Document:

Exhibit 10.1

 

[____________ __, 2019]

 

Union Acquisition
Corp. II

444 Madison
Ave, 34th Floor

New York, NY
10022

(212) 981-0630

 

Cantor Fitzgerald
& Co.

499 Park Avenue

New York, New
York 10022

 

		Re:	Initial Public
                                         Offering

 

Gentlemen:

 

This letter is being delivered
to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by
and between Union Acquisition Corp. II, a Cayman Islands exempted company (the “Company”), and Cantor
Fitzgerald & Co. as representative (the “Representative”) of the several Underwriters named in Schedule
I thereto (the “Underwriters”), relating to an underwritten initial public offering (the “IPO”)
of the Company’s units (the “Units”), each comprised of one of the Company’s Ordinary Shares,
par value $0.0001 per share (the “Ordinary Shares”), and one warrant, each warrant exercisable for one
Ordinary Share (each, a “Warrant”). Certain capitalized terms used herein are defined in paragraph 13
hereof.

 

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

 

1. If the Company solicits
approval of its shareholders of a Business Combination, the undersigned will vote all Ordinary Shares beneficially owned by him,
whether acquired before, in or after the IPO, in favor of such Business Combination.

 

     

     

    

 

2. (a) In the event
that the Company fails to consummate a Business Combination within the time period set forth in the Company’s Amended and
Restated Memorandum and Articles of Association, as the same may be amended from time to time, the undersigned will, as promptly
as possible, cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
possible, but not more than 10 business days thereafter, redeem the Ordinary Shares sold as part of the Units in the IPO (the
“Offering Shares”), at a per-share price, payable in cash, equal to the aggregate amount then on deposit
in the Trust Account, including interest earned on the Trust Account net of interest released to the Company as permitted pursuant
to the Trust Agreement, divided by the number of then outstanding Offering Shares, which redemption will completely extinguish
public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any),
and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining
shareholders and the Company’s board of directors, dissolve and liquidate, subject in the cases of clauses (ii) and (iii)
to the Company’s obligations to provide for claims of creditors and other requirements of applicable law.

 

(b) The undersigned hereby
waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Account (“Claim”)
with respect to the shares of Founders’ Ordinary Shares owned by the undersigned and hereby waives any Claim the undersigned
may have in the future as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse
against the Trust Account for any reason whatsoever. The undersigned acknowledges and agrees that there will be no distribution
from the Trust Account with respect to any Warrants, all rights of which will terminate on the Company’s liquidation.

 

[(c) In the event of the
liquidation of the Trust Account, the undersigned agrees to indemnify and hold harmless the Company for any debts and obligations
to target businesses or vendors or other entities that are owed money by the Company for services rendered or contracted for or
products sold to the Company, but only to the extent necessary to ensure that such debt or obligation does not reduce the amount
of funds in the Trust Account below $10.00 per share; provided that such indemnity shall not apply (i) if such vendor or prospective
target business executed an agreement waiving any right, title, interest or claim of any kind they may have in or to any monies
held in the Trust Account, or (ii) as to any claims under the Company’s obligation to indemnify the Underwriters against
certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”).]1

 

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

 

 

 

 

		1	For
                                         Sponsor letter only.

 

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

 

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

 

6. (a) The undersigned will
place into escrow all shares of Founders’ Ordinary Shares owned by him/her/it pursuant to the terms of a Share Escrow Agreement
which the Company will enter into with the undersigned and an escrow agent.

 

(b) The undersigned agrees
that until after the Company consummates a Business Combination, all Founders’ Warrants owned by him/her/it will be subject
to the transfer restrictions described in the Founder Warrants Purchase Agreement relating to the undersigned’s Founders’
Warrants.

 

7. (a) In order to minimize
potential conflicts of interest that may arise from multiple corporate affiliations, the undersigned hereby agrees that until
the earliest of the Company’s initial Business Combination or liquidation, the undersigned shall present to the Company
for its consideration, prior to presentation to any other entity, any suitable target business, subject to any pre-existing fiduciary
or contractual obligations the undersigned might have.

 

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

 

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8. The undersigned agrees
to be the [____________] of the Company until the earlier of the consummation by the Company of a Business Combination
or the liquidation of the Company. The undersigned’s biographical information previously furnished to the Company and the
Representative is true and accurate in all respects, does not omit any material information with respect to the undersigned’s
background and contains all of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under
the Securities Act. The undersigned’s FINRA Questionnaire previously furnished to the Company and the Representative is
true and accurate in all respects. The undersigned represents and warrants that:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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9. The undersigned has full
right and power, without violating any agreement by which he, she or it is bound, to enter into this letter agreement [and to
serve as an officer/director of the Company].

 

10. The undersigned hereby
waives any right to exercise conversion rights with respect to any Ordinary Shares owned or to be owned by the undersigned, directly
or indirectly (or to sell such shares to the Company in a tender offer), whether such shares be part of the Founders’ Ordinary
Shares or shares purchased by the undersigned in the IPO or in the aftermarket, and each agrees not to seek conversion with respect
to such shares in connection with any vote to approve a Business Combination (or sell such shares to the Company in a tender offer
in connection with such a Business Combination).

 

11. The undersigned hereby
agrees to not propose, or vote in favor of, an amendment to Article 48 of the Company’s Amended and Restated Memorandum
and Articles of Association prior to the consummation of a Business Combination unless the Company provides public shareholders
with the opportunity to convert their Ordinary Shares upon such approval.

 

12. This letter agreement
shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to
conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. Each of the
Company and the undersigned hereby (i) agrees that any action, proceeding or claim against him arising out of or relating in any
way to this letter agreement (a “Proceeding”) shall be brought and enforced in the courts of the State
of New York of the United States of America for the Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive and (ii) waives any objection to such exclusive jurisdiction and that such courts represent
an inconvenient forum. The undersigned irrevocably agrees to appoint Graubard Miller as agent for the service of process in the
State of New York to receive, for the undersigned and on his behalf, service of process in any Proceeding. If for any reason such
agent is unable to act as such, the undersigned will promptly notify the Company and the Representative and appoint a substitute
agent acceptable to each of the Company and the Representative within 30 days and nothing in this letter will affect the right
of either party to serve process in any other manner permitted by law.

 

13. As used herein, (i)
a “Business Combination” shall mean a merger, share exchange, asset acquisition, stock purchase, recapitalization,
reorganization or other similar business combination with one or more businesses or entities; (ii) “Insiders” shall
mean all officers, directors and sponsor of the Company immediately prior to the IPO; (iii) “Founders’ Ordinary Shares”
shall mean all of the shares of the Company acquired by an Insider prior to the IPO; (iv) “IPO Shares” shall mean
the Ordinary Shares issued in the Company’s IPO; (v) “Founders’ Warrants” shall mean the warrants that
are being sold privately by the Company simultaneously with the consummation of the IPO; (vi) “Trust Agreement” shall
mean the Investment Management Trust Agreement between the Company and Continental Stock Transfer & Trust Company being entered
into in connection with the IPO and governing the use of funds held in the Trust Account; (vii) “Trust Account” shall
mean the trust account into which a portion of the net proceeds of the IPO will be deposited; and (viii) “Registration Statement”
means the Company’s registration statement on Form S-1 (SEC File No. 333-233988) filed with the Securities and Exchange
Commission.

 

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14. This Letter Agreement
constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersedes
all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate
in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may not be changed, amended,
modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument
executed by all parties hereto.

 

15. The undersigned acknowledges
and understands that the Underwriters and the Company will rely upon the agreements, representations and warranties set forth
herein in proceeding with the IPO. Nothing contained herein shall be deemed to render the Underwriters a representative of, or
a fiduciary with respect to, the Company, its shareholders or any creditor or vendor of the Company with respect to the subject
matter hereof.

 

16. This letter agreement
shall be binding on the undersigned and such person’s respective successors, heirs, personal representatives and assigns.
This letter agreement shall terminate on the earlier of (i) the consummation of a Business Combination and (ii) the expiration
of the transfer restrictions on the Founders’ Ordinary Shares pursuant to the Share Escrow Agreement; provided, that such
termination shall not relieve the undersigned from liability for any breach of this agreement prior to its termination.

 

[Signature Page Follows]

 

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	 	 	[_____]
	 	 	Print Name of Insider
	 	 	 
	 	 	 
	 	 	Signature
	 	 	 
	 	 	Acknowledged and Agreed:
	 	 	 
	 	 	UNION ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name: Kyle P. Bransfield
	 	 	Title: Chief Executive Officer

 

 

9Exhibit
10.2

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Agreement is made as of ________________, 2019 by and between Union Acquisition Corp. II (the “Company”) and
Continental Stock Transfer & Trust Company (“Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1, No. 333-233988 (“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,
Cantor Fitzgerald & Co. (the “Representative”) is acting as the representative of the several underwriters
in the IPO; and

 

WHEREAS,
as described in the Registration Statement, and in accordance with the Company’s Amended and Restated Memorandum and Articles
of Association, $175,000,000 ($201,250,000 if the over-allotment option is exercised in full) of the proceeds from the IPO and
a simultaneous private placement of warrants will be delivered to the Trustee to be deposited and held in a segregated trust account
located at all times in the United States (the “Trust Account”) for the benefit of the Company and the holders
of the Company’s ordinary shares, par value $0.0001 per share (“Ordinary Shares”), issued in the IPO
as hereinafter provided (the proceeds to be delivered to the Trustee and any interest subsequently earned thereon 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 in the United States at JP Morgan Chase Bank N.A. and/or 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) Promptly
notify the Company and the Representative of all communications received by it with respect to any Property requiring action by
the Company;

 

(f) Supply
any necessary information or documents as may be requested by the Company in connection with the Company’s preparation of
its tax returns;

 

(g) Participate
in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as, and when instructed
by the Company to do so;

 

(h) Render
to the Company monthly written statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements
of the Trust Account;

 

(i) Commence
liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter
(“Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit A
or Exhibit B, signed on behalf of the Company and, in the case of a Termination Letter in a form substantially similar
to that attached hereto as Exhibit A, jointly signed, acknowledged and agreed to by the Representative, and complete the
liquidation of the Trust Account and distribute the Property in the Trust Account including interest not previously released to
the Company to pay its taxes (and in the case of a Termination Letter in a form substantially similar to the attached hereto as
Exhibit B, less up to $100,000 of interest that may be released to the Company to pay dissolution expenses), only as directed
in the Termination Letter and the other documents referred to therein; provided, however, that in the event that a Termination
Letter has not been received by the Trustee within the period of time (the “Last Date”) provided in the Company’s
Amended and Restated Memorandum and Articles of Association, as the same may be amended from time to time (the “Charter”),
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 Shareholders as of the Last Date; and

 

(j) Upon
receipt of a letter (an “Amendment Notification Letter”) in the form of Exhibit C, signed on behalf
of the Company by an authorized officer, distribute to Public Shareholders who exercised their conversion rights in connection
with an amendment to the Charter (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 conversion rights in connection with such Amendment.

 

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.

 

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(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.

 

(c) The
Company shall provide the Representative with a copy of any Termination Letter, Amendment Notification Letter, and/or any other
correspondence that it issues to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after such
issuance.

 

3. Agreements
and Covenants of the Company. The Company agrees and covenants to:

 

(a) Give
all instructions to the Trustee hereunder in writing, signed by any one of the Company’s authorized officers. In addition,
except with respect to its duties under Sections 1(i), 1(j) 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 and with
reasonable care 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 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 (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;

 

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(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’s shareholders approve an Amendment, 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 rights
in connection with such Amendment.

 

4. Limitations
of Liability. The Trustee shall have no responsibility or liability to:

 

(a) Take
any action with respect to the Property, other than as directed in Sections 1 and 2 hereof, and the Trustee shall
have no liability to any party except for liability arising out of its own gross negligence, fraud or willful misconduct;

 

(b) Institute
any proceeding for the collection of any principal and income arising from, or institute, appear in, or defend any proceeding
of any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as
provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident
thereto;

 

(c) Change
the investment of any Property, other than in compliance with Section 1(c);

 

(d) Refund
any depreciation in principal of any Property;

 

(e) Assume
that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided
otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;

 

(f) The
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted,
in good faith and in the exercise of its own best judgment, except for its gross negligence, fraud 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 and with reasonable care, 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 Business Combination
consummated by the Company or any other action taken by it is as contemplated by the Registration Statement;

 

    4

     

    

 

(h) File
local, state, and/or federal tax returns or information returns with any taxing authority on behalf of the Trust Account or deliver
payee statements to the Company documenting the taxes, if any, payable by the Company or the Trust Account, relating to the income
earned on the Property;

 

(i) Pay
any taxes on behalf of the Trust Account (it being expressly understood that the Property shall not be used to pay any such taxes
and that such taxes, if any, shall be paid by the Company from funds not held in the Trust Account or released to it under Section
2(a) hereof);

 

(j) Imply
obligations, perform duties, inquire, or otherwise be subject to the provisions of any agreement or document other than this agreement
and that which is expressly set forth herein; or

 

(k) Verify
calculations, qualify, or otherwise approve Company requests for distributions pursuant to Sections 1(i), 1(j) 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.

 

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.

 

    5

     

    

 

7. Miscellaneous.

 

(a) The
Company and the Trustee will each restrict access to confidential information relating to funds being transferred to or from the
Trust Account to authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized
persons may have obtained access to such information, or of any change in its authorized personnel. In executing funds transfers,
the Trustee will rely upon all information supplied to it by the Company, including account names, account numbers, and all other
identifying information relating to a beneficiary, beneficiary’s bank, or intermediary bank. Except for any liability arising
out of the Trustee’s gross negligence or willful misconduct, the Trustee shall not be liable for any loss, liability, or
expense resulting from any error in the information supplied to it or funds transferred based on such information.

 

(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 sections may not be modified, amended or deleted without the affirmative vote
of sixty five percent (65%) of the then outstanding Ordinary Shares; provided that no such amendment will affect any Public Shareholder
who has otherwise indicated his, her or its election to redeem his, her or its Ordinary Shares in connection with a shareholder
vote sought to amend this Agreement), this Agreement or any provision hereof may only be changed, amended, or modified by a writing
signed by each of the parties hereto; provided, however, that no such change, amendment or modification may be made without the
prior written consent of the Representative. The Trustee may require from Company counsel an opinion as to the propriety of any
proposed amendment.

 

(e) Any
notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing
and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery,
by email or by facsimile transmission:

 

if
to the Trustee, to:

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th floor

New
York, New York 10004

Attn:
Francis Wolf and Celese Gonzalez

Email:
fwolf@continentalstock.com

Email:
cgonzalez@continentalstock.com

 

    6

     

    

 

if
to the Company, to:

 

Union
Acquisition Corp. II

444
Madison Ave, 34th Floor

New
York, NY 10022

Attn:
Kyle P. Bransfield, CEO

E-mail:
kbransfield@apcap.com

 

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

 

Cantor
Fitzgerald & Co.

499
Park Avenue

New
York, New York 10022

Attn:
General Counsel

E-mail:

 

and

 

Graubard
Miller

The
Chrysler Building

405
Lexington Avenue

New
York, New York 10174

Attn:
David Alan Miller, Esq.

E-mail:
dmiller@graubard.com

 

and

 

Ellenoff
Grossman & Schole, LLP

1345
Avenue of the Americas, 11th Floor

New
York, New York 10105

Attn:
Stuart Neuhauser, Esq.

E-mail:
sneuhauser@egsllp.com

 

(f) This
Agreement may not be assigned by the Trustee without the prior consent of the Company.

 

(g) Each
of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter into
this Agreement and to perform its respective obligations as contemplated hereunder.

 

(h) Each
of the Company and the Trustee hereby acknowledges that the Representative, on behalf of the several underwriters, is a third
party beneficiary of this Agreement (including Section 7(d)) and the Trustee’s obligations under this Agreement with
respect thereto with the same right and power to enforce these provisions as either of the parties hereto.

 

[Signature
Page Follows]

 

    7

     

    

 

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: 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 
	 	UNION ACQUISITION CORP. II
	 	 
	 	By: 	 
	 	 	Name: 	 Kyle P. Bransfield
	 	 	Title:	 Chief Executive Officer

 

    8

     

    

 

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
	 

 

    9

     

    

 

EXHIBIT
A

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th floor

New
York, New York 10004

Attn:
Francis Wolf and Celeste Gonzalez

 

		Re:	Trust
Account Termination Letter

 

Ladies
and Gentlemen:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Union Acquisition Corp. II (“Company”)
and Continental Stock Transfer & Trust Company, dated as of __________, 2019 (“Trust Agreement”), this
is to advise you that the Company has entered into an agreement with [__________________] to consummate a business combination
(“Business Combination”) on or about [insert date]. The Company shall notify you at least seventy two
(72) hours in advance of the actual date of the consummation of the Business Combination (“Consummation Date”).
Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

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

 

On
the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has
been consummated and (ii) the Company shall deliver to you (a) [an affidavit] [a certificate] of [__________________], which verifies
the vote of the Company’s Shareholders in connection with the Business Combination if a vote is held and (b) joint written
instructions from the Company and the Representative with respect to the transfer of the funds held in the Trust Account (“Instruction
Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your
receipt of the counsel's letter and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event
that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify
the Company of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and distributed
after the Consummation Date to the Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms
hereof, your obligations under the Trust Agreement shall be terminated.

 

In
the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have
not notified you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the you of written
instructions from the Company, the funds held in the Trust Account shall be reinvested as provided in the Trust Agreement on the
business day immediately following the Consummation Date as set forth in the notice.

 

    10

     

    

 

	 	 	 	 	Very
    truly yours,
	 	 	 	 	 	 	 
	 	 	 	 	UNION
    ACQUISITION CORP. II
	 	 	 	 	 	 	 
	 	 	 	 	By:	 	 
	 	 	 	 	 	Name: 	 
	 	 	 	 	 	Title:	 
	 	 	 	 	 	 	 
	AGREED
    TO AND ACKNOWLEDGED BY	 	 	 	 
	 	 	 	 	 	 	 
	CANTOR
    FITZGERALD & CO.	 	 	 	 
	 	 	 	 	 	 	 
	By:	 	 	 	 	 	 
	 	Name: 	               	 	 	 	 
	 	Title:	 	 	 	 	 

 

    11

     

    

 

EXHIBIT
B

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th floor

New
York, New York 10004

Attn:
Francis Wolf and Celeste Gonzalez

 

		Re:	Trust
Account Termination Letter

 

Gentlemen:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Union Acquisition Corp. II (“Company”)
and Continental Stock Transfer & Trust Company, dated as of ________, 2019 (“Trust Agreement”), this is
to advise you that the Company has been unable to effect a Business Combination with a Target Company within the time frame specified
in the Charter, as described in the Company’s prospectus relating to its IPO. Capitalized terms used herein and not otherwise
defined shall have the meanings set forth in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate the Trust Account and to transfer the total
proceeds of the Trust to the Trust Account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Shareholders. The
Company has selected [____________, 20__] as the effective date for the purpose of determining when the Public Shareholders will
be entitled to receive their share of the liquidation proceeds. It is acknowledged that while the funds are on deposit in the
Trust Operating Account awaiting distribution, the Company will not earn any interest or dividend. 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 Charter. Upon the distribution of all the funds in the Trust Account,
your obligations under the Trust Agreement shall be terminated.

 

	 	Very truly yours,
	 	 
	 	UNION ACQUISITION CORP. II
	 	 
	 	By:	 	 
	 	 	Name: 	 
	 	 	Title:	 

 

cc:
Cantor Fitzgerald & Co.

 

    12

     

    

 

EXHIBIT
C

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th floor

New
York, New York 10004

Attn:
Francis Wolf and Celeste Gonzalez

 

		Re:	Trust
Account– Amendment Notification Letter

 

Ladies
and Gentlemen:

 

Reference
is made to the Investment Management Trust Agreement between Union Acquisition Corp. II (“Company”) and Continental
Stock Transfer & Trust Company, dated as of ______________, 2019 (“Trust Agreement”). Capitalized words used herein
and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement.

 

Pursuant
to Section 1(j) of the Trust Agreement, this is to advise you that the Company has sought an Amendment. Accordingly, in accordance
with the terms of the Trust Agreement, we hereby authorize you to liquidate a sufficient portion of the Trust Account on [ ] in
order for you to transfer $____________ of the total proceeds of the Trust to the Trust Operating Account at J.P. Morgan Chase
Bank, N.A. to await distribution to the Public Shareholders that have requested conversion of their shares in connection with
such Amendment. Any remaining funds shall be reinvested by you as previously instructed.

 

	 	Very truly yours,
	 	 
	 	UNION ACQUISITION CORP. II
	 	 
	 	By:	 	 
	 	 	Name: 	 Kyle P. Bransfield
	 	 	Title:	 CEO
	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

cc:
Cantor Fitzgerald & Co.

 

    13

     

    

 

EXHIBIT
D

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th floor

New
York, New York 10004

Attn:
Francis Wolf and Celeste Gonzalez

 

Re: Trust
Account No. – Interest Withdrawal Letter (Taxes)

 

Ladies
and Gentlemen:

 

Pursuant
to Section 2(a) of the Investment Management Trust Agreement between Union Acquisition Corp. II (“Company”) and Continental
Stock Transfer & Trust Company, dated as of March 5, 2019 (“Trust Agreement”), the Company hereby requests that
you deliver to the Company [$_______] of the interest income earned on the Property as of the date hereof. The Company needs such
funds to pay for its tax obligations as a result of such interest income. 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]

 	 	UNION ACQUISITION CORP. II
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

cc:
Cantor Fitzgerald & Co.

 

 

14

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