Document:

Exhibit 10.1

 

[·],
2021

 

Roth CH Acquisition III Co.

888 San Clemente Drive, Suite 400

Newport Beach, CA 92660

 

Roth Capital Partners, LLC

888 San Clemente Drive, Suite 400

Newport Beach, CA 92660

 

Craig-Hallum Capital Group LLC

222 South Ninth Street, Suite 350

Minneapolis, MN 55402

 

Re: Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (the “Letter Agreement”)
is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”)
entered into by and between Roth CH Acquisition III Co., a Delaware corporation (the “Company”), and
Roth Capital Partners, LLC and Craig-Hallum Capital Group LLC (the “Representatives”), relating to an
underwritten initial public offering (the “IPO”) of the Company’s units (the “Units”),
each Unit comprised of one share of common stock of the Company, par value $0.0001 per share (the “Common Stock”),
and one-quarter of one redeemable warrant, each whole warrant exercisable for one share of Common Stock (each, a “Warrant”).
Certain capitalized terms used herein are defined in paragraph [14][15] hereof.

 

In order to induce the Company and the
Representatives to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit that such
IPO will confer upon the undersigned, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the undersigned hereby agrees with the Company as follows:

 

	1.	If the Company solicits approval of its shareholders of a Business Combination, the undersigned will vote all shares beneficially owned by him or her, whether acquired before, in or after the IPO, in favor of such Business Combination.
	 	 
	2.	In the event that the Company fails to consummate a Business Combination within the time period set forth in the Company’s amended and restated certificate of incorporation, as the same may be further amended from time to time (the “Charter”), the undersigned will, as promptly as possible, take all necessary actions to cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible, but not more than 10 business days thereafter, redeem the IPO Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the Trust Account not previously released to the Company (less taxes payable), divided by the number of then outstanding IPO Shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, dissolve and liquidate, subject in the cases of clauses (ii) and (iii) to the Company’s obligations under Delaware law to provide for claims of creditors and other requirements of applicable law. The undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Account (“Claim”) and any remaining net assets of the Company as a result of such liquidation with respect to the Founder Shares and Private Placement Shares owned by the undersigned and hereby waives any Claim the undersigned may have in the future as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust Account for any reason whatsoever. However, if any of the undersigned have acquired IPO Shares in or after the IPO, they will be entitled to liquidating distributions from the Trust Account with respect to such IPO Shares in the event that the Company fails to consummate a Business Combination within the time period set forth in the Charter. The undersigned acknowledges and agrees that there will be no distribution from the Trust Account with respect to any Warrants, all rights of which will terminate on the Company’s liquidation.

 

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	3.	The undersigned acknowledges and agrees that prior to entering into a definitive agreement for a Business Combination with a target business that is affiliated with the undersigned or any other Insiders of the Company or their affiliates, such transaction must be approved by a majority of the Company’s disinterested independent directors and the Company must obtain an opinion from an independent investment banking firm or another independent entity that commonly renders valuation opinions that such Business Combination is fair to the Company’s shareholders from a financial point of view.
	 	 
	4.	None of the undersigned, any member of the family of any of the undersigned, or any affiliate of the undersigned will be entitled to receive and will not accept any compensation or other cash payment prior to, or for services rendered in order to effectuate, the consummation of the Business Combination; provided that the Company shall be allowed to make the payments set forth in the Registration Statement adjacent to the caption “Prospectus Summary—The Offering—Limited payments to insiders.”
	 	 
	[5.	
        In the event of the liquidation of the
        Trust Account, the undersigned agrees to indemnify and hold harmless the Company against any and all loss, liability, claims, damage
        and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating,
        preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever) which the Company may become
        subject as a result of any claim by any target business or vendor or other person who is owed money by the Company for services
        rendered or products sold or contracted for, but only to the extent necessary to ensure that such loss, liability, claim, damage
        or expense does not reduce the amount of funds in the Trust Account; provided that such indemnity shall not apply (i) if
        such target business, vendor or other person has executed an agreement waiving any claims against the Trust Account or (ii) as
        to any claims under the Company’s obligations to indemnify the Underwriters against certain liabilities, including liabilities
        under the Securities Act.]1

         

	[5.][6.]	 
	 	(a)	The undersigned agrees that the Founder Shares may not be transferred, assigned or sold (except to certain permitted transferees as described in the Registration Statement or herein) (the “Lockup”) until the earlier to occur of: (1) six (6) months after the completion of a Business Combination or (2) the date following the completion of the Company’s initial Business Combination on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right to exchange their shares of Common Stock for cash, securities or other property. Notwithstanding the foregoing, if the closing price of the Company’s Common Stock equals or exceeds $12.50 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after the Company’s initial Business Combination, 50% of the Founder Shares will be released from the Lockup.
	 	 	 
	 	(b)	The undersigned will not, without the prior written consent of the Representatives pursuant to the Underwriting Agreement, offer, sell, contract to sell, pledge, hedge or otherwise dispose of (or enter into any transaction that is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the undersigned or any affiliate of the undersigned or any person in privity with the undersigned or any affiliate of the undersigned), directly or indirectly, including the filing (or participation in the filing) of a registration statement with the Securities and Exchange Commission in respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder with respect to, any other Units, Common Stock or Warrants of the Company or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock or publicly announce an intention to effect any such transaction, for a period of 180 days after the date of the Underwriting Agreement.

 

 

1
Include for CR Financial Holdings, Inc. and Craig-Hallum Capital Group LLC, which are subject to indemnification
obligations.

 

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	 	(c)	The undersigned agrees that until the Company consummates an initial Business Combination, the undersigned’s Private Placement Units will be subject to the transfer restrictions described in the Subscription Agreement, dated as of the date hereof, by and between the Insiders and the Company relating to the undersigned’s Private Placement Units.
	 	 	 
	 	(d)	Notwithstanding the provisions set forth in paragraphs [5][6](a) and (c), transfers, assignments and sales (a “Transfer”) by the undersigned of the Founder Shares, Private Placement Units and Common Stock issued or issuable upon the exercise of the Private Placement Units or conversion of the Founder Shares are permitted if the Transfer (i) is among the Insiders or to the Company’s officers, directors, advisors or employees; (ii) is to an Insider’s affiliates or its members upon liquidation; (iii) is to relatives and trusts for estate planning purposes; (iv) is by virtue of the law of descent and distribution upon death; (v) is pursuant to a qualified domestic relations order; (vi) involves a private sale made at a price no greater than the price at which the Founder Shares, Private Placement Units or Common Stock were originally purchased; or (vii) is to the Company for cancellation in connection with the consummation of the Business Combination, in each case (except for clause (vii)) where the transferee agrees to the terms of the escrow agreement and forfeiture, as the case may be, as well as the other applicable restrictions and agreements of the holders of the Founder Shares.
	 	 	 
	 	(e)	The undersigned acknowledges and agrees that if, in order to consummate any Business Combination, the holders of Founder Shares or Private Placement Units are required to contribute back to the capital of the Company a portion of any such securities to be cancelled by the Company or transfer any such securities to third parties, the undersigned will contribute back to the capital of the Company or transfer to such third parties, at no cost, a proportionate number of Founder Shares or Private Placement Units, as applicable, pro rata with the other holders of Founder Shares or Private Placement Units, as applicable.
	[6.][7.]	 

 

	 	(a)	In order to minimize potential conflicts of interest that may arise from multiple corporate affiliations, the undersigned hereby agrees that until the earliest of the Company’s initial Business Combination or liquidation, the undersigned shall present to the Company for its consideration, prior to presentation to any other entity, any target business that has a fair market value of at least 80% of the assets held in the Trust Account (excluding any taxes payable on the interest earned on the trust account), subject to any existing or future fiduciary or contractual obligations the undersigned might have.
	 	 	 
	 	(b)	The undersigned hereby agrees and acknowledges that (i) the Representatives and the Company would be irreparably injured in the event of a breach of the obligations under paragraph [6][7](a) above, (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach.

 

	[7.][8.]	[The undersigned agrees to be a director or officer of the Company, as applicable, until the earlier of the consummation by the Company of an initial Business Combination or the liquidation of the Company. The undersigned’s biographical information previously furnished to the Company and the Representative is true and accurate in all material respects, does not omit any material information with respect to the undersigned’s background and contains all of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the Securities Act of 1933, as amended. The undersigned’s FINRA Questionnaire previously furnished to the Company and the Representative is true and accurate in all material respects.]2 The undersigned represents and warrants that:

 

 

2
Include for insiders that are directors or officers of the Company.

 

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	 	(a)	He, she or it is not subject to, or a respondent in, any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction;
	 	 	 
	 	(b)	He, she or it has never been convicted of or pleaded guilty to any crime (i) involving any fraud or (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and he is not currently a defendant in any such criminal proceeding; and
	 	 	 
	 	(c)	He, she or it has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked.

 

	[8.][9.]	The undersigned has full right and power, without violating any agreement by which he, she
or it is bound, to enter into this Letter Agreement [and to serve as a director or officer of the Company]3.
	 	 
	[9.][10.]	The undersigned hereby waives his, her or its right to exercise conversion/redemption rights with respect to any of the Company’s Common Stock owned or to be owned by the undersigned, directly or indirectly, whether such shares be part of the Founder Shares or IPO Shares, and agrees that he, she or it will not seek conversion/redemption with respect to such shares (or sell such shares to the Company in any tender offer) in connection with any vote to approve a Business Combination or any amendment to the Charter.
	 	 
	[10.][11.]	The undersigned hereby agrees to not propose, or vote in favor of, an amendment to Article Sixth of the Charter prior to the consummation of a Business Combination unless the Company provides public shareholders with the opportunity to convert/redeem their IPO Shares upon such approval in accordance with such Article Sixth thereof.
	 	 
	[11.][12.]	[The Founder Shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 360 days immediately following the date of the effectiveness of the Registration Statement pursuant to Rule 5110(e)(1) of the FINRA Manual. Pursuant to FINRA Rule 5110(e)(1), the Founder Shares will not be sold during the offering, or sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of the Founder Shares by any person for a period of 180 days immediately following the effective date of the Registration Statement or commencement of sales of the IPO, except to any underwriter and selected dealer participating in the offering and their bona fide officers or partners, provided that all Founder Shares so transferred remain subject to the lockup restriction above for the remainder of the time period.  The holders of the Founder Shares have been granted registration rights with respect to such securities.  Such registration rights being granted are subject to FINRA Rule 5110(g)(8).]4
	 	 
	[12.][13.]	[The undersigned acknowledges and understands that for as long as the Warrants are held by him, her or it, or his, her or its designees or affiliates, the Warrants may not be exercised after five years from the date of the effectiveness of the Registration Statement.]5
	 	 
	[13.][14.]	This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The undersigned hereby (i) agrees that any action, proceeding or claim against him arising out of or relating in any way to this Letter Agreement shall be brought and enforced in the courts of the State of New York of the United States of America for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive and (ii) waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

 

 

3
Include for insiders that are directors or officers of the Company.

4
Include for insiders other than independent directors.

5
Include for insiders other than independent directors.

 

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	[14.][15.]	As used herein, (i) a “Business Combination” shall mean a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities; (ii) “Insiders” shall mean all officers, directors and sponsors of the Company immediately prior to the IPO; (iii) “Founder Shares” shall mean the 4,312,500 shares of Common Stock of the Company acquired by Insiders prior to the IPO; (iv) “IPO Shares” shall mean the shares of Common Stock issued in the Company’s IPO; (v) “Private Placement Units” and “Private Placement Shares” shall mean the units and underlying shares of Common Stock, respectively, that are being sold privately by the Company simultaneously with the consummation of the IPO; (vi) “Trust Account” shall mean the trust account into which the net proceeds of the Company’s IPO and a portion of the proceeds from the sale of the Private Placement Units will be deposited; and (vii) “Registration Statement” means the Company’s registration statement on Form S-1 (SEC File No. 333-252044) filed with the Securities and Exchange Commission, as amended.
	 	 

	[15.][16.]	This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by all parties hereto.
	 	 
	[16.][17.]	The undersigned acknowledges and understands that the Representatives and the Company will rely upon the agreements, representations and warranties set forth herein in proceeding with the IPO. Nothing contained herein shall be deemed to render the Representatives a representative of, or a fiduciary with respect to, the Company, its shareholders or any creditor or vendor of the Company with respect to the subject matter hereof.
	 	 
	[17.][18.]	This Letter Agreement shall be binding on the undersigned and such person’s respective successors, heirs, personal representatives and assigns. This Letter Agreement shall terminate on the earlier of (i) the consummation of a Business Combination and (ii) the liquidation of the Company; provided that such termination shall not relieve the undersigned from liability for any breach of this Letter Agreement prior to its termination. The parties hereto may not assign either this Letter Agreement or any of their rights, interests, or obligations hereunder without the prior written consent of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee.

 

[Signature Page Follows]

 

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        Sincerely,

         

	 	
         

         

        By:
	
        [INSIDER]

         

	 	 	Name: [·]
	 	 	Title:   [·]
	 	 	 
	 	Acknowledged and Agreed:
	 	Roth CH Acquisition III Co.
	 	 	 
	 	By:	 
	 	 	Name: Byron Roth
	 	 	Title:   Co-Chief Executive OfficerExhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management Trust Agreement
(this “Agreement”) is made as of [_], 2021 by and between Roth CH Acquisition III Co. (the “Company”) and
Continental Stock Transfer & Trust Company, a New York corporation (the “Trustee”).

 

WHEREAS, the Company’s registration
statement on Form S-1, No. 333-252044 (“Registration Statement”), for its initial public offering of securities
(“IPO”) has been declared effective as of the date hereof (“Effective Date”) by the U.S. Securities and
Exchange Commission (capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Registration
Statement); and

 

WHEREAS, Roth Capital Partners, LLC and
Craig-Hallum Capital Group LLC (collectively, the “Representatives”) are jointly acting as the representatives of the
underwriters (collectively, the “Underwriters”) in the IPO pursuant to an underwriting agreement between the Company
and the Underwriters (“Underwriting Agreement”); and

 

WHEREAS, simultaneously with the IPO, initial
stockholders of the Company will be purchasing up to 523,000 private units (“Private Placement Units”) from the Company
for an aggregate purchase price of up to $5,230,000; and

 

WHEREAS, as described in the Registration
Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation, as the same may be amended
from time to time (the “Charter”), $150,000,000 of the net proceeds of the IPO and sale of the Private Placement Units
($172,500,000 if the underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to be deposited
and held in a segregated trust account located at all times in the United States (the “Trust Account”) for the benefit
of the Company and the holders of the Company’s shares of common stock, par value $0.0001 per share (“Common Stock”),
issued in the IPO as hereinafter provided (the amount to be delivered to the Trustee will be referred to herein as the “Property”;
the shareholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Shareholders,”
and the Public Shareholders and the Company will be referred to together as the “Beneficiaries”); and

 

WHEREAS, the Company and the Trustee desire
to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property.

 

IT IS AGREED:

 

1.            Agreements
and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(a)              Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in a segregated trust account (“Trust
Account”) established by the Trustee in the United States at JPMorgan Chase Bank, N.A. (or at another U.S. chartered commercial
bank with consolidated assets of $100 billion or more) maintained by Trustee, and at a brokerage institution selected by the Trustee
that is reasonably satisfactory to the Company;

 

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

 

(c)              In a timely manner, upon the instruction of the Company, invest and reinvest the Property (i) in United States government
treasury bills, notes or bonds having a maturity of 185 days or less and/or (ii) in money market funds meeting certain conditions
under Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, and that invest solely in U.S. treasuries,
as determined by the Company; it being understood that the Trust Account will earn no interest while account funds are uninvested
awaiting the Company’s instructions hereunder and that Trustee may earn bank credits or other consideration;

 

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

 

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

 

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

 

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

 

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

 

(i)               Commence
liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter (“Termination
Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B,
signed on behalf of the Company by its President, Chief Executive Officer or Chairman of the Board and Secretary or Assistant Secretary
and, in the case of a Termination Letter in a form substantially similar to that attached hereto as Exhibit A, acknowledged
and agreed to by the Representatives, and complete the liquidation of the Trust Account and distribute the Property in the Trust
Account only as directed in the Termination Letter and the other documents referred to therein; provided, however, that in the
event that a Termination Letter has not been received by the Trustee upon the date which is the later of (x) 24 months after
the closing of the offering or (y) within the period of time provided in the Charter, as the same may be amended from time
to time (“Last Date”), the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination
Letter attached as Exhibit B hereto and distributed to the Public Shareholders as of the Last Date.

 

(j)               Intentionally Omitted

 

(k)              Upon
receipt of a letter (an “Amendment Notification Letter”) in the form of Exhibit C, signed on behalf of
the Company by its Chief Executive Officer and Chief Financial Officer and, distribute to Public Stockholders who exercised their
conversion rights in connection with an amendment to Article Sixth of the Charter (an “Amendment”) an amount equal
to the pro rata share of the Property relating to the Common Stock for which such Public Stockholders have exercised conversion/redemption
rights in connection with such Amendment.

 

2.            
Limited Distributions of Income from Trust Account.

 

(a)              Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit D, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account
requested by the Company to cover any income or other tax obligation owed by the Company.

 

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

 

(c)              The Company shall provide the Representatives with a copy of any Termination Letter and/or any other correspondence that
it issues to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after such issuance.

 

3.            
Agreements and Covenants of the Company. The Company hereby agrees and covenants to:

 

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

 

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(b)              Subject to the provisions of Sections 5 and 7(g) of this Agreement, hold the Trustee harmless and indemnify the Trustee
from and against, any and all expenses, including reasonable counsel fees and disbursements, or loss suffered by the Trustee in
connection with any claim, potential claim, action, suit or other proceeding brought against the Trustee involving any claim, or
in connection with any claim or demand which in any way arises out of or relates to this Agreement, the services of the Trustee
hereunder, or the Property or any income earned from investment of the Property, except for expenses and losses resulting from
the Trustee’s gross negligence or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim
or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this
Section 3(b), it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”);
provided, however, that the Trustee’s failure to provide such notice shall not relieve the Company of its liability hereunder,
except to the extent that it is materially prejudiced by such failure. The Trustee shall have the right to conduct and manage the
defense against such Indemnified Claim, provided, that the Trustee shall obtain the consent of the Company with respect to the
selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim
without the prior written consent of the Company, which consent shall not be unreasonably withheld or delayed. The Company may
participate in such action with its own counsel.

 

(c)              Pay
the Trustee an initial acceptance fee, an annual fee and a transaction processing fee for each disbursement made pursuant to Sections
2(a) and 2(b) as set forth on Schedule A hereto, which fees shall be subject to modification by the parties from
time to time. It is expressly understood that the Property shall not be used to pay such fees and further agreed that any fees
owed to the Trustee shall be deducted by the Trustee from the disbursements made to the Company pursuant to Sections 1(i) solely
in connection with the consummation of the Company’s initial acquisition, share exchange, share reconstruction and amalgamation,
purchase of all or substantially all of the assets of, or any other similar business combination with one or more businesses or
entities (a “Business Combination”), or pursuant to Section 2 (b). The Company shall pay the Trustee the initial
acceptance fee and first year’s fee at the consummation of the IPO and thereafter on the anniversary of the Effective Date.

 

(d)              In
connection with any vote of the Company’s shareholders regarding a Business Combination, provide to the Trustee an affidavit
or certificate of a firm regularly engaged in the business of soliciting proxies and/or tabulating shareholder votes verifying
the vote of the Company’s shareholders regarding such Business Combination.

 

(e)              In
the event that the Company directs the Trustee to commence liquidation of the Trust Account pursuant to Section 1(i), the
Company agrees that it will not direct the Trustee to make any payments that are not specifically authorized by this Agreement.

 

4.            
Limitations of Liability. The Trustee shall have no responsibility or liability to:

 

(a)              Take
any action with respect to the Property, other than as directed in Sections 1 and 2 hereof and the Trustee shall have no liability
to any party except for liability arising out of its own gross negligence or willful misconduct;

 

(b)              Institute
any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of
any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided
herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto;

 

(c)              Change
the investment of any Property, other than in compliance with Section 1(c);

 

(d)              Refund
any depreciation in principal of any Property;

 

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(e)              Assume
that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided
otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;

 

(f)               The
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted,
in good faith and in the exercise of its own best judgment, except for its gross negligence or willful misconduct. The Trustee
may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel
(including counsel chosen by the Trustee), statement, instrument, report or other paper or document (not only as to its due execution
and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained)
which is believed by the Trustee, in good faith, to be genuine and to be signed or presented by the proper person or persons. The
Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or
any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee signed by the proper party or parties
and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto;

 

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

 

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

 

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

 

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

 

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

 

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

 

6.           
Termination. This Agreement shall terminate as follows:

 

(a)              If
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee during which time the Trustee shall act in accordance with this Agreement. At such time that
the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to
the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including
but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement
shall terminate; provided, however, that, in the event that the Company does not locate a successor trustee within ninety days
of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with
any court in the State of New York or with the United States District Court for the Southern District of New York and upon such
deposit, the Trustee shall be immune from any liability whatsoever; or

 

    4

     

    

 

(b)              At such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of Section 1(i) hereof,
and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except
with respect to Section 3(b).

 

7.            
Miscellaneous.

 

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

 

(b)              This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
It may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together
shall constitute but one instrument.

 

(c)              This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter
hereof. Except for Sections 1(i), 1(k), 7(c) and 7(h) (which may only be amended with the approval of the holders of
at least 50% of the shares of Common Stock sold in the IPO, provided that all Public Shareholders must be given the right to receive
a pro-rata portion of the trust account (no less than $10.00 per share) in connection with any such amendment), this Agreement
or any provision hereof may only be changed, amended or modified by a writing signed by each of the parties hereto; provided, however,
that no such change, amendment or modification may be made without the prior written consent of the Representatives. As to any
claim, cross-claim or counterclaim in any way relating to this Agreement, each party waives the right to trial by jury. The Trustee
may require from Company counsel an opinion as to the propriety of any proposed amendment.

 

(d)              The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York,
Borough of Manhattan, for purposes of resolving any disputes hereunder.

 

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

 

if to the Trustee, to:

 

Continental
Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com
and cgonzalez@continentalstock.com

 

if to the Company, to:

 

Roth CH Acquisition III Co.

888 San Clemente Drive, Suite 400

Newport Beach, CA 92660

Attn: Byron Roth

 

    5

     

    

 

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

 

Roth Capital Partners, LLC

888 San Clemente Drive, Suite 400

Newport Beach, CA 92660

Attn: Byron Roth

 

and:

 

Craig-Hallum Capital Group LLC

222 South Ninth Street, Suite 350

Minneapolis, MN 55402

Attn: John Lipman

 

and:

 

Loeb & Loeb LLP

345 Park Avenue

New York, NY 10154

Attn: Giovanni Caruso

Fax No.: (212) 407-4990

 

and:

 

Graubard
Miller

405 Lexington Avenue

New York, NY 10174

Attn: David Alan Miller and Jeffrey Gallant

Fax No.: (212) 818-8881

 

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

 

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

 

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

 

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

 

(j)               Each
of the Company and the Trustee hereby acknowledges that the Underwriters are third party beneficiaries of this Agreement and that
each Public Shareholder is a third party beneficiary of Sections 1(i), 1(k) and 7(c).

 

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

 

    6

     

    

 

IN WITNESS WHEREOF, the parties have duly
executed this Investment Management Trust Agreement as of the date first written above.

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:   
	 	 
	 	ROTH CH ACQUISITION III CO.
	 	 
	 	By:	 
	 	 	Name: Byron Roth
	 	 	Title:  Co-Chief Executive
    Officer
	 	 

 

[Signature
Page to Investment Management Trust Agreement]

 

    

     

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,500	 
	Annual fee	 	First year, for the initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	$	10,000	 
	Transaction processing fee for disbursements to Company under Section 2	 	Billed to Company following disbursement made to Company under Section 2	 	$	250	 
	Paying Agent services as required pursuant to Section 1(i) and 1(k)	 	Billed to Company upon delivery of service pursuant to section 1(i) and 1(k)	 	 	Prevailing rates	 

 

    

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental
Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, N.Y. 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of the
Investment Management Trust Agreement between Roth CH Acquisition III Co. (“Company”) and Continental Stock Transfer &
Trust Company (“Trustee”), dated as of [*], 2021 (“Trust Agreement”), this is to advise you that the Company
has entered into an agreement with [___________] (“Target Business”) to consummate a business combination with Target
Business (“Business Combination”) on or about [insert date]. The Company shall notify you at least 72 hours
in advance of the actual date of the consummation of the Business Combination (“Consummation Date”). Capitalized terms
used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

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

 

On the Consummation Date (i) counsel
for the Company shall deliver to you written notification that the Business Combination has been consummated, and (ii) the
Company shall deliver to you a certificate by the Chief Executive Office, which verifies the vote of the Company’s shareholders
in connection with the Business Combination if a vote is held and (b) joint written instructions from the Company and the
Representatives with respect to the transfer of the funds held in the Trust Account, which must provide for the disbursement of
no less than $10.00 per share to redeeming Public Shareholders (“Instruction Letter”). You are hereby directed and
authorized to transfer the funds held in the Trust Account immediately upon your receipt of the counsel’s letter and the
Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust
Account may not be liquidated by the Consummation Date without penalty, you will notify the Company of the same and the Company
shall direct you as to whether such funds should remain in the Trust Account and distributed after the Consummation Date to the
Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be
terminated.

 

    

     

    

 

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

 

	 	Very truly yours,
	 	 
	 	ROTH CH ACQUISITION III CO.
	 	 
	 	By:	 
	 	 	Name:Byron Roth
	 	 	Title: Co-Chief Executive Officer
	 	 	 
	 	By:	 
	 	 	Name:Gordon Roth
	 	 	Title: Chief Financial Officer

	Acknowledged and Agreed:	 
	 	 
	Roth Capital Partners, LLC 	 

 

	By:	 	 
	Name:	 
	Title:	 

 

	Craig-Hallum Capital Group LLC	 

 

	By:	 	 
	Name:	 
	Title:  	 

 

    

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental
Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, N.Y. 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of the
Investment Management Trust Agreement between Roth CH Acquisition III Co. (“Company”) and Continental Stock Transfer &
Trust Company (“Trustee”), dated as of [*], 2021 (“Trust Agreement”), this is to advise you that the Company
has been unable to effect a Business Combination with a Target Company within the time frame specified in the Charter, as described
in the Company’s prospectus relating to its IPO. Capitalized terms used herein and not otherwise defined shall have the meanings
set forth in the Trust Agreement.

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to liquidate all the Trust Account investments and to transfer the total proceeds to the Trust
Operating Account at JPMorgan Chase Bank, N.A. to await distribution to the Public Shareholders. The Company has selected [         ,
20 ] as the effective date for the purpose of determining when the Public Shareholders will be entitled to receive their share
of the liquidation proceeds. It is acknowledged that no interest will be earned by the Company on the liquidation proceeds while
on deposit in the Trust Checking Account. You agree to be the Paying Agent of record and in your separate capacity as Paying Agent,
to distribute said funds directly to the Public Shareholders in accordance with the terms of the Trust Agreement and the Charter.
Upon the distribution of all the funds in the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

	 	Very truly yours,
	 	 
	 	ROTH CH ACQUISITION III CO.

 

	 	By:	 

	 	Name:Byron Roth
	 	Title: Co-Chief Executive Officer

 

	 	By:	 

	 	Name:Gordon Roth
	 	Title: Chief Financial Officer

 

	cc:	Roth Capital Partners, LLC
	 	Craig-Hallum Capital Group LLC

 

    

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental
Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, N.Y. 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account - Amendment Notification Letter

 

Dear Francis Wolf and Celeste Gonzalez:

 

Reference is made to that certain Investment Management Trust
Agreement between Roth CH Acquisition III Co. (“Company”) and Continental Stock Transfer & Trust Company,
dated as of [*], 2021 (“Trust Agreement”). Capitalized words used herein and not otherwise defined shall have the meanings
ascribed to them in the Trust Agreement.

 

Pursuant to Section 1(k) of the Trust Agreement, this
is to advise you that the Company has sought an Amendment. Accordingly, in accordance with the terms of the Trust Agreement, we
hereby authorize you to liquidate a sufficient portion of the Trust Account and to transfer $            
of the proceeds of the Trust to the account at JPMorgan Chase Bank, N.A. for distribution to the stockholders that have requested
conversion of their shares in connection with such Amendment. The remaining funds shall be reinvested by you as previously instructed.

 

	 	ROTH CH ACQUISITION III CO.
	 	 
	 	By:	 
	 	 	Name: Byron Roth
	 	 	
        Title: Co-Chief Executive Officer

         

         

	 	By:	 _____________________________________________
	 	 	Name: Gordon Roth
	 	 	Title:  Chief Financial Officer

 

	
         

        cc:
	Roth Capital Partners, LLC
	 	Craig-Hallum Capital Group LLC

 

    

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental
Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, N.Y. 10004

Attn: Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust Account – Tax Payment Withdrawal Instruction

 

Dear Francis Wolf and Celeste Gonzalez:

 

Pursuant to Section (2(a) of the
Investment Management Trust Agreement between Roth CH Acquisition III Co. (“Company”) and Continental Stock Transfer &
Trust Company (“Trustee”), dated as of [*], 2021 (“Trust Agreement”), the Company hereby requests that
you deliver to the Company [$       ] of the interest income earned on the Property as of
the date hereof. The Company needs such funds to pay for its tax obligations. In accordance with the terms of the Trust Agreement,
you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to
the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	ROTH CH ACQUISITION III CO.
	 	 
	 	By: 	 
	 	 	Name:Byron Roth
	 	 	Title: Co-Chief Executive Officer
	 	 	 

 

	cc:	Roth Capital Partners, LLC
	 	Craig-Hallum Capital Group LLC

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