Document:

Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Agreement is made as of October 11, 2018
by and between DD3 Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (“Trustee”).

 

WHEREAS, the Company’s registration statement
on Form S-1, No. 333-227423 (“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 memorandum and articles of association, $50,000,000 ($57,500,000
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 ordinary shares, no par value
(“Ordinary Shares”), issued in the IPO as hereinafter provided (the proceeds to be delivered to the Trustee
will be referred to herein as the “Property”; the shareholders for whose benefit the Trustee shall hold the
Property will be referred to as the “Public Shareholders,” and the Public Shareholders 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 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 two authorized officers, 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, including interest (which interest
shall be net of any taxes payable and, in the case of a Termination Letter attached as Exhibit B, up to $50,000 of interest that
may be released to the Company to pay dissolution expenses, if applicable, it being understood that the Trustee has no obligation
to monitor or question the Company’s position that an allocation has been made for taxes payable), 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 memorandum
and articles of association, 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 the
Property in the Trust Account, including interest (which interest shall be net of any taxes payable and up to $50,000 of interest
that may be released to the Company to pay dissolution expenses, it being understood that the Trustee has no obligation to monitor
or question the Company’s position that an allocation has been made for taxes payable), shall be distributed to the Public
Shareholders as of the Last Date. The provisions of this Section 1(i) may not be modified, amended or deleted under any
circumstances; and

 

    	 	2	 

     

    

 

(j)           Upon
receipt of a letter (an “Amendment Notification Letter”) in the form of Exhibit C, signed on behalf of
the Company by two authorized officers, distribute to Public Shareholders who exercised their redemption rights in connection with
an amendment to Regulation 25 or to any of the other rights of the Ordinary Shares as set out at Clause 8.1 of the Company’s
amended and restated memorandum and articles of association (an “Amendment”) an amount equal to the pro rata
share of the Property relating to the Ordinary Shares for which such Public Shareholders have exercised redemption 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 as a result of such interest income.

 

(b)          Upon
written request from the Company following the Last Date, which may be given in a form substantially similar to that attached hereto
as Exhibit D, signed on behalf of the Company by two authorized officers, the Trustee shall distribute to the Company up
to $50,000 of interest income earned on the Property and requested by the Company to cover expenses directly related to the Company’s
liquidation (i.e., only those expenses incurred after the Last Date attributable to the Company’s liquidation); provided,
however, that the Company will not be allowed to withdraw interest income earned on the trust account pursuant to this Section
2(b) unless there are sufficient funds available to pay the Company’s tax obligations on such interest income or otherwise
then due at that time.

 

(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.

 

(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 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;

 

    	 	3	 

     

    

 

(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;

 

(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 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 1(i) solely 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 shareholders 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 shareholder votes verifying
the vote of the Company’s shareholders 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 shareholders, provide the Trustee with an Amendment Notification Letter in the form
of Exhibit C providing instructions for the distribution of funds to Public Shareholders 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;

 

    	 	4	 

     

    

 

(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;

 

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

 

    	 	5	 

     

    

 

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 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.

 

    	 	6	 

     

    

 

(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.

 

(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: Francis E. Wolf, Jr. and Celeste Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

if to the Company, to:

 

DD3 Acquisition Corp.

c/o DD3 Mex Acquisition Corp

Pedregal 24, 4th Floor

Colonia Molino del Rey, Delegación Miguel Hidalgo

11040 Mexico City, Mexico

Attn: Martin Werner

Email: martin.werner@dd3.mx

 

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

 

    	 	7	 

     

    

 

and

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

Fax No.: (212) 818-8881

 

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]

 

    	 	8	 

     

    

 

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
	 	 	 	 
	 	DD3 ACQUISITION CORP. 
	 	 	 	 
	 	By:	/s/ Martin Werner
	 	 	Name:	Martin Werner
	 	 	Title:	Chief Executive 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) and 1(j)	 	Billed to Company upon delivery of service pursuant to section 1(i) and 1(j)	 	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: Francis E. Wolf, Jr. and Celeste Gonzalez

 

		Re:	Trust Account No. [________] - Termination Letter

 

Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i)
of the Investment Management Trust Agreement between DD3 Acquisition Corp. (“Company”) and Continental Stock
Transfer & Trust Company, dated as of ______ ___, 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
shareholders 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.

 

    	 	11	 

     

    

 

	 	Very truly yours,
	 	 
	 	DD3 ACQUISITION CORP. 
	 	 	 	 
	 	By:	 
	 	 	Name:	Martin Werner
	 	 	Title:	Chairman and Chief Executive Officer
	 	 	 	 
	 	By:	 
	 	 	Name:	Jorge Combe
	 	 	Title:	Chief Operating Officer

 

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

 

    	 	12	 

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

& Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis E. Wolf, Jr. and Celeste Gonzalez

 

		Re:	Trust Account No. [__________] - Termination Letter

 

Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i)
of the Investment Management Trust Agreement between DD3 Acquisition Corp. (“Company”) and Continental Stock
Transfer & Trust Company, dated as of ________ ___, 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 memorandum and articles of association, 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 Shareholders.
The Company has selected [____________, 20__] as the record date for the purpose of determining the Public Shareholders 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 Shareholders in accordance with the terms of the Trust Agreement
and the amended and restated memorandum and articles of association 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,
	 	 
	 	DD3 ACQUISITION CORP. 
	 	 	 	 
	 	By:	 
	 	 	Name:	Martin Werner
	 	 	Title:	Chairman and Chief Executive Officer
	 	 	 	 
	 	By:	 
	 	 	Name:	Jorge Combe
	 	 	Title:	Chief Operating 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: Francis E. Wolf, Jr. and Celeste Gonzalez

 

		Re:	Trust Account No. [________] – Amendment
Notification Letter

 

Mr. Wolf and Ms. Gonzalez:

 

Reference is made to the
Investment Management Trust Agreement between DD3 Acquisition Corp. (“Company”) and Continental Stock Transfer
& Trust Company, dated as of ________ ___, 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 a sufficient portion of the Trust Account on [ ] and to transfer $_____
of the proceeds of the Trust to the operating account at JPMorgan Chase Bank, N.A. for distribution to the shareholders that have
requested redemption of their shares in connection with such Amendment. The remaining funds shall be reinvested by you as previously
instructed.

 

	 	Very truly yours,
	 	 
	 	DD3 ACQUISITION CORP. 
	 	 	 	 
	 	By:	 
	 	 	Name:	Martin Werner
	 	 	Title:	Chairman and Chief Executive Officer
	 	 	 	 
	 	By:	 
	 	 	Name:	Jorge Combe
	 	 	Title:	Chief Operating 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: Francis E. Wolf, Jr. and Celeste Gonzalez

 

		Re:	Trust Account No. [_____________]

 

Mr. Wolf and Ms. Gonzalez:

 

Pursuant to [Section 2(a)
and/or Section 2(b)] of the Investment Management Trust Agreement between DD3 Acquisition Corp. (“Company”)
and Continental Stock Transfer & Trust Company, dated as of _______ ___, 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,
[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)]. [The Company needs such funds to pay for its tax obligations as a result of such interest income] and/or
[The Company needs such funds to pay its expenses relating to its liquidation]. 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]

 

	 	DD3 ACQUISITION CORP. 
	 	 	 	 
	 	By:	 
	 	 	Name:	Martin Werner
	 	 	Title:	Chairman and Chief Executive Officer
	 	 	 	 
	 	By:	 
	 	 	Name:	Jorge Combe
	 	 	Title:	Chief Operating Officer

 

cc: EarlyBirdCapital, Inc.

 

    	 	15Exhibit 10.3

 

STOCK ESCROW AGREEMENT

 

STOCK ESCROW AGREEMENT, dated as of October
11, 2018 (“Agreement”), by and among DD3 ACQUISITION CORP., a British Virgin Islands corporation (“Company”),
DD3 MEX ACQUISITION CORP (the “Initial Shareholder”) and CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New
York corporation (“Escrow Agent”).

 

WHEREAS, the Company has entered into an Underwriting
Agreement, dated October 11, 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 5,000,000 units (“Units”) of the Company, plus
an additional 750,000 Units if the Representative exercises the over-allotment option in full. Each Unit consists of: (i) one ordinary
share of the Company, no par value (“Ordinary Share”), and (ii) one warrant (“Warrant”),
each Warrant to purchase one Ordinary Share at a price of $11.50, all as more fully described in the Company’s final Prospectus,
dated October 11, 2018 (“Prospectus”) comprising part of the Company’s Registration Statement on Form
S-1 (File No. 333-227423) (“Registration Statement”) pursuant to the Securities Act of 1933, as amended, declared
effective on October 11, 2018 (“Effective Date”).

 

WHEREAS, the Initial Shareholder has agreed
as a condition of the sale of the Units to deposit its 1,437,500 Ordinary Shares of the Company in escrow as hereinafter provided.

 

WHEREAS, the Company and the Initial Shareholder
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 Shareholder 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 Shareholder has delivered to the Escrow Agent certificates (and applicable
stock powers, if requested by the Escrow Agent) representing such Initial Shareholder’s shares, to be held and disbursed
subject to the terms and conditions of this Agreement. The Initial Shareholder acknowledges that the certificates representing
such Initial Shareholder’s 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 750,000 Units of the Company
within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Initial Shareholder agrees that
the Escrow Agent shall return to the Company for cancellation, at no cost, a number of Escrow Shares equal to the product of (i)
187,500, multiplied by (ii) a fraction, (x) the numerator of which is 750,000 minus the number of Ordinary Shares purchased by
the Underwriters upon the exercise of their over-allotment option, and (y) the denominator of which is 750,000. 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 (x) with respect
to 50% of the Escrow Shares, the earlier of one year after the date of the consummation of the Company’s initial merger,
share exchange, asset acquisition, share purchase, recapitalization, reorganization, or other similar business combination with
one or more businesses or entities (“Business Combination”) and the date on which the closing price of the Company’s
Ordinary Shares equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations, and recapitalizations)
for any 20 trading days within any 30-trading day period commencing after the Company’s initial Business Combination, and
(y) with respect to the remaining 50% of the Escrow Shares, one year after the date of the consummation of a 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 the Initial
Shareholder’s Escrow Shares (and any applicable stock power) to such Initial Shareholder; 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 Shareholder (or the holder of such shares at that time); provided further, that if, within one year
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 shareholders of such entity having the right to exchange
their Ordinary Shares 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, the Escrow Agent will release the Escrow Shares to the Initial Shareholder. 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 Shareholder in Escrow Shares.

 

4.1           Voting
Rights as a Shareholder. Subject to the terms of the Insider Letter described in Section 4.4 hereof and except as herein
provided, the Initial Shareholder shall retain all of its rights as a shareholder 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 Shareholder, but all dividends payable
in shares 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 shares or other non-cash property
distributed thereon, if any.

 

4.3           Restrictions
on Transfer. During the Escrow Period, the only permitted transfers, assignments or sales of the Escrow Shares will be (i)
to the Company’s or the Initial Shareholder’s officers, directors, consultants or affiliates, (ii) to an entity’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 Company for no value for cancellation
in connection with the consummation of the Company’s 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; provided, however,
that in each case (except for clause (vi) or with the Company’s prior 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 Shareholder has executed a letter agreement 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 Shareholder 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 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.

 

5.4           Further
Assurances. From time to time on and after the date hereof, the Company and the Initial Shareholder 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.

 

    	 	3	 

     

    

 

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 Shareholder hereby acknowledges 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.

 

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:

 

    	 	4	 

     

    

 

If to the Company, to:

 

DD3 Acquisition Corp.

c/o DD3 Mex Acquisition Corp

Pedregal 24, 4th Floor

Colonia Molino del. Rey

Del. Miguel Hidalgo

11040 Mexico City, Mexico

Attn: Martin Werner

 

If to the Initial Shareholder, to its address
set forth in Exhibit A.

 

and if to the Escrow Agent, to:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Account Administration

 

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.

 

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.

 

    	 	5	 

     

    

 

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.

 

	 	 	DD3 ACQUISITION CORP.
	 	 	 	 
	 	By:	/s/ Martin Werner
	 	 	Name:  	Martin Werner
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	 	INITIAL SHAREHOLDER:
	 	 	 
	 	 	DD3 MEX ACQUISITION CORP
	 	 	 	 
	 	By:	/s/ Martin Werner
	 	 	Name:  	Martin Werner
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	 	CONTINENTAL STOCK TRANSFER
	 	 	& TRUST COMPANY
	 	 	 	 
	 	By:	/s/ Stacy Aqui
	 	 	Name:  	Stacy Aqui
	 	 	Title:	Vice President

 

    	 	7	 

     

    

 

EXHIBIT A

 

	Name and Address	 	Number

        of Shares
	 	Share

        Certificate Number
	 	Date of

        Insider Letter

	 	 	 	 	 	 	 
	
        DD3 Mex Acquisition Corp

        Pedregal 24, 4th Floor

        Colonia Molino del. Rey

        Del. Miguel Hidalgo

        11040 Mexico City, Mexico

        Attn: Martin Werner
	 	1,437,500	 	1	 	October 11, 2018

 

    	 	8

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