Document:

Exhibit 4.1

 

RIGHTS AGREEMENT

 

Agreement made as of August
12, 2015 between E-compass Acquisition Corp., a Cayman Islands exempted company, with offices at 6F/Tower, 2 West Proper Centre,
No.5, Guanghua Road, Chaoyang District, Beijing, 100020, P.R. China (“Company”), and Continental Stock Transfer &
Trust Company, a New York corporation, with offices at 17 Battery Place, New York, New York 10004 (“Right Agent”).

 

WHEREAS, the Company is
engaged in a public offering (“Public Offering”) and has filed with the Securities and Exchange Commission (the “SEC”)
a Registration Statement on Form S-1, No. 333-204054 (“Registration Statement”), for the registration, under the Securities
Act of 1933, as amended (“Act”) of its units, each unit (“Unit”) comprised of one ordinary share of the
Company, par value $.0001 per share (“Ordinary Share”), and one right to receive one-tenth of one Ordinary Share upon
the happening of the triggering event described herein and, in connection therewith, will issue and deliver up to 4,600,000 rights
(“Public Rights”) to the investors in the Public Offering; and

 

WHEREAS, the Company has
received binding commitments from an affiliate (the “Affiliate”) of Richard Xu, the Company’s Executive Chairman
and Chief Executive Officer, to purchase in a private placement (“Private Offering”) up to an aggregate of 310,000
Units, and in connection therewith, will issue and deliver up to an aggregate of 310,000 rights (“Private Rights”)
upon consummation of such Private Offering; and

 

WHEREAS, the Company has
received binding commitments from the Affiliate to purchase from the Company at a price of $10.00 per unit an additional number
of Units upon the happening of certain events as described in the Registration Statement, and in connection therewith, will issue
and deliver additional rights (“Commission Rights” and together with the Public Rights and Private Rights, the “Rights”);

 

WHEREAS, the Company desires
the Right Agent to act on behalf of the Company, and the Right Agent is willing to so act, in connection with the issuance, registration,
transfer and exchange of the Rights; and

 

    	 

    	 

    

 

WHEREAS, the Company desires
to provide for the form and provisions of the Rights, the terms upon which they shall be issued, and the respective rights, limitation
of rights, and immunities of the Company, the Right Agent, and the holders of the Rights; and

 

WHEREAS, all acts and
things have been done and performed which are necessary to make the Rights, when executed on behalf of the Company and countersigned
by or on behalf of the Right Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize
the execution and delivery of this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.            Appointment of Right Agent. The
Company hereby appoints the Right Agent to act as agent for the Company for the Rights, and the Right Agent hereby accepts such
appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

2.            Rights.

 

2.1.          Form of Right. Each Right
shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the provisions of which are incorporated
herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board, President or Chief Executive Officer
and Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile of the Company’s seal. In the
event the person whose facsimile signature has been placed upon any Right shall have ceased to serve in the capacity in which
such person signed the Right before such Right is issued, it may be issued with the same effect as if he or she had not ceased
to be such at the date of issuance.

 

2.2.          Effect of Countersignature.
Unless and until countersigned by the Right Agent pursuant to this Agreement, a Right shall be invalid and of no effect and may
not be exchanged for Ordinary Shares.

 

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2.3.          Registration.

 

2.3.1.          Right Register. The Right
Agent shall maintain books (“Right Register”) for the registration of original issuance and the registration of transfer
of the Rights. Upon the initial issuance of the Rights, the Right Agent shall issue and register the Rights in the names of the
respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Right Agent by
the Company.

 

2.3.2.          Registered Holder. Prior
to due presentment for registration of transfer of any Right, the Company and the Right Agent may deem and treat the person in
whose name such Right shall be registered upon the Right Register (“registered holder”) as the absolute owner of such
Right and of each Right represented thereby (notwithstanding any notation of ownership or other writing on the Right Certificate
made by anyone other than the Company or the Right Agent), for the purpose of the exchange thereof, and for all other purposes,
and neither the Company nor the Right Agent shall be affected by any notice to the contrary.

 

2.4.          Detachability of Rights.
The securities comprising the Units, including the Rights, will not be separately transferable until ten business days following
the earlier to occur of: (i) the expiration of the underwriters’ overallotment option, (ii) its exercise in full or (iii)
the announcement by the underwriters of their intention not to exercise all or any remaining portion of the over-allotment option,
except that in no event will the securities comprising the Units be separately tradeable until the Company files a Current Report
on Form 8-K which includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Public
Offering including the proceeds received by the Company from the exercise of the over-allotment option, if the over-allotment
option is exercised on the date thereof, and (ii) the Company issues a press release and files a Current Report on Form 8-K announcing
when such separate trading shall begin.

 

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3.           Terms and Exchange of Rights

 

3.1.          Rights. Each Right shall
entitle the holder thereof to receive one-tenth of one Ordinary Share upon the happening of an Exchange Event (described below).
No additional consideration shall be paid by a holder of Rights in order to receive his, her or its Ordinary Shares upon an Exchange
Event as the purchase price for such Ordinary Shares has been included in the purchase price for the Units. In no event will the
Company be required to net cash settle the Rights. Each holder of a Right will be required to affirmatively convert his, her or
its Rights in order to receive the 1/10 of a share underlying each right (without paying any additional consideration) upon consummation
of the Exchange Event. Each holder of a Right will be required to indicate his, her or its election to convert the Rights into
the underlying shares as well as to return the original certificates evidencing the Rights to the Company.

 

3.2.          Exchange Event. An Exchange
Event shall occur upon the Company’s consummation of an initial Business Combination (as defined in the Company’s
Amended and Restated Memorandum and Articles of Association).

 

3.3.          Exchange of Rights.

 

3.3.1.          Issuance of Certificates.
As soon as practicable upon the occurrence of an Exchange Event, the Company shall direct holders of the Rights to return their
Rights certificates to the Right Agent. Upon receipt of a valid Rights certificate, the Company shall issue to the registered
holder of such Right(s) a certificate or certificates for the full number of Ordinary Shares to which he, she or it is entitled,
registered in such name or names as may be directed by him, her or it. Notwithstanding the foregoing, or any provision contained
in this Rights Agreement to the contrary, in no event will the Company be required to net cash settle the Rights. The Company
shall not issue fractional shares upon exchange of Rights. At the time of an Exchange Event, the Company will instruct the Right
Agent to round down to the nearest whole Ordinary Share.

 

3.3.2.          Valid Issuance. All Ordinary
shares issued upon an Exchange Event in conformity with this Agreement, and registered on the Company’s register of members,
shall be validly issued, fully paid and nonassessable.

 

3.3.3.          Date of Issuance. Each
person in whose name any such certificate for Ordinary Shares is issued shall for all purposes be deemed to have become the holder
of record of such shares on the date that he is registered on the Company’s register of members.

 

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3.3.4          Company Not
Surviving Following Exchange Event. Upon an Exchange Event in which the Company does not continue as the publicly held reporting
entity, the definitive agreement with the target business for a Business Combination will provide for the holders of Rights to
receive the same per share consideration the holders of the Ordinary Shares will receive in such transaction, for the number of
shares such holder is entitled to pursuant to Section 3.1 above.

 

3.5          Duration of Rights. If an
Exchange Event does not occur within 18 months from the closing of the Public Offering, the Rights shall expire and shall be worthless.

 

4.           Transfer and Exchange of Rights.

 

4.1.          Registration of Transfer.
The Right Agent shall register the transfer, from time to time, of any outstanding Right upon the Right Register, upon surrender
of such Right for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions
for transfer. Upon any such transfer, a new Right certificate representing an equal aggregate number of Rights shall be issued
and the old Right certificate shall be cancelled by the Right Agent. The Right certificate(s) so cancelled shall be delivered
by the Right Agent to the Company from time to time upon request.

 

4.2.          Procedure for Surrender of
Rights. Rights may be surrendered to the Right Agent, together with a written request for exchange or transfer, and thereupon
the Right Agent shall issue in exchange therefor one or more new Right certificate(s) as requested by the registered holder of
the Rights so surrendered, representing an equal aggregate number of Rights; provided, however, that in the event that a Right
surrendered for transfer bears a restrictive legend, the Right Agent shall not cancel such Right certificate and issue new Right
certificate(s) in exchange therefor until the Right Agent has received an opinion of counsel for the Company stating that such
transfer may be made and indicating whether the new Right certificate(s) must also bear a restrictive legend.

 

4.3.          Fractional Rights. The
Right Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance of a Right
certificate for a fraction of a Right.

 

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4.4.          Service Charges. No service
charge shall be made for any exchange or registration of transfer of Rights.

 

4.5.          Adjustments to Conversion Ratios.
The number of Ordinary Shares that the holders of Rights are entitled to receive as a result of the occurrence of an Exchange
Event shall be equitably adjusted to reflect appropriately the effect of any share split, reverse share split, share dividend,
reorganization, recapitalization, reclassification, combination, exchange of shares or other like change with respect to the Ordinary
Shares occurring on or after the date hereof and prior to the Exchange Event.

 

4.6          Right Execution
and Countersignature. The Right Agent is hereby authorized to countersign and to deliver, in accordance with the terms of
this Agreement, the Rights required to be issued pursuant to the provisions of this Section 4, and the Company, whenever required
by the Right Agent, will supply the Right Agent with Rights duly executed on behalf of the Company for such purpose.

 

5.           Other Provisions Relating to Rights
of Holders of Rights.

 

5.1.          No Rights as Shareholder.
Until exchange of a Right for Ordinary Shares as provided for herein, a Right does not entitle the registered holder thereof to
any of the rights of a shareholder of the Company, including, without limitation, the right to receive dividends, or other distributions,
exercise any preemptive rights to vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders
or the election of directors of the Company or any other matter.

 

5.2.          Lost, Stolen, Mutilated, or
Destroyed Right Certificate(s). If any Right certificate(s) is lost, stolen, mutilated, or destroyed, the Company and the
Right Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of
a mutilated Right certificate, include the surrender thereof), issue a new Right certificate of like denomination, tenor, and
date as the Right certificate so lost, stolen, mutilated, or destroyed. Any such new Right certificate shall constitute a substitute
contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Right certificate shall
be at any time enforceable by anyone.

 

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5.3.          Reservation of Ordinary Shares.
The Company shall at all times reserve and keep available a number of its authorized but unissued Ordinary Shares that will be
sufficient to permit the exchange of all outstanding Rights issued pursuant to this Agreement.

 

6.           Concerning the Right Agent and Other
Matters.

 

6.1.          Payment of Taxes. The Company
will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Right Agent in respect of
the issuance or delivery of Ordinary Shares upon the exchange of Rights, but the Company shall not be obligated to pay any transfer
taxes in respect of the Rights or such shares.

 

6.2.          Resignation, Consolidation,
or Merger of Right Agent.

 

6.2.1.          Appointment of Successor
Right Agent. The Right Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all
further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of
the Right Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor
Right Agent in place of the Right Agent. If the Company shall fail to make such appointment within a period of 30 days after it
has been notified in writing of such resignation or incapacity by the Right Agent or by the holder of the Right (who shall, with
such notice, submit his, her or its Right for inspection by the Company), then the holder of any Right may apply to the Supreme
Court of the State of New York for the County of New York for the appointment of a successor Right Agent at the Company’s
cost. Any successor Right Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing
under the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and
State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination
by federal or state authority. After appointment, any successor Right Agent shall be vested with all the authority, powers, rights,
immunities, duties, and obligations of its predecessor Right Agent with like effect as if originally named as Right Agent hereunder,
without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Right Agent shall
execute and deliver, at the expense of the Company, an instrument transferring to such successor Right Agent all the authority,
powers, and rights of such predecessor Right Agent hereunder; and upon request of any successor Right Agent the Company shall
make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming
to such successor Right Agent all such authority, powers, rights, immunities, duties, and obligations.

 

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6.2.2.          Notice of Successor Right
Agent. In the event a successor Right Agent shall be appointed, the Company shall give notice thereof to the predecessor Right
Agent and the transfer agent for the Ordinary Shares not later than the effective date of any such appointment.

 

6.2.3.          Merger or Consolidation of
Right Agent. Any corporation into which the Right Agent may be merged or with which it may be consolidated or any corporation
resulting from any merger or consolidation to which the Right Agent shall be a party shall be the successor Right Agent under
this Agreement without any further act.

 

6.3.          Fees and Expenses of Right
Agent.

 

6.3.1.          Remuneration. The Company
agrees to pay the Right Agent reasonable remuneration for its services as such Right Agent hereunder and will reimburse the Right
Agent upon demand for all expenditures that the Right Agent may reasonably incur in the execution of its duties hereunder.

 

6.3.2.          Further Assurances. The
Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all
such further and other acts, instruments, and assurances as may reasonably be required by the Right Agent for the carrying out
or performing of the provisions of this Agreement.

 

6.4.          Liability of Right Agent.

 

6.4.1.          Reliance on Company Statement.
Whenever in the performance of its duties under this Right Agreement, the Right Agent shall deem it necessary or desirable that
any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter
(unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established
by a statement signed by the President, Chief Executive Officer or Chief Financial Officer and delivered to the Right Agent. The
Right Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this
Agreement.

 

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6.4.2.          Indemnity. The Right
Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees to indemnify
the Right Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees,
for anything done or omitted by the Right Agent in the execution of this Agreement except as a result of the Right Agent’s
gross negligence, willful misconduct, or bad faith.

 

6.4.3.          Exclusions.
The Right Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity
or execution of any Right (except its counter signature thereof); nor shall it be responsible for any breach by the Company
of any covenant or condition contained in this Agreement or in any Right; nor shall it by any act hereunder be deemed to make
any representation or warranty as to the authorization or reservation of any Ordinary Shares to be issued pursuant to this
Agreement or any Right or as to whether any Ordinary Shares will when issued be valid and fully paid and nonassessable.

 

6.5.          Acceptance of Agency. The
Right Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions
herein set forth.

 

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

 

7.           Miscellaneous Provisions.

 

7.1.          Successors. All the covenants
and provisions of this Agreement by or for the benefit of the Company or the Right Agent shall bind and inure to the benefit of
their respective successors and assigns.

 

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7.2.          Notices. Any notice, statement
or demand authorized by this Right Agreement to be given or made by the Right Agent or by the holder of any Right to or on the
Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private
courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing
by the Company with the Right Agent), as follows:

 

E-compass Acquisition Corp.

6F/Tower, 2 West Prosper Centre

No.5, Guanghua Road

Chaoyang District

Beijing, 100020, P.R. China

Attn: Chairman and Chief Executive Officer

 

Any notice, statement or demand authorized
by this Agreement to be given or made by the holder of any Right or by the Company to or on the Right Agent shall be sufficiently
given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days
after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Right Agent with the
Company), as follows:

 

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Robert E. McMonagle

 

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

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

 

and

 

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn: Mitchell S. Nussbaum, Esq.

 

and

 

Cantor Fitzgerald & Co.

499 Park Avenue

New York, New York 10022

Attn: General Counsel and Investment Banking Department

Facsimile: (212) 829-4708

 

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7.3.          Applicable Law. The validity,
interpretation, and performance of this Agreement and of the Rights shall be governed in all respects by 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 Company hereby agrees that any action, proceeding or claim against it arising out of or relating
in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District
Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenience forum.
Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified
mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing
shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

7.4.          Persons Having Rights under
this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof is intended,
or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered
holders of the Rights and, for the purposes of Sections 3, 7.4 and 7.8 hereof, Cantor Fitzgerald, any right, remedy, or claim
under or by reason of this Right Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. Cantor Fitzgerald
shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 3, 7.4 and 7.8 hereof. All covenants,
conditions, stipulations, promises, and agreements contained in this Right Agreement shall be for the sole and exclusive benefit
of the parties hereto (and Cantor Fitzgerald with respect to the Sections 3, 7.4 and 7.8 hereof) and their successors and assigns
and of the registered holders of the Rights.

 

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7.5.          Examination of the Right Agreement.
A copy of this Agreement shall be available at all reasonable times at the office of the Right Agent in the Borough of Manhattan,
City and State of New York, for inspection by the registered holder of any Right. The Right Agent may require any such holder
to submit his, her or its Right for inspection by it.

 

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

 

7.7.          Effect of Headings. The
Section headings herein are for convenience only and are not part of this Right Agreement and shall not affect the interpretation
thereof.

 

7.8          Amendments. This Agreement
may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity, or
of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with
respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties
deem shall not adversely affect the interest of the registered holders. All other modifications or amendments shall require the
written consent or vote of the registered holders of (i) a majority of the then outstanding Public Rights (other than rights held
by the “lead investors” (as defined in the Registration Statement)), and (ii) a majority of the then outstanding Public
Rights held by the lead investors. The provisions of this Section 7.8 may not be modified, amended or deleted without the prior
written consent of Cantor Fitzgerald.

 

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

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, this Agreement has been
duly executed by the parties hereto as of the day and year first above written.

 

	 	E-COMPASS ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Richard Xu
	 	 	Name: Richard Xu
	 	 	Title:   Chief Executive Officer
	 	 	 
	 	CONTINENTAL STOCK TRANSFER
	 	& TRUST COMPANY
	 	 	 
	 	By:	/s/ Robert E. McMonagle
	 	 	Name: Robert E. McMonagle
	 	 	Title:   Vice President

 

 

13Exhibit 10.1

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Agreement is made as of August 12, 2015 by and between E-compass Acquisition Corp. (the “Company”) and Continental
Stock Transfer & Trust Company (“Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1, No. 333-204054 (“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,
Cantor Fitzgerald & Co. (“Cantor Fitzgerald”) is acting as the underwriter 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, $37,700,000 of the gross
proceeds of the IPO ($43,700,000 if the over-allotment option is exercised in full) and the net proceeds of a private placement
of $3,100,000 taking place simultaneously therewith will be delivered to the Trustee to be deposited and held in a trust account
for the benefit of the Company and the holders of the Company’s ordinary shares, par value $.0001 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 a segregated trust account (“Trust
Account”) established by the Trustee at JP Morgan Chase Bank, NA in the United States, 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 180 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;

 

    	 

    	 

    

 

(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 Cantor Fitzgerald 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, affirmed by counsel for the Company 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 Cantor Fitzgerald, 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 by the 18-month anniversary
of the closing of the IPO (“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. The
provisions of this Section 1(i) 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 C, 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 as a result of such interest income.

 

(b)           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 expenses related to investigating and selecting a target business and other working capital requirements;
provided, however, that the Company will not be allowed to withdraw interest income earned on the Trust Account
unless there is an amount of interest income available in the Trust Account sufficient to pay the Company’s tax obligations
on such interest income.

 

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

 

(d)           The
Company shall provide Cantor Fitzgerald with a copy of any Termination Letters 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, Vice Chairman of the
Board, Chief Executive Officer, President or Chief Financial Officer. In addition, except with respect to its duties under paragraphs
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;

 

(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 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;

 

    	3

    	 

    

 

(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 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; and

 

(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 paragraphs 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 paragraph 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;

 

    	4

    	 

    

 

(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; and

 

(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.

 

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

 

    	5

    	 

    

 

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

 

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

 

    	6

    	 

    

 

 

(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

17
Battery Place

New
York, New York 10004

Attn:
Steven G. Nelson, Chairman, and Frank A. DiPaolo, CFO

Fax
No.: (212) 509-5150

 

if
to the Company, to:

 

E-compass
Acquisition Corp.

6F/Tower,
2 West Prosper Centre

No.5,
Guanghua Road

Chaoyang
District

Beijing,
100020, P.R. China

Attn:
Richard Xu, Chairman and Chief Executive Officer

Fax
No.: (___) ___-____

 

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

 

Cantor
Fitzgerald & Co.

499
Park Avenue

New
York, New York 10022

Attn:
General Counsel and Investment Banking Department

Facsimile:
(212) 829-4708

 

and

 

Loeb
& Loeb LLP

345
Park Avenue

New
York, New York 10154

Attn:
Mitchell S. Nussbaum, Esq.

Fax
No.: (212) 407-4990

 

    	7

    	 

    

 

(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 Cantor Fitzgerald is a third party beneficiary of this Agreement.

 

[Signature
Page Follows]

 

    	8

    	 

    

 

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

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 	 
	 	By:	/s/
    Frank A. Di Paolo
	 		Name: Frank
    A. Di Paolo
	 		Title:
    Trust Officer

 

	 	E-COMPASS ACQUISITION CORP.
	 	 	 
	 	By:	/s/
    Richard Xu
	 		Name: Richard
    Xu
	 		Title: CEO

 

    	9

    	 

    

 

SCHEDULE
A

 

	Fee
    Item	Time
    and method of payment 	Amount
	Initial
    acceptance fee	Initial
    closing of IPO by wire transfer	$2,000
	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
	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
	Paying
    Agent services as required pursuant to section 1(i)	Billed
    to Company upon delivery of service pursuant to section 1(i)	 

        Prevailing
rates

 

    	10

    	 

    

 

EXHIBIT
A

 

[Letterhead
of Company]

 

  [Insert date]

 

Continental
Stock Transfer 

  &
Trust Company

17
Battery Place

New
York, New York 10004

Attn:
Steven Nelson and Frank DiPaolo

 

Re:           Trust
Account No. XXXXXXXXXX - Termination Letter

 

Gentlemen:

 

Pursuant
to paragraph 1(i) of the Investment Management Trust Agreement between E-compass Acquisition Corp. (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of August 12, 2015 (“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 48 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 on [__________]
and to transfer the proceeds to the above-referenced account at [ ] 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) [an affidavit] [a certificate] of [__________________], 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 Cantor Fitzgerald & Co. 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, the Trust Agreement shall be terminated.

 

    	11

    	 

    

 

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,
	 	 	 
	 	E-COMPASS ACQUISITION CORP.
	 	 	 
	 	By:	
	 	 	Richard
    Xu, Chairman of the Board
	 	 	 
	 	By:	
	 	 	Chen
    Liu, President

 

	AGREED TO AND	 
	ACKNOWLEDGED BY	 
	 	 	 
	CANTOR FITZGERALD & CO.	 

 

	By:		 

 

    	12

    	 

    

  

EXHIBIT
B

 

 

[Letterhead
of Company]

 

  [Insert date]

 

Continental
Stock Transfer 

  &
Trust Company

17
Battery Place

New
York, New York 10004

Attn:
Steven Nelson and Frank DiPaolo

 

Re:           Trust
Account No. XXXXXXXX - Termination Letter

 

Gentlemen:

 

Pursuant
to paragraph 1(i) of the Investment Management Trust Agreement between E-compass Acquisition Corp. (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of August 12, 2015 (“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 all the Trust Account investments on [______________]
and to transfer the total proceeds to the Trust Checking Account at [ ]to await distribution to the Public Shareholders.
The Company has selected [____________, 20__] as the record date for the purpose of determining the Public Shareholders 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 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.

 

	 	Very truly yours,
	 	 	 
	 	E-COMPASS ACQUISITION CORP.
	 	 	 
	 	By:	
	 	 	Richard
    Xu, Chairman of the Board
	 	 	 
	 	By:	
	 	 	Chen
    Liu, President

 

cc:
Cantor Fitzgerald & Co.

 

    	13

    	 

    

 

EXHIBIT
C

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer 

  &
Trust Company

17
Battery Place

New
York, New York 10004

Attn:
Frank Di Paolo and Cynthia Jordan

 

Re:           Trust
Account No. XXXXXXXX 

 

Gentlemen:

 

Pursuant
to paragraph 2(a) of the Investment Management Trust Agreement between E-compass Acquisition Corp. (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of August 12, 2015 (“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]

 

	 	E-COMPASS ACQUISITION CORP.
	 	 	 
	 	By:	
	 	 	Richard
    Xu, Chairman of the Board
	 	 	 
	 	By:	
	 	 	Chen
    Liu, President

 

cc:
Cantor Fitzgerald & Co.

 

    	14

    	 

    

 

EXHIBIT
D

 

 

 [Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer 

  &
Trust Company

17
Battery Place

New
York, New York 10004

Attn:
Frank Di Paolo and Cynthia Jordan

 

Re:           Trust
Account No. XXXXXXX

 

Gentlemen:

 

Pursuant
to paragraph 2(b) of the Investment Management Trust Agreement between E-compass Acquisition Corp. (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of August 12, 2015 (“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 cover its expenses relating to investigating and
selecting a target business and other working capital requirements. In accordance with the terms of the Trust Agreement, you are
hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s
operating account at:

 

[WIRE
INSTRUCTION INFORMATION]

 

	 	Very
    truly yours,
	 	 	 
	 	E-COMPASS ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Richard
    Xu, Chairman of the Board
	 	 	 
	 	By:	 
	 	 	Chen
    Liu, President
	 	 	 

cc:
Cantor Fitzgerald & Co.

 

 

15

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