Document:

Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Agreement is made as of June 27, 2018
by and between HL Acquisitions Corp. (the “Company”) and Continental Stock Transfer & Trust Company (“Trustee”).

 

WHEREAS, the Company’s registration
statement on Form S-1, No. 333-225520 (“Registration Statement”) for its initial public offering of securities
(“IPO”) has been declared effective as of the date hereof (“Effective Date”) by the Securities
and Exchange Commission (capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Registration
Statement); and

 

WHEREAS, EarlyBirdCapital, Inc. (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 Certificate of Incorporation, $50,000,000 ($57,500,000
if the over-allotment option is exercised in full) of the proceeds from the IPO and a simultaneous private placement of 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, no par
value (“Ordinary Shares”), issued in the IPO as hereinafter provided (the proceeds to be delivered to the Trustee
will be referred to herein as the “Property”; the shareholders for whose benefit the Trustee shall hold the
Property will be referred to as the “Public Shareholders,” and the Public Shareholders and the Company will
be referred to together as the “Beneficiaries”); and

 

WHEREAS, the Company and the Trustee desire
to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property;

 

IT IS AGREED:

 

1. Agreements and
Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(a) Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by
the Trustee at J.P. Morgan Chase Bank, N.A. and at a brokerage institution selected by the Trustee that is reasonably satisfactory
to the Company;

 

(b) Manage,
supervise, and administer the Trust Account subject to the terms and conditions set forth herein;

 

(c) In
a timely manner, upon the written instruction of the Company, invest and reinvest the Property in United States “government
securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment
Company Act”), having a maturity of 180 days or less, and/or in any open ended investment company registered under the
Investment Company Act that holds itself out as a money market fund selected by the Company meeting the conditions of paragraph
(d) of Rule 2a-7 promulgated under the Investment Company Act, which invest only in direct U.S. government treasury obligations;
it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s
instructions hereunder and the Trustee may earn bank credits or other consideration during such periods;

 

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(d) Collect
and receive, when due, all principal and income arising from the Property, which shall become part of the “Property,”
as such term is used herein;

 

(e) 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, affirmed by counsel for the Company and, in the case of a Termination Letter in a form substantially
similar to that attached hereto as Exhibit A, acknowledged and agreed to by the Representative, 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; provided, however, that in the event that a Termination Letter has not been received by the Trustee
within the period of time provided in the Company’s Amended and Restated Memorandum and Articles of Association, as the same
may be amended from time to time (“Last Date”), the Trust Account shall be liquidated in accordance with the
procedures set forth in the Termination Letter attached as Exhibit B hereto and distributed to the Public Shareholders as
of the Last Date. The provisions of this Section 1(i) may not be modified, amended or deleted under any circumstances; and

 

(j) Upon
receipt of a letter (an “Amendment Notification Letter”) in the form of Exhibit C, signed on behalf of
the Company, distribute to Public Shareholders who exercised their conversion rights in connection with an amendment to Article
47 of the Company’s Amended and Restated Memorandum and Articles of Association (an “Amendment”) an amount
equal to the pro rata share of the Property relating to the Ordinary Shares for which such Public Shareholders have exercised conversion
rights in connection with such Amendment. The provisions of this Section 1(j) may not be modified, amended or deleted under
any circumstances.

 

2. Limited Distributions
of Income from Trust Account.

 

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

 

(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.

 

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(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 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. 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 stockholder votes verifying
the vote of the Company’s shareholders regarding such business combination;

 

(e) In
the event that the Company directs the Trustee to commence liquidation of the Trust Account pursuant to Section 1(i), the
Company agrees that it will not direct the Trustee to make any payments that are not specifically authorized by this Agreement;
and

 

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(f) If
the Company has an Amendment approved by its shareholders, provide the Trustee with an Amendment Notification Letter in the form
of Exhibit C providing instructions for the distribution of funds to Public Shareholders who exercise their conversion 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;

 

(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 or willful misconduct. The Trustee
may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion, or advice of counsel
(including counsel chosen by the Trustee), statement, instrument, report, or other paper or document (not only as to its due execution
and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained)
which is believed by the Trustee, in good faith, to be genuine and to be signed or presented by the proper person or persons. The
Trustee shall not be bound by any notice or demand, or any waiver, modification, termination, or rescission of this Agreement or
any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee signed by the proper party or parties
and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto;

 

(g) Verify
the correctness of the information set forth in the Registration Statement or to confirm or assure that any business combination
consummated by the Company or any other action taken by it is as contemplated by the Registration Statement;

 

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

 

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(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. 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.

 

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(b) This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The
parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough of
Manhattan, for purposes of resolving any disputes hereunder. As to any claim, cross-claim, or counterclaim in any way relating
to this Agreement, each party waives the right to trial by jury.

 

(c) This
Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together
shall constitute but one instrument.

 

(d) This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for Sections 1(i) and 1(j) (which may not be amended under any circumstances), this Agreement or any provision hereof
may only be changed, amended, or modified by a writing signed by each of the parties hereto; provided, however, that no such change,
amendment or modification may be made without the prior written consent of the Representative. The Trustee may require from Company
counsel an opinion as to the propriety of any proposed amendment.

 

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

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Francis E. Wolf, Jr.

Email: fwolf@continentalstock.com

 

if to the Company, to:

 

HL Acquisitions Corp.

499 Park Avenue, 12th
Floor

New York, New York 10022

Attn: Jeffrey E. Schwarz

Email: jschwarz@metrocap.net

Fax No.:

 

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

 

EarlyBirdCapital, Inc.

275 Madison Avenue, 27th Floor

New York, New York 10016

Attn: Steven Levine, Chief Executive Officer

Email: slevine@ebcap.com

Fax No.: (212) 661-4936

 

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and

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

Fax No.: (212) 818-8881

 

and

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas

New York, New York 10105

Attn: Stuart Neuhauser, Esq.

Email: sneuhauser@egsllp.com

Fax No.:

 

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

 

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

 

(h) Each
of the Company and the Trustee hereby acknowledge that the Representative is a third party beneficiary of this Agreement.

 

[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 E. Wolf, Jr.
	 	 	Name: Francis E. Wolf, Jr.
	 	 	Title: Vice President
	 	 	 
	 	HL ACQUISITIONS CORP.
	 	 	 
	 	By:	/s/ Jeffrey E. Schwarz
	 	 	Name: Jeffrey E. Schwarz
	 	 	Title: Chief Executive Officer

 

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SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,500	 
	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	 
	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	 
	Paying Agent services as required pursuant to section 1(i)	 	Billed to Company upon delivery of service pursuant to section 1(i)	 	 	Prevailing
rates
  
	 

 

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EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

& Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Steven Nelson and Francis E. Wolf,
Jr.

 

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

 

Gentlemen:

 

Pursuant to Section
1(i) of the Investment Management Trust Agreement between HL Acquisitions Corp. (“Company”) and Continental
Stock Transfer & Trust Company, dated as of June 27, 2018 (“Trust Agreement”), this is to advise you that
the Company has entered into an agreement with [__________________] to consummate a business combination (“Business Combination”)
on or about [insert date]. The Company shall notify you at least 48 hours in advance of the actual date of the consummation
of the Business Combination (“Consummation Date”). Capitalized terms used herein and not otherwise defined shall
have the meanings set forth in the Trust Agreement.

 

In accordance with
the terms of the Trust Agreement, we hereby authorize you to liquidate the Trust Account investments on [__________] and to transfer
the proceeds to the 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,
	 	 
	 	HL ACQUISITIONS CORP.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

AGREED TO AND

ACKNOWLEDGED BY

 

	EARLYBIRDCAPITAL, INC.	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

& Trust Company

1 State Street, 30th floor

New York, New York 10004

Attn: Steven Nelson and Francis E. Wolf,
Jr.

 

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

 

Gentlemen:

 

Pursuant to Section
1(i) of the Investment Management Trust Agreement between HL Acquisitions Corp. (“Company”) and Continental
Stock Transfer & Trust Company, dated as of June 27, 2018 (“Trust Agreement”), this is to advise you that
the Company has been unable to effect a Business Combination with a Target Company within the time frame specified in the Company’s
Amended and Restated Certificate of Incorporation, as described in the Company’s prospectus relating to its IPO. Capitalized
terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In accordance with
the terms of the Trust Agreement, we hereby authorize you to liquidate the Trust Account on [ ] 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 record date for the purpose of determining the Public Shareholders entitled to receive
their share of the liquidation proceeds. It is acknowledged that while the funds are on deposit in the Trust 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 Amended and Restated Certificate of Incorporation of the Company. Upon the distribution of all the funds in the Trust Account,
your obligations under the Trust Agreement shall be terminated.

 

	 	Very truly yours,
	 	 
	 	HL ACQUISITIONS CORP.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc: EarlyBirdCapital, Inc.

 

     

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

& Trust Company

1 State Street, 30th floor

New York, New York 10004

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

 

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

 

Gentlemen:

 

Reference is made to
the Investment Management Trust Agreement between HL Acquisitions Corp. (“Company”) and Continental Stock Transfer
& Trust Company, dated as of June 27, 2018 (“Trust Agreement”). Capitalized words used herein and not otherwise
defined shall have the meanings ascribed to them in the Trust Agreement.

 

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

 

	 	Very truly yours,
	 	 
	 	HL ACQUISITIONS CORP.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

cc: EarlyBirdCapital, Inc.

 

     

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

& Trust Company

1 State Street, 30th floor

New York, New York 10004

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

 

Re:           Trust
Account No. [_____________] – Interest Withdrawal for Tax Payment 

 

Gentlemen:

 

Pursuant to Section
2(a) of the Investment Management Trust Agreement between HL Acquisitions Corp. (“Company”) and Continental
Stock Transfer & Trust Company, dated as of June 27, 2018 (“Trust Agreement”), the Company hereby requests
that you deliver to the Company [$_______] of the interest income earned on the Property as of the date hereof. The Company needs
such funds to pay for its tax obligations. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized
to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	HL ACQUISITIONS CORP.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc: EarlyBirdCapital, Inc.Exhibit 10.3

 

STOCK ESCROW AGREEMENT

 

STOCK ESCROW AGREEMENT, dated as of June 27,
2018 (“Agreement”), by and among HL ACQUISITIONS CORP., a British Virgin Islands 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, stock 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 June 27, 2018 (“Underwriting Agreement”), with EarlyBirdCapital, Inc. (the “Representative”)
acting as representative of the several underwriters (collectively, the “Underwriters”), pursuant to which, among other
matters, the Underwriters have agreed to purchase 4,250,000 units (“Units”) of the Company, plus an additional 637,500
Units if the Representative exercises the over-allotment option in full. Each Unit consists of one ordinary share of the Company,
no par value (“Ordinary Shares”), one right to receive one-tenth of one Ordinary Share and one redeemable Warrant,
each warrant to purchase one Ordinary Share, all as more fully described in the Company’s final Prospectus, dated June 27,
2018 (“Prospectus”) comprising part of the Company’s Registration Statement on Form S-1 (File No. 333-225520)
under the Securities Act of 1933, as amended (“Registration Statement”), declared effective on June 27, 2018 (“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 held and disbursed 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 Shares. On or before the Effective Date, each of the Founders shall have delivered to the Escrow Agent certificates (and
applicable stock powers if requested by the Escrow Agent) representing such Founder’s respective Ordinary Shares, to be held
and disbursed 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 shares under this Agreement.

 

3. Disbursement
of the Escrow Shares.

 

3.1 If
the over-allotment option to purchase all or a portion of the additional 750,000 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, a number of Ordinary Shares held by the Founders determined in accordance
with a prearranged schedule such that the Founders will own in the aggregate a number of Ordinary Shares equal to 20% of issued
and outstanding shares after the public offering. The Company shall promptly provide notice to the Escrow Agent of the expiration
or termination of the over-allotment option, the number of Units, if any, purchased by the Underwriters in connection with the
exercise thereof and the names and numbers of Ordinary Shares to be cancelled, if any.

 

     

     

    

 

3.2 Except
as otherwise set forth herein, the Escrow Agent shall hold the shares remaining after any cancellation required pursuant to Section
3.1 above (such remaining shares to be referred to herein as the “Escrow Shares”) until (i) with respect to
50% of the Escrow Shares, 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 stock splits,
stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing
after the consummation of the Business Combination and (ii) with respect to the remaining 50% of the Escrow Shares, one
year after the date of the consummation of a Business Combination (such period of time during which the Escrow Shares 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 disburse such amount of each Founder’s
Escrow Shares to such Founder; provided, however, that if, within the Escrow Period, the Company (or the surviving entity) consummates
a liquidation, merger, stock exchange or other similar transaction which results in all of the shareholders of such entity having
the right to exchange their shares of Common Stock 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 Shares to the Founders. The Escrow Agent shall have no further duties hereunder after
the disbursement of the Escrow Shares 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 certificates representing the Escrow Shares to the Founders promptly after the public shareholders are
paid the liquidating distributions and shall have no further duties hereunder.

 

4. Rights
of Founders in Escrow Shares.

 

4.1 Voting
Rights as a Stockholder. 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 Shares. For as long as any shares are held in escrow pursuant to this Agreement,
all dividends payable in cash with respect to the Escrow Shares shall be paid to the Founders, but all dividends payable in stock
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 Shares” shall be deemed to include the Non-Cash Dividends distributed
thereon, if any.

 

4.3 Restrictions
on Transfer. During the Escrow Period, the only permitted transfers of the Escrow Shares will be (i) to the Founders and the
Company’s officers, directors, employees, consultants or their affiliates, (ii) to a Founder’s shareholders, 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 Shares made in connection with the consummation of a Business Combination at
prices no greater than the price at which the Escrow Shares 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.

 

    	 	2	 

     

    

 

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 Shares 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 Shares or it may deposit the
Escrow Shares with the clerk of any appropriate court or it may retain the Escrow Shares pending receipt of a final, non-appealable
order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances the Escrow Shares
are to be disbursed and delivered. The provisions of this Section 5.2 shall survive in the event the Escrow Agent resigns or is
discharged pursuant to Sections 5.5 or 5.6 below.

 

    	 	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 Shares 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 Shares 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 with an address on Exhibit A 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:

 

HL Acquisitions Corp.

499 Park Avenue, 12th Floor

New York, New York 10022

Attn: Jeffrey E. Schwarz

Fax No.:

Email: jschwarz@metrocap.net

 

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 Plaza, 30th Floor

New York, New York 10004

Attn: Account Administration

Fax No: 212-616-7615

Email: accountadmin@continentalstock.com

 

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

 

EarlyBirdCapital, Inc.

275 Madison Avenue, 27th Floor

New York, New York 10016

Attn: Steven Levine, Chief Executive Officer

Fax No.: (212) 661-4936

Email: slevine@ebcap.com

 

    	 	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.:

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 Memorandum and Articles of Association, 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.

 

	 	HL ACQUISITIONS CORP.
	 	 	 
	 	By:	/s/ Jeffrey
E. Schwarz
	 	 	Jeffrey E. Schwarz, its Chief Executive Officer
	 	 	FOUNDERS:
	 	 	 
	 	METROPOLITAN CAPITAL PARTNERS V,
    LLC
	 	 	 
	 	By:	/s/ Jeffrey
E. Schwarz
	 	 	Name: Jeffrey
    E. Schwarz
	 	 	Title: Managing Member
	 	 	 
	 	HL ACQUISITIONS HOLDINGS LLC
	 	 	 
	 	By:	/s/ Jeffrey
E. Schwarz
	 	 	Name: Jeffrey
E. Schwarz
	 	 	Title: Managing Member
	 	 	 
	 	JEFFREY SCHWARZ CHILDREN’S
    TRUST
	 	 	 
	 	By:	/s/ Craig Frank
	 	 	Name: Craig Frank
	 	 	Title: Trustee
	 	 	 
	 	 	/s/ Karen Finerman
	 	 	Karen Finerman
	 	 	 
	 	 	/s/ Craig Effron
	 	 	Craig Effron
	 	 	 
	 	 	/s/ Curtis Schenker
	 	 	Curtis Schenker
	 	 	 
	 	 	/s/ Jonathan Guss
	 	 	Jonathan Guss
	 	 	 
	 	 	/s/ Stephanie Guss
	 	 	Stephanie Guss
	 	 	 
	 	 	/s/ Yoav Stern
	 	 	Yoav Stern
	 	 	 
	 	 	/s/ Greg Drechsler
	 	 	Greg Drechsler
	 	 	 
	 	 	/s/ Ben
Schwarz
	 	 	Ben Schwarz
	 	 	 
	 	 	/s/ Rune Magnus Lundetrae
	 	 	Rune Magnus Lundetrae
	 	 	 
	 	 	/s/ Ajay Khandelwal
	 	 	Ajay Khandelwal

 

    	 	7	 

     

    

 

	 	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
	 
	 	 	 	 
	Metropolitan Capital Partners V LLC	 	 	426,840	 
	 	 	 	 	 
	Jeffrey Schwarz Children’s Trust	 	 	105,882	 
	 	 	 	 	 
	HL Acquisitions Holdings LLC	 	 	668,013	 
	 	 	 	 	 
	Karen Finerman	 	 	70,588	 
	 	 	 	 	 
	Craig Effron	 	 	22,059	 
	 	 	 	 	 
	Curtis Schenker	 	 	22,059	 
	 	 	 	 	 
	Jonathan Guss	 	 	15,882	 
	 	 	 	 	 
	Stephanie Guss	 	 	6,176	 
	 	 	 	 	 
	Greg Drechsler	 	 	23,530	 
	 	 	 	 	 
	Ben Schwarz	 	 	23,530	 
	 	 	 	 	 
	Rune Magnus Lundetrae	 	 	17,647	 
	 	 	 	 	 
	Ajay Khandelwal	 	 	17,647	 
	 	 	 	 	 
	Stern YOI Limited Partnership	 	 	17,647	 

 

    	 	9

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