Document:

Exhibit 10.1

 

January 6, 2021

 

Ivanhoe Capital Acquisition Corp.

150 Beach Road

25-03 The Gateway West

189720 Singapore

 

Re:           Initial
Public Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter
Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting
Agreement”) entered into by and among Ivanhoe Capital Acquisition Corp., a Cayman Islands exempted company (the
 “Company”), and Morgan Stanley & Co. LLC, as representative (the “Representative”)
of the several underwriters (each, an “Underwriter” and collectively, the “Underwriters”),
relating to an underwritten initial public offering (the “Public Offering”), of up
to 24,000,000 of the Company’s units (including up to 3,600,000 units that may be purchased to cover over-allotments, if
any) (the “Units”), each comprised of one of the Company’s Class A ordinary shares, par value
$0.0001 per share (the “Class A Ordinary Shares”), and one-third of one redeemable warrant. Each
whole warrant (each, a “Warrant”) entitles the holder thereof to purchase one Class A Ordinary
Share at a price of $11.50 per share, subject to adjustment as described in the Prospectus (as defined below). The Units will
be sold in the Public Offering pursuant to a registration statement on Form S-1 and prospectus (the “Prospectus”)
filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”) and the Company
has applied to have the Units listed on the New York Stock Exchange. Certain capitalized terms used herein are defined in paragraph
11 hereof.

 

In order to induce the Company and the
Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, each of Ivanhoe Capital Sponsor LLC (the “Sponsor”)
and the undersigned individuals, each of whom is a member of the Company’s board of directors, advisory board and/or management
team (each of the undersigned individuals, an “Insider” and collectively, the “Insiders”),
hereby agrees with the Company as follows:

 

		1.	The Sponsor and each Insider agrees
                                         that if the Company seeks shareholder approval of a proposed Business Combination, then
                                         in connection with such proposed Business Combination, it, he or she shall (i) vote
                                         any Ordinary Shares (as defined below) owned by it, him or her in favor of any proposed
                                         Business Combination and (ii) not redeem any Ordinary Shares owned by it, him or
                                         her in connection with such shareholder approval. If the Company seeks to consummate
                                         a proposed Business Combination by engaging in a tender offer, the Sponsor and each Insider
                                         agrees that it, he or she will not sell or tender any Ordinary Shares owned by it, him
                                         or her in connection therewith.

 

		2.	The Sponsor and each Insider hereby
                                         agrees that in the event that the Company fails to consummate a Business Combination
                                         within 24 months from the closing of the Public Offering, or such later period approved
                                         by the Company’s shareholders in accordance with the Company’s amended and
                                         restated memorandum and articles of association (as it may be amended from time to time,
                                         the “Charter”), the Sponsor and each Insider shall take all
                                         reasonable steps to cause the Company to (i) cease all operations except for the
                                         purpose of winding up, (ii) as promptly as reasonably possible but not more than
                                         ten (10) business days thereafter, redeem 100% of the Class A Ordinary Shares
                                         sold as part of the Units in the Public Offering (the “Offering Shares”),
                                         at a per-share price, payable in cash, equal to the aggregate amount then on deposit
                                         in the Trust Account (as defined below), including interest earned on the funds held
                                         in the Trust Account (which interest shall be net of taxes payable and up to $100,000
                                         of interest to pay dissolution expenses), divided by the number of then issued and outstanding
                                         Offering Shares, which redemption will completely extinguish all Public Shareholders’
                                         (as defined below) rights as shareholders (including the right to receive further liquidating
                                         distributions, if any), and (iii) as promptly as reasonably possible following such
                                         redemption, subject to the approval of the Company’s remaining shareholders and
                                         the Company’s board of directors, dissolve and liquidate, subject in the case of
                                         clauses (ii) and (iii) to the Company’s obligations under Cayman Islands
                                         law to provide for claims of creditors and in all cases subject to the other requirements
                                         of applicable law. The Sponsor and each Insider agrees to not propose any amendment to
                                         the Charter (A) to modify the substance or timing of the Company’s obligation
                                         to allow redemption in connection with a Business Combination or to redeem 100% of the
                                         Offering Shares if the Company does not complete a Business Combination within the required
                                         time period set forth in the Charter or (B) with respect to any other material provisions
                                         relating to shareholders’ rights or pre-Business Combination activity, unless the
                                         Company provides its Public Shareholders with the opportunity to redeem their Offering
                                         Shares upon approval of any such amendment at a per-share price, payable in cash, equal
                                         to the aggregate amount then on deposit in the Trust Account, including interest earned
                                         on the funds held in the Trust Account and not previously released to the Company to
                                         pay its taxes, divided by the number of then issued and outstanding Offering Shares.

 

    

     

    

 

The Sponsor and each Insider acknowledges
that it, he or she has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any other
asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares held by it, him or her.
The Sponsor and each Insider hereby further waives, with respect to any Ordinary Shares held by it, him or her, if any, any redemption
rights it, he or she may have in connection with (a) the consummation of a Business Combination, including, without limitation,
any such rights available in the context of a shareholder vote to approve such Business Combination, or (b) a shareholder
vote to approve an amendment to the Charter (A) to modify the substance or timing of the Company’s obligation to allow
redemption in connection with a Business Combination or to redeem 100% of the Offering Shares if the Company has not consummated
a Business Combination within the time period set forth in the Charter or (B) with respect to any other material other provisions
relating to shareholders’ rights or pre-Business Combination activity or in the context of a tender offer made by the Company
to purchase Offering Shares (although the Sponsor, the Insiders and their respective affiliates shall be entitled to redemption
and liquidation rights with respect to any Offering Shares it or they hold if the Company fails to consummate a Business Combination
within the time period set forth in the Charter).

 

		3.	During the period commencing on
                                         the effective date of the Underwriting Agreement and ending 180 days after such date,
                                         the Sponsor and each Insider shall not, without the prior written consent of the Representative,
                                         (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any
                                         option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly,
                                         or establish or increase a put equivalent position or liquidate or decrease a call equivalent
                                         position within the meaning of Section 16 of the Securities Exchange Act of 1934,
                                         as amended (the “Exchange Act”), and the rules and regulations
                                         of the Commission promulgated thereunder, with respect to, any Units, Ordinary Shares
                                         (including, but not limited to, Founder Shares), Warrants or any securities convertible
                                         into, or exercisable, or exchangeable for, Ordinary Shares owned by it, him or her, (ii) enter
                                         into any swap or other arrangement that transfers to another, in whole or in part, any
                                         of the economic consequences of ownership of any Units, Ordinary Shares (including, but
                                         not limited to, Founder Shares), Warrants or any securities convertible into, or exercisable,
                                         or exchangeable for, Ordinary Shares owned by it, him or her, whether any such transaction
                                         is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly
                                         announce any intention to effect any transaction specified in clause (i) or (ii).

 

		4.	In the event of the liquidation
                                         of the Trust Account upon the failure of the Company to consummate a Business Combination
                                         within the time period set forth in the Charter, the Sponsor (the “Indemnitor”),
                                         agrees to indemnify and hold harmless the Company against any and all loss, liability,
                                         claim, damage and expense whatsoever (including, but not limited to, any and all legal
                                         or other expenses reasonably incurred in investigating, preparing or defending against
                                         any litigation, whether pending or threatened) to which the Company may become subject
                                         as a result of any claim by (i) any third party for services rendered or products
                                         sold to the Company or (ii) any prospective target business with which the Company
                                         has entered into a written letter of intent, confidentiality or other similar agreement
                                         or Business Combination agreement (a “Target”); provided,
                                         however, that such indemnification of the Company by the Indemnitor (x) shall
                                         apply only to the extent necessary to ensure that such claims by a third party or a Target
                                         do not reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00
                                         per Offering Share and (ii) the actual amount per Offering Share held in the Trust
                                         Account as of the date of the liquidation of the Trust Account, if less than $10.00 per
                                         Offering Share is then held in the Trust Account due to reductions in the value of the
                                         trust assets, less taxes payable, (y) shall not apply to any claims by a third party
                                         or a Target which executed a waiver of any and all rights to the monies held in the Trust
                                         Account (whether or not such waiver is enforceable) and (z) shall not apply to any
                                         claims under the Company’s indemnity of the Underwriters against certain liabilities,
                                         including liabilities under the Securities Act of 1933, as amended. The Indemnitor shall
                                         have the right to defend against any such claim with counsel of its choice reasonably
                                         satisfactory to the Company if, within 15 days following written receipt of notice of
                                         the claim to the Indemnitor, the Indemnitor notifies the Company in writing that it shall
                                         undertake such defense.

 

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		5.	To the extent that the Underwriters
                                         do not exercise their over-allotment option to purchase up to an additional 3,600,000
                                         Units within 45 days from the date of the Prospectus (and as further described in the
                                         Prospectus), the Initial Shareholders agree to forfeit, at no cost, a number of Founder
                                         Shares, to be split pro rata between them based on the number of Founder Shares they
                                         hold upon the consummation of the Public Offering, equal to 900,000 multiplied by a fraction,
                                         (i) the numerator of which is 3,600,000 minus the number of Units purchased by the
                                         Underwriters upon the exercise of their over-allotment option, and (ii) the denominator
                                         of which is 900,000. The forfeiture will be adjusted to the extent that the over-allotment
                                         option is not exercised in full by the Underwriters so that the Founder Shares will represent
                                         an aggregate of 20.0% of the Company’s issued and outstanding Class A Ordinary
                                         Shares after the Public Offering (not including Class A Ordinary Shares underlying
                                         the Private Placement Warrants (as defined below)). The Initial Shareholders further
                                         agree that to the extent that the size of the Public Offering is increased or decreased,
                                         the Company will purchase or sell Units or effect a share repurchase or share capitalization,
                                         as applicable, immediately prior to the consummation of the Public Offering in such amount
                                         as to maintain the ownership of the Initial Shareholders prior to the Public Offering
                                         at 20.0% of its issued and outstanding ordinary shares upon the consummation of the Public
                                         Offering. In connection with such increase or decrease in the size of the Public Offering,
                                         then (A) the references to 3,600,000 in the numerator and denominator of the formula
                                         in the first sentence of this paragraph shall be changed to a number equal to 15% of
                                         the number of Public Shares included in the Units issued in the Public Offering and (B) the
                                         reference to 3,600,000 in the formula set forth in the first sentence of this paragraph
                                         shall be adjusted to such number of Founder Shares that the Initial Shareholders would
                                         have to surrender to the Company in order for the Initial Shareholders to hold an aggregate
                                         of 20.0% of the Company’s issued and outstanding Class A Ordinary Shares after
                                         the Public Offering (not including Class A Ordinary Shares underlying the Warrants
                                         or Private Placement Warrants).

 

		6.	The Sponsor and each Insider hereby
                                         agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably
                                         injured in the event of a breach by such Sponsor or an Insider of its, his or her obligations
                                         under paragraphs 1, 2, 3, 4, 5, 7(a), and 7(b), as applicable, of this Letter Agreement,
                                         (ii) monetary damages may not be an adequate remedy for such breach and (iii) the
                                         non-breaching party shall be entitled to injunctive relief, in addition to any other
                                         remedy that such party may have in law or in equity, in the event of such breach.

 

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(a)            The
Sponsor and each Insider agrees that it, he or she shall not Transfer any Founder Shares (or any Class A Ordinary Shares
issuable upon conversion thereof) until the earlier of (i) (v) with respect to 20% of such shares, until consummation
of a Business Combination, (w) with respect to 20% of such shares, until the closing price of the Class A Ordinary Shares
equals or exceeds $12.00 for any 20 trading days within a 30-trading day period following the consummation of a Business Combination
(the “Requisite Trading Period”), (x) with respect to 20% of such shares, until the closing price
of the Class A Ordinary Shares equals or exceeds $14.00 for the Requisite Trading Period, (y) with respect to 20% of
such shares, until the closing price of the Class A Ordinary Shares equals or exceeds $16.00 for the Requisite Trading Period,
and (z) with respect to the remaining 20% of such shares, until the closing price of the Class A Ordinary Shares equals
or exceeds $18.00 for the Requisite Trading Period, and (ii) the date on which the Company completes a liquidation, merger,
capital stock exchange or other similar transaction after a Business Combination that results in all of the shareholders having
the right to exchange their Class A Ordinary Shares for cash, securities or other property; provided that in the event that
the per-share value of the cash, securities or other property to be received by the shareholders in such liquidation, merger,
capital stock exchange or other similar transaction (the “Per Share Transaction Value”) is less than
$18.00, then the Founder Shares will be released from these transfer restrictions to the Initial Shareholders on a pro rata basis
as follows: (x) to the extent not previously released, all Founder Shares that are subject to release upon achievement of
any share price performance requirements that are less than the Per Share Transaction Value will be released, and (y) the
number of Founder Shares that would be released upon the achievement of the next share price performance requirement that is higher
than the Per Share Transaction Value (the “Release Threshold”), multiplied by (b) a fraction, the
numerator of which equals (x) 2, minus (y) the amount by which the Release Threshold exceeds the Per Share Transaction
Value, and the denominator of which equals 2, will be released. Any Founder Shares not released pursuant to the preceding sentence
will be forfeited and cancelled. For example, assuming no exercise of the underwriters’ over-allotment option, if the Per
Share Transaction Value equaled $15.00, then the number of Founder Shares released to the Initial Shareholders would be (1) any
unreleased Founder Shares that were subject to release upon the achievement of the $12.00 and $14.00 share price requirements,
plus (2) 600,000, or 50% of the Founder Shares that would have been released if the $16.00 share price threshold has been
achieved, and the remaining 1,200,000 unreleased Founder Shares would be forfeited and cancelled (the “Founder Shares
Lock-up Period”).

 

(b)            The
Sponsor and each Insider agrees that it, he or she shall not Transfer any Private Placement Warrants (or any Class A Ordinary
Shares underlying the Private Placement Warrants), until 30 days after the completion of a Business Combination (the “Private
Placement Warrants Lock-up Period”, together with the Founder Shares Lock-up Period, the “Lock-up Periods”).

 

(c)            Notwithstanding
the provisions set forth in paragraphs 7(a) and (b), Transfers of the Founder Shares, Private Placement Warrants and the
Class A Ordinary Shares underlying the Private Placement Warrants that are held by the Sponsor any Insider or any of their
permitted transferees (that have complied with this paragraph 7(c)), are permitted (a) to the Company’s officers or
directors, any affiliate or family member of any of the Company’s officers or directors, any affiliate of the Sponsor or
to any members of the Sponsor or any of their affiliates; (b) in the case of an individual, by gift to a member of such individual’s
immediate family or to a trust, the beneficiary of which is a member of such individual’s immediate family, an affiliate
of such individual or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution
upon death of such individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by
private sales or transfers made in connection with the consummation of an a Business Combination at prices no greater than the
price at which the securities were originally purchased; (f) in the event of the Company’s liquidation prior to the
completion of a Business Combination; (g) by virtue of the laws of the Cayman Islands or the Sponsor’s partnership
agreement upon dissolution of the Sponsor; or (h) in the event of the Company’s liquidation, merger, share exchange
or other similar transaction which results in all of the Company’s shareholders having the right to exchange their Class A
Ordinary Shares for cash, securities or other property subsequent to the Company’s completion of a Business Combination;
provided, however, that in the case of clauses (a) through (e) or (g), these permitted transferees must
enter into a written agreement with the Company agreeing to be bound by the transfer restrictions herein and the other restrictions
contained in this Agreement (including provisions relating to voting, the Trust Account and liquidating distributions).

 

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		7.	The Sponsor and each Insider represents
                                         and warrants that it, he or she has never been suspended or expelled from membership
                                         in any securities or commodities exchange or association or had a securities or commodities
                                         license or registration denied, suspended or revoked. Each Insider’s biographical
                                         information furnished to the Company (including any such information included in the
                                         Prospectus) is true and accurate in all respects and does not omit any material information
                                         with respect to the Insider’s background. The Sponsor and each Insider’s
                                         questionnaire furnished to the Company is true and accurate in all respects. The Sponsor
                                         and each Insider represents and warrants that: it, he or she is not subject to or a respondent
                                         in any legal action for, any injunction, cease-and-desist order or order or stipulation
                                         to desist or refrain from any act or practice relating to the offering of securities
                                         in any jurisdiction; it, he or she has never been convicted of, or pleaded guilty to,
                                         any crime (i) involving fraud, (ii) relating to any financial transaction or
                                         handling of funds of another person, or (iii) pertaining to any dealings in any
                                         securities and it, he or she is not currently a defendant in any such criminal proceeding.

 

		8.	Except as disclosed in the Prospectus,
                                         neither the Sponsor nor any officer, nor any affiliate of the Sponsor or any officer,
                                         nor any director of the Company, shall receive from the Company any finder’s fee,
                                         reimbursement, consulting fee, monies in respect of any repayment of a loan or other
                                         compensation prior to, or in connection with any services rendered in order to effectuate,
                                         the consummation of a Business Combination (regardless of the type of transaction that
                                         it is), other than the following, none of which will be made from the proceeds held in
                                         the Trust Account prior to the completion of a Business Combination: repayment of a loan
                                         and advances up to an aggregate of $600,000 made to the Company by the Sponsor; payment
                                         to the Sponsor for certain office space, utilities, secretarial and administrative support
                                         services as may be reasonably required by the Company for a total of $10,000 per month;
                                         reimbursement for any reasonable out-of-pocket expenses related to identifying, investigating,
                                         negotiating and completing a Business Combination, and repayment of loans, if any, and
                                         on such terms as to be determined by the Company from time to time, made by the Sponsor
                                         or an affiliate of the Sponsor or any of the Company’s officers or directors to
                                         finance transaction costs in connection with an intended Business Combination, provided,
                                         that, if the Company does not consummate a Business Combination, a portion of the working
                                         capital held outside the Trust Account may be used by the Company to repay such loaned
                                         amounts so long as no proceeds from the Trust Account are used for such repayment. Up
                                         to $1,500,000 of such loans may be convertible into warrants at a price of $1.50 per
                                         warrant at the option of the lender. Such warrants would be identical to the Private
                                         Placement Warrants, including as to exercise price, exercisability and exercise period.

 

		9.	The Sponsor and each Insider has
                                         full right and power, without violating any agreement to which it is bound (including,
                                         without limitation, any non-competition or non-solicitation agreement with any employer
                                         or former employer), to enter into this Letter Agreement and, as applicable, to serve
                                         as an officer and/or director on the board of directors of the Company and hereby consents
                                         to being named in the Prospectus as an officer and/or director of the Company.

 

		10.	As used herein, (i) “Business
                                         Combination” shall mean a merger, share exchange, asset acquisition, share
                                         purchase, reorganization or similar business combination, involving the Company and one
                                         or more businesses; (ii) “Ordinary Shares” shall mean
                                         the Class A Ordinary Shares and Class B ordinary shares, par value $0.0001
                                         per share (the “Class B Ordinary Shares”); (iii) “Founder
                                         Shares” shall mean the 6,900,000 Class B Ordinary Shares issued and
                                         outstanding (up to 900,000 of which are subject to complete or partial forfeiture if
                                         the over-allotment option is not exercised by the Underwriters); (iv) “Initial
                                         Shareholders” shall mean the Sponsor and any Insider that holds Founder
                                         Shares; (v) “Private Placement Warrants” shall mean the
                                         4,533,333 warrants (or 5,013,333 warrants if the over-allotment option is exercised in
                                         full) that the Sponsor has agreed to purchase for an aggregate purchase price of $6,800,000
                                         (or $7,520,000 if the over-allotment option is exercised in full), or $1.50 per warrant,
                                         in a private placement that shall occur simultaneously with the consummation of the Public
                                         Offering; (vi) “Public Shareholders” shall mean the holders
                                         of securities issued in the Public Offering; (vii) “Trust Account”
                                         shall mean the trust fund into which a portion of the net proceeds of the Public Offering
                                         and the sale of the Private Placement Warrants shall be deposited; and (viii) “Transfer”
                                         shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate,
                                         pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose
                                         of, directly or indirectly, or establishment or increase of a put equivalent position
                                         or liquidation with respect to or decrease of a call equivalent position within the meaning
                                         of Section 16 of the Exchange Act, and the rules and regulations of the Commission
                                         promulgated thereunder with respect to, any security, (b) entry into any swap or
                                         other arrangement that transfers to another, in whole or in part, any of the economic
                                         consequences of ownership of any security, whether any such transaction is to be settled
                                         by delivery of such securities, in cash or otherwise, or (c) public announcement
                                         of any intention to effect any transaction specified in clause (a) or (b).

 

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		11.	The Company will maintain an insurance
                                         policy or policies providing directors’ and officers’ liability insurance,
                                         and each Insider shall be covered by such policy or policies, in accordance with its
                                         or their terms, to the maximum extent of the coverage available for any of the Company’s
                                         directors or officers.

 

		12.	This Letter Agreement constitutes
                                         the entire agreement and understanding of the parties hereto in respect of the subject
                                         matter hereof and supersedes all prior understandings, agreements, or representations
                                         by or among the parties hereto, written or oral, to the extent they relate in any way
                                         to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement
                                         may not be changed, amended, modified or waived (other than to correct a typographical
                                         error) as to any particular provision, except by a written instrument executed by all
                                         parties hereto.

 

		13.	No party hereto may assign either
                                         this Letter Agreement or any of its rights, interests, or obligations hereunder without
                                         the prior written consent of the other parties. Any purported assignment in violation
                                         of this paragraph shall be void and ineffectual and shall not operate to transfer or
                                         assign any interest or title to the purported assignee. This Letter Agreement shall be
                                         binding on the Sponsor and each Insider and their respective successors, heirs and assigns
                                         and permitted transferees.

 

		14.	Nothing in this Letter Agreement
                                         shall be construed to confer upon, or give to, any person or corporation other than the
                                         parties hereto any right, remedy or claim under or by reason of this Letter Agreement
                                         or of any covenant, condition, stipulation, promise or agreement hereof. All covenants,
                                         conditions, stipulations, promises and agreements contained in this Letter Agreement
                                         shall be for the sole and exclusive benefit of the parties hereto and their successors,
                                         heirs, personal representatives and assigns and permitted transferees.

 

		15.	This Letter Agreement may be executed
                                         in any number of original or facsimile counterparts and each of such counterparts shall
                                         for all purposes be deemed to be an original, and all such counterparts shall together
                                         constitute but one and the same instrument.

 

		16.	This Letter Agreement shall be
                                         deemed severable, and the invalidity or unenforceability of any term or provision hereof
                                         shall not affect the validity or enforceability of this Letter Agreement or of any other
                                         term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term
                                         or provision, the parties hereto intend that there shall be added as a part of this Letter
                                         Agreement a provision as similar in terms to such invalid or unenforceable provision
                                         as may be possible and be valid and enforceable.

 

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		17.	This Letter Agreement shall be
                                         governed by and construed and enforced in accordance with the laws of the State of New
                                         York. The parties hereto (i) all agree that any action, proceeding, claim or dispute
                                         arising out of, or relating in any way to, this Letter Agreement shall be brought and
                                         enforced in the courts of New York City, in the State of New York, and irrevocably submit
                                         to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive
                                         any objection to such exclusive jurisdiction and venue or that such courts represent
                                         an inconvenient forum.

 

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

 

		19.	This Letter Agreement shall terminate
                                         on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation
                                         of the Company; provided, however, that this Letter Agreement shall earlier terminate
                                         in the event that the Public Offering is not consummated and closed by June 31,
                                         2021; provided further that paragraph 4 of this Letter Agreement shall survive such liquidation.

 

[Signature Page Follows]

 

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Sincerely,

 

	 	IVANHOE CAPITAL SPONSOR LLC
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/ Robert
    Friedland
	 	 	 	Name: Robert Friedland
	 	 	 	Title:   President

 

 

	 	By:	/s/
    Robert Friedland
	 	 	Name: Robert Friedland
	 	 	 
	 	By:	/s/ Gary
    Gartner
	 	 	Name: Gary Gartner
	 	 	 
	 	By:	/s/ Andrew
    Boyd
	 	 	Name: Andrew Boyd
	 	 	 
	 	By:	/s/ Christopher Carter 
	 	 	Name: Christopher Carter 
	 	 	 
	 	By:	/s/ Hirofumi
    Katase
	 	 	Name: Hirofumi Katase 
	 	 	 
	 	By:	/s/ Francis
    P. T. Leung
	 	 	Name: Francis P. T. Leung 
	 	 	 
	 	By:	/s/ Edward
    T. Welburn Jr.
	 	 	Name: Edward T. Welburn Jr.

 

 

	Acknowledged and Agreed:	 
	 	 
	IVANHOE CAPITAL ACQUISITION CORP.	 
	 	 	 
	By:	/s/ Robert Friedland	 
	 	Name: Robert Friedland	 
	 	Title:   Chairman and Chief Executive Officer	 

 

[Signature Page to Letter Agreement]Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST
AGREEMENT

 

This Investment Management
Trust Agreement (this “Agreement”) is made effective as of January 6, 2021 by and between Ivanhoe
Capital Acquisition Corp., a Cayman Islands exempted company (the “Company”), and Continental Stock
Transfer & Trust Company, a New York corporation (the “Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, File No. 333-251493 (the “Registration Statement”) and
prospectus (the “Prospectus”) for the initial public offering (the “Offering”)
of the Company’s units (the “Units”), each of which consists of one Class A ordinary share,
par value $0.0001 per share (the “Ordinary Shares”), and one-third of one redeemable warrant, has been
declared effective as of the date hereof by the U.S. Securities and Exchange Commission; and

 

WHEREAS, the Company
has entered into an Underwriting Agreement (the “Underwriting Agreement”) with Morgan Stanley &
Co. LLC, as representative (the “Representative”) of the several underwriters (the “Underwriters”)
named therein; and

 

WHEREAS, as described
in the Prospectus, $240,000,000 of the gross proceeds of the Offering and sale of the Private Placement Warrants (as defined in
the Underwriting Agreement) (or $276,000,000 if the Underwriters’ over-allotment option is exercised in full) will be delivered
to the Trustee to be deposited and held in a 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 Ordinary Shares included in the Units issued in
the Offering as hereinafter provided (the amount to be delivered to the Trustee (and any interest subsequently earned thereon)
is referred to herein as the “Property,” the shareholders for whose benefit the Trustee shall
hold the Property will be referred to as the “Public Shareholders,” and the Public Shareholders and
the Company will be referred to together as the “Beneficiaries”);

 

WHEREAS, pursuant
to the Underwriting Agreement, a portion of the Property equal to $8,400,000, or $9,660,000 if the Underwriters’ over-allotment
option is exercised in full, is attributable to deferred underwriting discounts and commissions that will be payable by the Company
to the Underwriters upon and concurrently with the consummation of the Business Combination (as defined below) (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.

 

NOW THEREFORE, 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 in the United States at J.P. Morgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated
assets of $100 billion or more) 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 solely in United States government
securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of
185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of
Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended (or any successor rule), which invest only in
direct U.S. government treasury obligations, as determined by the Company; it being understood that the Trust Account will earn
no interest while account funds are uninvested awaiting the Company’s instructions hereunder and the Trustee may earn bank
credits or other consideration;

 

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

 

    

     

    

 

(e)            Promptly
notify the Company and the Representative of all communications received by the Trustee with respect to any Property requiring
action by the Company;

 

(f)            Supply
any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with the Company’s
preparation of the tax returns relating to assets held in the Trust Account;

 

(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 (x) receipt of, and only in accordance with the terms of,
a letter from the Company (“Termination Letter”) in a form substantially similar to that attached hereto
as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive
Officer, Chief Financial Officer, President, Executive Vice President, Vice President, Secretary or Chairman of the board of directors
of the Company (the “Board”) or other authorized officer of the Company, and, in the case of 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 earned on the funds held in the Trust Account (which interest shall be net of taxes payable
and up to $100,000 of interest to pay dissolution expenses), only as directed in the Termination Letter and the other documents
referred to therein, or (y) upon the date which is the later of (1) 24 months after the closing of the Offering and
(2) such later date as may be approved by the Company’s shareholders in accordance with the Company’s amended
and restated memorandum and articles of association if a Termination Letter has not been received by the Trustee prior to such
date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter
attached as Exhibit B and the Property in the Trust Account, including interest earned on the funds held in the Trust
Account (which interest shall be net of taxes payable and up to $100,000 of interest to pay dissolution expenses), shall be distributed
to the Public Shareholders of record as of such date;

 

(j)            Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit C (a “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account and
distribute to the Company the amount of interest earned on the Property requested by the Company to cover any tax obligation owed
by the Company as a result of assets of the Company or interest or other income earned on the Property, which amount shall be
delivered directly to the Company by electronic funds transfer or other method of prompt payment, and the Company shall forward
such payment to the relevant taxing authority so long as there is no reduction in the principal amount initially deposited in
the Trust Account; provided, however, that to the extent there is not sufficient cash in the Trust Account to pay
such tax obligation, the Trustee shall liquidate such assets held in the Trust Account as shall be designated by the Company in
writing to make such distribution (it being acknowledged and agreed that any such amount in excess of interest income earned on
the Property shall not be payable from the Trust Account). The written request of the Company referenced above shall constitute
presumptive evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said
request;

 

(k)            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 (a “Shareholder Redemption Withdrawal Instruction”), the Trustee shall distribute
to the Public Shareholders on behalf of the Company the amount requested by the Company to be used to redeem Ordinary Shares from
Public Shareholders properly submitted in connection with a shareholder vote to approve an amendment to the Company’s amended
and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation
to allow redemption in connection with our initial business combination or to redeem 100% of the Ordinary Shares included in the
Units sold in the Offering (the “public shares”) if the Company has not consummated an initial Business
Combination within such time as is described in the Company’s amended and restated memorandum and articles of association
or (B) with respect to any other material provisions relating to shareholders’ rights or pre- initial Business Combination
activity. The written request of the Company referenced above shall constitute presumptive evidence that the Company is entitled
to distribute said funds, and the Trustee shall have no responsibility to look beyond said request; and

 

    2

     

    

 

(l)             Not
make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j) or
(k) above.

 

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

 

(a)            Give
all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board, Chief Executive Officer,
Chief Financial Officer, President, Executive Vice President, Vice President or Secretary. In addition, except with respect to
its duties under Sections 1(i), 1(j) and 1(k) hereof, 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 and with reasonable
care, 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 Section 4 hereof, 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 action taken by it hereunder
and in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection
with any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder,
or the Property or any interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross
negligence, fraud 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 Section 2(b),
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 such
consent shall not be unreasonably withheld. The Company may participate in such action with its own counsel;

 

(c)            Pay
the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration fee, and
transaction processing fee 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 and until it is distributed to the Company pursuant to Sections
1(i) through 1(j) hereof. The Company shall pay the Trustee the initial acceptance fee and the first annual
administration fee at the consummation of the Offering. The Company shall not be responsible for any other fees or charges of
the Trustee except as set forth in this Section 2(c), Schedule A and as may be provided in Section 2(b) hereof;

 

(d)            In
connection with any vote of the Company’s shareholders regarding a merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination involving the Company and one or more businesses (the “Business Combination”),
provide to the Trustee an affidavit or certificate of the inspector of elections for the shareholder meeting verifying the vote
of such shareholders regarding such Business Combination;

 

(e)            Provide
the Representative with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee with
respect to any proposed withdrawal from the Trust Account promptly after it issues the same;

 

(f)            Unless
otherwise agreed between the Company and the Representative, ensure that any Instruction Letter (as defined in Exhibit A)
delivered in connection with a Termination Letter in the form of Exhibit A expressly provides that the Deferred Discount
is paid directly to the account or accounts directed by the Representative on behalf of the Underwriters prior to any transfer
of the funds held in the Trust Account to the Company or any other person;

 

    3

     

    

 

(g)            Instruct
the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the Trustee
to make any distributions that are not permitted under this Agreement; and

 

(h)            Within
four (4) business days after the Underwriters exercise the over-allotment option (or any unexercised portion thereof) or
such over-allotment option expires, provide the Trustee with a notice in writing of the total amount of the Deferred Discount.

 

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

 

(a)            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;

 

(b)            Take
any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have no
liability to any third party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct;

 

(c)            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;

 

(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 Trustee’s best judgment, except for the Trustee’s gross negligence, fraud or willful misconduct.
The Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice
of counsel (including counsel chosen by the Trustee, which counsel may be the Company’s counsel), 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 the Trustee believes, in good faith and with
reasonable care, 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 accuracy of the information contained in the Registration Statement;

 

(h)            Provide
any assurance that any Business Combination entered into by the Company or any other action taken by the Company is as contemplated
by the Registration Statement;

 

(i)            File
information returns with respect to the Trust Account with any local, state or federal taxing authority or provide periodic written
statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned on the
Property;

 

(j)            Prepare,
execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by, and activities
relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but
not limited to, tax obligations, except pursuant to Section 1(j) hereof; or

 

    4

     

    

 

(k)            Verify
calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections 1(i),
1(j) or 1(k) hereof.

 

4.            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 2(b) or Section 2(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.

 

5.            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, pending which the Trustee shall continue to act in accordance with this Agreement. At such
time that the Company notifies the Trustee that a successor trustee has been appointed 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 and its obligations 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 2(b).

 

6.            Miscellaneous.

 

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

 

(b)            This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York. 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.

 

(c)            This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for Section 1(i), 1(j) and 1(k) hereof (which sections may not be modified, amended or
deleted without the affirmative vote of sixty-five percent (65%) of the then outstanding Ordinary Shares and Class B ordinary
shares, par value $0.0001 per share, of the Company, voting together as a single class; provided that no such amendment
will affect any Public Shareholder who has properly elected to redeem his or her Ordinary Shares in connection with a shareholder
vote to amend this Agreement (A) to modify the substance or timing of the Company’s obligation to allow redemption
in connection with the Company’s initial business combination or to redeem 100% of its Ordinary Shares if the Company does
not complete its initial Business Combination within the time frame specified in the Company’s amended and restated memorandum
and articles of association or (B) with respect to any other material provisions relating to shareholders’ rights or
pre-initial Business Combination activity), this Agreement or any provision hereof may only be changed, amended or modified (other
than to correct a typographical error) by a writing signed by each of the parties hereto.

 

    5

     

    

 

(d)            The
parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State of New
York, 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.

 

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

 

	 	if to the Trustee, to:
	 	 
	 	Continental Stock Transfer & Trust Company
	 	1 State Street, 30th Floor
	 	New York, New York 10004
	 	Attn: Francis Wolf & Celeste Gonzalez
	 	Email: fwolf@continentalstock.com

        Email: cgonzalez@continentalstock.com

	 	 
	 	if to the Company, to:
	 	 
	 	Ivanhoe Capital Acquisition Corp.

        150 Beach Road

        25-03 The Gateway West

        189720 Singapore

	 	Attn: Robert Friedland

        Email: robert@ivanhoe.net

	 	 
	 	in each case, with copies to:
	 	 
	 	White & Case LLP
	 	1221 Avenue of the Americas
	 	New York, New York 10020
	 	Attn: Joel L. Rubinstein
	 	Email: joel.rubinstein@whitecase.com
	 	 
	 	and
	 	 
	 	Morgan Stanley & Co. LLC

        1585 Broadway

        New York, NY 10036

        Attn: Anton Leliukhin

        Email: anton.leliukhin@morganstanley.com

	 	 
	 	and
	 	 
	 	Kirkland & Ellis LLP

        601 Lexington Avenue

        New York, NY 10022

        Attn: Christian O. Nagler

        Email: cnagler@kirkland.edu

	 	 

(f)             Each
of the Company and the Trustee hereby represents that it has the full right and power and has been duly authorized to enter into
this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it
shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any
funds in the Trust Account under any circumstance.

 

    6

     

    

 

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

 

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

 

(i)             Each
of the Company and the Trustee hereby acknowledges and agrees that the Representative on behalf of the Underwriters are third-party
beneficiaries of this Agreement.

 

(j)             Except
as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other person
or entity.

 

[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
	 	 	Name: Francis Wolf
	 	 	Title:   Vice President
	 	 
	 	IVANHOE CAPITAL ACQUISITION CORP.
	 	 
	 	By:	/s/ Robert Friedland
	 	 	Name:  Robert Friedland
	 	 	Title:    Chairman and Chief Executive Officer

 

[Signature Page to Investment Management
Trust Agreement]

 

    

     

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial set-up fee.	 	Initial closing of Offering by wire transfer.	 	$	3,500.00	 
	Trustee administration fee	 	Payable annually. First year fee payable, at initial closing of Offering by
    wire transfer, thereafter by wire transfer or check.	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Section 1	 	Billed to Company following disbursement made to Company under Section 1	 	$	250.00	 
	Paying Agent services as required pursuant to Section 1(i) and
    1(k)	 	Billed to Company upon delivery of service pursuant to Section 1(i) and
    1(k)	 	 	Prevailing rates	 

 

 

    

     

    

 

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 & Celeste Gonzalez

 

	 	Re:	Trust Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of
the Investment Management Trust Agreement between Ivanhoe Capital Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (“Trustee”), dated as of January 6, 2021
(the “Trust Agreement”), this is to advise you that the Company has entered into an agreement with ___________
(the “Target Business”) to consummate a business combination with Target Business (the “Business
Combination”) on or about [insert date]. The Company shall notify you at least seventy-two (72) hours
in advance of the actual date (or such shorter period as you may agree) of the consummation of the Business Combination (the “Consummation Date”).
Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with
the terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account, and
to transfer the proceeds to a segregated account held by you on behalf of the Beneficiaries to the effect that, on the Consummation
Date, all of the 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 (including as directed to it by the Representative on behalf of the Underwriters
(with respect to the Deferred Discount)).

 

On the Consummation
Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated,
or will be consummated concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”),
and (ii) the Company shall deliver to you (a) a certificate of the Chief Executive Officer, Chief Financial Officer,
Chief Operating Officer or President, which verifies that the Business Combination has been approved by a vote of the Company’s
shareholders, if a vote is held and (b) a joint written instruction signed by the Company and the Representative with respect
to the transfer of the funds held in the Trust Account, including payment of amounts owed to public shareholders who have properly
exercised their redemption rights and payment of the Deferred Discount directly to the account or accounts directed by the Representative
from the Trust Account (the “Instruction Letter”). You are hereby directed and authorized to transfer
the funds held in the Trust Account immediately upon your receipt of the Notification 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 in writing of the same and the Company shall direct you as
to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the Company. Upon the
distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust
Account, your obligations under the Trust Agreement shall be terminated.

 

In the event that
the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified
you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions
from the Company, the funds held in the Trust Account shall be reinvested as provided in Section 1(c) of the Trust Agreement
on the business day immediately following the Consummation Date as set forth in such notice as soon thereafter as possible.

 

    

     

    

 

	 	Very truly yours,
	 	 
	 	Ivanhoe Capital Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Agreed and acknowledged by:	 
	 	 
	Morgan Stanley & Co. LLC	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    

     

    

 

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 & Celeste
Gonzalez

 

	 	Re:	Trust Account -- Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of
the Investment Management Trust Agreement between Ivanhoe Capital Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of January 6,
2021 (the “Trust Agreement”), this is to advise you that the Company has been unable to effect a business
combination with a Target Business (the “Business Combination”) within the time frame specified in the
Company’s Amended and Restated Memorandum and Articles of Association, as described in the Company’s Prospectus relating
to the Offering. Capitalized terms used but not defined herein 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 of the assets in the Trust Account and to transfer
the total proceeds into a segregated account held by you on behalf of the Beneficiaries to await distribution to the Public Shareholders.
The Company has selected __________1
as the effective date for the purpose of determining when the Public Shareholders will be entitled to receive their share of the
liquidation proceeds. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute
said funds directly to the Company’s Public Shareholders in accordance with the terms of the Trust Agreement and the Memorandum
and Articles of Association of the Company. Upon the distribution of all the funds, net of any payments necessary for reasonable
unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated,
except to the extent otherwise provided in Section 1(i) of the Trust Agreement.

 

	 	Very truly yours,
	 	 
	 	Ivanhoe Capital Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	cc: Morgan Stanley & Co. LLC
	 

 

 

1 24 months from the closing of
the Offering, or at a later date, if extended.

 

    

     

    

 

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 & Celeste Gonzalez

 

	 	Re:	Trust Account - Tax Payment Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(j) of
the Investment Management Trust Agreement between Ivanhoe Capital Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of January 6,
2021 (the “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. Capitalized terms used but not defined herein shall have the
meanings set forth in the Trust Agreement.

 

The Company needs
such funds to pay for the tax obligations as set forth on the attached tax return or tax statement. In accordance with the terms
of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt
of this letter to the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 
	 	Ivanhoe Capital Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	cc: Morgan Stanley & Co. LLC	 

 

    

     

    

 

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 & Celeste Gonzalez

 

	 	Re:	Trust Account - Shareholder Redemption Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(k) of
the Investment Management Trust Agreement between Ivanhoe Capital Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of January 6,
2021 (the “Trust Agreement”), the Company hereby requests that you deliver to the redeeming Public Shareholders
of the Company $____ of the principal and interest income earned on the Property as of the date hereof to a segregated account
held by you on behalf of the Beneficiaries for distribution to the Public Shareholders who have requested redemption of their
Ordinary Shares. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The Company needs such funds to pay its
Public Shareholders who have properly elected to have their Ordinary Shares redeemed by the Company in connection with a shareholder
vote to approve an amendment to the Company’s amended and restated memorandum and articles of association (A) to modify
the substance or timing of the Company’s obligation to allow redemption in connection with our initial business combination
or to redeem 100% of its public Ordinary Shares if the Company has not consummated an initial Business Combination within such
time as is described in the Company’s amended and restated memorandum and articles of association or (B) with respect
to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity. As such,
you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter.

 

	 	Very truly yours,
	 	 
	 	Ivanhoe Capital Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	cc: Morgan Stanley & Co. LLC

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