Document:

Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Agreement is made as of October 5,
2018 by and between EdtechX Holdings Acquisition Corp. (the “Company”) and Continental Stock Transfer &
Trust Company (“Trustee”).

 

WHEREAS, the Company’s registration
statement on Form S-1, No. 333-227257 (“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, Chardan Capital Markets, LLC (the
“Representative”) is acting as the representative of the several underwriters in the IPO; and

 

WHEREAS, as described in the Registration
Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation, $55,825,000 ($64,198,750
if the over-allotment option is exercised in full) of the proceeds from the IPO and a simultaneous private placement of warrants
will be delivered to the Trustee to be deposited and held in a segregated trust account located at all times in the United States
(the “Trust Account”) for the benefit of the Company and the holders of the Company’s common stock, par
value $0.0001 per share (“Common Stock”), issued in the IPO as hereinafter provided (the proceeds to be delivered
to the Trustee will be referred to herein as the “Property”; the stockholders for whose benefit the Trustee
shall hold the Property will be referred to as the “Public Stockholders,” and the Public Stockholders and the
Company will be referred to together as the “Beneficiaries”); and

 

WHEREAS, a portion of the Property equal
to $1,925,000, or $2,213,750 if the underwriters’ over-allotment option is exercised in full, is attributable to deferred
underwriting discounts and commissions that may become payable by the Company to the joint book-running managers of the IPO upon
the consummation of an initial business combination (as described in the Registration Statement, a “Business Combination”)
(the “Deferred Discount”); 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 the Trust Account established by the Trustee at J.P. Morgan Chase Bank, N.A.
and at a brokerage institution selected by the Trustee that is reasonably satisfactory to the Company;

 

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

 

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(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 180 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 paragraph (d) 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 during such periods;

 

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

 

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

 

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

 

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

 

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

 

(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, affirmed by counsel for the Company and, in the case of a Termination Letter in a form substantially similar to that attached
hereto as Exhibit A, acknowledged and agreed to by the Representative, and complete the liquidation of the Trust Account
and distribute the Property in the Trust Account, including interest not previously released to the Company to pay its franchise
and income taxes (and in the case of a Termination Letter in a form substantially similar to the attached hereto as Exhibit B,
less up to $100,000 of interest that may be released to the Company to pay dissolution expenses), 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 within the period of time provided in the Company’s Amended and Restated Certificate of Incorporation,
as the same may be amended from time to time (“Last Date”), the Trust Account shall be liquidated in accordance
with the procedures set forth in the Termination Letter attached as Exhibit B hereto and distributed to the Public Stockholders
as of the Last Date. The provisions of this Section 1(i) may not be modified, amended or deleted under any circumstances;
and

 

(j) Upon receipt of a letter (an “Amendment
Notification Letter”) in the form of Exhibit C, signed on behalf of the Company by an authorized officer, distribute
to Public Stockholders who exercised their conversion rights in connection with an amendment to Article Sixth of the Company’s
amended and restated certificate of incorporation (an “Amendment”) an amount equal to the pro rata share of
the Property relating to the Common Stock for which such Public Stockholders have exercised conversion rights in connection with
such Amendment. The provisions of this Section 1(j) may not be modified, amended or deleted under any circumstances.

 

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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 D, the Trustee shall
distribute to the Company the amount of interest income earned on the Trust Account requested by the Company to cover any income
or other tax obligation owed by the Company as a result of such interest income.

 

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

 

(d) The Company shall provide the Representative
with a copy of any Termination Letter, Amendment Notification Letter, 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 agrees and covenants to:

 

(a) Give all instructions to the Trustee
hereunder in writing, signed by an authorized officer of the Company. In addition, except with respect to its duties under Sections
1(i), 1(j) and 2(a) 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 Section
5 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 losses suffered by the Trustee in connection with any claim, potential claim, action, suit,
or other proceeding brought against the Trustee which in any way arises out of or relates to this Agreement, the services of the
Trustee hereunder, or the Property or any income earned from investment of the Property, except for expenses and losses resulting
from the Trustee’s gross negligence or willful misconduct. Promptly after the receipt by the Trustee of notice of demand
or claim or the commencement of any action, suit, or proceeding, pursuant to which the Trustee intends to seek indemnification
under this paragraph, it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified
Claim”). The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim, provided,
that the Trustee shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably
withheld. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which consent
shall not be unreasonably withheld. The Company may participate in such action with its own counsel;

 

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(c) Pay the Trustee an initial acceptance
fee, an annual fee, and a transaction processing fee for each disbursement made pursuant to Section 2(a) 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 unless such payment is in connection with the consummation of a Business Combination.
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
stockholders regarding a Business Combination, provide to the Trustee an affidavit or certificate of a firm regularly engaged in
the business of soliciting proxies and/or tabulating stockholder votes verifying the vote of the Company’s stockholders 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;

 

(f) If the Company has an Amendment approved
by its stockholders, provide the Trustee with an Amendment Notification Letter in the form of Exhibit C providing instructions
for the distribution of funds to Public Stockholders who exercise their conversion option in connection with such Amendment; and

 

(g) Within five business days after the
Representative, on behalf of the underwriters in the IPO, exercises the over-allotment option (or any unexercised portion thereof)
or such over-allotment option expires, provide the Trustee with a notice in writing (with a copy to the Representative) of the
total amount of the Deferred Discount, which shall in no event be less than $1,925,000; and

 

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 Sections 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;

 

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(c) Change the investment of any Property,
other than in compliance with Section 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 or willful misconduct. The Trustee may rely conclusively and shall be
protected in acting upon any order, notice, demand, certificate, opinion, or advice of counsel (including counsel chosen by the
Trustee), statement, instrument, report, or other paper or document (not only as to its due execution and the validity and effectiveness
of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Trustee,
in good faith, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any
notice or demand, or any waiver, modification, termination, or rescission of this Agreement or any of the terms hereof, unless
evidenced by a written instrument delivered to the Trustee signed by the proper party or parties and, if the duties or rights of
the Trustee are affected, unless it shall give its prior written consent thereto;

 

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

 

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

 

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

 

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

 

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

 

    	 	5	 

     

    

 

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 (90) 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 Section 1(i) hereof, and distributed the Property
in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 3(b)
and Section 5.

 

7. Miscellaneous.

 

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

 

(b) This Agreement shall be governed by
and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles
that would result in the application of the substantive laws of another jurisdiction. 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. As to any claim, cross-claim, or counterclaim in any way relating to this Agreement, each party waives the right to
trial by jury.

 

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(c) This Agreement may be executed in several
original or facsimile counterparts, each one of which shall constitute an original, and together shall constitute but one instrument.

 

(d) This Agreement contains the entire agreement
and understanding of the parties hereto with respect to the subject matter hereof. Except for Sections 1(i) and 1(j)
(which may not be amended under any circumstances), this Agreement or any provision hereof may only be changed, amended, or modified
by a writing signed by each of the parties hereto; provided, however, that no such change, amendment or modification may be made
without the prior written consent of the Representative. The Trustee may require from Company counsel an opinion as to the propriety
of any proposed amendment.

 

(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, by email or by facsimile transmission:

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis E. Wolf, Jr. and Celeste Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

if to the Company, to:

 

EdtechX Holdings Acquisition Corp.

c/o IBIS Capital Limited

22 Soho Square

London, W1D 4NS

United Kingdom

Attn: Benjamin Vedrenne-Cloquet

 

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

 

Chardan Capital Markets, LLC

17 State Street, 21st Floor

New York, New York 10004

Attn: George Kaufman, Partner and Head of
Investment Banking

 

and

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

Fax No.: (212) 818-8881

 

and

Schiff Hardin LLP

901 K Street NW

Suite 700

Washington, D.C. 20001

Attn: Ralph V. DeMartino, Esq.

 

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

 

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

 

(h) Each of the Company and the Trustee
hereby acknowledge that the Representative 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: 	/s/ Francis Wolf, Jr.
	 	 	Name: 	Francis Wolf, Jr.
	 	 	Title: 	Vice President
	 	 	 	 
	 	EDTECHX HOLDINGS ACQUISITION CORP. 
	 	 	 	 
	 	By: 	/s/ Benjamin Vedrenne-Cloquet
	 	 	Name: 	Benjamin Vedrenne-Cloquet
	 	 	Title: 	CEO

 

    	 	8	 

     

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,500.00	 
	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	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Section 2	 	Billed to Company upon disbursement	 	$	250.00	 
	Paying Agent services as required pursuant to section 1(i) and 1(j)	 	Billed to Company upon delivery of service pursuant to section 1(i) and 1(j)	 	 	Prevailing rates	 

 

    	 	9	 

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

    &
Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis E. Wolf, Jr. and Celeste
Gonzalez

 

		Re:	Trust
Account No. [●]
- Termination Letter

 

Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
1(i) of the Investment Management Trust Agreement between EdtechX Holdings Acquisition Corp. (“Company”) and
Continental Stock Transfer & Trust Company, dated as of October 5, 2018 (“Trust Agreement”), this is to
advise you that the Company has entered into an agreement with [__________________] to consummate a business combination (“Business
Combination”) on or about [insert date]. The Company shall notify you at least 48 hours in advance of the actual
date of the consummation of the Business Combination (“Consummation Date”). Capitalized terms used herein and
not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

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

 

On the Consummation
Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated and
(ii) the Company shall deliver to you (a) [an affidavit] [a certificate] of [__________________], which verifies the vote of the
Company’s stockholders in connection with the Business Combination if a vote is held and (b) joint written instructions from
the Company and Chardan Capital Markets, LLC 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 you 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,
	 	 
	 	EDTECHX HOLDINGS ACQUISITION CORP. 
	 	 	 	 
	 	By: 	 
	 	 	Name: 	Charles McIntyre
	 	 	Title: 	Executive Chairman
	 	 	 	 
	 	By: 	 
	 	 	Name:	Benjamin Vedrenne-Cloquet
	 	 	Title:	Chief Executive Officer

 

	AGREED TO AND ACKNOWLEDGED BY	 
	 	 
	CHARDAN CAPITAL MARKETS, LLC	 
	 	 	 
	By:	                    	 
	 	Name:	 
	 	Title:	 

 

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EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

Continental Stock Transfer

   &
Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis E. Wolf, Jr. and Celeste
Gonzalez

 

		Re:	Trust
Account No. [●]
- Termination Letter

 

Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
1(i) of the Investment Management Trust Agreement between EdtechX Holdings Acquisition Corp. (“Company”) and
Continental Stock Transfer & Trust Company, dated as of October 5, 2018 (“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 Certificate of Incorporation, as described in the Company’s prospectus relating
to its IPO. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In accordance with
the terms of the Trust Agreement, we hereby authorize you to liquidate all the Trust Account investments on [______________] and
to transfer the total proceeds to the Trust Checking Account at [______________]to await distribution to the Public Stockholders.
The Company has selected [____________, 20__] as the record date for the purpose of determining the Public Stockholders entitled
to receive their share of the liquidation proceeds. It is acknowledged that no interest will be earned by the Company on the liquidation
proceeds while on deposit in the Trust Checking Account. You agree to be the Paying Agent of record and in your separate capacity
as Paying Agent, to distribute said funds directly to the Public Stockholders in accordance with the terms of the Trust Agreement
and the Amended and Restated Certificate of Incorporation 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,
	 	 
	 	EDTECHX HOLDINGS ACQUISITION CORP. 
	 	 	 	 
	 	By: 	 
	 	 	Name:	Charles McIntyre
	 	 	Title:	Executive Chairman
	 	 	 	 
	 	By: 	 
	 	 	Name:	Benjamin Vedrenne Cloquet
	 	 	Title:	Chief Executive Officer

 

cc: Chardan Capital Markets, LLC

 

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EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

   & Trust
Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis E. Wolf, Jr. and Celeste
Gonzalez:

 

		Re:	Trust
Account No. [●]
– Amendment Notification Letter

 

Mr. Wolf and Ms. Gonzalez

 

Reference is made to
the Investment Management Trust Agreement between EdtechX Holdings Acquisition Corp. (“Company”) and Continental
Stock Transfer & Trust Company, dated as of October 5, 2018 (“Trust Agreement”). Capitalized words used
herein and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement.

 

Pursuant to Section
1(j) 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 [        ] and to transfer
$_____ of the proceeds of the Trust to the operating account at JPMorgan Chase for distribution to the stockholders that have requested
conversion of their shares in connection with such Amendment. The remaining funds shall be reinvested by you as previously instructed.

 

	 	Very truly yours,
	 	 
	 	EDTECHX HOLDINGS ACQUISITION CORP. 
	 	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title:

 

cc: Chardan Capital Markets, LLC

 

    	 	12	 

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

   & Trust
Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis E. Wolf, Jr. and Celeste
Gonzalez:

 

		Re:	Trust
Account No. [●]

 

Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
2(a) of the Investment Management Trust Agreement between EdtechX Holdings Acquisition Corp. (“Company”) and
Continental Stock Transfer & Trust Company, dated as of October 5, 2018 (“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]

 

	 	EDTECHX HOLDINGS ACQUISITION CORP. 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc: Chardan Capital Markets, LLC

 

    	 	13Exhibit 10.3

 

STOCK ESCROW AGREEMENT

 

STOCK ESCROW AGREEMENT, dated as of October
5, 2018 (“Agreement”), by and among EDTECHX HOLDINGS ACQUISITION CORP., a Delaware corporation (“Company”),
the stockholders of the Company listed on Exhibit A hereto (collectively the “Founders”) and CONTINENTAL STOCK TRANSFER
& TRUST COMPANY, a New York corporation (“Escrow Agent”).

 

WHEREAS, the Company was formed for the purpose
of completing a merger, stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business
combination (a “Business Combination”) with one or more businesses or entities.

 

WHEREAS, the Company has entered into an Underwriting
Agreement, dated October 5, 2018 (“Underwriting Agreement”), with Chardan Capital Markets LLC (the “Representative”)
acting as representative of the several underwriters (collectively, the “Underwriters”), pursuant to which, among other
matters, the Underwriters have agreed to purchase 5,500,000 units (“Units”) of the Company, plus an additional 825,000
Units if the underwriters exercise the over-allotment option in full. Each Unit consists of one share of the Company’s common
stock, par value $0.0001 per share (“Common Stock”), and one Warrant, each to purchase one share of Common Stock, all
as more fully described in the Company’s final Prospectus, dated October 5, 2018 (“Prospectus”) comprising part
of the Company’s Registration Statement on Form S-1 (File No. 333-227257) under the Securities Act of 1933, as amended (“Registration
Statement”), declared effective on October 5, 2018 (“Effective Date”).

 

WHEREAS, the Founders have agreed as a condition
of the sale of the Units to deposit their shares of Common Stock of the Company, as set forth opposite their respective names in
Exhibit A attached hereto, in escrow as hereinafter provided.

 

WHEREAS, the Company and the Founders desire
that the Escrow Agent accept the shares of Common Stock, in escrow, to be held and disbursed as hereinafter provided.

 

IT IS AGREED:

 

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

 

2. Deposit
of Shares. On or before the Effective Date, each of the Founders shall have delivered to the Escrow Agent certificates (and
applicable stock powers if requested by the Escrow Agent) representing such Founder’s respective shares of Common Stock,
to be held and disbursed subject to the terms and conditions of this Agreement. Each Founder acknowledges that the certificate
representing such Founder’s shares is legended to reflect the deposit of such shares under this Agreement.

 

3. Disbursement
of the Escrow Shares.

 

3.1 If
the over-allotment option to purchase all or a portion of the additional 825,000 Units of the Company is not exercised in full
within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree that the Escrow Agent
shall return to the Company for cancellation, at no cost, the number of shares of Common Stock held by each such Founder determined
by multiplying (a) the product of (i) 206,250, multiplied by (ii) a fraction, (x) the numerator of which is the number of shares
of Common Stock held by each such Founder, and (y) the denominator of which is the number of shares of Common Stock deposited hereunder,
by (b) a fraction, (i) the numerator of which is 825,000 minus the number of shares of Common Stock included in the Units purchased
by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 825,000. The Company shall
promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units,
if any, purchased by the Underwriters in connection with the exercise thereof

 

     

     

    

 

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”) until (i) with respect to
50% of the Escrow Shares, the earlier of (x) six months after the date of the consummation
of an initial Business Combination and (y) 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 commencing after the consummation of the Business Combination and (ii)
with respect to the remaining 50% of the Escrow Shares, six months after the date of the consummation of a Business Combination
(such period of time during which the Escrow Shares are held in escrow, the “Escrow Period”). The Company shall promptly
provide notice of the consummation of an initial Business Combination to the Escrow Agent. Upon completion of the Escrow Period,
the Escrow Agent shall disburse such amount of each Founder’s Escrow Shares to such Founder; provided, however, that if,
within the Escrow Period, the Company (or the surviving entity) subsequently consummates a liquidation, merger, stock exchange
or other similar transaction which results in all of the stockholders of such entity having the right to exchange their shares
of Common Stock for cash, securities or other property, then the Escrow Agent will, upon receipt of a notice executed by the Chairman
of the Board, Chief Executive Officer or other authorized officer of the Company, in form reasonably acceptable to the Escrow Agent,
certifying that such transaction is then being consummated or such conditions have been achieved, as applicable, release the Escrow
Shares to the Founders. The Escrow Agent shall have no further duties hereunder after the disbursement of the Escrow Shares in
accordance with this Section 3.2.

 

3.3 If
the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company is being liquidated, then the Escrow
Agent shall deliver the certificates representing the Escrow Shares to the Founders promptly after the public stockholders are
paid the liquidating distributions and shall have no further duties hereunder.

 

4. Rights
of Founders in Escrow Shares.

 

4.1 Voting
Rights as a Stockholder. Subject to the terms of the Insider Letters described in Section 4.4 hereof and except as herein provided,
the Founders shall retain all of their rights as stockholders of the Company as long as any shares are held in escrow pursuant
to this Agreement, including, without limitation, the right to vote such shares.

 

4.2 Dividends
and Other Distributions in Respect of the Escrow Shares. For as long as any shares are held in escrow pursuant to this Agreement,
all dividends payable in cash with respect to the Escrow Shares shall be paid to the Founders, but all dividends payable in stock
or other non-cash property (“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with
the terms hereof. As used herein, the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed
thereon, if any.

 

    	 	2	 

     

    

 

4.3 Restrictions
on Transfer. During the Escrow Period, the only permitted transfers of the Escrow Shares will be (i) to the Founders and the
Company’s officers, directors, employees, consultants or their affiliates, (ii) to a Founder’s stockholders, partners
or members upon the Founder’s liquidation, (iii) by bona fide gift to a member of the Founder’s immediate family or
to a trust, the beneficiary of which is the Founder or a member of the Founder’s immediate family for estate planning purposes,
(iv) by virtue of the laws of descent and distribution upon death of the Founder, (v) pursuant to a qualified domestic relations
order binding on the Founder, (vi) to the Company for no value for cancellation in connection with the consummation of a Business
Combination or (vii) by private sales of the Escrow Shares made at or prior to the consummation of a Business Combination at prices
no greater than the price at which the Escrow Shares were originally purchased; provided, however, that except for clause (vi)
or with the Company’s prior written consent, such permitted transfers may be implemented only upon the respective transferee’s
written agreement to be bound by the terms and conditions of this Agreement and of the Insider Letter signed by the Founder transferring
the shares.

 

4.4 Insider
Letters. Each of the Founders has executed a letter agreement with the Company and the Representative, dated as of the date
hereto, the form of which is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting the rights
and obligations of such Founder in certain events, including, but not limited to, the liquidation of the Company.

 

5. Concerning
the Escrow Agent.

 

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

 

5.2 Indemnification.
Subject to Section 5.8 below, the Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses,
including reasonable counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or
other proceeding involving any claim which in any way, directly or indirectly, arises out of or relates to this Agreement, the
services of the Escrow Agent hereunder, or the Escrow Shares held by it hereunder, other than expenses or losses arising from the
gross negligence, fraud or willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of
any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto
in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action in the
nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow Shares or it may deposit the
Escrow Shares with the clerk of any appropriate court or it may retain the Escrow Shares pending receipt of a final, non-appealable
order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances the Escrow Shares
are to be disbursed and delivered. The provisions of this Section 5.2 shall survive in the event the Escrow Agent resigns or is
discharged pursuant to Sections 5.5 or 5.6 below.

 

    	 	3	 

     

    

 

5.3 Compensation.
Subject to Section 5.8 below, the Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered
by it hereunder. The Escrow Agent shall also be entitled to reimbursement from the Company for all reasonable expenses paid or
incurred by it in the administration of its duties hereunder including, but not limited to, all counsel, advisors’ and agents’
fees and disbursements and all taxes or other governmental charges.

 

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

 

5.5 Resignation.
The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties
hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective
at such time that the Escrow Agent shall turn the Escrow Shares over to a successor escrow agent appointed by the Company and approved
by the Representative, which approval will not be unreasonably withheld, conditioned or delayed. If no new escrow agent is so appointed
within the 60-day period following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Shares with
any court it reasonably deems appropriate in the State of New York.

 

5.6 Discharge
of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested
in writing at any time by all of the other parties hereto; provided, however, that such resignation shall become effective only
upon the appointment of a successor escrow agent selected by the Company and approved by the Representative, which approval will
not be unreasonably withheld, conditioned or delayed.

 

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

 

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

 

6. Miscellaneous.

 

6.1 Governing
Law. This Agreement shall 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 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. As to any claim, cross-claim, or counterclaim in any way relating
to this Agreement, each party waives the right to trial by jury. Each of the Founders with an address on Exhibit A outside of the
State of New York irrevocably agrees to appoint Graubard Miller as agent for the service of process in the State of New York to
receive, for such Founder and on his, her or its behalf, service of process in any action, proceeding or claim against him, her,
or it arising out of or relating in any way to this Agreement.

 

    	 	4	 

     

    

 

6.2 Third
Party Beneficiaries. Each of the parties to this Agreement hereby acknowledges that the Representative is a third party beneficiary
of this Agreement.

 

6.3 Entire
Agreement. This Agreement contains the entire agreement of the parties hereto with respect to the subject matter hereof and,
except as expressly provided herein, may only be changed, amended, or modified by a writing signed by each of the parties
hereto. 

 

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

 

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

 

6.6 Notices.
Any notice, 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,
by email or by facsimile transmission:

 

If to the Company, to:

 

EdtechX Holdings Acquisition Corp.

c/o IBIS Capital Limited

22 Soho Square

London, W1D 4NS

United Kingdom

Attn: Benjamin Vedrenne-Cloquet

Fax No.: : +44 (0)20 7070 7081

Email: bvc@Ibiscap.com

 

If to a Founder, to his/it address set forth
in Exhibit A.

 

and if to the Escrow Agent, to:

 

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Chairman

Fax No.:

Email:

 

    	 	5	 

     

    

 

A copy of any notice sent hereunder shall
be sent to:

 

Chardan Capital Markets, LLC

17 State Street, Suite 1600

New York, New York 10004

Attn: George Kaufman

Fax No.:

Email: gkaufman@chardancm.com

 

with a copy to:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

Fax No.: (212) 818-8881

 

and:

 

Schiff Hardin LLP

901 K Street NW, Suite 700

Washington, DC 20001

Attn: Ralph V. De Martino

Fax No.: (202) 778-6460

Email: RDeMartino@schiffhardin.com

 

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

 

6.7 Liquidation
of the Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the Company
in the event that the Company fails to consummate a Business Combination within the time period specified in the Company’s
Amended and Restated Certificate of Incorporation, as the same may be amended from time to time.

 

6.8 Counterparts.
This Agreement may be executed in several counterparts, each one of which shall constitute an original and may be delivered by
facsimile transmission and together shall constitute one instrument.

 

[Signature Page Follows]

 

    	 	6	 

     

    

 

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

 

	 	EDTECHX HOLDINGS ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Benjamin Vedrenne-Cloquet
	 	 	 
	 	FOUNDERS:
	 	 	 
	 	IBIS CAPITAL SPONSOR LLC
	 	 	 
	 	By:	/s/ Charles McIntyre
	 	 	Name:	Charles McIntyre
	 	 	Title:	Managing Member
	 	 	 
	 	IBIS CAPITAL SPONSOR II LLC
	 	 	 
	 	By:	/s/ Charles McIntyre
	 	 	Name:	Charles McIntyre
	 	 	Title:	Managing Member
	 	 	 
	 	AZIMUT ENTERPRISES HOLDINGS S.R.L.
	 	 	 
	 	By:	/s/ Sergio Albarelli
	 	 	Name:	Sergio Albarelli
	 	 	Title:	CEO
	 	 	 
	 	COFIRCONT COMPAGNIA FIDUCIARIA S.R.L.
	 	 	 
	 	By:	/s/
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	CHARDAN CAPITAL MARKETS, LLC
	 	 	 
	 	By:	/s/ George Kaufman
	 	 	Name:	George Kaufman
	 	 	Title:	Managing Director
	 	 	 
	 	I-BANKERS SECURITIES, INC.
	 	 	 
	 	By:	/s/ Mike McCrory
	 	 	Name:	Mike McCrory
	 	 	Title:	CEO
	 	 	 
	 	CONTINENTAL STOCK TRANSFER
	 	& TRUST COMPANY
	 	 	 
	 	By:	/s/ Isaac Kagan
	 	 	Name:	Isaac Kagan
	 	 	Title:	Vice President

 

    	 	7	 

     

    

 

EXHIBIT A

 

	Name and Address of Founder	 	Number of

 Shares	 
	 	 	 	 
	IBIS Capital Sponsor LLC	 	 	416,000	 
	 	 	 	 	 
	IBIS Capital Sponsor II LLC	 	 	740,250	 
	 	 	 	 	 
	Azimut Enterprises Holdings S.r.l.	 	 	125,000	 
	 	 	 	 	 
	Cofircont Compagnia Fiduciaria S.r.l.	 	 	262,500	 
	 	 	 	 	 
	Chardan Capital Markets, LLC	 	 	18,750	 
	 	 	 	 	 
	I-Bankers Securities, Inc.	 	 	18,750	 

 

    	 	8

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