Document:

Exhibit 10.2

 

_________________, 2021

Energy Cloud I Acquisition Corporation

Room 2006, Block 5, Zone 5, Aoyuan City Plaza

Panyu District, Guangzhou, China

 

EF Hutton

Division of Benchmark Investments, LLC

590 Madison Avenue, 39th Floor

New York, NY 10022

 

	 	Re:	Initial Public Offering

 

Gentlemen:

 

This letter is being delivered to you in accordance
with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and between Energy Cloud I Acquisition
Corporation, a British Virgin Islands company (the “Company”), and EF Hutton, Division of Benchmark Investments,
LLC as representative (the “Representative”) of the several Underwriters named in Schedule I thereto (the “Underwriters”),
relating to an underwritten initial public offering (the “IPO”) of the Company’s units (the “Units”),
each comprised of one share of the Company’s ordinary shares, no par value per share (the “Ordinary Shares”)
and one redeemable warrant, each whole warrant exercisable for one Ordinary Share (each, a “Warrant”). Certain
capitalized terms used herein are defined in paragraph 14 hereof.

 

In order to induce the Company and the Underwriters
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 stockholders
of a Business Combination, the undersigned will vote all Ordinary Shares beneficially owned by him, her, or it, whether acquired before,
in, or after the IPO, in favor of such Business Combination.

 

2. (a) 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 Memorandum and Articles
of Association, as the same may be amended from time to time (the “Articles”), the undersigned will, as promptly
as possible, 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 net of interest released to the Company as permitted
pursuant to the Trust Agreement, divided by the number of then outstanding IPO Shares, which redemption will completely extinguish public
stockholders’ rights as stockholders (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 stockholders 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.

 

(b) 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”) with respect
to the shares of Founders’ Ordinary 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. 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. 

 

     

     

    

 

3. The undersigned acknowledges and agrees that
prior to entering into a Business Combination with a target business that is affiliated with any 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 unaffiliated stockholders from a financial point of view.

 

4. Neither the undersigned nor 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 under the caption “Prospectus Summary – The Offering – Limited payments to
insiders.”

 

5. Neither the undersigned nor any affiliate of
the undersigned will be entitled to receive or accept a finder’s fee or any other compensation in the event either of the undersigned
or any affiliate of the undersigned originates a Business Combination.

 

6. (a) The undersigned will place into escrow
all shares of Founders’ Ordinary Shares owned by him/her/it pursuant to the terms of a Stock Escrow Agreement which the Company
will enter into with the undersigned and an escrow agent.

 

(b) The undersigned agrees that until after the
Company consummates a Business Combination, all Private Securities owned by him/her/it will be subject to the transfer restrictions described
in the Subscription Agreement relating to the undersigned’s Private Securities.

 

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 suitable target business, subject to any pre-existing fiduciary or contractual obligations the undersigned might
have.

 

(b) The undersigned hereby agrees and acknowledges
that (i) each of the Underwriters and the Company may be irreparably injured in the event of a breach of any of the obligations contained
in this letter, (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.

 

8. The undersigned agrees to be the [●]
of the Company until the earlier of the consummation by the Company of a 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
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. The undersigned’s FINRA
Questionnaire previously furnished to the Company and the Representative is true and accurate in all respects. The undersigned represents
and warrants that:

 

(a) he/she/it has never had a petition under
the federal bankruptcy laws or any state insolvency law been filed by or against (i) him/her/it or any partnership in which he/she/it
was a general partner at or within two years before the time of filing; or (ii) any corporation or business association of which he/she/it
was an executive officer at or within two years before the time of such filing;

 

(b) he/she/it has never had a receiver, fiscal
agent or similar officer been appointed by a court for his/her/its business or property, or any such partnership;

 

(c) he/she/it has never been convicted of fraud
in a civil or criminal proceeding;

 

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(d) he/she/it/ has never been convicted in a
criminal proceeding or named the subject of a pending criminal proceeding (excluding traffic violations and minor offenses);

 

(e) he/she/it has never been the subject of any
order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily
enjoining or otherwise limiting him/her/it from (i) acting as a futures commission merchant, introducing broker, commodity trading advisor,
commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission
(“CFTC”) or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker
or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association
or insurance company, or from engaging in or continuing any conduct or practice in connection with any such activity; or (ii) engaging
in any type of business practice; or (iii) engaging in any activity in connection with the purchase or sale of any security or commodity
or in connection with any violation of federal or state securities or federal commodities laws;

 

(f) he/she/it has never been the subject of any
order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state authority barring, suspending or
otherwise limiting for more than 60 days his/her/its right to engage in any activity described in 9(e)(i) above, or to be associated
with persons engaged in any such activity;

 

(g) he/she/it has never been found by a court
of competent jurisdiction in a civil action or by the SEC to have violated any federal or state securities law, where the judgment in
such civil action or finding by the SEC has not been subsequently reversed, suspended or vacated;

 

(h) he/she/it has never been found by a court
of competent jurisdiction in a civil action or by the CFTC to have violated any federal commodities law, where the judgment in such civil
action or finding by the CFTC has not been subsequently reversed, suspended or vacated;

 

(i) he/she/it has never been the subject of,
or a party to, any Federal or State judicial or administrative order, judgment, decree or finding, not subsequently reversed, suspended
or vacated, relating to an alleged violation of (i) any Federal or State securities or commodities law or regulation, (ii) any law or
regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction,
order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and desist order, or removal or prohibition
order or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity;

 

(j) he/she/it has never been the subject of,
or party to, any sanction or order, not subsequently reversed, suspended or vacated, or any self-regulatory organization, any registered
entity, or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated
with a member;

 

(k) he/she/it has never been convicted of any
felony or misdemeanor: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with
the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment
advisor or paid solicitor of purchasers of securities;

 

(l) he/she/it was never subject to a final order
of a state securities commission (or an agency of officer of a state performing like functions); a state authority that supervises or
examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like
functions); an appropriate federal banking agency; the Commodity Futures Trading Commission; or the National Credit Union Administration
that is based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct;

 

(m) he/she/it has never been subject to any order,
judgment or decree of any court of competent jurisdiction, that, at the time of such sale, restrained or enjoined him/her/it from engaging
or continuing to engage in any conduct or practice: (i) in connection with the purchase or sale of any security; (ii) involving the making
of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities
dealer, investment adviser or paid solicitor of purchasers of securities;

 

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(n) he/she/it has never been subject to any order
of the SEC that orders him/her/it to cease and desist from committing or causing a future violation of: (i) any scienter-based anti-fraud
provision of the federal securities laws, including, but not limited to, Section 17(a)(1) of the Securities Act, Section 10(b) of the
Exchange Act and Rule 10b-5 thereunder, and Section 206(1) of the Advisers Act or any other rule or regulation thereunder; or (ii) Section
5 of the Securities Act;

 

(o) he/she/it has never been named as an underwriter
in any registration statement or Regulation A offering statement filed with the SEC that was the subject of a refusal order, stop order,
or order suspending the Regulation A exemption, or is, currently, the subject of an investigation or proceeding to determine whether
a stop order or suspension order should be issued;

 

(p) he/she/it has never been subject to a United
States Postal Service false representation order, or is currently subject to a temporary restraining order or preliminary injunction
with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property
through the mail by means of false representations;

 

(q) he/she/it is not subject to a final order
of a state securities commission (or an agency of officer of a state performing like functions); a state authority that supervises or
examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like
functions); an appropriate federal banking agency; the Commodity Futures Trading Commission; or the National Credit Union Administration
that bars the undersigned from: (i) association with an entity regulated by such commission, authority, agency or officer; (ii) engaging
in the business of securities, insurance or banking; or (iii) engaging in savings association or credit union activities;

 

(r) he/she/it is not subject to an order of the
SEC entered pursuant to section 15(b) or 15B(c) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
or section 203(e) or 203(f) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), that:
(i) suspends or revokes the undersigned’s registration as a broker, dealer, municipal securities dealer or investment adviser;
(ii) places limitations on the activities, functions or operations of, or imposes civil money penalties on, such person; or (iii) bars
the undersigned from being associated with any entity or from participating in the offering of any penny stock; and

 

(s) he/she/it has never been suspended or expelled
from membership in, or suspended or barred from association with a member of, a securities self-regulatory organization (e.g., a registered
national securities exchange or a registered national or affiliated securities association) for any act or omission to act constituting
conduct inconsistent with just and equitable principles of trade.

 

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 and/or officer
of the Company].

 

10. The undersigned hereby waives any right to
exercise conversion rights with respect to any shares of the Company’s ordinary shares owned or to be owned by the undersigned,
directly or indirectly (or to sell such shares to the Company in a tender offer), whether such shares be part of the Founders’
Ordinary Shares or shares purchased by the undersigned in the IPO or in the aftermarket, and agrees not to seek conversion with respect
to such shares in connection with any vote to approve a Business Combination (or sell such shares to the Company in a tender offer in
connection with such a Business Combination).

 

11. (a) The undersigned hereby agrees to not propose,
or vote in favor of, approving a definitive agreement for a Business Combination unless Energy Cloud I Acquisition Corporation has (i)
announced that it has entered into a definitive agreement for an initial business combination or (ii) failed to timely consummate its
initial business combination and has liquidated its trust account.

 

(b) The undersigned hereby agrees to not propose,
or vote in favor of, an amendment to Article Seventh of the Articles prior to the consummation of a Business Combination unless the Company
provides public stockholders with the opportunity to convert their Ordinary Shares upon such approval in accordance with such Article
Seventh thereof.

 

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12. 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. Each of the Company and 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 (a “Proceeding”)
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. The undersigned irrevocably agrees to appoint Graubard Miller as agent
for the service of process in the State of New York to receive, for the undersigned and on his behalf, service of process in any Proceeding.
If for any reason such agent is unable to act as such, the undersigned will promptly notify the Company and the Representative and appoint
a substitute agent acceptable to each of the Company and the Representative within 30 days and nothing in this letter will affect the
right of either party to serve process in any other manner permitted by law.

 

14. As used herein, (i) a “Business
Combination” means a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other
similar business combination with one or more businesses or entities; (ii) “Insiders” means all officers, directors
and sponsor of the Company immediately prior to the IPO; (iii) “Founders’ Ordinary Shares” means all
of the Ordinary Shares of the Company acquired by an Insider prior to the IPO; (iv) “IPO Shares” means the
Ordinary Shares issued in the Company’s IPO; (v) “Private Securities” means the units and warrants that
are being sold privately by the Company simultaneously with the consummation of the IPO; (vi) “Trust Agreement”
means the Investment Management Trust Agreement between the Company and Continental Stock Transfer & Trust Company being entered
into in connection with the IPO and governing the use of funds held in the Trust Account; (vii) “Trust Account”
means the trust account into which a portion of the net proceeds of the IPO will be deposited; and (viii) “Registration Statement”
means the Company’s registration statement on Form S-1 (SEC File No. 333-•) filed with the Securities and Exchange Commission.

 

15. 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. Each of the undersigned acknowledges and understands
that the Underwriters 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 Underwriters a representative of, or a fiduciary with respect to, the
Company, its stockholders or any creditor or vendor of the Company with respect to the subject matter hereof.

 

	 	[•] 
	 	 
	 	 
	 	Signature
	 	 
	 	Acknowledged and Agreed:

 

	 	ENERGY CLOUD I ACQUISTION CORPORATION
	 	 
	 	By:	 
	 	 	Name: 	Qingxun (Kenn) Kong
	 	 	Title:	Chief Executive Officer

 

 

5Exhibit 10.3

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Agreement is made as of _________________,
2021 by and between Energy Cloud I Acquisition Corporation (the “Company”) and Continental Stock Transfer & Trust
Company (“Trustee”).

 

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

 

WHEREAS, EF Hutton, division of Benchmark
Investments, LLC (the “Representative”) is acting as the representative of the several underwriters in the IPO; and

 

WHEREAS, as described in the Registration
Statement, and in accordance with the Company’s Amended and Restated Memorandum and Articles of Association, $75,000,000.00 ($86,250,000.00
if the over-allotment option is exercised in full) of the proceeds from the IPO and a simultaneous private placement of units and warrants
will be delivered to the Trustee to be deposited and held in a segregated trust account located at all times in the United States (the
“Trust Account”) for the benefit of the Company and the holders of the Company’s ordinary shares, no par value
per share (“Ordinary Shares”), issued in the IPO as hereinafter provided (the proceeds 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 the Trust Account established by the Trustee at J.P. Morgan Chase Bank, N.A. (or at
another U.S. chartered commercial bank with consolidated assets of $100 billion or more) and at a brokerage institution selected by the
Trustee that is reasonably satisfactory to the Company;

 

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

herein;

 

(c) In a timely manner, upon the written instruction
of the Company, invest and reinvest the Property in United States “government securities” within the meaning of Section 2(a)(16)
of the Investment Company Act of 1940, as amended (the “Investment Company Act”), having a maturity of 180 days or
less, and/or in any open ended investment company registered under the Investment Company Act that holds itself out as a money market
fund selected by the Company meeting the conditions of paragraph (d) of Rule 2a-7 promulgated under the Investment Company Act, which
invest only in direct U.S. government treasury obligations; it being understood that the Trust Account will earn no interest while account
funds are uninvested awaiting the Company’s instructions hereunder; and while the account funds are invested or uninvested, the
Trustee may earn bank credits or other consideration during such periods;

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

(i) Commence liquidation of the Trust Account only
after and promptly after receipt of, and only in accordance with, the terms of a letter (“Termination Letter”), in
a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, signed on behalf of the Company and,
in the case of a Termination Letter in a form substantially similar to that attached hereto as Exhibit A, jointly acknowledged
and agreed to by the Representative, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account
only as directed in the Termination Letter and the other documents referred to therein; provided, however, that in the event that a Termination
Letter has not been received by the Trustee within the period of time (the “Last Date”) provided in the Company’s
Amended and Restated Memorandum and Articles of Association, as the same may be amended from time to time (the “Memorandum and
Articles of Association”), 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. The provisions of this Section
1(i) may not be modified, amended or deleted under any circumstances; and

 

(j) Upon receipt of a letter (an “Amendment
Notification Letter”) in the form of Exhibit C, signed on behalf of the Company by an authorized officer, distribute
to Public Shareholders who exercised their conversion rights in connection with an amendment to Article Seventh of the Company’s
Memorandum and Articles of Association (an “Amendment”) an amount equal to the pro rata share of the Property relating
to the Ordinary Shares for which such Public Shareholders have exercised conversion rights in connection with such Amendment. The provisions
of this Section 1(j) may not be modified, amended or deleted under any circumstances.

 

2. Limited Distributions of Income from Trust Account.

 

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

 

(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) above, no other distributions
from the Trust Account shall be permitted except in accordance with Sections 1(i) or 1(j)hereof.

 

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

 

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

 

(a) Give all instructions
to the Trustee hereunder in writing, signed by any one of the Company’s authorized officers. In addition, except with respect to
its duties under Sections 1(i), 1(j) and 2(a) 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 Section 5
of this Agreement, hold the Trustee harmless and indemnify the Trustee from and against any and all expenses, including reasonable counsel
fees and disbursements, or losses suffered by the Trustee in connection with any claim, potential claim, action, suit, or other proceeding
brought against the Trustee which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the
Property or any income earned from investment of the Property, except for expenses and losses resulting from the Trustee’s gross
negligence or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action,
suit, or proceeding, pursuant to which the Trustee intends to seek indemnification under this paragraph, it shall notify the Company in
writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct
and manage the defense against such Indemnified Claim, provided, that the Trustee shall obtain the consent of the Company with respect
to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim
without the prior written consent of the Company, which consent shall not be unreasonably withheld. The Company may participate in such
action with its own counsel;

 

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

 

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

 

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

 

(f) If the Company has an Amendment approved by
its stockholders, provide the Trustee with an Amendment Notification Letter in the form of Exhibit C providing instructions for
the distribution of funds to Public Shareholders who exercise their conversion rights in connection with such Amendment.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

6. Termination. This Agreement shall terminate as follows:

 

(a) If the Trustee gives written notice to the
Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to locate a successor trustee during
which time the Trustee shall act in accordance with this Agreement. At such time that the Company notifies the Trustee that a successor
trustee has been appointed by the Company and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer
the management of the Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports and statements
relating to the Trust Account, whereupon this Agreement shall terminate; provided, however, that, in the event that the Company does not
locate a successor trustee within ninety (90) days of receipt of the resignation notice from the Trustee, the Trustee may submit an application
to have the Property deposited with any court in the State of New York or with the United States District Court for the Southern District
of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever; or

 

    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) and
Section 5.

 

7. Miscellaneous.

 

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

 

(b) This Agreement shall be governed by and construed
and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would result
in the application of the substantive laws of another jurisdiction. The parties hereto consent to the jurisdiction and venue of any state
or federal court located in the City of New York, Borough of Manhattan, for purposes of resolving any disputes hereunder. As to any claim,
cross-claim, or counterclaim in any way relating to this Agreement, each party waives the right to trial by jury.

 

(c) This Agreement may be executed in several original
or facsimile counterparts, each one of which shall constitute an original, and together shall constitute but one instrument.

 

(d) This Agreement contains the entire agreement
and understanding of the parties hereto with respect to the subject matter hereof. Except for Sections 1(i) and 1(j) (which
may not be amended under any circumstances), this Agreement or any provision hereof may only be changed, amended, or modified by a writing
signed by each of the parties hereto; provided, however, that no such change, amendment or modification may be made without the prior
written consent of the Representative. The Trustee may require from Company counsel an opinion as to the propriety of any proposed amendment.

 

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

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

if to the Company, to:

 

Energy Cloud I Acquisition Corporation

Room 2006, Block 5, Zone 5, Aoyuan City Plaza

Panyu District, Guangzhou, China

Attn: Qingxun Kong

Email: xun@vhudong.cn

 

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

 

EF Hutton

Division of Benchmark Investments, LLC

590 Madison Avenue, 39th Floor

New York, NY 10022

Attn: Sean Koehler

E-mail: skoehler@kingswoodcm.com

 

    5

     

    

 

and

 

Ortoli Rosenstadt LLP

366 Madison Avenue, 3rd Floor

New York, NY 10017 

Attn: William S. Rosenstadt, Esq.

Email: wsr@orllp.legal

 

And

 

RAITI, PLLC

1345 Avenue of the Americas

New York, NY 10105

Fax No.: (646) 916-1404

Attn: Warren A. Raiti, Esq.

Email: wraiti@raitipllc.com

 

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

 

(g) Each of the Trustee and the Company hereby
represents that it has the full right and power and has been duly authorized to enter into this Agreement and to perform its respective
obligations as contemplated hereunder.

 

(h) Each of the Company and the Trustee hereby
acknowledge that the Representative is a third party beneficiary of this Agreement.

 

[signature page follows]

 

    6

     

    

 

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

 

	 	CONTINENTAL STOCK TRANSFER &
	 	TRUST COMPANY, as Trustee
	 	 
	 	By:	         
	 	Name: 	Francis Wolf
	 	Title:	Vice President
	 	 
	 	ENERGY CLOUD I ACQUISITION CORPORATION
	 	 
	 	By:	                                
	 	Name:	Qingxun Kong
	 	Title:	CEO and Director

 

    7

     

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,500.00	 
	Annual fee	 	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Section 2	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 2	 	$	250.00	 
	Paying Agent services as required pursuant to section 1(i) and 1(j)	 	Billed to Company upon delivery of service pursuant to section 1(i) and 1(j)	 	 	Prevailing rates	 

 

    8

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of the Investment Management
Trust Agreement between Energy Cloud I Acquisition Corporation (“Company”) and Continental Stock Transfer & Trust
Company, dated as of [_______], 2021 (“Trust Agreement”), this is to advise you that the Company has entered into an
agreement with [______________] to consummate a business combination (“Business Combination”) on or about [____].
The Company shall notify you at least seventy -two (72) hours in advance of the actual date of the consummation of the Business Combination
(“Consummation Date”). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in
the Trust Agreement.

 

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

 

On the Consummation Date (i) counsel for the Company
shall deliver to you written notification that the Business Combination has been consummated and (ii) the Company shall deliver to you
(a) a certificate of the Chief Executive Officer, which verifies the vote of the Company’s stockholders in connection with the Business
Combination if a vote is held and (b) joint written instructions from the Company and the Representative with respect to the transfer
of the funds held in the Trust Account (“Instruction Letter”). You are hereby directed and authorized to transfer the
funds held in the Trust Account immediately upon your receipt of the counsel’s letter and the Instruction Letter, in accordance
with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not be liquidated by the Consummation
Date without penalty, you will notify the Company of the same and the Company shall direct you as to whether such funds should remain
in the Trust Account and distributed after the Consummation Date to the Company. Upon the distribution of all the funds in the Trust Account
pursuant to the terms hereof, your obligations under the Trust Agreement shall be terminated.

 

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

 

AGREED TO AND ACKNOWLEDGED BY

 

EF Hutton, Division of Benchmark Investments, LLC

 

	By:	 	 
	Name: 	 	 
	Title:	 	 
	Date:	 	 

 

    9

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account No. - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of the Investment Management
Trust Agreement between Energy Cloud I Acquisition Corporation (“Company”) and Continental Stock Transfer & Trust
Company, 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 Company’s Amended and Restated Memorandum
and Articles of Association, as described in the Company’s prospectus relating to its IPO. Capitalized terms used herein and not
otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust Agreement,
we hereby authorize you to liquidate the Trust Account and to transfer the total proceeds of the Trust to the Trust Account at J.P. Morgan
Chase Bank, N.A. to await distribution to the Public Shareholders. The Company has selected [____________, 20 ] as the date for when the
Public Shareholders will be entitled to receive their share of the liquidation proceeds. It is acknowledged that while the funds are on
deposit in the Trust Account awaiting distribution, the Company will not earn any interest or dividends. You agree to be the Paying Agent
of record and in your separate capacity as Paying Agent, to distribute said funds directly to the Public Shareholders in accordance with
the terms of the Trust Agreement and the Amended and Restated Memorandum and Articles of Association of the Company. Upon the distribution
of all the funds in the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

ENERGY CLOUD I ACQUISITION CORPORATION

 

	By:	 	 
	Name: 	 	 
	Title:	 	 
	Date:	 	 

 

cc: EF Hutton, Division of Benchmark Investments, LLC

 

    10

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account – Amendment Notification
Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Reference is made to the Investment Management
Trust Agreement between Energy Cloud I Acquisition Corporation (“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(j) of the Trust Agreement,
this is to advise you that the Company has sought an Amendment. Accordingly, in accordance with the terms of the Trust Agreement, we hereby
authorize you to liquidate a sufficient portion of the Trust Account and to transfer $____ of the total proceeds of the Trust to the Trust
Account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Shareholders that have requested conversion of their shares
in connection with such Amendment. The remaining funds shall be reinvested by you as previously instructed.

 

ENERGY CLOUD I ACQUISITION CORPORATION

 

	By:	 	 
	Name: 	 	 
	Title:	 	 
	Date:	 	 

 

cc: EF Hutton, Division of Benchmark Investments, LLC

 

    11

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 2(a) of the Investment Management
Trust Agreement between Energy Cloud I Acquisition Corporation (“Company”) and Continental Stock Transfer & Trust Company,
dated as of [_________], 20[___] (“Trust Agreement”), the Company hereby requests that you deliver to the Company [$_______]
of the interest income earned on the Property as of the date hereof. The Company needs such funds to pay for its tax obligations as a
result of such interest income.

 

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]

 

ENERGY CLOUD I ACQUISITION CORPORATION

 

	By:	 	 
	Name: 	 	 
	Title:	 	 
	Date:	 	 

 

cc: EF Hutton, Division of Benchmark Investments, LLC

 

 

12

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