Document:

EX-10.1.2

 Exhibit 10.1.2 

            
        , 2019 
 Pivotal Investment Corporation II 

c/o Graubard Miller 
 The Chrysler Building 

405 Lexington Avenue 
 New York, New York 10174 

Cantor Fitzgerald & Co. 
 499 Park Avenue 

New York, New York 10022 
 BTIG, LLC 

65 East 55th Street 
 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 Pivotal Investment Corporation II, a Delaware corporation (the
“Company”), and Cantor Fitzgerald & Co. and BTIG, LLC as representatives (the “Representatives”) 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 share of the Company’s
Class A common stock, par value $0.0001 per share (the “Common Stock”), and one-third of one warrant, each whole warrant exercisable for one share of Common Stock (each, a
“Warrant”). Certain capitalized terms used herein are defined in paragraph 11 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 stockholders of a Business Combination, the undersigned will vote all shares of Common Stock (including shares of Founders’ Common Stock and those shares of Common Stock that may be issued to it upon conversion of Class B
common stock) beneficially owned by it, whether acquired before, in or after the IPO, in favor of such Business Combination. 
 2. In the
event that the Company fails to consummate a Business Combination within the time period set forth in the Company’s Certificate of Incorporation, 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 IPO 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 IPO Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (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 stockholders and the Company’s board of directors, dissolve and liquidate, subject in
the cases of clauses (ii) and (iii) to the Company’s obligations under Delaware law to provide for claims of creditors and other requirements of applicable law. The undersigned hereby waives any and all right, title, interest or claim
of any kind in or to any distribution of the Trust Account (“Claim”) with respect to the shares of Founders’ Common Stock 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. 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”). 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. 
 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 stockholders from a financial point of view. 
 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. (a) The undersigned agrees that the shares of Founders’ Common Stock may not be transferred, assigned or sold (except to certain
permitted transferees as described in the Registration Statement) until the earlier to occur of: (1) one year after the consummation of a Business Combination and (2) the date following the completion of the Company’s initial Business
Combination on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of its shareholders having the right to exchange their shares of Common Stock for cash, securities or other property.
Notwithstanding the foregoing, if the closing price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination, the shares of Founders’ Common Stock will be released from the lockup. 

(b) The undersigned will not, without the prior written consent of the Representatives pursuant to the Underwriting Agreement, offer, sell,
contract to sell, pledge, hedge or otherwise dispose of (or enter into any transaction that is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash
settlement or otherwise) by the undersigned or any affiliate of the undersigned or any person in privity with the undersigned or any affiliate of the undersigned), directly or indirectly, including the filing (or participation in the filing) of a
registration statement with the Securities and Exchange Commission in respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange
Act of 1934, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder with respect to, any other Units, Common Stock, Warrants of the Company or any securities convertible into, or exercisable, or
exchangeable for, common stock or publicly announce an intention to effect any such transaction, for a period of 180 days after the date of the Underwriting Agreement. 

(c) The undersigned agrees that until the Company consummates a Business Combination, the undersigned’s Private Warrants will be subject
to the transfer restrictions described in the subscription agreement relating to the undersigned’s purchase of Private Warrants. 
 6.
The undersigned’s FINRA Questionnaire previously furnished to the Company and the Representatives are true and accurate in all respects. The undersigned represents and warrants that: 

 

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

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

  

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

 

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

  

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

  

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

 

	 	(n)	 it has never been subject to any order of the SEC that orders 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)	 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)	 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)	 it is not subject to a final order of a state securities commission (or an agency of officer of a state
performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking
agency; the Commodity Futures Trading Commission; or the National Credit Union Administration that bars the undersigned from: (i) association with an entity regulated by such commission, authority, agency or officer; (ii) engaging in the
business of securities, insurance or banking; or (iii) engaging in savings association or credit union activities; 

  

	 	(r)	 it is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Exchange Act or
section 203(e) or 203(f) of the Investment Advisers Act of 1940 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)	 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. 

 7. The undersigned has full right and power, without violating any agreement by which it
is bound, to enter into this letter agreement. 
 8. The undersigned hereby waives any right to exercise conversion rights with respect to
any shares of the Company’s common stock 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’ Common Stock or shares
purchased by the undersigned in the IPO or in the aftermarket, and 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). 
 9. The undersigned hereby agrees to not propose, or vote in favor of, an amendment to the
Company’s Amended and Restated Certificate of Incorporation that would affect the ability of holders of IPO Shares to convert or sell their shares to the Company in connection with a Business Combination or affect the substance or timing of the
Company’s obligation to redeem 100% of the IPO Shares if the Company does not complete a Business Combination within the time period required by the Company’s Amended and Restated Certificate of Incorporation unless the Company provides
public stockholders with the opportunity to convert their IPO Shares upon such approval in accordance with the charter. 

 10. This letter agreement shall be governed by and construed and enforced in accordance with
the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The undersigned hereby (i) agrees that any action, proceeding or claim
against him arising out of or relating in any way to this letter agreement (a “Proceeding”) shall be brought and enforced in the courts of the State of New York of the United States of America for the Southern District of New
York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive, (ii) waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum and (iii) irrevocably agrees to
appoint Graubard Miller as agent for the service of process in the State of New York to receive, for the undersigned and on his 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 Representatives and appoint a substitute agent acceptable to each of the Company and the Representatives 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. 
 11. As used herein, (i) a “Business Combination” means a merger, share
exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities; (ii) “Insiders” means all officers, directors and sponsors of the
Company immediately prior to the IPO; (iii) “Founders’ Common Stock” means all of the shares of Common Stock of the Company acquired by an Insider prior to the IPO; (iv) “IPO Shares” means the
shares of Common Stock issued in the Company’s IPO; (v) “Private Warrants” means the warrants that are being sold privately by the Company simultaneously with the consummation of the IPO; (vi)“Trust Account”
means the trust account into which a portion of the net proceeds of the Company’s IPO will be deposited; and (vii) “Registration Statement” means the Company’s registration statement on Form S-1 (SEC File No. 333-232019) filed with the Securities and Exchange Commission. 

12. 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. 

13. 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 stockholders or any creditor or vendor of the Company
with respect to the subject matter hereof. 
 14. This letter agreement shall be binding on the undersigned and its successors 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’ Common Stock and Private Warrants contained in Section 5
hereof; provided, that such termination shall not relieve the undersigned from liability for any breach of this agreement prior to its termination. 

[Signature Page Follows] 

 
			
		 	PIVOTAL INVESTMENT HOLDINGS II LLC
		 	Print Name of Insider
		
		 	  

		 	Signature
		
		 	Acknowledged and Agreed:
		
		 	PIVOTAL INVESTMENT CORPORATION II
		
	By:	 	  

		 	Name:
		 	Title:EX-10.2

 Exhibit 10.2 

INVESTMENT MANAGEMENT TRUST AGREEMENT 

This Agreement is made as of [•], 2019 by and between Pivotal Investment Corporation II (the “Company”) and Continental Stock
Transfer & Trust Company (“Trustee”). 
 WHEREAS, the Company’s registration statement on Form S-1, No. 333-232019 (“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. and BTIG, LLC (collectively, the “Representatives”) are acting as the representatives of
the several underwriters in the IPO; and 
 WHEREAS, as described in the Registration Statement, and in accordance with the Company’s
Amended and Restated Certificate of Incorporation, $200,000,000 ($230,000,000 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 Class A common stock, par value $0.0001 per share
(“Common Stock”), issued in the IPO as hereinafter provided (the proceeds to be delivered to the Trustee and any interest subsequently earned thereon will be referred to herein as the “Property”; the stockholders for whose
benefit the Trustee shall hold the Property will be referred to as the “Public Stockholders,” and the Public Stockholders and the Company will be referred to together as the “Beneficiaries”); and 

WHEREAS, a portion of the Property equal to $7,000,000, or $8,050,000 if the underwriters’ over-allotment option is exercised in full, is
attributable to deferred underwriting discounts and commissions (the “Deferred Discount”) that shall become payable by the Company to the underwriters upon the consummation of an initial business combination (as described in the
Registration Statement, a “Business Combination”); 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 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) Promptly notify the Company and the Representatives
of all communications received by it with respect to any Property requiring action by the Company; 
 (f) Supply any necessary information or
documents as may be requested by the Company in connection with the Company’s preparation of its tax returns; 

 (g) Participate in any plan or proceeding for protecting or enforcing any right or interest
arising from the Property if, as, and when instructed by the Company to do so; 
 (h) Render to the Company monthly written statements of the
activities of and amounts in the Trust Account reflecting all receipts and disbursements of the Trust Account; 
 (i) Commence liquidation of
the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter (“Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, signed on
behalf of the Company by its Chief Executive Officer and Chief Financial Officer and, in the case of a Termination Letter in a form substantially similar to that attached hereto as Exhibit A, jointly signed 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 franchise and income 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 provided in the Company’s Amended and Restated Certificate of Incorporation, as the same may be amended from time to time (“Last
Date”), the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B hereto and distributed to the Public Stockholders as of the Last Date. The provisions of this
Section 1(i) may not be modified, amended or deleted under any circumstances; 
 (j) Upon receipt of a letter (an “Amendment
Notification Letter”) in the form of Exhibit C, signed on behalf of the Company by its Chief Executive Officer and Chief Financial Officer and, distribute to Public Stockholders who exercised their conversion rights in connection with an
amendment to Article Sixth of the Company’s amended and restated certificate of incorporation (an “Amendment”) an amount equal to the pro rata share of the Property relating to the Common Stock for which such Public Stockholders have
exercised conversion rights in connection with such Amendment. 
 2. Limited Distributions of Income from Trust Account. 

(a) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as
Exhibit D, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested by the Company to cover any income or other tax obligation owed by the Company. 

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

(d) The Company shall provide the Representatives 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 its Chief Executive Officer or Chief Financial Officer of the Company. 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,
fraud 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 unless such payment is in connection with the consummation of a Business Combination. The Company shall pay the Trustee the initial acceptance fee and first year’s fee at the consummation of the IPO and thereafter on the anniversary of the
Effective Date; 
 (d) In connection with any vote of the Company’s stockholders regarding a Business Combination, provide to the
Trustee an affidavit or certificate of a firm regularly engaged in the business of soliciting proxies and/or tabulating stockholder votes verifying the vote of the Company’s stockholders regarding such Business Combination; 

(e) In the event that the Company directs the Trustee to commence liquidation of the Trust Account pursuant to Section 1(i), the Company
agrees that it will not direct the Trustee to make any payments that are not specifically authorized by this Agreement; 
 (f) If the
Company’s stockholders 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 Stockholders who exercise their conversion option in
connection with such Amendment; and 
 (g) Within five business days after the Representatives, on behalf of the underwriters in the IPO,
exercise the over-allotment option (or any unexercised portion thereof) or such over-allotment option expires, provide the Trustee with a notice in writing (with a copy to the Representatives) of the total amount of the Deferred Discount, which
shall in no event be less than $7,000,000. 
 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; 

(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. 
 (c) If the Offering is not consummated within ten business days of the date of this Agreement, in which case any funds
received by the Trustee from the Company or its sponsor, as applicable, shall be returned promptly following the receipt by the Trustee of written instructions from the Company. 

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 may not be amended under any circumstances), this Agreement or any provision hereof may only be changed, amended, or modified by a writing signed by each of the parties hereto; provided, however, that no such change,
amendment or modification may be made without the prior written consent of the Representative. The Trustee may require from Company counsel an opinion as to the propriety of any proposed amendment. 

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

if to the Trustee, to: 

Continental Stock Transfer & Trust Company 

1 State Street, 30th floor 
 New
York, New York 10004 
 Attn: [•] 

Email: [•] 
 Fax No.:
[•] 
 if to the Company, to: 

Pivotal Investment Corporation II 

c/o Graubard Miller 
 The
Chrysler Building 
 405 Lexington Avenue 

New York, New York 10174 
 Attn:
Jonathan J. Ledecky 
 Fax No.: (212) 818-8881 

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 

Fax No.: (212) 829-4708 

and 
 BTIG, LLC 

65 East 55th Street 
 New York,
NY 10022 
 Attn: [•] 

Fax No. [•] 
 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 
 Ellenoff
Grossman & Schole, LLP 
 1345 Avenue of the Americas, 11th Floor 

New York, New York 10105 
 Attn:
Stuart Neuhauser, Esq. 
 Fax No.: 

(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 Representatives, on behalf of the several underwriters, are third party beneficiaries 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) acknowledge that the Representatives are third party beneficiaries of this Agreement. 

[Signature Page Follows] 

 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:
	
	PIVOTAL INVESTMENT CORPORATION II
		
	By:	 	
                     
                

		 	Name:
		 	Title:

 SCHEDULE A 
  

					
	 Fee Item
	  	 Time and method of payment
	  	 Amount

	Initial acceptance fee	  	Initial closing of IPO by wire transfer	  	$
	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	  	$
	Transaction processing fee for disbursements to Company under Section 2	  	Deduction by Trustee from accumulated income following disbursement made to Company under Section 2	  	$
	Paying Agent services as required pursuant to section 1(i)	  	Billed to Company upon delivery of service pursuant to section 1(i)	  	Prevailing rates

 EXHIBIT A 

[Letterhead of Company] 
 [Insert
date] 
 Continental Stock Transfer 
 & Trust Company 

1 State Street, 30th floor 
 New York, New York 10004 

Attn: [•] 
  

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

Ladies and Gentlemen: 
 Pursuant to
Section 1(i) of the Investment Management Trust Agreement between Pivotal Investment Corporation 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 48 hours in advance of the actual
date of the consummation of the Business Combination (“Consummation Date”). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement. 

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

On the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been
consummated and (ii) the Company shall deliver to you (a) [an affidavit] [a certificate] of [•], which verifies the vote of the Company’s stockholders in connection with the Business Combination if a vote is held and (b) joint
written instructions from the Company and the Representatives 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, (x) to the underwriters in an amount equal to the Deferred Discount as directed by the Representatives and (y) the remainder 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. 
  

			
	Very truly yours,
	
	PIVOTAL INVESTMENT CORPORATION II
		
	By:	 	  

		 	Name: Jonathan J. Ledecky
		 	Title: Chief Executive Officer
		
	By:	 	  

		 	Name: James Brady
		 	Title: Chief Financial Officer

			
	AGREED TO AND ACKNOWLEDGED BY
	CANTOR FITZGERALD & CO.
		
	By:	 	
                     
    

		 	Name:
		 	Title:
	
	BTIG, LLC
		
	By:	 	
                     

		 	Name:
		 	Title:

 EXHIBIT B 

[Letterhead of Company] 
 [Insert
date] 
 Continental Stock Transfer 
 & Trust Company 

1 State Street, 30th floor 
 New York, New York 10004 

Attn: [•] 
  

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

Ladies and Gentlemen: 
 Pursuant to
Section 1(i) of the Investment Management Trust Agreement between Pivotal Investment Corporation 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 Company’s Amended and Restated Certificate of Incorporation, as described in the Company’s
prospectus relating to its IPO. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement. 

In accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all the Trust Account investments on [•] and to
transfer the total proceeds to the Trust Checking Account at [•] to await distribution to the Public Stockholders. The Company has selected [                ,
20    ] as the record date for the purpose of determining the Public Stockholders entitled to receive their share of the liquidation proceeds. It is acknowledged that no interest will be earned by the Company on the liquidation
proceeds while on deposit in the Trust Checking Account. You agree to be the Paying Agent of record and in your separate capacity as Paying Agent, to distribute said funds directly to the Public Stockholders in accordance with the terms of the Trust
Agreement and the Amended and Restated Certificate of Incorporation of the Company. Upon the distribution of all the funds in the Trust Account, your obligations under the Trust Agreement shall be terminated. 

 

			
	Very truly yours,
	
	PIVOTAL INVESTMENT CORPORATION II
		
	By:	 	
                     
        

		 	Name: Jonathan J. Ledecky
		 	Title: Chief Executive Officer
		
	By:	 	
                     
        

		 	Name: James Brady
		 	Title: Chief Financial Officer

 cc: Cantor Fitzgerald & Co.; BTIG, LLC 

 EXHIBIT C 

[Letterhead of Company] 
 [Insert
date] 
 Continental Stock Transfer 
 & Trust Company 

1 State Street, 30th floor 
 New York, New York 10004 

Attn: [•] 
  

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

Ladies and Gentlemen: 
 Reference is made to the
Investment Management Trust Agreement between Pivotal Investment Corporation 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 [•] and to transfer
$                 of the proceeds of the Trust to the account at JPMorgan Chase Bank, N.A. for distribution to the stockholders that have requested conversion of their
shares in connection with such Amendment. The remaining funds shall be reinvested by you as previously instructed. 
  

			
	Very truly yours,
	
	PIVOTAL INVESTMENT CORPORATION II
		
	By:	 	  

		 	Name: Jonathan J. Ledecky
		 	Title: Chief Executive Officer
		
	By:	 	  

		 	Name: James Brady
		 	Title: Chief Financial Officer

 cc: Cantor Fitzgerald & Co.; BTIG, LLC 

 EXHIBIT D 

[Letterhead of Company] 
 [Insert
date] 
 Continental Stock Transfer 
 & Trust Company 

1 State Street, 30th floor 
 New York, New York 10004 

Attn: [•] 
  

	 	Re:	 Trust Account No. [•] 

Ladies and Gentlemen: 
 Pursuant to
Section 2(a) of the Investment Management Trust Agreement between Pivotal Investment Corporation II (“Company”) and Continental Stock Transfer & Trust Company, dated as of [•], 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. 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] 
  

			
	PIVOTAL INVESTMENT CORPORATION II
		
	By:	 	  

		 	Name: Jonathan J. Ledecky
		 	Title: Chief Executive Officer
		
	By:	 	  

		 	Name: James Brady
		 	Title: Chief Financial Officer

 cc: Cantor Fitzgerald & Co.; BTIG, LLC

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