Document:

Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

BETWEEN GREENVISION ACQUISITION CORP.

AND CONTINENTAL STOCK TRANSFER & TRUST
COMPANY

 

This Agreement is made as of November 18,
2019 by and between GreenVision Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company
(“Trustee”).

 

WHEREAS, the Company’s registration
statement on Form S-1, No. 333-234282 (“Registration Statement”) for its initial public offering of securities (“IPO”)
has been declared effective as of the date hereof (“Effective Date”) by the Securities and Exchange Commission (capitalized
terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement); and

 

WHEREAS, I- Bankers Securities,
Inc. (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, $50,000,000.00 ($57,500,000.00
if the over-allotment option is exercised in full) of the proceeds from the IPO and a simultaneous private placement of units and
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, 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 JPMorgan
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;

 

(c) In a timely manner, upon
the written instruction of the Company, invest and reinvest the Property in United States “government securities” within
the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), having
a maturity of 185 days or less, and/or in any open ended investment company registered under the Investment Company Act that holds
itself out as a money market fund selected by the Company meeting the conditions of 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;

 

    1

     

    

 

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

 

(e) Notify the Company and the
Representative 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 and, in the case of a Termination Letter in a form substantially similar to that attached hereto as Exhibit A, jointly
acknowledged and agreed to by the Representative, and complete the liquidation of the Trust Account and distribute the Property
in the Trust Account only as directed in the Termination Letter and the other documents referred to therein; provided, however,
that in the event that a Termination Letter has not been received by the Trustee within the period of time (the “Last Date”)
provided in the Company’s Amended and Restated Certificate of Incorporation, as the same may be amended from time to time
(the “Certificate of Incorporation”), 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 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.

 

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.

 

    2

     

    

 

(b) Upon written request from
the Company, which may be given 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 Property and requested by the Company to cover expenses related to the
Company’s working capital requirements; provided, however, that the Company will not be allowed to withdraw interest income
earned on the trust account unless there are sufficient funds available to pay the Company’s tax obligations on such interest
income or otherwise then due at that time; and

 

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

 

(c) 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 any one of the Company’s authorized officers. In addition, except with respect
to its duties under Sections 1(i), 1(j), 2(a) and 2(b) above, the Trustee shall be entitled to rely on, and shall be protected
in relying on, any verbal or telephonic advice or instruction which it in good faith believes to be given by any one of the persons
authorized above to give written instructions, provided that the Company shall promptly confirm such instructions in writing;

 

(b) Subject to the provisions
of 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;

 

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

 

    3

     

    

 

(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; and

 

(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 rights in connection with such Amendment.

 

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;

 

(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;

 

    4

     

    

 

(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), 1(j), 2(a) or 2(b) above.

 

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

 

6. Termination. This Agreement shall
terminate as follows:

 

(a) If the Trustee gives written
notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to locate a
successor trustee during which time the Trustee shall act in accordance with this Agreement. At such time that the Company notifies
the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to the terms of this Agreement,
the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not limited to the transfer
of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however,
that, in the event that the Company does not locate a successor trustee within ninety (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.

 

    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.

 

(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 Wolf and Celeste
Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

if to the Company, to:

GreenVision Acquisition Corp.

One Penn Plaza, 36th
Floor

New York, New York 100019

Attn: David Fu, Chief Executive
Officer

E-mail: david.fu@glo.com.cn

 

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

Becker & Poliakoff, LLP

Attn: Brian Daughney, Esq

45 Broadway, Fl. 17

New York, NY 10006

 

(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]

 

    6

     

    

 

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	 
	 	Name: 	Francis Wolf	 
	 	Title:	Vice President	 

 

GREENVISION ACQUISITION CORP.

 

	By:	/s/ Zhigeng Fu	 
	 	Name: 	Zhigeng (David) Fu	 
	 	Title:	Chief Executive Officer	 

 

    7

     

    

 

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 following disbursement made to Company under Section 2	 	$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

 

    8

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

& Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

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

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
1(i) of the Investment Management Trust Agreement between GreenVision Acquisition Corp (“Company”) and Continental
Stock Transfer & Trust Company, dated as of November 18, 2019 (“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 72 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 and to transfer the proceeds
to the Trust Account at JPMorgan Chase Bank, N.A. 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) a certificate of the Chief Executive Officer, 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 the Representative 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, your obligations
under the Trust Agreement shall be terminated.

 

    9

     

    

 

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,

 

GREENVISION ACQUISITION CORP

 

	By:	 	 
	 	Name:	 	 
	 	Title:	Chief Executive Officer	 
	 	 	 	 
	By:	 	 
	 	Name:	 	 
	 	Title:	Chief Financial Officer	 

 

AGREED TO AND ACKNOWLEDGED
BY

 

	I-Bankers Securities, Inc.	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    10

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust
Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

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

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
1(i) of the Investment Management Trust Agreement between GreenVision Acquisition Corp (“Company”) and Continental
Stock Transfer & Trust Company, dated as of _________________, 2019 (“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 the Trust Account and to transfer the total proceeds of
the Trust to the Trust Account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Stockholders. The Company has
selected [____________, 20__] as the date for when the Public Stockholders will be entitled to receive their share of the liquidation
proceeds. It is acknowledged that while the funds are on deposit in the Trust Account awaiting distribution, the Company will not
earn any interest or dividends. 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,

 

GREENVISION ACQUISITION CORP

 

	By:	 	 
	 	Name:	 	 
	 	Title:	Chief Executive Officer	 

 

	By:	 	 
	 	Name:	 	 
	 	Title:	Chief Financial Officer	 

 

cc: I- Bankers Securities, Inc.

 

    11

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust
Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

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

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Reference is made to
the Investment Management Trust Agreement between GreenVision Acquisition Corp (“Company”) and Continental Stock Transfer & Trust Company, dated as of ________, 2019 (“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 and to transfer $____
of the total proceeds of the Trust to the Trust Account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public 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,

 

GREENVISION ACQUISITION CORP

 

	By:	 	 
	 	Name:	 	 
	 	Title: 	Chief Executive Officer	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title: Chief Financial Officer	 

 

cc: I-Bankers Securities, Inc

 

    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 Wolf and Celeste Gonzalez

 

Re: Trust Account No. [_____________] –
[Tax Withdrawal]/[Working Capital Withdrawal] Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

[Pursuant to Section
2(a) of the Investment Management Trust Agreement between GreenVision Acquisition Corp (“Company”) and Continental
Stock Transfer & Trust Company, dated as of ________, 2019 (“Trust Agreement”), the Company hereby requests that
you deliver to the Company [$_______] of the interest income earned on the Property as of the date hereof. The Company needs such
funds to pay for its tax obligations as a result of such interest income.]

 

[Pursuant to Section
2(a) of the Investment Management Trust Agreement between GreenVision Acquisition Corp (“Company”) and Continental
Stock Transfer & Trust Company, dated as of __________, 2019 (“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 to pay its Working Capital
expenses which does not exceed, in the aggregate with all such prior disbursements pursuant to Section 2(b), if any, the maximum
amount set forth in Section 2(b).]

 

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]

 

GREENVISION ACQUISITION CORP

 

	By:	      	 
	 	Name:	 
	 	Title:	 

 

cc: I-Bankers Securities, Inc.

 

 

13Exhibit 10.3

 

STOCK ESCROW AGREEMENT

 

STOCK ESCROW AGREEMENT,
dated as of November 18, 2019 (“Agreement”), by and among GREENVISION ACQUISITION CORP., a Delaware corporation (the
“Company”), GREENVISION CAPITAL HOLDINGS LLC, a Delaware corporation and stockholder of the Company (“Sponsor”),
ZHIGENG FU “Fu”), QI YE “Ye”, HE YU (“Yu”) and JONATHAN INTRATER (“Intrater”) and
CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation (“Escrow Agent”).

 

WHEREAS, the Company
was formed by the Sponsor 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 November 18, 2019 (“Underwriting Agreement”), with I-BANKERS
SECURITIES INCORPORATED. (the “Representative”) acting as representative
of the several underwriters (collectively, the “Underwriters”), pursuant to which, among other matters, the Underwriters
have agreed to purchase 5,000,000 units (“Units”) of the Company, plus an additional 750,000 Units if the Representative
exercises the over-allotment option in full. Each Unit consists of one share of the Company’s common stock, par value $0.00001
per share (“Common Stock”), and one warrant to purchase one share of Common Stock (“Warrant”), all as more
fully described in the Company’s final Prospectus, dated November 18, 2019 (“Prospectus”) comprising part of
the Company’s Registration Statement on Form S-1 (File No. 333-234282) under the Securities Act of 1933, as amended (“Registration
Statement”), declared effective by the Securities and Exchange Commission on November 18, 2019 (“Effective Date”).

 

WHEREAS, in connection
with the initial capitalization of the Company the Sponsor purchased an aggregate of 1,437,500 shares of Common Stock, of which
30,000 shares have been transferred to each of Yu and Intrater.

 

WHEREAS, the Sponsor
has agreed as a condition of the sale of the Units to deposit its 1,377,500 shares of Common Stock of the Company in escrow with
the Escrow Agent as hereinafter provided.

 

WHEREAS, each of Fu,
Ye, Yu and Intrater (collectively referred to sometimes as the “Executives”) own the shares of Common Stock of the
Company set forth on Exhibit A annexed hereto, and have each agreed to deposit such shares of the Company with the Escrow Agent
as hereinafter provided.

 

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

 

IT IS AGREED:

 

1. Appointment
of Escrow Agent. The Company, the Executives and the Sponsor 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, the Sponsor and the Executives shall have delivered to the Escrow Agent certificates
(and applicable stock powers if requested by the Escrow Agent) representing such Sponsor’s and Executive’s respective
shares of Common Stock set forth on Exhibit A hereto (“Escrow Shares”), to be held and disbursed subject to the terms
and conditions of this Agreement. The Sponsor acknowledges that the certificate representing such Sponsor’s shares of Common
Stock bears restrictive legends to reflect the deposit of such shares under this Agreement.

 

3. Disbursement
of the Escrow Shares.

 

3.1 Notwithstanding Section
2, if the Underwriters do not exercise their over-allotment option to purchase an additional 750,000 Units of the Company in full
within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), each of the Sponsor and the Executive’s
agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of Escrow Shares held by each
such holder determined by multiplying (a) the product of (i) 750,000 multiplied by (ii) a fraction, (x) the numerator of which
is the number of Escrow Shares held by each such holder, and (y) the denominator of which is the total number of Escrow Shares,
by (b) a fraction, (i) the numerator of which is 750,000 minus the number of shares of Common Stock purchased by the Underwriters
upon the exercise of their over-allotment option, and (ii) the denominator of which is 750,000. The Company shall promptly provide
written notice to the Escrow Agent of the expiration or termination of the Underwriters’ over-allotment option and the number
of Units, if any, purchased by the Underwriters in connection with their 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 (6) months after the date of the consummation of an initial Business Combination and (y) the date
on which the closing 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
Business Combination and (ii) with respect to the remaining 50% of the Escrow Shares, six (6) months after the date of the consummation
of an initial 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 Sponsor’s Escrow Shares to such Sponsor; 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 Sponsor. 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 Sponsor and Executives promptly after the public stockholders are
paid the liquidating distributions and shall have no further duties hereunder.

 

4. Rights of
Sponsor 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 Sponsor 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 Sponsor, but all dividends payable in stock
or other non-cash property (“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with
the terms hereof. As used herein, the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed
thereon, if any.

 

4.3 Restrictions
on Transfer. During the Escrow Period, the only permitted transfers of the Escrow Shares will be (i) to the Sponsor and the
Company’s officers, directors, employees, consultants or their affiliates, (ii) to a Sponsor’s stockholders, partners
or members upon the Sponsor’s liquidation, (iii) by bona fide gift to a member of the Sponsor’s immediate family or
to a trust, the beneficiary of which is the Sponsor or a member of the Sponsor’s immediate family for estate planning purposes,
(iv) by virtue of the laws of descent and distribution upon death of the Sponsor, (v) pursuant to a qualified domestic relations
order binding on the Sponsor, (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 subscription agreements executed by the
Sponsor or executives, as the case may be.

 

4.4 Subscription
Agreements. Each of the Sponsor and Executives 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 (“Subscription Agreement”),
respecting the purchase of the securities of the Company owned by them, and the rights and obligations of such holder in certain
events, including, but not limited to, the liquidation of the Company. 

 

    2

     

    

 

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.

 

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, the Executives and the Sponsor 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.

 

    3

     

    

 

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 BASED
UPON, RELATING TO OR IN CONNECTION WITH THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

 

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
or by email transmission:

 

If to the Company, to:

 

GreenVision Acquisition Corp.

One Penn Plaza, 36th
Floor

New York, NY 10019

Attn: David
Fu

Email: david.fu@glo.com.cn

 

If to Sponsor or any
Executive , to his/her/its address set forth in Exhibit A.

 

and if to the Escrow
Agent, to:

 

Continental Stock Transfer
& Trust Company

1 State Street

New York, New York
10004

Attn: Steven Vacante

Email: svacante@continentalstock.com

 

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

 

I-Bankers Securities
Incorporated

365 Madison
Ave 4th Floor

New York, NY
10017

Attn.: Mike
McCrory, CEO

Email: mike@ibsgroup.net

 

    4

     

    

 

with a copy to:

 

Schiff Hardin LLP

901 K Street NW

Suite 700

Washington, DC 20001

Attn: Ralph V. De Martino,
Esq.

Email: rdemartino@schiffhardin.com

 

and:

 

Becker &
Poliakoff LLP

45 Broadway,
17th Floor

New York, New
York 10006

Attn: Brian
C. Daughney, Esq.

Fax No.: (212)
599-3322

Email: bdaughney@beckerlawyers.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 one or more counterparts, and by the different parties hereto in separate counterparts, each
of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall
become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other
parties hereto. Delivery of a signed counterpart of this Agreement by fax or email/.pdf transmission shall constitute valid and
sufficient delivery thereof.

 

[Signature Page Follows]

 

    5

     

    

 

Escrow Agreement

Signature Page

  

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

 

	GREENVISION ACQUISITION CORP.	 
	 	 
	By:	/s/ Zhigeng Fu	 
	Name:	Zhigeng (David) Fu	 
	Title:	Chief Executive Officer	 
	 	 
	GREENVISION CAPITAL HOLDINGS LLC	 
	 	 
	By:	/s/ Zhigeng Fu	 
	Name:	Zhigeng (David) Fu	 
	Title:	Principal	 
	 	 
	CONTINENTAL STOCK TRANSFER AND TRUST COMPANY	 
	 	 
	By:	/s/ Steven Vacante	 
	Name:	Steven Vacante	 
	Title:	Vice President	 

 

	/s/ Zhigeng Fu	 	/s/ Qi Ye
	Zhigeng (David) Fu	 	Qi (Karl) Ye
	 	 	 
	/s/ He Yu	 	/s/ Jonathan Intrater
	He (Herbert) Yu	 	Jonathan Intrater

 

    6

     

    

 

EXHIBIT A

Escrow Shares and Holder Information

 

	Name and Address	 	Shares in Escrow
	 	 	 
	GreenVision Capital Holdings LLC	 	1,377,500 shares of Common Stock
	No. 10-37C, Lane One, Weifang West Road,	 	 
	Pudong District, Shanghai China 200122	 	 
	Attn: David Fu, Chief Executive Officer	 	 
	 	 	 
	David Fu	 	0 shares
	No. 10-37C, Lane One, Weifang West Road,	 	 
	Pudong District, Shanghai 200122	 	 
	 	 	 
	Qi Ye	 	0 shares
	No. 10-37C, Lane One, Weifang West Road,	 	 
	Pudong District, Shanghai 200122	 	 
	 	 	 
	He Yu	 	30,000 shares
	600 Ala Moana Blvd, Apt. 2903	 	 
	Honolulu HI 96813	 	 
	 	 	 
	Jonathan Intrater	 	30,000 shares
	223 Palmer Street	 	 
	Palmer, MA 01069	 	 
	 	 	 
	Total	 	1,437,500 shares

 

 

7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00302-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00302-of-00352.parquet"}]]