Document:

EX-10.34(b)

 Exhibit 10.34(b) 

SECURITY ESCROW AGENCY AGREEMENT 
 THIS
AGREEMENT is made as of the 7th day of June, 2021. 
 B E T W E E N: 

TSX TRUST COMPANY, a trust company existing under the laws of Canada (the “Escrow Agent”), 

- and - 
 Bespoke Sponsor Capital
LP, a Cayman Islands limited partnership (“Sponsor”), 
 - and - 

Vintage Wine Estates, Inc., a Nevada corporation (“Parent”), 

- and - 
 Vintage Wine Estates,
Inc., a California corporation (the “Company” and, together with the Parent and Sponsor, sometimes referred to individually as a “Party” and collectively as the “Parties”) 

WHEREAS, Parent, VWE Acquisition Sub Inc., a Delaware corporation and a wholly owned subsidiary of Parent, the Company, and Darrell D.
Swank (“Stockholder Representative”) have entered into that certain Transaction Agreement, dated as of February 3, 2021 (together with all exhibits, schedules and annexes thereto, as amended, modified or supplemented from time
to time in accordance with its terms, the “Transaction Agreement”), pursuant to which the parties thereto have agreed to establish an escrow arrangement for the purposes set forth therein; 

WHEREAS, in accordance with Section 1.2(b)(ii) of the Transaction Agreement, Parent shall deposit 1,000,002
common shares of Parent (the “Adjustment Escrow Shares”) into an escrow account (the “Escrow Account”) to be held in accordance with the terms of the Transaction Agreement and this Agreement; 

WHEREAS, the Adjustment Escrow Shares shall be held in escrow by the Escrow Agent pursuant to the terms of this Agreement and the
Transaction Agreement; 
 WHEREAS, Sponsor, Company, and Escrow Agent have entered into that certain Depositary Agreement of even date
herewith (the “Depositary Agreement”) pursuant to which the Escrow Agent has established an account for the purpose of receiving common shares of Parent payable under the Transaction Agreement; 

 WHEREAS the foregoing statements of fact and recitals are made by the parties hereto
other than the Escrow Agent; 
 AND WHEREAS the Escrow Agent is willing to act as the escrow agent hereunder and to hold, administer
and distribute the securities deposited with it in accordance with the terms of this Agreement. 
 NOW THEREFORE in consideration of
the foregoing and the representations, warranties, covenants and conditions contained in this Agreement, the receipt and sufficiency of which is hereby acknowledged by the parties hereto, the parties each intending to be legally bound, agree as
follows: 
 ARTICLE 1 

INTERPRETATION 
  

	1.1	 Definitions. 

The terms used herein shall have the following meanings: 
  

	 	(a)	 “Agreement”, “this Agreement”, “the Agreement”, and similar expressions
mean this escrow agreement; 

  

	 	(b)	 “Business Day” means each day other than a Saturday, Sunday, a statutory holiday in the City
of Toronto, Ontario or New York, New York or any day on which the principal chartered banks located in the City of Toronto, Ontario or New York, New York are not open for business during normal banking hours. 

 

	1.2	 Number and Gender. 

Words importing the singular include the plural and vice versa and words importing the masculine gender include the feminine and neuter
genders. 
  

	1.3	 Interpretation not Affected by Headings. 

The division of this Agreement into articles, sections, subsections and paragraphs and the insertion of headings are for convenience of
reference only and shall not affect the construction or interpretation of this Agreement. 
  

	1.4	 Force majeure. 

No party shall be liable to the other, or held in breach of this Agreement, if prevented, hindered, or delayed in the performance or observance
of any provision contained herein by reason of act of God, riots, terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes, or any other similar causes (including, but not limited to, mechanical, electronic or
communication interruptions, disruptions or failures). Performance times under this Agreement shall be extended for a period of time equivalent to the time lost because of any delay that is excusable under this section. 

 

	1.5	 Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Transaction
Agreement. 

  
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 ARTICLE TWO 

ESCROW PROVISIONS 
  

	2.1	 Appointment of Escrow Agent. 

The Company, Parent, and Sponsor hereby appoint the Escrow Agent to serve as escrow agent and the Escrow Agent hereby agrees to act as escrow
agent in accordance with the terms of this Agreement. 
  

	2.2	 Delivery into Escrow. 

At the Effective Time, Parent shall deliver, or cause to be delivered the Adjustment Escrow Shares to the Escrow Agent, to be held in the
Escrow Account. The Escrow Agent will hold the Adjustment Escrow Shares, together with any dividend or other distribution paid on such Adjustment Escrow Shares, as applicable (the “Escrow Dividends”), in escrow for the Company
Shareholders or the Sponsor, as applicable, and will administer and disburse the Adjustment Escrow Shares and the Escrow Dividends, if any, in accordance with the terms of this Agreement. 

The Escrow Agent shall have no liability or responsibility for any property until it is in fact received by the Escrow Agent. 

 

	2.3	 Holding of Adjustment Escrow Shares. 

The Escrow Agent will hold the Adjustment Escrow Shares as a book-entry position registered in the name of “TSX TRUST COMPANY, as Escrow
Agent for the former shareholders of Vintage Wine Estates, Inc., a California corporation” until any such Adjustment Escrow Shares are to be (i) released and re-registered by the Escrow Agent to the
Company Shareholders, or (ii) otherwise released and re-registered to Sponsor, in each case, in accordance with the terms of this Agreement and the Transaction Agreement. For the avoidance of doubt, no
Adjustment Escrow Shares will be released to any Company Shareholder unless such Company Shareholder has previously submitted a Letter of Transmittal in accordance with the terms of the Depositary Agreement. 

The parties hereby agree that the Adjustment Escrow Shares and the beneficial ownership of, or any interest in them shall not be sold,
assigned, hypothecated, alienated, released from escrow, transferred within escrow, or otherwise in any manner dealt with except as may be required by reason of the death or bankruptcy of any security holder, in which cases the Escrow Agent shall
hold said Adjustment Escrow Shares subject to this agreement, for whatever person, firm or corporation shall be legally entitled to be or become the registered owner thereof, provided such person, firm or corporation shall agree to be bound by the
terms of this agreement. 
  

	2.4	 Release of Adjustment Escrow Shares. 

The Parties hereby direct the Escrow Agent to retain the Adjustment Escrow Shares and not to do or cause anything to be done to release the
same from escrow or to allow any transfer, hypothecation or alienation thereof except in accordance with the terms of this Agreement. 
 When
all or any portion of the Adjustment Escrow Shares are required to be released under the Transaction Agreement, Sponsor and Parent shall deliver joint written instructions to the Escrow Agent (a “Release Notice”), in accordance with
Section 2.7(f) of the Transaction Agreement and as further detailed in Section 3.12 of this Agreement. The Parties agree that the Adjustment Escrow Shares shall not be subject to attachment by any creditor (including
any creditor of any party to the Transaction Agreement). 

  
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	2.5	 Dividends 

The Escrow Agent does not own or have any interest in the Adjustment Escrow Shares or any Escrow Dividends, but is serving as escrow holder,
having only possession thereof and agreeing to hold and distribute the Adjustment Escrow Shares and any Escrow Dividends in accordance with the terms and conditions set forth herein. 

Any Escrow Dividends shall be distributed to and held by the Escrow Agent, and shall be disbursed by the Escrow Agent together with and when
the Adjustment Escrow Shares, on which such Escrow Dividend was distributed are released, to the Company Shareholders or the Sponsor, as applicable, in accordance with the terms of this Agreement and the Transaction Agreement. For the avoidance of
doubt, any release or distribution of the Adjustment Escrow Shares in accordance with this Agreement shall also be understood to include a distribution of the Escrow Dividends, if any, with respect to such released Adjustment Escrow Shares. 

Unless otherwise instructed in writing jointly by the Parties, the Escrow Agent shall hold the Escrow Dividends in a non interest-bearing bank
account” with a Canadian Schedule 1 bank. 
  

	2.6	 Voting Rights 

With respect to the Adjustment Escrow Shares, Sponsor shall hold all voting and economic rights with respect to such Adjustment Escrow Shares
while such Adjustment Escrow Shares remain deposited with the Escrow Agent. For so long as such Adjustment Escrow Shares are held by the Escrow Agent, the Escrow Agent shall vote the Adjustment Escrow Shares solely as directed in writing by Sponsor
and the Escrow Agent shall be fully protected hereunder in acting solely on the instruction of Sponsor. If Sponsor does not provide direction to the Escrow Agent with regards to voting the Adjustment Escrow Shares then such shares will not be voted.

  

	2.7	 No Fractional Shares 

No fractional common shares of the Parent will be issued pursuant to the Merger, and instead any such fractional share that would otherwise be
issued will be rounded down to the nearest whole share. 
 ARTICLE THREE 

RIGHTS AND DUTIES OF THE ESCROW AGENT 
  

	3.1	 Rights and Duties of Escrow Agent. 

The Escrow Agent shall have no duties or responsibilities other than those expressly set forth in this Agreement. The Escrow Agent shall not be
liable for any action taken or omitted by it, or any action suffered by it to be taken or omitted excepting only direct loss caused by its own gross negligence, wilful misconduct, fraud or bad faith. Under no circumstances shall the Escrow Agent be
liable for any special, indirect, incidental, consequential, exemplary or punitive losses or damages hereunder, including any loss of profits, whether foreseeable or unforeseeable. 

  
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	3.2	 Experts and Advisers. 

The Escrow Agent may appoint such agents and employ or retain such counsel, accountants, engineers, appraisers or other experts or advisers as
it may reasonably require for the purpose of discharging its duties and determining its duties, obligations and rights hereunder and may pay reasonable remuneration for all services performed by any of them, without taxation of costs of any counsel,
and shall not be responsible for any misconduct on the part of any of them. The Parent shall pay or reimburse the Escrow Agent for any fees, expenses and disbursements of such counsel, advisors, agents or other experts. 

 

	3.3	 Reliance on Experts. 

(a) The Escrow Agent may act and rely and shall be protected in acting and relying in good faith on the opinion or advice of or information
obtained from any agent, counsel, accountant, engineer, appraiser or other expert or adviser, retained or employed by the parties hereto or the Escrow Agent, in relation to any matter arising in the performance of its duties under this Agreement.

 (b) The Escrow Agent may act and rely, and shall be protected in acting and relying, upon any judgment, order, notice, demand, direction,
instruction, certificate or other instrument, paper or document which may be submitted to it in connection with its duties hereunder and the directions incorporated therein and which is believed by the Escrow Agent to be genuine and signed or
presented by the proper person(s), not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth or accuracy of any information therein contained, which it in good faith believes to be genuine. The
Escrow Agent shall in no way be bound to call for further evidence (whether as to due execution, validity or effectiveness, or the jurisdiction of any court, or as to the truth of any fact), and shall not be responsible for any loss that may be
occasioned by its failing to do so. The Escrow Agent shall have the right not to act and shall not be liable for refusing to act unless it has received clear and reasonable documentation that complies with the terms of this Agreement. Such
documentation must not require the exercise of any discretion or independent judgment by the Escrow Agent. 
  

	3.4	 Indemnity. 

(a) In addition to and without limiting any other protection of the Escrow Agent hereunder or otherwise by law, the Company, the Sponsor and
the Parent, jointly and severally, agree to indemnify and hold harmless the Escrow Agent and its officers, directors, employees and agents and former officers, directors, employees, and agents harmless from and against any and all liabilities,
losses, claims, damages, penalties, actions, suits, demands, levies, costs, expenses and disbursements including any and all reasonable legal and adviser fees and disbursements of whatever kind or nature which may at any time be suffered by, imposed
on, incurred by or asserted against the Escrow Agent, whether groundless or otherwise, howsoever arising from or out of any act, omission or error of the Escrow Agent in connection with its acting as Escrow Agent hereunder unless arising from the
gross negligence, wilful misconduct or bad faith on the part of the Escrow Agent. Notwithstanding any other provision hereof, this indemnity shall survive the removal or resignation of the Escrow Agent and the termination of this Agreement. 

  
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 (b) In the event that the Escrow Agent shall become involved in any arbitration or
litigation relating to the Adjustment Escrow Shares, the Escrow Agent is authorized to comply with any decision reached through such arbitration or litigation. If the Escrow Agent shall be uncertain as to its duties or rights hereunder or shall
receive instructions, claims or demands from any party hereto or from a third person with respect to any matter arising pursuant to this Agreement which, in its opinion, are in conflict with any provision of this Agreement, it shall be entitled to
refrain from taking any action authorized and directed hereunder, and in so doing, the Escrow Agent shall not be or become liable in any way to the parties hereto for its failure or refusal to comply with such claims or demands, until it shall be
authorized or directed in writing by the parties hereto. None of the provisions contained in this Agreement or any supplement shall require the Escrow Agent to expend or risk its own funds or otherwise incur financial liability in performing its
duties or in the exercise of any of its rights or powers. 
  

	3.5	 Remuneration. 

The Parent agrees to pay the Escrow Agent’s fees in advance, as agreed between the Escrow Agent and the Parent, for its services hereunder
and shall pay or reimburse the Escrow Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by the Escrow Agent in the administration of its duties hereunder (including, without limitation, legal fees and
expenses and the reasonable compensation and disbursements of all other advisers, agents and assistants not regularly in its employ). The parties hereto agree that if the payment of any of the Escrow Agent’s fees, expenses and disbursements is
in arrears then the Escrow Agent has the right to withhold the full or partial release of the Adjustment Escrow Shares. The parties hereto further agree that any residual fees or expenses incurred by the Escrow Agent after termination of the
Agreement will be reimbursed by the Parent. 
  

	3.6	 Validity of Certificates, etc. 

The Escrow Agent shall be protected in acting and relying upon any Release Notice, notice, request, waiver, consent, receipt, direction,
instruction, affidavit or other paper, writing or document (collectively referred to as “Documents”) furnished to it and purporting to have been executed or issued by any officer or person required to or entitled to execute and
deliver to the Escrow Agent any such Documents in connection with this Agreement, not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth or accuracy of any information therein contained, which
it in good faith believes to be genuine. 
  

	3.7	 Anti-Money Laundering. 

(a) Each party to this Agreement (in this paragraph referred to as a “representing party”), other than the Escrow Agent, hereby
represents to the Escrow Agent that any account to be opened by, or interest to be held by, the Escrow Agent in connection with this Agreement, for or to the credit of such representing party, either (i) is not intended to be used by or on
behalf of any third party, or (ii) is intended to be used by or on behalf of a third party, in which case such representing party hereby agrees to complete, execute and deliver forthwith to the Escrow Agent a declaration, in the Escrow
Agent’s prescribed form or in such other form as may be satisfactory to it, as to the particulars of such third party. 

  
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 (b) The Escrow Agent shall retain the right not to act and shall not be liable for refusing
to act if, due to a lack of information, the Escrow Agent, in its sole judgment, determines that such act might cause it to be in non-compliance with any applicable anti-money laundering or anti-terrorist
legislation, economic sanctions, regulation or guideline. Further, should the Escrow Agent, in its sole judgment, determine at any time that its acting under this Escrow Agreement has resulted in its being in
non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline, then it shall have the right to resign on ten (10) days’ written notice to the parties
hereto provided: (i) that the Escrow Agent’s written notice shall describe the circumstances of such non-compliance; and (ii) that if such circumstances are rectified to the Escrow Agent’s
satisfaction within such 10-day period, then such resignation shall not be effective. 
  

	3.8	 Resignation and Replacement of the Escrow Agent. 

The Escrow Agent may resign and be discharged from all further duties and obligations hereunder by giving to the parties hereto thirty
(30) days’ written notice or such shorter notice period as may be agreed between the parties hereto and the Escrow Agent. In the event of the Escrow Agent resigning, the Company and the Parent shall forthwith appoint a new escrow agent.
Any new escrow agent appointed pursuant to the provisions of the section shall be a corporation authorized to carry on the business of an escrow agent in the Province of Ontario or in the United States of America. On any new appointment, the new
escrow agent shall be vested with the same powers, rights, duties and obligations as if it had been originally named herein as escrow agent, without any further assurance, conveyance, act or deed. The Escrow Agent, upon receipt of payment for any
outstanding amounts for its services and expenses then unpaid, shall transfer, deliver and pay over to such successor escrow agent, who shall be entitled to receive, all cash and property on deposit with such predecessor hereunder. 

 

	3.9	 Merger or Amalgamation of Escrow Agent. 

This Agreement shall not be assigned by any party hereto without the prior written consent of the other parties hereto. Notwithstanding the
foregoing, any corporation into or with which the Escrow Agent may be merged, consolidated or amalgamated, or to which all or substantially all of its corporate trust business is sold or otherwise transferred or any corporation resulting therefrom,
or any corporation succeeding to the trust business of the Escrow Agent, shall be the successor to the Escrow Agent hereunder without any further act on the Escrow Agent’s part or any of the parties hereto. 

 

	3.10	 Escrow Agent Not a Trustee. 

No trust is intended to be, or is or will be, created hereby and the Escrow Agent shall owe no duties hereunder as a trustee. 

 

	3.11	 Entire Agreement. 

This Agreement sets forth exclusively the duties of the Escrow Agent with respect to any and all matters pertinent hereto and no implied duties
or obligations shall be read into the agreement against the Escrow Agent, including any agreement referred to in this Agreement to which the Escrow Agent is not a party. 

  
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	3.12	 Release Notices. 

(a) The Escrow Agent shall disburse the Adjustment Escrow Shares only in accordance with the Release Notice. Each such Release Notice shall set
forth in reasonable detail the event giving rise to the requested release and the specific release instructions with respect thereto (including the number of Adjustment Escrow Shares to be released and the party to whom they should be re-registered and delivered) and the Parent will direct in the Release Notice if any restrictive legends are to be placed onto the Adjustment Escrow Shares that are to be released. 

(b) If the Adjustment Escrow Shares are to be released to the Company Shareholders (as opposed to a release to Sponsor), the specified number
of Adjustment Escrow Shares (and the applicable portion of the Escrow Dividends) shall be released to the Company Shareholders pursuant to the terms of this Agreement and such Release Notice directing disbursement shall provide the detail necessary
for delivery of the Adjustment Escrow Shares (and the applicable portion of the Escrow Dividends) to the Company Shareholders by the Escrow Agent, including such Company Shareholder’s pro-rata share of
the Adjustment Escrow Shares, without further action by the Parties. 
 (c) If the Transaction Agreement requires that all or any portion of
the Adjustment Escrow Shares are to be released to Sponsor, then the Release Notice shall specify the number of Adjustment Escrow Shares to be released and re-registered to Sponsor (and the applicable portion
of the Escrow Dividends). 
 (d) During the period from the date of this Agreement until the date upon which all of the Adjustment Escrow
Shares have been released, Sponsor, Parent, and/or Company, as applicable and pursuant to Section 2.7(f) of the Transaction Agreement, agree to promptly and jointly issue all applicable Release Notices pursuant to the terms
of Section 2.7(f) of the Transaction Agreement (and in accordance with Section 3.12 of this Agreement). For the avoidance of doubt, in the event of a conflict between the terms of this Agreement
and the Transaction Agreement, then, as between Sponsor, Parent, and the Company, the terms of the Transaction Agreement shall control and the aforementioned parties shall use reasonable best efforts to effect an amendment to this Agreement
(including to Section 3.13 below). 
 (e) Within three (3) Business Days following the receipt of any Release
Notice and subject to the receipt of required documentation for compliance with applicable anti-money laundering requirements and any other documents required to complete the releases, the Escrow Agent shall release,
re-register and deliver, (i) if to the Company Shareholders, to the Company Shareholders pursuant to the delivery instructions contained in such Release Notice for each Company Shareholder, a direct
registration system advice representing such Company Shareholder’s pro-rata share of the Adjustment Escrow Shares and (ii) if to the Sponsor, as designated in the applicable Release Notice, a direct
registration system advice representing the number of Adjustment Escrow Shares set forth in such Release Notice. 

  
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	3.13	 Disbursement and Termination. 

The Parties shall act in accordance with, and the Escrow Agent shall hold and release the Adjustment Escrow Shares as follows: 

(a) Disbursement. The Escrow Agent shall disburse the Adjustment Escrow Shares and Escrow Dividends in accordance with the terms of this
Agreement. 
 (b) Escrow Termination Date. Subject to the provisions of Section 3.4, this Agreement shall
terminate after all of the Adjustment Escrow Shares and Escrow Dividends have been released from the Escrow Account. 
 (c) Records.
The Escrow Agent shall keep proper books of record and account in which full and correct entries shall be made of all release activity in the Escrow Account. 

ARTICLE FOUR 
 GENERAL

  

	4.1	 Notice. 

Any notice, demand or other communication shall be in writing addressed as follows: 

 

			
	 If to Company:
	  	
		  	Vintage Wine Estates, Inc.
		  	205 Concourse Boulevard
		  	Santa Rosa, CA 95403
		  	Attention: Patrick Roney
		  	E-mail: pat@vintagewineestates.com
	 with copies to:
	  	
		  	Foley & Lardner LLP
		  	 321 North Clark Street, Suite 3000
 Chicago, IL
60654
 Attention: Patrick Daugherty
 E-mail: pdaugherty@foley.com

	 If to Sponsor or Parent:
	  	
		  	 Bespoke Capital Partners
 115 Park Street, 3rd
Floor
 London, W1K 7AP, United Kingdom
 Attention: Mark
Harms
 Email: mark.harms@bespokecp.com

	 with copies to counsel to:
	  	
		  	 Jones Day
 250 Vesey Street

New York, NY 10281
 Attention: Robert A. Profusek

Julia V.S. Feldman

E-mail: raprofusek@jonesday.com

jfeldman@jonesday.com

  
 9 

			
	 if to the Escrow Agent:
	  	 TSX Trust Company
 301 – 100 Adelaide
Street West
 Toronto, Ontario
 M5H 4H1

		  	 Attention: Vice President, Trust Services

Facsimile: (416) 361-0470

Email: tmxestaff-corporatetrust@tmx.com

 and any such notice delivered in accordance with the foregoing shall be deemed to have been received and given
on the date of delivery or, if mailed, on the fifth Business Day following the date of mailing such notice or, if faxed or transmitted by other electronic means, on the next Business Day following the date of transmission. 

The Company, the Escrow Agent or the Sponsor, as the case may be, may from time to time notify the other parties in the manner provided in this
Article of a change of address which, from the effective date of such notice and until changed by like notice, shall be the address of the Company or the Escrow Agent or the Security Holder, as the case may be, for all purposes of this agreement.

 If, by reason of a strike, lockout or other work stoppage, actual or threatened, involving postal employees any notice to be given to the
Escrow Agent or the Company or the Security Holder hereunder could reasonably be considered unlikely to reach its destination, such notice shall be valid and effective only if it is delivered, or sent by email or facsimile transmission 

4.2 Representation. 
 Each party
represents that it has the power and authority to enter into and perform its obligations under this Agreement, that the person or persons signing this Agreement on behalf of the named party are properly authorized and empowered to sign it and that
the Agreement is valid and binding on the party and enforceable against the party in accordance with its terms. 
 4.3 Severability. 

If any provision of this Agreement or portion thereof or the application thereof to any person or circumstance shall to any extent be illegal,
invalid or unenforceable: (a) the remainder of this Agreement or the application of such provision or portion thereof to any other person or circumstance shall not be affected thereby; and (b) the parties will negotiate in good faith to
amend this Agreement to implement the intentions set forth in this Agreement. Each provision of this Agreement shall be legal, valid and enforceable to the fullest extent permitted by law. 

4.4 [Intentionally Omitted]. 

  
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 4.5 Amendment. 

No provision of this Agreement shall be deemed waived, amended or modified by any party unless such waiver, amendment or modification is in
writing and signed by the parties hereto. 
 4.6 Counterparts. 

This Agreement may be executed in any number of counterparts and may be delivered by facsimile transmission or in PDF format delivered by
email. Each counterpart, when so executed, shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

4.7 Successors and Assigns. 
 This
Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. Except as may be otherwise specifically provided herein, no assignment shall be made of this Agreement without the
prior written consent of the parties hereto. 
 4.8 Governing Law. 

This Agreement shall be construed in accordance with and governed by the laws of the Province of Ontario and the federal laws of Canada
applicable therein, and any actions, proceedings, claims or disputes regarding it shall be resolved by the courts in that province. 

[Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first set forth above by their duly authorized signing officers. 
  

							
	Bespoke Sponsor Capital LP, a Cayman Islands limited partnership	 	TSX TRUST COMPANY
			
	 By: Bespoke Capital Partners, LLC,

Its General Partner
	 		 	
				
	By:	 	/s/ Mark Harms	 	By:	 	/s/ Donald Crawford

							
	Name:	 	Mark Harms	 	Name:	 	Donald Crawford
	Title:	 	Managing Member	 	Title	 	Senior Trust Officer

							
				
		 	  
	 	By:	 	/s/ Geralyn Krowles

							
		 		 	Name:	 	Geralyn Krowles
		 		 	Title:	 	Vice President, Corporate Trust

							
	 Vintage Wine Estates, Inc., a Nevada corporation
	 		 	
				
	By:	 	/s/ Mark Harms	 		 	  

							
	Name:	 	Mark Harms 
	 		 	
	Title:	 	Authorized Signatory	 		 	

							
			
	Vintage Wine Estates, Inc., a California corporation	 		 	
				
	By:	 	/s/ Patrick Roney	 		 	  

							
	Name:	 	Patrick Roney 
	 		 	
	Title:	 	Chief Executive OfficerEX-10.37(b)

 Exhibit 10.37(b) 

Execution Version 

JOINDER AGREEMENT 

This JOINDER AGREEMENT (this “Agreement”) is dated as of June 7, 2021, and is entered into by and among VINTAGE WINE
ESTATES, INC., a Nevada corporation (“Holdings”), VINTAGE WINE ESTATES, INC., a California corporation that is a wholly-owned subsidiary of Holdings (“Borrower Agent”), each other Subsidiary of
Borrower Agent party to the Loan Agreement referenced below, as amended, together with KUNDE ENTERPRISES, INC., a California corporation added pursuant to the Joinder Agreement dated as of May 4, 2021, each an “Existing
Borrower”, the financial institutions party to the Loan Agreement described below (collectively, “Lenders”), and BANK OF THE WEST (“Bank of the West”), as administrative agent for Lenders (in such
capacity, “Agent”). 
 RECITALS 

WHEREAS, Existing Borrowers, the Lenders, and the Agent are parties to that certain Amended and Restated Loan and Security Agreement, dated as
of April 13, 2021 (the “Loan Agreement”). 
 WHEREAS, Borrower Agent, resulting from effectuating the transactions
described in the S4 filed with the US Securities & Exchange Commission (the “SEC”) on May 7, 2021, has become the wholly-owned subsidiary of Holdings. 

WHEREAS, Existing Borrowers have requested that Agent (with the consent of the Required Lenders) permit Holdings to be added as a Guarantor
and an Obligor under the Loan Agreement, and, subject to the terms and conditions set forth herein, Agent (with the consent of the Required Lenders) has agreed to permit such addition. 

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties agree as follows:

 1. DEFINITIONS. All terms which are defined in the Loan Agreement shall have the same definition when used herein unless a
different definition is ascribed to such term under this Agreement, in which case, the definition contained herein shall govern. 
 2.
JOINDER AND ACQUISITION COVENANTS. 
 2.1 Holdings hereby agrees as follows in favor of the Agent and the Lenders: 

A. Effective as of the date hereof, by its execution of this Agreement, Holdings hereby agrees to become an Obligor and to be subject to all
of the representations, warranties, affirmative covenants and negative covenants that are applicable to each Borrower under the Loan Agreement, as well as each other Loan Document, to the same extent as would be applicable if Holdings were a
Borrower under the Loan Agreement and other Loan Documents. Holdings agrees that as a Guarantor it shall be liable to Lenders for all Obligations. Without limiting the generality of the foregoing or the terms of the Loan Agreement, Holdings hereby
acknowledges and agrees that pursuant to it Guaranty, Holdings shall guaranty the prompt payment and performance of all Obligations in full when due (whether at stated maturity, as a mandatory prepayment, by accelerations, or otherwise) strictly in
accordance with the terms thereof. 

  
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 B. In furtherance but without limitation of the foregoing, Holdings specifically
acknowledges its grant to Agent for the benefit of itself and the Secured Parties, as security for its guaranty of the payment and performance of all of the Obligations, of a security interest in all of its assets that would be included in the term
Collateral if Holdings were included in the original Borrowers under the Loan Agreement, provided that no security interest shall be granted in Excluded Assets. To facilitate the foregoing grant of a security interest, Holdings agrees to execute
(and, if required by Agent, acknowledge) and deliver to Agent such instruments and agreements as Agent may require in connection herewith, including without limitation collateral assignments, endorsements, and other, related documents, as Agent may
reasonably request to give effect to this joinder of Holdings as an Obligor. 
 3. CONDITIONS PRECEDENT TO EFFECTIVENESS OF
AGREEMENT. This Amendment shall be effective only upon satisfaction in full of the following conditions precedent: 
 3.1 Agent shall
have received counterparts to this Joinder, duly executed by the Existing Borrowers and the Holdings. 
 3.2 Agent shall have received from
the Holdings, public officials’ certifications; organizational documents; customary evidence of authorization to enter into the Loan Documents in respect of the Obligations; and good standing certificates in jurisdictions of
formation/organization. 
 4. REPRESENTATIONS AND WARRANTIES. Each of the Existing Borrowers hereby affirm to Agent and the Lenders
that all of Existing Borrowers’ representations and warranties set forth in the Loan Agreement are true and correct in all material respects (or all respects if already qualified by materiality) as of the date hereof (except for any
representations and warranties that expressly relate to an earlier date). 
 5. LIMITED EFFECT. Except as specifically set forth in
this Agreement, the Loan Agreement and other Loan Documents shall remain unchanged and in full force and effect. 
 6. GOVERNING LAW.
This Agreement shall be governed by the laws of the State of California, without giving effect to any conflict of law principles (but giving effect to Federal laws relating to national banks). 

7. COUNTERPARTS. This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each
of which when so executed and delivered shall be deemed to be an original. All such counterparts, taken together, shall constitute but one and the same Amendment. 

[Signatures are on the following pages] 

  
 2 

 IN WITNESS WHEREOF, this Amendment has been executed and delivered as of the date set forth
above. 
  

			
	EXISTING BORROWERS:
	
	 VINTAGE WINE ESTATES, INC.,

a California corporation

		
	By:	 	/s/ Patrick Roney
	Name:	 	Patrick Roney
	Title:	 	President

  

			
	 GROVE ACQUISITION, LLC,
 a
California limited liability company

		
	By:	 	/s/ Patrick Roney
	Name:	 	Patrick Roney
	Title:	 	Manager

  

			
	 GIRARD WINERY LLC,
 a
California limited liability company

		
	By:	 	/s/ Patrick Roney
	Name:	 	Patrick Roney
	Title:	 	Manager

  

			
	 MILDARA BLASS INC.,
 a
California corporation

		
	By:	 	/s/ Patrick Roney
	Name:	 	Patrick Roney
	Title:	 	President

 Joinder Agreement re Vintage Wine Estates, Inc., a Nevada corporation 

 
			
	 SPLINTER GROUP NAPA, LLC,
 a
California limited liability company

		
	By:	 	/s/ Patrick Roney
	Name:	 	Patrick Roney
	Title:	 	Manager

  

			
	 SABOTAGE WINE COMPANY, LLC,

a California limited liability company

		
	By:	 	/s/ Patrick Roney
	Name:	 	Patrick Roney
	Title:	 	Manager

  

			
	 KUNDE ENTERPRISES, INC.,
 a
California corporation

		
	By:	 	/s/ Patrick Roney
	Name:	 	Patrick Roney
	Title:	 	Manager

  

			
	 HOLDINGS:

	
	 VINTAGE WINE ESTATES, INC.,

a Nevada corporation

		
	By:	 	/s/ Patrick Roney
	Name:	 	Patrick Roney
	Title:	 	President

 Joinder Agreement re Vintage Wine Estates, Inc., a Nevada corporation 

 
			
	AGENT:
	
	 BANK OF THE WEST,
 as Agent
(with the consent of the Required Lenders)

		
	By:	 	/s/ Eric Andersen
	Name:	 	Eric Andersen
	Title:	 	Vice President

 Joinder Agreement re Vintage Wine Estates, Inc., a Nevada corporation

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}]]