Document:

Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Agreement is made
as of November 20, 2020 by and between LifeSci Acquisition II Corp. (the “Company”) and Continental Stock Transfer
 & Trust Company (“Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, No. 333-249480 (“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, LifeSci Capital
LLC and Ladenburg Thalmann & Co Inc. are acting as the underwriters (the “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, $75,000,000
of the gross proceeds of the IPO ($86,250,000 if the over-allotment option is exercised in full) will be delivered to the Trustee
to be deposited and held in a trust account for the benefit of the Company and the holders of the Company’s common stock,
par value $.0001 per share (“Common Stock”), 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.

 

THEREFORE, 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. (or at another U.S. chartered commercial
bank with consolidated assets of $100 billion or more) 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 185 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 the account funds are uninvested
awaiting the Company’s instructions hereunder and the Trustee may earn bank credits and other consideration

 

    	 	 	 

     

    

 

(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 Underwriters 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; and

 

(i)          Commence liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with,
the terms of a letter (“Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit
A or Exhibit B, signed on behalf of the Company by its President, Chief Executive Officer or Chairman of the Board and Secretary
or Assistant Secretary and, in the case of a Termination Letter in a form substantially similar to that attached hereto as Exhibit
A, 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 24-month anniversary of the closing of the IPO (“Closing”) (“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.

 

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 as a result of such interest income.

 

(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 Section 1(i) hereof.

 

(c)         The Company shall provide the Underwriters 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.

 

    	 	 	 

     

    

 

3.            Agreements and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a)          Give
all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board, Chief Executive Officer,
President or Chief Financial Officer. In addition, except with respect to its duties under paragraphs 1(i) 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 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 except for disbursements made to the Company
pursuant to Sections 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. Except as set forth in this Section 3(c) and Section 3(b) hereof, the Company shall not be responsible for any other fees
or charges of the Trustee.

 

(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; and

 

(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.

 

    	 	 	 

     

    

 

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 paragraphs 1 and 2 hereof and the Trustee shall have no liability
to any party except for liability arising out of its own gross negligence or willful misconduct;

 

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

 

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

 

    	 	 	 

     

    

 

(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; and

 

(k)         Verify calculations, qualify or otherwise approve Company requests for distributions pursuant to Section 1(i) 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 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 paragraph 1(i) hereof, and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement
shall terminate except with respect to Paragraph 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.
The Trustee shall not be liable for any loss, liability or expense resulting from any error in the information or transmission
of the wire.

 

    	 	 	 

     

    

 

(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. It
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 Section 1(i) (which may only be amended with the approval of the holders of a majority of the outstanding
shares of Common Stock sold in the IPO), 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 Underwriters. 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

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

if to the Company, to:

 

LifeSci Acquisition II Corp.

250 W. 55th St., #3401

New York, NY 10019

Attn: Andrew McDonald

Fax No.: (646) 417-5986

 

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

 

LifeSci Capital LLC

250 W. 55th St., #3401

New York, NY 10019

Attn: David Dobkin

Fax No.: (646) 417-5986

 

    	 	 	 

     

    

 

Ladenburg Thalmann & Co. Inc.

277 Park Avenue, 26th Floor

New York, NY 10172

Attn: Steven Kaplan

Facsimile: (212) 409-2169

 

and

 

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn: Mitchell S. Nussbaum, Esq. and Giovanni Caruso, Esq.

Fax No.: (212) 407-4990

 

(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 LifeSci Capital is a third party beneficiary of this
Agreement.

 

[Signature Page Follows]

 

    	 	 	 

     

    

 

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

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 	 	 
	 	By:	/s/ Francis Wolf
	 	 	Name:	 Francis Wolf
	 	 	Title: 	Vice President
	 	 	 	 
	 	LIFESCI ACQUISITION II CORP.
	 	 	 	 
	 	By:	/s/ Andrew McDonald
	 	 	Name: 	Andrew McDonald
	 	 	Title: 	Chief Executive Officer

 

[Signature Page to Investment Management
Trust Agreement]

 

    	 	 	 

     

    

 

 

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)	Market Rate

 

    	 	 	 

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, N.Y. 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re:    Trust
Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to paragraph
1(i) of the Investment Management Trust Agreement between LifeSci Acquisition II Corp. (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of November 20, 2020 (“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 72 hours in advance of the actual date of the consummation of the Business Combination (“Consummation
Date”). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In accordance with
the terms of the Trust Agreement, we hereby authorize you to liquidate the Trust Account investments on and to transfer the proceeds
to the above-referenced 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 operating account at JPMorgan
Chase Bank, N.A. 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) a certificate, 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 Underwriters 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.

 

    	 	 	 

     

    

 

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,
	 	 
	 	LIFESCI ACQUISITION II CORP.
	 	 	 
	 	By:	 
	 	 	Andrew McDonald, Chief Executive Officer
	 	 	 
	 	By:	 
	 	 	[•], Secretary

 

	cc:	LifeSci Capital LLC	 
	 	 	 
	 	Ladenburg Thalmann & Co. Inc.	 

 

    	 	 	 

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, N.Y. 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re:   Trust Account Termination Letter

 

Dear Mr.Wolf and Ms. Gonzalez:

 

Pursuant to paragraph
1(i) of the Investment Management Trust Agreement between LifeSci Acquisition II Corp. (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of ________, 2020 (“Trust Agreement”), this is
to advise you that the Company has been unable to effect a Business Combination with a Target Company within the time frame specified
in the Company’s Amended and Restated Certificate of Incorporation, as described in the Company’s prospectus relating
to its IPO. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In accordance with
the terms of the Trust Agreement, we hereby authorize you to liquidate all the Trust Account investments and to transfer the total
proceeds to the Trust Operating Account at J.P.Morgan Chase Bank, N.A. to await distribution to the Public Shareholders. The Company
has selected [____________, 20__] as the effective date for the purpose of determining when the Public Shareholders will be entitled
to receive their share of the liquidation proceeds. It is acknowledged that no interest will be earned by the Company on the liquidation
proceeds while on deposit in the Trust Operating 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 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,
	 	 
	 	LIFESCI ACQUISITION II CORP.
	 	 	 
	 	By:	 
	 	 	Andrew McDonald, Chief Executive Officer
	 	 	 
	 	By:	 
	 	 	[•], Secretary

 

	cc:	LifeSci Capital LLC	 
	 	 	 
	 	Ladenburg Thalmann & Co. Inc.	 

 

    	 	 	 

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, N.Y. 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re:   Trust
Account - Withdrawal Instructions

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to paragraph
2(a) of the Investment Management Trust Agreement between LifeSci Acquisition II Corp. (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of ________, 2020 (“Trust Agreement”), the Company
hereby requests that you deliver to the Company [$_______] of the interest income earned on the Property as of the date hereof.
The Company needs such funds to pay for its tax obligations as a result of such interest income. In accordance with the terms of
the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt
of this letter to the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 
	 	LIFESCI ACQUISITION II CORP.
	 	 	 
	 	By:	 
	 	 	Andrew McDonald, Chief Executive Officer
	 	 	 
	 	By:	 
	 	 	[•], Secretary

 

	cc:	LifeSci Capital LLC	 
	 	 	 
	 	Ladenburg Thalmann & Co. Inc.Exhibit 10.3

 

STOCK ESCROW AGREEMENT

 

This STOCK ESCROW AGREEMENT,
dated as of November 20, 2020 (“Agreement”), by and among LIFESCI ACQUISITION II CORP., a Delaware corporation (“Company”)
and the initial shareholders listed on the signature pages hereto (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 November 20, 2020 (“Underwriting Agreement”), with LifeSci
Capital LLC and Ladenburg Thalmann & Co. Inc. acting as representatives (the “Representatives”) of the several
underwriters (collectively, the “Underwriters”), pursuant to which, among other matters, the Underwriters have agreed
to purchase 7,500,000 shares (“Shares”) of common stock, par value $0.0001 per share (“Common Stock”) of
the Company, plus an additional 1,125,000 Shares if the Underwriters exercise their over-allotment option in full, all as more
fully described in the Company’s final Prospectus, dated November 23, 2020 (“Prospectus”), comprising part of
the Company’s Registration Statement on Form S-1 (File No. 333-249480) under the Securities Act of 1933, as amended (“Registration
Statement”), declared effective on November 20, 2020 (“Effective Date”).

 

WHEREAS, the Initial
Shareholders have agreed as a condition of the sale of the Shares to deposit their Insider Shares (as defined in the Prospectus),
as set forth opposite their respective names on 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 held and disbursed 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 Escrow Shares. On or prior to the date hereof, each of the Initial Shareholders delivered to the
Escrow Agent certificates representing such Initial Shareholder’s respective Escrow Shares, together with applicable share
powers, to be held and disbursed 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.

 

    	 	 	 

     

    

 

3.           Disbursement of the Escrow Shares.

 

3.1          The
Escrow Agent shall hold the Escrow Shares 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 Common Stock 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 Company’s initial Business Combination and (ii) for the remaining 50% of the
Escrow Shares, ending six months 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 disburse such amount of each Initial Shareholder’s Escrow Shares (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 representing the Escrow Shares; provided further, however, that if, within six months after
the Company consummates an initial Business Combination, the Company (or the surviving entity) subsequently 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 Initial Shareholders. The Escrow Agent
shall have no further duties hereunder after the disbursement or destruction of the Escrow Shares in accordance with this
Section 3.1.

 

3.2          Notwithstanding Section 3.1, if the Underwriters do not exercise their over-allotment option to purchase an additional
1,125,000 Shares of the Company in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement),
the Initial Shareholders agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of Escrow
Shares held by the Initial Shareholders listed on Exhibit B determined by multiplying (a) the product of (i) 281,250 multiplied
by (ii) a fraction, (x) the numerator of which is the number of Escrow Shares held by each such holder, and (y) the denominator
of which is the total number of Escrow Shares, by (b) a fraction, (i) the numerator of which is 1,125,000 minus the number of shares
of Common Stock purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which
is 1,125,000. 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 Shares, 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 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 to (1) LifeSci Holdings
LLC, and its affiliates, officers, directors, stockholders, employees and members, (2) to the Company’s pre-IPO
stockholders or their respective affiliates, or to the Company’s offices, directors, advisors and employees (3) if the
Initial Shareholder is an entity, as a distribution to its, partners, stockholders or members upon its liquidation, (4) 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, (5) by
virtue of the laws of descent and distribution upon death of the Initial Shareholder, (6) pursuant to a qualified domestic
relations order, (7) by certain pledges to secure obligations incurred in connection with purchases of the Company’s
securities, (8) by private sales at prices no greater than the price at which the Insider Shares were originally purchased or
(9) for the cancellation of up to 281,250 shares of Common Stock subject to forfeiture to the extent that the
Underwriters’ over-allotment is not exercised in full or in part or in connection with the consummation of our initial
Business Combination, in each case (except for clause 9 or with our 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 the Representatives
and the Company, dated as indicated on Exhibit C hereto, and the form of which is filed as an exhibit to the Registration
Statement (“Insider Letter”), 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 held by it hereunder, other than expenses or losses arising from the gross negligence or willful misconduct
of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any
action, suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of
such notice, the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in an appropriate
court to determine ownership or disposition of the Escrow 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.

 

    	 	 	 

     

    

 

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 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, the Escrow Shares held hereunder. If no new escrow agent is so appointed within the 60 day period following the giving
of such notice of resignation, the Escrow Agent may deposit the Escrow Shares with any court it reasonably deems appropriate.

 

5.6          Discharge of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent
hereunder if so requested in writing at any time by the other parties hereto, jointly, provided, however, that such resignation
shall become effective only upon acceptance of appointment by a successor escrow agent as provided in Section 5.5.

 

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

 

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 for all purposes be deemed to be made under and shall be construed 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.

 

    	 	 	 

     

    

 

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

 

6.3          Entire Agreement. This Agreement contains the entire agreement of the parties hereto with respect to the subject
matter hereof and, except as expressly provided herein, may not be changed or modified except by an instrument in writing signed
by the party to the charged.

 

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

 

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

 

6.6          Notices. Any notice or other communication required or which may be given hereunder shall be in writing and
either be delivered personally or be mailed, certified or registered mail, or by private national courier service, return receipt
requested, postage prepaid, and shall be deemed given when so delivered personally or, if mailed, two days after the date of mailing,
as follows:

 

If to the Company, to:                                            LifeSci
Acquisition II Corp.

250 W. 55th St., #3401

New York, NY 10019

Attn: Andrew McDonald

 

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

 

and if to the Escrow Agent,
to:                              Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Erika Young

 

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

 

LifeSci Capital LLC

250 W. 55th St., #3401

New York, NY 10019

Attn: David Dobkin

Fax: (646) 417-5986

 

Ladenburg Thalmann & Co.

277 Park Avenue, 26th Floor

New York, NY 10172

Attn: Steven Kaplan

Email: Skaplan@ladenburg.com

Fax: (212) 409-2169

 

    	 	 	 

     

    

 

and:                      Ellenoff Grossman
 & Schole LLP

1345 Avenue of the Americas

New York, NY 10105

Attn: Stuart Neuhauser, Esq.

Fax: (212) 370-7889

 

and:                      Loeb
 & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn: Mitchell S. Nussbaum, Esq. and Giovanni Caruso, Esq.

Fax: (212) 407-4000

 

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.

 

[Signature Page Follows]

 

    	 	 	 

     

    

 

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

 

	 	COMPANY:
	 	 	 	 
	 	LIFESCI ACQUISITION II CORP.
	 	 	 	 
	 	By:	/s/ Andrew McDonald
	 	 	Name: 	Andrew McDonald
	 	 	Title: 	Chief Executive Officer
	 	 	 	 
	 	INITIAL SHAREHOLDERS:
	 	 	 	 
	 	LIFESCI HOLDINGS LLC
	 	 	 	 
	 	By:	/s/ Andrew McDonald
	 	 	Name: 	Andrew McDonald
	 	 	Title:	 Manager
	 	 	 	 
	 	By:	/s/ Michael Rice
	 	 	Name:	Michael Rice
	 	 	Title: 	Manager
	 	 	 	 
	 	By:	/s/ David Dobkin
	 	 	Name:	David Dobkin
	 	 	Title: 	Manager
	 	 	 	 
	 	CHARDAN HEALTHCARE INVESTMENTS LLC
	 	 	 	 
	 	By:	/s/ Jonas Grossman
	 	 	Name:	Jonas Grossman
	 	 	Title: 	Manager
	 	 	 	 
	 	/s/ Elizabeth Barrett
	 	Elizabeth Barrett
	 	 	 	 
	 	/s/ Scott Janssen
	 	Scott Janssen

 

[Signature Page 1 of 2 to Escrow
Agreement]

 

    	 	 	 

     

    

 

	 	/s/ Thomas Mathers
	 	Thomas Mathers
	 	 	 
	 	/s/ Graham Walmsley
	 	Graham Walmsley
	 	 	 
	 	/s/ Thomas Wynn
	 	Thomas Wynn
	 	 	 
	 	ESCROW AGENT:
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	By:	/s/ Stacy Aqui
	 	Name: 	Stacy Aqui
	 	Title:	Vice President

 

[Signature Page 2 of 2 to Escrow
Agreement]

 

    	 	 	 

     

    

 

EXHIBIT A

 

Initial Shareholders

 

	Name of Initial Shareholders	 	Number
 of
                                         Shares
	 	Date of
 Insider
                                         Letter

	LifeSci Holdings LLC	 	1,910,625	 	November 20, 2020
	 	 	 	 	 
	Chardan Healthcare Investments LLC	 	215,625	 	November 20, 2020
	 	 	 	 	 
	Graham Walmsley	 	6,000	 	November 20, 2020
	 	 	 	 	 
	Elizabeth Barrett	 	6,000	 	November 20, 2020
	 	 	 	 	 
	Thomas Wynn	 	6,000	 	November 20, 2020
	 	 	 	 	 
	Thomas Mathers	 	6,000	 	November 20, 2020
	 	 	 	 	 
	Scott Janssen	 	6,000	 	November 20, 2020

 

    	 	 	 

     

    

 

EXHIBIT B

 

Escrow Shares

 

LifeSci Holdings LLC
 – 253,125

 

Chardan Healthcare Investments
LLC – 28,125

 

    	 	 	 

     

    

 

EXHIBIT C

 

Insider Letter

 

November 20, 2020

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