Document:

Exhibit
10.1

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Investment Management Trust Agreement (this “Agreement”) is made as of February 3, 2021 by and between Astrea
Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (“Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1, File No. 333-252010 (“Registration Statement”) and
prospectus (“Prospectus”) for the initial public offering of the Company’s units (“Units”),
each of which consists of one share of the Company’s common stock, par value $0.0001 per share (“Common Stock”)
and one-half of one warrant (“Warrant”), each whole Warrant entitling the holder to purchase one share of Common
Stock (such initial public offering referred to as the “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,
the Company has entered into an Underwriting Agreement (“Underwriting Agreement”) with EarlyBirdCapital, Inc.
as representative (the “Representative”) of the several underwriters (“Underwriters”) named
therein;

 

WHEREAS,
as described in the Prospectus, and in accordance with the Company’s Amended and Restated Certificate of Incorporation,
$150,000,000 ($172,500,000 if the over-allotment option is exercised in full) of the proceeds from the IPO and a simultaneous
private placement of Units 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
Common Stock included in the Units issued in the IPO as hereinafter provided (the proceeds to be delivered to the Trustee and
any interest subsequently earned thereon 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 at a brokerage institution selected by the Company that
is reasonably satisfactory to the Trustee;

 

(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 (i) 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 185 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 (ii) cause the brokerage institution referred to in 1(a) above to place the Property in a cash demand deposit 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)
Promptly 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 from the Company (“Termination Letter”), in a form substantially similar to that attached hereto as
either Exhibit A or Exhibit B, as applicable, 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 within the period of time (the “Last Date”) provided
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 Trust Account shall be liquidated in accordance with the procedures set forth in the Termination
Letter attached as Exhibit B hereto and distributed to the Public Stockholders as of the Last Date; and

 

(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 redemption 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
redemption rights in connection with such Amendment.

 

2. Limited
Distributions of Income from Trust Account.

 

(a)
Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit 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 or liquidation expenses not to exceed
$100,000.

 

(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. The Trustee
shall be entitled to rely on such written instructions from the Company confirmed by telephone instruction from a person which
the Trustee in good faith believes to be given by any one of the persons authorized above to give written instructions;

 

(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, fraud, 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;

 

    2

     

    

 

(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
redemption 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, fraud or willful
misconduct;

 

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

 

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

 

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

 

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

 

(f)
The other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or
omitted, in good faith and in the exercise of its own best judgment (provided, that with respect to its duties under Sections
1(i), 1(j), and 2(a) above, the Trustee shall take no action except as set forth in written instructions
from the Company, confirmed by telephone, in accordance with Section 3(a)), except for its gross negligence, fraud 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 (provided, that with respect to its duties under Sections 1(i), 1(j),
and 2(a) above, the Trustee shall take no action except as set forth in written instructions from the Company, confirmed
by telephone, in accordance with Section 3(a)). 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;

 

    3

     

    

 

(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),
and 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.

 

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. Except for any liability arising
out of the Trustee’s gross negligence, fraud, or willful misconduct, the Trustee shall not be liable for any loss, liability,
or expense resulting from any error in the information supplied to it or funds transferred based on such information.

 

    4

     

    

 

(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 a majority
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:

 

Astrea
Acquisition Corp.

55
Ocean Lane Drive, Apt. 3021

Key
Biscayne, FL 33149

Attn:
Felipe Gonzalez

E-mail:
fgonzalez@strongrockcap.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

 

    5

     

    

 

and

 

Graubard
Miller

The
Chrysler Building

405
Lexington Avenue

New
York, New York 10174

Attn:
David Alan Miller, Esq.

E-mail:
dmiller@graubard.com

 

and

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas

New
York, NY 10105

Attn:
Douglas S. Ellenoff, Esq. / Stuart Neuhauser, Esq.

E-mail:
dellenoff@egsllp.com / sneuhauser@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:	/s/
    Francis Wolf 
	 	 	Name: 	Francis Wolf
	 	 	Title:	Vice President
	 	 	 	 
	 	ASTREA ACQUISITION CORP.
	 	 	 	 
	 	By:	/s/
    Felipe Gonzalez 
	 	 	Name:  	Felipe Gonzalez 
	 	 	Title:	Chief Executive Officer 

 

[Signature
Page to IMTA]

 

    7

     

    

 

SCHEDULE
A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$		 
	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	 	$		 
	Transaction processing fee for disbursements to Company under Section 2	 	Billed to Company following disbursement made to Company under Section 2	 	$		 
	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	 

 

    Sch A-1

     

    

 

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 Termination Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Astrea Acquisition Corp. (“Company”) and
Continental Stock Transfer & Trust Company, dated as of _______, 2021 (“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 48 hours in advance of the
actual date of the consummation of the Business Combination (“Consummation Date”). Capitalized terms used herein
and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate the Trust Account investments and to transfer
the proceeds to the Trust Account 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) 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,
	 	 
	 	ASTREA ACQUISITION CORP.
	 	 	 	 
	 	By:	 
	 	 	Name:  	 Felipe Gonzalez
	 	 	Title:	 Chief Executive Officer

 

AGREED
TO AND ACKNOWLEDGED BY

 

	EARLYBIRDCAPITAL, INC.	 
	 	 	 	 
	By:	 	 
	 	Name:   	                        	 
	 	Title:	 	 

 

    A-1

     

    

 

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 Termination Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Astrea Acquisition Corp. (“Company”) and
Continental Stock Transfer & Trust Company, dated as of _______, 2021 (“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 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,
	 	 
	 	ASTREA ACQUISITION CORP.
	 	 	 	 
	 	By:	 
	 	 	Name:  	Felipe Gonzalez
	 	 	Title:	Chief
Executive Officer

 

		cc:	EarlyBirdCapital,
Inc.

 

    B-1

     

    

 

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 Amendment Notification Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Reference
is made to the Investment Management Trust Agreement between Astrea Acquisition Corp. (“Company”) and Continental
Stock Transfer & Trust Company, dated as of _______, 2021 (“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 to distribute
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,
	 	 
	 	ASTREA ACQUISITION CORP.
	 	 	 	 
	 	By:	 
	 	 	Name:  	Felipe Gonzalez
	 	 	Title:	Chief Executive Officer

 

		cc:	EarlyBirdCapital,
Inc.

 

    C-1

     

    

 

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 Withdrawal Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 2(a) of the Investment Management Trust Agreement between Astrea Acquisition Corp. (“Company”) and
Continental Stock Transfer & Trust Company, dated as of _______, 2021 (“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][dissolution and liquidation expenses, which expenses
will not exceed $100,000].

 

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]

 

	 	ASTREA ACQUISITION CORP.
	 	 	 	 
	 	By:	 
	 	 	Name:  	Felipe Gonzalez
	 	 	Title:	Chief
Executive Officer

 

		cc:	EarlyBirdCapital,
Inc.

 

    D-1Exhibit 10.2

 

STOCK ESCROW AGREEMENT

 

STOCK ESCROW AGREEMENT,
dated as of February 3, 2021 (“Agreement”), by and among Astrea Acquisition Corp., a Delaware corporation (“Company”),
the stockholder of the Company listed on Exhibit A hereto (the “Sponsor”) and Continental Stock Transfer & Trust
Company, a New York limited purpose trust company (“Escrow Agent”).

 

WHEREAS, the Company
was formed for the purpose of completing a merger, stock exchange, asset acquisition, stock purchase, recapitalization, reorganization
or other similar business combination (a “Business Combination”) with one or more businesses or entities.

 

WHEREAS, the Sponsor
purchased an aggregate of 4,312,500 shares of the Company’s common stock, par value $0.0001 per share (“Common Stock”)
in a private placement;

 

WHEREAS, the Company
has entered into an Underwriting Agreement, dated February 3, 2021 (“Underwriting Agreement”), with EarlyBirdCapital,
Inc. (the “Representative”) acting as representative of the several
underwriters (collectively, the “Underwriters”), pursuant to which, among other matters, the Underwriters have agreed
to purchase 15,000,000 units (“Units”) of the Company, plus up to an additional 2,250,000 Units if the Representative
exercises the over-allotment option in full. Each Unit consists of one share of Common Stock and one-half of one warrant (“Warrant”),
each whole Warrant to purchase one share of Common Stock, all as more fully described in the Company’s final Prospectus,
dated February 3, 2021 (“Prospectus”) comprising part of the Company’s Registration Statement on Form S-1 (File
No. 333-252010) under the Securities Act of 1933, as amended (“Registration Statement”), declared effective on February
3, 2021 (“Effective Date”).

 

WHEREAS, the Sponsor
has agreed as a condition of the sale of the Units to deposit its shares of Common Stock of the Company in escrow as hereinafter
provided.

 

WHEREAS, the Company
and the Sponsor desire that the Escrow Agent accept the shares of Common Stock, in escrow, to be held and disbursed as hereinafter
provided.

 

IT IS AGREED:

 

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

 

2. Deposit
of Shares. On or before the Effective Date, the Sponsor’s shares of Common Stock set forth on Exhibit A hereto shall
be deposited in escrow, to be held and disbursed subject to the terms and conditions of this Agreement. The Sponsor acknowledges
that the shares deposited in escrow will be legended to reflect the deposit of such shares under this Agreement.

 

3. Disbursement
of the Escrow Shares.

 

3.1 If the over-allotment
option to purchase all or a portion of the additional 2,250,000 Units of the Company is not exercised in full within 45 days of
the date of the Prospectus (as described in the Underwriting Agreement), the Sponsor agrees that the Escrow Agent shall return
to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 562,500 by a fraction,
(i) the numerator of which is 2,250,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters
upon the exercise of the over-allotment option, and (ii) the denominator of which is 2,250,000. The Company shall promptly provide
notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased
by the Underwriters in connection with the exercise thereof.

 

     

     

    

 

3.2 Except as otherwise
set forth herein, the Escrow Agent shall hold the shares remaining after any cancellation required pursuant to Section 3.1 above
(such remaining shares to be referred to herein as the “Escrow Shares”) until the earlier of (i) the six-month anniversary
of the date of the consummation of the Company’s initial Business Combination and (ii) the date on which the closing price
of the Common Stock equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations)
for any 20 trading days within a 30-trading day period following 150 days after the consummation of the initial Business Combination,
or earlier if, subsequent to the initial Business Combination, the Company consummates a liquidation, merger, stock exchange or
other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of
Common Stock for cash, securities or other property (such period of time during which the Escrow Shares are held in escrow, the
“Escrow Period”). Upon the achievement of any of the conditions set forth above, the Company shall promptly provide
notice to the Escrow Agent, in form reasonably acceptable to the Escrow Agent. Upon completion of the Escrow Period, the Escrow
Agent shall disburse such amount of each Sponsor’s Escrow Shares to the Sponsor. The Escrow Agent shall have no further duties
hereunder after the disbursement of the Escrow Shares in accordance with this Section 3.2.

 

3.3 Notwithstanding
the provisions of Section 3.2, if the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company’s
Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between the
Company and the Escrow Agent as trustee thereunder) is being liquidated, then the Escrow Agent shall deliver the certificates representing
the Escrow Shares to the Sponsor promptly after the public stockholders are paid the liquidating distributions and shall have no
further duties hereunder.

 

4. Rights of
Sponsor in Escrow Shares.

 

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

 

4.2 Dividends
and Other Distributions in Respect of the Escrow Shares. For as long as any shares are held in escrow pursuant to this Agreement,
all dividends payable in cash with respect to the Escrow Shares shall be paid to the Sponsor, but all dividends payable in stock
or other non-cash property (“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with
the terms hereof. As used herein, the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed
thereon, if any.

 

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

 

4.4 Insider Letter.
The Sponsor has executed a letter agreement with the Company and the Representative, dated as of the date hereto, the form of which
is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting the rights and obligations of the
Sponsor in certain events, including, but not limited to, the liquidation of the Company.

 

5. Concerning
the Escrow Agent.

 

5.1 Good Faith
Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its
own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion
or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not
only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of
any information therein contained) which is believed by the Escrow Agent in good faith to be genuine and to be signed or presented
by the proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination
or rescission of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties
and, if the duties or rights of the Escrow Agent are affected, unless it shall have given its prior written consent thereto.

 

    2

     

    

 

5.2 Indemnification.
Subject to Section 5.8 below, the Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses,
including reasonable counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or
other proceeding involving any claim which in any way, directly or indirectly, arises out of or relates to this Agreement, the
services of the Escrow Agent hereunder, or the Escrow Shares held by it hereunder, other than expenses or losses arising from the
gross negligence, fraud or willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of
any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto
in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action in the
nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow Shares or it may deposit the
Escrow Shares with the clerk of any appropriate court or it may retain the Escrow Shares pending receipt of a final, non-appealable
order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances the Escrow Shares
are to be disbursed and delivered. The provisions of this Section 5.2 shall survive in the event the Escrow Agent resigns or is
discharged pursuant to Sections 5.5 or 5.6 below.

 

5.3 Compensation.
Subject to Section 5.8 below, the Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered
by it hereunder. The Escrow Agent shall also be entitled to reimbursement from the Company for all reasonable expenses paid or
incurred by it in the administration of its duties hereunder including, but not limited to, all counsel, advisors’ and agents’
fees and disbursements and all taxes or other governmental charges.

 

5.4 Further Assurances.
From time to time on and after the date hereof, the Company and the Sponsor shall deliver or cause to be delivered to the Escrow
Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably
request to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure
itself that it is protected in acting hereunder.

 

5.5 Resignation.
The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties
hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective
at such time that the Escrow Agent shall turn the Escrow Shares over to a successor escrow agent appointed by the Company and approved
by the Representative, which approval will not be unreasonably withheld, conditioned or delayed. If no new escrow agent is so appointed
within the 60-day period following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Shares with
any court it reasonably deems appropriate in the State of New York.

 

5.6 Discharge
of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested
in writing at any time by all of the other parties hereto; provided, however, that such resignation shall become effective only
upon the appointment of a successor escrow agent selected by the Company and approved by the Representative, which approval will
not be unreasonably withheld, conditioned or delayed.

 

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

 

5.8 Waiver.
The Escrow Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”)
in, or to any distribution of, the Trust Account and hereby agrees not to seek recourse, reimbursement, payment or satisfaction
for any Claim against the Trust Account for any reason whatsoever.

 

    3

     

    

 

6. Miscellaneous.

 

6.1 Governing
Law. 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.

 

6.2 Third Party
Beneficiaries. Each of the parties to this Agreement hereby acknowledges that the Representative is a third party beneficiary
of this Agreement.

 

6.3 Entire Agreement.
This Agreement contains the entire agreement of the parties hereto with respect to the subject matter hereof and, except as expressly
provided herein, may only be changed, amended, or modified by a writing signed by each of the parties hereto.

 

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

 

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

 

6.6 Notices.
Any notice, 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 Company, to:

 

Astrea Acquisition Corp.

55 Ocean Lane Drive, Apt. 3021

Key Biscayne, FL 33149

Attn: Felipe Gonzalez

E-mail: fgonzalez@strongrockcap.com

 

If to the Sponsor, to
its address set forth in Exhibit A.

 

and if to the Escrow
Agent, to:

 

Continental Stock
Transfer & Trust Company

1 State Street, 30th
Floor

New York, New York
10004

Attn: Client Administration
Dept.

Email: accountadmin@continentalstock.com

 

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

 

EarlyBirdCapital,
Inc.

366 Madison
Ave 8th Floor

New York,
NY 10017

Attn: Steven
Levine

Email: slevine@ebccap.com

 

with a copy to:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.
/ Jeffrey M. Gallant, Esq.

Email: dmiller@graubard.com /
jgallant@graubard.com

 

    4

     

    

 

and:

 

Ellenoff Grossman & Schole
LLP

1345 Avenue of the Americas

New York, NY 10105

Attn: Douglas S. Ellenoff, Esq.
/ Stuart Neuhauser, Esq.

E-mail: dellenoff@egsllp.com / sneuhauser@egsllp.com

 

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

 

6.7 Liquidation
of the Trust Account. The Company shall give the Escrow Agent written notification of the liquidation of the Trust Account
in the event that the Company fails to consummate a Business Combination within the time period specified in the Company’s
Amended and Restated Certificate of Incorporation, as the same may be amended from time to time.

 

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

 

[Signature Page Follows]

 

    5

     

    

 

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

 

	 	ASTREA
    ACQUISITION CORP. 
	 	 
	 	By:	/s/
    Felipe Gonzalez 
	 	Name:	Felipe Gonzalez
	 	Title:	Chief Executive
    Officer
	 	 
	 	CONTINENTAL
    STOCK TRANSFER & TRUST COMPANY
	 	 
	 	By:	/s/
    Leicia Savinetti
	 	Name:  	Leicia Savinetti 
    
	 	Title:	Account Administrator 

 

	 	SPONSOR:
	 	 	 
	 	ASTREA
    ACQUISITION SPONSOR LLC
	 	 	 
	 	By:	/s/
    Jose Luis Cordova
	 	 	Name:  	Jose
    Luis Cordova
	 	 	Title:	Managing Member

 

[Signature Page to Stock Escrow
Agreement]

 

    6

     

    

 

EXHIBIT A

 

	Name and Address of Sponsor	 	Number of Shares	 
	Astrea Acquisition Sponsor LLC

                                             c/o Astrea Acquisition Corp.

                                             55 Ocean Lane Drive, Apt. 3021

                                             Key Biscayne, FL 33149
	 		4,312,500	 
	 	 	 	 	 
	TOTAL	 	 	4,312,500	 

 

    A-1

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