Document:

Exhibit 10.1

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Agreement is made as of July 11, 2019 by and between Tuscan Holdings Corp. II (the “Company”) and Continental
Stock Transfer & Trust Company (“Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1, No. 333-232205 (“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,
$150,000,000.00 ($172,500,000.00 if the over-allotment option is exercised in full) of the proceeds from the IPO and a simultaneous
private placement of units and warrants 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 at J.P. Morgan Chase Bank, N.A. 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 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. The provisions of this Section 1(i) may
not be modified, amended or deleted under any circumstances; 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. The provisions of this Section 1(j) may not be modified,
amended or deleted under any circumstances.

 

2. Limited
Distributions of Income from Trust Account.

 

(a)
Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit 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)
Upon written request from the Company, which may be given 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 Property and requested by the Company
to cover expenses related to the Company’s working capital requirements; provided, however, that the aggregate amount of
all such distributions in any twelve-month period shall not exceed $250,000 and the Company will not be allowed to withdraw interest
income earned on the trust account unless there are sufficient funds available to pay the Company’s tax obligations on such
interest income or otherwise then due at that time; and

 

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

 

(c)
The Company shall 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.

 

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), 2(a) and 2(b) above, the
Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which
it in good faith believes to be given by any one of the persons authorized above to give written instructions, provided that the
Company shall promptly confirm such instructions in writing;

 

    2

     

    

 

(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;

 

(c)
Pay the Trustee an initial acceptance fee, an annual fee, and a transaction processing fee for each disbursement made pursuant
to Sections 2(a) and 2(b) as set forth on Schedule A hereto, which fees shall be subject
to modification by the parties from time to time. It is expressly understood that the Property shall not be used to pay such fees
and further agreed that any fees owed to the Trustee shall be deducted by the Trustee from the disbursements made to the Company
pursuant to Section 2(b) or 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;
and

 

(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.

 

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;

 

    3

     

    

 

(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), 2(a) or
2(b) above.

 

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

 

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.

 

    4

     

    

 

(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.

 

(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 may not be amended under any circumstances), this Agreement
or any provision hereof may only be changed, amended, or modified by a writing signed by each of the parties hereto; provided,
however, that no such change, amendment or modification may be made without the prior written consent of 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:

 

Tuscan
Holdings Corp. II

135
E. 57th Street, 18th Floor

New
York, NY 10022

Attn:
Stephen A. Vogel, CEO

E-mail:
stephen@vpllp.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

 

    5

     

    

 

and

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas

New
York, New York 10105

Attn:
Stuart Nuehauser, Esq.

Email:
sneuhauser@egsllp.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]

 

    6

     

    

 

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
	 	 	 	 
	 	TUSCAN HOLDINGS CORP. II
	 	 	 	 
	 	By:	 /s/
    Stephen A. Vogel
	 	 	Name:	 Stephen
    A. Vogel
	 	 	Title:	 Chief
    Executive Officer

 

 

    7

     

    

 

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	 	Deduction by Trustee from accumulated income 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	 

 

     

     

    

 

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

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Tuscan Holdings Corp. II (“Company”) and
Continental Stock Transfer & Trust Company, dated as of July 11, 2019 (“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 48 hours in advance of the
actual date of the consummation of the Business Combination (“Consummation Date”). Capitalized terms used herein
and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate the Trust Account investments 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 funds held
in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct on the
Consummation Date. It is acknowledged and agreed that while the funds are on deposit in the trust account awaiting distribution,
the Company will not earn any interest or dividends.

 

On
the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has
been consummated and (ii) the Company shall deliver to you (a) [an affidavit] [a certificate] of [__________________], which verifies
the vote of the Company’s 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,
	 	 
	 	TUSCAN HOLDINGS CORP. II
	 	 	 	     
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 Chief Executive Officer
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 Chief Financial Officer

  

AGREED
TO AND ACKNOWLEDGED BY

 

	EARLYBIRDCAPITAL, INC.	 
	 	 	                                         	 
	By:	 	 
	 	Name: 	 	 
	 	Title:	 	 

 

     

     

    

 

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

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Tuscan Holdings Corp. II (“Company”) and
Continental Stock Transfer & Trust Company, dated as of July 11, 2019 (“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 Account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Stockholders. The
Company has selected [____________, 20__] as the date for 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 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,
	 	 
	 	TUSCAN HOLDINGS CORP. II
	 	 	 	          
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 Chief Executive Officer
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 Chief Financial Officer

 

cc:
EarlyBirdCapital, Inc.

 

     

     

    

 

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

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Reference
is made to the Investment Management Trust Agreement between Tuscan Holdings Corp. II (“Company”) and Continental
Stock Transfer & Trust Company, dated as of July 11, 2019 (“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,
	 	 
	 	TUSCAN HOLDINGS CORP. II
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 Chief Executive Officer
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 Chief Financial Officer

  

cc:
EarlyBirdCapital, Inc.

 

     

     

    

 

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. [_____________]

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

[Pursuant
to Section 2(a) of the Investment Management Trust Agreement between Tuscan Holdings Corp. II (“Company”) and
Continental Stock Transfer & Trust Company, dated as of July 11, 2019 (“Trust Agreement”), the Company
hereby requests that you deliver to the Company [$_______] of the interest income earned on the Property as of the date hereof.
The Company needs such funds to pay for its tax obligations as a result of such interest income.] [Pursuant to Section 2(a) of
the Investment Management Trust Agreement between Tuscan Holdings Corp. II (“Company”) and Continental Stock Transfer
& Trust Company, dated as of July 11, 2019 (“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, which does not exceed, in the aggregate
with all such prior disbursements pursuant to Section 2(b), if any, the maximum amount set forth in Section 2(b).]

 

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]

 

	 	TUSCAN HOLDINGS CORP. II
	 	 	 	                  
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 
	 	 	 	 

 

cc:
EarlyBirdCapital, Inc.Exhibit
10.2

 

STOCK
ESCROW AGREEMENT

 

STOCK
ESCROW AGREEMENT, dated as of July 11, 2019 (“Agreement”), by and among TUSCAN HOLDINGS CORP. II, a Delaware corporation
(“Company”), the stockholder of the Company listed on Exhibit A hereto (the “Founder”) 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 July 11, 2019 (“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 15,000,000 units (“Units”) of the
Company, plus an additional 2,250,000 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 July 12, 2019 (“Prospectus”) comprising part of the Company’s Registration
Statement on Form S-1 (File No. 333-232205) under the Securities Act of 1933, as amended (“Registration Statement”),
declared effective on July 11, 2019 (“Effective Date”).

 

WHEREAS,
the Founder has agreed as a condition of the sale of the Units to deposit its shares of Common Stock of the Company in escrow
as hereinafter provided.

 

WHEREAS,
the Company and the Founder 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 Founder 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 Founder shall have delivered to the Escrow Agent certificates (and
applicable stock powers if requested by the Escrow Agent) representing such Founder’s respective shares of Common Stock
set forth on Exhibit A hereto, to be held and disbursed subject to the terms and conditions of this Agreement. The Founder acknowledges
that the certificate representing such Founder’s shares is 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 2,250,000 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 Founder agrees that the Escrow
Agent shall return to the Company for cancellation, at no cost, the number of shares of Common Stock held by it determined by
multiplying 562,500 multiplied by a fraction, (i) the numerator of which is 2,250,000 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 2,250,000. 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 such Founder; provided, however, that if, within the Escrow Period, the Company (or the surviving entity) subsequently
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 Founder. 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 is being liquidated, then the Escrow
Agent shall deliver the certificates representing the Escrow Shares to the Founder promptly after the public stockholders are
paid the liquidating distributions and shall have no further duties hereunder.

 

4.
Rights of Founder 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 Founder 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 Founder, 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
Founder and the Company’s officers, directors, employees, consultants or their affiliates, (ii) to a Founder’s stockholders,
partners or members upon the Founder’s liquidation, (iii) by bona fide gift to a member of the Founder’s immediate
family or to a trust, the beneficiary of which is the Founder or a member of the Founder’s immediate family for estate planning
purposes, (iv) by virtue of the laws of descent and distribution upon death of the Founder, (v) pursuant to a qualified domestic
relations order binding on the 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 Founder has executed a letter agreement 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 Founder 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 Founder 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 (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) 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:

 

Tuscan
Holdings Corp. II

135
E. 57th St., 18th Floor

New
York, NY 10022

Attn:
Stephen A. Vogel

Fax
No.:

Email:

 

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:

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas

New
York, New York 10105

Attn:
Stuart Nuehauser, Esq.

Fax
No.: (212) 370-7889

Email:
sneuhauser@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 Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution
of the Company 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.

 

	 	TUSCAN
    HOLDINGS CORP. II
	 	 
	 	By:	 /s/
    Richard O. Rieger
	 	Name:	Richard
    O. Rieger
	 	Title:	Chief
    Financial Officer
	 	 
	 	FOUNDERS:
	 	 
	 	TUSCAN
    HOLDINGS ACQUISITION II LLC
	 	 
	 	By:	 /s/
    Stephen A. Vogel
	 	Name:	Stephen
    A. Vogel
	 	Title:	Managing
    Member
	 	 
	 	CONTINENTAL
    STOCK TRANSFER & TRUST COMPANY
	 	 
	 	By:	 /s/
    Erika Young 
	 	Name:	 Erika Young
	 	Title:	 Vice President

 

[Signature
Page to Stock Escrow Agreement]

 

     

     

    

 

EXHIBIT
A

 

	Name
    and Address of Founder	 	Number
    of Shares	 
	 	 	 	 
	Tuscan
    Holdings Acquisition II LLC	 	 	4,312,500

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}]]