Exhibit 10.4


 


INVESTMENT
MANAGEMENT TRUST AGREEMENT


 


This
Agreement is made as of October 13, 2015 by and between Capitol Acquisition Corp. III (the “Company”) and Continental
Stock Transfer & Trust Company (“Trustee”).


 


WHEREAS,
the Company’s registration statement on Form S-1, No. 333-206693 (“Registration Statement”), for its initial
public offering of securities (“IPO”) has been declared effective as of the date hereof (“Effective Date”)
by the Securities and Exchange Commission (capitalized terms used herein and not otherwise defined shall have the meanings set
forth in the Registration Statement); and


 


WHEREAS,
Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC (collectively, the “Representatives”)
are acting as the representatives of the underwriters in the IPO pursuant to an underwriting agreement between the Company and
the underwriters (“Underwriting Agreement”); and


 


WHEREAS,
simultaneously with the IPO, the Company’s sponsors and officers and directors will be purchasing an aggregate of 7,750,000
warrants (“Sponsors’ Warrants”) from the Company for an aggregate purchase price of $7,750,000 (or additional
amounts of Sponsors’ Warrants from the Company if the underwriters exercise their over-allotment option, up to 8,650,000
Sponsors’ Warrants for an aggregate purchase price of $8,650,000 if the underwriters’ over-allotment option is exercised
in full); and


 


WHEREAS,
as described in the Registration Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation,
$300,000,000 of the gross proceeds of the IPO and sale of the Sponsors’ Warrants ($345,000,000 if the underwriters’
over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held in a trust account for the
benefit of the Company and the holders of the Company’s common stock, par value $.0001 per share, issued in the IPO as hereinafter
provided (the amount to be delivered to the Trustee will be referred to herein as the “Property”; the stockholders
for whose benefit the Trustee shall hold the Property will be referred to as the “Public Stockholders,” and the Public
Stockholders and the Company will be referred to together as the “Beneficiaries”); and


 


WHEREAS,
pursuant to the Underwriting Agreement, a portion of the Property equal to $10,500,000, or $12,075,000 if the underwriters’
over-allotment option is exercised in full (or the amount specified in a notice pursuant to Section 3(f) hereof) is attributable
to deferred underwriting discounts and commissions that may become payable by the Company to the underwriters upon the consummation
of an initial business combination (as described in the Registration Statement, a “Business Combination”) (the “Deferred
Discount”); 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;


 






    	 	1	 



    


    

 


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 a segregated trust account (“Trust
Account”) established by the Trustee at J.P. Morgan Chase Bank N.A. and at a brokerage institution selected by the Trustee
that is satisfactory to the Company;


 


(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, to invest and reinvest the Property in United States “government
securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, (the “Investment
Company Act”) having a maturity of 180 days or less, and/or in any open ended investment company registered under the Investment
Company Act that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (c)(2),
(c)(3) and (c)(4) of Rule 2a-7 promulgated under the Investment Company Act, which invest only in direct U.S. government treasury
obligations; it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the
Company’s instructions hereunder;


 


(d)          Collect
and receive, when due, all principal, interest or other income arising from the Property, which shall become part of the “Property,”
as such term is used herein;


 


(e)          Notify
the Company and the Representatives of all communications received by the Trustee 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; and


 


(i)          Commence
liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter
(“Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B hereto,
signed on behalf of the Company by its Chief Executive Officer and Chief Financial Officer and affirmed by counsel for the Company,
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 time period set forth in the Company’s Certificate of Incorporation, as the same may
be amended from time to time (“Last Date”), 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 stockholders of record on the Last Date.
The provisions of this Section 1(i) may not be modified, amended or deleted under any circumstances.


 






    	 	2	 



    


    

 


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 C, the Trustee shall distribute to the Company the amount of interest income earned on the Property and requested by
the Company to cover any income or other tax obligation owed by the Company;


 


(b)          Upon
written request from the Company following the Last Date, which may be given 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 Property and requested
by the Company to cover expenses related to the Company’s liquidation; provided, however, that the aggregate amount of all
such distributions shall not exceed $100,000 and the Company will not be allowed to withdraw interest income earned on the trust
account unless there are sufficient funds available to pay the Company’s tax obligations on such interest income or otherwise
then due at that time; and


 


(c)          The
limited distributions referred to in Sections 2(a) and 2(b) above shall be made only from income collected on the Property. Except
as provided in Sections 2(a) and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance
with Section 1(i) hereof.


 


(d)          In
all cases, the Company shall provide the Representatives with a copy of any Termination Letters 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.


 


3.          Agreements
and Covenants of the Company. The Company hereby agrees and covenants to:


 


(a)          Give
all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board of Directors, Chief
Executive Officer or Chief Financial Officer. In addition, except with respect to its duties under Sections 1(i), 2(a) and 2(b)
above, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction
which it in good faith and with reasonable care believes to be given by any one of the persons authorized above to give written
instructions, provided that the Company shall promptly confirm such instructions in writing;


 


(b)          Subject
to the provisions of Section 7(h) 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 loss suffered by the Trustee in connection with any
claim, potential claim, action, suit or other proceeding brought against the Trustee involving any claim, or in connection with
any claim or demand 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;


 






    	 	3	 



    


    

 


(c)          Pay
the Trustee an initial acceptance fee, an annual fee and a transaction processing fee for each disbursement made pursuant to Sections
2(a) and 2(b) 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 from the disbursements made to the Company pursuant to Section 1(i) solely in connection with
the consummation of a Business Combination and Section 2(b). 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 (which firm
may be the Trustee) verifying the vote of the Company’s stockholders regarding such Business Combination;


 


(e)          In
connection with the Trustee acting as Paying/Disbursing Agent pursuant to Exhibit B, the Company will not give the Trustee disbursement
instructions which would be prohibited under this Agreement;


 


(f)
         Within five business days after the Representatives, on behalf of the underwriters in the IPO, exercise the over-allotment
option (or any unexercised portion thereof) or such over-allotment option expires, provide the Trustee with a notice in writing
(with a copy to the Representatives) of the total amount of the Deferred Discount, which shall in no event be less than $10,500,000;
and


 


(g)          In
the event the Company is entitled to receive a tax refund on its income tax obligation, and promptly after the amount of such
refund is determined on a final basis, provide the Trustee with notice in writing (with a copy to the Representatives) of the
amount of such income tax refund.


 


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 written 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;


 






    	 	4	 



    


    

 


(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, 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 and with reasonable care, to be genuine and to be signed or
presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification,
termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to
the Trustee signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give
its prior written consent thereto;


 


(g)          Verify
the correctness of the information set forth in the Registration Statement or to confirm or assure that any acquisition made by
the Company or any other action taken by it is as contemplated by the Registration Statement; and


 


(h)          File
local, state and/or federal tax returns or information returns with any taxing authority on behalf of the Trust Account and payee
statements with 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).


 


(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.


 


(k)          Verify
calculations, qualify or otherwise approve Company requests for distributions pursuant to Section 1(i), 2(a) or 2(b) 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) hereof, the Trustee shall pursue such Claim solely against the Company and not against
the Property or any monies in the Trust Account.


 






    	 	5	 



    


    

 


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 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).


 


7.          Miscellaneous.


 


(a)          The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to
funds transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating
to such security procedures 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 or transmission of the wire.


 


(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. 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.


 


(c)          This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for Section 1(i) (which may not be amended under any circumstances), this Agreement or any provision hereof may only be changed,
amended or modified by a writing signed by each of the parties hereto. As to any claim, cross-claim or counterclaim in any way
relating to this Agreement, each party waives the right to trial by jury.


 


(d)          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.


 






    	 	6	 



    


    

 


(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
or by facsimile transmission:


 


if
to the Trustee, to:


 


Continental
Stock Transfer


&
Trust Company


17
Battery Place


New
York, New York 10004


Attn:
Steven G. Nelson, Chairman, and Frank A. DiPaolo, CFO


Fax
No.: (212) 509-5150


 


if
to the Company, to:


 


Capitol
Acquisition Corp. III


509 7th
Street, N.W.


Washington,
D.C. 20004


Attn:
Mark D. Ein


 


in
either case with a copy to:


 


Citigroup
Global Markets Inc.


388 Greenwich
Street


New York,
New York 10013


Attn:
General Counsel


Fax
No.: (212) 816-7912


 


and:


 


Deutsche
Bank Securities Inc.


60
Wall Street


New
York, New York 10005


Attention:
Equity Capital Markets – Syndicate Desk


 


and:




Deutsche
Bank Securities Inc.


60 Wall
Street, 36th Floor


New York,
New York 10005


Attention:
General Counsel


Fax No.:
(212) 797-4561


 






    	 	7	 



    


    

 


and:


 


Credit
Suisse Securities (USA) LLC


Eleven
Madison Avenue


New
York, New York 10010-3629


Attention:
LCD-IBD


Fax
No. (212) 325-4296


 


with
a copy to:


 


Davis
Polk & Wardwell LLP


450
Lexington Avenue


New
York, New York 10017


Attn:
Deanna L. Kirkpatrick, Esq.


Fax
No.: (212) 701-5135


 


(f)          No
party to this Agreement may assign its rights or delegate its obligations hereunder without the prior consent of the other person
or entity.


 


(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 acknowledges that the Representatives, on behalf of the several underwriters, are third
party beneficiaries of this Agreement (including Section 7(c) and the Trustee’s obligations under this Agreement with respect
thereto with the same right and power to enforce these provisions as either of the parties hereto).





 






    	 	8	 



    


    

 


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/
    Frank A. DiPaolo
	 	 	Name:  Frank
    A. DiPaolo
	 	 	Title:    Vice
    President
	 	 	 
	 	CAPITOL ACQUISITION CORP. III
	 	 	 
	 	By:	/s/
    L. Dyson Dryden
	 	 	Name:
    L. Dyson Dryden
	 	 	Title:
      Chief Financial Officer




 






    	 	9	 



    


    

 


SCHEDULE
A


 


	Fee
    Item	Time
    and method of payment 	Amount
	Initial
    acceptance fee	Initial
    closing of IPO by wire transfer	$3,000
	Annual
    fee	First
    year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer
    or check	$10,000
	Transaction
    processing fee for disbursements to Company under Section 2	Deduction
    by Trustee from accumulated income following disbursement made to Company under Section 2	$250


 






    	 	10	 



    


    

 


EXHIBIT
A


 





	[Letterhead of Company]	 
	 	 
	[Insert date]	 



 


Continental
Stock Transfer 


&
Trust Company


17
Battery Place


New
York, New York 10004


Attn:
Steven Nelson and Frank Di Paolo


 


Re:          Trust
Account No. XXXXXXXXXX Termination Letter


 


Gentlemen:


 


Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Capitol Acquisition Corp. III (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of October 13, 2015 (“Trust Agreement”),
this is to advise you that the Company has entered into an agreement (“Business Agreement”) with __________________
(“Target Business”) to consummate a business combination with Target Business (“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”).


 


In
accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate the Trust Account investments on __________
and to transfer the proceeds to the above-referenced account at J.P. Morgan Chase Bank N.A. to the effect that, on the Consummation
Date, all of 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, (ii) the Company shall deliver to you (a) [an affidavit] [a certificate] of __________________, which verifies
the vote of the Company’s stockholders in connection with the Business Combination and (b) written instructions with respect
to the transfer of the funds held in the Trust Account (“Instruction Letter”) and (iii) the Representatives shall
deliver to you written instructions for delivery of the Deferred Discount. 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, (x) to the
Representatives in an amount equal to the Deferred Discount as directed by the Representatives and (y) the remainder 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, 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 Trustee 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,
	 	 	 
	 	CAPITOL ACQUISITION CORP. III
	 	 	 
	 	By:	
	 	 	Name: Mark D. Ein
	 	 	Title:   Chairman and Chief Executive Officer
	 	 	 
	 	By:	
	 	 	Name: L. Dyson Dryden
	 	 	Title:   President and Chief Financial Officer


 





	cc: 	Citigroup Global Markets Inc.
	 	Deutsche Bank Securities
Inc.
	 	Credit Suisse Securities
(USA) LLC











    	 	11	 



    


    

 


EXHIBIT
B


 





	[Letterhead of Company]	 
	 	 
	[Insert date]	 


 


Continental
Stock Transfer 


&
Trust Company


17
Battery Place


New
York, New York 10004


Attn:
Steven Nelson and Frank Di Paolo


 


Re:          Trust
Account No. XXXXXXXX Termination Letter


 


Gentlemen:


 


Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Capitol Acquisition Corp. III (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of October 13, 2015 (“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 initial public offering of securities.


 


In
accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all the Trust Account investments on ______________
and to transfer the total proceeds to the Trust Checking Account at [_____ Bank] to await distribution to the stockholders. The
Company has selected ____________ 20 __ as the record date for the purpose of determining the stockholders entitled to receive
their share of the liquidation proceeds. It is acknowledged that no interest will be earned by the Company on the liquidation
proceeds while on deposit in the trust account. You agree to be the Paying Agent of record and in your separate capacity as Paying
Agent and to distribute said funds directly to the Company's 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,
	 	 	 
	 	CAPITOL ACQUISITION CORP. III
	 	 	 
	 	By:	
	 	 	Name: Mark D. Ein
	 	 	Title:   Chairman and Chief Executive Officer
	 	 	 
	 	By:	
	 	 	Name: L. Dyson Dryden
	 	 	Title:   President and Chief Financial Officer








 





	cc: 	Citigroup Global Markets Inc.
	 	Deutsche Bank Securities
Inc.
	 	Credit Suisse Securities
(USA) LLC












 






    	 	12	 



    


    

 


EXHIBIT
C


  


	[Letterhead of Company]	 
	 	 
	[Insert date]	 


 


Continental
Stock Transfer 


&
Trust Company


17
Battery Place


New
York, New York 10004


Attn:
Accounting Department


Cynthia
Jordan and Francine West


 


Re:          Trust
Account No. XXXXXXX 


 


Gentlemen:


 


Pursuant
to Section 2(a) of the Investment Management Trust Agreement between Capitol Acquisition Corp. III (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of October 13, 2015 (“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 its tax obligations. In accordance with the terms of the Trust Agreement, you are
hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s
operating account at:


 


[WIRE
INSTRUCTION INFORMATION]


 














	 	Very truly yours,
	 	 	 
	 	CAPITOL ACQUISITION CORP. III
	 	 	 
	 	By:	
	 	 	Name: Mark D. Ein
	 	 	Title:   Chairman and Chief Executive Officer
	 	 	 
	 	By:	
	 	 	Name: L. Dyson Dryden
	 	 	Title:   President and Chief Financial Officer


 





	cc: 	Citigroup Global Markets Inc.
	 	Deutsche Bank Securities
Inc.
	 	Credit Suisse Securities
(USA) LLC














 






    	 	13	 



    


    

 


EXHIBIT
D


 


	[Letterhead of Company]	 
	 	 
	[Insert date]	 


 


Continental
Stock Transfer 


&
Trust Company


17
Battery Place


New
York, New York 10004


Attn:
Accounting Department 


Cynthia
Jordan and Francine West


 


Re:          Trust
Account No. XXXXXXXX


 


Gentlemen:


 


Pursuant
to Section 2(b) of the Investment Management Trust Agreement between Capitol Acquisition Corp. III (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of October 13, 2015 (“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, which does not exceed, in the aggregate with all such prior disbursements pursuant to Section 2(b), if any, the maximum
amount set forth in Section 2(b). The Company needs such funds to pay its expenses relating to its liquidation. 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]


 











	 	Very truly yours,
	 	 	 
	 	CAPITOL ACQUISITION CORP. III
	 	 	 
	 	By:	
	 	 	Name: Mark D. Ein
	 	 	Title:   Chairman and Chief Executive Officer
	 	 	 
	 	By:	
	 	 	Name: L. Dyson Dryden
	 	 	Title:   President and Chief Financial Officer




 





	cc: 	Citigroup Global Markets Inc.
	 	Deutsche Bank Securities
Inc.
	 	Credit Suisse Securities
(USA) LLC





 


 


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