Document:

Exhibit 10.4

 

NON-COMPETITION AND NON-SOLICITATION
AGREEMENT

 

THIS
NON-COMPETITION AND NON-SOLICITATION AGREEMENT (this “Agreement”) is being executed and
delivered as of  July 12, 2019 by Cenntro Holding Limited (the “Seller”) in favor of and for
the benefit of Greenland Acquisition Corporation, a British Virgin Islands business company with limited liability,
which will be known after the consummation of the transactions contemplated by the Share Exchange Agreement (as defined
below) as “Greenland Technologies Holding Corporation” (including any successor entity thereto,
“Purchaser”), Zhongchai Holding (Hong Kong) Limited, a Hong Kong registered company
(including any successor entity thereto, the “Company”), and each of Purchaser’s and/or the
Company’s respective present and future Affiliates, successors and direct and indirect Subsidiaries (collectively with
Purchaser and the Company, the “Covered Parties”). Any capitalized term used, but not defined in
this Agreement will have the meaning ascribed to such term in the Share Exchange Agreement.

 

WHEREAS, on July 12,
2019, Purchaser, the Company and Seller entered into that certain Share Exchange Agreement (as amended from time to time in accordance
with the terms thereof, the “Share Exchange Agreement”), by and among (i) Purchaser, (ii) Greenland
Asset Management Corporation, in the capacity as the Purchaser Representative thereunder (including any successor Purchaser
Representative appointed in accordance therewith, the “Purchaser Representative”), (iii) the Company,
and (iv) Seller, pursuant to which, subject to the terms and conditions thereof, Purchaser will acquire all of the issued and outstanding
equity interests of the Company in exchange for shares of Purchaser’s ordinary shares;

 

WHEREAS, the Company,
directly and indirectly through its Subsidiaries, manufactures and sells transmission products in China and intends to begin selling
autonomous transmission products in China (collectively, the “Business”);

 

WHEREAS, in connection
with, and as a condition to the consummation of the transactions contemplated by the Share Exchange Agreement (the “Transactions”),
and to enable Purchaser to secure more fully the benefits of the Transactions, including the protection and maintenance of the
goodwill and confidential information of the Company and its Subsidiaries, Purchaser has required that the Seller enter into this
Agreement;

 

WHEREAS, the Seller
is entering into this Agreement in order to induce Purchaser to consummate the Transactions, pursuant to which the Seller will
directly or indirectly receive a material benefit; and

 

WHEREAS, the Seller,
as a former and/or current shareholder, director, officer or employee of the Company or its Subsidiaries, has contributed to the
value of the Company and has obtained extensive and valuable knowledge and confidential information concerning the business of
the Company and its Subsidiaries.

 

     

     

    

 

NOW, THEREFORE, in order to induce Purchaser
to consummate the Transactions, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the Seller hereby agrees as follows:

 

1. Restriction on
Competition.

 

(a) Restriction.
The Seller hereby agrees that during the period from the Closing until the later of (i) the four (4) year anniversary of the Closing
Date and (ii) the date on which the Seller or its Affiliates or any of their respective officers, directors or employees are no
longer directors, officers, managers or employees of the Company or any of its Subsidiaries (the “Termination Date”,
and such period from the Closing until the later of clauses (i) and (ii), the “Restricted Period”), the
Seller will not, and will cause its Affiliates not to, without the prior written consent of Purchaser (which may be withheld in
its sole discretion), anywhere in the People’s Republic of China or in any other markets in which, as of the Closing Date,
the Covered Parties are engaged, or are actively contemplating to become engaged, in the Business as of the Closing Date or during
the Restricted Period (the “Territory”), directly or indirectly engage in the Business (other than through
a Covered Party) or own, manage, finance or control, or participate in the ownership, management, financing or control of, or become
engaged or serve as an officer, director, member, partner, employee, agent, consultant, advisor or representative of, a business
or entity (other than a Covered Party) that engages in the Business (a “Competitor”). Notwithstanding
the foregoing, the Seller and its Affiliates may own passive investments of no more than two percent (2%) of any class of outstanding
equity interests in a Competitor that is publicly traded, so long as the Seller and its Affiliates and their respective directors,
officers, managers and employees who were involved with the business of the Company or its Subsidiaries, and the immediate family
members of the Seller or its Affiliates, are not involved in the management or control of such Competitor (“Permitted
Ownership”).

 

(b) Acknowledgment.
The Seller acknowledges and agrees, based upon the advice of legal counsel and/or the Seller’s own education, experience
and training, that (i) the Seller possesses knowledge of confidential information of the Company and its Subsidiaries and the Business,
(ii) the Seller’s execution of this Agreement is a material inducement to Purchaser to consummate the Transactions and to
realize the goodwill of the Company and its Subsidiaries, for which the Seller will receive a substantial direct or indirect financial
benefit, and that Purchaser would not have entered into the Share Exchange Agreement or consummated the Transactions but for the
Seller’s agreements set forth in this Agreement; (iii) it would impair the goodwill of the Company and its Subsidiaries and
reduce the value of the assets of the Company and its Subsidiaries and cause serious and irreparable injury if the Seller were
to use its ability and knowledge by engaging in the Business in competition with a Covered Party, and/or to otherwise breach the
obligations contained herein and that the Covered Parties would not have an adequate remedy at law because of the unique nature
of the Business, (iv) neither the Seller nor its Affiliates have any intention of engaging in the Business (other than through
the Covered Parties) during the Restricted Period other than through Permitted Ownership, (v) the relevant public policy aspects
of restrictive covenants, covenants not to compete and non-solicitation provisions have been discussed, and every effort has been
made to limit the restrictions placed upon the Seller to those that are reasonable and necessary to protect the Covered Parties’
legitimate interests, (vi) the Covered Parties conduct and intend to conduct the Business everywhere in the Territory and compete
with other businesses that are or could be located in any part of the Territory, (vii) the foregoing restrictions on competition
are fair and reasonable in type of prohibited activity, geographic area covered, scope and duration, (viii) the consideration provided
to the Seller under this Agreement and the Share Exchange Agreement is not illusory, and (ix) such provisions do not impose a greater
restraint than is necessary to protect the goodwill or other business interests of the Covered Parties.

 

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2. No Solicitation;
No Disparagement.

 

(a) No Solicitation
of Employees and Consultants. The Seller agrees that, during the Restricted Period, the Seller will not, and will not permit
its Affiliates to, without the prior written consent of Purchaser (which may be withheld in its sole discretion), either on its
own behalf or on behalf of any other Person (other than, if applicable, a Covered Party in the performance of the Seller’s
or its Affiliate’s duties on behalf of the Covered Parties), directly or indirectly: (i) hire or engage as an employee, independent
contractor, consultant or otherwise any Covered Personnel (as defined below); (ii) solicit, induce, encourage or otherwise knowingly
cause (or attempt to do any of the foregoing) any Covered Personnel to leave the service (whether as an employee, consultant or
independent contractor) of any Covered Party; or (iii) in any way interfere with or attempt to interfere with the relationship
between any Covered Personnel and any Covered Party; provided, however, the Seller and its Affiliates will not be
deemed to have violated this Section 2(a) if any Covered Personnel voluntarily and independently solicits an offer of employment
from the Seller or its Affiliate (or other Person whom the Seller or its Affiliate is acting on behalf of) by responding to a general
advertisement or solicitation program conducted by or on behalf of the Seller or its Affiliate (or such other Person whom the Seller
or its Affiliate is acting on behalf of) that is not targeted at such Covered Personnel or Covered Personnel generally, so long
as such Covered Personnel is not hired. For purposes of this Agreement, “Covered Personnel” shall mean
any Person who is or was an employee, consultant or independent contractor of the Covered Parties, (A) if the relevant time of
determination is before the Termination Date, as of such date of determination or during the one (1) year period preceding such
date and, (B) if the relevant time of determination is after the Termination Date, as of the Termination Date or during the one
(1) year period preceding the Termination Date.

 

(b) Non-Solicitation
of Customers and Suppliers. The Seller agrees that, during the Restricted Period, the Seller will not, and will not permit
its Affiliates to, without the prior written consent of Purchaser (which may be withheld in its sole discretion), individually
or on behalf of any other Person (other than, if applicable, a Covered Party in the performance of the Seller’s or its Affiliate’s
duties on behalf of the Covered Parties), directly or indirectly: (i) solicit, induce, encourage or otherwise knowingly cause (or
attempt to do any of the foregoing) any Covered Customer (as defined below) to (A) cease being, or not become, a client or customer
of any Covered Party with respect to the Business or (B) reduce the amount of business of such Covered Customer with any Covered
Party, or otherwise alter such business relationship in a manner adverse to any Covered Party, in either case, with respect to
or relating to the Business; (ii) interfere with or disrupt (or attempt to interfere with or disrupt) the contractual relationship
between any Covered Party and any Covered Customer; (iii) divert any business with any Covered Customer relating to the Business
from a Covered Party; (iv) solicit for business, provide services to, engage in or do business with, any Covered Customer for products
or services that are part of the Business; or (v) interfere with or disrupt (or attempt to interfere with or disrupt), any Person
that was a vendor, supplier, distributor, agent or other service provider of a Covered Party at the time of such interference or
disruption, for a purpose competitive with a Covered Party as it relates to the Business. For purposes of this Agreement, a “Covered
Customer” shall mean any Person who is or was an actual customer or client (or prospective customer or client with
whom a Covered Party actively marketed or made or taken specific action to make a proposal) of a Covered Party, (A) if the relevant
time of determination is before the Termination Date, as of such date of determination or during the one (1) year period preceding
such date and, (B) if the relevant time of determination is after the Termination Date, as of the Termination Date or during the
one (1) year period preceding the Termination Date.

 

(c) Non-Disparagement.
The Seller agrees that from and after the Closing until the second (2nd) anniversary of the end of the Restricted Period,
the Seller will not, and will not permit its Affiliates to, directly or indirectly engage in any conduct that involves the making
or publishing (including through electronic mail distribution or online social media) of any written or oral statements or remarks
(including the repetition or distribution of derogatory rumors, allegations, negative reports or comments) that are disparaging,
deleterious or damaging to the integrity, reputation or good will of one or more Covered Parties or their respective management,
officers, employees, independent contractors or consultants. Notwithstanding the foregoing, subject to Section 3 below,
the provisions of this Section 2(c) shall not restrict the Seller or its Affiliates from providing truthful testimony or
information in response to a subpoena or investigation by a Governmental Authority or in connection with any legal action by the
Seller or its Affiliate against any Covered Party under this Agreement, the Share Exchange Agreement or any other Ancillary Document
that is asserted by the Seller or its Affiliate in good faith.

 

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3. Confidentiality.
From and after the Closing Date, the Seller will, and will cause its Representatives to, keep confidential and not (except,
if applicable, in the performance of the Seller’s duties on behalf of the Covered Parties) directly or indirectly use, disclose,
reveal, publish, transfer or provide access to, any and all Covered Party Information without the prior written consent of Purchaser
(which may be withheld in its sole discretion). As used in this Agreement, “Covered Party Information”
means all material and information relating to the business, affairs and assets of any Covered Party, including material and information
that concerns or relates to such Covered Party’s bidding and proposal, technical, computer hardware or software, administrative,
management, operational, data processing, financial, marketing, sales, human resources, business development, planning and/or other
business activities, regardless of whether such material and information is maintained in physical, electronic, or other form,
that is: (A) gathered, compiled, generated, produced or maintained by such Covered Party through its Representatives, or provided
to such Covered Party by its suppliers, service providers or customers; and (B) intended and maintained by such Covered Party or
its Representatives, suppliers, service providers or customers to be kept in confidence. The obligations set forth in this Section
3 will not apply to any Covered Party Information where the Seller can prove that such material or information: (i) is known
or available through other lawful sources not bound by a confidentiality agreement with, or other confidentiality obligation to,
any Covered Party; (ii) is or becomes publicly known through no violation of this Agreement or other non-disclosure obligation
of the Seller or any of its Representatives; (iii) is already in the possession of the Seller at the time of disclosure through
lawful sources not bound by a confidentiality agreement or other confidentiality obligation as evidenced by the Seller’s
documents and records; or (iv) is required to be disclosed pursuant to an order of any administrative body or court of competent
jurisdiction (provided that (A) the applicable Covered Party is given reasonable prior written notice, (B) the Seller cooperates
(and causes its Representatives to cooperate) with any reasonable request of any Covered Party to seek to prevent or narrow such
disclosure and (C) if after compliance with clauses (A) and (B) such disclosure is still required, the Seller and its Representatives
only disclose such portion of the Covered Party Information that is expressly required by such order, as it may be subsequently
narrowed).

 

4. Representations
and Warranties. The Seller hereby represents and warrants, to and for the benefit of the Covered Parties as of the date of
this Agreement and as of the Closing Date, that: (a) the Seller has full power and capacity to execute and deliver, and to perform
all of the Seller’s obligations under, this Agreement; and (b) neither the execution and delivery of this Agreement nor the
performance of the Seller’s obligations hereunder will result directly or indirectly in a violation or breach of any agreement
or obligation by which the Seller is a party or otherwise bound. By entering into this Agreement, the Seller certifies and acknowledges
that the Seller has carefully read all of the provisions of this Agreement, and that the Seller voluntarily and knowingly enters
into this Agreement.

 

5. Remedies. The
covenants and undertakings of the Seller contained in this Agreement relate to matters which are of a special, unique and extraordinary
character and a violation of any of the terms of this Agreement may cause irreparable injury to the Covered Parties, the amount
of which may be impossible to estimate or determine and which cannot be adequately compensated. The Seller agrees that, in the
event of any breach or threatened breach by the Seller of any covenant or obligation contained in this Agreement, each applicable
Covered Party will be entitled to obtain the following remedies (in addition to, and not in lieu of, any other remedy at law or
in equity or pursuant to the Share Exchange Agreement or the other Ancillary Documents that may be available to the Covered Parties,
including monetary damages), and a court of competent jurisdiction may award: (i) an injunction, restraining order or other equitable
relief restraining or preventing such breach or threatened breach, without the necessity of proving actual damages or posting bond
or security, which the Seller expressly waives; and (ii) recovery of the Covered Party’s attorneys’ fees and costs
incurred in enforcing the Covered Party’s rights under this Agreement. The Seller hereby consents to the award of any of
the above remedies to the applicable Covered Party in connection with any such breach or threatened breach. The Seller hereby acknowledges
and agrees that in the event of any breach of this Agreement, any value attributed or allocated to this Agreement (or any other
non-competition agreement with the Seller) under or in connection with the Share Exchange Agreement shall not be considered a measure
of, or a limit on, the damages of the Covered Parties.

 

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6. Survival of Obligations.
The expiration of the Restricted Period will not relieve the Seller of any obligation or liability arising from any breach
by the Seller of this Agreement during the Restricted Period. The Seller further agrees that the time period during which the covenants
contained in Section 1 and Section 2 of this Agreement will be effective will be computed by excluding from such
computation any time during which the Seller is in violation of any provision of such Sections.

 

7. Miscellaneous.

 

(a) Notices. All
notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given when
delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt, (iii) one Business
Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3) Business Days after
being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the applicable party
at the following addresses (or at such other address for a party as shall be specified by like notice):

 

	
        

        If to Purchaser (or any other Covered Party),
        to:

         

        Greenland Acquisition Corporation

        Suite 906, Tower W1, Oriental Plaza,

        No.
        1 East Chang’an Street

        Dongcheng District, Beijing

        People’s Republic of China

        Attn: Yanming Liu, Chief Executive Officer

        Telephone No.: (86) 010-53607082

        Email: liuym@msn.com
	
        with a copy (that will not constitute notice)
        to: 

         

        Ellenoff Grossman & Schole LLP

        1345 Avenue of the Americas, 11th Floor

        New York, New York 10105

        Attn: Bill Huo, Esq.

                   Ari Edelman, Esq.

        Facsimile No.: (212) 370-7889

        Telephone No.: (212) 370-1300

        Email: bhuo@egsllp.com

                    aedelman@egsllp.com

	 	 
	If to the Seller, to: the address below the Seller’s name on the signature page to this Agreement.

 

(b) Integration and
Non-Exclusivity. This Agreement, the Share Exchange Agreement and the other Ancillary Documents contain the entire agreement
between the Seller and the Covered Parties concerning the subject matter hereof. Notwithstanding the foregoing, the rights and
remedies of the Covered Parties under this Agreement are not exclusive of or limited by any other rights or remedies which they
may have, whether at law, in equity, by contract or otherwise, all of which will be cumulative (and not alternative). Without limiting
the generality of the foregoing, the rights and remedies of the Covered Parties, and the obligations and liabilities of the Seller
and its Affiliates, under this Agreement, are in addition to their respective rights, remedies, obligations and liabilities (i)
under the laws of unfair competition, misappropriation of trade secrets, or other requirements of statutory or common law, or any
applicable rules and regulations and (ii) otherwise conferred by contract, including the Share Exchange Agreement and any other
written agreement between the Seller or its Affiliate and any of the Covered Parties. Nothing in the Share Exchange Agreement will
limit any of the obligations, liabilities, rights or remedies of the Seller or the Covered Parties under this Agreement, nor will
any breach of the Share Exchange Agreement or any other agreement between the Seller or its Affiliate and any of the Covered Parties
limit or otherwise affect any right or remedy of the Covered Parties under this Agreement. If any term or condition of any other
agreement between the Seller or its Affiliate and any of the Covered Parties conflicts or is inconsistent with the terms and conditions
of this Agreement, the more restrictive terms will control as to the Seller or its Affiliate, as applicable.

 

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(c) Severability;
Reformation. Each provision of this Agreement is separable from every other provision of this Agreement. If any provision of
this Agreement is found or held to be invalid, illegal or unenforceable, in whole or in part, by a court of competent jurisdiction,
then (i) such provision will be deemed amended to conform to applicable laws so as to be valid, legal and enforceable to the fullest
possible extent, (ii) the invalidity, illegality or unenforceability of such provision will not affect the validity, legality or
enforceability of such provision under any other circumstances or in any other jurisdiction, and (iii) the invalidity, illegality
or unenforceability of such provision will not affect the validity, legality or enforceability of the remainder of such provision
or the validity, legality or enforceability of any other provision of this Agreement. The Seller and the Covered Parties will substitute
for any invalid, illegal or unenforceable provision a suitable and equitable provision that carries out, so far as may be valid,
legal and enforceable, the intent and purpose of such invalid, illegal or unenforceable provision. Without limiting the foregoing,
if any court of competent jurisdiction determines that any part hereof is unenforceable because of the duration, geographic area
covered, scope of such provision, or otherwise, such court will have the power to reduce the duration, geographic area covered
or scope of such provision, as the case may be, and, in its reduced form, such provision will then be enforceable. The Seller will,
at a Covered Party’s request, join such Covered Party in requesting that such court take such action.

 

(d) Amendment; Waiver.
This Agreement may not be amended or modified in any respect, except by a written agreement executed by the Seller, Purchaser and
the Purchaser Representative (or their respective permitted successors or assigns). No waiver will be effective unless it is expressly
set forth in a written instrument executed by the waiving party (and if such waiving party is a Covered Party, the Purchaser Representative)
and any such waiver will have no effect except in the specific instance in which it is given. Any delay or omission by a party
in exercising its rights under this Agreement, or failure to insist upon strict compliance with any term, covenant, or condition
of this Agreement will not be deemed a waiver of such term, covenant, condition or right, nor will any waiver or relinquishment
of any right or power under this Agreement at any time or times be deemed a waiver or relinquishment of such right or power at
any other time or times.

 

(e) Dispute Resolution.
Any dispute, difference, controversy or claim arising in connection with or related or incidental to, or question occurring under,
this Agreement or the subject matter hereof (other than applications for a temporary restraining order, preliminary injunction,
permanent injunction or other equitable relief or application for enforcement of a resolution under this Section 7(e)) (a
“Dispute”) shall be governed by this Section 7(e). A party must, in the first instance, provide
written notice of any Disputes to the other parties subject to such Dispute, which notice must provide a reasonably detailed description
of the matters subject to the Dispute. Any Dispute that is not resolved may at any time after the delivery of such notice immediately
be referred to and finally resolved by arbitration pursuant to the then-existing Expedited Procedures of the Commercial Arbitration
Rules (the “AAA Procedures”) of the American Arbitration Association (the “AAA”).
Any party involved in such Dispute may submit the Dispute to the AAA to commence the proceedings after the Resolution Period. To
the extent that the AAA Procedures and this Agreement are in conflict, the terms of this Agreement shall control. The arbitration
shall be conducted by one arbitrator nominated by the AAA promptly (but in any event within five (5) Business Days) after the submission
of the Dispute to the AAA and reasonably acceptable to each party subject to the Dispute, which arbitrator shall be a commercial
lawyer with substantial experience arbitrating disputes under acquisition agreements. The arbitrator shall accept his or her appointment
and begin the arbitration process promptly (but in any event within five (5) Business Days) after his or her nomination and acceptance
by the parties subject to the Dispute. The proceedings shall be streamlined and efficient. The arbitrator shall decide the Dispute
in accordance with the substantive law of the State of New York. Time is of the essence. Each party shall submit a proposal for
resolution of the Dispute to the arbitrator within twenty (20) days after confirmation of the appointment of the arbitrator. The
arbitrator shall have the power to order any party to do, or to refrain from doing, anything consistent with this Agreement, the
Ancillary Documents and applicable Law, including to perform its contractual obligation(s); provided, that the arbitrator
shall be limited to ordering pursuant to the foregoing power (and, for the avoidance of doubt, shall order) the relevant party
(or parties, as applicable) to comply with only one or the other of the proposals. The arbitrator’s award shall be in writing and
shall include a reasonable explanation of the arbitrator’s reason(s) for selecting one or the other proposal. The seat of arbitration
shall be in New York County, State of New York. The language of the arbitration shall be English.

 

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(f) Governing Law;
Jurisdiction. This Agreement shall be governed by, construed and enforced in accordance with the Laws of the State of New York
without regard to the conflict of laws principles thereof. Subject to Section 7(e), all Actions arising out of or relating
to this Agreement shall be heard and determined exclusively in any state or federal court located in New York, New York (or in
any appellate courts thereof) (the “Specified Courts”). Subject to Section 7(e), each party hereto
hereby (a) submits to the exclusive jurisdiction of any Specified Court for the purpose of any Action arising out of or relating
to this Agreement brought by any party hereto, (b) irrevocably waives, and agrees not to assert by way of motion, defense or otherwise,
in any such Action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property
is exempt or immune from attachment or execution, that the Action is brought in an inconvenient forum, that the venue of the Action
is improper, or that this Agreement or the transactions contemplated hereby may not be enforced in or by any Specified Court and
(c) waives any bond, surety or other security that might be required of any other party with respect thereto. Each party agrees
that a final judgment in any Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in
any other manner provided by Law or in equity. Each party irrevocably consents to the service of the summons and complaint and
any other process in any other action or proceeding relating to the transactions contemplated by this Agreement, on behalf of itself,
or its property, by personal delivery of copies of such process to such party at the applicable address set forth in Section
7(a). Nothing in this Section 7(f) shall affect the right of any party to serve legal process in any other manner permitted
by Law.

 

(g) WAIVER OF JURY
TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7(g). ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS
SECTION 7(g) WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY
JURY.

 

(h) Successors and
Assigns; Third Party Beneficiaries. This Agreement will be binding upon the Seller and the Seller’s estate, successors
and assigns, and will inure to the benefit of the Covered Parties, and their respective successors and assigns. Each Covered Party
may freely assign any or all of its rights under this Agreement, at any time, in whole or in part, to any Person which acquires,
in one or more transactions, at least a majority of the equity securities (whether by equity sale, merger or otherwise) of such
Covered Party or all or substantially all of the assets of such Covered Party and its Subsidiaries, taken as a whole, without obtaining
the consent or approval of the Seller. The Seller agrees that the obligations of the Seller under this Agreement are personal and
will not be assigned by the Seller. Each of the Covered Parties are express third party beneficiaries of this Agreement and will
be considered parties under and for purposes of this Agreement.

 

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(i) Purchaser Representative
Authorized to Act on Behalf of Covered Parties. The parties acknowledge and agree that the Purchaser Representative is authorized
and shall have the sole right to act on behalf of Purchaser and the other Covered Parties under this Agreement, including the right
to enforce Purchaser’s rights and remedies under this Agreement. Without limiting the foregoing, in the event that the Seller
serves as a director, officer, employee or other authorized agent of a Covered Party, the Seller shall have no authority, express
or implied, to act or make any determination on behalf of a Covered Party in connection with this Agreement or any dispute or Action
with respect hereto.

 

(j) Construction.
The Seller acknowledges that the Seller has been represented by counsel, or had the opportunity to be represented by counsel of
the Seller’s choice. Any rule of construction to the effect that ambiguities are to be resolved against the drafting party
will not be applied in the construction or interpretation of this Agreement. Neither the drafting history nor the negotiating history
of this Agreement will be used or referred to in connection with the construction or interpretation of this Agreement. The headings
and subheadings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement. In this Agreement: (i) the words “include,” “includes” and “including” when
used herein shall be deemed in each case to be followed by the words “without limitation”; (ii) the definitions contained
herein are applicable to the singular as well as the plural forms of such terms; (iii) whenever required by the context, any pronoun
shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include
the plural and vice versa; (iv) the words “herein,” “hereto,” and “hereby” and other words
of similar import shall be deemed in each case to refer to this Agreement as a whole and not to any particular Section or other
subdivision of this Agreement; (v) the word “if” and other words of similar import when used herein shall be deemed
in each case to be followed by the phrase “and only if”; (vi) the term “or” means “and/or”;
and (vii) any agreement or instrument defined or referred to herein or in any agreement or instrument that is referred to herein
means such agreement or instrument as from time to time amended, modified or supplemented, including by waiver or consent and references
to all attachments thereto and instruments incorporated therein.

 

(k) Counterparts.
This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each
of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.
A photocopy, faxed, scanned and/or emailed copy of this Agreement or any signature page to this Agreement, shall have the same
validity and enforceability as an originally signed copy.

 

(l) Effectiveness.
This Agreement shall be binding upon the Seller upon the Seller’s execution and delivery of this Agreement, but this Agreement
shall only become effective upon the consummation of the Transactions. In the event that the Share Exchange Agreement is validly
terminated in accordance with its terms prior to the consummation of the Transactions, this Agreement shall automatically terminate
and become null and void, and the parties shall have no obligations hereunder.

 

[Remainder of Page Intentionally Left
Blank; Signature Page Follows]

 

    8

     

    

 

IN WITNESS WHEREOF,
the undersigned has duly executed and delivered this Non-Competition and Non-Solicitation Agreement as of the date first written
above.

 

	 	Seller:
	 	 
	 	CENNTRO HOLDING LIMITED
	 	 
	 	By:	/s/ Peter Zuguang Wang

	 	Name: 	Peter Zuguang Wang
	 	Title:	Chairman
	 	 
	 	Address for Notice:
	 	 
	 	Address:
	 	11-F, Building #12, Sunking Plaza, Gaojiao Road, Hangzhou, Zhejiang
	 	People’s Republic of China 311122
	 	Telephone No.: (86) 571-85775711
	 	Email: peterw@cenntro.com

 

 

 

 

{Signature Page to Non-Competition
Agreement}

 

     

     

    

  

Acknowledged and accepted as of the
date first written above:

 

Purchaser: 

 

	GREENLAND ACQUISITION CORPORATION	 
	 	 	 
	By:	/s/ Yanming Liu

	 
	Name:	Yanming Liu	 
	Title:	Chairman and Chief Executive Officer	 

 

The Company:

 

	ZHONGCHAI HOLDING (HONG KONG) LIMITED	 
	 	 	 
	By:	/s/ Peter Zuguang Wang

	 
	Name: 	Peter Zuguang Wang	 
	Title:	Director	 

 

The Purchaser Representative:

 

	GREENLAND ASSET MANAGEMENT CORPORATION	 
	 	 
	By:	/s/ Yanming Liu

	 
	Name:	Yanming Liu	 
	Title:  	Managing Member	 

 

 

 

 

{Signature Page to Non-Competition
Agreement}Exhibit 10.5

 

ESCROW AGREEMENT

 

This ESCROW
AGREEMENT (this “Agreement”) is made and entered into as of July 12, 2019, by and among: (i) Greenland
Acquisition Corporation, a British Virgin Islands business company with limited liability (including any successor entity thereto,
“Purchaser”); (ii) Greenland Asset Management Corporation, a British Virgin Islands company
with limited liability, in its capacity under the Share Exchange Agreement (as defined below) as the Purchaser Representative (including
any successor Purchaser Representative in accordance with the Share Exchange Agreement, the “Purchaser Representative”);
(iii) Cenntro Holding Limited (“Seller”); and (iv) Continental Stock Transfer &
Trust Company, as escrow agent (the “Escrow Agent”). Capitalized terms used herein but not otherwise
defined herein shall have the meaning given to such terms in the Share Exchange Agreement.

 

WHEREAS, on
July 12, 2019, Purchaser, the Purchaser Representative and Seller entered into that certain Share Exchange Agreement (as
amended from time to time in accordance with the terms thereof, the “Share Exchange Agreement”), by and
among Purchaser, the Purchaser Representative, Zhongchai Holding (Hong Kong) Limited, a Hong Kong registered company (the “Company”),
and Seller, pursuant to which, subject to the terms and conditions thereof, Purchaser will acquire from the Seller all of the issued
and outstanding equity interests of the Company in exchange for 7,500,000 Purchaser Ordinary Shares, subject to the withholding
of the Escrow Shares (as defined below) being deposited into the Escrow Account (as defined below) in accordance with the terms
and conditions of the Share Exchange Agreement and this Agreement;

 

WHEREAS, pursuant
to the Share Exchange Agreement, Purchaser, the Purchaser Representative and their respective Affiliates and their respective officers,
directors, managers, employees, successors and permitted assigns (the “Purchaser Indemnitees”) are entitled
to be indemnified in certain respects by Seller;

 

WHEREAS, in
accordance with the Share Exchange Agreement and this Agreement, at the Closing, Purchaser shall issue to the Escrow Agent 750,000
Purchaser Ordinary Shares (together with any equity securities paid as dividends or distributions with respect to such shares or
into which such shares are exchanged or converted, the “Escrow Shares”) to be held, along with any other
Escrow Property (as defined below), by the Escrow Agent in a segregated escrow account (the “Escrow Account”)
and disbursed therefrom in accordance with the terms of Article VII of the Share Exchange Agreement and this Agreement;

 

WHEREAS, pursuant
to the Share Exchange Agreement, the Purchaser Representative has been exclusively designated to act on behalf of Purchaser to
take all necessary actions and make all decisions pursuant to this Agreement; and

 

WHEREAS, the
Escrow Agent is willing to administer the escrow under the terms and conditions of this Agreement.

 

NOW, THEREFORE,
in consideration of the foregoing premises and of the mutual covenants and agreements contained herein, the parties hereto hereby
agree as follows:

 

Section 1. Appointment.
Purchaser and Seller hereby appoint the Escrow Agent as their escrow agent for the purposes set forth herein, and the Escrow Agent
hereby agrees to perform the duties of their escrow agent under this Agreement. The escrow services to be rendered by the Escrow
Agent under this Agreement will not begin until the Escrow Agent has received the documentation necessary to establish the Escrow
Account on its books and has received the Escrow Shares in accordance with this Agreement.

 

Section 2. Delivery
of Escrow Shares. Pursuant to Section 1.3 of the Share Exchange Agreement, after the Closing, the Purchaser shall deposit stock
certificates for the Escrow Shares (“Escrowed Stock Certificates”) with the Escrow Agent, with each such
Escrowed Stock Certificate being issued in the name of the shareholder to be held by the Escrow Agent; provided, that the Purchaser
may alternatively have the Escrow Agent and the Purchaser’s transfer agent account for the Escrow Shares in book entry form.

 

     

     

    

 

Section 3. Maintenance
of the Escrow Shares and other Escrow Property. So long as any Escrow Shares are being held in the Escrow Account and are not
disbursed in accordance with this Agreement, any dividends, distributions or other income paid on or otherwise accruing to such
Escrow Shares (the foregoing, together with the Escrow Shares, and as reduced by any disbursements of such Escrow Shares or dividends,
distributions or other income from the Escrow Account by the Escrow Agent in accordance with the terms of this Agreement and the
Share Exchange Agreement, the “Escrow Property”) shall be held by the Escrow Agent in the Escrow Account
in accordance with the terms of this Agreement. During the term of this Agreement, the Escrow Agent shall hold the Escrow Property
in the Escrow Account and shall not sell, transfer, dispose of, lend or otherwise subject to a Lien any of the Escrow Property
except until and to the extent that they are disbursed in accordance with Section 4. Except as the Purchaser Representative
(on behalf of the Purchaser) and Seller may otherwise agree in joint written instructions executed and delivered to the Escrow
Agent, no part of the Escrow Property may be withdrawn except as expressly provided in this Agreement. While the Escrow Shares
are held in the Escrow Account, the Seller named on the applicable Escrowed Stock Certificate shall have the right to vote the
Escrow Shares included in such Escrowed Stock Certificate.

 

Section 4. Delivery
of the Escrow Property. The Escrow Agent shall hold the Escrow Property and shall deliver the Escrow Property to either the
Purchaser or the Seller, as applicable, in accordance with the following procedures:

 

(a) Purchaser
(with the Purchaser Representative acting on its behalf) may assert a claim for indemnification on behalf of an Purchaser Indemnitee
pursuant to the Share Exchange Agreement (an “Indemnification Claim”) by providing written notice (a
“Claim Notice”) of such claim to Seller and the Escrow Agent, which Claim Notice shall include (i) a
reasonable description of the facts and circumstances which relate to the subject matter of such Indemnification Claim to the extent
then known, (ii) the amount of Losses suffered by the Purchaser Indemnitee in connection with the claim to the extent known or
reasonably estimable (provided, that the Purchaser Representative on behalf of Purchaser may thereafter in good faith adjust the
amount of Losses with respect to the claim by providing a revised Claim Notice to Seller and the Escrow Agent (such amount, as
it may be adjusted, the “Claim Amount”)) and (iii) whether the Indemnification Claim results from a Third
Party Claim; provided, that the copy of any Claim Notice provided to the Escrow Agent shall be redacted for any confidential
or proprietary information of the Indemnifying Party or the Purchaser Indemnitee described in clause (i).

 

(b) Unless Seller
provides to the Purchaser Representative and the Escrow Agent a written notice objecting to such Indemnification Claim (an “Objection
Notice”) (with any Objection Notice provided to the Purchaser Representative, but not the Escrow Agent, including
an attachment with a description, in reasonable detail, of the facts upon which such objection is based) by 11:59 p.m. New York
City time on the thirtieth (30th) day after the delivery of the Claim Notice (the date of the delivery of the Claim Notice through
such time, the “Objection Period”), Seller on will be deemed to have accepted responsibility for the
Losses set forth in such Claim Notice subject to the limitations on indemnification set forth in Article VII of the Share Exchange
Agreement and will have no further right to contest the validity of such Claim Notice, and, subject to Section 4(d),
the Escrow Agent shall promptly (in any event within five (5) Business Days) after the expiration of the Objection Period (or,
if during the Objection Period, Seller provides affirmative written instructions to the Escrow Agent to release such Escrow Property
from the Escrow Account, promptly (in any event within five (5) Business Days) after the Escrow Agent’s receipt of such instructions
from Seller), disburse to the Purchaser Escrow Property from the Escrow Account in an amount equal to the Claim Amount. If Seller
provides an Objection Notice during the Objection Period that disputes only a portion of the Claim Amount, subject to Section
4(d), the Escrow Agent shall promptly (in any event within five (5) Business Days) after the expiration of the Objection Period
(or, if during the Objection Period, Seller provides affirmative written instructions to the Escrow Agent to release such Escrow
Property from the Escrow Account, promptly (in any event within five (5) Business Days) after the Escrow Agent’s receipt
of such instructions from Seller), disburse to the Purchaser Escrow Property from the Escrow Account in an amount equal to the
undisputed portion of the Claim Amount.

  

(c) If Seller
timely disputes an Indemnification Claim, by providing an Objection Notice to the Purchaser Representative and the Escrow Agent
during the Objection Period, the Purchaser Representative and Seller shall resolve the dispute in accordance with the terms of
the Share Exchange Agreement. If an Indemnification Claim is disputed by Seller, the Escrow Agent shall not distribute to Seller
any portion of the Escrow Property with respect to the disputed portion of the Claim Amount, until receipt of (i) joint written
instructions executed and delivered by Seller and Purchaser Representative on behalf of Purchaser stating that the dispute has
been resolved and that Purchaser Indemnitee has the right to the Claim Amount (or some portion thereof) (“Joint Instructions”)
or (ii) a copy of an arbitration award issued pursuant to Section 11.4 of the Share Exchange Agreement or a court order from a
court of competent jurisdiction establishing the Purchaser Indemnitee’s right to the Claim Amount (or some portion thereof)
pursuant to the Share Exchange Agreement (a “Binding Award”). Upon receipt of such Joint Instructions
or Binding Award, the Escrow Agent shall, without further action on the part of Seller or the Purchaser Representative, promptly
(in any event within five (5) Business Days) disburse to the Purchaser Escrow Property from the Escrow Account in the amount set
forth in the Joint Instructions or the Binding Award (less any undisputed amounts already disbursed pursuant to Section
4(b)), as applicable.

 

    2

     

    

 

(d) For the avoidance
of doubt, with respect to any Third Party Claim, even if the Seller has agreed that Seller is required to provide indemnification
to the Purchaser Indemnitees for such Third Party Claim, except for attorneys’ fees and other costs and expenses for which
Seller is responsible to pay to the Purchaser Indemnitees regardless of the outcome of such Third Party Claim (“Indemnified
Third Party Costs”), no payment shall be made by the Escrow Agent with respect to such Third Party Claim until such
Third Party Claim has been sustained in whole or in part by a court of competent jurisdiction or other binding legal process (including
binding arbitration) or settled in whole or in part in accordance with the provisions of the Share Exchange Agreement (and if any
Third Party Claim is decided or settled in part, each part that has not yet been decided or settled shall not be paid until such
remaining part is decided or settled). Escrow Property from the Escrow Account in an amount equal to Indemnified Third Party Costs
shall be disbursed by the Escrow Agent to Purchaser promptly (but in any event within five (5) Business Days) after the Purchaser
Representative provides written notice to Seller and the Escrow Agent of such Indemnified Third Party Costs.

 

(e) Payments from
the Escrow Account with respect to any Indemnification Claims shall first be paid with any cash or cash equivalents that are held
in the Escrow Account, then with the Escrow Shares and then with any remaining property in the Escrow Account. For any Escrow Shares
to be disbursed with respect to Indemnification Claims, the Escrow Shares shall be valued at the Purchaser Share Price as of the
date that an Indemnification Claim is finally determined in accordance with the Share Exchange Agreement and this Agreement (the
“Resolution Date”). For the avoidance of doubt, the Resolution Date shall be (i) if no Objection Notice
is delivered by Seller during the Objection Period (other than with respect to a Third Party Claim), the 31st day
after the date that the Claim Notice is delivered; (ii) if prior to the date described in clause (i) above, Seller provides affirmative
written instructions to the Escrow Agent to release the Escrow Property for the amount set forth in the Claim Notice, the date
that the Escrow Agent receives such written instructions; (iii) if Seller provides an Objection Notice during the Objection Period
that disputes only a portion of the Claim Amount (other than with respect to a Third Party Claim), with respect to the undisputed
portion of such Claim Amount, the date that the Escrow Agent receives such Objection Notice; (iv) with respect to any disputed
Claim Amount, either the date that the Escrow Agent receives Joint Instructions or a Binding Award; or (v) with respect to any
Third Party Claim, that date that such Third Party Claim has been sustained in whole or in part by a court of competent jurisdiction
or other binding legal process (including binding arbitration) or settled in whole or in part in accordance with the provisions
of the Share Exchange Agreement (and if any Third Party Claim is decided or settled in part, the Resolution Date with respect to
each part that has not yet been decided or settled shall be the date that such remaining part is decided or settled); provided,
that with respect to Indemnified Third Party Costs, the Resolution Date shall be the date that the Purchaser Representative notifies
Seller and the Escrow Agent in writing of the amount of such Indemnified Third Party Costs.

 

(f) With respect
to any Indemnification Claims made in accordance with the Share Exchange Agreement and this Agreement on or prior to the eighteen
(18) month anniversary of the Closing (the “Expiration Date”) that remain unresolved at the time of the
Expiration Date (“Pending Claims”), all or a portion of the Escrow Property reasonably necessary to satisfy
such Pending Claims (as determined based on the Claim Amount included in the Claim Notice (as it may adjusted) provided by the
Purchaser Representative and the Purchaser Share Price as of the Expiration Date), shall remain in the Escrow Account until such
time as such Pending Claim shall have been finally resolved pursuant to the provisions of the Share Exchange Agreement and this
Agreement. After the Expiration Date, any Escrow Property remaining in the Escrow Account that is not subject to Pending Claims,
if any, and not subject to resolved but unpaid claims in favor of an Indemnified Party, shall be transferred by the Escrow Agent
to Seller upon receipt of joint written instructions from the Purchaser Representative and Seller. Promptly after the final resolution
of all Pending Claims and payment of all indemnification obligations in connection therewith, the Escrow Agent shall transfer any
Indemnity Escrow Property remaining in the Indemnity Escrow Account to Seller.

 

(g) Any amount
of Escrow Property required to be transferred to any Person pursuant to this Section 4 shall be transferred by
the Escrow Agent pursuant to such delivery instructions as provided by the Purchaser Representative with respect to Purchaser or
Seller. The Escrow Agent shall rely exclusively on instructions provided by Seller and the Purchaser Representative on behalf of
Purchaser as to the amount and recipient of any distribution of Escrow Property pursuant to this Section 4, or the
relevant order of any court of competent jurisdiction or other award granted pursuant to other binding legal process (including
any binding arbitration). The Escrow Agent has no duty or responsibility to calculate any distribution or to confirm the accuracy
of any distribution amount so instructed.

 

    3

     

    

 

Section 5. Tax
Matters. Purchaser, the Purchaser Representative and Seller agree and acknowledge that, for all U.S. and foreign tax purposes,
except as required by applicable Law, the Purchaser shall be the owner of the Escrow Property while held in the Escrow Account
and until released to Seller, and all interest, earnings or income, if any, earned with respect to the Escrow Property while held
by the Escrow Agent shall be treated as earned by the Purchaser until released to Seller. The Escrow Agent shall have the right
to deduct and withhold taxes from any payments to be made hereunder if such withholding is required by law and to request and receive
any necessary tax forms, including Form W-9 or the appropriate series of Form W-8, as applicable, or any similar information, from
the applicable recipient of the Escrow Property.

 

Section 6. Duties.
The Escrow Agent’s duties are entirely ministerial and not discretionary, and the Escrow Agent will be under no duty or obligation
to do or to omit the doing of any action with respect to the Escrow Property, except to give notice, provide monthly reports, make
disbursements, keep an accurate record of all transactions with respect to the Escrow Property, hold the Escrow Property in accordance
with the terms of this Agreement and to comply with any other duties expressly set forth in this Agreement. The Escrow Agent shall
not have any interest in the Escrow Property but shall serve as escrow holder only and have only possession thereof. Nothing contained
herein shall be construed to create any obligation or liability whatsoever on the part of the Escrow Agent to anyone other than
the parties to this Agreement. There are no third party beneficiaries to this Agreement.

 

Section 7. Determination
of Purchaser Share Price. In the event that the Escrow Agent has any question as to the applicable Purchaser Share Price, Seller
and the Purchaser Representative shall cooperate to promptly provide the Escrow Agent with their good faith determination of the
applicable Purchaser Share Price pursuant to Joint Instructions or a Binding Award (and in the event of any dispute as to the Purchaser
Share Price, the Escrow Agent shall not disburse the applicable Escrow Property until such dispute has been resolved).

 

Section 8. Monthly
Reports Upon Request. The Escrow Agent shall provide monthly account statements to the Purchaser Representative and Seller
with respect to the Escrow Account. The Purchaser Representative and Seller have one hundred twenty (120) days to object in writing
to such reports. If no written notice detailing a party’s objections has been received by the Escrow Agent within this period,
an acceptance of such reports shall be deemed to have occurred.

 

Section 9. Authorized
Parties; Reliance. The parties hereby acknowledge that the Purchaser Representative has the sole and exclusive authorization
to act on behalf of Purchaser under this Agreement. The Purchaser Representative on behalf of Purchaser and Seller agree to provide,
on Exhibit A (as it may be amended from time to time) to this Agreement, the names and specimen signatures of
those persons who are authorized to issue notices and instructions to the Escrow Agent and execute required documents under this
Agreement. The Escrow Agent may rely and shall be protected in acting or refraining from acting upon any written notice, instruction
or request furnished to it hereunder and believed by it to be genuine and to have been signed or presented by the proper party
or parties. The Escrow Agent is entitled to rely on, and shall be fully protected in relying on, the instructions and notices from
any one of the authorized signers, as identified on the attached Exhibit A (as it may be amended from time to
time) to this Agreement, from each of the Purchaser Representative (on behalf of Purchaser) and Seller, either acting alone, until
such time as their authority is revoked in writing, or until successors have been appointed and identified by notice in the manner
described in Section 15 below.

 

Section 10.
Good Faith. The Escrow Agent shall not be liable for any action taken by it in good faith and reasonably believed by it
to be authorized or within the rights or powers conferred upon it by this Agreement and may consult with counsel of its own choice
and shall have full and complete authorization and protection for any action taken or suffered by it hereunder in good faith and
in accordance with the opinion of such counsel.

 

    4

     

    

 

Section 11.
Right to Resign. The Escrow Agent may resign and be discharged from its duties or obligations hereunder by giving such notice
in writing of such resignation specifying a date when such resignation shall take effect, which shall be a date not less than sixty
(60) days after the date of the notice of such resignation. Similarly, the Escrow Agent may be removed and replaced following the
giving of thirty (30) days’ notice to the Escrow Agent by all of the other parties hereto. In either event, the Purchaser
Representative and Seller shall agree upon a successor Escrow Agent. If Seller and the Purchaser Representative are unable to agree
upon a successor or shall have failed to appoint a successor prior to the expiration of sixty (60) days following the date of resignation
or thirty (30) days following the date of removal, the then-acting Escrow Agent may petition any court of competent jurisdiction
for the appointment of a successor escrow agent or otherwise appropriate relief, and any such resulting appointment shall be binding
upon all of the parties hereto. Any successor Escrow Agent shall execute and deliver to the predecessor Escrow Agent, the Purchaser
Representative and Seller an instrument accepting such appointment and the transfer of the Escrow Property and agreeing to the
terms of this Agreement.

 

Section 12.
Compensation. The Escrow Agent shall be entitled to receive the fees as set forth on Exhibit B for the
services to be rendered hereunder, and to be paid or reimbursed for all reasonable documented out-of-pocket expenses, disbursements
and advances, including reasonable documented out-of-pocket attorneys’ fees, incurred or paid in connection with carrying
out its duties hereunder, such amounts to be paid one-half (1/2) equally by Purchaser and Seller.

 

Section 13.
Indemnification. Each of Purchaser and Seller hereby agrees to jointly and severally indemnify the Escrow Agent for, and
to hold it harmless against any loss, liability or expense incurred without gross negligence or willful misconduct on the part
of the Escrow Agent, arising out of or in connection with its entering into this Agreement and carrying out its duties hereunder.
Notwithstanding the foregoing, as between Purchaser and Seller, each of Purchaser and Seller shall be responsible for one-half
(1/2) of such indemnification obligations, and each of Purchaser and Seller shall have the right to seek contribution from the
other to the extent that it pays for more than one-half (1/2) of such indemnification obligations.

 

Section 14.
Disputes. If a controversy arises between the parties hereto as to whether or not or to whom the Escrow Agent shall transfer
all or any portion of the Escrow Property or as to any other matter arising out of or relating to this Agreement or the Escrow
Property, the Escrow Agent shall not be required to determine the same, shall not make any transfer of and shall retain the Escrow
Property in dispute without liability to anyone until the rights of the parties to the dispute shall have finally been determined
by mutual written agreement of the Purchaser Representative on behalf of Purchaser and Seller, or by a final non-appealable judgment
or order of any state or federal court located in New York County, New York (or in any court in which appeal from such courts may
be taken) but the Escrow Agent shall be under no duty whatsoever to institute or defend any such proceedings. The Escrow Agent
shall be entitled to assume that no such controversy has arisen unless it has received notice of such controversy or conflicting
written notices from the parties to this Agreement. Any disputes arising out of, related to, or in connection with, this Agreement
between Purchaser, the Purchaser Representative and/or Seller, including a dispute arising from a party’s failure or refusal
to sign a joint written notice hereunder, shall be determined by arbitration conducted in accordance with the provisions of Section
11.4 of the Share Exchange Agreement (other than applications for a temporary restraining order, preliminary injunction, permanent
injunction or other equitable relief or application for enforcement of any arbitration award pursuant to this Section 14 or
Section 11.4 of the Share Exchange Agreement).

 

Section 15.
Notices. Except to the extent expressly set forth herein, all notices and communications hereunder shall be in writing and
shall be deemed to be given if (a) delivered personally, (b) sent by facsimile or email (with affirmative confirmation of receipt),
(c) sent by recognized overnight courier that issues a receipt or other confirmation of delivery or (d) sent by registered or certified
mail, return receipt requested, postage prepaid to the parties as follows:

 

	
        If to Purchaser after the Closing, to:

         

        Greenland Acquisition Corporation

        Suite 906, Tower W1, Oriental Plaza, No. 1 East Chang’an
        Street

        Dongcheng District, Beijing

        People’s Republic of China

        Attn: Yanming Liu, Chief Executive Officer

        Telephone No.: (86) 010-53607082

        Email: liuym@msn.com
	 	
        With copies to (which shall not constitute notice):

         

        The Purchaser Representative

         

        and

         

        Ellenoff Grossman & Schole LLP

        1345 Avenue of the Americas, 11th Floor

        Attn:Bill Huo, Esq.

           Ari Edelman, Esq.

        Facsimile No.: (212) 370-7889

        Telephone No.: (212) 370-1300

        Email:bhuo@egsllp.com

            aedelman@egsllp.com

 

    5

     

    

 

	
        If to the Purchaser Representative, to:

         

        Greenland Asset Management Corporation

        Suite 906, Tower W1, Oriental Plaza, No. 1 East Chang’an
        Street

        Dongcheng District, Beijing

        People’s Republic of China

        Attn: Yanming Liu, Chief Executive Officer

        Telephone No.: (86) 010-53607082

        Email: liuym@msn.com

         
	 	
        With a copy to (which shall not constitute notice):

         

        Ellenoff Grossman & Schole LLP

        1345 Avenue of the Americas, 11th Floor

        Attn:Bill Huo, Esq.

           Ari Edelman, Esq.

        Facsimile No.: (212) 370-7889

        Telephone No.: (212) 370-1300

        Email:bhuo@egsllp.com

            aedelman@egsllp.com

	
        If to Seller, to:

         

        Cenntro Holding Limited

        11-F, Building #12, Sunking Plaza, Gaojiao Road

        Hangzhou, Zhejiang, People’s Republic of China
        311122

        Attn: Peter Zuguang Wang

        Telephone No.: (86) 571-85775711

        Email: peterw@cenntro.com
	 	 
	 	 	 
	
        If to the Escrow Agent, to:

         

        Continental Stock Transfer & Trust Company

        1 State Street, 30th Floor

        New York, NY 10004

        Attention: Account Administration

        Facsimile No: (212) 509-5150

        Telephone No: (212) 845-4000
	 	 

 

or at such other address as any
of the above may have furnished to the other parties in a notice duly given as provided herein. Any such notice or communication
given in the manner specified in this Section 15 shall be deemed to have been given (i) on the date personally delivered or transmitted
by facsimile or email (with affirmative confirmation of receipt), (ii) one (1) Business Day after the date sent by recognized overnight
courier that issues a receipt or other confirmation of delivery or (iii) three (3) Business Days after being sent by registered
or certified mail, return receipt requested, postage prepaid.

 

Section 16.
Term. This Agreement shall terminate upon the final, proper and complete distribution of the Escrow Property in accordance
with the terms hereof; provided, that Purchaser’s and Seller’s obligations under Section 13 hereof shall
survive any termination of this Agreement.

 

Section 17.
Entire Agreement. The terms and provisions of this Agreement (including the Exhibits hereto, which are hereby incorporated
by reference herein) constitute the entire agreement between the Escrow Agent and the other parties hereto with respect to the
subject matter hereof. Notwithstanding the foregoing, as between Purchaser and Seller, the terms of the Share Exchange Agreement
shall control and govern over the terms of this Agreement in the event of any conflict or inconsistency between this Agreement
and the Share Exchange Agreement. The actions of the Escrow Agent shall be governed solely by this Agreement.

 

Section 18.
Amendment; Waiver. This Agreement may be amended or modified only by a written instrument duly signed by the parties hereto,
and any provision hereof may be waived only by a written instrument duly signed by the party against whom enforcement of such waiver
is sought.

 

    6

     

    

 

Section 19.
Severability. In the event that any provision of this Agreement or the application thereof, becomes or is declared by a
court of competent jurisdiction to be illegal, void or unenforceable, the remainder of this Agreement will continue in full force
and effect and the application of such provision to other Persons or circumstances will be interpreted so as reasonably to effect
the intent of the parties hereto. The parties further agree to replace such void or unenforceable provision of this Agreement with
a valid and enforceable provision that will achieve, to the extent possible, the economic, business and other purposes of such
void or unenforceable provision.

 

Section 20.
Further Assurances. From time to time on and after the date hereof, the Purchaser Representative and Seller shall deliver
or cause to be delivered to the Escrow Agent such further documents and instruments and shall do and cause to be done such further
acts as the Escrow Agent shall reasonably request (it being understood that the Escrow Agent shall have no obligation to make any
such 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.

 

Section 21.
Accounting. In the event of the resignation or removal of the Escrow Agent, upon the termination of this Agreement or upon
demand at any time of either the Purchaser Representative or Seller under reasonable circumstances, the Escrow Agent shall render
to the Purchaser Representative, Seller and the successor escrow agent (if any) an accounting (free of charge) in writing of the
property constituting the Escrow Property.

 

Section 22.
Interpretation. The parties acknowledge and agree that: (a) this Agreement is the result of negotiations between the parties
and will not be deemed or construed as having been drafted by any one party, (b) each party and its counsel have reviewed and negotiated
the terms and provisions of this Agreement (including any Exhibits attached hereto) and have contributed to its revision and (c)
the rule of construction to the effect that any ambiguities are resolved against the drafting party will not be employed in the
interpretation of this Agreement. The headings contained in this Agreement are for reference purposes only and shall not affect
in any way the meaning or interpretation of this Agreement. In this Agreement, unless the context otherwise requires: (i) words
of the masculine, feminine or neuter gender will include the masculine, neuter or feminine gender, and words in the singular number
or in the plural number will each include, as applicable, the singular number or the plural number; (ii) reference to any Person
includes such Person’s successors and assigns but, if applicable, only if such successors and assigns are permitted by this
Agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity; (iii) reference to any
law means such law as amended, modified codified or reenacted, in whole or in part, and in effect from time to time, including
rules and regulations promulgated thereunder; (iv) any agreement or instrument defined or referred to herein or in any agreement
or instrument that is referred to herein means such agreement or instrument as from time to time amended, modified or supplemented,
including by waiver or consent and references to all attachments thereto and instruments incorporated therein; (v) the term “or”
means “and/or”; (vi) the words “herein, “hereof” and “hereunder” and other words of similar
import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision; (vii) the words “include,”
“includes” and “including” when used herein shall be deemed in each case to be followed by the words “without
limitation”; (viii) any reference herein to “dollars” or “$” shall mean United States dollars; and
(ix) reference to any Section or Exhibit means such Section hereof or Exhibit hereto.

 

Section 23.
Successors and Assigns. This Agreement and the rights and obligations hereunder may not be assigned without the prior written
consent of each of the parties hereto; provided, however, that if the Purchaser Representative is replaced
in accordance with the terms of the Share Exchange Agreement, the replacement Purchaser Representative shall automatically become
a party to this Agreement as if it were the original Purchaser Representative hereunder upon providing (i) written notice to the
Escrow Agent and Seller of such replacement and accepting its rights and obligations under this Agreement and (ii) the Escrow Agent
with the documentation referenced in Section 28 hereof from such replacement Purchaser Representative and any
replacement authorized individuals to act on behalf of Purchaser or the Purchaser Representative for purposes of Exhibit
A. This Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective
successors and permitted assigns.

 

Section 24.
Failure or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the part of any party hereto in the exercise
of any right hereunder will impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation,
warranty, covenant or agreement herein, nor will any single or partial exercise of any such right preclude any other (or further)
exercise thereof or of any other right. All rights and remedies existing under this Agreement are cumulative to, and not exclusive
to or exclusive of, any rights or remedies otherwise available to a party hereunder.

 

    7

     

    

 

Section 25.
Governing Law; Venue. The terms and provisions of this Agreement shall be construed and enforced in accordance with the
laws of the State of New York without reference to its conflict of law provisions. Subject to Section 14, each of the
parties hereto irrevocably consents to the exclusive jurisdiction and venue of any state or federal court located in New York County,
New York (or in any court in which appeal from such courts may be taken) in connection with any matter based upon or arising out
of this Agreement or the matters contemplated herein, agrees that process may be served upon them in any manner authorized by the
laws of the State of New York for such Persons and waives and covenants not to assert or plead any objection which they might otherwise
have to such jurisdiction, venue and such process.

 

Section 26.
Waiver of Jury Trial. EACH PARTY HEREBY WAIVES THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY IN ANY LITIGATION, CLAIM, CAUSE
OF ACTION OR OTHER LEGAL PROCEEDING BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT, IN ANY ACTION, PROCEEDING OR OTHER
LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES HERETO AGAINST ANY OTHER PARTY OR PARTIES, WHETHER WITH RESPECT TO CONTRACT
CLAIMS, TORT CLAIMS, OR OTHERWISE. THE PARTIES HERETO EACH AGREE THAT ANY SUCH LITIGATION, CLAIM, CAUSE OF ACTION OR OTHER LEGAL
PROCEEDING SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES HERETO FURTHER AGREE THAT
THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING
WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR ANY PROVISION HEREOF. THIS WAIVER
SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.

 

Section 27.
Counterparts. This Agreement may be executed simultaneously in two or more counterparts (including by facsimile or other
electronic transmission), each of which shall be deemed an original, but all of which together shall constitute one and the same
instrument.

 

Section 28.
U.S. Patriot Act. Purchaser and Seller agree to provide the Escrow Agent with the information reasonably requested by the
Escrow Agent to verify and record Purchaser’s and Seller’s respective identities pursuant to the Escrow Agent’s
procedures for compliance with the U.S. Patriot Act and any other applicable laws.

 

Section 29.
Representations of the Parties. Each of the parties hereto hereby represents and warrants that as of the date hereof: (a)
it has the power and authority to execute and deliver this Agreement and to perform its obligations hereunder, and all such actions
have been duly and validly authorized by all necessary proceedings; and (b) this Agreement has been duly authorized, executed and
delivered by it, and constitutes a legal, valid and binding agreement of it.

 

{REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK; SIGNATURE PAGE FOLLOWS}

 

    8

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed and delivered as of the day and year first written above.

 

	 	Purchaser:
	 	 
	 	GREENLAND ACQUISITION CORPORATION
	 	 	 
	 	By:	/s/ Yanming Liu
	 	 	Name:  Yanming Liu
	 	 	Title:  Chairman and Chief Executive Officer
	 	 	 
	 	Purchaser Representative:
	 	 	 
	 	GREENLAND ASSET MANAGEMENT CORPORATION, in its capacity under the Share Exchange Agreement as the Purchaser Representative
	 	 	 
	 	By:	/s/ Yanming Liu
	 	 	Name:  Yanming Liu
	 	 	Title:    Managing Member
	 	 	 
	 	Seller:
	 	 
	 	CENNTRO HOLDING LIMITED
	 	 
	 	By:	/s/ Peter Zuguang Wang
	 	 	Name:  Peter Zuguang Wang
	 	 	Title:    Chairman
	 	 	 
	 	The Escrow Agent:
	 	 	 
	 	CONTINENTAL STOCK TRANSFER &

 TRUST COMPANY, as escrow agent
	 	 	 
	 	By:	/s/ Ana Gois
	 	 	Name: Ana Gois
	 	 	Title:   Vice President

 

[Signature Page to Escrow Agreement]

 

    9

     

    

 

EXHIBIT A

AUTHORIZED SIGNERS

 

Purchaser:

 

Individuals authorized by the Purchaser Representative:

 

	Name	 	Telephone Number	 	Specimen Signature
	1.	 Yanming Liu	 	(86) 010-53607082 	 	/s/ Yanming Liu 
	2.	 River Chi	 	(86) 010-53607082	 	/s/ River Chi 
	3.	 Jerry Zheng	 	(86) 010-53607082	 	/s/ Jerry Zheng 

 

Seller:

 

	Name	 	Telephone Number	 	Specimen Signature
	1.	 Peter Zuguang Wang	 	(86) 571-85775711	 	/s/ Peter Zuguang Wang

 

    A-1

     

    

 

EXHIBIT B

FEE INFORMATION

 

	Review, execution and set up of the escrow and related required documents – one time fee	 	$	1,500	 
	 	 	 	 	 
	Annual fee to act as Escrow Agent (payable up front)	 	$	2,500	 

 

 

 

B-1

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