Document:

Exhibit 10.3

 

STOCK ESCROW AGREEMENT

 

STOCK ESCROW AGREEMENT, dated as of ________
___, 2018 (“Agreement”), by and among OPES ACQUISITION CORP., a Delaware corporation (“Company”),
AXIS PUBLIC VENTURES S. DE R.L. DE C.V., LION POINT CAPITAL (collectively, the “Initial Stockholders”) and CONTINENTAL
STOCK TRANSFER & TRUST COMPANY, a New York corporation (“Escrow Agent”).

 

WHEREAS, the Company has entered into an
Underwriting Agreement, dated _______ ___, 2018 (“Underwriting Agreement”), with EarlyBirdCapital, Inc. (the
“Representative”) acting as representative of the several underwriters (collectively, the “Underwriters”),
pursuant to which, among other matters, the Underwriters have agreed to purchase 10,000,000 units (“Units”)
of the Company, plus an additional 1,500,000 Units if the Representative exercises the over-allotment option in full. Each Unit
consists of: (i) one share of the Company’s common stock, par value $0.0001 per share (“Common Stock”),
and (ii) one warrant (“Warrant”), each Warrant to purchase one share of Common Stock, all as more fully described
in the Company’s final Prospectus, dated _________ ___, 2018 (“Prospectus”) comprising part of the Company’s
Registration Statement on Form S-1 (File No. 333-223106) (“Registration Statement”) pursuant to the Securities
Act of 1933, as amended, declared effective on _______ ___, 2018 (“Effective Date”).

 

WHEREAS, the Initial Stockholders have agreed
as a condition of the sale of the Units to deposit their 2,875,000 shares of Common Stock of the Company in escrow as hereinafter
provided.

 

WHEREAS, the Company and the Initial Stockholders
desire that the Escrow Agent accept the shares, in escrow, to be held and disbursed as hereinafter provided.

 

IT IS AGREED:

 

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

 

2.            Deposit
of Shares. On or before the Effective Date, the Initial Stockholders have delivered to the Escrow Agent certificates (and applicable
stock powers, if requested by the Escrow Agent) representing such Initial Stockholders’ shares, to be held and disbursed
subject to the terms and conditions of this Agreement. The Initial Stockholders acknowledge that the certificates representing
such Initial Stockholders’ shares are legended to reflect the deposit of such shares under this Agreement.

 

		3.	Disbursement of the Escrow Shares.

 

3.1           If
the Underwriters do not exercise in full their over-allotment option to purchase up to an additional 1,500,000 Units of the Company
within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), each Initial Stockholder agrees that
the Escrow Agent shall return to the Company for cancellation, at no cost, the number of Escrow Shares held by each such holder
determined by multiplying (a) the product of (i) 375,000, 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 1,500,000 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 1,500,000. 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

 

     

     

    

 

3.2           Except
as otherwise set forth herein, the Escrow Agent shall hold the shares remaining after any cancellation required pursuant to Section
3.1 above (such remaining shares to be referred to herein as the “Escrow Shares”) until the earlier of (x)
six months after the date of the consummation of the Company’s initial merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization, or other similar business combination with one or more businesses or entities (“Business
Combination”) and (y) the date on which the closing price of the Company’s 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 (collectively, the “Escrow
Period”). 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 Stockholder’s Escrow Shares
(and any applicable stock power) to such Initial Stockholder; provided, however, that if the Escrow Agent is notified by
the Company pursuant to Section 6.7 hereof that the Company is being liquidated because it failed to consummate a Business
Combination within the time period specified in the Company’s amended and restated certificate of incorporation, as the same
may be further amended from time to time, then the Escrow Agent shall promptly deliver the Escrow Shares to the Initial Stockholder
(or the holder of such shares at that time); provided further, that if, within six months after the Company consummates
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 stockholders of such entity having the right to exchange their shares of Common Stock for
cash, securities, or other property, then 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, the Escrow Agent will release the Escrow Shares
to the Initial Stockholders. The Escrow Agent shall have no further duties hereunder after the disbursement of the Escrow Shares
in accordance with this Section 3.

 

		4.	Rights of Initial Stockholder in Escrow Shares.

 

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

 

4.2           Dividends
and Other Distributions in Respect of the Escrow Shares. For as long as any shares are held in escrow pursuant to this Agreement,
all dividends payable in cash with respect to the Escrow Shares shall be paid to the Initial Stockholders, but all dividends payable
in stock or other non-cash property 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 dividends payable in stock or other non-cash property
distributed thereon, if any.
  

    2

     

    

 

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

 

4.4           Insider
Letter. The Initial Stockholders have executed letter agreements with the Company and the Representative, dated as indicated
on Exhibit A hereto, the form of which is filed as an exhibit to the Registration Statement (“Insider Letter”),
respecting the rights and obligations of the Initial Stockholders 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.
Subject to Section 5.8 below, the Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses,
including reasonable counsel fees and disbursements, or losses 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.
Subject to Section 5.8 below, the Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered
by it hereunder. Subject to Section 5.8 below, 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.

 

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5.4           Further
Assurances. From time to time on and after the date hereof, the Company and the Initial Stockholders 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 the Representative,
which approval will not be unreasonably withheld, conditioned or delayed, the Escrow Shares held hereunder. If no new escrow agent
is so appointed within the sixty (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 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. Each of the parties hereby agrees that any action, proceeding, or claim against it arising out of
or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States
District Court for the Southern District of New York, and irrevocably submits to such personal jurisdiction, which jurisdiction
shall be exclusive. Each of the parties hereby waives any objection to such exclusive jurisdiction and that such courts represent
an inconvenient forum.

 

6.2           Third
Party Beneficiaries. The Initial Stockholders hereby acknowledge that the Underwriters are third party beneficiaries of this
Agreement.

 

6.3           Entire
Agreement. This Agreement and each Insider Letter contain 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 be 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.

 

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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, four business days after the date of mailing, as follows:

 

If to the Company, to:

 

Opes Acquisition Corp.

c/o Axis Capital Management

Park Plaza Torre I

Javier Barros Sierra 540, Of. 130

Col. Santa Fe

01210 Mexico City, Mexico

Attn: José Antonio Cañedo
White

 

If to an Initial Stockholder, to its address
set forth in Exhibit A.

 

and if to the Escrow Agent, to:

 

Continental Stock Transfer & Trust
Company 

1 State Street Plaza

New York, New York 10004

Attn: Chairman

 

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

 

EarlyBirdCapital, Inc.

366 Madison Avenue

8th Floor

New York, New York 10017 

Attn: General Counsel and Investment Banking Department

Facsimile: (212) 661-0200

 

with a copy to:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

 

    5

     

    

 

and:

 

Greenberg Traurig, LLP

Met Life Building

200 Park Avenue

New York, New York 10166

Attn: Alan I. Annex, Esq.

 

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

 

6.7          Liquidation
of the Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the Company
in the event that the Company fails to consummate a Business Combination within the time period specified in the Company’s
amended and restated certificate of incorporation.

 

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

 

[Signature Page Follows]

 

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

	 	 	 	 
	 	 	OPES ACQUISITION CORP.	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	INITIAL STOCKHOLDER:	 
	 	 	 	 
	 	 	AXIS PUBLIC VENTURES S. DE R.L. DE C.V.	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	LION POINT CAPITAL	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

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EXHIBIT A

 

	
        Name and Address
	
        Number

        of Shares
	
        Stock

        Certificate Number
	
        Date of

        Insider Letter

	 	 	 	 
	
        Axis Public Ventures S. de R.L. de C.V.

        Park Plaza Torre I

        Javier Barros Sierra 540, Of. 130

        Col. Santa Fe

        01210 Mexico City, Mexico
	2,012,500	1	________ __, 2018
	 	 	 	 
	
        Lion Point Capital

        250 West 55th Street, 33rd Floor

        New York, NY 10019
	862,500	2	________ __, 2018

 

    8Exhibit 10.4

 

PROMISSORY NOTE

 

	$125,000	 	As of August 1, 2017

 

 

Opes Acquistion Corp.
(“Maker”) promises to pay to the order of Axis Management S.A. de C.V. or its successors or assigns (“Payee”)
the principal sum of One Hundred Twenty Five Thousand Dollars and No Cents ($125,000) in lawful money of the United States of America,
on the terms and conditions described below.

 

1.             Principal.
The principal balance of this Note shall be repayable on the earlier of (i) December 31, 2018, (ii) the date on which Maker consummates
an initial public offering of its securities (“IPO”) or (iii) the date on which Maker determines to not proceed with
such IPO.

 

2.             Interest.
No interest shall accrue on the unpaid principal balance of this Note.

 

3.             Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due
under this Note, including (without limitation) reasonable attorneys’ fees, then to the payment in full of any late charges
and finally to the reduction of the unpaid principal balance of this Note.

 

4.              Events
of Default. The following shall constitute Events of Default:

 

(a)          Failure
to Make Required Payments. Failure by Maker to pay the principal of this Note within five (5) business days following the date
when due.

 

(b)          Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under the Federal Bankruptcy Code, as now constituted or hereafter
amended, or any other applicable federal or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law,
or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator
(or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the
benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action
by Maker in furtherance of any of the foregoing.

 

(c)          Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of maker
in an involuntary case under the Federal Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state
bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or
similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs,
and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.

 

     

     

    

 

5.             Remedies.

 

(a)          Upon
the occurrence of an Event of Default specified in Section 4(a), Payee may, by written notice to Maker, declare this Note to be
due and payable, whereupon the principal amount of this Note, and all other amounts payable thereunder, shall become immediately
due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything
contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)          Upon
the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of, and all other sums
payable with regard to, this Note shall automatically and immediately become due and payable, in all cases without any action on
the part of Payee.

 

6.             Waivers.
Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor,
protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by
Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting
any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or
sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and
Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution
issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

7.             Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other
party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted
by Payee with respect to the payment or other provisions of this Note, and agree that additional makers, endorsers, guarantors,
or sureties may become parties hereto without notice to them or affecting their liability hereunder.

 

8.             Notices.
Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally
delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery,
(iv) sent by telefacsimile or (v) sent by e-mail, to the following addresses or to such other address as either party may designate
by notice in accordance with this Section:

 

If to Maker:

 

Opes Acquisition Corp.

c/o Axis Capital Management

Arcos Bosques Marco II

Av. Paseo de los Tamarindos 990, Torre 1, Piso 9

 

    	 	2	 

     

    

 

Bosques de las Lomas

Mexico City, Mexico

 

If to Payee:

 

Notice shall be deemed
given on the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a telefacsimile transmission confirmation,
(iii) the date on which an e-mail transmission was received by the receiving party’s on-line access provider (iv) the date
reflected on a signed delivery receipt, or (vi) two (2) Business Days following tender of delivery or dispatch by express mail
or delivery service.

 

9.             Construction.
This Note shall be construed and enforced in accordance with the domestic, internal law, but not the law of conflict of laws, of
the State of New York.

 

10.            Severability.
Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

IN WITNESS WHEREOF,
Maker, intending to be legally bound hereby, has caused this Note to be duly executed by its ___________ the day and year first
above written.

 

	 	OPES ACQUISITION CORP. 
	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:  

 

    	 	3

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