMENT MANAGEMENT LIMITED LIABILITY PARTNERSHIP
	 	 
	 	/s/ Yanzhuan Zheng
	 	Name: Yanzhuan (Leon) Zheng
	 	Title: General Representative
	 	 
	 	 
	 	HUZHOU HONGCAI INVESTMENT MANAGEMENT LIMITED LIABILITY PARTNERSHIP
	 	 
	 	/s/ Yanzhuan Zheng
	 	Name: Yanzhuan (Leon) Zheng
	 	Title: General Representative
	 	 
	 	 
	 	HUZHOU HONGJIA INVESTMENT MANAGEMENT LIMITED LIABILITY PARTNERSHIP
	 	 
	 	/s/ Yanzhuan Zheng
	 	Name: Yanzhuan (Leon) Zheng
	 	Title: General Representative

 

 

 

 

[Signature Page to Stockholder Support Agreement]

    

     

    

 

EXHIBIT A

FORM OF AGREEMENT AND PLAN OF MERGER

 

 

 

 

[Signature Page to Stockholder
Support Agreement]

    

     

    

 

EXHIBIT B

LIST OF STOCKHOLDERS

	Name of Stockholder	Number of Shares of Company Common Stock Owned	Number of Shares of Company Preferred Stock Owned
	Yang Wu	530,582	0
	Diaokun Xiao	32,123	0
	Wei Li	32,123	0
	Xiaoping Zhou	13,742	0
	Guoyou Deng	7,843	0
	Yanzhuan Zheng	1,953	0
	Wenjuan Mattis	1,238	0
	Huzhou HongLi Investment Management Limited Liability Partnership	9,903	0
	Huzhou HongYuan Investment Management Limited Liability Partnership	8,373	0
	Huzhou HongYi Investment Management Limited Liability Partnership	13,033	0
	Huzhou OuHong Investment Management Limited Liability Partnership	9,792	0
	Huzhou HongCai Investment Management Limited Liability Partnership	6,960	0
	Huzhou HongJia Investment Management Limited Liability Partnership	2,067	0
	Bruce Raben	817	0
	Michael Todd Boyd	650	0
	IFC	0	146,647
	Ashmore Funds 4, 5 and Special Purpose Fund	0	146,648
	Evergreen Ever Limited	0	139,186Exhibit 10.3

 

SPONSOR SUPPORT AGREEMENT

 

THIS SPONSOR SUPPORT
AGREEMENT, dated as of February 1, 2021 (this “Agreement”), by and among Tuscan Holdings Acquisition LLC, a
Delaware limited liability company (“Sponsor”), Microvast, Inc., a Delaware corporation (the “Company”),
Tuscan Holdings Corp., a Delaware corporation (“Parent”), and certain of the Parent Stockholders whose names
appear on the signature pages of this Agreement (such Parent Stockholders and Sponsor collectively, the “Sponsor Members”).

 

WHEREAS, Parent, the
Company and TSCN Merger Sub Inc., a Delaware corporation and a wholly owned direct subsidiary of Parent (“Merger Sub”),
propose to enter into, concurrently herewith, an agreement and plan of merger in the form attached hereto as Exhibit A (the
“Merger Agreement”; capitalized terms used but not defined in this Agreement shall have the meanings ascribed
to such terms in the Merger Agreement), which provides for, among other things, a business combination between Parent and the Company;

 

WHEREAS, as of the date
hereof, each Sponsor Member owns of record the number of shares of Parent Common Stock as set forth opposite such Sponsor Member’s
name on Exhibit C hereto (all such shares of Parent Common Stock and any shares of Parent Common Stock of which ownership
of record or the power to vote is hereafter acquired by the Sponsor Members prior to the termination of this Agreement being referred
to herein as the “Shares”); and

 

WHEREAS, in order to
induce Parent and the Company to enter into the Merger Agreement and the Key Company Holders to enter into the Company Support
Agreement, each of the Sponsor Members, Parent and the Company desires to enter into this Agreement.

 

NOW, THEREFORE, in consideration
of the foregoing and of the mutual covenants and agreements contained herein, the receipt and sufficiency of which is hereby acknowledged,
and intending to be legally bound, the parties hereto hereby agree as follows:

 

1. Agreement
to Vote. Each Sponsor Member, severally and not jointly, hereby agrees to vote, at any meeting of the Parent Stockholders,
including the Parent Stockholder Meeting, and in any action by written consent of the Parent Stockholders, all Shares held by such
Sponsor Member at such time (a) in favor of the approval and adoption of the Merger Agreement and the Transactions and all other
Voting Matters and, if necessary, the Extension Proposals, and (b) against any action, agreement, transaction or proposal that
would result in a breach of any covenant, representation or warranty or any other obligation or agreement of Parent under the Merger
Agreement or that would reasonably be expected to result in the failure of the Merger from being consummated. Each Sponsor Member
acknowledges receipt and review of a copy of the Merger Agreement.

 

2. Transfer
of Shares. Each Sponsor Member, severally and not jointly, agrees that it shall not, directly or indirectly, (a) sell, assign,
transfer (including by operation of law), lien, pledge, dispose of or otherwise encumber any of the Shares or otherwise agree to
do any of the foregoing, except for a sale, assignment or transfer pursuant to the Merger Agreement or to another Parent Stockholder
that is a party to this Agreement and bound by the terms and obligations hereof (but not required to be bound by Sections 4
and 5), (b) deposit any Shares into a voting trust or enter into a voting Contract or grant any proxy or power of attorney
with respect thereto that is inconsistent with this Agreement or (c) enter into any Contract, option or other arrangement or undertaking
with respect to the direct or indirect acquisition or sale, assignment, transfer (including by operation of law) or other disposition
of any Shares; provided that the foregoing shall not prohibit the transfer of the Shares by a Sponsor Member to an Affiliate of
such Sponsor Member, but only if such Affiliate of Sponsor Member shall execute this Agreement or a joinder agreeing to become
a party to this Agreement.

 

     

     

    

 

3. No Redemption
of Sponsor Shares. Each Sponsor Member agrees to abstain from exercising any redemption rights of any Shares held by such Sponsor
Member in connection with the Parent Stockholder Approval and, if necessary, the Parent Extension Approval.

 

4. Parent
Transaction Expenses. Sponsor hereby agrees that to the extent the Parent Transaction Expenses shall exceed an amount equal
to $46,000,000 (collectively, the “Parent Expense Cap”), then, Sponsor shall, prior to the Effective Time, in
its sole option, either (a) pay any such amount in excess of the Parent Expense Cap to Parent in cash, by wire transfer of immediately
available funds to the account designated by Parent, or (b) forfeit to Parent (for no consideration) such number of shares of Parent
Common Stock (valued at $10.00 per share of Parent Common Stock) held by Sponsor that would, in the aggregate, have a value equal
to such amount in excess of the Parent Expense Cap; provided, that if the Company shall consent in writing to Parent Transaction
Expenses in excess of the Parent Expense Cap, then the Parent Expense Cap shall be increased by the amount of Parent Transaction
Expenses to which the Company shall have provided written consent; provided, further, that if Sponsor shall elect to forfeit
shares of Parent Common Stock and the number of shares of Parent Common Stock available for forfeiture pursuant to this Section
4 shall be insufficient to satisfy Sponsor’s obligations under this Section 4, then Sponsor shall, prior to the
Effective Time, satisfy any such additional in cash.

 

5. Amendment
to Stock Escrow Agreement. Each of Sponsor and Parent agrees to take all actions necessary to cause, at the Closing, the amendment
and restatement of Section 3.2 of the Stock Escrow Agreement (the “Escrow Agreement”), dated March 5, 2019,
by and among Parent, Sponsor, Continental Stock Transfer & Trust Company (“Continental”) and the other parties
thereto, in the form attached as Exhibit B hereto (the “Escrow Agreement Amendment”). At and after the
Closing, each of Sponsor and Parent shall use reasonable best efforts to cause Continental and the other parties of the Escrow
Agreement to take all action necessary to give effect to the actions contemplated by the Escrow Agreement Amendment. The Escrow
Agreement Amendment shall become effective as of the Closing (and not before). The Escrow Agreement Amendment shall become effective
only in connection with the consummation of the Transactions, and this Section 5 (and Exhibit B) shall be void and
of no force and effect if the Merger Agreement shall be terminated or the Closing shall not occur for any reason.

 

6. No Solicitation
of Transactions. Each of Sponsor Member, severally and not jointly, agrees not to directly or indirectly, through any officer,
director, representative, agent or otherwise, (a) solicit, initiate or knowingly encourage (including by furnishing information)
the submission of, or participate in any discussions or negotiations regarding, any Acquisition Proposal with respect to the Parent
(“Parent Acquisition Proposal”) or any proposal or offer that could reasonably be expected to lead to a Parent
Acquisition Proposal, or (b) participate in any discussions or negotiations regarding, or furnish to any person, any information
with the intent to, or otherwise cooperate in any way with respect to, or knowingly assist, participate in, facilitate or encourage,
any unsolicited proposal that constitutes, or may reasonably be expected to lead to, a Parent Acquisition Proposal. Each Sponsor
Member shall, and shall direct its representatives and agents to, immediately cease and cause to be terminated any discussions
or negotiations with any parties that may be ongoing with respect to any Parent Acquisition Proposal. Each Sponsor Member may respond
to any unsolicited proposal regarding a Parent Acquisition Proposal by indicating that Parent is subject to an exclusivity agreement
and such Sponsor Member is unable to provide any information related to Parent or entertain any proposals or offers or engage in
any negotiations or discussions concerning a Parent Acquisition Proposal for as long as the Merger Agreement remains in effect.

 

    2

     

    

 

7. Representations
and Warranties. Each Sponsor Member, severally and not jointly, represents and warrants
to the Company and Parent as follows:

 

(a)    The
execution, delivery and performance by such Sponsor Member of this Agreement and the consummation by such Sponsor Member of the
transactions contemplated hereby do not and will not (i) conflict with or violate any Law applicable to such Sponsor Member, (ii)
require any consent, approval or authorization of, declaration, filing or registration with, or notice to, any Person, (iii) result
in the creation of any encumbrance on any Shares (other than under this Agreement, the Merger Agreement and the agreements contemplated
by the Merger Agreement) or (iv) if applicable, conflict with or result in a breach of or constitute a default under any provision
of such Sponsor Member’s Organizational Documents.

 

(b)    As
of the date of this Agreement, such Sponsor Member owns exclusively of record and has good and valid title to the Shares set forth
opposite such Sponsor Member’s name on Exhibit C free and clear of any security interest, lien, claim, pledge,
proxy, option, right of first refusal, agreement, voting restriction, limitation on disposition, charge, adverse claim of ownership
or use or other encumbrance of any kind, other than pursuant to (i) this Agreement, (ii) applicable securities Laws, (iii)
Parent’s Organizational Documents and (iv) the Escrow Agreement, and as of the date of this Agreement, such Sponsor
Member has the sole power (as currently in effect) to vote and right, power and authority to sell, transfer and deliver such Shares,
and such Sponsor Member does not own, directly or indirectly, any other Shares.

 

(c)    Such
Sponsor Member has the power, authority and capacity to execute, deliver and perform this Agreement and this Agreement has been
duly authorized, executed and delivered by such Sponsor Member.

 

8. Termination.
This Agreement and the obligations of the parties hereto under this Agreement shall automatically terminate upon the earliest of:
(a) the Effective Time; (b) the termination of the Merger Agreement in accordance with its terms; and (c) the mutual
written agreement of all the parties hereto. Upon termination of this Agreement, no party shall have any further obligations or
liabilities under this Agreement; provided, however, such termination shall not relieve any party from liability
for a willful and intentional breach of this Agreement occurring prior to its termination.

 

    3

     

    

 

9. Miscellaneous.

 

(a)    Except
as otherwise provided herein, all costs and expenses incurred in connection with this Agreement and the transactions contemplated
hereby shall be paid by the party incurring such costs and expenses, whether or not the transactions contemplated hereby are consummated.

 

(b)    All
notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed
to have been duly given upon receipt) by delivery in person, by e-mail or by registered or certified mail (postage prepaid, return
receipt requested) to the respective parties at the following addresses or e-mail addresses (or at such other address or e-mail
address for a party as shall be specified in a notice given in accordance with this Section 9(b)):

 

If to Sponsor or, prior to the Closing, Parent, to:

 

Tuscan Holdings Corp.

Tuscan Holdings Acquisition LLC

135 E. 57th Street, 18th Floor

New York NY 10022

Attention: Stephen A. Vogel

Email: Stephen@vpllp.com

 

with a copy to:

 

Greenberg Traurig, P.A.

333 SE 2nd Avenue, Suite 4400

Miami, Florida 33131

Attention: Alan I. Annex, Esq.

Email: annexa@gtlaw.com

 

If to Parent from and after the Closing, to:

 

Microvast Holdings, Inc.

12603 Southwest Freeway, Suite 210

Stafford, Texas 77477

Attention: Yang Wu

Email: wuyang@microvast.com

 

    4

     

    

 

with a copy to:

 

Shearman & Sterling LLP

2828 N. Harwood Street, Suite 1800

Dallas, Texas 75201

Attention: Paul Strecker

   Alain Dermarkar

Email: Paul.Strecker@Shearman.com

   Alain.Dermarkar@Shearman.com

 

If to the Company, to:

 

Microvast, Inc.

12603 Southwest Freeway, Suite 210

Stafford, Texas 77477

Attention: Yang Wu

Email: wuyang@microvast.com

 

with a copy to:

 

Shearman & Sterling LLP

2828 N. Harwood Street, Suite 1800

Dallas, Texas 75201

Attention: Paul Strecker

   Alain Dermarkar

Email: Paul.Strecker@Shearman.com

   Alain.Dermarkar@Shearman.com

 

If to a Sponsor Member other than
Sponsor, to the address or email address set forth for such Sponsor Member on the signature page hereof.

 

(c)    If
any provision of this Agreement or the application thereof to any Person or circumstances is held by a court of competent jurisdiction
or other Governmental Authority to be invalid or unenforceable in any jurisdiction, the remainder hereof, and the application of
such provision to such Person or circumstances in any other jurisdiction, shall not be affected thereby, and to this end the provisions
of this Agreement shall be severable. Upon such determination by such court or other Governmental Authority, the parties hereto
will substitute for any invalid or unenforceable provision a suitable and equitable provision that carries out, so far as may be
valid and enforceable, the intent and purpose of such invalid or unenforceable provision.

 

(d)    (i)
The words “hereof”, “herein”, and “hereunder” and words of similar import, when used in this
Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement; (ii) the words “date
hereof,” when used in this Agreement, shall refer to the date set forth in the Preamble; (iii) the terms defined in the singular
have a comparable meaning when used in the plural, and vice versa; (iv) the terms defined in the present tense have a comparable
meaning when used in the past tense, and vice versa; (v) any references herein to a specific Section or Article shall refer, respectively,
to Sections or Articles of this Agreement; (vi) references herein to any gender (including the neuter gender) includes each other
gender; (vii) the word “or” shall not be exclusive; (viii) the headings herein are for convenience of reference only,
do not constitute part of this Agreement and shall not be deemed to limit or otherwise affect any of the provisions hereof; (ix)
the words “include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation;” and (x) the parties hereto have participated jointly in the negotiation and drafting of this
Agreement and, in the event that an ambiguity or question of intent or interpretation arises, this Agreement shall be construed
as jointly drafted by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by
virtue of the authorship of any provision of this Agreement.

 

    5

     

    

 

(e)    This
Agreement is intended to create, and creates, a contractual relationship and is not intended to create, and does not create, any
agency, partnership, joint venture or any like relationship between the parties hereto.

 

(f)    This
Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes all prior
agreements and undertakings, both written and oral, among the parties, or any of them, with respect to the subject matter hereof.
This Agreement shall not be assigned (whether pursuant to a merger, by operation of law or otherwise) by any party without the
prior express written consent of the other parties hereto.

 

(g)    This
Agreement shall be binding upon and inure solely to the benefit of each party hereto (and each of their permitted assigns), and
nothing in this Agreement, express or implied, is intended to or shall confer upon any other person any right, benefit or remedy
of any nature whatsoever under or by reason of this Agreement. No Sponsor Member shall be liable for the breach by any other Sponsor
Member of this Agreement.

 

(h)    The
parties hereto agree that irreparable damage would occur in the event any provision of this Agreement was not performed in accordance
with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other
remedy at law or in equity.

 

(i)    This
Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware without giving effect to any
choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application
of laws of any jurisdictions other than those of the State of Delaware. Each of the parties hereto (i) irrevocably and unconditionally
submits to the exclusive personal jurisdiction of the Court of Chancery of the State of Delaware, New Castle County, or, if that
court does not have jurisdiction, a federal court sitting in Wilmington, Delaware (and in each case, any appellate courts thereof)
in any action or proceeding arising out of or relating to this Agreement, (ii) agrees that all claims in respect of such action
or proceeding may be heard and determined in any such court, (iii) irrevocably and unconditionally agrees that it shall not attempt
to deny or defeat such personal jurisdiction by motion or other request for leave from any such court and (iv) agrees not to bring
any action or proceeding arising out of or relating to this Agreement in any other court. Each party agrees that a final judgment
in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by Law. Each of the parties hereto irrevocably and unconditionally waives any defense of inconvenient forum
to the maintenance of any action or proceeding so brought and waives any bond, surety or other security that might be required
of any other party with respect thereto.

 

(j)    This
Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed
to be one and the same agreement. A signed copy of this Agreement delivered by email shall be deemed to have the same legal effect
as delivery of an original signed copy of this Agreement.

 

(k)    Without
further consideration, each party hereto shall execute and deliver or cause to be executed and delivered such additional documents
and instruments and take all such further action as may be reasonably necessary to consummate the transactions contemplated by
this Agreement.

 

(l)    This
Agreement shall not be effective or binding upon any party hereto until after such time as the Merger Agreement is executed and
delivered by the Company, Parent and Merger Sub.

 

(m)    TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ALL RIGHTS TO TRIAL BY
JURY IN ANY ACTION OR PROCEEDING CONTEMPLATED HEREBY. Each of the parties hereto (i) certifies that no Representative, agent or
attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation,
seek to enforce that foregoing waiver and (ii) acknowledges that it and the other parties have been induced to enter into this
Agreement by, among other things, the mutual waivers and certifications in this Section 8(m).

 

[Signature page follows]

 

    6

     

    

 

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

 

	 	TUSCAN HOLDINGS ACQUISITION LLC 
	 	 	 
	 	By	/s/ Stephen A. Vogel
	 	Name:	Stephen A. Vogel
	 	Title:	Managing Member
	 	 	 
	 	TUSCAN HOLDINGS CORP.
	 	 	 
	 	By	/s/ Stephen A. Vogel
	 	Name: 	Stephen A. Vogel
	 	Title:	Chief Executive Officer
	 	 	 
	 	MICROVAST, INC. 
	 	 	 
	 	By	/s/ Yang Wu
	 	Name:	Yang Wu
	 	Title: 	Chief Executive Officer
	 	 
	 	STEFAN M. SELIG
	 	 	 
	 	/s/ Stefan M. Selig
	 	 	 
	 	RICHARD O. RIEGER
	 	 	 
	 	/s/ Richard O. Rieger
	 	 	 
	 	AMY BUTTE
	 	 	 
	 	/s/ Amy Butte

 

[Signature
Page to Sponsor Support Agreement]

 

    7

     

    

 

EXHIBIT A

FORM OF AGREEMENT AND PLAN OF MERGER

 

    8

     

    

 

EXHIBIT B

FORM OF ESCROW AGREEMENT AMENDMENT

 

Effective as of the
Closing, Section 3.2 of the Escrow Agreement shall be deleted in its entirety and replaced with the following:

 

3.2    Except
as otherwise set forth herein, the Escrow Agent shall hold the shares remaining after any cancellation required pursuant to Section
3.1 above (such remaining shares to be referred to herein as the “Escrow Shares”). Of such remaining shares,
5,062,500 shares of Common Stock held by Sponsor shall be referred to herein as the “Sponsor Upfront Escrow Shares”
and held pursuant to Section 3.2(a), all of the shares of Common Stock held by Founders other than Sponsor shall be referred
to as “Founder Upfront Escrow Shares” and held pursuant to Section 3.2(a) and 1,687,500 shares of Common
Stock held by Sponsor shall be referred to herein as the “Sponsor Earn-Out Escrow Shares” and held pursuant
to Section 3.2(b).

 

(a)    Release
of Sponsor Upfront Escrow Shares and Founder Upfront Escrow Shares.  The Sponsor Upfront Escrow Shares and the Founder Upfront
Escrow Shares shall be held until (i) with respect to 3,375,000 Sponsor Upfront Escrow Shares and 45,000 Founder Upfront Escrow
Shares, the earlier of (A) one year following the date of the consummation of the transactions contemplated by the Merger Agreement,
dated as of February 1, 2021 (the “Merger Agreement”), by and among the Company, TSCN Merger Sub Inc. and Microvast,
Inc. (the “Anniversary Release Date”) and (B) the date on which the last sale price of the Common Stock equals
or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading
days within any 30-trading day period following the consummation of the transactions contemplated by the Merger Agreement, and
(ii) with respect to the remaining Sponsor Upfront Escrow Shares and Founder Upfront Escrow Shares, the Anniversary Release Date
(such period of time during which the Founder Upfront Escrow Shares are held in escrow, the “Founder Upfront Escrow Period”).
Upon expiration of the Founder Upfront Escrow Period, the Escrow Agent shall disburse and release to the Founders all Sponsor Upfront
Escrow Shares and all Founder Upfront Escrow Shares, as applicable (and any applicable stock power), upon receipt of a written
notice executed by Tuscan Holdings Acquisition LLC (“Sponsor”), in form reasonably acceptable to the Escrow
Agent, certifying the expiration of the Founder Upfront Escrow Period and the number of Sponsor Upfront Escrow Shares and Founder
Upfront Escrow Shares to be disbursed and released to each Founder. The Escrow Agent shall have no further duties under this Section
3.2(a) with respect to the Founder Upfront Escrow Shares after the disbursement of the Sponsor Escrow Shares and Founder Upfront
Escrow Shares to the Founders in accordance with this Section 3.2(a).

 

(b)    Release
of Sponsor Earn-Out Escrow Shares. The Escrow Agent shall hold, disburse and release the Sponsor Earn-Out Escrow Shares as
follows:

 

(i)    The
Escrow Agent shall hold the 50% of the Sponsor Earn-Out Escrow Shares until the later of (A) the Anniversary Release Date and (B)
the date on which the last sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock
dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period following the consummation
of the transactions contemplated by the Merger Agreement (the “First Earn-Out Target”). The Escrow Agent shall
hold the other 50% of the Sponsor Earn-Out Escrow Shares until the later of (A) the Anniversary Release Date and (B) the date on
which the last sale price of the Common Stock equals or exceeds $15.00 per share (as adjusted for stock splits, stock dividends,
reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period following the consummation of the
transactions contemplated by the Merger Agreement (the “Second Earn-Out Target”). Sponsor shall deliver to the
Escrow Agent a written notice executed by Sponsor, in form reasonably acceptable to the Escrow Agent, certifying the achievement
of the First Earn-Out Target (the “First Earn-Out Target Release Notice”) and/or the achievement of the Second
Earn-Out Target (the “Second Earn-Out Target Release Notice”). The Escrow Agent shall disburse and release to
the Founders (A) 50% of the Sponsor Earn-Out Escrow Shares (and any applicable stock power), upon receipt the First Earn-Out Target
Release Notice and (B) 50% of the Sponsor Earn-Out Escrow Shares (and any applicable stock power), upon receipt of the Second Earn-Out
Target Release Notice; provided that if any of the First Earn-Out Target Release Notice or the Second Earn-Out Target Release
Notice shall be delivered prior to the Anniversary Release Date, then the Escrow Agent shall not release any of the Sponsor Earn-Out
Shares subject to such First Earn-Out Target Release Notice or the Second Earn-Out Target Release Notice, as the case may be, until
the Anniversary Release Date. In the event that neither the First Earn-Out Target Release Notice nor the Second Earn-Out Target
Release Notice is delivered on or prior to the fifth anniversary of the consummation of the transactions contemplated by the Merger
Agreement, then the Escrow Agent shall automatically disburse and release all the Sponsor Earn-Out Escrow Shares (and any applicable
stock power) to the Company for cancellation for no consideration. In the event that the Second Earn-Out Target Release Notice
is not delivered (and the First Earn-Out Target Release Notice has been delivered) on or prior to the fifth anniversary of the
consummation of the transactions contemplated by the Merger Agreement, then the Escrow Agent shall automatically disburse and release
50% of the Sponsor Earn-Out Escrow Shares (and any applicable stock power) to the Company for cancellation for no consideration.
The Escrow Agent shall have no further duties under this Section 3.2(b)(i) with respect to the Sponsor Earn-Out Escrow Shares
after the disbursement of the Sponsor Earn-Out Escrow Shares to the Founders or the Company, as the case may be, in accordance
with this Section 3.2(b)(i).

 

    9

     

    

 

(ii)    The
Sponsor Earn-Out Escrow Shares and the Earn-Out Target shall be adjusted to reflect appropriately the effect of any stock splits,
reverse splits, stock dividends, reorganizations, reclassifications and other similar events with respect to the Common Stock occurring
on or after the date hereof and prior to the time any such Sponsor Earn-Out Escrow Shares are released to the Founders or returned
to the Company, as the case may be.

 

(iii)    Notwithstanding
Section 3.2(b)(i), if prior to or as of the fifth anniversary of the consummation of the transactions contemplated by the
Merger Agreement, the Company undergoes a Change of Control, with the consideration or implied consideration per share of Common
Stock being (A) less than $12.00, then the Escrow Agent shall automatically disburse and release all Sponsor Earn-Out Escrow Shares
not previously released for cancellation for no consideration, (B) $12.00 or more but less than $15.00, 50% of the Sponsor Earn-Out
Escrow Shares shall be released to the Founders, and the Escrow Agent shall automatically disburse and release the other 50% of
the Sponsor Earn-Out Escrow Shares to the Company for cancellation for no consideration, and (B) $15.00 or more, all of the Sponsor
Earn-Out Escrow Shares shall be released to the Founders. Sponsor shall provide written notice (the “Sponsor Notice”)
to the Escrow Agent, with a copy to the Company, of any Change of Control that triggers the release of the Sponsor Earn-Out Escrow
Shares in accordance with this Section 3.2(b)(iii). The Escrow Agent shall disburse and release to the Founders and/or the
Company the Sponsor Earn-Out Escrow Shares (and any applicable stock power) in accordance with this Section 3.2(b)(iii)
immediately prior to the consummation of such Change of Control unless the Company shall have provided written notice to the Escrow
Agent within five business days following receipt of the Sponsor Notice objecting to such release (in which case the Escrow Agent
shall hold such Sponsor Earn-Out Escrow Shares until such time as it shall have received a joint written notice from Sponsor and
the Company as to the manner in which to disburse such Sponsor Earn-Out Escrow Shares). For purposes of this Agreement, “Change
of Control” shall mean (i) the closing of a merger, consolidation, liquidation or reorganization of the Company into
or with another company or other legal person, after which merger, consolidation, liquidation or reorganization the capital stock
of the Company outstanding prior to consummation of the transaction is not converted into or exchanged for or does not represent
more than 50% of the aggregate voting power of the surviving or resulting entity; (ii) the direct or indirect acquisition by any
person (as the term “person” is used in Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended)
of more than 50% of the voting capital stock of the Company, in a single or series of related transactions; or (iii) the sale,
exchange, or transfer of all or substantially all of the Company’s assets (other than a sale, exchange, or transfer to one
or more entities where the stockholders of the Company immediately before such sale, exchange or transfer retain, directly or indirectly,
at least a majority of the beneficial interest in the voting stock of the entities to which the assets were transferred).

 

    10

     

    

 

EXHIBIT C

LIST OF SPONSOR MEMBERS

 

	 
Name of Sponsor Member
	 	Number of Shares Owned	 	 	Number of Shares to be Subject to Earnout	 
	Tuscan Holdings Acquisition LLC	 	 	6,750,000	 	 	 	1,687,500	 
	Stefan M. Selig	 	 	30,000	 	 	 	0	 
	Richard O. Rieger	 	 	30,000	 	 	 	0	 
	Amy Butte	 	 	30,000	 	 	 	0	 

 

 

11

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