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union3379231-ex101.htm - Generated by SEC Publisher for SEC Filing

EX 10.1

____________, 2018

Union Acquisition Corp.
400 Madison Avenue, Suite 11A 
New York, NY 10017

Ladenburg Thalmann & Co. Inc. 
277 Park Avenue, 26th Floor 
New York, New York 10172

	       Re:       	Initial Public Offering

Ladies and Gentlemen:

This letter is being delivered to
you in accordance with the Underwriting Agreement (the “Underwriting
Agreement”) entered into by and between Union Acquisition Corp.,
a Cayman Islands exempted company (the “Company”),
and Ladenburg Thalmann & Co. Inc. (“LT”)
as Representative of
the several Underwriters named in Schedule I thereto (the “Underwriters”),
relating to an underwritten initial public offering (the “IPO”)
of the Company’s units (the “Public Units”),
each comprised of one ordinary share, par value $0.0001 per share (the “Ordinary
Shares”), one right and one warrant, with each warrant entitling the
holder to purchase one Ordinary Share (“Warrant”)
at a price of $11.50. Certain capitalized terms used herein are defined in Section
14 hereof.

In order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit that such IPO will confer upon the undersigned as a shareholder of the Company, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows:

1. If the Company solicits approval of its shareholders of a Business Combination, the undersigned will vote all Ordinary Shares beneficially owned by him, her, or it, whether acquired before, in, or after the IPO, in favor of such Business Combination. The foregoing provision may not be amended under any circumstances.

2. In the event that the Company fails to consummate a Business Combination within the time period set forth in the Company’s Amended and Restated Memorandum and Articles of Association, as the same may be amended from time to time, the undersigned will, as promptly as possible, cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible, but not more than ten (10) business days thereafter, redeem 100% of the Ordinary Shares sold as part of the Units in the IPO, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the Trust Account (less up to $100,000 of interest to pay liquidation expenses and which interest shall be net of taxes payable), divided by the number of then outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, dissolve and liquidate, subject in the cases of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands law to provide for claims of creditors and other requirements of applicable law. The undersigned hereby waives any and all right, title, interest, or claim of any kind in or to any distribution of the Trust Account (“Claim”) as a result of such liquidation with respect to his shares of Founders’ Shares and hereby waives any Claim the undersigned may have in the future as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust Account for any reason whatsoever. The undersigned acknowledges and agrees that there will be no distribution from the Trust Account with respect to any Warrants, all rights of which will terminate on the Company’s liquidation. [In the event of the liquidation of the Trust Account, the undersigned agrees to indemnify and hold harmless the Company for any debts and obligations to target businesses or vendors or other entities that are owed money by the Company for services rendered or contracted for or products sold to the Company, but only to the extent necessary to ensure that such debt or obligation does not reduce the amount of funds in the Trust Account below $10.10 per share; provided that such indemnity shall not apply (i) if such vendor or prospective target business executed an agreement waiving any Claim in or to any monies held in the Trust Account, or (ii) as to any Claims under the Company’s obligation to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Additionally, in the event that the Company does not consummate a Business Combination and must liquidate and its remaining net assets are insufficient to complete such liquidation, the undersigned agrees to advance such funds necessary to complete such liquidation and agrees not to seek repayment for such expenses.]1

3. The undersigned will escrow all of his, her or its Founder Shares pursuant to the terms of that certain Stock Escrow Agreement dated as of _____, 2018, which the Company has entered into with the undersigned and Continental Stock Transfer & Trust Company.

4. The undersigned agrees that until the Company consummates a Business Combination, the undersigned’s Private Placement Warrants will be subject to the transfer restrictions described in the Subscription Agreement relating to the undersigned’s Private Placement Warrants.

5. [In order to minimize potential conflicts of interest which may arise from multiple affiliations, the undersigned agrees to present to the Company for its consideration, prior to presentation to any other person or entity, any suitable opportunity to acquire a target business, until the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company, subject to any pre-existing fiduciary and contractual obligations the undersigned might have.]2

6. The undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated with any Insiders of the Company or their affiliates, such transaction must be approved by a majority of the Company’s disinterested independent directors and the Company must obtain an opinion from an independent investment banking firm, or another independent entity that commonly renders valuation opinions on the type of target business the Company is seeking to acquire, that such Business Combination is fair to the Company’s unaffiliated shareholders from a financial point of view.

7. Neither the undersigned nor any affiliate of the undersigned will be entitled to receive and will not accept any compensation or other cash payment prior to, or for services rendered in order to effectuate, the consummation of the Business Combination; provided that the Company shall be allowed to make the payments set forth in the Registration Statement under the caption “Prospectus Summary – The Offering – Limited payments to insiders.”

____________________

1 For Sartori/Union Group International Holdings Limited only.

 2 For directors and officers only.

8. Neither the undersigned nor any affiliate of the undersigned will be entitled to receive or accept a finder’s fee or any other compensation in the event the undersigned, any member of the family of the undersigned or any affiliate of the undersigned originates a Business Combination.

9. The undersigned hereby agrees and acknowledges that (i) each of the Underwriters and the Company may be irreparably injured in the event of a breach of any of the obligations contained in this letter, (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach.

10. The undersigned agrees to be the _________ of the Company until the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company. The undersigned’s biographical information previously furnished to the Company and the Representative is true and accurate in all material respects and does not omit any material information with respect to the undersigned’s biography. The undersigned’s FINRA Questionnaire previously furnished to the Company and the Representative is true and accurate in all material respects. The undersigned represents and warrants that:

	     	(a)	he/she/it has never had a petition under the federal bankruptcy laws or any state insolvency law been filed by or against (i) him/her/it or any partnership in which he/she/it was a general partner at or within two years before the time of filing; or (ii) any corporation or business association of which he/she/it was an executive officer at or within two years before the time of such filing;
		          	
		(b)	

   he/she/it has never had a receiver, fiscal agent or similar officer been appointed by a court for his/her/its business or property, or any such partnership;

			

    

		(c)	

   he/she/it has never been convicted of fraud in a civil or criminal proceeding;

			

    

		(d)	

   he/she/it/ has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding traffic violations and minor offenses);

			

    

		(e)	

   he/she/it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining or otherwise limiting him/her/it from (i) acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission (“CFTC”) or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or from engaging in or continuing any conduct or practice in connection with any such activity; or (ii) engaging in any type of business practice; or (iii) engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal or state securities or federal commodities laws;

		(f)	

   he/she/it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state authority barring, suspending or otherwise limiting for more than 60 days your right to engage in any activity described in 9(e)(i) above, or to be associated with persons engaged in any such activity;

	     	          	
		

   (g)
	

   he/she/it has never been found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal or state securities law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended or vacated;

	 		
		

   (h)
	

   he/she/it has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal commodities law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or vacated;

	 	
   
   	
		

   (i)
	

   he/she/it has never been the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal or State securities or commodities law or regulation, (ii) any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and desist order, or removal or prohibition order or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity;

	 	

   	
		

   (j)
	

   he/she/it has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated, or any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member;

	 	

   	
		

   (k)
	

   he/she/it has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;

	 	

   	
		

   (l)
	

   he/she/it was never subject to a final order of a state securities commission (or an agency of officer of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the Commodity Futures Trading Commission; or the National Credit Union Administration that is based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct;

		(m)	

   he/she/it has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at the time of such sale, restrained or enjoined him/her/it from engaging or continuing to engage in any conduct or practice: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities;

	     	          	
		

   (n)
	

   he/she/it has never been subject to any order of the SEC that orders him/her/it to cease and desist from committing or causing a future violation of: (i) any scienter-based anti-fraud provision of the federal securities laws, including, but not limited to, Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Section 206(1) of the Advisers Act or any other rule or regulation thereunder; or (ii) Section 5 of the Securities Act;

	 		
		

   (o)
	

   he/she/it has never been named as an underwriter in any registration statement or Regulation A offering statement filed with the SEC that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued;

	 	

   	
		

   (p)
	

   he/she/it has never been subject to a United States Postal Service false representation order, or is currently subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations;

	 	

   	
		

   (q)
	

   he/she/it is not subject to a final order of a state securities commission (or an agency of officer of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the Commodity Futures Trading Commission; or the National Credit Union Administration that bars the undersigned from: (i) association with an entity regulated by such commission, authority, agency or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging in savings association or credit union activities;

	 	

   	
		

   (r)
	

   he/she/it is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Securities Exchange Act of 1934 (the “Exchange Act”) or section 203(e) or 203(f) of the Investment Advisers Act of 1940 (the “Advisers Act”) that: (i) suspends or revokes the undersigned’s registration as a broker, dealer, municipal securities dealer or investment adviser; (ii) places limitations on the activities, functions or operations of, or imposes civil money penalties on, such person; or (iii) bars the undersigned from being associated with any entity or from participating in the offering of any penny stock; and

		(s)	

   he/she/it has never been suspended or expelled from membership in, or suspended or barred from association with a member of, a securities self-regulatory organization (e.g., a registered national securities exchange or a registered national or affiliated securities association) for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade.

	     	          	

   

10. The undersigned has full right and power, without violating any agreement by which he is bound, to enter into this letter agreement and to serve as _________ of the Company.

11. The undersigned hereby waives his, her or its right to exercise conversion/redemption rights with respect to any shares of the Company’s Ordinary Shares owned or to be owned by the undersigned, directly or indirectly (or to sell such shares to the Company in a tender offer), and agrees to not seek conversion/redemption with respect to such shares in connection with any vote to approve a Business Combination (or sell such shares to the Company in a tender offer in connection with such a Business Combination).

12. The undersigned hereby agrees not to propose, or vote in favor of, an amendment to Article 48 of the Company’s Amended and Restated Memorandum and Articles of Association prior to the consummation of a Business Combination unless the Company provides holders of shares acquired in the Company’s initial public offering (“IPO Shares”) with the opportunity to convert or redeem their IPO Shares in connection with any such vote.

13. This letter 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 undersigned hereby (i) agrees that any action, proceeding or claim against him, her, or it arising out of or relating in any way to this letter agreement (a “Proceeding”) shall be brought and enforced in the courts of the State of New York of the United States of America for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive, (ii) waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum and (iii) irrevocably agrees to appoint Graubard Miller as agent for the service of process in the State of New York to receive, for the undersigned and on his, her or its behalf, service of process in any Proceeding.

14. As used herein, (i) a “Business Combination” means a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities; (ii) “Insiders” means all officers, directors, and shareholders of the Company immediately prior to the IPO; (iii) “Founders’ Shares” means all of the Ordinary Shares of the Company acquired by an Insider prior to the IPO; (iv) “Public Units” means units consisting of the Ordinary Shares and Warrants issued in the Company’s IPO; (v) “Private Placement Warrants” means the Warrants purchased in the private placement taking place simultaneously with the consummation of the Company’s IPO; (vi) “Registration Statement” means the registration statement on Form S-1 (File No. 333-222744) filed by the Company with respect to the IPO; and (vii) “Trust Account” means the trust account into which a portion of the net proceeds of the Company’s IPO will be deposited.

15. Any notice, consent or request to be given in connection with any of the terms or provisions of this letter 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 facsimile transmission.

16. No party hereto may assign either this letter agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This letter agreement shall be binding on the parties hereto and any successors and assigns thereof.

17. The undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations and warranties set forth herein in proceeding with the IPO.

	Print Name of Insider
	 
	 
	SignatureEX 10.6.2

		

   February 5, 2018

Gentlemen:

Union 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 (“IPO”).

Each of the undersigned hereby commits to purchase 255,000 warrants of the Corporation, or 510,000 warrants in the aggregate (collectively, the “Private Warrants”), at $1.00 per Private Warrant, for a purchase price of $255,000, or $510,000 in the aggregate (collectively, the “Purchase Price”). Each Private Warrant entitles the undersigned to purchase one ordinary share, par value $0.0001 per share, of the Corporation, at a price of $11.50 per share. On the date of the consummation of the IPO, the undersigned will fund the Purchase Price as set forth below.

The consummation of the purchase and issuance of the Private Warrants shall occur simultaneously with the consummation of the IPO. Simultaneously with the consummation of the IPO, the undersigned shall deposit the Purchase Price, without interest or deduction, into the trust fund (“Trust Fund”) established by the Corporation for the benefit of the Corporation’s public shareholders as described in the registration statement filed in connection with the IPO (“Registration Statement”).

In the event that any of the undersigned breaches its respective purchase obligations set forth above to purchase its portion of the Private Warrants and does not purchase all or any portion of such Private Warrants, the other purchasers of the Private Warrants will have the ability, but not the obligation, to satisfy the undersigned’s purchase obligation (and if they do, then the undersigned will sell, at the original cost, the Founders’ Shares (defined below) held by the undersigned to the other purchasers of Private Warrants who satisfy the undersigned’s respective purchase obligation and shall thereupon have no further liability or obligation in relation to such breach).

In consideration of the above respective purchase obligations, Juan Sartori (the “Transferor”) hereby agrees to transfer to each undersigned 100,222 ordinary shares of the Corporation, or 200,444 ordinary shares in the aggregate (“Founders’ Shares”), at approximately $0.01 per Founder Share, for a purchase price of $1,002.22, or $2,004.44 in the aggregate, which amount is being delivered to the Transferor simultaneously with the execution of this letter. The undersigned acknowledges and agrees that if the underwriters in the IPO determine the size of the offering should be increased or decreased, the undersigned will either receive a dividend on the Founders’ Shares transferred hereunder or contribute a portion of the Founders’ Shares back to capital, as applicable, in order to maintain the aggregate ownership of the Corporation’s initial stockholders at a certain percentage of the number of shares to be sold in the IPO. Any increase or decrease will affect all holders of Founders’ Shares on a pro-rata basis.

The Founders’ Shares will be identical to the ordinary shares included in the units to be sold by the Corporation in the IPO, and the Private Warrants will be identical to the units to be sold by the Corporation in the IPO, except that:

	●	the undersigned agree to vote the Founders’ Shares in favor of any proposed Business Combination;
		 
	●	the undersigned agree not to seek conversion rights, or seek to sell in any tender offer, any Founders’ Shares;
		 
	●	the Founders’ Shares will be placed in escrow, subject to the terms of an escrow agreement reasonably acceptable to the undersigned, and will not be released (subject to certain exceptions) until the earlier of one year after the date of the consummation of the Corporation’s initial business combination and the date on which the closing price of the Corporation’s ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing 150 days after the Corporation’s initial business combination, or earlier if, subsequent to the Corporation’s initial business combination, the Corporation consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the Corporation’s shareholders having the right to exchange their ordinary shares for cash, securities or other property. During this time, the securities may only be transferred during this time period (i) to the Corporation’s initial shareholders, officers, directors, consultants or their affiliates, (ii) to an initial shareholder’s members upon its liquidation, (iii) to relatives and trusts for estate planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified domestic relations order, (vi) to the Corporation for no value for cancellation in connection with the consummation of an initial Business Combination, or (vii) in connection with the consummation of a Business Combination at prices no greater than the price at which the shares were originally purchased, in each case (except for clause (vi) or with the Corporation’s prior consent) where the transferee agrees to the terms of the escrow agreement and to be bound by these transfer restrictions;
		 
	●	the Private Warrants will not be transferable (except to the same permitted transferees as the Founders’ Shares are transferable described above) until after the completion of a Business Combination;
		 
	●	the Founders’ Shares and Private Warrants (and underlying securities) will be subject to customary registration rights, which shall be described in the Registration Statement;
		 
	●	the Undersigned will not participate in any liquidation distribution with respect to the Founders’ Shares (but will participate in liquidation distributions with respect to any units or ordinary shares purchased by the undersigned in the IPO or in the open market after the IPO) if the Corporation fails to consummate a Business Combination;

	●	the Private Warrants will not be redeemable and will be exercisable on a cashless basis so long as they are held by the undersigned or their permitted transferees; and
		 
	●	the Founders’ Shares and Private Warrants 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 the IPO in order to consummate the IPO, each of which will be set forth in the Registration Statement.

The Founders’ Shares and Private Warrants are deemed compensation by FINRA and are therefore subject to a 180-day lock-up pursuant to Rule 5110(g)(1) of the FINRA Manual, commencing on the effective date of the Registration Statement. Pursuant to FINRA Rule 5110(g)(1), these securities will not be sold during the offering, or sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately following the effective date of the Registration Statement or commencement of sales of the public offering, except to any underwriter and selected dealer participating in the offering and their bona fide officers or partners, provided that all securities so transferred remain subject to the lockup restriction above for the remainder of the time period.

Each of the undersigned further acknowledges and agrees that if, in order to consummate any Business Combination, the holders of Founders’ Shares or Private Warrants are required to contribute back to the capital of the Corporation a portion of any such securities to be cancelled by the Corporation or transfer a portion of any such securities to one or more third parties, the undersigned will contribute back to the capital of the Corporation or transfer to such third party or parties a proportionate number of Founders’ Shares or Private Warrants, as applicable, pro rata with the other holders of Founders’ Shares or Private Warrants, as applicable.

To the extent that any holders of the Founders’ Shares or Private Warrants receives, either directly or indirectly, any form of compensation or economic benefit (other than in connection with employment, consulting or advisory services), in exchange for the contribution of its Founders’ Shares or Private Warrants back to the Corporation, in connection with or as an inducement to, or as a result of, any Business Combination, such compensation or economic benefit shall be shared equally by all holders of the Founders’ Shares or Private Warrants, including the undersigned, pro rata, based on the number of Founders’ Shares or Private Warrants allocable to each holder (including Founders’ Shares or Private Warrants held by management and independent directors of the Corporation). Notwithstanding the foregoing, the maximum value of such compensation or economic benefit received by the undersigned, in exchange for the Founders’ Shares or Private Warrants that the undersigned may be required to forfeit in accordance with the terms hereof, may under no circumstance exceed the value of such forfeited Founders’ Shares or Private Warrants. In the event that the parties determine that such compensation or economic benefit has a higher value than the value of the Founders’ Shares or Private Warrants, the parties will consult with FINRA before engaging in any transaction that would result in the provision of such compensation or economic benefits to the undersigned.

Each of 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 (i) an insider letter, (ii) an escrow agreement and (iii) a registration rights agreement.

Each of the undersigned hereby represents and warrants that, as applicable:

	             	(a)	      	

   it has been advised that the Founders’ Shares and Private Warrants have not been registered under the Securities Act;

	 	 		 
		(b)		

   it is acquiring the Founders’ Shares and Private Warrants for its account for investment purposes only;

	 	 		 
		(c)		

   it has no present intention of selling or otherwise disposing of the Founders’ Shares and Private Warrants in violation of the securities laws of the United States;

	 	 		 
		(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 the legal, valid and binding obligation of the undersigned and is enforceable against it.

	              	 	Very truly yours,
	 	 	 
			LADENBURG THALMANN & CO. INC.
		 
		 
		By:       	                                                                              
			Name:
			Title:
		 
		 
			CIM SECURITIES, LLC
		 
		 
		By:	                                                                             
			Name:
			Title:

		 
		 
	Accepted and Agreed:
		 
	UNION ACQUISITION CORP.
		 
		 
	By:       	                                                                       	 
		Name: Kyle P. Bransfield
		Title: CEO

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