Document:

Exhibit 10.2

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This Investment Management Trust Agreement
(this “Agreement”) is made effective as of January __, 2021, by and between VectoIQ Acquisition
Corp. II, a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company,
a New York limited purpose trust company (the “Trustee”).

 

WHEREAS, the Company’s registration
statement on Form S-1, File No. 333-251510 (the “Registration Statement”) and prospectus (the
 “Prospectus”) for the initial public offering of the Company’s units (the “Units”),
each of which consists of one share of the Company’s Class A common stock, par value $0.0001 per share (the “Common
Stock”), and one-fifth of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one
share of Common Stock (such initial public offering hereinafter referred to as the “Offering”), has been
declared effective as of the date hereof (the “Effective Date”) by the U.S. Securities and Exchange Commission
(capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement);

 

WHEREAS, the Company has entered into an
Underwriting Agreement (the “Underwriting Agreement”) with Cowen and Company, LLC and Morgan Stanley &
Co. LLC, as representatives (the “Representatives”) of the several underwriters (the “Underwriters”)
named therein;

 

WHEREAS, as described in the Prospectus,
and in accordance with the Company’s amended and restated certificate of incorporation, as the same may be amended from time
to time (the “Charter”), $300,000,000 of the proceeds of the Offering and sale of the Private Placement
Units (as defined in the Underwriting Agreement) (or $345,000,000, if the Underwriters’ over-allotment option is exercised
in full) will be delivered to the Trustee to be deposited and held in a segregated trust account located at all times in the United
States (the “Trust Account”) for the benefit of the Company and the holders of the Common Stock included
in the Units issued in the Offering as hereinafter provided (the amount to be delivered to the Trustee (and any interest subsequently
earned thereon) is 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”);

 

WHEREAS, pursuant to the Underwriting Agreement,
a portion of the Property equal to $10,500,000, or $12,075,000 if the Underwriters’ over-allotment option is exercised in
full, is attributable to deferred underwriting discounts and commissions that will be payable by the Company to the Underwriters
upon the consummation of the Business Combination (as defined below) (the “Deferred Discount”); 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.

 

NOW THEREFORE, 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 in the United States at [●], (or at another U.S.-chartered commercial bank with consolidated assets of $100 billion
or more) in the United States, maintained by the Trustee and at a brokerage institution selected by the Trustee that is reasonably
satisfactory to the Company;

 

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

 

(c)          In
a timely manner, upon the written instruction of the Company, invest and reinvest the Property solely in United States government
securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of
185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of
Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended (or any successor rule), which invest only in direct
U.S. government treasury obligations, as determined by the Company; the Trustee may not invest in any other securities or assets,
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, interest or other income arising from the Property, which shall become part of the “Property,”
as such term is used herein;

 

(e)          Promptly
notify the Company and the Representatives of all communications received by the Trustee with respect to any Property requiring
action by the Company;

 

(f)          Supply
any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with the Company’s
preparation of the tax returns relating to assets held in the Trust Account or in connection with the preparation or completion
of the audit of the Company’s financial statements by the Company’s auditors;

 

(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 (x) receipt of, and only in accordance with the terms of, a
letter from the Company (“Termination Letter”) in a form substantially similar to that attached hereto
as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by the Chief Executive Officer, Chief
Financial Officer, President, Treasurer or Chairman of the board of directors of the Company (the “Board”)
or other authorized officer of the Company, and, in the case of Exhibit A, acknowledged and agreed to by the Representatives,
and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest not previously
released to fund the Company’s working capital requirements (subject to a limit of $250,000 per year) and/or to pay the Company’s
taxes (which interest shall be net of taxes payable and less up to $100,000 of interest that may be released to the Company to
pay dissolution expenses), only as directed in the Termination Letter and the other documents referred to therein, or (y) upon
the date which is, the later of (1) 24 months after the closing of the Offering (or 27 months after the closing of the
Offering if the Company has executed a letter of intent, agreement in principle or definitive agreement for an initial Business
Combination within 24 months after the closing of the Offering) and (2) such later date as may be approved by the Company’s
stockholders in accordance with the Charter if a Termination Letter has not been received by the Trustee prior to such date, in
which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached
as Exhibit B and the Property in the Trust Account, including interest not previously released to fund the Company’s
working capital requirements (subject to a limit of $250,000 per year) and/or to pay the Company’s taxes (which interest
shall be net of taxes payable and less up to $100,000 of interest that may be released to the Company to pay dissolution expenses)
shall be distributed to the Public Stockholders of record as of such date;

 

(j)           Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit C, withdraw from the Trust Account and distribute to the Company the amount of interest earned on the Property
requested by the Company to cover any tax obligation, including any franchise tax obligations, owed by the Company as a result
of assets of the Company or interest or other income earned on the Property, and/or to fund the Company’s working capital
requirements, subject to an annual limit of $250,000, which amount shall be delivered directly to the Company by electronic
funds transfer or other method of prompt payment, and in the case of any tax obligations the Company shall forward such payment
to the relevant taxing authority, as applicable; provided, however, that to the extent there is not sufficient cash in the Trust
Account to pay such tax obligation to fund the Company’s working capital requirements, the Trustee shall liquidate such assets
held in the Trust Account as shall be designated by the Company in writing to make such distribution, so long as there is no reduction
in the principal amount per share initially deposited in the Trust Account; provided, further, that if the tax to be paid is a
franchise tax, the written request by the Company to make such distribution shall be accompanied by a copy of the franchise tax
bill from the State of Delaware for the Company and a written statement from the principal financial officer of the Company setting
forth the actual amount payable (it being acknowledged and agreed that any such amount in excess of interest income earned on the
Property shall not be payable from the Trust Account).  The written request of the Company referenced above shall constitute
presumptive evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said
request;

 

    2

     

    

 

(k)          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 remitting brokers on behalf of Public Stockholders redeeming shares of Common
Stock the amount required to pay for redeemed shares of Common Stock from Public Stockholders in connection with a stockholder
vote to approve an amendment to the Charter (i) modify the substance or timing of the Company’s obligation to allow
redemption in connection with a Business Combination or to redeem 100% of the shares of Common Stock included in the Units sold
in the Offering if the Company does not complete a Business Combination within the time period set forth in the Company’s
Charter or (ii) with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination
activity. The written request of the Company referenced above shall constitute presumptive evidence that the Company is entitled
to distribute said funds, and the Trustee shall have no responsibility to look beyond said request; and

 

(l)           Not
make any withdrawals or distributions from the Trust Account other than pursuant to Sections 1(i), 1(j) or 1(k) above.

 

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

 

(a)          Give
all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board, Chief Executive Officer,
Chief Financial Officer, President, Treasurer or Secretary.  In addition, except with respect to its duties under Sections 1(i),
1(j) and 1(k) hereof, 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 and with reasonable care, 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 Section 4 hereof, 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 action taken by it hereunder
and in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with
any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the
Property or any interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross negligence,
fraud or willful misconduct.  Promptly after the receipt by the Trustee of notice of demand or claim or the commencement
of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this Section 2(b),
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 such consent shall
not be unreasonably withheld.  The Company may participate in such action with its own counsel;

 

(c)          Pay
the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration fee, and transaction
processing fee 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 unless the disbursements are made to the Company pursuant to Section 1(i) solely
in connection with the completion of a Business Combination (defined below).  The Company shall pay the Trustee the initial
acceptance fee and the first annual administration fee at the consummation of the Offering and thereafter on the anniversary of
the Effective Date. The Trustee shall refund the Company the annual administration fee (on a pro rata basis) with respect to any
period after the liquidation of the Trust Account.  The Company shall not be responsible for any other fees or charges
of the Trustee except as set forth in this Section 2(c), Schedule A and as may be provided in Section 2(b) hereof;

 

(d)          In
connection with any vote of the Company’s stockholders regarding a merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization or similar business combination involving the Company and one or more businesses (the “Business
Combination”), provide to the Trustee an affidavit or certificate of the inspector of elections for the stockholder
meeting (which inspector of elections may be the Trustee) verifying the vote of such stockholders regarding such Business Combination;

 

    3

     

    

 

(e)          Provide
the Representatives with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee with
respect to any proposed withdrawal from the Trust Account promptly after it issues the same;

 

(f)           Instruct
the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the Trustee
to make any distributions that are not permitted under this Agreement; and

 

(g)          Expressly
provide in any Instruction Letter (as defined in Exhibit A) delivered in connection with a Termination Letter in the form
of Exhibit A that the Deferred Discount be paid directly to the account or accounts directed by the Representatives on behalf
of the Underwriters.

 

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

 

(a)          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;

 

(b)          Take
any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have no liability
to any third party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct;

 

(c)          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;

 

(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 Trustee’s best judgment, except for the Trustee’s gross negligence, fraud 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, which counsel may be the Company’s counsel), 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 the Trustee believes, in good faith and with reasonable
care, to be genuine and to be signed or presented by the proper person or persons.  The Trustee shall not be bound by
any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless
evidenced by a written instrument delivered to the Trustee, signed by the proper party or parties and, if the duties or rights
of the Trustee are affected, unless it shall give its prior written consent thereto;

 

(g)          Verify
the accuracy of the information contained in the Registration Statement;

 

(h)          Provide
any assurance that any Business Combination entered into by the Company or any other action taken by the Company is as contemplated
by the Registration Statement;

 

(i)           File
information returns with respect to the Trust Account with any local, state or federal taxing authority or provide periodic written
statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned on the Property;

 

(j)           Prepare,
execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by, and activities
relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but not
limited to, franchise and income tax obligations, except pursuant to Section 1(j) hereof; or

 

    4

     

    

 

(k)          Verify
calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections 1(i),
1(j) or 1(k) hereof.

 

4.            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 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim
solely against the Company and its assets outside the Trust Account and not against the Property or any monies in the Trust Account.

 

5.            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, pending which the Trustee shall continue to 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;

 

(b)          At
such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with the provisions
of Section 1(i) hereof (which section may not be amended under any circumstances) and distributed the Property in accordance
with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 2(b) and
Section 4; or

 

(c)          If
the Offering is not consummated within ten (10) business days of the date of this Agreement, in which case any funds received
by the Trustee from the Company or VectoIQ Holdings, LLC, as applicable, shall be returned promptly following the receipt by the
Trustee of written instructions from the Company.

 

6.            Miscellaneous.

 

(a)          The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds
transferred from the Trust Account.  The Company and the Trustee will each restrict access to confidential information
relating to such security procedures to authorized persons.  Each party must notify the other party immediately if it
has reason to believe unauthorized persons may have obtained access to such confidential information, or of any change in its authorized
personnel.  In executing funds transfers, the Trustee shall 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.  Except for any liability arising out of the Trustee’s gross negligence, fraud or willful
misconduct, the Trustee shall not be liable for any loss, liability or expense resulting from any error in the information or transmission
of the funds.

 

(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.  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.

 

    5

     

    

 

(c)          This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof.  This
Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing
signed by each of the parties hereto.

 

(d)          This
Agreement or any provision hereof may only be changed, amended or modified pursuant to Section 6(c) hereof with the Consent
of the Stockholders.  For purposes of this Section 6(d), the “Consent of the Stockholders”
means receipt by the Trustee of a certificate from the inspector of elections of the stockholder meeting certifying that either
(i) the Company’s stockholders of record as of a record date established in accordance with Section 213(a) of
the Delaware General Corporation Law, as amended (or any successor rule), who hold sixty-five percent (65%) or more of all then
outstanding shares of the Common Stock and Class B common stock, par value $0.0001 per share, of the Company voting together
as a single class, have voted in favor of such change, amendment or modification, or (ii) the Company’s stockholders
of record as of the record date who hold sixty-five percent (65%) or more of all then outstanding shares of the Common Stock and
Class B common stock, par value $0.0001 per share, of the Company voting together as a single class, have delivered to the
Trustee a signed writing approving such change, amendment or modification.  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 stockholder vote sought to amend this Agreement, including a corresponding change to the Charter.  Except for
any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee may rely conclusively
on the certification from the inspector or elections referenced above and shall be relieved of all liability to any party for executing
the proposed amendment in reliance thereon.

 

(e)          The
parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State of New
York, 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.

 

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

 

if to the Trustee,
to:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attn: Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

if to the Company,
to:

 

VectoIQ Acquisition Corp. II

1354 Flagler Drive

Mamaroneck, NY 10543

		Attn:	Stephen Girsky

		Email:	sgirsky@vectoiq.com

 

in each case, with
copies to:

 

Greenberg Traurig, LLP

1750 Tysons Boulevard, Suite 1000

McLean, VA 22102

		Attn:	Alan I. Annex, Esq. and Jason T. Simon, Esq.

		Email:	annexa@gtlaw.com and simonj@gtlaw.com

 

    6

     

    

 

and:

 

Skadden, Arps, Slate, Meagher & Flom LLP

525 University Avenue, Suite 1400

Palo Alto, CA 94301

		Attn:	Gregg A. Noel, Esq.

		Email:	gnoell@skadden.com

 

Skadden, Arps, Slate, Meagher & Flom LLP

One Manhattan West

New York, NY 10001

		Attn:	Michael J. Schwartz, Esq.

		Email:	mschwartz@skadden.com

 

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

 

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

 

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

 

(j)           Each
of the Company and the Trustee hereby acknowledges and agrees that the Representatives on behalf of the Underwriters are third
party beneficiaries of this Agreement.

 

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

 

[Signature Page Follows]

 

    7

     

    

 

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

 

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	 
	 	VECTOIQ Acquisition Corp. II
	 	 
	 	 
	 	By:	                      
	 	Name:
	 	Title:

 

[Signature Page to Investment Management
Trust Agreement]

 

    

     

    

 

SCHEDULE
A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial set-up fee	 	Initial closing of Offering by wire transfer	 	$	3,500.00	 
	Trustee administration fee	 	First year, initial closing of Offering by wire transfer, thereafter on the anniversary of the effective date of the Offering by wire transfer or check	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Sections 1(i), 1(j) and 1(k)	 	Billed to Company following disbursement made to Company under Sections 1(i), 1(j) and 1(k)	 	$	250.00	 
	Paying Agent services as required pursuant to Sections 1(i) and 1(k)	 	Billed to Company upon delivery of service pursuant to Sections 1(i) and 1(k)	 	 	Prevailing rates	 

 

    

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn:  Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of the
Investment Management Trust Agreement between VectoIQ Acquisition Corp. II (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of _________, 2021 (the “Trust
Agreement”), this is to advise you that the Company has entered into an agreement with [__________] (the “Target
Business”) to consummate a business combination with the Target Business (the “Business Combination”)
on or about [insert date].  The Company shall notify you at least seventy-two (72) hours in advance (or such shorter
time as you may agree) of the actual date of the consummation of the Business Combination (the “Consummation Date”).  Capitalized
terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account and to transfer the proceeds
to a segregated account held by you on behalf of the Beneficiaries 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 (including as directed to it by the Representatives on behalf of the Underwriters (with respect to the Deferred
Discount)). It is acknowledged and agreed that while the funds are on deposit in the trust operating account at [●] awaiting
distribution, neither the Company nor the Representatives will 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, or will be consummated
substantially concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”)
and (ii) the Company shall deliver to you (a) a certificate of the Chief Executive Officer, which verifies that the Business
Combination has been approved by a vote of the Company’s stockholders, if a vote is held and (b) a joint written instruction
signed by the Company and the Representatives with respect to the transfer of the funds held in the Trust Account, including payment
of the Deferred Discount from the Trust Account (the “Instruction Letter”).  You are hereby
directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the Notification 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 in writing of
the same and the Company shall direct you as to whether such funds should remain in the Trust Account and be distributed after
the Consummation Date to the Company.  Upon the distribution of all the funds, net of any payments necessary for reasonable
unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

    A-1

     

    

 

In the event that the Business Combination
is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original
Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the funds
held in the Trust Account shall be reinvested as provided in Section 1(c) of the Trust Agreement on the business day
immediately following the Consummation Date as set forth in such notice as soon thereafter as possible.

 

	 	Very truly yours,
	 	 
	 	VectoIQ Acquisition Corp. II
	 	 
	 	 
	 	By:	             
	 	Name:
	 	Title:

 

	Acknowledged and Agreed:	 
	 	 
	Cowen and Company, LLC	 
	 	 
	 	 
	By:	           	 
	Name:	 
	Title:	 

 

	Morgan Stanley & Co. LLC	 
	 	 
	 	 
	By:	           	 
	Name:	 
	Title:	 

    A-2

     

    

 

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 - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of the
Investment Management Trust Agreement between VectoIQ Acquisition Corp. II (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of _________, 2021 (the “Trust
Agreement”), this is to advise you that the Company did not effect a business combination with a Target Business
(the “Business Combination”) within the time frame specified in the Company’s Charter, as described
in the Company’s Prospectus relating to the Offering.  Capitalized terms used but not defined herein shall have
the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and transfer the total proceeds into a segregated
account held by you on behalf of the Beneficiaries to await distribution to the Public Stockholders.  The Company has
selected [_________, 20__]1 as the
effective date for the purpose of determining when the Public Stockholders will be entitled to receive their share of the liquidation
proceeds.  You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute
said funds directly to the Company’s Public Stockholders in accordance with the terms of the Trust Agreement and the Company’s
Charter.  Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses
related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated, except to the extent
otherwise provided in Section 1(i) of the Trust Agreement.

 

	 	Very truly yours,
	 	 
	 	VectoIQ Acquisition Corp. II
	 	 
	 	 
	 	By:	         
	 	Name:
	 	Title:

 

	cc:	Cowen and Company, LLC
	 	Morgan Stanley & Co. LLC

 

 

1
24 months from the closing of the Offering or at a later date, if extended.

 

    B-1

     

    

 

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 - Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(j) of the
Investment Management Trust Agreement between VectoIQ Acquisition Corp. II (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of _________, 2021 (the “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.  Capitalized terms used but not defined herein shall have the meanings set forth
in the Trust Agreement.

 

The Company needs such funds [to pay
for the tax obligations as set forth on the attached tax return or tax statement] [for working capital purposes]2.
In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer)
such funds promptly upon your receipt of this letter to the Company’s operating account at:

 

[WIRE
INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 
	 	VectoIQ Acquisition Corp. II
	 	 
	 	 
	 	By:	          
	 	Name:
	 	Title:

 

	cc:	Cowen and Company, LLC

        Morgan Stanley & Co. LLC

 

 

2
Subject to an annual limit of $250,000.

 

    C-1

     

    

 

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 - Stockholder Redemption Withdrawal
Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(k) of the
Investment Management Trust Agreement between VectoIQ Acquisition Corp. II (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of _________, 2021 (the “Trust
Agreement”), the Company hereby requests that you deliver to the redeeming Public Stockholders of the Company $[_____]
of the principal and interest income earned on the Property as of the date hereof to a segregated account held by you on behalf
of the Beneficiaries for distribution to the Public Stockholders who have requested redemption of their shares of Common Stock.  Capitalized
terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The Company needs such funds to pay its
Public Stockholders who have properly elected to have their shares of Common Stock redeemed by the Company in connection with a
stockholder vote to approve an amendment to the Company’s Charter to (i) modify the substance or timing of the Company’s
obligation to allow redemption in connection with a Business Combination or to redeem 100% of the shares of Common Stock included
in the Units sold in the Offering if the Company does not complete a Business Combination within the time period set forth in the
Company’s Charter or (ii) with respect to any other provision relating to stockholders’ rights or pre-initial
Business Combination activity.  As such, you are hereby directed and authorized to transfer (via wire transfer) such
funds promptly upon your receipt of this letter into a segregated account held by you on behalf of the Beneficiaries.

 

	 	Very truly yours,
	 	 
	 	VectoIQ Acquisition Corp. II
	 	 
	 	 
	 	By:	          
	 	Name:
	 	Title:

 

	cc:	Cowen and Company, LLC

        Morgan Stanley & Co. LLC

 

    D-1Exhibit 10.4

 

UNIT
Subscription AGREEMENT

 

This UNIT SUBSCRIPTION AGREEMENT (as it
may from time to time be amended, this “Agreement”), dated as of January __, 2021, is entered into by and
among VectoIQ Acquisition Corp. II, a Delaware corporation (the “Company”), and Vecto Holdings II, LLC, a Delaware
limited liability company (the “Purchaser”).

 

WHEREAS, the Company intends to consummate
an initial public offering of the Company’s units (the “Public Offering”), each unit consisting of one
share of Class A common stock of the Company, par value $0.0001 per share (each, a “Share”), and one-fifth
of one redeemable warrant, each whole warrant entitling the holder to purchase one Share at an exercise price of $11.50 per Share,
as set forth in the Company’s Registration Statement on Form S-1, filed with the U.S. Securities and Exchange Commission,
File Number 333-251510 (the “Registration Statement”), under the Securities Act of 1933, as amended (the “Securities
Act”).

 

WHEREAS, the Purchaser has agreed to purchase,
at a price of $10.00 per unit, an aggregate of 900,000  units (the “Private Placement Units”), each
Private Placement Unit consisting of one Share (a “Private Placement Share”) and one-fifth of one redeemable
warrant (a “Private Placement Warrant”), each Private Placement Warrant entitling the holder to purchase one
Share at an exercise price of $11.50 per Share.

 

NOW THEREFORE, in consideration of the mutual
promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:

 

AGREEMENT

 

Section 1. Authorization, Purchase
and Sale; Terms of the Private Placement Units.

 

A. Authorization of the Private
Placement Securities.  The Company has duly authorized the issuance and sale of the Private Placement Units, including
the Private Placement Shares and the Private Placement Warrants included in the Private Placement Units, and, subject to proper
exercise of the Private Placement Warrants and against payment therefor, the Shares underlying such Private Placement Warrants,
to the Purchaser.

 

B. Purchase and Sale of the
Private Placement Units. On the date of the consummation of the Public Offering or on such earlier time and date as may be
mutually agreed by the Purchaser and the Company (the “IPO Closing Date”), the Company shall issue and sell
to the Purchaser, and the Purchaser shall purchase from the Company, 900,000 Private Placement Units at a price of $10.00 per Private
Placement Unit for an aggregate purchase price of $9,000,000 (the “Purchase Price”). The Purchaser shall pay,
at least one (1) business day prior to the IPO Closing Date, the Purchase Price by wire transfer of immediately available
funds, to accounts designated by the Company, including to the trust account (the “Trust Account”), at a financial
institution to be chosen by the Company, maintained by Continental Stock Transfer & Trust Company, acting as trustee,
in accordance with the Company’s wiring instructions. On the IPO Closing Date, subject to receipt of funds pursuant to the
immediately prior sentence, the Company shall effect such delivery in book-entry form.

 

C. Terms of the Private Placement
Securities.

 

(i) The Private Placement Units
are substantially identical to the units to be offered in the Public Offering except that (a) the Private Placement Units
(including the underlying Shares, Private Placement Warrants and the Shares issuable upon exercise of the Private Placement Warrants)
will not, except in limited circumstances, be transferable or salable until 30 days after the completion of the Company’s
initial business combination (the “Business Combination”) so long as they are held by the Purchaser or its permitted
transferees, and (b) the Private Placement Units are being purchased pursuant to an exemption from the registration requirements
of the Securities Act and will become freely tradable only after the expiration of the lockup described above in clause (a) and
they are registered pursuant to the Registration Rights Agreement (as defined below) or an exemption from registration is available,
and the restrictions described above in clause (a) have expired and (c) each Private Placement Warrant shall have the
terms set forth for private placement warrants in a Warrant Agreement to be entered into by the Company and a warrant agent in
connection with the Public Offering (the “Warrant Agreement”).

 

    

     

    

 

(ii) At the time of, or prior
to, the IPO Closing Date, the Company and the Purchaser shall enter into a registration rights agreement (the “Registration
Rights Agreement”) pursuant to which the Company will grant certain registration rights to the Purchaser relating to
the Private Placement Units, including the Private Placement Shares and the Private Placement Warrants included in the Private
Placement Units, and the Shares underlying the Private Placement Warrants.

 

Section 2. Representations and Warranties
of the Company.

 

As a material inducement to the Purchaser
to enter into this Agreement and purchase the Private Placement Units, the Company hereby represents and warrants to the Purchaser
(which representations and warranties shall survive each Closing Date) that:

 

A. Incorporation and Corporate
Power.  The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the
State of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be
expected to have a material adverse effect on the financial condition, operating results or assets of the Company.  The
Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement
and the Warrant Agreement.

 

B. Authorization; No Breach.

 

(i) The execution, delivery
and performance of this Agreement and the Private Placement Units, including the Private Placement Shares and the Private Placement
Warrants included in the Private Placement Units, and, subject to proper exercise of the Private Placement Warrants and against
payment therefor, the Shares underlying such Private Placement Warrants, have been duly authorized by the Company. This Agreement
constitutes the valid and binding obligation of the Company, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’
rights and to general equitable principles (whether considered in a proceeding in equity or law). Upon issuance in accordance with,
and payment pursuant to, the terms of the Warrant Agreement (as applicable) and this Agreement, the Private Placement Units, including
the Private Placement Warrants included in the Private Placement Units, will constitute valid and binding obligations of the Company,
enforceable in accordance with their terms as of each Closing Date.

 

(ii) The execution and delivery
by the Company of this Agreement and the Private Placement Units, the issuance and sale of the Private Placement Units, the issuance
of the Private Placement Shares and the Private Placement Warrants included in the Private Placement Units and the Shares upon
exercise of the Private Placement Warrants and the fulfillment of and compliance with the respective terms hereof and thereof by
the Company, do not and will not as of each Closing Date (a) conflict with or result in a breach of the terms, conditions
or provisions of, (b) constitute a default under, (c) result in the creation of any lien, security interest, charge or
encumbrance upon the Company’s share capital or assets under, (d) result in a violation of, or (e) require any
authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative
or governmental body or agency pursuant to the Company’s certificate of incorporation and bylaws or any material law, statute,
rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject,
except for any filings required after the date hereof under federal or state securities laws.

 

    2

     

    

 

C. Title to Securities.  Upon
issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement (as applicable), the Private Placement
Shares included in the Private Placement Units and the Shares issuable upon exercise of the Private Placement Warrants will be
duly and validly issued, fully paid and nonassessable. On the date of issuance of the Private Placement Units, the Private Placement
Shares and the Shares issuable upon exercise of the Private Placement Warrants shall have been reserved for issuance. Upon issuance
in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement (as applicable), the Purchaser will have
good title to the Private Placement Units, including the Private Placement Shares and the Private Placement Warrants included in
the Private Placement Units, and the Shares issuable upon exercise of the Private Placement Warrants, free and clear of all liens,
claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and under the other agreements contemplated
hereby, (ii) transfer restrictions under federal and state securities laws, and (iii) liens, claims or encumbrances imposed
due to the actions of the Purchaser.

 

D. Governmental Consents.  Assuming
the accuracy of the representations and warranties made by the Purchaser in this Agreement, no consent, approval, order or authorization
of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority
is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement,
except for applicable requirements of the Securities Act.

 

Section 3. Representations and Warranties
of the Purchaser.

 

As a material inducement to the Company
to enter into this Agreement and issue and sell the Private Placement Units to the Purchaser, the Purchaser hereby represents and
warrants to the Company (which representations and warranties shall survive each Closing Date) that:

 

A. Organization and Requisite
Authority.  The Purchaser possesses all requisite power and authority necessary to carry out the transactions contemplated
by this Agreement.

 

B. Authorization; No Breach.

 

(i) This Agreement constitutes
a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights
and to general equitable principles (whether considered in a proceeding in equity or law).

 

(ii) The execution and delivery
by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by the Purchaser do not and shall
not as of each Closing Date (a) conflict with or result in a breach by the Purchaser of the terms, conditions or provisions
of, (b) constitute a default under, (c) result in the creation of any lien, security interest, charge or encumbrance
upon the Purchaser’s equity or assets under, (d) result in a violation of, or (e) require any authorization, consent,
approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative or governmental
body or agency pursuant to the Purchaser’s organizational documents in effect on the date hereof or as may be amended prior
to completion of the contemplated Public Offering, or any material law, statute, rule or regulation to which the Purchaser
is subject, or any agreement, instrument, order, judgment or decree to which the Purchaser is subject, except for any filings required
after the date hereof under federal or state securities laws.

 

C. Investment Representations.

 

(i) The Purchaser is acquiring
the Private Placement Units, including the Private Placement Shares and the Private Placement Warrants included in the Private
Placement Units, and, upon exercise of the Private Placement Warrants, the Shares issuable upon such exercise (collectively, the
 “Securities”) for its own account, for investment purposes only and not with a view towards, or for resale in
connection with, any public sale or distribution thereof.

 

(ii) The Purchaser is an “accredited
investor” as such term is defined in Rule 501(a)(3) of Regulation D, and the Purchaser has not experienced a disqualifying
event as enumerated pursuant to Rule 506(d) of Regulation D under the Securities Act.

 

    3

     

    

 

(iii) The Purchaser understands
that the Securities are being offered and will be sold to it in reliance on specific exemptions from the registration requirements
of the United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and the
Purchaser’s compliance with, the representations and warranties of the Purchaser set forth herein in order to determine the
availability of such exemptions and the eligibility of the Purchaser to acquire such Securities.

 

(iv) The Purchaser did not
decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502(c) of
Regulation D under the Securities Act.

 

(v) The Purchaser has been
furnished with all materials relating to the business, finances and operations of the Company and materials relating to the offer
and sale of the Securities which have been requested by the Purchaser.  The Purchaser has been afforded the opportunity
to ask questions of the executive officers and directors of the Company.  The Purchaser understands that its investment
in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary
to make an informed investment decision with respect to the acquisition of the Securities.

 

(vi) The Purchaser understands
that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation
or endorsement of the Securities or the fairness or suitability of the investment in the Securities by the Purchaser nor have such
authorities passed upon or endorsed the merits of the offering of the Securities.

 

(vii) The Purchaser understands
that: (a) the Securities have not been and are not being registered under the Securities Act or any state securities laws,
and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold
in reliance on an exemption therefrom; (b) except as specifically set forth in the Registration Rights Agreement, neither
the Company nor any other person is under any obligation to register the Securities under the Securities Act or any state securities
laws or to comply with the terms and conditions of any exemption thereunder; and (c) Rule 144 adopted pursuant to the
Securities Act will not be available for resale transactions of Securities prior to a Business Combination and may not be available
for resale transactions of Securities after a Business Combination.

 

(viii) The Purchaser has such
knowledge and experience in financial and business matters, knowledge of the high degree of risk associated with investments in
the securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an investment
in the Securities and is able to bear the economic risk of an investment in the Securities in the amount contemplated hereunder
for an indefinite period of time.  The Purchaser has adequate means of providing for its current financial needs and
contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in
the Securities.  The Purchaser can afford a complete loss of its investments in the Securities.

 

(ix) The Purchaser understands
that the Private Placement Units and the Shares included in the Private Placement Units shall bear the legend substantially in
the form of the following and be subject to appropriate “stop transfer restrictions”:

 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED
OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS
OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE
LETTER AGREEMENT BY AND AMONG VECTOIQ ACQUISITION CORP. II (THE “COMPANY”), VECTOIQ HOLDINGS II, LLC AND THE OTHER
PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY
(30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN ITS AMENDED AND RESTATED
CERTIFICATE OF INCORPORATION) EXCEPT TO A PERMITTED TRANSFEREE (AS DESCRIBED IN THE LETTER AGREEMENT REFERENCED ABOVE) WHO AGREES
IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

    4

     

    

 

SECURITIES EVIDENCED HEREBY SHALL BE ENTITLED TO REGISTRATION
RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT WITH THE COMPANY.”

 

(x) The Purchaser understands
that the Private Placement Warrants shall bear the legend substantially in the form set forth in the Warrant Agreement and be subject
to appropriate “stop transfer restrictions.”

 

Section 4. Conditions of the Purchaser’s
Obligations.

 

The obligations of the Purchaser to purchase
and pay for the Private Placement Units are subject to the fulfillment, on or before each Closing Date, of each of the following
conditions:

 

A. Representations and Warranties.  The
representations and warranties of the Company contained in Section 2 shall be true and correct at and as of such Closing Date
as though then made.

 

B. Performance.  The
Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are
required to be performed or complied with by it on or before such Closing Date.

 

C. No Injunction.  No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority
over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement
or the Warrant Agreement.

 

D. Warrant Agreement and Registration
Rights Agreement.  The Company shall have entered into the Warrant Agreement and the Registration Rights Agreement,
in each case on terms satisfactory to the Purchaser.

 

Section 5. Conditions of the Company’s
Obligations.

 

The obligations of the Company to the Purchaser
under this Agreement are subject to the fulfillment, on or before each Closing Date, of each of the following conditions:

 

A. Representations and Warranties.  The
representations and warranties of the Purchaser contained in Section 3 shall be true and correct at and as of such Closing
Date as though then made.

 

B. Performance.  The
Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are
required to be performed or complied with by the Purchaser on or before such Closing Date.

 

C. Corporate Consents.  The
Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance of this Agreement
and the Warrant Agreement and the issuance and sale of the Private Placement Units, including the Private Placement Shares and
the Private Placement Warrants included in the Private Placement Units, hereunder.

 

D. No Injunction.  No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority
over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement
or the Warrant Agreement.

 

    5

     

    

 

E. Warrant Agreement.  The
Company shall have entered into the Warrant Agreement.

 

Section 6. Termination.

 

This Agreement may be terminated by the
Company or the Purchaser at any time after[______], 2021 upon written notice to the other party hereto if the closing of the Public
Offering does not occur prior to such date.

 

Section 7. Survival of Representations
and Warranties.

 

All of the representations and warranties
contained herein shall survive each Closing Date.

 

Section 8. Definitions.

 

Terms used but not otherwise defined in
this Agreement shall have the meaning assigned to such terms in the Registration Statement.

 

Section 9. Miscellaneous.

 

A. Successors and Assigns.  Except
as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on behalf of any of the
parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not.  Notwithstanding
the foregoing or anything to the contrary herein, the parties may not assign this Agreement, other than assignments by the Purchaser
to affiliates thereof (including, without limitation one or more of its members).

 

B. Severability.  Whenever
possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective
only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

C. Counterparts.  This
Agreement may be executed simultaneously in two or more counterparts, none of which need contain the signatures of more than one
party, but all such counterparts taken together shall constitute one and the same agreement. Signatures to this Agreement transmitted
via facsimile or e-mail shall be valid and effective to bind the party so signing.

 

D. Descriptive Headings; Interpretation.  The
descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement.  The
use of the word “including” in this Agreement shall be by way of example rather than by limitation.

 

E. Governing Law.  This
Agreement shall be deemed to be a contract made under the laws of the State of New York and for all purposes shall be construed
in accordance with the internal laws of the State of New York, without giving effect to conflicts of law principles that would
result in the application of the laws of another jurisdiction.

 

F. Amendments.  This
Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all
parties hereto.

 

[Signature page follows]

 

    6

     

    

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement to be effective as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	VECTOIQ Acquisition Corp. II
	 	 
	 	By:	                 
	 	Name:	 
	 	Title:	 
	 	 
	 	PURCHASER:
	 	 
	 	VECTO HOLDINGS II, LLC
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to Unit Subscription
Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]