Document:

EX-10.2

 Exhibit 10.2 
 STOCK ESCROW AGREEMENT 
 This STOCK ESCROW
AGREEMENT is made as of                  , 2007 (the “Agreement”), by and among Union Street Acquisition
Corp., a Delaware corporation (the “Company”), Union Street Capital Management, LLC, a Delaware limited liability company, (“USCM”), John T. Schwieters, Eran Broshy and David B. Kay (Messrs. Schwieters, Broshy and
Kay collectively the “Directors,” and together with USCM, the “Existing Holders”) and CONTINENTAL STOCK TRANSFER & TRUST
COMPANY, a New York corporation (the “Escrow Agent”). 
 WHEREAS, the Company has entered into an Underwriting Agreement, dated             , 2007 (the “Underwriting
Agreement”), with Banc of America Securities LLC and Morgan Joseph & Co., Inc., as representatives of the underwriters (collectively, the “Underwriters”), pursuant to which, among other matters, the Underwriters
have agreed to purchase up to 14,375,000 units (the “Units”) of the Company. Each Unit consists of one share of the Company’s Common Stock, par value $0.0001 per share (collectively, the “Shares”), and one
warrant (the “Warrants”) to purchase one share of the Company’s Common Stock, all as more fully described in the Company’s final prospectus, dated
                     2006 (the “Prospectus”) comprising part of the Company’s Registration Statement on Form S-1 (File
No. 333-136530) (the “Registration Statement”) under the Securities Act of 1933, as amended (the “Securities Act”), declared effective on
                     2006 (the “Effective Date”). 
 WHEREAS, USCM has purchased 3,125,000 Shares from the Company and subsequently sold 31,250 Shares to each of the Directors;

 WHEREAS, USCM has purchased 3,000,000 Warrants from the Company in a private placement transaction
exempt from registration under the Securities Act pursuant to Section 4(2) thereof; 
 WHEREAS, the
Existing Holders have agreed as a condition of the purchase of Shares or Warrants, as applicable, to deposit the Shares and Warrants as set forth opposite their respective names in Exhibit A attached hereto (collectively,
“Escrow Securities”), in escrow as hereinafter provided. 
 WHEREAS, the Company and
the Existing Holders desire that the Escrow Agent accept the Escrow Securities, in escrow, to be held and disbursed as hereinafter provided. 
 IT IS AGREED: 
 1. Appointment of Escrow Agent. The Company and
the Existing Holders 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 Escrow Securities. On or before the Effective Date, each of the Existing Holders shall deliver to the Escrow
Agent certificates representing such Existing Holder’s Escrow Securities, to be held and disbursed subject to the terms and conditions of this Agreement. Each Existing Holder acknowledges that the certificate representing his Escrow Securities
is legended to reflect the deposit of such Escrow Securities under this Agreement. 

 3. Disbursement of the Escrow Securities. The Escrow Agent shall hold the Shares and the
Warrants until the termination of their respective Escrow Period (as defined below). In the case of the Shares, the “Escrow Period” shall be the period beginning on the date the certificates representing the Shares are deposited
with the Escrow Agent and ending on the date that is twelve (12) months following the consummation of the initial business combination (as such term is defined in the Prospectus). In the case of the Warrants, the “Escrow
Period” shall be the period beginning on the date the certificates representing the Warrants are deposited with the Escrow Agent and ending on the date of the consummation of the initial business combination. On the termination date of the
Escrow Period, the Escrow Agent shall, upon written instructions from each Existing Holder, disburse such Existing Holder’s Escrow Securities to such Existing Holder; provided, however, that if the Escrow Agent is notified by the
Company pursuant to Section 6.7 hereof, that the Company is being liquidated at any time during the Escrow Period, then the Escrow Agent shall promptly destroy the certificates representing the Escrow Securities and; provided further,
that if, after the Company consummates an initial business combination (as such term is defined in the Prospectus), it (or the surviving entity) subsequently consummates a liquidation, merger, stock exchange or other similar transaction which
results in all of the stockholders of such entity having the right to exchange their shares of Common Stock for cash, securities or other property, then the Escrow Agent will, upon receipt of a certificate executed by the Chief Executive Officer or
Chief Financial Officer of the Company, in a form reasonably acceptable to the Escrow Agent, that such transaction is then being consummated, release the Escrow Securities to the Existing Holders upon consummation of the transaction so that they can
similarly participate; provided further, that in the event that the Existing Holders receive securities in exchange for their shares of Common Stock, the Escrow Agent shall (a) reaccept such securities into escrow until the termination
of the Escrow Period, or (b) upon receipt of written instructions from any Existing Holder in a form reasonably acceptable to the Escrow Agent, exchange the Escrow Securities for the new securities on behalf of such Existing Holder and hold
such securities in escrow until the termination of the Escrow Period. The Escrow Agent shall have no further duties hereunder after the disbursement or destruction of the Escrow Securities in accordance with this Section 3. 
 4. Rights of Existing Holders in Escrow Securities. 
 4.1 Voting Rights as a Stockholder. The Existing Holders shall retain all of their rights as stockholders of the Company during the Escrow Period, including, without limitation, the right to vote such
shares. 
 4.2 Dividends and Other Distributions in Respect of the Escrow Securities. During the Escrow Period, all dividends
payable in cash with respect to the Escrow Securities shall be paid to the Existing Holders, but all dividends payable in stock or other non-cash property (the “Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in
accordance with the terms hereof. As used herein, the term “Escrow Securities” shall be deemed to include the Non-Cash Dividends distributed thereon, if any. 
 4.3 Restrictions on Transfer. During the Escrow Period, no sale, transfer or other disposition may be made of any or all of the Escrow
Securities except (i) by gift to a 
  

 - 2 - 

 member of an Existing Holder’s immediate family or to a trust, the beneficiary of which is an Existing Holder or a
member of such Existing Holder’s immediate family, (ii) by virtue of the laws of descent and distribution upon death of an Existing Holder, (iii) pursuant to a qualified domestic relations order, (iv) by transfer, with or without
consideration, to its members or former members, in the case of USCM, or (v) to the Company’s executive officers and directors and certain other persons or entities associated with the Company’s executive officers and directors;
provided, however, that such permissive transfers may be implemented only upon the respective transferee’s written agreement to be bound by the terms and conditions of this Agreement. 
 4.4 Insider Letters. Each of the Existing Holders has executed a letter agreement with the Underwriters and the Company, dated as indicated
on Exhibit B hereto, and which is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting the rights and obligations of such Existing Stockholder in certain events, including but not
limited to the liquidation of the Company. 
 5. Concerning the Escrow Agent. 
 5.1 Good Faith Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its
own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or
document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Escrow Agent to be genuine and to be signed or
presented by the proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by
the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall have given its prior written consent thereto. 
 5.2 Indemnification. The Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses, including reasonable out-of-pocket 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
Securities held by it hereunder, other than expenses or losses arising from the gross negligence or willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any
action, suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in an
appropriate court to determine ownership or disposition of the Escrow Securities or it may deposit the Escrow Securities with the clerk of any appropriate court or it may retain the Escrow Securities 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 Securities are to be disbursed and delivered. The provisions of this Section 5.2 shall survive in the event the Escrow Agent
resigns or is discharged pursuant to Sections 5.5 or 5.6 below. 
  

 - 3 - 

 5.3 Compensation. The Escrow Agent shall be entitled to receive reasonable compensation for
all services rendered by it hereunder. The Escrow Agent shall also be entitled to reimbursement from the Company for all reasonable out-of-pocket 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 Existing Holders shall deliver or cause to be delivered to the Escrow Agent such further documents and instruments and shall do or cause to be done such
further acts as the Escrow Agent shall reasonably request to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself that it is protected in acting hereunder. 
 5.5 Resignation. The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the
other parties hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective at such time that the Escrow Agent shall turn over to a successor escrow agent appointed by the Company,
the Escrow Securities held hereunder. 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 Securities with any court it reasonably deems
appropriate. 
 5.6 Discharge of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent
hereunder if so requested in writing at any time by the other parties hereto, jointly, provided, however, that such resignation shall become effective only upon acceptance of appointment by a successor escrow agent as provided in
Section 5.5. 
 5.7 Liability. Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved
from liability hereunder for its own gross negligence or its own willful misconduct. 
 6. Miscellaneous. 
 6.1 Governing Law. This Agreement shall for all purposes be deemed to be made under and shall be construed in accordance with the laws of
the State of New York. 
 6.2 Third Party Beneficiaries. Each of the Existing Holders hereby acknowledge that the Underwriters
are third party beneficiaries of this Agreement and this Agreement may not be modified or changed without the prior written consent of Banc of America Securities LLC on behalf of the Underwriters. 
 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 not be changed or modified except by an instrument in writing signed by the party to the charged. 
 6.4 Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation thereof. 
  

 - 4 - 

 6.5 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the
respective parties hereto and their legal representatives, successors and assigns. 
 6.6 Notices. Any notice or other
communication required or which may be given hereunder shall be in writing and either be delivered personally or be mailed, certified or registered mail, or by private national courier service, return receipt requested, postage prepaid, and shall be
deemed given when so delivered personally or, if mailed, two days after the date of mailing, as follows: 
 If to the Company, to: 

Union Street Acquisition Corp. 
 102 South Union Street 
 Alexandria, VA 22314 
 Attn: A. Clayton Perfall 
 Facsimile: (703) 682-0735 
 If to an Existing Holder, to the address set forth in
Exhibit A. 
 and if to the Escrow Agent, to: 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Chairman 
 Facsimile: (212) 616-7620 
 A copy of any notice sent hereunder shall be sent to: 
 Arnold & Porter
LLP 
 1600 Tysons Boulevard 
 Suite 900 
 McLean, VA 22102 
 Attn: Kevin J. Lavin, Esq. 
 Facsimile: (703) 720-7399 
 and 
 Banc of America Securities LLC 
 9 West 57th Street 
 New York, NY 10019 
 Attn: [                    ]

 Facsimile: (212)
  

 - 5 - 

 and 
 Sidley Austin LLP 
 787 Seventh Avenue 
 New York, NY 10019 
 Attn: Jack I. Kantrowitz 
 Facsimile: (212) 839-5599 
 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 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(s) specified in the Registration Statement. 
 6.8 Counterparts. This Agreement may be executed in several
counterparts, each one of which shall constitute an original, and together shall constitute one instrument. This Agreement or any counterpart may be executed via facsimile transmission, and any such executed facsimile copy shall be treated as an
original. 
 6.9 Waiver of Claims against Trust Account. The Escrow Agent hereby waives any and all right, title, interest or
claim of any kind in or to any distribution of any property held in trust for the Company in the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date of this Agreement, by and between the Company and
the Escrow Agent as trustee thereunder), and hereby agrees not to seek recourse, reimbursements, payment or satisfaction for any claim of any kind against the Trust Account for any reasons whatsoever. 
 6.10 Registration Statement Consent. The Escrow Agent hereby consents to the inclusion of Continental Stock Transfer & Trust
Company in the Registration Statement and other materials relating to the IPO. 
 [THE REMAINDER
OF THIS PAGE INTENTIONALLY LEFT BLANK.] 
  

 - 6 - 

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

			
	UNION STREET ACQUISITION CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	
	  
 EXISTING STOCKHOLDERS:

	  
 UNION STREET CAPITAL MANAGEMENT, LLC

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 - 7 - 

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

	
	
	 EXISTING STOCKHOLDERS:

	
	  

	 JOHN T. SCHWIETERS

	
	  

	 ERAN BROSHY

	
	  

	 DAVID B. KAY

  

 - 8 - 

 EXHIBIT A 
  

							
	 Name and Address of
 Existing Stockholder
	  	 Number of
 Common Stock
	  	Stock
Certificate
Number	  	Number of
Warrants
	 Union Street Capital Management, LLC
	  	3,031,250	  	1	  	3,000,000
	 John T. Schwieters
	  	31,250	  	2	  	0
	 David B. Kay
	  	31,250	  	3	  	0
	 Eran Broshy
	  	31,250	  	4	  	0

 Reference is made to the Private Placement Purchase Agreement, dated as of
                    , 2007 by and among the Company and the persons and entities set forth on the signature pages thereto, the purchase
agreement, dated as of August 7, 2006 by and between the Company and John T. Schwieters, the purchase agreement, dated as of August 7, 2006 by and between the Company and David B. Kay, the purchase agreement, dated as of October 6, 2006 by and
between the Company and Eran Broshy and the subscription agreement, dated as of July 24, 2006 by and between the Company and Union Street Capital Management, LLC. 
  

 A-1 

 EXHIBIT B 
 INSIDER LETTEREX-10.3

 EXHIBIT 10.3 
 INVESTMENT MANAGEMENT TRUST AGREEMENT 
 This Agreement is made as of
                    , 2007 by and between Union Street Acquisition Corp. (the “Company”) and Continental Stock Transfer &
Trust Company (the “Trustee”). 
 WHEREAS, the Company’s Registration Statement on Form S-1, as amended,
No. 333-136530 (the “Registration Statement”), for its initial public offering (the “IPO”) of units (the “Units), each consisting of one share of the Company’s common stock, par value $0.0001 per share (the
“Common Stock”), and one warrant (collectively, the “Warrants”) to purchase one share of Common Stock has been declared effective as of the date hereof by the Securities and Exchange Commission (the “Effective Date”);
and 
 WHEREAS, Banc of America Securities LLC, and Morgan Joseph & Co., Inc. (the “Representatives”) are acting as
the representatives of the underwriters (the “Underwriters”) in the IPO; and 
 WHEREAS, the Company has completed a private
placement of 3,125,000 shares of Common Stock (the “Private Placement Shares”) for an aggregate purchase price of $25,000 and the Company expects to complete a private placement of 3,000,000 Warrants (the “Private Placement
Warrants”) prior to the completion of the IPO for a purchase price of $3,000,000 (the “Warrant Private Placement”); and 
 WHEREAS, as described in the Registration Statement, and in accordance with the Company’s Fourth Amended and Restated Certificate of Incorporation, $95,500,000 of the gross proceeds of the IPO ($110,005,000 if the
Underwriters’ over-allotment option is exercised in full) and $3,000,000 of the gross proceeds of the Warrant Private Placement will be delivered to the Trustee to be deposited and held in a trust account for the benefit of the Company and the
public holders of the Common Stock issued in the IPO as hereinafter provided (the amount to be delivered to the Trustee will be referred to herein as the “Property”; the stockholders for whose benefit the Trustee shall hold the Property
will be referred to as the “Public Stockholders,” and the Public Stockholders and the Company will be referred to together as the “Beneficiaries”); and 
 WHEREAS, a portion of the Property consists of $3,700,000 (or $4,255,000 if the Underwriters’ over-allotment option is exercised in full)
attributable to the Underwriters’ discount which the Underwriters have agreed to deposit in the Trust Account (defined below); 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 segregated trust accounts (the “Trust
Account”) established by the Trustee at JPMorgan Chase New York and Morgan Stanley; 
 (b) manage, supervise and administer the Trust
Account subject to the terms and conditions set forth in this Agreement; 
 (c) in a timely manner, upon the instruction of the Company, to
invest and reinvest the Property in any “Government Security” or in money market funds selected by the Company meeting the conditions specified in Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, as determined by
the Company. As used herein, “Government Security” means any Treasury Bill issued by the United States, having a maturity of one hundred and eighty days or less; 
 (d) collect and receive, when due, all principal and income arising from the Property, which income, net of taxes, shall become part of the
“Property,” as such term is used in this Agreement; provided that, up to $1,500,000 of such income, after tax, may be released to the Company periodically to fund its working capital requirements; provided further that, during the 12-month
period following completion of the IPO the amount that may be distributed to the Company to fund its working capital requirements will be limited to the greater of 50% of the interest income earned, net of taxes payable, and $1,250,000; 

(e) notify the Company 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 in connection with the preparation of the tax returns for the Trust Account;

 (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 and to such other persons as the Company may instruct, monthly written
statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements of the Trust Account; 
 (i) if
there is any income or other tax obligation relating to the income from the Property in the Trust Account as determined by the Company, then, from time to time, at the written instruction of the Company, the Trustee shall promptly to the extent
there is not sufficient cash in the Trust Account to pay such tax obligation, liquidate such assets held in the Trust Account as shall be designated by the Company in writing , and disburse to the Company by wire transfer out of the Property in the
Trust Account, the amount indicated by the Company as owing in respect of such income tax obligation; 
  

 - 2 - 

 (j) from time to time, only upon receipt of and only in accordance with the terms of a letter (the
“Distribution Request Letter”), in a form substantially similar to that attached hereto as Exhibit C, signed on behalf of the Company by its Chief Executive Officer, President or Chief Financial Officer, distribute such funds to the
Company for working capital purposes only as directed in the Distribution Request Letter and the other documents referred to therein; and 
 (k) commence liquidation of the Trust Account only upon receipt of and only in accordance with the terms of a letter (the “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 President or Chairman of the Board and Secretary, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account only as directed in the Termination Letter
and the other documents referred to therein. 
 2. Limited Distributions Of Income From Trust Account. 
 (a) If there is any income tax obligation relating to the income from the Property in the Trust Account, then, at the written instruction of the Company,
the Trustee shall disburse to the Company by wire transfer, out of the income on the Property in the Trust Account, the amount indicated by the Company as required to pay income taxes; 
 (b) Upon written request from the Company in a form substantially similar to the Distribution Request Letter, the Trustee shall distribute to the Company
by wire transfer the amount set forth in the Distribution Request Letter; provided, however, that the aggregate amount distributed by the Trustee to the Company pursuant to this Section may not exceed the lesser of (x) the aggregate amount of
income actually received or paid on amounts in the Trust Account less an amount equal to taxes that are or will be due on such income at an assumed rate of [    ] percent and (y) $1,500,000. The first such distribution shall
include income through the first full calendar quarter following the effective date of the IPO, with the Company’s request made after such date. It is understood that the Trustee’s only responsibility under this section is to follow the
instructions of the Company; and 
 (c) Except as provided in Sections 2(a) and 2(b) above, no other distributions from the Trust
Account shall be permitted except in accordance with Sections 1(i), 1(j) and 1(k) of this Agreement. 
 3. Agreements and Covenants of the Company. 

 The Company hereby agrees and covenants to: 
 (a) give all instructions to the Trustee hereunder in writing, signed by the Company’s President or Chairman of the Board, unless otherwise indicated in this Agreement. In addition, except with respect to its
duties under Section 1(i) above, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it in good faith believes to be given by any one of the persons authorized
above to give written instructions, provided that the Company shall promptly confirm such instructions in writing; 
 (b) hold the Trustee
harmless and indemnify the Trustee from and against, any and all expenses, including reasonable out-of-pocket counsel fees and disbursements, or loss suffered by 
  

 - 3 - 

 the Trustee in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or
in connection with any claim or demand which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any income earned from investment of the Property, except for expenses and losses resulting
from the Trustee’s gross negligence or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek
indemnification under this paragraph, it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense against such Indemnified
Claim, provided, that the Trustee shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The 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 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. The Company shall pay the Trustee the initial acceptance
fee and first year’s fee at the completion of the IPO and thereafter on the anniversary of the Effective Date. The Trustee shall refund to the Company the annual fee (on a pro rata basis) with respect to any period after the liquidation of the
Trust Fund. The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 3(c) and as may be provided in Section 3(b) of this Agreement (it being expressly understood that the
Property shall not be used to make any payments to the Trustee under such Sections); 
 (d) provide to the Trustee any letter of intent,
agreement in principle or definitive agreement that is executed prior to                     , 200     in
connection with a Business Combination (as defined, and in accordance with the terms and conditions set forth, in the Registration Statement), together with a certified copy of a resolution of the Board of Directors of the Company affirming that
such letter of intent, agreement in principle or definitive agreement is in full force and effect; 
 (e) 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 tabulating stockholder votes (which firm may be the Trustee)
verifying the vote of the Company’s stockholders regarding such Business Combination; 
 (f) if the Company does not effect a Business
Combination within 18 months after consummation of the IPO (or within 24 months after the completion of the IPO if a letter of intent, agreement in principle, or definitive agreement has been executed within 18 months after completion of the IPO and
the Business Combination related thereto has not yet been consummated within such 18-month period), the Company shall promptly adopt a plan of dissolution and liquidation and initiate procedures for the Company’s dissolution and liquidation and
shall seek stockholder approval for any such plan of dissolution and liquidation. Upon the approval by the Company’s stockholders of a plan of dissolution and liquidation, the Company shall promptly file a certificate of dissolution and provide
the Trustee a Termination Letter substantially in the form of Exhibit B; and 
  

 - 4 - 

 (g) at least three (3) business days prior to sending such request or other correspondence in
respect of any disbursement to the trustee, the Company shall provide the Representatives with a copy of any proposed written disbursement request and any other correspondence in respect of disbursement from the Company. 
 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 Section 1 of this
Agreement, and the Trustee shall have no liability to any party except for liability arising out of its own gross negligence or willful misconduct; 
 (b) institute any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of any kind with respect to, any of the Property unless and until it shall have received instructions
from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto; 
 (c) change the investment of any Property, other than in compliance with Section 1(c); 
 (d) refund any
depreciation in principal of any Property; 
 (e) assume that the authority of any person designated by the Company to give instructions
hereunder shall not be continuing unless (i) provided otherwise in such designation, or (ii) the Company shall have delivered a written revocation of such authority to the Trustee; 
 (f) the other parties to this Agreement or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in
good faith and in the exercise of its own best judgment, except for its gross negligence or willful misconduct. The Trustee may rely conclusively and shall be protected in acting upon any order, judgment, instruction, notice, demand, certificate,
opinion or advice of counsel (including counsel chosen by the Trustee), statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and
acceptability of any information therein contained) which is believed by the Trustee, in good faith, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver,
modification, termination or rescission of this agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee signed by the proper party or parties and, if the duties or rights of the Trustee are affected,
unless it shall give its prior written consent thereto; 
 (g) verify the correctness of the information set forth in the Registration
Statement except for information provided by the Trustee, if any, or to confirm or assure that any acquisition made by the Company or any other action taken by it is as contemplated by the Registration Statement; 
  

 - 5 - 

 (h) except to the extent requested from time to time by the Company, prepare, execute and file such tax
reports, income or other tax returns and pay any taxes with respect to income and activities relating to the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company (including but not limited to income tax
obligations), it being expressly understood that as set forth in Section 1(i), if there is any income or other tax obligation relating to the Trust Account or the Property in the Trust Account, as determined from time to time by the Company and
regardless of whether such tax is payable by the Company or the Trust, at the written instruction of the Company, the Trustee shall issue a check directly to the taxing authorities designated by the Company out of the Property in the Trust Account
in an amount specified by the Company as owing to each such taxing authority; and 
 (i) verify calculations, qualify or otherwise approve
Company requests for distributions pursuant to Sections 1(d), 1(i) or 2 above. 
 5. 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. 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 days of receipt of the
resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited 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; and 
 (b) At such time that the Trustee has completed the liquidation of the Trust Account in accordance with the
provisions of Section 1(j) of this Agreement, and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 3(b). 
 6. Miscellaneous. 
 (a) The Company and the Trustee
each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds transferred from the Trust Account. Upon receipt of written instructions, the Trustee will confirm such instructions with an Authorized
Individual at an Authorized Telephone Number listed on the attached Exhibit D. The Company and the Trustee will each restrict access to confidential information relating to such security procedures to authorized persons. Each party must notify
the other party immediately if it has reason to believe unauthorized persons may have obtained access to such information, or of any change in its authorized personnel. In executing funds transfers, the Trustee will rely upon account numbers or
other identifying numbers of a beneficiary, beneficiary’s bank or intermediary bank, rather than names. The Trustee shall not be liable for any loss, liability or expense resulting from any error in an account number or other identifying
number, provided it has accurately transmitted the numbers provided. 
  

 - 6 - 

 (b) This Agreement shall be governed by and construed and enforced in accordance with the laws of the
State of New York. It may be executed in several counterparts, each one of which shall constitute an original, and together shall constitute one instrument. This Agreement or any counterpart may be executed via facsimile or other electronic
transmission, and any such executed facsimile or other electronic copy shall be treated as an original. 
 (c) This Agreement contains the
entire agreement and understanding of the parties hereto with respect to the subject matter hereof. The parties hereto may change, waive, amend or modify any provision contained herein that may be defective or inconsistent with any other provision
contained herein only upon the written consent of each of the parties hereto; provided that no change, waiver, amendment or modification may be made without the prior written consent of Banc of America Securities LLC. As to any claim, cross-claim or
counterclaim in any way relating to this Agreement, each party waives the right to trial by jury. 
 (d) The parties hereto consent to the
jurisdiction and venue of any state or federal court located in the City of New York for purposes of resolving any disputes hereunder. 
 (e)
Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by
hand delivery or by facsimile transmission: 
  

	 	

			
	if to the Trustee, to:	 	 Continental Stock Transfer & Trust Company
 17
Battery Place, Eighth Floor
 New York, New York 10004
 Attn:
Mr. Steve G. Nelson, CEO
 Fax: (212) 616-7620

		
	if to the Company, to:	 	 Union Street Acquisition Corp.
 102 South Union
Street
 Alexandria, VA 22314
 Attn: Company Secretary

Fax: (703) 682-0735

		
	with a copy to:	 	 Arnold & Porter LLP 
 1600 Tysons
Boulevard, Suite 900
 McLean, VA 22102
 Attn: Kevin J.
Lavin
 Fax: (703) 720-7399

  
  

 - 7 - 

 in either case with a copy to Banc of America Securities LLC on behalf of the
Underwriters to: 
  

			
		 	 Banc of America Securities LLC
 9 West 57th Street
 New York, New York 10019
 Attn:
 Fax:

 (f) This Agreement may not be assigned by the Trustee without the prior consent of the Company.
This agreement may be assigned by the Company to a wholly-owned subsidiary of the Company upon written notice to the Trustee. 
 (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) The Trustee hereby waives any and all right, title, interest or claim of any kind in or to any distribution of any property held in trust for the
Company in the Trust Account, and hereby agrees not to seek recourse, reimbursements, payment or satisfaction for any claim of any kind against the Trust Account for any reasons whatsoever. The Trustee hereby consents to the inclusion of Continental
Stock Transfer & Trust Company in the Registration Statement and other materials relating to the IPO. 
 (i) This Agreement may be
amended by the parties hereto without the consent of any Underwriter or Public Stockholder for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained in this Agreement or adding or changing
any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the Public Stockholders. 
 7. Third Party Beneficiaries. 
 For so long as the
proceed of the IPO and/or Private Placement are held in the Trust Account, Banc of America Securities LLC on behalf of the Underwriters is third party beneficiary with respect to Section 2(g) and shall be entitled to enforce the terms of
Section 2(g) of this Agreement to the same extent as if they were parties to this Agreement. 
 [SIGNATURE
PAGE FOLLOWS] 
  

 - 8 - 

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

			
	 CONTINENTAL STOCK TRANSFER &
 TRUST COMPANY, as Trustee

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 UNION STREET ACQUISITION CORP.

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 - 9 - 

 EXHIBIT A 
 [LETTERHEAD OF UNION STREET ACQUISITION CORP.] 
 [INSERT DATE] 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 8th Floor 
 New York, New York 10004 

	Attn:	Steven Nelson, President 

  

	Re:	Trust Account No. [                    ] 

 Termination Letter 
 Gentlemen: 
 Pursuant to Section 1(j) of the Investment Management Trust Agreement between Union Street Acquisition Corp. (the
“Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of                     , 2007
(the “Trust Agreement”), this is to advise you that the Company has entered into an agreement with                      (the
“Target Business”) to consummate a business combination with the Target Business (a “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 (the “Consummation Date”). 
 Pursuant to Section 3(e) of the Trust Agreement, we are
providing you with a certificate of the Company Secretary, which verifies the vote of the Company’s stockholders in connection with the Business Combination. 
 In accordance with the terms of the Trust Agreement, we hereby authorize you to commence liquidation of the Trust Account 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. 
 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 written instructions with respect to the transfer of the funds held in
the Trust Account (the “Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account in accordance with the terms set forth in the Instruction Letter immediately upon your receipt of the
counsel’s letter and 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 be 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 and the Trust Account shall be closed. 
  

 A-1 

 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 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 STREET ACQUISITION CORP.

		
	 By:
	 	  

  

 A-2 

 EXHIBIT B 
 [LETTERHEAD OF UNION STREET ACQUISITION CORP.] 
 [INSERT DATE] 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 Eighth Floor 
 New York, New York 10004 
 Attn: Steven G. Nelson 
 Re: Trust Account No. [                    ] Termination Letter 
 Gentlemen: 
 Pursuant to
paragraph 1(i) of the Investment Management Trust Agreement between Union Street Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of
                    , 2007 (the “Trust Agreement”), this is to advise you that the Company has been dissolved due to the
Company’s inability to effect a business combination within the time frame specified in the Company’s prospectus relating to its initial public offering of units. Attached hereto is a certified copy of the Certificate of Dissolution as
filed with the Delaware Secretary of State. 
 In accordance with the terms of the Trust Agreement, we hereby authorize you to commence
liquidation of the Trust Account. In connection with this liquidation, you are hereby authorized, in your discretion, to establish a record date for the purpose of determining the Public Stockholders of record entitled to receive their per share
portion of the Trust Account. The record date shall be within ten (10) days of the date of this letter. You will notify the Company and [Bank] (the “Designated Paying Agent”) in writing as to when all of the funds in the Trust Account
will be available for immediate transfer (the “Transfer Date”) in accordance with the plan of dissolution and liquidation approved by the stockholders of the Company. The Designated Paying Agent shall thereafter notify you as to the
account or accounts of the Designated Paying Agent that the funds in the Trust Account should be transferred to on the Transfer Date so that the Designated Paying Agent may commence distribution of such funds in accordance with the Company’s
instructions. You shall have no obligation to oversee the Designated Paying Agent’s distribution of the funds. Upon the payment to the Designated Paying Agent of all the funds in the Trust Account, the Trust Agreement shall terminate in
accordance with the terms thereof and the Trust Account shall be closed. 
  

			
	 Very truly yours,

	
	 UNION STREET ACQUISITION CORP.

		
	 By:
	 	  

  

 B-1 

 EXHIBIT C 
 [LETTERHEAD OF UNION STREET ACQUISITION CORP.] 
 [Insert Date] 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 8th Floor 
 New York, New York 10004 
 Attn: Steven G. Nelson 
 Re: Trust Account No. [                    ] — Distribution of Income on Property 
 Gentlemen: 
 Pursuant to
Section 2(b) of the Investment Management Trust Agreement between Union Street Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of
                    , 2007 (“Trust Agreement”), we are requesting for our working capital purposes that you deliver to us
$                                 representing income earned on the Property from
                     to
                    . In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer said amount,
less any fees due the Trustee pursuant to Section 3(c) of the Trust Agreement, immediately upon your receipt of this letter to the Company’s operating account at: 
  

			
	 Bank:
	  	[                    ]
	 ABA #:
	  	[                    ]
	 Account Name:
	  	[                    ]
	 Account Number:
	  	[                    ]
	 Reference:
	  	Distribution of Income Earned on Trust Property

  

			
	 Very truly yours,

	
	 UNION STREET ACQUISITION CORP.

		
	 By:
	 	  

  

 C-1 

 EXHIBIT D 
 AUTHORIZED INDIVIDUAL(S) and telephone numbers 
 AUTHORIZED FOR TELEPHONE CALL BACK 

 

			
	 COMPANY:
	 	 Union Street Acquisition Corp.
 102 South Union
Street
 Alexandria, VA 22102
 Attn: Brian H.
Burke

		 	Telephone: (703) 682-0730
		
	 TRUSTEE:
	 	 Continental Stock Transfer & Trust Company
 17
Battery Place
 8th
Floor
 New York, New York 10004
 Attn: Steven Nelson,
President

		 	Telephone: (212) 845-3202

  

 D-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00115-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00115-of-00352.parquet"}]]