Document:

Exhibit
10.1

 

SHARE
ESCROW AGREEMENT

 

SHARE
ESCROW AGREEMENT, dated as of March 4, 2020 (“Agreement”), by and among East Stone Acquisition Corporation, a British
Virgin Islands company (the “Company”), the individuals and entities listed on the signature pages hereto (each, an
“Initial Shareholder” and, collectively, the “Initial Shareholders”) and Continental Stock Transfer &
Trust Company, LLC, a New York limited liability trust company (“Escrow Agent”).

 

WHEREAS,
the Company has entered into an Underwriting Agreement, dated as of February 19, 2020 (the “Underwriting Agreement”),
with I-Bankers Securities, Inc. (“I-Bankers”) acting as representative of the several underwriters (collectively,
the “Underwriters”), pursuant to which, among other matters, the Underwriters have agreed to purchase 12,000,000 units
(“Units”) of the Company, plus an additional 1,800,000 Units if the Underwriters exercise their over-allotment option
in full; and

 

WHEREAS,
Each Unit consists of one ordinary share of the Company, no par value (the “Shares,” and each, a “Share”),
one redeemable warrant, each redeemable warrant entitling the holder thereof to purchase one-half (1/2) of one Share at an exercise
price of $11.50 per share, and one right to receive one-tenth (1/10) of a Share, as more fully described in the Company’s
final prospectus, dated February 19, 2020 (“Prospectus”), comprising part of the Company’s Registration Statement
on Form S-1 (File Nos. 333-235949 and 333-236527) under the Securities Act of 1933, as amended (collectively, the “Registration
Statement”), declared effective on February 19, 2020 (“Effective Date”); and

 

WHEREAS,
Double Ventures Holdings Limited, a British Virgin Islands company (the “Sponsor”), individuals Hua Mao and Cheng
Zhao (Hua Mao and Cheng Zhao, together, the “Anchor Investors”) and I-Bankers have committed to purchase an aggregate
of 350,000 Units (the “Private Placement Units”), of which 167,000 were purchased by the Sponsor, 108,000 were purchased
by the Anchor Investors, and 75,000 were purchased by I-Bankers at $10.00 per unit ($3,500,000 in the aggregate) in a private
placement that closed simultaneously with the closing of the offering, with each Unit consisting of one Share, one right to receive
one-tenth (1/10) of a Share and one warrant exercisable to purchase one-half (1/2) of a Share at a price of $11.50 per share;

 

WHEREAS,
the Initial Shareholders have agreed as a condition of the sale of the Units to deposit their founder shares (as defined in the
Prospectus) and the Private Placement Units, as set forth opposite their respective names in Exhibit A attached hereto
(the founder shares and the Private Placement Units owned by the Initial Shareholders are collectively referred to as the “Escrow
Shares”), in escrow as hereinafter provided; and

 

WHEREAS,
the Company and the Initial Shareholders desire that the Escrow Agent accept the Escrow Shares, in escrow, to be held and disbursed
as hereinafter provided.

 

IT
IS AGREED:

 

1. Appointment
of Escrow Agent. The Company and the Initial Shareholders 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 Escrow Shares. On or prior to the date hereof, each of the Initial Shareholders delivered to the Escrow Agent certificates
representing such Initial Shareholder’s respective Escrow Shares, together with applicable share powers (if requested by
the Escrow Agent), to be held and disbursed subject to the terms and conditions of this Agreement. Each of the Initial Shareholders
acknowledges that the certificate representing such Initial Shareholder’s Escrow Shares is legended to reflect the deposit
of such Escrow Shares under this Agreement.

  

    1

     

    

 

3. Disbursement
of the Escrow Shares. The Escrow Agent shall hold the Escrow Shares during the applicable period (each, the “Escrow
Period”) commencing on the date hereof and until the earlier of: (A) as to the founder shares, (i) for 50% of the Escrow
Shares, ending on the earlier of (x) six months after the date of the consummation of the Company’s initial business combination
(as described in the Registration Statement, hereinafter a “Business Combination”) and (y) the date on which the closing
price of the Shares equals or exceeds $12.50 per share (as adjusted for share splits, share capitalizations, reorganizations and
recapitalizations) for any 20 trading days within any 30-trading day period commencing after the Company’s initial Business
Combination and (ii) for the remaining 50% of the Escrow Shares, ending six months after the date of the consummation of an initial
Business Combination or earlier, in either case, if, subsequent to the Business Combination, a subsequent liquidation, merger,
share exchange or other similar transaction is consummated, which results in all of the shareholders having the right to exchange
their Shares for cash, securities or other property; and (B) as to the Private Placement Units, until 30 days following the completion
of the initial Business Combination. The Company shall promptly provide notice of the consummation of a Business Combination to
the Escrow Agent. Upon completion of the applicable Escrow Period, the Escrow Agent shall disburse such amount of each Initial
Shareholder’s Escrow Shares (and any applicable share power) to such Initial Shareholder; provided, however, that if the
Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company is being liquidated at any time during
the applicable Escrow Period, then the Escrow Agent shall promptly destroy the certificates representing the Escrow Shares; provided
further, however, that if, subsequent to the completion of a Business Combination, the Company (or the surviving entity) consummates
a liquidation, merger, stock exchange or other similar transaction which results in all of the shareholders of such entity having
the right to exchange their Shares for cash, securities or other property, then the Escrow Agent will, upon receipt of a notice
executed by the 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 Initial Shareholders. The Escrow Agent shall have no further duties hereunder after the disbursement
or destruction of the Escrow Shares in accordance with this Section 3.

 

4.  Rights
of Initial Shareholders in Escrow Shares.

 

4.1 Voting
Rights as a Shareholder. Subject to the terms of the Insider Letter described in Section 4.4 hereof and except as herein provided,
the Initial Shareholders shall retain all of their rights as shareholders of the Company during the applicable Escrow Period,
including, without limitation, the right to vote such shares.

 

4.2 Dividends
and Other Distributions in Respect of the Escrow Shares. During the applicable Escrow Period, all dividends payable in cash
with respect to the Escrow Shares shall be paid to the Initial Shareholders, but all share capitalizations 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 applicable Escrow Period, the only permitted transfers of the Escrow Shares will be (i) transfers
to the Company’s officers, directors or to members of the Sponsor or their respective affiliates; (ii) if the Initial Shareholder
is an entity, as a distribution to partners, members or shareholders of the Initial Shareholder upon the liquidation and dissolution
of the Initial Shareholder, (iii) to any persons (including their affiliates and shareholders) participating in the private placement
of the Private Placement Units, (iv) by bona fide gift to a member of the Initial Shareholder’s immediate family or to a
trust, the beneficiary of which is the Initial Shareholder or a member of the Initial Shareholder’s immediate family for
estate planning purposes, (v) by virtue of the laws of descent and distribution upon death of the Initial Shareholder, (vi) pursuant
to a qualified domestic relations order, or (vii) by private sales made at or prior to the Business Combination at prices no greater
than the price at which the Escrow Shares were originally purchased, in each case, except or with the Company’s prior consent,
on the condition that such transfers may be implemented only upon the respective transferee’s written agreement to be bound
by the terms and conditions of this Agreement and of the Insider Letter (as defined below) signed by the Initial Shareholder transferring
the Escrow Shares.

 

4.4 Insider
Letter. The Initial Shareholders have executed a letter agreement with I-Bankers and the Company, dated February 19, 2020
(“Insider Letter”), and a copy of which is filed as Exhibit 10.1 to the Current Report of the Company on Form 8-K
with the Securities and Exchange Commission on February 25, 2020, respecting the rights and obligations of the Initial Shareholders
in certain events, including but not limited to the liquidation of the Company. 

 

5.  Concerning
the Escrow Agent.

 

5.1 Good
Faith Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise
of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate,
opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document
(not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability
of any information therein contained) which is believed by the Escrow Agent 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.

 

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5.2 Indemnification.
The Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses, including 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.
The Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered by it hereunder. The
Escrow Agent shall also be entitled to reimbursement from the Company for all reasonable expenses paid or incurred by it in the
administration of its duties hereunder including, but not limited to, all counsel, advisors’ and agents’ fees and
disbursements and all taxes or other governmental charges.

 

5.4 Further
Assurances. From time to time on and after the date hereof, the Company and the Initial Shareholders 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 over to a successor escrow agent appointed by the Company and approved by I-Bankers,
which approval will not be unreasonably withheld, conditioned or delayed, the Escrow Shares held hereunder. 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 the other parties hereto, jointly, provided, however, that such resignation shall become effective only
upon acceptance of appointment by a successor escrow agent as provided in Section 5.5.

 

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 its own willful misconduct.

 

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

 

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6. Miscellaneous.

 

6.1 Governing
Law; Jurisdiction. In connection with Section 5-1401 of the General Obligations Law of the State of New York, this Agreement
shall be governed by, and construed in accordance with, the laws of the State of New York without regard to principles of conflicts
of law that would result in the application of the substantive law of another jurisdiction. The parties hereto agree that any
action, proceeding or claim arising out of or relating in any way to this Agreement shall be resolved through final and binding
arbitration in accordance with the International Arbitration Rules of the American Arbitration Association (“AAA”).
The arbitration shall be brought before the AAA International Center for Dispute Resolution’s offices in New York City,
New York, will be conducted in English and will be decided by a panel of three arbitrators selected from the AAA Commercial Disputes
Panel and that the arbitrator panel’s decision shall be final and enforceable by any court having jurisdiction over the
party from whom enforcement is sought. The cost of such arbitrators and arbitration services, together with the prevailing party’s
legal fees and expenses, shall be borne by the non-prevailing party or as otherwise directed by the arbitrators.

 

6.2 Third
Party Beneficiaries. Each of the Initial Shareholders hereby acknowledges that I-Bankers is a third party beneficiary of this
Agreement and this Agreement may not be modified or changed without the prior written consent of I-Bankers.

 

6.3 Entire
Agreement. This Agreement, together with the Insider Letter, contains the entire agreement of the parties hereto with respect
to the subject matter hereof and, except as expressly provided herein, may not be changed or modified except by an instrument
in 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 or other communication required or which may be given hereunder shall be in writing and either be delivered personally
or be mailed, certified or registered mail, or by private national courier service, return receipt requested, postage prepaid,
and shall be deemed given when so delivered personally or, if mailed, two business days after the date of mailing, as follows:

 

If
to the Company, to:

 

East
Stone Acquisition Corporation

25
Mall Road, Suite 330

Burlington,
MA 01803

Attn: Xiaoma (Sherman) Lu, Chief Executive Officer

 

If
to a Shareholder, to his/its address set forth in Exhibit A.

 

and
if to the Escrow Agent, to:

 

Continental
Stock Transfer & Trust Company, LLC

1
State Street 30th floor

New
York, NY 10004

Attn:
Corporate Actions 

  

A
copy (which copy shall not constitute notice) sent hereunder shall be sent to:

 

I-Bankers
Group LLC

535
5th Ave, Suite 423

New
York, NY 10017

Attn:
Mike McCrory, Chief Executive Officer

 

    4

     

    

 

and:

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas, 11th Floor

New
York, New York 10105

Attn:
Barry Grossman, Esq.

Fax
No.: (212) 370-7889

 

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 Prospectus.

 

6.8 Counterparts.
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.

 

[Signature
Page Follows]

  

    5

     

    

 

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

 

	 	 	COMPANY:
	 	 	East Stone Acquisition Corporation
	 	 	 	 
	 	 	By: 	/s/ Xiaoma (Sherman) Lu
	 	 	 	
        Name: Xiaoma (Sherman) Lu

        Title: Chief Executive Officer

	 	 	 	 
	 	 	INITIAL SHAREHOLDERS:
	 	 	Double Ventures Holdings Limited
	 	 	 	 
	 	 	By:	/s/ Chunyi (Charlie) Hao
	 	 	 	
        Name: Chunyi (Charlie) Hao

        Title: Director

	 	 	 	 
	 	 	Navy Sail International Limited
	 	 	 	 
	 	 	By:	/s/ Chunyi (Charlie) Hao
	 	 	 	
        Name: Chunyi (Charlie) Hao

        Title: Director

	 	 	 	 
	 	 	/s/ Xiaoma (Sherman) Lu
	 	 	Xiaoma (Sherman) Lu
	 	 	 	 
	 	 	/s/ Chunyi (Charlie) Hao
	 	 	Chunyi (Charlie) Hao
	 	 	 	 
	 	 	/s/ Sanjay Prasad
	 	 	Sanjay Prasad
	 	 	 	 
	 	 	/s/ Michael S. Cashel
	 	 	Michael S. Cashel
	 	 	 	 
	 	 	/s/ William Zielke
	 	 	William Zielke
	 	 	 	 
	 	 	ESCROW AGENT: 
	 	 	Continental Stock Transfer & Trust Company, LLC
	 	 	 	 
	 	 	By:	/s/ Margaret B. Lloyd
	 	 	 	
        Name: Margaret B. Lloyd

        Title: Vice President

 

[Signature
Page to Share Escrow Agreement]

 

    6

     

    

 

 EXHIBIT
A

 

	Name and Address of Initial Shareholder1	 	Number of Founder Shares	 	Number of Private Placement Units
	Double Ventures Holdings Limited	 	1,500,000	 	167,000
	Navy Sail International Limited	 	750,000	 	-
	Xiaoma (Sherman) Lu	 	120,000	 	-
	Chunyi (Charlie) Hao	 	1,026,000	 	-
	Sanjay Prasad	 	18,000	 	-
	Michael S. Cashel	 	18,000	 	-
	William Zielke	 	18,000	 	-

 

	1.	The
                                                                                     business address of each shareholder is c/o East Stone Acquisition Corporation, 25 Mall Road, Suite 330 Burlington, MA
                                                                                     01803.

 

 

7ttec_Ex_4_01

		
			Exhibit 4.01
		

		
			 
		

		
			DESCRIPTION OF SECURITIES
		

		
			The following is a description of TTEC Holdings, Inc. (the “Company,” “TTEC”) securities that are registered under Section 12 of the Securities Exchange Act of 1934, as amended, and does not purport to be complete. For a complete description of the terms and provisions of such securities, refer to our restated certificate of incorporation, as amended (the “Certificate of Incorporation”), and our amended and restated bylaws (the “Bylaws”), each of which is included as an exhibit to the Annual Report on Form 10-K of which this exhibit is a part. This summary is qualified in its entirety by reference to these documents.
		

		
			General
		

		
			Under the Certificate of Incorporation, we are authorized to issue up to 150,000,000 shares of common stock, par value $0.01 per share, and 10,000,000 shares of preferred stock, par value $0.01 per share. As of December 31, 2019 there were 46,488,938 shares of common stock outstanding and no shares of preferred stock outstanding.
		

		
			Common Stock
		

		
			The holders of our common stock are entitled to one vote per share on all matters to be voted upon by the stockholders. Stockholders may not cumulate their votes in the election of directors. Subject to preferences that may be applicable to any outstanding preferred stock, the holders of common stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by the Board of Directors out of funds legally available, therefore. In 2015, our Board of Directors adopted a dividend policy, with the intent to distribute a periodic cash dividend to stockholders of our common stock, after consideration of, among other things, TTEC’s performance, cash flows from operations, capital needs and liquidity factors. The Company paid the initial dividend in 2015 and has continued to pay a semi-annual dividend in October and April of each year.
		

		
			In the event of liquidation, dissolution or winding up of TTEC, the holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to prior distribution rights of preferred stock, if any, then outstanding. The common stock has no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the common stock. All outstanding shares of common stock are fully paid and non-assessable.
		

		
			Preferred Stock
		

		
			Our Board of Directors has the authority to issue our preferred stock in one or more series and to fix the rights, preferences, privileges and restrictions thereof, including dividend rights, dividend rates, conversion rights, voting rights, terms of redemption, redemption prices, liquidation preferences and the number of shares constituting any series or the designation of such series, without further vote or action by the stockholders. The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of TTEC without further action by the stockholders and may adversely affect the voting and other rights of the holders of common stock. Holders of preferred stock may be entitled to receive dividends (other than dividends of common stock) before any dividends are payable to holders of common stock.
		

		
			Anti-Takeover Effects of Delaware General Corporation Law and Our Certificate of Incorporation and Bylaws
		

		
			Delaware Law.    TTEC is subject to the “business combination” provisions of Section 203 of the Delaware General Corporation Law. In general, such provisions prohibit a publicly held Delaware corporation from engaging in various “business combination” transactions with any interested stockholder for a period of three years after the date of the transaction in which the person became an interested stockholder, unless:
		

			
	
			
				 ·
			

			
	
			
			the business combination transaction or the transaction which resulted in the stockholder becoming an interested stockholder is approved by the Board of Directors prior to the date the interested stockholder obtained such status;

		
			

		 

		

			
	
			
				 ·
			

			
	
			
			upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for the purpose of determining the number of shares outstanding those shares owned by the corporation’s officers and directors and by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

			
	
			
				 ·
			

			
	
			
			on or subsequent to such date the business combination is approved by the Board of Directors and authorized at an annual or special meeting of stockholders by the affirmative vote of at least 662/3% of the outstanding voting stock which is not owned by the interested stockholder.

		
			A “business combination” is defined to include mergers, asset sales and other transactions resulting in financial benefit to a stockholder. In general, an “interested stockholder” is a person who, together with affiliates and associates, owns (or within three years, did own) 15% or more of a corporation’s voting stock. The statute could prohibit or delay mergers or other takeover or change in control attempts with respect to TTEC and, accordingly, may discourage attempts to acquire TTEC even though such a transaction may offer TTEC’s stockholders the opportunity to sell their stock at a price above the prevailing market price.
		

		
			Certificate of Incorporation and Bylaws.    Various provisions contained in the Certificate of Incorporation and the Bylaws could delay or discourage stockholder actions with respect to transactions involving an actual or potential change of control of us or a change in our management and may limit the ability of our stockholders to remove current management or approve transactions that our stockholders may deem to be in their best interests. Among other things, these provisions:
		

			
	
			
				 ·
			

			
	
			
			provide that special meetings of stockholders may be called only by the Board of Directors, the Chairman of the Board of Directors or by the Chief Executive Officer of TTEC and not by the stockholders;

			
	
			
				 ·
			

			
	
			
			provide that any stockholder wishing to nominate persons for election as directors at, or bring other business before, an annual meeting must deliver to our secretary advance written notice of the stockholder’s intention to do so;

			
	
			
				 ·
			

			
	
			
			establish that state courts located within the State of Delaware (or, if no state court located within the State of Delaware has jurisdiction, the federal district court for the District of Delaware) are the sole and exclusive forum for certain disputes;

			
	
			
				 ·
			

			
	
			
			provide that the Board of Directors may, by resolution adopted by a majority of the directors, increase or decrease the number of directors on the Board so long as the number of directors is not less than two nor more than eleven;

			
	
			
				 ·
			

			
	
			
			do not permit cumulative voting for directors; and

			
	
			
				 ·
			

			
	
			
			provide that vacancies in our Board of Directors may be filled only by the affirmative vote of a majority of the remaining directors.

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