Document:

Exhibit 10.3

 

SHARE ESCROW AGREEMENT

 

SHARE ESCROW AGREEMENT,
dated as of [DATE] (“Agreement”), by and among UNION ACQUISITION CORP. II, a Cayman Islands exempted company (“Company”),
the shareholders of the Company listed on Exhibit A hereto (collectively the “Founders”) and CONTINENTAL STOCK TRANSFER
& TRUST COMPANY, a New York corporation (“Escrow Agent”).

 

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

 

WHEREAS, the Company
has entered into an Underwriting Agreement, dated [UNDERWRITING AGREEMENT DATE] (“Underwriting Agreement”), with Cantor
Fitzgerald & Co. (the “Representative”) acting as representative of the several underwriters (collectively, the
“Underwriters”), pursuant to which, among other matters, the Underwriters have agreed to purchase 17,500,000 units
(“Units”) of the Company, plus an additional 2,625,000 Units if the Representative exercises the over-allotment option
in full. Each Unit consists of one share of the Company’s ordinary shares, par value $0.0001 per share (“Ordinary
Shares”), and one-half of one redeemable Warrant, each whole Warrant to purchase one Ordinary Share, all as more fully described
in the Company’s final Prospectus, dated [FINAL PROSPECTUS DATE] (“Prospectus”) comprising part of the Company’s
Registration Statement on Form S-1 (File No. 333-233988) under the Securities Act of 1933, as amended (“Registration
Statement”), declared effective on [S-1 EFFECTIVE DATE] (“Effective Date”).

 

WHEREAS, the Founders
have agreed as a condition of the sale of the Units to deposit their Ordinary Shares of the Company, as set forth opposite their
respective names in Exhibit A attached hereto, in escrow as hereinafter provided.

 

WHEREAS, the Company
and the Founders desire that the Escrow Agent accept the Ordinary Shares, in escrow, to be controlled and released as hereinafter
provided.

 

IT IS AGREED:

 

1. Appointment
of Escrow Agent. The Company and the Founders 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 Certificates
for Escrow Shares. On or before the Effective Date, each of the Founders shall have delivered to the Escrow Agent certificates
(if any) representing such Founder’s respective Ordinary Shares (“Certificates”) (and applicable share powers
if requested by the Escrow Agent), to be controlled and released subject to the terms and conditions of this Agreement. Each Founder
acknowledges that the Certificate representing such Founder’s Ordinary Shares is legended to reflect the deposit of such
Ordinary Shares under this Agreement.

 

     

     

    

 

3. Release of the
Escrow Shares.

 

3.1 If the over-allotment
option to purchase all or a portion of the additional 2,625,000 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 Founders agree that the Escrow Agent shall return
to the Company for cancellation, at no cost, the Certificates held by them determined by multiplying 656,250 multiplied by a fraction,
(i) the numerator of which is 2,625,000 minus the number of Ordinary Shares included in the Units purchased by the Underwriters
upon the exercise of the over-allotment option, and (ii) the denominator of which is 2,625,000. 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 Certificates remaining after any cancellation required pursuant to Section 3.1
above (such remaining Certificates to be referred to herein as the “Escrow Certificates”)until (i) with respect to
50% of the Escrow Certificates, the earlier of (x) one year after the date of the consummation of an initial Business Combination
and (y) the date on which the last sale price of the Ordinary Shares equals or exceeds $12.50 per share (as adjusted for share
splits, share dividends (being share capitalizations under Cayman Islands law), reorganizations and recapitalizations) for any
20 trading days within any 30-trading day period following the consummation of the Business Combination and (ii) with respect
to the remaining 50% of the Escrow Certificates, one year after the date of the consummation of a Business Combination (such period
of time during which the EscrowCertificates are held in escrow, the “Escrow Period”). The Company shall promptly provide
notice of the consummation of an initial Business Combination to the Escrow Agent. Upon completion of the Escrow Period, the Escrow
Agent shall release each Founder’s Escrow Certificates to such Founder; provided, however, that if, within the Escrow Period,
the Company (or the surviving entity) subsequently consummates a liquidation, merger, share exchange or other similar transaction
which results in all of the stockholders of such entity having the right to exchange their Ordinary Shares for cash, securities
or other property, then the Escrow Agent will, upon receipt of a notice executed by the Chairman of the Board, Chief Executive
Officer or other authorized officer of the Company, in form reasonably acceptable to the Escrow Agent, certifying that such transaction
is then being consummated or such conditions have been achieved, as applicable, release the Escrow Certificates to the Founders.
The Escrow Agent shall have no further duties hereunder after the release of the Escrow Certificates in accordance with this Section
3.2.

 

3.3 If
the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company is being liquidated, then the Escrow
Agent shall deliver the Escrow Certificates to the Founders promptly after the public stockholders are paid the liquidating distributions
and shall have no further duties hereunder.

 

4. Rights of Founders
in Escrow Certificates.

 

4.1 Voting Rights
as a Shareholder. Subject to the terms of the Insider Letters described in Section 4.4 hereof and except as herein provided,
the Founders shall retain all of their rights as shareholders 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 Certificates. For as long as any shares are held in escrow pursuant to this Agreement,
all dividends payable in cash with respect to the Escrow Certificates shall be paid to the Founders, but all dividends payable
in shares 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 Certificates” shall be deemed to include the Non-Cash Dividends
distributed thereon, if any.

 

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4.3 Restrictions
on Transfer. During the Escrow Period, the only permitted transfers of the Escrow Certificates will be (i) to the Founders
and the Company’s officers, directors, employees, consultants or their affiliates, (ii) to a Founder’s stockholders,
partners or members upon the Founder’s liquidation, (iii) by bona fide gift to a member of the Founder’s immediate
family or to a trust, the beneficiary of which is the Founder or a member of the Founder’s immediate family for estate planning
purposes, (iv) by virtue of the laws of descent and distribution upon death of the Founder, (v) pursuant to a qualified domestic
relations order binding on the Founder, (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 Certificates made at or prior to the consummation of a Business
Combination at prices no greater than the price at which the Escrow Certificates 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 Founder transferring the shares.

 

4.4 Insider Letters.
Each of the Founders 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 such Founder 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.

 

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 Certificates 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 Certificates or it may
deposit the Escrow Certificates with the clerk of any appropriate court or it may retain the Escrow Certificates 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 Certificates are to be released 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.

 

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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 Founders 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 Certificates 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 Certificates 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 (as defined in that certain Investment Management Trust Agreement, dated as of
the date hereof, by and between the Company and the Escrow Agent as trustee thereunder) and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

6. Miscellaneous.

 

6.1 Governing Law.
This Agreement shall 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. Each of the Founders on Exhibit A with an address outside of
the State of New York irrevocably agrees to appoint Graubard Miller as agent for the service of process in the State of New York
to receive, for such Founder and on his, her or its behalf, service of process in any action, proceeding or claim against him,
her, or it arising out of or relating in any way to this Agreement.

 

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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:

 

Union Acquisition Corp. II

444 Madison Ave, 34th Floor

New York, NY 10022

Attn: Kyle P. Bransfield

Fax No.:

Email: kbransfield@apcap.com

 

If to a Founder, to
his/it address set forth in Exhibit A.

 

and if to the Escrow
Agent, to:

 

Continental Stock Transfer & Trust Company

1 State Street

New York, New York 10004

Attn: Chairman

Fax No.:

Email:

 

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

 

Cantor Fitzgerald & Co.

499 Park Avenue

New York, New York 10022

Attn: General Counsel

Fax: (212) 829-4708

 

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with a copy to:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

Fax No.: (212) 818-8881

Email: dmiller@graubard.com

 

and:

 

Ellenoff Grossman & Schole
LLP

1345 Avenue of the Americas

New York, New York 10105

Attn: Stuart Neuhauser, Esq.

Fax No: (212) 370-7889

Email: 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 Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the Company
in the event that the Company fails to consummate a Business Combination within the time period specified in the Company’s
Amended and Restated Certificate of Incorporation, 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]

 

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

 

	 	 	UNION ACQUISITION CORP. II
	 	 
	 	By: 	                 
	 	 	Name: Kyle P. Bransfield
	 	 	Title: Chief Executive Officer
	 	 
	 	 	FOUNDERS:
	 	 
	 	 	UNION GROUP INTERNATIONAL HOLDINGS LIMITED
	 	 
	 	By:	                                       
	 	 	Name: Juan Sartori
	 	 	Title: Managing Member
	 	 
	 	 	                 
	 	 	PENSCO TRUST COMPANY
	 	 
	 	 	                 
	 	 	Daniel W. Fink
	 	 
	 	 	                 
	 	 	Gerald W. Haddock
	 	 
	 	 	                 
	 	 	Joseph J. Schena
	 	 	 	                
	 	 	  
	 	 	Federico Trucco

 

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	 	 	UNION ACQUISITION ASSOCIATES II, LLC
	 	 
	 	By:	                                      
	 	 	Name: Kyle P. Bransfield
	 	 	Title:
	 	 
	 	 	EXOS SECURITIES, LLC
	 	 
	 	By:	                      
	 	 
	 	 	                 
	 	 	Laurence Bodner
	 	 
	 	 	CONTINENTAL STOCK TRANSFER
	 	 	& TRUST COMPANY
	 	 	 	 
	 	 	By:	                     
	 	 	Name:	 
	 	 	Title:	 

 

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EXHIBIT A

 

	Name and Address of Founder	 	Number
 of Shares	 
	 	 	 	 
	Union Acquisition Associates II, LLC	 	 	2,363,125	 
	 	 	 	 	 
	Union Group International Holdings Ltd	 	 	2,363,125	 
	 	 	 	 	 
	Daniel W. Fink	 	 	75,000	 
	 	 	 	 	 
	Gerald W. Haddock	 	 	25,000	 
	 	 	 	 	 
	Joseph J. Schena	 	 	25,000	 
	 	 	 	 	 
	PENSCO Trust Company	 	 	150,000	 
	 	 	 	 	 
	Federico Trucco	 	 	10,000	 
	 	 	 	 	 
	Exos Securities, LLC	 	 	10,000	 
	 	 	 	 	 
	Laurence Bodner	 	 	10,000	 

 

 

9Exhibit 10.4

 

PROMISSORY
NOTE

 

	$200,000.00	 As
    of December 31, 2018

 

Union
Acquisition Corp. II (“Maker”) promises to pay to the order of Union Group International Holdings Limited (“Payee”)
the principal sum of Two Hundred Thousand Dollars and No Cents ($200,000.00) in lawful money of the United States of America,
on the terms and conditions described below.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		5.	Remedies.

 

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

 

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

  

     

     

    

 

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

 

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

 

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

 

If
to Maker:

 

Union
Acquisition Corp. II

444
Madison Ave, 34th Floor

New
York, NY 10022

 

If
to Payee:

 

Union
Group International Holdings Limited

15
Berkeley Street

London,
W1J 8DY

United
Kingdom

 

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

 

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

 

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

 

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

  

	 	UNION ACQUISITION CORP. II
	 	 
	 	By: 	 
	 	 	Name: 	 Kyle P. Bransfield
	 	 	Title:	 Chief Executive Officer

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