Exhibit 10.9


 





AMENDMENT TO INVESTMENT MANAGEMENT TRUST
AGREEMENT


 


This Amendment No. 1 (this
“Amendment”), dated as of October 27,
2016, to the Trust Agreement (as defined below) is made by and among Hydra Industries Acquisition Corp., a Delaware corporation
(the “Company”), and Continental Stock
Transfer & Trust Company (the “Trustee”).
All terms used but not defined herein shall have the meanings assigned to them in the Trust Agreement.


 


WHEREAS, the Company and
the Trustee entered into an Investment Management Trust Agreement dated as of October 24, 2014 (the “Trust
Agreement”); and WHEREAS, Section 1(i) of the Trust Agreement sets forth the terms that govern the liquidation
of the Trust Account under the circumstances described therein; and WHEREAS, at a special meeting of stockholders of the Company
(the “Special Meeting”) held on October
27, 2016, the Company’s stockholders approved (i) a proposal to amend (the “Charter
Amendment”) the Company’s amended and restated certificate of incorporation to provide that the date
by which the Company shall be required to effect a Business Combination shall be on or before December 29, 2016 (the “Extended
Date”) and (ii) a proposal to extend the date on which to commence liquidating the Trust Account (the “Trust
Amendment”) in the event the Company has not consummated a business combination by the Extended Date; and
WHEREAS, on the date hereof, the Company is filing the Charter Amendment with the Secretary of State of the State of Delaware;
NOW THEREFORE, IT IS AGREED:


 


		1.	Section 1(i) of the Trust Agreement is hereby amended
and restated to read in full as follows:



 


(i) Commence liquidation
of the Trust Account only after and promptly after (x) 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 signed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer or Chairman of the board of directors
(the “Board”) or other authorized officer of the Company, and complete the liquidation of the Trust Account and distribute
the Property in the Trust Account, including interest (which interest shall be net of any taxes payable and any interest withdrawn
for working capital requirements and less up to $50,000 of interest that may be released to the Company to pay dissolution expenses),
only as directed in the Termination Letter or Amendment Notification Letter (defined below) and the other documents referred to
therein, or (y) December 29, 2016, if a Termination Letter has not been received by the Trustee prior to such applicable date,
in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached
as Exhibit B and the Property in the Trust Account, including interest (which interest shall be net of any taxes payable and any
interest withdrawn for working capital requirements and less up to $50,000 of interest that may be released to the Company to pay
dissolution expenses), shall be distributed to the Public Stockholders of record as of such date; provided, however, that in the
event the Trustee receives a Termination Letter in a form substantially similar to Exhibit B hereto, or if the Trustee begins to
liquidate the Property because it has received no such Termination Letter by December 29, 2016, the Trustee shall keep the Trust
Account open until twelve (12) months following the date the Property has been distributed to the Public Stockholders;


 






     


     


    

  


		2.	Section 1(k) of the Trust Agreement is hereby amended
and restated to read in full as follows:



 


(k) Distribute
upon receipt of an Amendment Notification Letter (defined below), to Public Stockholders who exercised their redemption rights
in connection with an Amendment (defined below) an amount equal to the pro rata share of the Property relating to the shares of
Common Stock for which such Public Stockholders have exercised redemption rights in connection with such Amendment;


 


		3.	A new Section 1(l) is hereby inserted into the Trust
Agreement immediately following Section 1(k) to read as follows:



 


(l) Not make any
withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j) or (k) above; and


 


		4.	A new Section 2(g) is hereby inserted into the Trust
Agreement immediately following Section 2(f) of the Trust Agreement to read as follows:



 


(g) If the Company
seeks to amend any provision of its Amended and Restated Certificate of Incorporation relating to stockholders’ rights or
pre-Business Combination activity (including the time within which the Company has to complete a Business Combination) (in each
case an “Amendment”), the Company will provide the Trustee with a letter (an “Amendment Notification Letter”)
in the form of Exhibit D providing instructions for the distribution of funds to Public Stockholders who exercise their redemption
option in connection with such Amendment.


 


		5.	A new Exhibit D, attached hereto, is hereby added to
the Trust Agreement immediately following Exhibit C of the Trust Agreement.



 


		6.	All other provisions of the Trust Agreement shall remain
unaffected by the terms hereof.



 


7.       This
Amendment may be signed in any number of counterparts, each of which shall be an original and all of which shall be deemed to be
one and the same instrument, with the same effect as if the signatures thereto and hereto were upon the same instrument. A facsimile
signature shall be deemed to be an original signature for purposes of this Amendment.


 


8.       This
Amendment is intended to be in full compliance with the requirements for an Amendment to the Trust Agreement as required by Section
6(c) of the Trust Agreement, and every defect in fulfilling such requirements for an effective amendment to the Trust Agreement
is hereby ratified, intentionally waived and relinquished by all parties hereto.


 


9.       This
Amendment 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.


 





 


[Signature
Page Follows]


 





 




     


     


    

 


 


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


 


 


	 	
        Continental Stock Transfer & Trust Company,
        as Trustee

        

	 	 
	 	 
	 	By:	/s/
    Francis E. Wolf Jr.	 
	 	 	Name: Francis E. Wolf Jr.	 
	 	 	Title: Vice President	 


 


 


	 	
        HYDRA INDUSTRIES ACQUISITION CORP.

        

	 	 
	 	By:	/s/
    Martin E. Schloss	 
	 	 	Name: Martin E. Schloss	 
	 	 	Title: Executive Vice President


 


 


[Signature Page to Amendment No. 1 to
the Investment Management Trust Agreement]


 




     


     


    

 


EXHIBIT D


 


[Letterhead of Company]


 


[Insert date]


 


Continental Stock Transfer & Trust
Company


17 Battery Place


New York, New York 10004


Attn: Cynthia Jordan, Vice President


 


	 	Re:	Trust Account No.    Stockholder Redemption Withdrawal Instruction


 


Ladies and Gentlemen:


 


Pursuant to Section
1(k) of the Investment Management Trust Agreement between Hydra Industries Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of October 24, 2014,
as amended (the “Trust Agreement”), the Company hereby requests that you deliver to the Public Stockholders
who have properly elected to have their Common Stock redeemed by the Company in connection with the stockholder vote to approve
an amendment to the Company’s amended and restated certificate of incorporation to extend the time in which the Company must
complete a Business Combination or liquidate the Trust Account $ ___________   of the principal and
interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings
set forth in 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 accounts designated
by such Public Stockholders:


  


	 	Very truly yours,	 
	 	 	 
	 	HYDRA INDUSTRIES ACQUISITION CORP.	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title: