Document:

Exhibit 10.6

 

ESCROW
AGREEMENT

 

This
ESCROW AGREEMENT (the “Agreement”), dated as of August _, 2021 by and among Continental Stock Transfer & Trust
Company, as escrow agent (the “Escrow Agent”), Greenvision Acquisition Corp. (the “Purchaser” or
the “Parent”) and Salvatore Palella (the “Stockholders’ Representative”) as the representative
of the stockholders of Helbiz, Inc. (the “Company”).

 

WHEREAS,
the Purchaser, Greenvision Merger Sub Inc., a wholly-owned subsidiary of Purchaser (“Merger Sub”), the Company, the
stockholders of the Company (each a “Stockholder” and collectively the “Stockholders”) and the
Stockholders’ Representative entered into a Merger Agreement and Plan of Reorganization, dated February 8, 2021 (the “Merger
Agreement”), providing for, among other things, the merger of Merger Sub with and into the Company and the conversion of shares
of Company Common Stock (excluding any shares held in the treasury of the Company) into the right to receive the Purchaser Merger Shares
in accordance with the terms set forth in the Merger Agreement; and

 

WHEREAS,
pursuant to Section 10.3 of the Merger Agreement, the Purchaser is required to deposit 1,600,000 shares of Purchaser Common Stock,
par value $0.0001 per share (the “Escrow Shares”), which Escrow Shares would otherwise be issuable to the Stockholders,
with the Escrow Agent on the date hereof in connection with the indemnification obligations of the Stockholders as contemplated by the
Merger Agreement.

 

NOW, THEREFORE, the parties agree
as follows:

 

1.     
Defined Terms. Capitalized terms used herein and not otherwise defined herein shall have the meanings given to such terms
in the Merger Agreement.

 

2.     
Appointment and Acceptance of Escrow Agent. The Purchaser and the Stockholders’ Representative hereby appoint the
Escrow Agent to act, and the Escrow Agent hereby agrees to act, as escrow agent hereunder and to hold, safeguard and disburse the Escrow
Shares pursuant to the terms and conditions hereof. The Escrow Agent’s duties hereunder shall terminate upon its distribution of
the entire Escrow Fund in accordance with this Agreement.

 

3.     
Escrow Deposit. Concurrently with the execution of this Agreement, the Purchaser shall deposit, or cause to be deposited,
the Escrow Shares with the Escrow Agent. The certificates representing the Escrow Shares will be registered in the name of the Company’s
stockholders. The Escrow Shares will be allocated among, and deemed to be beneficially owned by, the persons listed on Exhibit A
attached hereto in accordance with the allocation set forth thereon.

 

		4.	Ownership
                                            and Rights with Respect to the Escrow Shares.

 

(a)                   
Except as herein provided, the Stockholders shall be entitled to exercise all of their rights
as stockholders of Purchaser with respect to the Escrow Shares during the Escrow Period (defined below), including, without limitation,
the right to vote their Escrow Shares. The “Escrow Period” shall mean the period of time from and after the Closing
and continuing until the later of (i) the date that is the 12-month anniversary after the Closing, and

(ii) the date
of the release of any Escrow Shares in the Pending Claims Reserve provided in

 

    	  

    	 

    

Section 5 hereunder;
provided that the Escrow Period shall not exceed the 24-month anniversary of the Closing.

 

(b)                   
During the Escrow Period, all dividends payable in cash with respect to Escrow Shares shall
be paid to the Stockholders, but all dividends payable in stock or other non- cash property (“Non-Cash Dividends”)
shall be delivered to the Escrow Agent to hold in accordance with the terms hereof.

 

(c)                   
During the Escrow Period, no sale, transfer or other disposition may be made of any or all
Escrow Shares except (i) to a “Permitted Transferee” (as hereinafter defined),

		(ii)	by
                                            virtue of the laws of descent and distribution upon death of any Stockholder, or

(iii) 
pursuant to a qualified domestic relations order (each such transfer a “Permitted Transfer”); provided, however,
that such Permitted Transfers may be implemented only upon the respective transferee’s written agreement to be bound by the terms
and conditions of this Agreement. As used in this Agreement, the term “Permitted Transferee” shall include: (1) members
of a Stockholder’s “Immediate Family” (as hereinafter defined); (2) an entity in which (A) a Stockholder and/or
members of a Stockholder’s Immediate Family beneficially own 100% of such entity’s voting and non-voting equity securities,
or (B) a Stockholder and/or a member of such Stockholder’s Immediate Family is a general partner and in which such Stockholder
and/or members of such Stockholder’s Immediate Family beneficially own 100% of all capital accounts of such entity; (3) a revocable
trust established by a Stockholder during his or her lifetime for the benefit of such Stockholder or for the exclusive benefit of all
or any member of such Stockholder’s Immediate Family; and (4) any Affiliate. As used in this Agreement, the term “Immediate
Family” means, with respect to any Stockholder, a spouse, parent, lineal descendants, the spouse of any lineal descendant,
and brothers and sisters (or a trust, all of whose current beneficiaries are members of an Immediate Family of the Stockholder). As used
in this Agreement, “Affiliate” means, as applied to any Person, any other Person directly or indirectly controlling,
controlled by or under direct or indirect common control with, such Person. For purposes of this definition, “control”
(including with correlative meanings, the terms “controlling,” “controlled by” and “under common control
with”), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of
the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. As used in
this Agreement, “Person” means any individual, corporation (including any non-profit corporation), general partnership,
limited partnership, limited liability partnership, joint venture, estate, trust, company (including any limited liability company or
joint stock company), firm or other enterprise, association, organization, entity or governmental entity. Upon receipt of an agreement
to be bound by the terms and conditions of this Agreement as required above, the Escrow Agent shall deliver to such transferring Stockholder
the original share certificate out of which the assigned shares are to be transferred, and shall request that Purchaser issue new certificates
representing (x) the number of shares, if any, that continue to be owned by the transferring Stockholder, and (y) the number of shares
owned by the Permitted Transferee as the result of such transfer, each of which shall be returned to the Escrow Fund hereunder until
the expiration of the Escrow Period. Purchaser, the transferring Stockholder and the Permitted Transferee shall cooperate in all respects
with the Escrow Agent in documenting each such transfer and in effectuating the result intended to be accomplished thereby. During the
Escrow Period, no Stockholder shall pledge or grant a security interest in such Stockholder’s Escrow Shares or grant a security
interest in such Stockholder’s rights under this Agreement.

 

    	2  

    	 

    

		5.	Indemnification
                                            Claims.

 

		(a)	Established
                                            Claims.

 

(i)                       
If, at any time on or before the end of the 12-month anniversary of the Closing, any Indemnified Party (as defined in the Merger
Agreement) is entitled to make a claim for indemnification pursuant to Article X of the Merger Agreement (an “Indemnification
Claim”), after fully complying with the procedures and obligations required therein, the Purchaser may deliver written notice
to the Stockholder Representative (each a “Notice”), with a copy to the Escrow Agent, that contains (i) a description,
in reasonable detail, of the nature of the Indemnification Claim, (ii) the total amount of the actual out-of-pocket Loss or the anticipated
potential Loss, and (iii) the basis of the Purchaser’s request for indemnification under the Merger Agreement in reasonable detail,
including a reference to the specific provision of the Merger Agreement alleged to have been breached. In accordance with the Merger
Agreement, each such Notice will request that the Escrow Agent distribute all or a portion of the Escrow Shares (the “Distribution
Request Amount”) to Purchaser in satisfaction of the amount of such Indemnification Claim, subject to the limitations, procedures
and obligations required by Article X of the Merger Agreement, together with a copy of any other documentation required pursuant
to the terms of the Merger Agreement.

 

(ii)                     
If the Stockholder Representative provides a notice to the Purchaser (with a copy to the Escrow Agent) (a “Counter Notice”),
within thirty (30) days following the date of the Notice (such thirty (30)-day period, the “Representative Review Period”),
disputing all or a portion of the matters or amounts described in the Notice, the Stockholder Representative and the Purchaser shall
attempt to resolve such dispute by voluntary settlement as provided in Section 5(b) below. If no Counter Notice with respect to
an Indemnification Claim is received by the Escrow Agent within the Representative Review Period, then the Distribution Request Amount
in the Indemnification Claim shall be deemed to be an Established Claim (defined below) for purposes of this Agreement and if a Counter
Notice is delivered disputing only a portion of the matters or amounts described in the Notice, the undisputed portion of the Distribution
Request Amount pertaining to such Indemnification Claim shall be deemed to be an Established Claim.

 

(iii)                   
As used in this Agreement, “Established Claim” means any (i) portion of any Distribution Request Amount that
is not disputed pursuant to Section 5(a)(ii) above, (ii) portion of any Distribution Request Amount that is resolved by mutual
resolution pursuant to Sections 5(b)(i) and (ii), resulting in an award to Purchaser, or

(iii) 
portion of any Distribution Request Amount that has been sustained by a final determination (after exhaustion of any appeals)
of a court of competent jurisdiction. Notwithstanding anything herein to the contrary, each Indemnification Claim shall be subject to
the limitations, procedures and obligations set forth in Article X of the Merger Agreement, and no portion of any Indemnification
Claim may be deemed to be an Established Claim or otherwise payable under Article X of the Merger Agreement unless and until the
aggregate amount of all indemnifiable Losses exceeds the Basket.

 

(iv)                   
Promptly after any portion of an Indemnification Claim becomes an Established Claim, the Stockholder Representative and the Purchaser
shall jointly deliver a notice to the Escrow Agent (a “Joint Notice”) directing the Escrow Agent to pay to Purchaser,

 

 

    	3  

    	 

    

and
the Escrow Agent, upon receipt of the Joint Notice, promptly shall deliver to Purchaser, the number of Escrow Shares, subject to the
provisions of this Agreement, with a value equal to the dollar amount of the Distribution Request Amount comprising the Established Claim
(or, if at such time there remains in escrow less than the full amount so payable, the full amount of the remaining Escrow Shares.

 

(v)                     
Payment of an Established Claim shall be made in an amount of Escrow Shares pro rata from each account maintained on behalf of
each Stockholder. The Escrow Agent shall transfer to Purchaser out of escrow that number of Escrow Shares necessary to satisfy each Established
Claim, as set out in the Joint Notice. Each transfer of Escrow Shares in satisfaction of an Established Claim shall be made by the Escrow
Agent delivering to Purchaser such number of Escrow Shares held in each applicable Stockholder’s account evidencing not less than
such Stockholder’s pro rata portion of the aggregate number of Escrow Shares specified in the Joint Notice. The parties hereto
(other than the Escrow Agent) agree that the foregoing right to make payments of Established Claims in Escrow Shares may be made notwithstanding
any other agreements restricting or limiting the ability of any Stockholder to transfer any Escrow Shares or otherwise. The Stockholder
Representative and the Purchaser will exercise utmost good faith in all matters relating to the preparation and delivery of each Joint
Notice.

 

(b)                   
Disputed Claims. If a Counter Notice is delivered by the Stockholder Representative
within the Representative Review Period, then: (i) for the sixty (60)-day period immediately following the date of such notice, the Stockholder
Representative and the Purchaser shall attempt to resolve such dispute by consultation and negotiation with each other before taking
any other action; and (ii) if the Stockholder Representative and the Purchaser are unable to reach a settlement with respect to a dispute,
such dispute shall be resolved in accordance with the Merger Agreement.

 

		6.	Scheduled
                                            Distributions of Escrow Fund.

 

(a)                   
On the first business day after the date that is the 18-month anniversary after the Closing,
the Escrow Agent shall, upon receipt of a Joint Notice, distribute and deliver to each Stockholder certificates representing the Escrow
Shares then in such Stockholder’s account equal to the original number of Escrow Shares placed in such Stockholder’s account
less the sum of (i) the number of Escrow Shares applied in satisfaction of Indemnification Claims made prior to the Escrow Period and
(ii) the number of Escrow Shares in the Pending Claims Reserve allocated to such Stockholder’s account, in book-entry form (to
the extent possible), as provided in the following sentence. If, at such time, there are any Indemnification Claims with respect to which
Notices have been received but which have not been resolved pursuant to Section 5 hereof, a final determination (after exhaustion
of any appeals) by a court of competent jurisdiction, as the case may be (in either case, “Pending Claims”), and which,
if resolved or finally determined in favor of Purchaser, would result in a payment of Escrow Shares to Purchaser, the Escrow Agent shall
retain in the Pending Claims Reserve that number of Escrow Shares having a value equal to the Distribution Request Amount for such Indemnification
Claims, allocated pro rata from the account maintained on behalf of each Stockholder. Thereafter, if any Pending Claim becomes an Established
Claim, the Stockholder Representative and Purchaser shall deliver to the Escrow Agent a Joint Notice directing the Escrow Agent to deliver
to Purchaser the number of Escrow Shares in the Pending Claims

 

    	4  

    	 

    

Reserve
in respect thereof determined in accordance with Section 5(a)(iii) above and to deliver to each Stockholder the remaining Escrow
Shares in the Pending Claims Reserve allocated to such Pending Claim, all as specified in the Joint Notice. If any Pending Claim is resolved
without resulting in an Established Claim, the Stockholder Representative and the Purchaser shall deliver to the Escrow Agent a Joint
Notice directing the Escrow Agent to pay to each Stockholder its pro rata portion of the number of Escrow Shares allocated to such Pending
Claim in the Pending Claims Reserve.

 

(b)                   
As used herein, the “Pending Claims Reserve” shall mean, at the time any
such determination is made, that number of Escrow Shares having a value equal to the sum of the aggregate Distribution Request Amounts
claimed with respect to all Pending Claims (as shown in the Notices of such Claims), subject to the Basket described in Article X
of the Merger Agreement.

 

(c)                   
The Escrow Agent, the Stockholder Representative and the Purchaser shall cooperate in all
respects with one another in the calculation of any amounts determined to be payable to Purchaser and the Stockholder in accordance with
this Agreement and in implementing the procedures necessary to effect such payments. Notwithstanding anything to the contrary herein,
any portion or all of the Escrow Shares shall be promptly (but in any event within three (3) business days) released and distributed
to the Stockholders, allocated among the Stockholders in accordance with the allocation set forth on Exhibit A attached hereto, (i) pursuant
to a Joint Notice delivered to the Escrow Agent or (ii) upon the Escrow Agent receiving a certified copy of a final non-appealable award,
judgment or order issued by a court of competent jurisdiction relating to such claim (a “Judgment”) directing delivery
of all or a portion of the Escrow Amount, as applicable, along with payment delivery instructions (and that the Escrow Agent should disburse
all or a portion of the Escrow Amount, as applicable, as provided in such Judgment).

 

(d)              
The value of an Escrow Share shall be as determined in accordance with Article X of the Merger
Agreement.

 

		7.	Duties
                                            and Liability of Escrow Agent.

(a)               
The Escrow Agent undertakes to perform only such duties as are expressly set forth herein.
It is understood that the Escrow Agent is not a trustee or fiduciary and is acting hereunder merely in a ministerial capacity. In the
event of any conflict between the terms and provisions of this Agreement, those of the Merger Agreement, any schedule or exhibit attached
to this Agreement, or any other agreement between the parties, the terms and provisions of the Merger Agreement shall control; provided,
that, notwithstanding the terms of any other agreement between the parties, the terms and conditions of this Agreement shall control
the actions of the Escrow Agent.

 

(b)              
Escrow Agent shall be liable only for its bad faith, willful misconduct or gross negligence
and not for any act done or omitted by it hereunder in good faith. The parties hereto agree that Escrow Agent will not be called upon
to construe any contract or instrument. Escrow Agent is authorized to comply with and obey laws, orders, judgments, decrees, and regulations
of any governmental authority, court, tribunal, or arbitrator; provided, however, that Escrow Agent shall, to the extent practicable,
give each of the other parties hereto reasonable

 

 

    	5  

    	 

    

notice
of its intention to comply with or obey any such law, order, judgment, decree, or regulation and the opportunity to object to such intention
to comply or obey (for which Escrow Agent shall be entitled to indemnification as provided in this Agreement); provided, further, that
Escrow Agent shall not be required to give any such notice if, in its reasonable judgment, a delay in complying or obeying any such law,
order, judgment, decree, or regulation would prejudice any rights of Escrow Agent or subject it to any liability. If Escrow Agent complies
with or obeys any such law, order, judgment, decree, or regulation, Escrow Agent shall not be liable to any of the parties hereto or
to any other person even if such law, order, judgment, decree, or regulation is subsequently reversed, modified, annulled, set aside,
vacated, found to have been entered without jurisdiction, or found to be in violation of or beyond the scope of a constitution or a law.
The Escrow Agent shall not be liable for any action taken by it in good faith and believed by it to be authorized or within the rights
or powers conferred upon it by this Agreement, other than actions which have been finally adjudicated by a court of competent jurisdiction
to constitute willful misconduct or gross negligence, and may consult with counsel of its own choice and shall have full and complete
authorization and indemnification under Section 11, below, for any action taken or suffered by it hereunder in good faith and
in accordance with the opinion of such counsel unless such actions have been finally adjudicated by a court of competent jurisdiction
to constitute willful misconduct or gross negligence.

(c)                   
The Escrow Agent’s sole responsibility upon receipt of any notice requiring any payment
to Purchaser or the Stockholders pursuant to the terms of this Agreement or, if such notice is disputed by the Stockholder Representative
or the Purchaser, the settlement with respect to any such dispute, whether by virtue of joint resolution, arbitration or determination
of a court of competent jurisdiction, is to pay to the Purchaser or the Stockholders, as applicable, the amount specified in such notice,
and the Escrow Agent shall have no duty to determine the validity, authenticity or enforceability of any specification or certification
made in such notice.

 

8.     
Actions Protected. Escrow Agent may rely, and shall be protected in acting or refraining from acting, upon any written
notice, waiver, consent, certificate, receipt, authorization, power of attorney, instruction, request or other paper or document (each
a “Notice”), furnished to it hereunder and believed by it to be genuine. If Escrow Agent receives a Notice under which
some action is to be taken by it, it shall not be required to act thereon until it has had an opportunity, if it so desires and in its
sole discretion, to investigate the authenticity of such Notice.

 

9.     
Legal Counsel. Escrow Agent may consult with and obtain advice from legal counsel of its own choice in the event of any
question as to the provisions hereof or its duties hereunder and shall have full and complete authorization and protection for any action
taken or suffered by it hereunder in good faith and in accordance with the opinion of such counsel. Escrow Agent shall be fully protected
in acting in good faith, including without limitation acting in accordance with the opinion and instructions of legal counsel.

 

10.     
No Other Duties. Escrow Agent shall have no duties arising from this Agreement except those expressly set forth herein,
and it shall not be bound by any notice of claim or demand with respect thereto, or any waiver, modification, amendment, termination,
cancellation revision or rescission of this Agreement, unless received by it in writing in conformity with the provisions hereof, and,
if Escrow Agent’s duties hereunder are affected, unless it shall have

 

 

    	6  

    	 

    

given
its prior written consent thereto. Escrow Agent shall not be bound by any assignment by the Purchaser or by the Stockholders’ Representative
of any rights hereunder unless Escrow Agent shall have received written notice thereof from the assignor.

 

11.     
Indemnification. The Escrow Agent shall be indemnified and held harmless by the parties hereto from and against any expenses,
including reasonable and documented counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action,
suit or other proceeding involving any claim that arises out of or relates to this Agreement, the services of the Escrow Agent hereunder,
or the Escrow Shares held by it hereunder, other than expenses or losses arising from the gross negligence or willful misconduct of the
Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit
or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow
Agent, in its sole discretion, may commence an action in the nature of interpleader in any state or federal court located in the Borough
of Manhattan, State of New York. Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from liability
hereunder for its own gross negligence or its own willful misconduct.

 

12.             
Compensation. The Escrow Agent shall be entitled to reasonable compensation from the Parties for all services rendered
by it hereunder. The Escrow Agent shall also be entitled to reimbursement from the Parties for all expenses paid or incurred by it in
the administration of its duties hereunder including, but not limited to, all counsel, advisors’ and agents’ fees and disbursements
and all taxes or other governmental charges.

 

13.             
Termination. Escrow Agent’s responsibilities and liabilities hereunder, except as a result of its own bad faith,
willful misconduct or gross negligence, will terminate upon distribution of all Escrow Shares held by Escrow Agent in accordance with
the provisions of this Agreement.

 

14.     
Resignation; Succession. The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder
by its giving the other parties hereto thirty

(30) days
prior written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective at
such time that the Escrow Agent shall turn over the Escrow Fund to a successor escrow agent appointed jointly by the Representative and
the Committee. If no new escrow agent is so appointed within the sixty (60)-day period following the giving of such notice of resignation,
the Escrow Agent may deposit the Escrow Fund with any court it reasonably deems appropriate. The parties may remove the Escrow Agent
at any time and for any reason (or for no reason) and the Escrow Agent shall resign and be discharged from its duties as escrow agent
hereunder if so requested in writing at any time, jointly; provided, however, that such resignation shall become effective only upon
the joint agreement and acceptance by the Representative and the Committee of the appointment of a successor escrow agent as provided
in this Section 14.

 

15.     
Amendment. Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing
and signed, in the case of an amendment, by each party hereto, or in the case of a waiver, by the party against whom the waiver is to
be effective.

 

 

    	7  

    	 

    

16.     
Notices. For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall
be in writing and shall be deemed to have been duly given when (a) delivered in person, (b) transmitted by facsimile or e-mail or (c)
mailed by first class, overnight or certified mail, return receipt requested, postage prepaid, addressed to the parties at the following
addresses or to such other address as a party shall hereafter specify by notice to the other parties:

 

If to the Purchaser, to:

 

GreenVision Acquisition
Corp. One Penn Plaza, 36th Floor New York, NY 10019

Attn: David Fu, Chief
Executive Officer e-mail: david.fu@glo.com.cn

With
a copy (which shall not constitute notice) to: Becker & Poliakoff, LLP

45 Broadway, 17th
Floor

New York, New York 10006
Attn: Chengying Xiu, Esq.

e-mail:
Jxiu@beckerlawyers.com If to the Stockholders’
Representative:

Salvatore Palella Helbiz,
Inc.

32 Old Slip, 32nd
Floor New York, NY 10005 e-mail: ceo@helbiz.com

 

If to Escrow Agent:

Continental Stock
Transfer & Trust Company One State Street – 30th Floor

New York, New York 10004
Attention:

Email:

Fax: (212) 616-7615

 

All
such notices and communications shall be deemed to be effective and to have been delivered on (i) the date of delivery thereof if delivered
in person, (ii) one day after a facsimile or e-mail is sent, provided that an appropriate electronic confirmation is received, (iii)
24 hours after being sent by overnight courier, or (iv) on the third business day after the mailing thereof to the last known address
of the recipient, except that notice of change of address shall be effective only upon receipt or upon refusal to accept delivery thereof.

 

17.     
Recovery of Attorneys’ Fees and Court Costs. In the event of a dispute concerning the disbursement or distribution
of the Escrow Shares which dispute is resolved by a court order,

 

 

    	8  

    	 

    

the prevailing party shall
be entitled to recovery of its reasonable attorneys’ fees, court costs, and other related expenses incident to such cause of action
from the other party.

 

18.     
Entire Agreement. This Agreement, together with the Merger Agreement, as referenced herein, constitutes the entire agreement
among the parties and supersedes all prior agreements, understandings and arrangements, oral or written, among the parties with respect
to the subject matter hereof. Any party hereto may, by an instrument in writing, waive compliance by another party hereto with any term
or provision of this Agreement on the part of such other party hereto to be performed or complied with. The waiver by any party hereto
of a breach of any term or provision of this Agreement shall not be construed as a waiver of any subsequent breach.

 

19.     
Successors and Assigns. This Agreement shall inure to the benefit of and shall be binding upon the parties and their respective
heirs, successors and assigns. Nothing in this Agreement, expressed or implied, is intended to or shall (a) confer on any person other
than the parties, or their respective successors or assigns, any rights, remedies, obligations or liabilities under or by reason of this
Agreement, or (b) constitute the parties' partners or participants in a joint venture. Escrow Agent shall not be obliged to recognize
any such succession or assignment until written evidence thereof shall have been received by it.

 

20.     
Severability. In case any one or more of the provisions of this Agreement shall be invalid or unenforceable in any respect,
the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired
thereby and the parties will attempt to agree upon a valid and enforceable provision which shall be a reasonable substitute therefor,
in light of the tenor of this Agreement, and upon so agreeing, shall incorporate such substitute provision in this Agreement. Any term
or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall not affect the validity or enforceability
of any of the terms or provisions of this Agreement in any other jurisdiction.

 

21.     
Assignment. This Agreement shall not be assignable by any party without the prior written consent of the other parties
hereto.

 

22.     
Choice of Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without
giving effect to conflicts of law principles thereof.

 

23.     
Counterparts; Signatures. This Agreement may be executed in one or more counterparts, each of which shall be deemed to
be an original, and all of which together shall constitute one and the same instrument and any one of which may be introduced in evidence
or used for any other purpose without the production of its duplicate counterparts. All signatures of the parties to this Agreement may
be transmitted by facsimile or portable document format (.pdf) signature pages, and such facsimile or portable document format (.pdf)
signature pages will, for all purposes, be deemed to be the original signature of such party whose signature it reproduces, and will
be binding upon such party.

 

24.     
Headings. The headings of the foregoing paragraphs of this Agreement are inserted herein for convenience of reference only
and are not intended to be a part of or to affect the meaning or interpretation of this Agreement.

 

 

    	9  

    	 

    

25.     
Equitable Relief. Each of the parties will be entitled to an injunction, restraining order or other equitable relief to
prevent breaches of the provisions of this Agreement by the other party and to enforce specifically the terms and provisions hereof,
without proof of actual damages or any requirement to post a bond, in any court of competent jurisdiction in the United States or any
state thereof, in addition to any other remedy to which it may be entitled at law or equity.

 

 

 

[Signature
Page Follows]

 

 

    	10  

    	 

    

 

 

 

IN WITNESS
WHEREOF, the parties have caused this Agreement to be duly executed as of the date first above written.

 

Escrow Agent:

CONTINENTAL STOCK TRANSFER
& TRUST COMPANY

 

 

By:                                                                                              

Name:

Title:

 

 

Purchaser:

 

GREENVISION ACQUISITION CORP.

 

By:                                                                                               

Name:
Zhigeng (David) Fu

Title: Chief Executive Officer

 

 

 

STOCKHOLDERS’ REPRESENTATIVE

 

 

Name: Salvatore Palella

 

 

 

 

 

    	11  

    	 

    

EXHIBIT
A

 

 

ESCROW
SHARES ALLOCATION

 

	 Name	 Address	 No.
    of Escrow Shares
	 

    Salvatore
    Palella
	 	 

    1,600,000
    Class B Shares

 

 

 

 

 

 

 

12Exhibit 10.1

 

SETTLEMENT AGREEMENT

 

This SETTLEMENT AGREEMENT (the “Settlement
Agreement”) is made and entered into as of August 11, 2021 (the “Effective Date”), by and between
Nxt-ID, Inc. (“Nxt-ID”), a Delaware corporation, and Giesecke+Devrient Mobile Security America, Inc. (“GDMSAI”),
a Delaware corporation, in connection with a dispute over payment of Dividends under a Certificate of Designations, Preferences and Rights
of Series C Non-Convertible Voting Preferred Stock filed by Nxt-ID with the State of Delaware Secretary of State on May 23, 2017 (the
“Series C Certificate”, and the Preferred Stock held by GDMSAI the “Series C Shares”),
and the related litigation in the Court of Chancery for the State of Delaware, C.A. No. 2020-0664-PAF (the “Litigation”),
and the Supreme Court of the State of Delaware, No. 113, 2021 (the “Appeal”) (collectively, the “Dispute”).
Nxt-ID and GDMSAI are referred to collectively herein as the “Parties”, or each, individually, as a “Party”.
Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Series C Certificate, as applicable.

  

RECITALS

 

WHEREAS, the Parties have been engaged
in the Dispute regarding their respective rights and obligations under the Series C Certificate;

 

WHEREAS, on August 12, 2020, GDMSAI
initiated the Litigation against Nxt-ID for failure to pay Dividends in accordance with the Series C Certificate;

 

WHEREAS, on March 26, 2021, the Court of Chancery
for the State of Delaware entered final judgment against Nxt-ID (the “Judgment”) in the Litigation, declaring
that Nxt-ID was and shall be required to pay Dividends at the rate of 15% as provided in the Series C Certificate and ordering Nxt-ID
to pay to GDMSAI (1) damages and pre-judgment interest in the amount of $595,980.57; (2) post-judgment interest on $595,980.57 at the
statutory legal rate set forth in 6 Del. C. § 2301(a), compounded quarterly; and (3) litigation costs in the amount of $878.52;

 

WHEREAS, on April 19, 2021, Nxt-ID initiated
the Appeal by filing a Notice of Appeal in the Supreme Court for the State of Delaware;

 

WHEREAS, Nxt-ID failed to pay any Dividends for the period
ending April 1, 2021;

 

WHEREAS, on June 3, 2021, following Nxt-ID’s
failure to pay Dividends for the period ending April 1, 2021, GDMSAI filed a Motion for Contempt in the Litigation;

 

WHEREAS, the Litigation and the Appeal regarding the Dispute
are ongoing;

 

WHEREAS, Nxt-ID failed to pay any Dividends for the period
ending July 1, 2021;

 

WHEREAS, as of the Effective Date, Nxt-ID owes
GDMSAI approximately $760,000.00 in unpaid amounts due pursuant to the Judgment, unpaid Dividends, and accumulated interest, and interest
continues to accumulate;

 

WHEREAS, the Parties have engaged in good faith negotiations
in an effort to resolve their outstanding areas of dispute;

 

     

     

    

 

WHEREAS, to avoid the expense, delay,
uncertainty, and risk inherent in continuing the Litigation and the Appeal, the Parties have agreed, after arms-length negotiations, to
enter into this Settlement Agreement to finally address and resolve the Dispute and all claims which have in the past existed, or which
as of the date of this Settlement Agreement do or could exist, between them, and to satisfy the Judgment; and

 

NOW, THEREFORE,
in consideration of the foregoing and the mutual covenants set forth herein, and for good and valuable consideration, the receipt and
satisfaction of which is hereby acknowledged, the Parties hereby agree as follows:

 

1.  Settlement
Payment. Subject to the terms herein, Nxt-ID agrees to pay to GDMSAI an amount of $750,000 (“the Settlement Payment”)
in full satisfaction of the amounts owed pursuant to the Judgment and for all Dividends owed as of the Effective Date.

 

The Settlement Payment shall be paid as follows:

 

		a.	Within two (2) business days after the Effective Date, Nxt-ID
shall pay GDMSAI $250,000.00 (“Good Faith Payment”);

 

		b.	On or before the below dates, Nxt-ID shall pay GDMSAI the
below amounts:

 

	Amount Due:	 	 	No Later Than:
	$	50,000.00	 	 	August 31, 2021
	$	100,000.00	 	 	September 30, 2021
	$	150,000.00	 	 	October 29, 2021
	$	200,000.00	 	 	November 30, 2021

 

2.  LogicMark
Guarantee. Nxt-ID represents and warrants that LogicMark LLC has agreed to guarantee Nxt-ID’s payment obligations pursuant to
this Settlement Agreement. No later than August 13, 2021, Nxt-ID will deliver to GDMSAI a written guarantee from LogicMark which incorporates
this Settlement Agreement by reference, obligates LogicMark to guarantee all of Nxt-ID’s payment obligations to GDMSAI hereunder,
and satisfies all requirements of Delaware law.

 

3.
Dismissal.

 

		a.	Appeal. No later than 5:00 PM EDT on August 12, 2021, Nxt-ID shall take all actions necessary to
dismiss the Appeal with prejudice, and shall inform the Supreme Court of the State of Delaware of such dismissal and that no further briefing
of the Appeal is necessary. GDMSAI will cooperate with Nxt-ID in securing the dismissal as appropriate.

 

		b.	Litigation. Within two (2) business days following GDMSAI’s receipt of
both (1) notification that the Appeal has been dismissed and (2) the Good Faith Payment, GDMSAI will withdraw its Motion for Contempt
in the Litigation, without prejudice to GDMSAI’s right to renew any such motion in the event of any future non-payment by Nxt-ID
of any obligations pursuant to the Judgment following any breach of this Settlement Agreement.

 

    2

     

    

 

4. Full
Satisfaction. The Settlement Payment shall be in full settlement and satisfaction of any obligations of Nxt-ID with respect to the
Dispute, Litigation, Appeal, and Judgment.

 

5. Future
Dividends and Other Rights. Nxt-ID agrees that the Dividend Rate for all future quarterly Dividends under the Series C Certificate
is and shall remain 15% (i.e., $75,000) for so long as the Series C Shares governed by the Series C Certificate is outstanding,
and that Nxt-ID shall promptly pay all such Dividends on or before the dates required by the Series C Certificate, with the first such
$75,000 payment after the Effective Date to be delivered to GDMSAI on or before October 1, 2021. Except as expressly set forth herein,
this Settlement Agreement does not waive any of GDMSAI’s rights under the Series C Certificate, at law or otherwise, and GDMSAI
expressly reserves all rights it continues to have or hold in connection with the Series C Certificate and the Series C Shares.

 

6.
Breach; Penalty; Remedies.

 

		a.	If Nxt-ID fails to pay any portion of the Settlement Payment
on or before the date such portion of the Settlement Payment is due, such failure shall constitute a material breach of this Settlement
Agreement, and the total remaining balance of all amounts owed hereunder (the “Remaining Balance”), plus a
penalty equal to 10% of such balance, shall become immediately due and payable in full by Nxt-ID to GDMSAI within seven (7) days from the
date such portion of the Settlement Payment was due (“Remaining Balance Payment Date”). For the avoidance of
doubt, the Remaining Balance shall include (1) any unpaid amounts pursuant to Section 1 above; (2) any unpaid Dividends; and (3) any
interest that would have accumulated on the Judgment from the date of the Judgment to the Remaining Balance Payment Date, plus interest
from the Remaining Balance Payment Date until the Remaining Balance is paid in full, calculated at the statutory legal rate set forth
in 6 Del. C. §2301(a), compounded quarterly. Interest shall continue to accrue on the Remaining Balance plus the 10% penalty at
the same rate until Nxt-ID has paid the Remaining Balance plus the 10% penalty in full.

 

		b.	If Nxt-ID fails to fulfill any obligations in paragraphs 1, 2, 3, or 5 above, such failure shall constitute
a material breach of this Settlement Agreement, and Nxt-ID agrees to pay all legal expenses incurred by GDMSAI as a result thereof, including,
but not limited to, all legal expenses incurred in enforcing the terms of this Settlement Agreement or securing payment of any amounts
due under this Settlement Agreement.

 

    3

     

    

 

7.
Mutual Release. In consideration of the foregoing and the terms set forth herein, each Party and each Party’s respective
predecessors, successors and assigns, and each of the foregoing’s past and present officers, directors, partners, affiliates, shareholders,
associates, members, trustees, employees, agents, attorneys, representatives, servants, beneficial owners, insurers, independent contractors,
heirs, executors, and administrators (collectively, each Party’s “Related Parties”) shall be deemed to
fully and forever release and discharge the other Party and the other Party’s Related Parties of and from any and all manner of
actions, suits, debts, sums of money, accounts, covenants, contracts, agreements, promises, torts, damages, judgments, claims, guaranties,
representations, warranties, liabilities, obligations, rights, commitments, and demands, whether in law or in equity, known or unknown,
fixed, vested, or contingent, together with all forms of relief, including but not limited to, all costs, expenses, losses, damages,
debts and attorneys’ or other professionals’ fees (whether or not allowed by law), which have in the past existed, or which
as of the date of this Settlement Agreement do exist, that any Party had, has, or may have against any other Party arising from or relating
to the Dispute (the “Released Claims”). Nothing in this Paragraph 7 shall be interpreted as releasing any Party
from its obligations under this Settlement Agreement or to preclude a Party from enforcing the terms of this Settlement Agreement.

 

8. Confidentiality.
The Parties agree to keep the terms and existence of this Settlement Agreement strictly confidential and further agree not to disclose,
make known, discuss, or convey any information concerning this Settlement Agreement to anyone, except that this confidentiality provision
does not preclude the Parties from disclosing the same to their respective tax advisors, attorneys or agents, provided that those to whom
the Parties make such disclosure agree to keep the information confidential and not to disclose it to others. This confidentiality provision
also does not preclude the Parties from making any disclosure required by law. Notwithstanding the foregoing, if any third party asks
either Party about the status of the Parties’ relationship or the Agreement, the Parties shall limit any response to the following:
“The Parties have decided to conclude their business relationship and not to continue to pursue business jointly at the present
time, with the understanding that either Party may freely pursue any opportunities individually.”

 

9. Full
Settlement. This Settlement Agreement shall not be subject to a claim of mistake of fact or law and expresses the full and complete
settlement of any liability currently or previously claimed by any of the Parties, including in connection with any of the Released Claims.

 

10. No
Admission of Liability. This Settlement Agreement is not an admission, and shall not be construed as an admission, by any Party with
respect to any conduct or actions claimed to be wrongful, unjustified, unwarranted, discriminatory, tortious, fraudulent, in violation
of any contract, standard of behavior or fiduciary duty, or in any way unlawful, with such liability, wrongdoing or admission being expressly
denied. This Settlement Agreement is being entered into by the Parties solely for the purpose of reaching an amicable resolution of the
differences between them.

 

11. Representation
by Counsel. Each Party has been given the opportunity to have this Settlement Agreement reviewed by an attorney and did so or has
waived the right to do so.

 

    4

     

    

 

 

12. Miscellaneous.

 

a. Entire Agreement; Amendments.
This Settlement Agreement represents the entire understanding and agreement of the Parties with regard to the subject matter of this
Settlement Agreement and supersedes any prior or contemporaneous agreements or understandings, whether oral or written, between the
Parties with respect to the subject matter of this Settlement Agreement. No amendment or modification of this Settlement Agreement
shall be effective unless in writing and signed by all Parties.

 

b. Simultaneous Drafting.
The Parties agree that each and every provision of this Settlement Agreement shall be deemed to have been simultaneously drafted by all
of the Parties, and no laws or rules relating to the interpretation of contracts against the drafter of any particular clause should be
applied to the interpretation or enforcement of this Settlement Agreement. This Settlement Agreement shall be interpreted in accordance
with the plain meaning of its terms and not strictly for or against any Party.

 

c. Binding Effect.
This Settlement Agreement shall inure to the benefit of, and be legally binding upon, the Parties to this Settlement Agreement and their
respective heirs, personal and legal representatives, successors and permitted assigns.

 

d. No Waiver. No
claim or right arising out of, relating to, or in connection with this Settlement Agreement may be discharged in whole or in part by a
waiver of the claim or right unless the waiver is in writing and signed by the waiving Party. The waiver or acceptance of any breach by
either Party of any provision of this Settlement Agreement shall not constitute a waiver of or an excuse for non-performance as to any
other provision of this Settlement Agreement, nor as to any prior or subsequent breach of the same provision.

 

e. Governing Law; Jurisdiction.
This Settlement Agreement shall be governed by, interpreted and construed, and enforced in accordance with the laws of the State of Delaware,
without reference to conflicts of laws principles. The Parties hereby irrevocably consent to the jurisdiction of the United States District
Court for the District of Delaware and of all courts sitting in the state of Delaware, for the purpose of any litigation arising from
or related to this Settlement Agreement (including any claim for enforcement of this Settlement Agreement), or any litigation arising
from or relating to the Series C Certificate and the rights and obligations thereunder. Each Party waives any right it may have to assert
the doctrine of forum non conveniens or similar doctrine or to object to venue with respect to any proceeding brought in accordance
with this paragraph, and stipulates that venue for any such action shall lie exclusively with the United States District Court for the
District of Delaware, and the courts sitting in the state of Delaware, unless the Parties consent in writing to venue in some other court
having appropriate jurisdiction. Any final judgment rendered against a Party in any action or proceeding shall be conclusive as to the
subject of such final judgment and may be enforced in other jurisdictions in any manner provided by law.

 

f. Severability.
If one or more of the provisions of this Settlement Agreement is, for any reason, held by a court of competent jurisdiction to be invalid,
illegal, or unenforceable in any respect, such provision shall be modified or amended to the extent necessary to remove the invalidity,
illegality, or unenforceability. If the amendment or modification of such provision is impossible, the Agreement shall be construed as
if it never contained the invalid, illegal, or unenforceable provision, and such provision shall not affect any other provision of this
Settlement Agreement, which shall remain in full force and effect.

 

    5

     

    

 

g. Counterparts; Facsimile
Signature; Headings. This Settlement Agreement may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Any Party to this Settlement Agreement may deliver an executed
copy of this Settlement Agreement by facsimile or electronic pdf transmission to the other Parties, and any such delivery shall have the
same force and effect as any other delivery of a manually signed copy of this Settlement Agreement. All headings contained in this Settlement
Agreement are for convenience only and shall not be interpreted to limit or otherwise affect the provisions of this Settlement Agreement.

 

h. Representations and
Warranties. Each Party represents and warrants to the other Party that (a) it is duly authorized to execute and deliver this Settlement
Agreement; (b) it has taken all necessary action to authorize the execution and delivery of this Settlement Agreement; (c) the person
signing this Settlement Agreement on its behalf is duly authorized to do so; and (d) this Settlement Agreement constitutes its valid,
binding, and enforceable obligation. The Parties represent and warrant to each other that they and their respective Related Parties have
not assigned or transferred or purported to assign or transfer any agreement, claim, demand, or cause of action with or against them that
is the subject of this Settlement Agreement, to any third party, person, or entity.

 

i. Non-Reliance.
The Parties represent and acknowledge that in executing this Settlement Agreement they do not rely and have not relied upon any representation
or statement by any other Party or any other Party’s agents, attorneys or representatives with regard to the subject matter, basis,
or effect of this Settlement Agreement or otherwise, other than those specifically stated in this Settlement Agreement.

 

[Signature Page Follows]

  

    6

     

    

 

IN WITNESS WHEREOF, the Parties have caused
this Settlement Agreement to be executed by their authorized representatives on the date first written above.

 

	Nxt-Id., Inc.	 
	 	 	 
	By:	/s/ Chia-Lin Simmons	 
	Name:	Chia-Lin Simmons	 
	Title:	CEO, NXT-ID	 

 

	Giesecke+Devrient Mobile Security America, Inc.	 
	 	 	 
	By:	/s/ Edgar Salib	 
	Name:	Edgar Salib	 
	Title:	President	 

 

	Giesecke+Devrient Mobile Security America, Inc.	 
	 	 	 
	By:	/s/ Kevin J Fitzgerald	 
	Name:	Kevin J Fitzgerald	 
	Title:	Chief Financial Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}]]