Document:

Exhibit 10.1

 

[____________ __, 2020]

 

Better

World Acquisition Corp.

733

Third Avenue

New

York, NY 10017

 

EarlyBirdCapital,

Inc.

366

Madison Ave 8th Floor

New

York, NY 10017

 

	 	Re:	Initial Public Offering

 

Gentlemen:

 

This letter is being

delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered

into by and between Better World Acquisition Corp., a Delaware corporation (the “Company”), and EarlyBirdCapital,

Inc. as representative (the “Representative”) of the several Underwriters named in Schedule I thereto

(the “Underwriters”), relating to an underwritten initial public offering (the “IPO”)

of the Company’s units (the “Units”), each comprised of one share of the Company’s common

stock, par value $0.0001 per share (the “Common Stock”), and one warrant, each  warrant

exercisable for one share of Common Stock (each, a “Warrant”). Certain capitalized terms used herein

are defined in paragraph 13 hereof.

 

In order to induce

the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the

benefit that such IPO will confer upon the undersigned, and for other good and valuable consideration, the receipt and sufficiency

of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows:

 

1. If the Company solicits

approval of its stockholders of a Business Combination, the undersigned will vote all shares of Common Stock beneficially owned

by him, her, or it, whether acquired before, in, or after the IPO, in favor of such Business Combination.

 

2. (a) In the event

that the Company fails to consummate a Business Combination within the time period set forth in the Company’s Amended and

Restated Certificate of Incorporation, as the same may be amended from time to time (the “Certificate of Incorporation”),

the undersigned will, as promptly as possible, cause the Company to pay in cash to the holders of IPO Shares a per-share price

equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the Trust Account net of interest

released to the Company as permitted pursuant to the Trust Agreement, divided by the number of then outstanding IPO Shares.

 

(b) The undersigned

hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Account (“Claim”)

with respect to the shares of Founders’ Common Stock owned by the undersigned and hereby waives any Claim the undersigned

may have in the future as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse

against the Trust Account for any reason whatsoever. The undersigned acknowledges and agrees that there will be no distribution

from the Trust Account with respect to any Warrants, all rights of which will terminate on the Company’s liquidation.

 

(c) In the event of

the liquidation of the Trust Account, BWA Holdings LLC

(“Sponsor”) agrees to indemnify and hold harmless the Company for any debts and obligations to target

businesses or vendors or other entities that are owed money by the Company for services rendered or contracted for or products

sold to the Company, but only to the extent necessary to ensure that such debt or obligation does not reduce the amount of funds

in the Trust Account below $10.10 per share; provided that such indemnity shall not apply (i) if such vendor or prospective target

business executed an agreement waiving any right, title, interest or claim of any kind they may have in or to any monies held

in the Trust Account, or (ii) as to any claims under the Company’s obligation to indemnify the Underwriters against certain

liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”).

 

     

     

    

 

3. The undersigned

acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated with any Insiders

of the Company or their affiliates, such transaction must be approved by a majority of the Company’s disinterested independent

directors and the Company must obtain an opinion from an independent investment banking firm, or another independent entity that

commonly renders valuation opinions, that such Business Combination is fair to the Company’s unaffiliated stockholders from

a financial point of view.

 

4. Neither the undersigned

nor any affiliate of the undersigned will be entitled to receive and will not accept any compensation, finder fee or other cash

payment prior to, or for services rendered in order to effectuate, the consummation of the Business Combination; provided that

the Company shall be allowed to make the payments set forth in the Registration Statement under the caption “Prospectus Summary

– The Offering – Limited payments to insiders.”

  

5. (a) The undersigned

will place into escrow all shares of Founders’ Common Stock owned by him/her/it pursuant to the terms of a Stock Escrow Agreement

which the Company will enter into with the undersigned and an escrow agent.

 

(b) The undersigned

agrees that until after the Company consummates a Business Combination, all Private Securities owned by him/her/it will be subject

to the transfer restrictions described in the Subscription Agreement relating to the undersigned’s Private Securities.

 

6. (a) In order to

minimize potential conflicts of interest that may arise from multiple corporate affiliations, the undersigned hereby agrees that

until the earliest of the Company’s initial Business Combination or liquidation, the undersigned shall present to the Company

for its consideration, prior to presentation to any other entity, any suitable target business, subject to any pre-existing fiduciary

or contractual obligations the undersigned might have.

 

(b) If the undersigned

is an officer of the Company as of the date hereof, the undersigned hereby agrees that, for a period of three years from the closing

of the IPO, the undersigned shall not become a director or officer of any other similarly structured special purpose acquisition

company that has its securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)

without the Representative’s prior written consent, provided that such consent shall not be required if there remains less

than 75% of the amount of funds initially deposited in the Trust Account in connection with the IPO and sale of Private Securities

(after giving effect to any exercise of the over-allotment option) to be used in connection with the closing of the Business Combination.

 

(c) The undersigned

hereby agrees and acknowledges that (i) each of the Underwriters and the Company may be irreparably injured in the event of a breach

of any of the obligations contained in this letter, (ii) monetary damages may not be an adequate remedy for such breach and (iii)

the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law

or in equity, in the event of such breach.

 

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7. Each of the

undersigned individuals agrees to be the director or officer of the Company as described in the Registration Agreement until

the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company. Each of the

undersigned individuals’ biographical information previously furnished to the Company and the Representative is

true and accurate in all respects, does not omit any material information with respect to the undersigned’s background

and contains all of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the

Securities Act. The undersigned’s FINRA Questionnaire previously furnished to the Company and the Representative is

true and accurate in all respects. The undersigned represents and warrants that:

 

(a) he/she/it

has never had a petition under the federal bankruptcy laws or any state insolvency law been filed by or against (i) him/her/it

or any partnership in which he/she/it was a general partner at or within two years before the time of filing; or (ii) any corporation

or business association of which he/she/it was an executive officer at or within two years before the time of such filing;

 

(b) he/she/it

has never had a receiver, fiscal agent or similar officer been appointed by a court for his/her/its business or property, or any

such partnership;

 

(c) he/she/it

has never been convicted of fraud in a civil or criminal proceeding;

 

(d) he/she/it/

has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding traffic violations

and minor offenses);

 

(e) he/she/it

has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent

jurisdiction, permanently or temporarily enjoining or otherwise limiting him/her/it from (i) acting as a futures commission merchant,

introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other

person regulated by the Commodity Futures Trading Commission (“CFTC”) or an associated person of any

of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director

or employee of any investment company, bank, savings and loan association or insurance company, or from engaging in or continuing

any conduct or practice in connection with any such activity; or (ii) engaging in any type of business practice; or (iii) engaging

in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal

or state securities or federal commodities laws;

 

(f) he/she/it

has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or

state authority barring, suspending or otherwise limiting for more than 60 days his/her/its right to engage in any activity described

in 9(e)(i) above, or to be associated with persons engaged in any such activity;

 

(g) he/she/it

has never been found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal or state

securities law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended or

vacated;

 

(h) he/she/it

has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal commodities

law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or vacated;

 

(i) he/she/it

has never been the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree or finding,

not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal or State securities or commodities

law or regulation, (ii) any law or regulation respecting financial institutions or insurance companies including, but not limited

to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and

desist order, or removal or prohibition order or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection

with any business entity;

 

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(j) he/she/it

has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated, or any self-regulatory

organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority

over its members or persons associated with a member;

 

(k) he/she/it

has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security; (ii) involving

the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer,

municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;

 

(l) he/she/it

was never subject to a final order of a state securities commission (or an agency of officer of a state performing like functions);

a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an

agency or officer of a state performing like functions); an appropriate federal banking agency; the Commodity Futures Trading Commission;

or the National Credit Union Administration that is based on a violation of any law or regulation that prohibits fraudulent, manipulative,

or deceptive conduct;

 

(m) he/she/it

has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at the time of such sale,

restrained or enjoined him/her/it from engaging or continuing to engage in any conduct or practice: (i) in connection with the

purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct

of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers

of securities;

 

(n) he/she/it

has never been subject to any order of the SEC that orders him/her/it to cease and desist from committing or causing a future violation

of: (i) any scienter-based anti-fraud provision of the federal securities laws, including, but not limited to, Section 17(a)(1)

of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Section 206(1) of the Advisers Act or any

other rule or regulation thereunder; or (ii) Section 5 of the Securities Act;

 

(o) he/she/it

has never been named as an underwriter in any registration statement or Regulation A offering statement filed with the SEC that

was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently, the subject of

an investigation or proceeding to determine whether a stop order or suspension order should be issued;

 

(p) he/she/it

has never been subject to a United States Postal Service false representation order, or is currently subject to a temporary restraining

order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device

for obtaining money or property through the mail by means of false representations;

 

(q) he/she/it

is not subject to a final order of a state securities commission (or an agency of officer of a state performing like functions);

a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an

agency or officer of a state performing like functions); an appropriate federal banking agency; the Commodity Futures Trading Commission;

or the National Credit Union Administration that bars the undersigned from: (i) association with an entity regulated by such commission,

authority, agency or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging in savings association

or credit union activities;

 

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(r) he/she/it

is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Exchange Act, or section 203(e) or 203(f)

of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), that: (i) suspends or revokes the undersigned’s

registration as a broker, dealer, municipal securities dealer or investment adviser; (ii) places limitations on the activities,

functions or operations of, or imposes civil money penalties on, such person; or (iii) bars the undersigned from being associated

with any entity or from participating in the offering of any penny stock; and

 

(s) he/she/it

has never been suspended or expelled from membership in, or suspended or barred from association with a member of, a securities

self-regulatory organization (e.g., a registered national securities exchange or a registered national or affiliated securities

association) for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade. 

 

8. The undersigned

has full right and power, without violating any agreement by which he, she or it is bound, to enter into this letter agreement

and to serve as a director and/or officer of the Company.

 

9. The undersigned

hereby waives any right to exercise conversion rights with respect to any shares of the Company’s common stock owned or to

be owned by the undersigned, directly or indirectly (or to sell such shares to the Company in a tender offer), whether such shares

be part of the Founders’ Common Stock or shares purchased by the undersigned in the IPO or in the aftermarket, and agrees

not to seek conversion with respect to such shares in connection with any vote to approve a Business Combination (or sell such

shares to the Company in a tender offer in connection with such a Business Combination).

 

10. The undersigned

hereby agrees to not propose, or vote in favor of, an amendment to Article Sixth of the Certificate of Incorporation prior to the

consummation of a Business Combination unless the Company provides public stockholders with the opportunity to convert their shares

of Common Stock upon such approval in accordance with such Article Sixth thereof.

  

11. (a) In the event

that the Company does not consummate a Business Combination and must liquidate and its remaining net assets are insufficient to

complete such liquidation, Sponsor agrees to advance such funds necessary to complete such liquidation and agrees not to seek

repayment for such expenses. 

 

(b)

In the event that the Company is not able to consummate a Business Combination within 12 months and Sponsor requests that the

Company extends the period of time to consummate a business combination up to two times, each by an additional three-month period

pursuant to the Company’s Certificate of Incorporation (each an “Extension”), for each Extension

the Sponsor will, upon five days advance notice prior to the applicable deadline, deposit into the Trust Account $1,000,000, or

$1,150,000 if the underwriters’ over-allotment option is exercised in full ($0.10 per Unit in either case) pursuant to the

terms of our Certificate of Incorporation and the Trust Agreement. Any such payments will be made in the form of non-interest

bearing loans. If the Company completes its initial Business Combination, the Company will repay such loaned amounts out of the

proceeds of the Trust Account released to the Company. If the Company does not complete a Business Combination within the applicable

period of time, the loans will not be repaid, and Sponsor agrees to waive its right to be repaid such loans. Sponsor is under

no obligation to fund the Trust Account to extend the time for the Company to complete its initial Business Combination.

 

12. This letter 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. Each of the Company

and the undersigned hereby (i) agrees that any action, proceeding or claim against him arising out of or relating in any way to

this letter agreement (a “Proceeding”) shall be brought and enforced in the courts of the State of New

York of the United States of America for the Southern District of New York, and irrevocably submits to such jurisdiction, which

jurisdiction shall be exclusive and (ii) waives any objection to such exclusive jurisdiction and that such courts represent an

inconvenient forum.

 

13. As used herein,

(i) a “Business Combination” means a merger, share exchange, asset acquisition, stock purchase, recapitalization,

reorganization or other similar business combination with one or more businesses or entities; (ii) “Insiders”

means all officers, directors and sponsor of the Company immediately prior to the IPO; (iii) “Founders’ Common

Stock” means all of the shares of Common Stock of the Company acquired by an Insider prior to the IPO; (iv) “IPO

Shares” means the shares of Common Stock issued in the Company’s IPO; (v) “Private Securities”

means the Warrants that are being sold privately by the Company simultaneously with the consummation of the IPO; (vi) “Trust

Agreement” means the Investment Management Trust Agreement between the Company and Continental Stock Transfer &

Trust Company being entered into in connection with the IPO and governing the use of funds held in the Trust Account; (vii) “Trust

Account” means the trust account into which a portion of the net proceeds of the IPO will be deposited; and (viii)

“Registration Statement” means the Company’s registration statement on Form S-1 (SEC File No. 333-249374)

filed with the Securities and Exchange Commission.

 

14. This Letter Agreement

constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersedes

all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate

in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may not be changed, amended,

modified or waived (other than to correct a typographical error), except by a written instrument executed by all parties hereto.

 

15. Each of the undersigned

acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations and warranties

set forth herein in proceeding with the IPO. Nothing contained herein shall be deemed to render the Underwriters a representative

of, or a fiduciary with respect to, the Company, its stockholders or any creditor or vendor of the Company with respect to the

subject matter hereof.

  

[Signature Page Follows]

 

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		BWA HOLDINGS LLC
	 	 	 
		By:	 
		Name:	 
		Title:	 

 

	 	[_____]
	 	Print Name of Insider
	 	 
	 	Signature
	 	 
	 	Acknowledged and Agreed:
	 	 
	 	BETTER WORLD ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

6Exhibit

10.2

 

INVESTMENT

MANAGEMENT TRUST AGREEMENT

 

This

Agreement is made as of _________, 2020 by and between Better World Acquisition Corp. (the “Company”) and Continental

Stock Transfer & Trust Company (“Trustee”).

 

WHEREAS,

the Company’s registration statement on Form S-1, No. 333-249374 (“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);

 

WHEREAS,

EarlyBirdCapital, Inc. (the “Representative”) is acting as the representative of the several underwriters in

the IPO;

 

WHEREAS,

if a Business Combination (as defined herein) is not consummated within the initial 12 month period following the closing of the

IPO, the Company may extend such period by two extensions with each extension being three months for up to a maximum of 18 months

in the aggregate, subject to the Company’s sponsor BWA Holdings LLC (the “Sponsor”) or its affiliates or permitted

designees depositing $1,000,000 (or $1,150,000 if the underwriters’ over-allotment option is exercised in full) into the

Trust Account no later than the 12 month and the 15 month anniversary of the IPO (each, an “Applicable Deadline”)

for each three month extension (each, an “Extension”), in exchange for which the Sponsor will receive a non-interest

bearing, unsecured promissory note for each Extension that will be repaid only if the Company completes a Business Combination

by the Applicable Deadline;

 

WHEREAS,

as described in the Registration Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation,

$101,000,000 ($116,150,000 if the over-allotment option is exercised in full) of the proceeds from the IPO and a simultaneous

private placement of warrants and the proceeds from any loans in connection with an Extension, if any, will be delivered to the

Trustee to be deposited and held in a segregated trust account located at all times in the United States (the “Trust

Account”) for the benefit of the Company and the holders of the Company’s common stock, par value $0.0001 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 stockholders for whose benefit the Trustee shall hold the

Property will be referred to as the “Public Stockholders,” and the Public Stockholders and the Company will

be referred to together as the “Beneficiaries”); and

 

WHEREAS,

the Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee

shall hold the Property.

 

IT

IS AGREED:

 

1. Agreements

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

 

(a)

Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established

by the Trustee initially at J.P. Morgan 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 deposit the Property in a brokerage account located

in the United States at UBS Financial Services, Inc., which Property will be invested at the discretion of the Trustee in accordance

with the terms of this Agreement;

 

(b)

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

 

(c)

In a timely manner, upon the written instruction of the Company, either (a) invest and reinvest the Property in United States

“government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the

“Investment Company Act”), having a maturity of 180 days or less, and/or in any open ended investment company

registered under the Investment Company Act that holds itself out as a money market fund selected by the Company meeting the conditions

of paragraph (d) of Rule 2a-7 promulgated under the Investment Company Act, which invest only in direct U.S. government treasury

obligations or (b) cause the brokerage institution referred to in 1(a) above to place the Property in a cash bank account such

as an interest or non-interest bearing checking or savings account; it being understood that unless the Company instructs the

Trustee to do either of the foregoing, the Trust Account will earn no interest while account funds are uninvested awaiting the

Company’s instructions hereunder and the Trustee may earn bank credits or other consideration during such periods;

 

(d)

Collect and receive, when due, all principal and income arising from the Property, which shall become part of the “Property,”

as such term is used herein;

 

(e)

Notify the Company and the Representative of all communications received by it with respect to any Property requiring action by

the Company;

 

     

     

    

 

(f)

Supply any necessary information or documents as may be requested by the Company in connection with the Company’s preparation

of its tax returns;

 

(g)

Participate in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as, and

when instructed by the Company to do so;

 

(h)

Render to the Company monthly written statements of the activities of and amounts in the Trust Account reflecting all receipts

and disbursements of the Trust Account;

 

(i)

Commence liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of

a letter (“Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit

A or Exhibit B, signed on behalf of the Company and, in the case of a Termination Letter in a form substantially

similar to that attached hereto as Exhibit A, jointly acknowledged and agreed to by the Representative, and complete

the liquidation of the Trust Account and distribute the Property in the Trust Account only as directed in the Termination Letter

and the other documents referred to therein; provided, however, that in the event that a Termination Letter has not been received

by the Trustee prior to such date, the Trustee shall commence liquidation of the Trust Account upon the date which is the latest

of (1) 12 months after the closing of the IPO, (2) such later date upon one or more Extensions effectuated pursuant to the terms

hereof and (3) such later date as may be approved by the Company’s stockholders in accordance with the Company’s amended

and restated certificate of incorporation, in which case the Trust Account shall be liquidated in accordance with the procedures

set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest

(net of taxes), shall be distributed to the Public Stockholders of record as of such date;

 

(j)

Upon receipt of a letter (an “Amendment Notification Letter”) in the form of Exhibit C, signed

on behalf of the Company by an authorized officer, distribute to Public Stockholders who exercised their conversion rights in

connection with an amendment to Article Sixth of the Company’s Amended and Restated Certificate of Incorporation (an “Amendment”)

an amount equal to the pro rata share of the Property relating to the Common Stock for which such Public Stockholders have exercised

conversion rights in connection with such Amendment; and

 

(i)

Upon receipt of an extension letter (“Extension Letter”) substantially similar to Exhibit E hereto at least

five business days prior to the Applicable Deadline, signed on behalf of the Company by an executive officer, and receipt of the

dollar amount specified in the Extension Letter on or prior to the Applicable Deadline, follow the instructions set forth in the

Extension Letter.

 

2. Limited

Distributions of Income from Trust Account.

 

(a)

Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto

as Exhibit D, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account

requested by the Company to cover any income or other tax obligation owed by the Company.

 

(b)

The limited distributions referred to in Section 2(a) above shall be made only from income collected on the Property.

Except as provided in Section 2(a) above, no other distributions from the Trust Account shall be permitted except

in accordance with Sections 1(i) or 1(j) hereof.

  

3. Agreements

and Covenants of the Company. The Company agrees and covenants to:

 

(a)

Give all instructions to the Trustee hereunder in writing, signed by any one of the Company’s authorized officers. In addition,

except with respect to its duties under Sections 1(i), 1(j) and 2(a)  above, the

Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which

it in good faith believes to be given by any one of the persons authorized above to give written instructions, provided that the

Company shall promptly confirm such instructions in writing;

 

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(b)

Subject to the provisions of Section 5 of this Agreement, hold the Trustee harmless and indemnify the Trustee

from and against any and all expenses, including reasonable counsel fees and disbursements, or losses suffered by the Trustee

in connection with any claim, potential claim, action, suit, or other proceeding brought against the Trustee which in any way

arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any income earned from investment

of the Property, except for expenses and losses resulting from the Trustee’s gross negligence or willful misconduct. Promptly

after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit, or proceeding, pursuant

to which the Trustee intends to seek indemnification under this paragraph, it shall notify the Company in writing of such claim

(hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct and manage

the defense against such Indemnified Claim, provided, that the Trustee shall obtain the consent of the Company with respect to

the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified

Claim without the prior written consent of the Company, which consent shall not be unreasonably withheld. The Company may participate

in such action with its own counsel;

  

(c)

Pay the Trustee an initial acceptance fee, an annual fee, and a transaction processing fee for each disbursement made pursuant

to Section 2(a) as set forth on Schedule A hereto, which fees shall be subject to modification

by the parties from time to time. It is expressly understood that the Property shall not be used to pay such fees and further

agreed that any fees owed to the Trustee shall be deducted by the Trustee pursuant to Section 1(i) solely in

connection with the consummation of a business combination (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 stockholders regarding a Business Combination, provide to the Trustee an affidavit

or certificate of a firm regularly engaged in the business of soliciting proxies and/or tabulating stockholder votes verifying

the vote of the Company’s stockholders 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 has an Amendment approved by its stockholders, provide the Trustee with an Amendment Notification Letter in the

form of Exhibit C providing instructions for the distribution of funds to Public Stockholders who exercise their

conversion rights in connection with such Amendment; and

 

(g)

Provide the Representative with a copy of any Termination Letter, Amendment Notification Letter, and/or any other correspondence

that it issues to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after such issuance.

 

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 party except for liability arising out of its own gross negligence or willful misconduct;

 

(b)

Institute any proceeding for the collection of any principal and income arising from, or institute, appear in, or defend any proceeding

of any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as

provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident

thereto;

 

(c)

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

 

(d)

Refund any depreciation in principal of any Property;

 

(e)

Assume that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless

provided otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the

Trustee;

 

    3

     

    

 

(f)

The other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or

omitted, in good faith and in the exercise of its own best judgment, except for its gross negligence or willful misconduct. The

Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion, or advice

of counsel (including counsel chosen by the Trustee), statement, instrument, report, or other paper or document (not only as to

its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information

therein contained) which is believed by the Trustee, in good faith, to be genuine and to be signed or presented by the proper

person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination, or rescission

of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee signed by the

proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent

thereto;

  

(g)

Verify the correctness of the information set forth in the Registration Statement or to confirm or assure that any Business Combination

consummated by the Company or any other action taken by it is as contemplated by the Registration Statement;

 

(h)

File local, state, and/or federal tax returns or information returns with any taxing authority on behalf of the Trust Account

or deliver payee statements to the Company documenting the taxes, if any, payable by the Company or the Trust Account, relating

to the income earned on the Property;

 

(i)

Pay any taxes on behalf of the Trust Account (it being expressly understood that the Property shall not be used to pay any such

taxes and that such taxes, if any, shall be paid by the Company from funds not held in the Trust Account or released to it under Section

2(a) hereof);

 

(j)

Imply obligations, perform duties, inquire, or otherwise be subject to the provisions of any agreement or document other than

this agreement and that which is expressly set forth herein; or

 

(k)

Verify calculations, qualify, or otherwise approve Company requests for distributions pursuant to Sections 1(i), 1(j) or 2(a) above.

 

5. Trust

Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”)

to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account

that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including,

without limitation, under Section 3(b) or Section 3(c) hereof, the Trustee shall pursue such

Claim solely against the Company and its assets outside the Trust Account and not against the Property or any monies in the Trust

Account.

 

6. Termination.

This Agreement shall terminate as follows:

 

(a)

If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable

efforts to locate a successor trustee during which time the Trustee shall act in accordance with this Agreement. At such time

that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject

to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including

but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement

shall terminate; provided, however, that, in the event that the Company does not locate a successor trustee within ninety (90)

days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited

with any court in the State of New York or with the United States District Court for the Southern District of New York and upon

such deposit, the Trustee shall be immune from any liability whatsoever; or

 

(b)

At such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of Section

1(i) hereof, and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement

shall terminate except with respect to Section 3(b) and Section 5.

 

    4

     

    

 

7. Miscellaneous.

 

(a)

The Company and the Trustee will each restrict access to confidential information relating to funds being transferred to or from

the Trust Account to authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized

persons may have obtained access to such information, or of any change in its authorized personnel. In executing funds transfers,

the Trustee will rely upon all information supplied to it by the Company, including account names, account numbers, and all other

identifying information relating to a beneficiary, beneficiary’s bank, or intermediary bank. The Trustee shall not be liable

for any loss, liability, or expense resulting from any error in the information supplied to it or funds transferred based on such

information.

 

(b)

This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving

effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The

parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough of

Manhattan, for purposes of resolving any disputes hereunder. As to any claim, cross-claim, or counterclaim in any way relating

to this Agreement, each party waives the right to trial by jury.

 

(c)

This Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original,

and together shall constitute but one instrument.

 

(d)

This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof.

Except for Sections 1(i) and 1(j) (which sections may not be modified, amended or deleted without the affirmative vote of sixty

five percent (65%) of the then outstanding shares of Common Stock of the Company; provided that no such amendment will affect

any Public Stockholder who has otherwise indicated his, her or its election to redeem his, her or its shares of Common Stock in

connection with a vote sought to amend this Agreement), this Agreement or any provision hereof may only be changed, amended or

modified by a writing signed by each of the parties hereto; provided, however, that no such change, amendment or modification

may be made without the prior written consent of the Representative. The Trustee may require from Company counsel an opinion as

to the propriety of any proposed amendment.

 

(e)

Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing

and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery,

by email or by facsimile transmission:

 

if

to the Trustee, to:

 

Continental

Stock Transfer & Trust Company

1

State Street, 30th floor

New

York, New York 10004

Attn:

Francis Wolf and Celeste Gonzalez

Email:

fwolf@continentalstock.com

Email:

cgonzalez@continentalstock.com

 

if

to the Company, to:

 

Better

World Acquisition Corp.

733

Third Avenue

New

York, New York 10017

Attn:

Rosemary L. Ripley, CEO

E-mail:

ripley@ngenpartners.com

 

in

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

 

EarlyBirdCapital,

Inc.

366

Madison Avenue, 8th Floor

New

York, NY 10017

Attn:

Steven Levine

E-mail:

slevine@ebccap.com

 

and

Graubard

Miller

The

Chrysler Building

405

Lexington Avenue

New

York, New York 10174

Attn:

David Alan Miller, Esq.

E-mail:

dmiller@graubard.com

 

    5

     

    

 

and

Ellenoff

Grossman & Schole LLP

1345

Avenue of the Americas

New

York, New York 10105

Attn:

Douglas S. Ellenoff, Esq.

Email:

ellenoff@egsllp.com

 

(f)

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

 

(g)

Each of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter

into this Agreement and to perform its respective obligations as contemplated hereunder.

 

(h)

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

 

[Signature

Page Follows]

 

    6

     

    

 

IN

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

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as

    Trustee
	 	 	 	 
	 	By:	             
	 	 	Name:	                            
	 	 	Title:	 
	 	 	 	 
	 	BETTER WORLD ACQUISITION CORP.
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

     

     

    

 

SCHEDULE

A

 

	Fee Item	 	Time

    and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,500.00	 
	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	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under

    Section 2	 	Billed to Company following disbursement made to Company under

    Section 2	 	$	250.00	 
	Paying Agent services as required pursuant to section 1(i) and

    1(j)	 	Billed to Company upon delivery of service pursuant to section

    1(i) and 1(j)	 	 	 Prevailing rates	 

 

     

     

    

 

EXHIBIT

A

 

[Letterhead

of Company] 

[Insert

date]

 

Continental

Stock Transfer

&

Trust Company

1

State Street, 30th floor

New

York, New York 10004

Attn:

Francis Wolf and Celeste Gonzalez

 

Re:

Trust Account No. [________] - Termination Letter

 

Dear

Mr. Wolf and Ms. Gonzalez:

 

Pursuant

to Section 1(i) of the Investment Management Trust Agreement between Better World Acquisition Corp. (“Company”)

and Continental Stock Transfer & Trust Company, dated as of _______, 2020 (“Trust Agreement”), this is

to advise you that the Company has entered into an agreement with [__________________] to consummate a business combination (“Business

Combination”) on or about [insert date]. The Company shall notify you at least 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 and to transfer

the proceeds to the Trust Account at J.P. Morgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of the 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] by the Chief Executive Officer,

which verifies the vote of the Company’s stockholders in connection with the Business Combination if a vote is held and

(b) joint written instructions from the Company and the Representative with respect to the transfer of the funds held in the Trust

Account (“Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust

Account immediately upon your receipt of the counsel's letter and the Instruction Letter, in accordance with the terms of the

Instruction Letter. In the event that certain deposits held in the Trust Account may not be liquidated by the Consummation Date

without penalty, you will notify the Company of the same and the Company shall direct you as to whether such funds should remain

in the Trust Account and distributed after the Consummation Date to the Company. Upon the distribution of all the funds in the

Trust Account pursuant to the terms hereof, your obligations under the Trust Agreement shall be terminated.

 

In

the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have

not notified you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the you of written

instructions from the Company, the funds held in the Trust Account shall be reinvested as provided in the Trust Agreement on the

business day immediately following the Consummation Date as set forth in the notice. 

 

	 	Very truly yours,
	 	 
	 	BETTER WORLD ACQUISITION CORP.
	 	 	 	 
	 	By:	         
	 	 	Name:	                      
	 	 	Title:	 

  

AGREED

TO AND ACKNOWLEDGED BY

 

	EARLYBIRDCAPITAL, INC.	 
	 	 	 	 
	By:	                	 
	 	Name: 	                             	 
	 	Title:	 	 

 

     

     

    

 

EXHIBIT

B

 

[Letterhead

of Company]

 

[Insert

date]

 

Continental

Stock Transfer & Trust Company

1

State Street, 30th floor

New

York, New York 10004

Attn:

Francis Wolf and Celeste Gonzalez

 

Re: Trust

Account No. [__________] - Termination Letter

 

Dear

Mr. Wolf and Ms. Gonzalez:

 

Pursuant

to Section 1(i) of the Investment Management Trust Agreement Better World Acquisition Corp. (“Company”) and

Continental Stock Transfer & Trust Company, 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 the Trust Account and to transfer the total

proceeds of the Trust to the Trust Operating Account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Stockholders.

The Company has selected [____________, 20__] as the effective date for the purpose of determining when the Public Stockholders

will be entitled to receive their share of the liquidation proceeds. It is acknowledged that while the funds are on deposit in

the Trust Operating Account awaiting distribution, the Company will not earn any interest or dividends. 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 Stockholders 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,
	 	 
	 	BETTER WORLD ACQUISITION CORP.
	 	 	 	 
	 	By:	               
	 	 	Name:	                
	 	 	Title:	 

 

cc:

EarlyBirdCapital, Inc.

 

     

     

    

 

EXHIBIT

C

 

[Letterhead

of Company]

 

[Insert

date]

 

Continental

Stock Transfer & Trust Company

1

State Street, 30th floor

New

York, New York 10004

Attn:

Francis Wolf and Celeste Gonzalez

 

Re: Trust

Account No. [________] – Amendment Notification Letter

 

Dear

Mr. Wolf and Ms. Gonzalez:

 

Reference

is made to the Investment Management Trust Agreement between Better World Acquisition Corp. (“Company”) and

Continental Stock Transfer & Trust Company, dated as of ________, 2020 (“Trust Agreement”). Capitalized

words used herein and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement.

 

Pursuant

to Section 1(j) of the Trust Agreement, this is to advise you that the Company has sought an Amendment. Accordingly, in accordance

with the terms of the Trust Agreement, we hereby authorize you to liquidate a sufficient portion of the Trust Account and to transfer

$____ of the total proceeds of the Trust to the Trust Account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public

Stockholders that have requested conversion of their shares in connection with such Amendment. The remaining funds shall be reinvested

by you as previously instructed.

 

	 	Very truly yours,
	 	 
	 	BETTER WORLD ACQUISITION CORP.
	 	 	 	 
	 	By:	       
	 	 	Name:	                     
	 	 	Title:	 

  

cc:

EarlyBirdCapital, Inc.

 

     

     

    

 

EXHIBIT

D

 

[Letterhead

of Company]

 

[Insert

date]

 

Continental

Stock Transfer & Trust Company

1

State Street, 30th floor

New

York, New York 10004

Attn:

Francis Wolf and Celeste Gonzalez

 

Re: Trust

Account No. [_____________]

 

Dear

Mr. Wolf and Ms. Gonzalez:

 

Pursuant

to Section 2(a) of the Investment Management Trust Agreement between Better World Acquisition Corp. (“Company”)

and Continental Stock Transfer & Trust Company, 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 income or other 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]

 

	 	BETTER WORLD ACQUISITION CORP.
	 	 	 	 
	 	By:	           
	 	 	Name:	                      
	 	 	Title:	 

 

cc:

EarlyBirdCapital, Inc.

 

     

     

    

 

EXHIBIT

E

 

[Letterhead

of Company]

 

[Insert

date]

 

Continental

Stock Transfer & Trust Company 

1 State Street, 30th Floor 

New York, New York 10004 

Attn: Francis Wolf and Celeste Gonzalez

 

Re: 

Trust Account No. [         ] Extension Letter

 

Dear

Mr. Wolf and Ms. Gonzalez:

 

Pursuant

to Section 1(i) of the Investment Management Trust Agreement between Better World Acquisition Corp. (“Company”)

and Continental Stock Transfer & Trust Company, dated as of [ ], 2020 (“Trust Agreement”), this

is to advise you that the Company is extending the time available to consummate a Business Combination for an additional three

(3) months, from _______ to _________ (the “Extension”).

 

This

Extension Letter shall serve as the notice required with respect to Extension prior to the Applicable Deadline. Capitalized words

used herein and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement.

 

In

accordance with the terms of the Trust Agreement, we hereby authorize you to deposit $1,000,000 [(or $1,150,000 if the underwriters’

over-allotment option was exercised in full)], which will be wired to you, into the Trust Account investments upon receipt.

 

This

is the [first/second] of up to two Extension Letters.

 

		Very

                                         truly yours,
	 	 	 	 
		Better

                                         World Acquisition Corp.
	 	 	 	 
		By:	 
	 	 	Name:	 
	 	 	Title:	 

 

cc:

EarlyBirdCapital, Inc.

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