Document:

Exhibit 10.1

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Agreement is made
as of February 3, 2020 by and between InterPrivate Acquisition Corp. (the “Company”) and Continental Stock Transfer
& Trust Company (“Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, No. 333-235849 (“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, EarlyBirdCapital,
Inc. (the “Representative”) is acting as the representative of the several underwriters in the IPO; and

 

WHEREAS, as described
in the Registration Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation, $210,000,000
($241,500,000 if the over-allotment option is exercised in full) of the proceeds from the IPO and a simultaneous private placement
of units will be delivered to the Trustee to be deposited and held in a segregated trust account located at all times in the United
States (the “Trust Account”) for the benefit of the Company and the holders of the Company’s common stock,
par value $0.0001 per share (“Common Stock”), issued in the IPO as hereinafter provided (the proceeds to be
delivered to the Trustee will be referred to herein as the “Property”; the stockholders for whose benefit the
Trustee shall hold the Property will be referred to as the “Public Stockholders,” and the Public Stockholders
and the Company will be referred to together as the “Beneficiaries”); and

 

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

 

IT IS AGREED:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

(j) Upon receipt of
a letter (an “Amendment Notification Letter”) in the form of Exhibit C, signed on behalf of the
Company by an authorized officer, distribute to Public Stockholders who exercised their conversion rights in connection with an
amendment to Article Sixth of the Company’s Certificate of Incorporation (an “Amendment”) an amount equal
to the pro rata share of the Property relating to the Common Stock for which such Public Stockholders have exercised conversion
rights in connection with such Amendment.

 

2. Limited Distributions of Income from Trust Account.

 

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

 

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

  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

6. Termination. This Agreement shall terminate as
follows:

 

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

 

(b) At such time
that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of Section
1(i) hereof, and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement
shall terminate except with respect to Section 3(b) and Section 5.

 

7. Miscellaneous.

 

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

 

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

 

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

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(d) This Agreement
contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for Sections
1(i) and 1(j) (which sections may not be modified, amended or deleted without the affirmative vote of sixty five percent (65%)
of the then outstanding shares of Common Stock of the Company; provided that no such amendment will affect any Public Stockholder
who has otherwise indicated his, her or its election to redeem his, her or its shares of Common Stock in connection with a vote
sought to amend this Agreement), this Agreement or any provision hereof may only be changed, amended or modified by a writing signed
by each of the parties hereto; provided, however, that no such change, amendment or modification may be made without the prior
written consent of the Representative. The Trustee may require from Company counsel an opinion as to the propriety of any proposed
amendment.

 

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

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

if to the Company, to:

 

InterPrivate Acquisition Corp.

1350 Avenue of the Americas

New York, New York 10019

Attn: Brandon C. Bentley, General
Counsel

E-mail: bbentley@interprivate.com

 

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

 

EarlyBirdCapital, Inc.

366 Madison Avenue, 8th Floor

New York, NY 10017

Attn: Steven Levine

E-mail: slevine@ebccap.com

 

and

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

E-mail: dmiller@graubard.com

 

and

Greenberg Traurig, LLP

1750 Tysons Boulevard, Suite 1000

McLean, VA 22102

Attn: Alan I. Annex, Esq.

Email: annexa@gtlaw.com

 

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

 

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

 

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

 

[Signature Page Follows]

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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/ Francis Wolf
	 	 	Name:	Francis Wolf
	 	 	Title:	Vice President
	 	 	 	 
	 	INTERPRIVATE ACQUISITION CORP.
	 	 	 	 
	 	By:	/s/ Ahmed M. Fattouh
	 	 	Name: 	Ahmed M. Fattouh
	 	 	Title:	Chairman and Chief Executive Officer

 

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SCHEDULE A

 

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

 

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EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer &
Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account No. [________] - Termination
Letter

 

DearMr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
1(i) of the Investment Management Trust Agreement between InterPrivate Acquisition Corp. (“Company”) and Continental
Stock Transfer & Trust Company, dated as of February 3, 2020 (“Trust Agreement”), this is to advise you
that the Company has entered into an agreement with [__________________] to consummate a business combination (“Business
Combination”) on or about [insert date]. The Company shall notify you at least 72 hours in advance of the
actual date of the consummation of the Business Combination (“Consummation Date”). Capitalized terms used herein
and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In accordance with
the terms of the Trust Agreement, we hereby authorize you to liquidate the Trust Account investments and to transfer the proceeds
to the Trust Account at J.P. Morgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of the 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] by the Chief Executive Officer, which verifies the vote
of the Company’s stockholders in connection with the Business Combination if a vote is held and (b) joint written instructions
from the Company and the Representative with respect to the transfer of the funds held in the Trust Account (“Instruction
Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your
receipt of the counsel’s letter and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event
that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify
the Company of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and distributed
after the Consummation Date to the Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof,
your obligations under the Trust Agreement shall be terminated.

 

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

 

	 	Very truly yours,
	 	 
	 	INTERPRIVATE ACQUISITION CORP.
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

  

AGREED TO AND ACKNOWLEDGED BY

 

	EARLYBIRDCAPITAL, INC.	 
	 	 	 	 
	By:	 	 
	 	Name: 	 	 
	 	Title:	 	 

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EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust
Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account
No. [__________] - Termination Letter

 

DearMr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
1(i) of the Investment Management Trust Agreement between InterPrivate Acquisition Corp. (“Company”) and Continental
Stock Transfer & Trust Company, dated as of February 3, 2020 (“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 Certificate of Incorporation, as described in the Company’s prospectus relating to its
IPO. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In accordance with
the terms of the Trust Agreement, we hereby authorize you to liquidate the Trust Account and to transfer the total proceeds of
the Trust to the Trust Operating Account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Stockholders. The
Company has selected [____________, 20__] as the effective date for the purpose of determining when the Public Stockholders will
be entitled to receive their share of the liquidation proceeds. It is acknowledged that while the funds are on deposit in the Trust
Operating Account awaiting distribution, the Company will not earn any interest or dividends. You agree to be the Paying Agent
of record and in your separate capacity as Paying Agent, to distribute said funds directly to the Public Stockholders in accordance
with the terms of the Trust Agreement and the Amended and Restated Certificate of Incorporation 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,
	 	 
	 	INTERPRIVATE ACQUISITION CORP.
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

 

cc: EarlyBirdCapital, Inc.

 

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EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust
Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account
No. [________] – Amendment Notification Letter

 

DearMr. Wolf and Ms. Gonzalez:

 

Reference is made to
the Investment Management Trust Agreement between InterPrivate Acquisition Corp. (“Company”) and Continental
Stock Transfer & Trust Company, dated as of February 3, 2020 (“Trust Agreement”). Capitalized words used
herein and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement.

 

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

 

	 	Very truly yours,
	 	 
	 	INTERPRIVATE ACQUISITION CORP.
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

  

cc: EarlyBirdCapital, Inc.

 

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EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust
Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account
No. [_____________]

 

DearMr. Wolf and Ms.Gonzalez:

 

Pursuant to Section
2(a) of the Investment Management Trust Agreement between InterPrivate Acquisition Corp. (“Company”) and Continental
Stock Transfer & Trust Company, dated as of February 3, 2020 (“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 income or other tax obligations.

 

In accordance with
the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon
your receipt of this letter to the Company’s operating account at:

 

 

[WIRE INSTRUCTION INFORMATION]

 

	 	INTERPRIVATE ACQUISITION CORP.
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

cc: EarlyBirdCapital, Inc.

 

 

11Exhibit 10.2

 

STOCK ESCROW AGREEMENT

 

STOCK ESCROW AGREEMENT,
dated as of February 3, 2020 (“Agreement”), by and among INTERPRIVATE ACQUISITION CORP., a Delaware corporation (“Company”),
the stockholders of the Company listed on Exhibit A hereto (the “Founders”) and CONTINENTAL STOCK TRANSFER & TRUST
COMPANY, a New York corporation (“Escrow Agent”).

 

WHEREAS, the Company
was formed for the purpose of completing a merger, stock exchange, asset acquisition, stock purchase, recapitalization, reorganization
or other similar business combination (a “Business Combination”) with one or more businesses or entities.

 

WHEREAS, the Company
has entered into an Underwriting Agreement, dated February 3, 2020 (“Underwriting Agreement”), with EARLYBIRDCAPITAL,
INC. (the “Representative”) acting as representative of the several underwriters (collectively, the “Underwriters”),
pursuant to which, among other matters, the Underwriters have agreed to purchase 21,000,000 units (“Units”) of the
Company, plus an additional 3,150,000 Units if the Representative exercises the over-allotment option in full. Each Unit consists
of one share of the Company’s common stock, par value $0.0001 per share (“Common Stock”), and one-half of one
warrant (“Warrant”), each whole Warrant to purchase one share of Common Stock, all as more fully described in the Company’s
final Prospectus, dated February 3, 2020 (“Prospectus”) comprising part of the Company’s Registration Statement
on Form S-1 (File Nos. 333-235849 and 333-236233) under the Securities Act of 1933, as amended (“Registration Statement”),
declared effective on February 3, 2020 (“Effective Date”).

 

WHEREAS, the Founders
have agreed as a condition of the sale of the Units to deposit their shares of Common Stock of the Company in escrow as hereinafter
provided.

 

WHEREAS, the Company
and the Founders desire that the Escrow Agent accept the shares of Common Stock, in escrow, to be held and disbursed as hereinafter
provided.

 

IT IS AGREED:

 

1. Appointment
of Escrow Agent. The Company and the Founders hereby appoint the Escrow Agent to act in accordance with and subject to the
terms of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to
such terms.

 

2. Deposit
of Shares. On or before the Effective Date, the Founders’ respective shares of Common Stock set forth on Exhibit A hereto
shall be deposited in escrow, to be held and disbursed subject to the terms and conditions of this Agreement. The Founders acknowledge
that the shares deposited in escrow will be legended to reflect the deposit of such shares under this Agreement.

 

3. Disbursement
of the Escrow Shares.

 

3.1 If the over-allotment
option to purchase all or a portion of the additional 3,150,000 Units of the Company is not exercised in full within 45 days of
the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree that the Escrow Agent shall return
to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 787,500 by a fraction,
(i) the numerator of which is 3,150,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters
upon the exercise of the over-allotment option, and (ii) the denominator of which is 3,150,000. The Company shall promptly provide
notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased
by the Underwriters in connection with the exercise thereof.

 

     

     

    

 

3.2 Except as otherwise
set forth herein, the Escrow Agent shall hold the shares remaining after any cancellation required pursuant to Section 3.1 above
(such remaining shares to be referred to herein as the “Escrow Shares”) until (i) with respect to 50% of the Escrow
Shares, the earlier of (x) one year after the date of the consummation of an initial Business Combination and (y) the date on which
the last sale price of the Common Stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations
and recapitalizations) for any 20 trading days within any 30-trading day period following the consummation of the Business Combination
and (ii) with respect to the remaining 50% of the Escrow Shares, one year after the date of the consummation of an initial Business
Combination (such period of time during which the Escrow Shares are held in escrow, the “Escrow Period”). The Company
shall promptly provide notice of the consummation of an initial Business Combination to the Escrow Agent. Upon completion of the
Escrow Period, the Escrow Agent shall disburse such amount of each Founder’s Escrow Shares to the applicable Founder; provided,
however, that if, after the consummation of an initial Business Combination and during the Escrow Period, the Company (or the surviving
entity) consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the stockholders
of such entity having the right to exchange their shares of Common Stock for cash, securities or other property, then the Escrow
Agent will, upon receipt of a notice executed by the Chairman of the Board, Chief Executive Officer or other authorized officer
of the Company, in form reasonably acceptable to the Escrow Agent, certifying that such transaction is then being consummated or
such conditions have been achieved, as applicable, release the Escrow Shares to the Founders. The Escrow Agent shall have no further
duties hereunder after the disbursement of the Escrow Shares in accordance with this Section 3.2.

 

3.3 If the Escrow
Agent is notified by the Company pursuant to Section 6.7 hereof that the Company’s Trust Account (as defined in that certain
Investment Management Trust Agreement, dated as of the date hereof, by and between the Company and the Escrow Agent as trustee
thereunder) is being liquidated, then the Escrow Agent shall deliver the certificates representing the Escrow Shares to the Founders
promptly after the public stockholders are paid the liquidating distributions and shall have no further duties hereunder.

 

4. Rights of
Founders in Escrow Shares.

 

4.1 Voting Rights
as a Stockholder. Subject to the terms of the Insider Letters described in Section 4.4 hereof and except as herein provided,
the Founders shall retain all of their rights as stockholders of the Company as long as any shares are held in escrow pursuant
to this Agreement, including, without limitation, the right to vote such shares.

 

4.2 Dividends
and Other Distributions in Respect of the Escrow Shares. For as long as any shares are held in escrow pursuant to this Agreement,
all dividends payable in cash with respect to the Escrow Shares shall be paid to the Founders, 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. As used herein, the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed
thereon, if any.

 

4.3 Restrictions
on Transfer. During the Escrow Period, the only permitted transfers of the Escrow Shares will be (i) to the Founders and the
Company’s officers, directors, consultants or their affiliates, (ii) to a Founder’s stockholders, partners or members
upon such Founder’s liquidation, (iii) by bona fide gift to a member of the Founders’ immediate family or to a trust,
the beneficiary of which is a Founder or a member of a Founder’s immediate family for estate planning purposes, (iv) by virtue
of the laws of descent and distribution upon death of a Founder, (v) pursuant to a qualified domestic relations order binding on
a Founder, (vi) to the Company for no value for cancellation in connection with the consummation of a Business Combination or (vii)
by private sales of the Escrow Shares made at or prior to the consummation of a Business Combination at prices no greater than
the price at which the Escrow Shares were originally purchased; provided, however, that except for clause (vi) or with the Company’s
prior written consent, 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 and of the Insider Letter signed by the Founder transferring the shares.

 

4.4 Insider Letters.
The Founders have executed letter agreements with the Company and the Representative, dated as of the date hereto, the form of
which is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting the rights and obligations
of such Founders in certain events, including, but not limited to, the liquidation of the Company.

 

    2

     

    

 

5. Concerning
the Escrow Agent.

 

5.1 Good Faith
Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its
own best judgment, and 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 Escrow Agent), 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 Escrow Agent in good faith to be genuine and to be signed or presented
by the proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination
or rescission of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties
and, if the duties or rights of the Escrow Agent are affected, unless it shall have given its prior written consent thereto.

 

5.2 Indemnification.
Subject to Section 5.8 below, the Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses,
including reasonable counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or
other proceeding involving any claim which in any way, directly or indirectly, 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, fraud 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 an appropriate court to determine ownership or disposition of the Escrow Shares or it may deposit the
Escrow Shares with the clerk of any appropriate court or it may retain the Escrow Shares pending receipt of a final, non-appealable
order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances the Escrow Shares
are to be disbursed and delivered. The provisions of this Section 5.2 shall survive in the event the Escrow Agent resigns or is
discharged pursuant to Sections 5.5 or 5.6 below.

 

5.3 Compensation.
Subject to Section 5.8 below, the Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered
by it hereunder. The Escrow Agent shall also be entitled to reimbursement from the Company for all reasonable 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.

 

5.4 Further Assurances.
From time to time on and after the date hereof, the Company and the Founders shall deliver or cause to be delivered to the Escrow
Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably
request to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure
itself that it is protected in acting hereunder.

 

5.5 Resignation.
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 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 the Escrow Shares over to a successor escrow agent appointed by the Company and approved
by the Representative, which approval will not be unreasonably withheld, conditioned or delayed. If no new escrow agent is so appointed
within the 60-day period following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Shares with
any court it reasonably deems appropriate in the State of New York.

 

5.6 Discharge
of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested
in writing at any time by all of the other parties hereto; provided, however, that such resignation shall become effective only
upon the appointment of a successor escrow agent selected by the Company and approved by the Representative, which approval will
not be unreasonably withheld, conditioned or delayed.

 

5.7 Liability.
Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross
negligence, fraud or willful misconduct.

 

5.8 Waiver.
The Escrow 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 and hereby agrees not to seek recourse, reimbursement, payment or satisfaction
for any Claim against the Trust Account for any reason whatsoever.

 

    3

     

    

 

6. Miscellaneous.

 

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

 

6.2 Third Party
Beneficiaries. Each of the parties to this Agreement hereby acknowledges that the Representative is a third party beneficiary
of this Agreement.

 

6.3 Entire Agreement.
This Agreement contains the entire agreement of the parties hereto with respect to the subject matter hereof and, except as expressly
provided herein, may only be changed, amended, or modified by a writing signed by each of the parties hereto.

 

6.4 Headings.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
thereof.

 

6.5 Binding Effect.
This Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives,
successors and assigns.

 

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

 

If to the Company, to:

 

InterPrivate Acquisition Corp.

1350 Avenue
of the Americas

New York, New
York 10019

Email: bbrantley@interprivate.com

 

If to a Founder, to his/her/its
address set forth in Exhibit A.

 

and if to the Escrow
Agent, to:

 

Continental Stock Transfer
& Trust Company

1 State Street

New York, New York
10004

Attn: Chairman

Fax No.:

Email:

 

A copy of any notice
sent hereunder shall be sent to:

 

EarlyBirdCapital,
Inc.

366 Madison
Ave 8th Floor

New York, NY
10017

Attn: Steven
Levine

Fax No.:

Email: slevine@ebccap.com

 

    4

     

    

 

with a copy to:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

Fax No.: (212) 818-8881

Email: dmiller@graubard.com

 

and:

 

Greenberg Traurig,
LLP

1750 Tysons
Boulevard, Suite 1000

McLean, VA
22102

Attn: Alan
I. Annex, Esq.

Fax No.: (703)
749-1301

Email: annexa@gtlaw.com

 

The parties may change
the persons and addresses to which the notices or other communications are to be sent by giving written notice to any such change
in the manner provided herein for giving notice.

 

6.7 Liquidation
of the Trust Account. The Company shall give the Escrow Agent written notification of the liquidation of the Trust Account
in the event that the Company fails to consummate a Business Combination within the time period specified in the Company’s
Amended and Restated Certificate of Incorporation, as the same may be amended from time to time.

 

6.8 Counterparts.
This Agreement may be executed in several counterparts, each one of which shall constitute an original and may be delivered by
facsimile transmission and together shall constitute one instrument.

 

 

[Signature Page Follows]

 

    5

     

    

 

WITNESS the execution
of this Agreement as of the date first above written.

 

	 	INTERPRIVATE ACQUISITION CORP. 
	 	 
	 	By:	/s/ Ahmed M. Fattouh
	 	Name:	Ahmed M. Fattouh
	 	Title:	Chairman and Chief Executive Officer
	 	 
	 	FOUNDERS:
	 	 
	 	INTERPRIVATE ACQUISITION MANAGEMENT LLC
	 	 
	 	By:	/s/ Ahmed M. Fattouh
	 	Name:	Ahmed M. Fattouh
	 	Title:	President
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 
	 	By:	/s/ Francis Wolf
	 	Name:	Francis Wolf
	 	Title:	Vice President

 

 

[Signature Page to Stock Escrow Agreement]

 

6

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