Document:

Exhibit 10.10

 

Hydra Industries Acquisition Corp.

3 Columbus Circle

16th Floor

New York, NY 10019

 

[______], 2014

Lorne Weil, Inc.

3 Columbus Circle

16th Floor

New York, NY 10019

 

              Re:
Administrative Services Agreement

 

Gentlemen:

 

This letter will confirm
our agreement that, commencing on the date the securities of Hydra Industries Acquisition Corp. (the “Company”)
are first listed on the NASDAQ Capital Market (the “Listing Date”), pursuant to a Registration Statement on
Form S-1 and prospectus filed with the Securities and Exchange Commission (the “Registration Statement”) and
continuing until the earlier of the consummation by the Company of an initial business combination or the Company’s liquidation
(in each case as described in the Registration Statement) (such earlier date hereinafter referred to as the “Termination
Date”), Lorne Weil, Inc., an affiliate of Hydra Industries Sponsor LLC, shall make available to the Company, at 3 Columbus
Circle, New York, NY 10019 (or any successor location), certain office space, utilities, and general office, receptionist and secretarial
support as may be reasonably required by the Company.  In exchange therefor, the Company shall pay Lorne Weil, Inc. the
sum of $10,000 per month commencing on the Listing Date and continuing monthly thereafter until the Termination Date.

 

Lorne Weil, Inc. hereby
irrevocably waives any and all right, title, interest, causes of action and claims of any kind (each, a “Claim”)
in or to, and any and all right to seek payment of any amounts due to it out of, the trust account established for the benefit
of the public shareholders of the Company and into which substantially all of the proceeds of the Company’s initial public
offering will be deposited (the “Trust Account”), and hereby irrevocably waives any Claim it may have in the
future as a result of, or arising out of, this agreement, which Claim would reduce, encumber or otherwise adversely affect the
Trust Account or any monies or other assets in the Trust Account, and further agrees not to seek recourse, reimbursement, payment
or satisfaction of any Claim against the Trust Account or any monies or other assets in the Trust Account for any reason whatsoever.

 

This letter agreement
constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior
understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any
way to the subject matter hereof or the transactions contemplated hereby.

     

This letter agreement
may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties hereto.

     

No party hereto may
assign either this letter agreement or any of its rights, interests, or obligations hereunder without the prior written approval
of the other party, provided that Lorne Weil, Inc. may assign this letter agreement to an affiliate without the prior written approval
of the Company. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to
transfer or assign any interest or title to the purported assignee.

     

This letter agreement,
the entire relationship of the parties hereto, and any litigation between the parties (whether grounded in contract, tort, statute,
law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of New York,
without giving effect to its choice of laws principles.

 

[Signature page follows]

 

    	 

    	 

    

 

 

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

 

AGREED TO AND ACCEPTED BY:

 

LORNE WEIL, INC.

 

	By:  	 	 
	 	Name: 	 
	 	Title:   	 

  

[Signature Page to Administrative Services
Agreement]Exhibit 10.11

 

THIS EXPENSE ADVANCEMENT
AGREEMENT (this “Agreement”), dated as of [________], 2014, is made and entered into by and among Hydra
Industries Acquisition Corp., a Delaware corporation (the “Company”), and Hydra Industries Sponsor
LLC and MIHI LLC (collectively, the “Sponsors”).

 

RECITALS

 

WHEREAS, the
Company is engaged in an initial public offering (the “Offering”) pursuant to which the Company will
issue and deliver up to 11,500,000 units (the “Units”) (including up to 1,500,000 Units subject to an
over-allotment option granted to the underwriters of the Offering), with each Unit comprised of one share of common stock, par
value $0.0001 per share (the “Common Stock”), of the Company and one warrant, each warrant exercisable
to purchase one-half of one share of Common Stock at $5.75 per half share ($11.50 per whole share), subject to certain adjustments
(each, a “Warrant,” and collectively, the “Warrants”);

 

WHEREAS, the
Company has filed with the Securities and Exchange Commission a registration statement on Form S-1, No. 333-198236 (the
“Registration Statement”) for the registration, under the Securities Act of 1933, as amended (the “Securities
Act”), of the Units, and the Warrants and Common Stock underlying the Units, including a prospectus (the “Prospectus”);

 

WHEREAS, the
gross proceeds of the Offering will be deposited in a trust account (the “Trust Account”) at J.P. Morgan
Chase Bank, N.A. and managed by Continental Stock Transfer & Trust Company, as trustee, as described in the Registration Statement
and the Prospectus; and

 

WHEREAS, the
Sponsors desire to enter into this Agreement in order to facilitate the Offering and the other transactions contemplated in the
Registration Statement and the Prospectus, including any merger, capital stock exchange, asset acquisition, stock purchase, reorganization
or other similar business combination by the Company with one or more businesses (a “Business Combination”).

 

NOW, THEREFORE,
in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows:

 

1.          (a)         From
time to time, as may be requested by the Company, the Sponsors agree to advance to the Company up to $500,000 in the aggregate,
allocated in accordance with Schedule I hereto, in each instance pursuant to the terms of the form of promissory note attached
as Exhibit A hereto (the “Note”), as may be necessary to fund the Company’s expenses relating
to investigating and selecting a target business and other working capital requirements following the Offering and prior to any
potential Business Combination.

 

(b)          The
Sponsors represent to the Company that they are capable of making such advances, collectively, to satisfy their obligations under
clause (a) of this Section 1.

 

(c)          Notwithstanding
anything to the contrary herein or in the Note, Sponsors hereby waive any and all right, title, interest or claim of any kind ("Claim") in
or to any distribution of the Trust Account in which the proceeds of the Offering, as described in greater detail in the Registration
Statement and the Prospectus, will be deposited, and hereby agree not to seek recourse, reimbursement, payment or satisfaction
for any Claim against the Trust Account for any reason whatsoever; provided, however, that if the Company completes its Business
Combination, the Company shall repay such loaned amounts out of the proceeds released to the Company from the Trust Account.

 

    	 

    	 

    

  

2.           This
Agreement, together with the Note, constitutes the entire agreement and understanding of the parties hereto in respect of the subject
matter hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or
oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Agreement
may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except
by a written instrument executed by the parties hereto.

 

3.           No
party may assign either this Agreement or any of his, her or its rights, interests, or obligations hereunder without the prior
written consent of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall
not operate to transfer or assign any interest or title to the purported assignee. This Agreement shall be binding on the undersigned
and each of his or its heirs, personal representatives, successors and assigns.

 

4.           Any
notice, statement or demand authorized by this Agreement shall be sufficiently given (i) when so delivered if by hand or overnight
delivery, (ii) the date and time shown on a telefacsimile transmission confirmation, or (iii) if sent by certified mail or private
courier service within five (5) days after deposit of such notice, postage prepaid. Such notice, statement or demand shall
be addressed as follows:

 

If to the Company or
Hydra Industries Sponsor LLC:

 

Hydra Industries Acquisition
Corp.

3 Columbus Circle

16th Floor

New York, NY 10019

Attn: Jeffrey S. Lipkin

Facsimile: [__________]

 

with a copy in each case (which shall not constitute notice)
to:

 

Ellenoff Grossman &
Schole LLP

1345 Avenue of the Americas

New York, New York 10105

Attn: Stuart Neuhauser,
Esq.

Facsimile: (212) 370-7889

 

If to MIHI LLC:

 

c/o Macquarie Capital (USA) Inc.

125 West 55th Street, L-22

New York, NY 10019-5369

Attn: [_____________]

Facsimile: [_____________]

 

with a copy in each case (which shall not constitute notice)
to:

 

Skadden, Arps, Slate, Meagher & Flom
LLP

525 University Avenue

Palo Alto, California 94301

Attn: Thomas J. Ivey

Fascimile: (650) 798-6549

 

    	 

    	 

    

  

5.          This
Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

6.          This
Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the
validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

7.          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 (i) agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Agreement
shall be brought and enforced in the courts of New York, in the State of New York, and irrevocably submits to such jurisdiction
and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue
or that such courts represent an inconvenient forum.

 

[Signature Page Follows]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the undersigned
have caused this Agreement to be executed as of the date first written above.

 

	 	HYDRA INDUSTRIES ACQUISITION

CORP., a Delaware corporation
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 

 

	 	PURCHASERS:
	 	 
	 	HYDRA INDUSTRIES SPONSOR LLC
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:  
	 	 	 
	 	MIHI LLC
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:  
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:  

  

    	 

    	 

    

 

Schedule I

 

Allocation

 

To be allocated 50% for each of MIHI LLC and Hydra Industries
Sponsor LLC.

 

    	 

    	 

    

  

Exhibit A

 

Promissory Note

 

    	 

    	 

    

  

THIS PROMISSORY NOTE (“NOTE”)
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THIS NOTE HAS
BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF
UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.  

 

PROMISSORY NOTE

 

	 	 Dated as of _____, 2014
	Principal Amount:  $____________	 
	 	New York, New York

 

               
Pursuant to that certain Expense Advance Agreement (the “Agreement”), dated as of [_____], 2014, by and between
Hydra Industries Acquisition Corp., a Delaware corporation (the “Maker”), and [________] (the “Payee”),
the Maker hereby promises to pay to the order of the Payee or its registered assigns or successors in interest, or order, the principal
sum of _________ Dollars ($_________) in lawful money of the United States of America, on the terms and conditions described below.  All
payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the
Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this
Note. Certain terms used herein but not defined herein shall have the meaning given to such terms in the Agreement.

 

1.            Principal. The
principal balance of this Note shall be payable on the date on which Maker consummates its Businesses Combination. The principal
balance may be prepaid at any time.

 

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 attorney’s 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 an event of default (“Event of Default”):

 

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

 

(b)           Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable 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 any applicable 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) hereof, Payee may, by written notice to Maker, declare this Note
to be due immediately and payable, whereupon the unpaid 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 this Note, 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 agrees that additional makers, endorsers, guarantors,
or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

8.            Notices. All
notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party.  Any notice
or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the
business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after
delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

    	 

    	 

    

 

9.            Construction. THIS
NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

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.

 

11.          Trust
Waiver.  Notwithstanding anything herein to the contrary, the Payee hereby waives any Claim in or to any distribution
of or from 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; provided, however, that if the Maker completes its Business Combination, the Maker
shall repay the principal balance of this Note out of the proceeds released to the Maker from the Trust Account.

 

12.          Amendment;
Waiver.  Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent
of the Maker and the Payee.

 

13.          Assignment.  No
assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law
or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent
shall be void; provided, however, that the foregoing shall not apply to an affiliate of the Payee who agrees to be bound
to the terms of this Note.

 

14.          Conversion.

 

(a)          At the Payee’s
option, at any time prior to payment in full of the principal balance of this Note, the Payee may elect to convert all or any portion
of this Note into that number of warrants (the “Conversion Warrants”) equal to: (i) the portion of the
principal amount of the Note being converted pursuant to this Section 14, divided by (ii) $0.50, rounded up to the nearest whole
number. Each Conversion Warrant shall have the same terms and conditions as the warrants issued by the Maker pursuant to a private
placement, as described in Maker’s Registration Statement on Form S-1 (333-198236). The Conversion Warrants, the shares of
Common Stock underlying the Conversion Warrants and any other equity security of Maker issued or issuable with respect to the foregoing
by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, amalgamation, consolidation
or reorganization (the “Warrant Shares”), shall be entitled to the registration rights set forth in Section
15 hereof.

 

(b)          Upon any complete
or partial conversion of the principal amount of this Note, (i) such principal amount shall be so converted and such converted
portion of this Note shall become fully paid and satisfied, (ii) the Payee shall surrender and deliver this Note, duly endorsed,
to Maker or such other address which Maker shall designate against delivery of the Conversion Warrants, (iii) Maker shall promptly
deliver a new duly executed Note to the Payee in the principal amount that remains outstanding, if any, after any such conversion
and (iv) in exchange for all or any portion of the surrendered Note, Maker shall deliver to Payee the Conversion Warrants, which
shall bear such legends as are required, in the opinion of counsel to Maker or by any other agreement between Maker and the Payee
and applicable state and federal securities laws.

 

    	 

    	 

    

 

(c)          The Payee shall
pay any and all issue and other taxes that may be payable with respect to any issue or delivery of the Conversion Warrants upon
conversion of this Note pursuant hereto; provided, however, that the Payee shall not be obligated to pay any transfer taxes resulting
from any transfer requested by the Payee in connection with any such conversion.

 

(d)          The Conversion
Warrants shall not be issued upon conversion of this Note unless such issuance and such conversion comply with all applicable provisions
of law.

 

15.          Registration
Rights.

 

(a)          Reference is
made to that certain Registration Rights Agreement between the Maker and the parties thereto, dated as of the date hereof (the
“Registration Rights Agreement”). All capitalized terms used in this Section 15 shall have the same meanings
ascribed to them in the Registration Rights Agreement.

 

(b)          The holders (“Holders”)
of the Conversion Warrants (or the Warrant Shares) shall be entitled to one Demand Registration, which shall be subject to the
same provisions as set forth in Section 2.1 of the Registration Rights Agreement.

 

(c)          The Holders shall
also be entitled to include the Conversion Warrants (or the Warrant Shares) in Piggyback Registrations, which shall be subject
to the same provisions as set forth in Section 2.2 of the Registration Rights Agreement; provided, however, that in the event that
an underwriter advises the Maker that the Maximum Number of Securities has been exceeded with respect to a Piggyback Registration,
the Holders shall not have any priority for inclusion in such Piggyback Registration.

 

(d)          Except as set
forth above, the Holders and the Maker, as applicable, shall have all of the same rights, duties and obligations set forth in the
Registration Rights Agreement.

 

[Signature Page Follows]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, Maker, intending
to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

 

	 	Hydra Industries Acquisition Corp.
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	 
	 	 	Title:

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