Document:

Exhibit

10.5.2

 

_______,

2020

 

Ladies

and Gentlemen:

 

Better

World Acquisition Corp. (“Corporation”), a blank check company formed for the purpose of acquiring one or more

businesses or entities (a “Business Combination”), intends to register its securities under the Securities

Act of 1933, as amended (“Securities Act”), in connection with its initial public offering to be lead-managed

by EarlyBirdCapital, Inc. (“IPO”). The Corporation currently anticipates selling units (“Units”)

in the IPO, each comprised of one share of common stock, par value $0.0001 per share, of the Corporation (“Common Stock”)

and one warrant (“Warrant”), each Warrant to purchase one share of Common Stock.

 

The

undersigned hereby commits to purchase an aggregate of 750,000 Warrants (the “Initial Warrants”) at $1.00

per Warrant for an aggregate purchase price of $750,000 (the “Initial Purchase Price”). Additionally, if

the underwriters in the IPO (“Underwriters”) exercise their over-allotment option in full or part, the

undersigned further commits to purchase up to an additional 75,000 Warrants (“Additional Warrants” and

together with the Initial Warrants, the “Private Warrants”) at $1.00 per Additional Warrant, for an

aggregate purchase price of up to $75,000 (the “Over-Allotment Purchase Price” and together with the

Initial Purchase Price, the “Purchase Price”). The undersigned shall pay the Initial Purchase Price and

Over-Allotment Purchase Price (if any) for the Initial Warrants and Additional Warrants (if any) by wire transfer of

immediately available funds to the trust fund (“Trust Fund”) established by the Corporation for the

benefit of the Corporation’s public stockholders as described in the Registration Statement on the date of the IPO and

the over-allotment option are consummated, respectively.

 

The

Private Warrants will be identical the Warrants to be sold by the Corporation in the IPO, except that:

 

		●	the

                                         Private Warrants (i) will not be redeemable by the Corporation and (ii) may be exercised

                                         for cash or on a cashless basis, as described in the Registration Statement, in each

                                         case so long as they are held by the undersigned or any of its permitted transferees;

 

		●	the

                                         Private Warrants and underlying securities will not be transferable by the undersigned

                                         until the consummation of a Business Combination (subject to certain exceptions as described

                                         in the Corporation’s registration statement filed in connection with the IPO (“Registration

                                         Statement”) and set forth in the warrant agreement governing the Private Warrants);

 

		●	the

                                         Private Warrants and underlying securities will be subject to customary registration

                                         rights, pursuant to a registration rights agreement on terms agreed upon by the Corporation

                                         and the Underwriters to be filed as an exhibit to the Registration Statement;

 

		●	the

                                         undersigned will not participate in any liquidation distribution with respect to the

                                         Private Warrants or the underlying securities if the Corporation fails to consummate

                                         a Business Combination; and

 

		●	the

                                         Private Warrants and the underlying securities will include any additional terms or restrictions

                                         as is customary in other similarly structured blank check company offerings or as may

                                         be reasonably required by the Underwriters in order to consummate the IPO, which terms

                                         or restrictions will be described in the Registration Statement.

 

The

undersigned acknowledges and agrees that it will execute agreements in form and substance typical for transactions of this nature

necessary to effectuate the foregoing agreements and obligations prior to the consummation of the IPO as are reasonably acceptable

to the undersigned, including but not limited to a registration rights agreement.

 

    1

     

    

 

The

undersigned further acknowledges and agrees that the Private Warrants and the related registration rights will be deemed compensation

by the Financial Industry Regulatory Authority (“FINRA”) and will therefore, pursuant to Rule 5110(e)(1) of

the FINRA Manual, be subject to lock-up for a period of 180 days immediately following the date of effectiveness or commencement

of sales in the IPO, subject to FINRA Rule 5110(e)(2). Additionally, the Private Warrants and the related registration rights

may not be sold, transferred, assigned, pledged or hypothecated during the foregoing 180 day period following the effective date

of the Registration Statement except to any underwriter or selected dealer participating in the IPO and the bona fide officers

or partners of the undersigned and any such participating underwriter or selected dealer. Additionally, the Private Warrants and

the related registration rights will not be the subject of any hedging, short sale, derivative, put or call transaction that would

result in the economic disposition of such securities by any person for a period of 180 days immediately following the date of

effectiveness or commencement of sales in the IPO. Additionally, the undersigned may not exercise demand or piggyback rights with

respect to the Private Warrants and their components parts after five (5) and seven (7) years, respectively, from the effective

date of the Registration Statement and may not exercise demand rights on more than one occasion.

 

The

undersigned hereby represents and warrants that, as applicable:

 

		(a)	it

                                         has been advised that the Private Warrants and the underlying securities have not been

                                         registered under the Securities Act;

 

		(b)	it

                                         is acquiring the Private Warrants and the underlying securities for its account for investment

                                         purposes only;

 

		(c)	it

                                         has no present intention of selling or otherwise disposing of the Private Warrants or

                                         the underlying securities in violation of the securities;

 

		(d)	it

                                         is an “accredited investor” as defined by Rule 501 of Regulation D promulgated

                                         under the Securities Act of 1933, as amended;

 

		(e)	it

                                         has had both the opportunity to ask questions and receive answers from the officers and

                                         directors of the Corporation and all persons acting on its behalf concerning the terms

                                         and conditions of the offer made hereunder;

 

		(f)	it

                                         is familiar with the proposed business, management, financial condition and affairs of

                                         the Corporation;

 

		(g)	it

                                         has full power, authority and legal capacity to execute and deliver this letter and any

                                         documents contemplated herein or needed to consummate the transactions contemplated in

                                         this letter; and

 

		(h)	this

                                         letter constitutes a legal, valid and binding obligation, and is enforceable against

                                         it. 

 

[Signature

Page Follows]

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	 	Very

    truly yours,
	 	 	 
	 	EARLYBIRDCAPITAL,

    INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Accepted and Agreed:
	 	 	 
	BETTER WORLD ACQUISITION CORP.
	 	 	 
	By:	    

    	 
	 	Name:	 
	 	Title:	 

 

[Signature

Page to Warrants Purchase Agreement]Exhibit 10.6 

 

STOCK

ESCROW AGREEMENT

 

STOCK

ESCROW AGREEMENT, dated as of [___], 2020 (“Agreement”), by and among BETTER WORLD 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 limited purpose trust company (“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 [___], 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 10,000,000

units (“Units”) of the Company, plus an additional 1,500,000 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 warrant (“Warrant”), each Warrant to purchase one share of Common

Stock, all as more fully described in the Company’s final Prospectus, dated [___], 2020 (“Prospectus”)

comprising part of the Company’s Registration Statement on Form S-1 (File No. 333-249374) under the Securities Act of 1933,

as amended (“Registration Statement”), declared effective on [___], 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 1,500,000 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

375,000 by a fraction, (i) the numerator of which is 1,500,000 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 1,500,000.

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.

 

    3

     

    

 

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.

 

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:

 

Better

World Acquisition Corp.

733

Third Avenue

New

York, New York 10017

Email:

ripley@ngenpartners.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, 30th Floor

New

York, New York 10004

Attn:

Client Administration Dept.

Fax

No.:

Email:

accountadmin@continentalstock.com

 

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:

 

Ellenoff

Grossman & Schole, LLP

1345

Avenue of the Americas

New

York, NY 10105

Attn:

Douglas S. Ellenoff, Esq.

Fax

No.: (212) 370-7889

Email:

ellenoff@egsllp.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]

 

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WITNESS

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

 

	 	 
	 	BETTER WORLD ACQUISITION CORP.
	 	By:	                     
	 	Name:	 
	 	Title:	 
	 	 
	 	BWA HOLDINGS LLC
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	CONTINENTAL STOCK TRANSFER &

    TRUST COMPANY
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature

Page to Stock Escrow Agreement]

 

    6

     

    

 

EXHIBIT

A

 

	Name and Address of Founder	 	Number of Shares	 
	 	 	 	 	 
	BWA HOLDINGS LLC
 733 Third Avenue 
 New York, New York 10017
 Attn: Rosemary L. Ripley	 	 	2,875,000	 

 

 

 

 

 

 

A-1

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