Document:

Exhibit 10.1 

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Agreement is made as of March 13, 2018 by and between Opes Acquisition Corp. (the “Company”) and Continental
Stock Transfer & Trust Company (“Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1, No. 333-223106 (“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. (“EarlyBirdCapital”) 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,
$101,000,000 ($116,150,000 if the over-allotment option is exercised in full) of the proceeds from the IPO and a simultaneous
private placement of units will be delivered to the Trustee to be deposited and held in a segregated trust account located at
all times in the United States (the “Trust Account”) for the benefit of the Company and the holders of the Company’s
common stock, par value $0.0001 per share (“Common Stock”), issued in the IPO as hereinafter provided (the
proceeds to be delivered to the Trustee will be referred to herein as the “Property”; the stockholders for
whose benefit the Trustee shall hold the Property will be referred to as the “Public Stockholders,” and the
Public Stockholders and the Company will be referred to together as the “Beneficiaries”); and

 

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

 

IT
IS AGREED:

 

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

 

(a)       Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by
the Trustee 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;

 

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(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 EarlyBirdCapital 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 by its Chairman, President, Chief Executive Officer, or Vice President and
Chief Financial Officer, Secretary, or Assistant Secretary, affirmed by counsel for the Company and, in the case of a Termination
Letter in a form substantially similar to that attached hereto as Exhibit A, acknowledged and agreed to by EarlyBirdCapital,
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 provided in the Company’s Amended and Restated Certificate of Incorporation,
as the same may be amended from time to time (“Last Date”), 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 its President, Chief Executive Officer, or Vice President and Chief Financial Officer, Secretary, or Assistant
Secretary, distribute to Public Stockholders who exercised their conversion rights in connection with an amendment to Article
Sixth of the Company’s amended and restated 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.

 

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		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 as a result of such interest income.

 

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

 

(d)       The
Company shall provide EarlyBirdCapital 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 the Company’s Chief Executive Officer, President, or Vice
President and Chief Financial Officer, Secretary or Assistant Secretary. In addition, except with respect to its duties under
Sections 1(i), 1(j) and 2(a) above, the Trustee shall be entitled to rely on, and shall be protected in relying
on, any verbal or telephonic advice or instruction which it in good faith believes to be given by any one of the persons authorized
above to give written instructions, provided that the Company shall promptly confirm such instructions in writing;

 

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

 

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(c)       Pay
the Trustee an initial acceptance fee, an annual fee, and a transaction processing fee for each disbursement made pursuant to
Section 2(a) as set forth on Schedule A hereto, which fees shall be subject to modification by the parties from
time to time. It is expressly understood that the Property shall not be used to pay such fees unless such payment is in connection
with the consummation of 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
option 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;

 

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(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;

 

(g)       Verify
the correctness of the information set forth in the Registration Statement or to confirm or assure that any acquisition made 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 and payee
statements with 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) or 2(a)
above.

 

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

 

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		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 each acknowledge that the Trustee will follow the security procedures set forth below with respect to
funds transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating
to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe
unauthorized persons may have obtained access to such 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 or transmission of the wire.

 

(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 EarlyBirdCapital. The Trustee may require from Company
counsel an opinion as to the propriety of any proposed amendment.

 

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(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
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:
Sharmin Carter 

Email:
scarter@continentalstock.com 

Fax
No.: (212) 509-5150

 

if
to the Company, to:

 

Opes
Acquisition Corp. 

c/o
Axis Capital Management 

Park
Plaza Torre I 

Javier
Barros Sierra 540, Of. 130 

Col.
Santa Fe 

01210
Mexico City, Mexico 

Attn:
José Antonio Cañedo White 

Fax
No.: (___) ___-____

 

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

 

EarlyBirdCapital,
Inc. 

366
Madison Avenue 

New
York, New York 10017 

Attn:
General Counsel and Investment Banking Department 

Facsimile:
(___) ___-____

 

and

 

Graubard
Miller 

The
Chrysler Building 

405
Lexington Avenue 

New
York, New York 10174 

Attn:
David Alan Miller, Esq. 

Fax
No.: (212) 818-8881

 

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and

 

Greenberg
Traurig, LLP 

MetLife
Building 

200
Park Avenue 

New
York, New York 10166 

Attn:
Alan I. Annex, Esq. 

Fax
No.: (212) 801-9200

 

(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 EarlyBirdCapital is a third party beneficiary of this Agreement.

 

[Signature
Page Follows]

 

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

 

	 	CONTINENTAL STOCK TRANSFER &
    TRUST	 
	 	COMPANY, as Trustee	 
	 	 	 	 
	 	By:	/s/ Francis
    E. Wolf, Jr.	 
	 	 	Name: Francis E. Wolf, Jr.	 
	 	 	Title: Vice President	 
	 	 	 	 
	 	OPES ACQUISITION CORP.	 
	 	 	 	 
	 	By:	/s/ Miguel
    Angel Villegas	 
	 	 	Name: Miguel Angel Villegas	 
	 	 	Title: Chief Financial Officer	 

 

    9 

    

    

 

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) 	Billed
    to Company upon delivery of service pursuant to section 1(i) 	Prevailing
rates

 

    10 

    

    

 

EXHIBIT
A

 

[Letterhead
of Company]

 

                     [Insert
date]

 

Continental
Stock Transfer 

&
Trust Company 

1
State Street, 30th floor 

New
York, New York 10004 

Attn:
Fran Wolf and Sharmin Carter

 

Re:          Trust
Account No. XXX-XXXXXX - Termination Letter

 

Gentlemen:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Opes Acquisition Corp. (“Company”) and
Continental Stock Transfer & Trust Company, dated as of March 13, 2018 (“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 on [__________]
and to transfer the proceeds to the above-referenced account at [ ] 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 EarlyBirdCapital, Inc. 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, 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.

 

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	 	Very truly yours,	 
	 	 	 	 
	 	OPES ACQUISITION CORP.	 
	 	 	 	 
	 	By:	 	 
	 	 	Name: Gonzalo Gil White	 
	 	 	Title: Chairman	 
	 	 	 	 
	 	By:	 	 
	 	 	Name: José Antonio Cañedo White	 
	 	 	Title: Chief Executive Officer	 

 

	AGREED TO AND	 
	ACKNOWLEDGED BY	 
	 	 
	EARLYBIRDCAPITAL, INC.	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

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EXHIBIT
B

 

[Letterhead
of Company]

 

                      [Insert
date]

 

Continental
Stock Transfer 

&
Trust Company 

1
State Street, 30th floor 

New
York, New York 10004 

Attn:
Fran Wolf and Sharmin Carter

 

Re:         Trust
Account No. XXX-XXXXXX - Termination Letter

 

Gentlemen:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Opes Acquisition Corp. (“Company”) and
Continental Stock Transfer & Trust Company, dated as of March 13, 2018 (“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 all the Trust Account investments on [______________]
and to transfer the total proceeds to the Trust Checking Account at [ ] to await distribution to the Public Stockholders.
The Company has selected [____________, 20__] as the record date for the purpose of determining the Public Stockholders entitled
to receive their share of the liquidation proceeds. It is acknowledged that no interest will be earned by the Company on the liquidation
proceeds while on deposit in the Trust Checking Account. 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,	 
	 	 	 	 
	 	OPES ACQUISITION CORP.	 
	 	 	 	 
	 	By:	 	 
	 	 	Name: Gonzalo Gil White	 
	 	 	Title: Chairman	 
	 	 	 	 
	 	By:	 	 
	 	 	Name: José Antonio Cañedo White	 
	 	 	Title: Chief Executive Officer	 

  

cc:
EarlyBirdCapital, Inc.

 

    13 

    

    

 

EXHIBIT
C

 

[Letterhead
of Company]

 

                      [Insert
date]

 

Continental
Stock Transfer 

&
Trust Company 

1
State Street, 30th floor 

New
York, New York 10004 

Attn:
Fran Wolf and Sharmin Carter

 

Re:          Trust
Account No. XXX-XXXXXX – Amendment Notification Letter

 

Gentlemen:

 

Reference
is made to the Investment Management Trust Agreement between Opes Acquisition Corp. (“Company”) and Continental
Stock Transfer & Trust Company, dated as of March 13, 2018 (“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 the Trust Account on [ ] and to transfer $_____ of
the proceeds of the Trust to the checking account at [ ] for distribution to the 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,	 
	 	 	 	 
	 	OPES ACQUISITION CORP.	 
	 	 	 	 
	 	By:	 	 
	 	 	Name: Gonzalo Gil White	 
	 	 	Title: Chairman	 
	 	 	 	 
	 	By:	 	 
	 	 	Name: José Antonio Cañedo White	 
	 	 	Title: Chief Executive Officer	 

 

cc:
EarlyBirdCapital, Inc.

 

    14 

    

    

EXHIBIT
D

 

[Letterhead
of Company]

 

                      [Insert
date]

 

Continental
Stock Transfer 

&
Trust Company 

1
State Street, 30th floor 

New
York, New York 10004 

Attn:
Fran Wolf and Sharmin Carter

 

Re:          Trust
Account No. XXX-XXXXXX

 

Gentlemen:

 

Pursuant
to Section 2(a) of the Investment Management Trust Agreement between Opes Acquisition Corp. (“Company”) and
Continental Stock Transfer & Trust Company, dated as of March 13, 2018 (“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. 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]

 

	 	OPES ACQUISITION CORP.	 
	 	 	 	 
	 	By:	 	 
	 	 	Name: Gonzalo Gil White	 
	 	 	Title: Chairman	 
	 	 	 	 
	 	By:	 	 
	 	 	Name: José Antonio Cañedo White	 
	 	 	Title: Chief Executive Officer	 

 

cc:
EarlyBirdCapital, Inc.

 

15Exhibit 10.2 

 

STOCK ESCROW AGREEMENT

 

STOCK ESCROW AGREEMENT, dated as of March 13, 2018 (“Agreement”),
by and among OPES ACQUISITION CORP., a Delaware corporation (“Company”), AXIS PUBLIC VENTURES S. DE R.L. DE
C.V., LION POINT CAPITAL, LB&B S.A. DE C.V. and GONZALO GIL WHITE (collectively, the “Initial Stockholders”)
and CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation (“Escrow Agent”).

 

WHEREAS, the Company has entered into an Underwriting
Agreement, dated March 13, 2018 (“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: (i) one
share of the Company’s common stock, par value $0.0001 per share (“Common Stock”), and (ii) one warrant
(“Warrant”), each Warrant to purchase one share of Common Stock, all as more fully described in the Company’s
final Prospectus, dated March 13, 2018 (“Prospectus”) comprising part of the Company’s Registration Statement
on Form S-1 (File No. 333-223106) (“Registration Statement”) pursuant to the Securities Act of 1933, as amended,
declared effective on March 13, 2018 (“Effective Date”).

 

WHEREAS, the Initial Stockholders have agreed as a condition
of the sale of the Units to deposit their 2,875,000 shares of Common Stock of the Company in escrow as hereinafter provided.

 

WHEREAS, the Company and the Initial Stockholders desire
that the Escrow Agent accept the shares, in escrow, to be held and disbursed as hereinafter provided.

 

IT IS AGREED:

 

1.       Appointment
of Escrow Agent. The Company and the Initial Stockholders 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 Initial Stockholders have delivered to the Escrow Agent certificates (and applicable
stock powers, if requested by the Escrow Agent) representing such Initial Stockholders’ shares, to be held and disbursed
subject to the terms and conditions of this Agreement. The Initial Stockholders acknowledge that the certificates representing
such Initial Stockholders’ shares are legended to reflect the deposit of such shares under this Agreement.

 

3.       Disbursement
of the Escrow Shares.

 

3.1       If the Underwriters
do not exercise in full their over-allotment option to purchase up to an additional 1,500,000 Units of the Company within 45 days
of the date of the Prospectus (as described in the Underwriting Agreement), each Initial Stockholder agrees that the Escrow Agent
shall return to the Company for cancellation, at no cost, the number of Escrow Shares held by each such holder determined by multiplying
(a) the product of (i) 375,000, multiplied by (ii) a fraction, (x) the numerator of which is the number of Escrow Shares held by
each such holder, and (y) the denominator of which is the total number of Escrow Shares, by (b) a fraction, (i) the numerator of
which is 1,500,000 minus the number of shares of Common Stock purchased by the Underwriters upon the exercise of their 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 Underwriters’ over-allotment option and the number of Units, if any, purchased by the Underwriters
in connection with their 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 the earlier of (x)
six months after the date of the consummation of the Company’s initial merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization, or other similar business combination with one or more businesses or entities (“Business
Combination”) and (y) the date on which the closing price of the Company’s 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 commencing after the Company’s initial Business Combination (collectively, the “Escrow
Period”). The Company shall promptly provide notice of the consummation of a Business Combination to the Escrow Agent.
Upon completion of the Escrow Period, the Escrow Agent shall disburse such amount of each Initial Stockholder’s Escrow Shares
(and any applicable stock power) to such Initial Stockholder; provided, however, that if the Escrow Agent is notified by
the Company pursuant to Section 6.7 hereof that the Company is being liquidated because it failed 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 further amended from time to time, then the Escrow Agent shall promptly deliver the Escrow Shares to the Initial Stockholder
(or the holder of such shares at that time); provided further, that if, within six months after the Company consummates
a Business Combination, 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 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, the Escrow Agent will release the Escrow Shares
to the Initial Stockholders. The Escrow Agent shall have no further duties hereunder after the disbursement of the Escrow Shares
in accordance with this Section 3.

 

4.       Rights
of Initial Stockholder 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 Initial Stockholders shall retain all of their rights as a stockholder 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 Initial Stockholders, but all dividends payable
in stock or other non-cash property 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 dividends payable in stock or other non-cash property
distributed thereon, if any.

 

     2

     

    

 

4.3       Restrictions
on Transfer. During the Escrow Period, the only permitted transfers of the Escrow Shares will be (i) among the Initial Stockholders
or to the Company’s or the Initial Stockholders’ members, officers, directors, consultants or affiliates and thereafter
(ii) to a holder’s stockholders or members upon the holder’s liquidation, in each case if the Initial Stockholder is
an entity, (iii) by bona fide gift to a member of the holder’s immediate family or to a trust, the beneficiary of which is
the holder or a member of the holder’s immediate family, 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 Company for no value for cancellation
in connection with the consummation of a Business Combination, or (vii) by private sales of the Escrow Shares at prices no greater
than the price at which the Escrow Shares were originally purchased; provided, however, that in each case (except
for clause (vi) or with the Company’s prior written consent), such permissive 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 holder transferring the shares.

 

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

 

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 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 losses 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 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. Subject to Section 5.8 below, 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.

 

     3

     

    

 

5.4       Further
Assurances. From time to time on and after the date hereof, the Company and the Initial Stockholders 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 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, the Escrow Shares held hereunder. If no new escrow agent
is so appointed within the sixty (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 the other parties hereto, jointly, provided, however, that such resignation shall become effective only
upon acceptance of appointment by a successor escrow agent as provided in Section 5.5.

 

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.

 

6.       Miscellaneous.

 

6.1       Governing
Law. This Agreement shall for all purposes be deemed to be made under and shall be construed 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. Each of the parties hereby agrees that any action, proceeding, or claim against it arising out of
or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States
District Court for the Southern District of New York, and irrevocably submits to such personal jurisdiction, which jurisdiction
shall be exclusive. Each of the parties hereby waives any objection to such exclusive jurisdiction and that such courts represent
an inconvenient forum.

 

6.2       Third Party
Beneficiaries. The Initial Stockholders hereby acknowledge that the Underwriters are third party beneficiaries of this Agreement.

 

6.3       Entire Agreement.
This Agreement and each Insider Letter contain the entire agreement of the parties hereto with respect to the subject matter hereof
and, except as expressly provided herein, may not be changed or modified except by an instrument in writing signed by the party
to be charged.

 

     4

     

    

 

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 or other communication required or which may be given hereunder shall be in writing and either be delivered personally
or be mailed, certified or registered mail, or by private national courier service, return receipt requested, postage prepaid,
and shall be deemed given when so delivered personally or, if mailed, four business days after the date of mailing, as follows:

 

If to the Company, to:

 

Opes Acquisition Corp.

c/o Axis Capital Management 

Park Plaza Torre I

Javier Barros Sierra 540, Of. 130 

Col. Santa Fe

01210 Mexico City, Mexico 

Attn: José Antonio Cañedo White

 

If to an Initial Stockholder, to its address set forth in
Exhibit A.

 

and if to the Escrow Agent, to:

 

Continental Stock Transfer & Trust Company

1 State Street Plaza 

New York, New York 10004

Attn: Chairman

 

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

 

EarlyBirdCapital, Inc.

366 Madison Avenue

8th Floor

New York, New York 10017

Attn: General Counsel and Investment Banking Department

Facsimile: (212) 661-0200

 

with a copy to:

 

Graubard Miller

The Chrysler Building 

405 Lexington Avenue

New York, New York 10174 

Attn: David Alan Miller, Esq.

 

     5

     

    

 

and:

 

Greenberg Traurig, LLP 

Met Life Building

200 Park Avenue 

New York, New York 10166

Attn: Alan I. Annex, Esq.

 

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.

 

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]

 

     6

     

    

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

 

	 	 	OPES ACQUISITION CORP.	 
	 	 	 	 
	 	By:	/s/ Miguel Angel Villegas	 
	 	 	Name: Miguel Angel Villegas	 
	 	 	Title: Chief Financial Officer	 
	 	 	 	 
	 	 	INITIAL STOCKHOLDER:	 
	 	 	 	 
	 	 	AXIS PUBLIC VENTURES S. DE R.L. DE C.V.
	 	 	 	 
	 	By:	/s/ Gonzalo Gil White	 
	 	 	Name: Gonzalo Gil White	 
	 	 	Title: CEO	 
	 	 	 	 
	 	 	LION POINT CAPITAL	 
	 	 	 	 
	 	By:	/s/ Irshad Karim	 
	 	 	Name: Irshad Karim	 
	 	 	Title: General Counsel and CCO	 
	 	 	 	 
	 	 	LB&B S.A. DE C.V.	 
	 	 	 	 
	 	By:	/s/ Rodrigo Lebois Mateos	 
	 	 	Name: Rodrigo Lebois Mateos	 
	 	 	Title: CEO	 

 

	 	 	/s/ Gonzalo Gil White	 
	 	 	Gonzalo Gil White	 
	 	 	 	 
	 	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY

 

	 	By: 	/s/ Kevin Jennings	 
	 	 	Name: Kevin Jennings	 
	 	 	Title: Vice President	 

 

     7

     

    

 

EXHIBIT A

 

	
        Name and Address 

         
	
        Number

        

        of Shares
	
        Stock 

        Certificate Number
	
        Date of

        

        Insider Letter 

	 	 	 	 
	
        Axis Public Ventures S. de R.L. de C.V.

        

        Park Plaza Torre I

        

        Javier Barros Sierra 540, Of. 130

        

        Col. Santa Fe

        

        01210 Mexico City, Mexico

        
	862,500	1	March 13, 2018
	 	 	 	 
	
        Lion Point Capital

        

        250 West 55th Street, 33rd Floor

        

        New York, NY 10019

        
	862,500	2	March 13, 2018
	 	 	 	 
	
        LB&B Capital S.A. de C.V.

        

        Presidente Masaryk 111, Piso 5,

        

        Polanco, 11560, Mexico City

        
	920,000	3	March 13, 2018
	 	 	 	 
	
        Gonzalo Gil White

        

        Park Plaza Torre I

        

        Javier Barros Sierra 540, Of. 130

        

        Col. Santa Fe

        

        01210 Mexico City, Mexico

        
	230,000	4	March 13, 2018

 

8

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