Document:

Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

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

 

WHEREAS, the Company’s registration
statements on Form S-1, No. 333-______ (“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. (“EarlyBirdCapital”)
is acting as the representative of the underwriters in the IPO; and

 

WHEREAS, as described in the Registration
Statement, and in accordance with the Company’s Amended and Restated Memorandum and Articles of Association, $100,000,000
of the proceeds of the IPO ($115,000,000 if the over-allotment option is exercised in full), plus the net proceeds of a private
placement taking place simultaneously therewith in the amount of $3,350,000 (or $3,650,000 if the over-allotment option is exercised
in full), will be delivered to the Trustee to be deposited and held in the Trust Account (as defined below) for the benefit of
the Company and the holders of the Company’s ordinary shares, par value $0.0001 per share (“Ordinary Shares”),
issued in the IPO as hereinafter provided (the proceeds to be delivered to the Trustee, 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 a segregated trust account (“Trust Account”) established by the Trustee
at JPMorgan Chase Bank, N.A. in the United States, maintained by Trustee, 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 instruction
of the Company, invest and reinvest the Property (i) in United States government treasury bills, notes or bonds having a maturity
of 180 days or less and/or (ii) in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment
Company Act of 1940, as amended, and that invest solely in U.S. treasuries, as determined by the Company, 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;

 

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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 EarlyBirdCapital
of all communications received by it with respect to any Property requiring action by the Company;

 

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

 

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

 

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

 

(i) Commence liquidation of the Trust Account
only after and promptly after receipt of, and only in accordance with, the terms of a letter (“Termination Letter”),
in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, signed on behalf of the Company by one
of the Company’s executive officers in the case of a Termination Letter in a form substantially similar to that attached
hereto as Exhibit A, acknowledged and agreed to by EarlyBirdCapital, 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 by the date set forth 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; and

 

(j) Upon receipt of an Amendment Notification
Letter (defined below), distribute to Public Shareholders who exercised their redemption rights in connection with an Amendment
(defined below) an amount equal to the pro rata share of the Property relating to the Ordinary Shares for which such Public Shareholders
have exercised redemption rights in connection with such Amendment.

 

2. Limited Distributions of Income from
Trust Account.

 

(a) Upon written request from the Company,
which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C, 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) [intentionally omitted]

 

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

 

(d) The Company shall provide EarlyBirdCapital
with a copy of any Termination Letters 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.

 

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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 one of the Company’s executive officers. In addition, except with respect to its duties under
paragraphs 1(i), 1(j) and 2(a) above, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal
or telephonic advice or instruction which it in good faith and with reasonable care believes to be given by any one of the persons
authorized above to give written instructions, provided that the Company shall promptly confirm such instructions in writing;

 

(b) Subject to the provisions of Sections
5 and 7(g) 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 loss suffered by the Trustee in connection with any claim, potential claim, 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 Trustee may not agree to settle any Indemnified Claim without
the prior written consent of the Company, which consent shall not be unreasonably withheld. The Company may participate in such
action with its own counsel;

 

(c) Pay the Trustee an initial acceptance
fee, an annual fee and a transaction processing fee for each disbursement made pursuant to Section 2(a) as set forth on Schedule
A hereto, which fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property
shall not be used to pay such fees unless and until the Company consummates a Business Combination. The Company shall pay the Trustee
the initial acceptance fee and first year’s fee at the consummation of the IPO and thereafter on the anniversary of the Effective
Date;

 

(d) In connection with any vote of the Company’s
shareholders regarding a Business Combination, provide to the Trustee an affidavit or certificate of a firm regularly engaged in
the business of soliciting proxies and/or tabulating shareholder votes verifying the vote of the Company’s shareholders regarding
such Business Combination;

 

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

 

(f) If the Company seeks to amend any provisions
of its Amended and Restated Memorandum and Articles of Association (in each case, an “Amendment”), provide the Trustee
with a letter (an “Amendment Notification Letter”) in the form of Exhibit D providing instructions for the distribution
of funds to Public Shareholders who exercise their redemption rights in connection with such Amendment; and

 

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

 

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

 

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

 

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

 

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

 

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

 

(f) The other parties hereto or to anyone
else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the exercise
of its own best judgment, except for its gross negligence 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 acquisition made 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 and payee statements with the Company documenting
the taxes, if any, payable by the Company or the Trust Account, relating to the income earned on the Property;

 

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

 

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(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;

 

(k) Verify calculations, qualify or otherwise
approve Company requests for distributions pursuant to Section 1(i) or 2(a) above; and

 

(l) Provide any assurance that a Business
Combination entered into by the Company or any other action taken by the Company is as contemplated by the Registration Statement.

 

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 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).

 

7. 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.
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
all information supplied to it by the Company, including account names, account numbers and all other identifying information relating
to a beneficiary, beneficiary’s bank or intermediary bank. Except for any liability arising out of the Trustee’s gross
negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss, liability or expense resulting from any
error in the information or transmission of the wire.

 

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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. 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.

 

(c) 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 EarlyBirdCapital. As to any claim, cross-claim or counterclaim in any way relating to this Agreement,
each party waives the right to trial by jury. The Trustee may require from Company counsel an opinion as to the propriety of any
proposed amendment.

 

(d) 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.

 

(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, LLC

1 State Street, 30th Floor

New York, NY 10004

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

Fax No.: (212) 509-5150

 

if to the Company, to:

 

Galileo Acquisition Corp.

1049 Park Ave. 14A,

New York, NY 10028

Attention: Luca Giacometti, Chief Executive Officer

 

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

 

EarlyBirdCapital, Inc.

366 Madison Avenue

New York, NY 10017

Attn: Steven Levine

Facsimile: (212) 661-4936

 

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and

 

Ellenoff Grossman& Schole LLP

1345 Avenue of the Americas, 11th Floor

New York, New York 10105

Attn: Stuart Neuhauser, Esq.

Fax No.: (212) 370-7889

 

and

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, NY 10174

Attn: David Alan Miller, Esq.

Fax: (212) 818-8881

 

(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 EarlyBirdCapital is a third party beneficiary of this Agreement.

 

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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:	 
	 	Name: Francis E. Wolf Jr.
	 	Title: Vice President
	 	 
	GALILEO ACQUISITION CORP.
	 	 
	By:	 
	 	Name: Luca Giacometti
	 	Title: Chief Executive Officer

 

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SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount
	Initial set-up fee.	 	Initial closing of Offering by wire transfer.	 	$3,500
	Trustee administration fee	 	Payable annually. First year fee payable, at initial closing of Offering by wire transfer, thereafter by wire transfer or check.	 	$10,000
	Transaction processing fee for disbursements to Company under Sections 1(i) and (j)	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 1	 	$250
	Paying Agent services as required pursuant to Sections 1(i) and 1(k)	 	Billed to Company upon delivery of service pursuant to Section 1(i) and 1(k)	 	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, NY 10004

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

 

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

 

Ladies and Gentlemen:

 

Pursuant to Section 1(i) of the Investment Management Trust
Agreement between Galileo Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”),
dated as of ______, 2019 (“Trust Agreement”), this is to advise you that the Company has entered into an agreement
with [__________________] (“Target Business”) to consummate a business combination with Target Business (“Business
Combination”) on or about [insert date]. The Company shall notify you at least 48 hours in advance of the actual date
of the consummation of the Business Combination (“Consummation Date”). Capitalized terms used herein and not otherwise
defined shall have the meanings set forth in the Trust Agreement.

 

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

 

On the Consummation Date (i) counsel for the Company shall deliver
to you written notification that the Business Combination has been consummated, and (ii) the Company shall deliver to you (a) [an
affidavit] [a certificate] of [__________________], which verifies the vote of the Company’s shareholders in connection with
the Business Combination if a vote is held and (b) joint written instructions from the Company and EarlyBirdCapital, Inc. 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, the Trust Agreement shall be
terminated.

 

    	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 upon receipt by the Trustee 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,
	 
	GALILEO ACQUISITION CORP.
	 
	By:	
	 	Luca Giacometti
	 	Chief Executive Officer
	 	 
	Acknowledged and Agreed:	 
	 	 
	EarlyBirdCapital, Inc.	 
	 	 
	By:	 
	 	 
	 	Name:	 
	 	Title:	 
	 	 	 

 

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EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

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

 

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

 

Ladies and Gentlemen:

 

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

 

In accordance with the terms of the Trust Agreement, we hereby
authorize you to liquidate all the Trust Account investments on [______________] and to transfer the total proceeds to the Trust
Checking Account at [_____________] to await distribution to the Public 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 no interest will be earned by the Company on the liquidation proceeds while on deposit in the Trust Checking
Account. You agree to be the Paying Agent of record and in your separate capacity as Paying Agent, to distribute said funds directly
to the Public Shareholders in accordance with the terms of the Trust Agreement and the Amended and Restated Memorandum and Articles
of Association 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,
	 
	GALILEO ACQUISITION CORP.
	 
	By:	 
	 	 
	 	Luca Giacometti
	 	Chief Executive Officer

 

cc: EarlyBirdCapital, Inc.

 

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EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

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

 

Re: Trust Account No. [___________]

 

Ladies and Gentlemen:

 

Pursuant to Section 2(a) of the Investment Management Trust
Agreement between Galileo Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”),
dated as of ______, 2019 (“Trust Agreement”), the Company hereby requests that you deliver to the Company [$_______]
of the interest income earned on the Property as of the date hereof. Capitalized terms used herein and not otherwise defined shall
have the meanings set forth in the Trust Agreement. 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]

 

	Very truly yours,
	 
	GALILEO ACQUISITION CORP.
	 
	By:	 
	 	 
	 	Luca Giacometti
	 	Chief Executive Officer
	 	 

cc: EarlyBirdCapital, Inc.

 

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EXHIBIT D

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

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

 

Re: Trust Account No. [___________]

 

Ladies and Gentlemen:

 

Pursuant to Section 3(f) of the Investment Management Trust
Agreement (the “Agreement”) between Galileo Acquisition Corp. (“Company”) and Continental Stock Transfer
 & Trust Company (“Trustee”), dated as of ______, 2019 (“Trust Agreement”), this letter is to advise
you that the Company has sought an Amendment (as defined in the Agreement). Accordingly, in accordance with the terms of the Agreement,
we hereby authorize you to liquidate a sufficient portion of the trust account to transfer $______ of the proceeds via wire transfer
to the trust operating account at JPMorgan Chase Bank, N.A. for distribution to the shareholders that have requested redemption
of their shares in connection with such Amendment. Capitalized terms used herein and not otherwise defined shall have the meanings
set forth in the Trust Agreement.

 

	Very truly yours,
	 
	GALILEO ACQUISITION CORP.
	 
	By:	 
	 	 
	 	Luca Giacometti
	 	Chief Executive Officer
	 	 

cc: EarlyBirdCapital, Inc.

 

    D-2Exhibit 10.3

 

SHARE ESCROW AGREEMENT

 

SHARE ESCROW AGREEMENT, dated as of ______,
2019 (“Agreement”), by and among Galileo Acquisition Corp., a Cayman Islands exempted company (the “Company”),
the individuals and entities listed on the signature pages hereto (each, an “Initial Shareholder” and, collectively,
the “Initial Shareholders”) and Continental Stock Transfer & Trust Company, a New York corporation (“Escrow
Agent”).

 

WHEREAS, the Company has entered into an
Underwriting Agreement, dated as of ______, 2019 (“Underwriting Agreement”), with EarlyBirdCapital, Inc. (“EBC”)
acting as representative of the several underwriters (collectively, the “Underwriters”), pursuant to which, among other
matters, the Underwriters have agreed to purchase 10,000,000 units (“Units”) of the Company, plus an additional 1,500,000
Units if the Underwriters exercise their over-allotment option in full. Each Unit consists of one ordinary share of the Company,
par value $0.0001 per share (the “Ordinary Shares”), and one redeemable warrant, each redeemable warrant entitling
the holder thereof to purchase one Ordinary Share at an exercise price of $11.50 per share, as more fully described in the Company’s
final Prospectus, dated _____, 2019 (“Prospectus”), comprising part of the Company’s Registration Statement on
Form S-1 (File Nos. 333- ) under the Securities Act of 1933, as amended (the “Registration Statement”), declared effective
on _____, 2019 (“Effective Date”).

 

WHEREAS, the Initial Shareholders have agreed
as a condition of the sale of the Units to deposit their Insider Shares (as defined in the Prospectus), as set forth opposite their
respective names in Exhibit A attached hereto (collectively “Escrow Shares”), in escrow as hereinafter provided.

 

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

 

IT IS AGREED:

 

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

 

2. Deposit of Certificates for Escrow
Shares. On or prior to the date hereof, each of the Initial Shareholders delivered to the Escrow Agent certificates (if any)
representing such Initial Shareholder’s respective Escrow Shares ("Certificates"), together with applicable
share powers (if requested by the Escrow Agent), to be controlled and released subject to the terms and conditions of this Agreement.
Each of the Initial Shareholders acknowledges that the Certificate representing such Initial Shareholder’s Escrow Shares
is legended to reflect the deposit of such Escrow Shares under this Agreement.

 

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3. Release of the Escrow Shares.

 

3.1 The Escrow Agent shall hold the Certificates
during the period (the “Escrow Period”) commencing on the date hereof and (i) for 50% of the Escrow Shares, ending
on the earlier of (x) six months after the date of the consummation of the Company’s initial business combination (as described
in the Registration Statement, hereinafter a “Business Combination”) and (y) the date on which the closing price of
the Ordinary Shares equals or exceeds $12.50 per share (as adjusted for share splits, share capitalizations, reorganizations and
recapitalizations) for any 20 trading days within any 30-trading day period commencing after the Company’s initial Business
Combination and (ii) for the remaining 50% of the Escrow Shares, ending one year after the date of the consummation of an initial
Business Combination. The Company shall promptly provide notice of the consummation of a Business Combination to the Escrow Agent.
Upon completion of the Escrow Period, the Escrow Agent shall release such amount of each Initial Shareholder’s Certificates
(and any applicable share power) to such Initial Shareholder; 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; provided further, however, that if, subsequent to the completion of a Business Combination,
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 Ordinary Shares for cash, securities or other property,
then the Escrow Agent will, upon receipt of a notice executed by the Chairman of the Board, Chief Executive Officer or other authorized
officer of the Company, in form reasonably acceptable to the Escrow Agent, certifying that such transaction is then being consummated
or such conditions have been achieved, as applicable, release the Certificates to the Initial Shareholders. The Escrow Agent shall
have no further duties hereunder after the release or destruction of the Certificates in accordance with this Section 3.

 

3.2 Notwithstanding Section 3.1, if the
Underwriters do not exercise their over-allotment option to purchase an additional 1,500,000 Units of the Company in full within
45 days of the date of the Prospectus (as described in the Underwriting Agreement), Galileo Founders Holdings, L.P., the Company’s
sponsor (“Sponsor”) agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the
Certificates representing the number of Escrow Shares held by Sponsor determined by multiplying 375,000 by a fraction, (x) the
numerator of which is 1,500,000 minus the number of Ordinary Shares purchased by the Underwriters upon the exercise of their over-allotment
option, and (y) the denominator of which is 1,500,000. The Company shall promptly provide notice to the Escrow Agent of the expiration
or termination of the Underwriters’ over-allotment option and the number of Units, if any, purchased by the Underwriters
in connection with their exercise thereof.

 

4. Rights of Initial Shareholders in
Escrow Shares.

 

4.1 Voting Rights as a Shareholder.
Subject to the terms of the Insider Letters described in Section 4.4 hereof and except as herein provided, the Initial Shareholders
shall retain all of their rights as shareholders 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 Shares. During the Escrow Period, all dividends payable in cash with respect to the Escrow Shares
shall be paid to the Initial Shareholders, but all share capitalizations 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.

 

    2

     

    

 

4.3 Restrictions on Transfer. During
the applicable Escrow Period, the Company shall instruct the registrar and transfer agent of the Company not to register a transfer
of Escrow Shares without the written consent of the Escrow Agent for as long as this Agreement remains in force and the only permitted
transfers of the Escrow Shares will be (i) for transfers to the Company’s officers, directors or their respective affiliates,
and if the Initial Shareholder is an entity, as a distribution to partners, members or shareholders of the Initial Shareholder
upon the liquidation and dissolution of the Initial Shareholder, (ii) by bona fide gift to a member of the Initial Shareholder’s
immediate family or to a trust, the beneficiary of which is the Initial Shareholder or a member of the Initial Shareholder’s
immediate family for estate planning purposes, (iii) by virtue of the laws of descent and distribution upon death of the Initial
Shareholder, (iv) pursuant to a qualified domestic relations order, (v) by certain pledges to secure obligations incurred in connection
with purchases of our securities, (vi) by private sales made at or prior to the Business Combination at prices no greater than
the price at which the Escrow Shares were originally purchased or (vii) to the Company for cancellation in accordance with Section
3.2 above or in connection with the consummation of a Business Combination, in each case, except for clause (vii) or with the Company’s
prior consent, on the condition that such 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 (as defined below) signed by the Initial Shareholder
transferring the Escrow Shares.

 

4.4 Insider Letters. Each of the
Initial Shareholders has executed a letter agreement with EBC and the Company, dated as indicated on Exhibit A hereto, and the
form of which is filed as an exhibit to the Registration Statement (“Insider Letters”), respecting the rights and obligations
of such Initial Shareholder 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 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
subject to this Agreement, 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 Certificates are to be released and delivered. The provisions of this
Section 5.2 shall survive in the event the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

 

    3

     

    

 

5.3 Compensation. 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 Initial Shareholders 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 and approved by EBC, which approval
will not be unreasonably withheld, conditioned or delayed, the Escrow Shares subject to this Agreement. 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
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, fraud or
its own 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.

 

 

    4

     

    

 

6. Miscellaneous.

 

6.1 Governing Law; Jurisdiction. In connection with Section
5-1401 of the General Obligations Law of the State of New York, this Agreement shall be governed by, and construed in accordance
with, the laws of the State of New York without regard to principles of conflicts of law that would result in the application of
the substantive law of another jurisdiction. The parties hereto agree that any action, proceeding or claim arising out of or relating
in any way to this Agreement shall be resolved through final and binding arbitration in accordance with the International Arbitration
Rules of the American Arbitration Association (“AAA”). The arbitration shall be brought before the AAA International
Center for Dispute Resolution’s offices in New York City, New York, will be conducted in English and will be decided by a
panel of three arbitrators selected from the AAA Commercial Disputes Panel and that the arbitrator panel’s decision shall
be final and enforceable by any court having jurisdiction over the party from whom enforcement is sought. The cost of such arbitrators
and arbitration services, together with the prevailing party’s legal fees and expenses, shall be borne by the non-prevailing
party or as otherwise directed by the arbitrators.

 

6.2 Third Party Beneficiaries. Each
of the Initial Shareholders hereby acknowledges that EBC is a third party beneficiary of this Agreement and this Agreement may
not be modified or changed without the prior written consent of EBC.

 

6.3 Entire Agreement. This Agreement,
together with the Insider Letters, 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.

 

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 business days after the date of mailing, as follows:

 

If to the Company, to:

Galileo Acquisition Corp.

1049 Park Ave. 14A,

New York, NY 10028

Attention: Luca Giacometti, Chief Executive Officer

If to a Shareholder, to his/its address set forth
in Exhibit A.

 

    5

     

    

 

and if to the Escrow Agent, to:

Continental Stock Transfer& Trust Company

One State Street, 30th Floor

New York, NY 10004

Attn: Account Administration

Fax No.: (212) 616-7615

 

a copy (which copy shall not constitute notice) sent
hereunder shall be sent to:

 

EarlyBirdCapital, Inc.

366 Madison Avenue

New York, NY 10017

Attn: Steven Levine

Fax No.: (212) 661-4936

 

and:

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas, 11th Floor

New York, New York 10105

Attn: Stuart Neuhauser, Esq.

Fax No.: (212) 370-7879

 

and:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: Jeffrey M. Gallant, Esq.

Fax No.: (212) 818-8881

 

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 Prospectus.

 

6.8 Counterparts. 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.

 

[Signature Page Follows]

 

    6

     

    

 

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

 

	COMPANY:	 
	 	 
	GALILEO ACQUISITION CORP.	 
	 	 	 
	By:	 	 
	 	Name:	Luca Giacometti	 
	 	Title:	Chief Executive Officer	 
	 	 	 
	INITIAL SHAREHOLDERS:	 
	 	 	 
	Galileo Founders Holdings, L.P.,	 
	 	 	 
	By:	Galileo Founders GP Corp, its General Partner	 
	 	 	 	 
	 	Name:	 Luca Giacometti	 
	 	Title:	Authorized Signatory	 

 

	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
		 
	By:	 	 
	 	Name:	Margaret B. Lloyd	 
	 	Title:	Vice President
	 	 	 	 

 

    7

     

    

 

EXHIBIT A

 

	Name and Address of Initial Shareholder1	 	Number of Shares	 	 	Date of Insider Letter	 
	Galileo Founders Holdings, L.P.,  
 1049 Park Ave. 14A,  
 New York, NY 10028	 	 	2,875,000	 	 	 	[       ]	 

  

    8

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