Document:

Exhibit 10.1

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Agreement is made as of October 17, 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;

 

    1

     

    

 

(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;

 

    3

     

    

 

(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;

 

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(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.

 

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.

 

    5

     

    

 

(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]

 

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

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 	 
	 	By:	/s/
    Francis Wolf
	 	 	Name:  Francis
    Wolf
	 	 	Title:    Vice
    President
	 	 	 
	 	UNION ACQUISITION CORP. II
	 	 	 
	 	By:	/s/
    Kyle P. Bransfield
	 	 	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 October 17, 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.

 

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

 

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

 

    10

     

    

 

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 October 17, 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.

 

    11

     

    

 

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 October 17, 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.

 

    12

     

    

 

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 October 17, 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.

 

 

13Exhibit 10.2

 

SHARE ESCROW AGREEMENT

 

SHARE ESCROW AGREEMENT,
dated as of October 17, 2019 (“Agreement”), by and among UNION ACQUISITION CORP. II, a Cayman Islands exempted company
(“Company”), the shareholders of the Company listed on Exhibit A hereto (collectively the “Founders”) and
CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation (“Escrow Agent”).

 

WHEREAS, the Company
was formed for the purpose of completing a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization
or other similar business combination (a “Business Combination”) with one or more businesses or entities.

 

WHEREAS, the Company
has entered into an Underwriting Agreement, dated October 17, 2019 (“Underwriting Agreement”), with Cantor Fitzgerald
& Co. (the “Representative”) acting as representative of the several underwriters (collectively, the “Underwriters”),
pursuant to which, among other matters, the Underwriters have agreed to purchase 17,500,000 units (“Units”) of the
Company, plus an additional 2,625,000 Units if the Representative exercises the over-allotment option in full. Each Unit consists
of one share of the Company’s ordinary shares, par value $0.0001 per share (“Ordinary Shares”), and one-half
of one redeemable Warrant, each whole Warrant to purchase one Ordinary Share, all as more fully described in the Company’s
final Prospectus, dated October 17, 2019 (“Prospectus”) comprising part of the Company’s Registration Statement
on Form S-1 (File No. 333-233988) under the Securities Act of 1933, as amended (“Registration Statement”), declared
effective on October 17, 2019 (“Effective Date”).

 

WHEREAS, the Founders
have agreed as a condition of the sale of the Units to deposit their Ordinary Shares of the Company, as set forth opposite their
respective names in Exhibit A attached hereto, in escrow as hereinafter provided.

 

WHEREAS, the Company
and the Founders desire that the Escrow Agent accept the Ordinary Shares, in escrow, to be controlled and released as hereinafter
provided.

 

IT IS AGREED:

 

1. Appointment
of Escrow Agent. The Company and the Founders hereby appoint the Escrow Agent to act in accordance with and subject to the
terms of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to
such terms.

 

2. Deposit
of Certificates for Escrow Shares. On or before the Effective Date, each of the Founders shall have delivered to the Escrow
Agent certificates (if any) representing such Founder’s respective Ordinary Shares (“Certificates”) (and applicable
share powers if requested by the Escrow Agent), to be controlled and released subject to the terms and conditions of this Agreement.
Each Founder acknowledges that the Certificate representing such Founder’s Ordinary Shares is legended to reflect the deposit
of such Ordinary Shares under this Agreement.

 

3. Release
of the Escrow Shares.

 

3.1 If
the over-allotment option to purchase all or a portion of the additional 2,625,000 Units of the Company is not exercised in full
within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree that the Escrow Agent
shall return to the Company for cancellation, at no cost, the Certificates held by them determined by multiplying 656,250 multiplied
by a fraction, (i) the numerator of which is 2,625,000 minus the number of Ordinary Shares included in the Units purchased by the
Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 2,625,000. The Company shall
promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units,
if any, purchased by the Underwriters in connection with the exercise thereof.

 

     

     

    

 

3.2 Except
as otherwise set forth herein, the Escrow Agent shall hold the Certificates remaining after any cancellation required pursuant
to Section 3.1 above (such remaining Certificates to be referred to herein as the “Escrow Certificates”)until (i) with
respect to 50% of the Escrow Certificates, the earlier of (x) one year after the date of the consummation of an initial Business
Combination and (y) the date on which the last sale price of the Ordinary Shares equals or exceeds $12.50 per share (as adjusted
for share splits, share dividends (being share capitalizations under Cayman Islands law), reorganizations and recapitalizations)
for any 20 trading days within any 30-trading day period following the consummation of the Business Combination and (ii) with respect
to the remaining 50% of the Escrow Certificates, one year after the date of the consummation of a Business Combination (such period
of time during which the EscrowCertificates are held in escrow, the “Escrow Period”). The Company shall promptly provide
notice of the consummation of an initial Business Combination to the Escrow Agent. Upon completion of the Escrow Period, the Escrow
Agent shall release each Founder’s Escrow Certificates to such Founder; provided, however, that if, within the Escrow Period,
the Company (or the surviving entity) subsequently consummates a liquidation, merger, share exchange or other similar transaction
which results in all of the stockholders of such entity having the right to exchange their Ordinary Shares for cash, securities
or other property, then the Escrow Agent will, upon receipt of a notice executed by the Chairman of the Board, Chief Executive
Officer or other authorized officer of the Company, in form reasonably acceptable to the Escrow Agent, certifying that such transaction
is then being consummated or such conditions have been achieved, as applicable, release the Escrow Certificates to the Founders.
The Escrow Agent shall have no further duties hereunder after the release of the Escrow Certificates in accordance with this Section
3.2.

 

3.3 If
the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company is being liquidated, then the Escrow
Agent shall deliver the Escrow Certificates to the Founders promptly after the public stockholders are paid the liquidating distributions
and shall have no further duties hereunder.

 

4. Rights
of Founders in Escrow Certificates.

 

4.1 Voting
Rights as a Shareholder. Subject to the terms of the Insider Letters described in Section 4.4 hereof and except as herein provided,
the Founders shall retain all of their rights as shareholders of the Company as long as any shares are held in escrow pursuant
to this Agreement, including, without limitation, the right to vote such shares.

 

4.2 Dividends
and Other Distributions in Respect of the Escrow Certificates. For as long as any shares are held in escrow pursuant to this
Agreement, all dividends payable in cash with respect to the Escrow Certificates shall be paid to the Founders, but all dividends
payable in shares or other non-cash property (“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold
in accordance with the terms hereof. As used herein, the term “Escrow Certificates” shall be deemed to include the
Non-Cash Dividends distributed thereon, if any.

 

    2 

     

    

 

4.3 Restrictions
on Transfer. During the Escrow Period, the only permitted transfers of the Escrow Certificates will be (i) to the Founders
and the Company’s officers, directors, employees, consultants or their affiliates, (ii) to a Founder’s stockholders,
partners or members upon the Founder’s liquidation, (iii) by bona fide gift to a member of the Founder’s immediate
family or to a trust, the beneficiary of which is the Founder or a member of the Founder’s immediate family for estate planning
purposes, (iv) by virtue of the laws of descent and distribution upon death of the Founder, (v) pursuant to a qualified domestic
relations order binding on the Founder, (vi) to the Company for no value for cancellation in connection with the consummation of
a Business Combination or (vii) by private sales of the Escrow Certificates made at or prior to the consummation of a Business
Combination at prices no greater than the price at which the Escrow Certificates were originally purchased; provided, however,
that except for clause (vi) or with the Company’s prior written consent, such permitted transfers may be implemented only
upon the respective transferee’s written agreement to be bound by the terms and conditions of this Agreement and of the Insider
Letter signed by the Founder transferring the shares.

 

4.4 Insider
Letters. Each of the Founders has executed a letter agreement with the Company and the Representative, dated as of the date
hereto, the form of which is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting the rights
and obligations of such Founder in certain events, including, but not limited to, the liquidation of the Company.

 

5. Concerning
the Escrow Agent.

 

5.1 Good
Faith Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise
of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate,
opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document
(not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability
of any information therein contained) which is believed by the Escrow Agent in good faith to be genuine and to be signed or presented
by the proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination
or rescission of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties
and, if the duties or rights of the Escrow Agent are affected, unless it shall have given its prior written consent thereto.

 

5.2 Indemnification.
Subject to Section 5.8 below, the Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses,
including reasonable counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or
other proceeding involving any claim which in any way, directly or indirectly, arises out of or relates to this Agreement, the
services of the Escrow Agent hereunder, or the Escrow Certificates held by it hereunder, other than expenses or losses arising
from the gross negligence, fraud or willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice
of any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto
in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action in the
nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow Certificates or it may deposit
the Escrow Certificates with the clerk of any appropriate court or it may retain the Escrow Certificates pending receipt of a final,
non-appealable order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances
the Escrow Certificates are to be released and delivered. The provisions of this Section 5.2 shall survive in the event the Escrow
Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

 

    3 

     

    

 

5.3 Compensation.
Subject to Section 5.8 below, the Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered
by it hereunder. The Escrow Agent shall also be entitled to reimbursement from the Company for all reasonable expenses paid or
incurred by it in the administration of its duties hereunder including, but not limited to, all counsel, advisors’ and agents’
fees and disbursements and all taxes or other governmental charges.

 

5.4 Further
Assurances. From time to time on and after the date hereof, the Company and the Founders shall deliver or cause to be delivered
to the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent
shall reasonably request to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith
or to assure itself that it is protected in acting hereunder.

 

5.5 Resignation.
The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties
hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective
at such time that the Escrow Agent shall turn the Escrow Certificates over to a successor escrow agent appointed by the Company
and approved by the Representative, which approval will not be unreasonably withheld, conditioned or delayed. If no new escrow
agent is so appointed within the 60-day period following the giving of such notice of resignation, the Escrow Agent may deposit
the Escrow Certificates with any court it reasonably deems appropriate in the State of New York.

 

5.6 Discharge
of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested
in writing at any time by all of the other parties hereto; provided, however, that such resignation shall become effective only
upon the appointment of a successor escrow agent selected by the Company and approved by the Representative, which approval will
not be unreasonably withheld, conditioned or delayed.

 

5.7 Liability.
Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross
negligence, fraud or willful misconduct.

 

5.8 Waiver.
The Escrow Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”)
in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of
the date hereof, by and between the Company and the Escrow Agent as trustee thereunder) and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

6. Miscellaneous.

 

6.1 Governing
Law. This Agreement shall 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. Each of the Founders on Exhibit A with an address outside of the
State of New York irrevocably agrees to appoint Graubard Miller as agent for the service of process in the State of New York to
receive, for such Founder and on his, her or its behalf, service of process in any action, proceeding or claim against him, her,
or it arising out of or relating in any way to this Agreement.

 

    4 

     

    

 

6.2 Third
Party Beneficiaries. Each of the parties to this Agreement hereby acknowledges that the Representative is a third party beneficiary
of this Agreement.

 

6.3 Entire
Agreement. This Agreement contains the entire agreement of the parties hereto with respect to the subject matter hereof and,
except as expressly provided herein, may only be changed, amended, or modified by a writing signed by each of the parties
hereto. 

 

6.4 Headings.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
thereof.

 

6.5 Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives,
successors and assigns.

 

6.6 Notices.
Any notice, 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 Company, to:

 

Union Acquisition Corp. II

444 Madison Ave, 34th
Floor

New York, NY 10022

Attn: Kyle
P. Bransfield

Fax No.:

Email: kbransfield@apcap.com

 

If to a Founder, to his/it
address set forth in Exhibit A.

 

and if to the Escrow
Agent, to:

 

Continental Stock Transfer
& Trust Company

1 State Street

New York, New York
10004

Attn: Chairman

Fax No.:

Email:

 

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

 

Cantor Fitzgerald
& Co.

499 Park Avenue

New York, New
York 10022

Attn: General
Counsel

Fax: (212)
829-4708

 

    5 

     

    

 

with a copy to:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

Fax No.: (212) 818-8881

Email: dmiller@graubard.com

 

and:

 

Ellenoff Grossman
& Schole LLP

1345 Avenue
of the Americas

New York, New
York 10105

Attn: Stuart
Neuhauser, Esq.

Fax No: (212)
370-7889

Email: sneuhauser@egsllp.com

 

The parties may change
the persons and addresses to which the notices or other communications are to be sent by giving written notice to any such change
in the manner provided herein for giving notice.

 

6.7 Liquidation
of the Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the Company
in the event that the Company fails to consummate a Business Combination within the time period specified in the Company’s
Amended and Restated Certificate of Incorporation, as the same may be amended from time to time.

 

6.8 Counterparts.
This Agreement may be executed in several counterparts, each one of which shall constitute an original and may be delivered by
facsimile transmission and together shall constitute one instrument.

 

[Signature Page Follows]

 

    6 

     

    

 

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

 

	 	 	UNION ACQUISITION CORP. II
	 	 	 
	 	By: 	/s/ Kyle P. Bransfield
	 	 	Name: Kyle P. Bransfield
	 	 	Title:   Chief Executive Officer
	 	 	 
	 	 	FOUNDERS:
	 	 	 
	 	 	UNION GROUP INTERNATIONAL HOLDINGS LIMITED
	 	 	 
	 	By:	/s/ Juan Sartori
	 	 	Name: Juan Sartori
	 	 	Title: Managing Member
	 	 	 
	 	 	/s/ Kyle Bransfield
	 	 	Kyle Bransfield
	 	 	 
	 	 	/s/ Daniel W. Fink
	 	 	Daniel W. Fink
	 	 	 
	 	 	/s/ Gerald W. Haddock
	 	 	Gerald W. Haddock
	 	 	 
	 	 	/s/ Joseph J. Schena
	 	 	Joseph J. Schena
	 	 	 
	 	 	/s/ Federico Trucco
	 	 	Federico Trucco

 

    7 

     

    

 

	 	 	UNION ACQUISITION ASSOCIATES II, LLC
	 	 	 
	 	By:	/s/ Kyle Bransfield
	 	 	Name: Kyle Bransfield
	 	 	Title:
	 	 	 
	 	 	/s/ Laurence Bodner
	 	 	Laurence Bodner
	 	 	 
	 	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	By: 	/s/ Ana Gois
	 	 	Name:  Ana Gois
	 	 	Title:    Vice President

 

    8 

     

    

 

EXHIBIT A

 

	Name
and Address of Founder
	 	Number
 of
                                         Shares

	 	 	 
	Union Acquisition Associates II, LLC	 	2,368,125
	 	 	 
	Union Group International Holdings Ltd	 	2,368,125
	 	 	 
	Daniel W. Fink	 	75,000
	 	 	 
	Gerald W. Haddock	 	25,000
	 	 	 
	Joseph J. Schena	 	25,000
	 	 	 
	PENSCO Trust Company for Kyle Bransfield as beneficiary	 	150,000
	 	 	 
	Federico Trucco	 	10,000
	 	 	 
	Laurence Bodner	 	10,000

 

 

9

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