Document:

Exhibit 10.2

 

RIGHT
AGREEMENT

 

This
Right Agreement (this “Agreement”) is made as of April 6, 2017 between Forum Merger Corporation, a Delaware corporation,
with offices at 135 East 57th Street, 8th Floor, New York, New York 10022 (the “Company”), and
Continental Stock Transfer & Trust Company, a New York corporation, with offices at 17 Battery Place, New York, New York 10004
(“Rights Agent”).

 

WHEREAS,
the Company is engaged in an initial public offering (the “Offering”) of units of the Company’s equity securities
(each, a “Unit” and collectively, the “Units”) to EarlyBirdCapital, Inc. (the “Representative”),
as representative of the several underwriters (the “Underwriters”), each such Unit comprised of one share of Class
A common stock of the Company, par value $.0001 per share (“Common Stock”), one right to receive one-tenth of one
share of Common Stock (each, a “Public Right” and collectively, the “Public Rights”) upon the happening
of an “Exchange Event” (defined herein), and one warrant to purchase one-half of one share of Common Stock (collectively,
the “Public Warrants”), and in connection therewith, has determined to issue and deliver up to 17,250,000 Public Rights
(including up to 2,250,000 Public Rights subject to the over-allotment option) to public investors in the Offering; and

 

WHEREAS,
the Company has entered into that certain Amended and Restated Unit Purchase Agreement, dated as of April 6, 2017, with Forum
Investors I, LLC (“FII”), pursuant to which the Company will issue and deliver to FII up to an aggregate of 622,500
Units, including 311,250 warrants (the “Private Warrants” and together with the Public Warrants, the “Warrants”)
and 622,500 rights underlying such Units (the “Private Rights” and together with the Public Rights, the “Rights”);
and

 

WHEREAS,
the Company has entered into that certain Unit Purchase Option, dated as of April 6, 2017, pursuant to which the Company will
issue and deliver to the Representative an aggregate of 1,125,000 Units, including 562,500 warrants (the “Purchase Option
Warrants” and together with the Private Warrants and the Public Warrants, the “Warrants”) and 1,125,000 rights
underlying such Units (the “Purchase Option Rights” and together with the Private Rights and the Public Rights, the
“Rights”); and

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission registration statements on Form S-1, File Nos. 333-216842 and
333-217187, and the prospectus forming a part thereof (collectively, the “Prospectus”), for the registration under
the Securities Act of 1933, as amended, of the Units and each of the securities comprising the Units, and the shares of Common
Stock underlying the Public Rights; and

 

WHEREAS,
the Company desires the Rights Agent to act on behalf of the Company, and the Rights Agent is willing to so act, in connection
with the issuance, registration, transfer and exchange of the Rights; and

 

WHEREAS,
the Company desires to provide for the form and provisions of the Rights, the terms upon which they shall be issued, and the respective
rights, limitation of rights, and immunities of the Company, the Rights Agent, and the holders of the Rights; and

 

WHEREAS,
all acts and things have been done and performed which are necessary to make the Rights, when executed on behalf of the Company
and countersigned by or on behalf of the Rights Agent, as provided herein, the valid, binding and legal obligations of the Company,
and to authorize the execution and delivery of this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.
Appointment of Rights Agent. The Company hereby appoints the Rights Agent to act as agent for the Company for the Rights,
and the Rights Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions
set forth in this Agreement.

 

    	 		 

     

    

 

2.
Rights.

 

2.1.
Form of Right. Each Right shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto,
the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the
Board and the Secretary of the Company and shall bear a facsimile of the Company’s seal. In the event the person whose facsimile
signature has been placed upon any Right shall have ceased to serve in the capacity in which such person signed the Right before
such Right is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.

 

2.2.
Effect of Countersignature. Unless and until countersigned by the Rights Agent pursuant to this Agreement, a Right shall
be invalid and of no effect and may not be exchanged for shares of Common Stock.

 

2.3.
Registration.

 

2.3.1.
Right Register. The Rights Agent shall maintain books (“Right Register”) for the registration of original issuance
and the registration of transfer of the Rights. Upon the initial issuance of the Rights, the Rights Agent shall issue and register
the Rights in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions
delivered to the Rights Agent by the Company.

 

2.3.2.
Registered Holder. Prior to due presentment for registration of transfer of any Right, the Company and the Rights Agent
may deem and treat the person in whose name such Right shall be registered upon the Right Register (“registered holder”)
as the absolute owner of such Right and of each Right represented thereby (notwithstanding any notation of ownership or other
writing on the Right Certificate made by anyone other than the Company or the Rights Agent), for the purpose of the exchange thereof,
and for all other purposes, and neither the Company nor the Rights Agent shall be affected by any notice to the contrary.

 

2.4.
Detachability of Rights. The securities comprising the Units, including the Rights, will not be separately transferable
until ten business days following the earlier to occur of: (i) the 90th day following the date of the Prospectus or
(ii) the announcement by EarlyBirdCapital, Inc. of its intention to allow separate earlier trading, except that in no event will
the securities comprising the Units be separately tradeable until the Company files a Current Report on Form 8-K which includes
an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Offering including the proceeds received
by the Company from the exercise of the over-allotment option, if the over-allotment option is exercised by the date thereof and
the Company issues a press release and files a Current Report on Form 8-K announcing when such separate trading shall begin.

 

3.
Terms and Exchange of Rights

 

3.1.
Rights. Each Right shall entitle the holder thereof to receive one-tenth of one share of Common Stock upon the happening
of an Exchange Event (defined below). No additional consideration shall be paid by a holder of Rights in order to receive his,
her or its shares of Common Stock upon an Exchange Event as the purchase price for such shares of Common Stock has been included
in the purchase price for the Units. In no event will the Company be required to net cash settle the Rights. The provisions of
this Section 3.1 may not be modified, amended or deleted without the prior written consent of the Representative.

 

3.2.
Exchange Event. An “Exchange Event” shall occur upon the Company’s consummation of an initial Business
Combination (as defined in the Company’s Amended and Restated Certificate of Incorporation).

 

3.3.
Exchange of Rights.

 

3.3.1.
Issuance of Certificates. As soon as practicable upon the occurrence of an Exchange Event, the Company shall direct holders
of the Rights to return their Rights Certificates to the Rights Agent. Upon receipt of a valid Rights Certificate, the Company
shall issue to the registered holder of such Right(s) a certificate or certificates for the number of full shares Common Stock
to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it. Notwithstanding the
foregoing, or any provision contained in this Agreement to the contrary, in no event will the Company be required to net cash
settle the Rights. The Company shall not issue fractional shares upon exchange of Rights. At the time of an Exchange Event, the
Company will either instruct the Rights Agent to round up to the nearest whole share of Common Stock or otherwise inform it how
fractional shares will be addressed, in accordance with Section 155 of the Delaware General Corporation Law. Each holder of a
Right will be required to affirmatively convert his, her or its rights in order to receive the 1/10 of a share underlying each
right (without paying any additional consideration) upon consummation of the Exchange Event. Each holder of a Right will be required
to indicate his, her or its election to convert the Rights into the underlying shares as well as to return the original certificates
evidencing the Rights to the Company.

 

    	 	2	 

     

    

 

3.3.2.
Valid Issuance. All shares of Common Stock issued upon an Exchange Event in conformity with this Agreement shall be validly
issued, fully paid and nonassessable.

 

3.3.3.
Date of Issuance. Each person in whose name any such certificate for shares of Common Stock is issued shall for all purposes
be deemed to have become the holder of record of such shares on the date of the Exchange Event, irrespective of the date of delivery
of such certificate.

 

3.3.4
Company Not Surviving Following Exchange Event. Upon an Exchange Event in which the Company does not continue as the publicly
held reporting entity, the definitive agreement will provide for the holders of Rights to receive the same per share consideration
the holders of the shares of Common Stock will receive in such transaction, for the number of shares such holder is entitled to
pursuant to Section 3.3.1 above.

 

3.5
Duration of Rights. If an Exchange Event does not occur within the time period set forth in the Company’s Certificate
of Incorporation, as the same may be amended from time to time, the Rights shall expire and shall be worthless.

 

4.
Transfer and Exchange of Rights.

 

4.1.
Registration of Transfer. The Rights Agent shall register the transfer, from time to time, of any outstanding Right upon
the Right Register, upon surrender of such Right for transfer, properly endorsed with signatures properly guaranteed and accompanied
by appropriate instructions for transfer. Upon any such transfer, a new Right representing an equal aggregate number of Rights
shall be issued and the old Right shall be cancelled by the Rights Agent. The Rights so cancelled shall be delivered by the Rights
Agent to the Company from time to time upon request.

 

4.2.
Procedure for Surrender of Rights. Rights may be surrendered to the Rights Agent, together with a written request for exchange
or transfer, and thereupon the Rights Agent shall issue in exchange therefor one or more new Rights as requested by the registered
holder of the Rights so surrendered, representing an equal aggregate number of Rights; provided, however, that in the event that
a Right surrendered for transfer bears a restrictive legend, the Rights Agent shall not cancel such Right and issue new Rights
in exchange therefor until the Rights Agent has received an opinion of counsel for the Company stating that such transfer may
be made and indicating whether the new Rights must also bear a restrictive legend.

 

4.3.
Fractional Rights. The Rights Agent shall not be required to effect any registration of transfer or exchange which will
result in the issuance of a Right Certificate for a fraction of a Right.

 

4.4.
Service Charges. No service charge shall be made for any exchange or registration of transfer of Rights.

 

4.5.
Right Execution and Countersignature. The Rights Agent is hereby authorized to countersign and to deliver, in accordance
with the terms of this Agreement, the Rights required to be issued pursuant to the provisions of this Section 4, and the Company,
whenever required by the Rights Agent, will supply the Rights Agent with Rights duly executed on behalf of the Company for such
purpose.

 

5.
Other Provisions Relating to Rights of Holders of Rights.

 

5.1.
No Rights as Shareholder. Until exchange of a Right for shares of Common Stock as provided for herein, a Right does not
entitle the registered holder thereof to any of the rights of a shareholder of the Company, including, without limitation, the
right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice
as shareholders in respect of the meetings of shareholders or the election of directors of the Company or any other matter.

 

    	 	3	 

     

    

 

5.2.
Lost, Stolen, Mutilated, or Destroyed Rights. If any Right is lost, stolen, mutilated, or destroyed, the Company and the
Rights Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of
a mutilated Right, include the surrender thereof), issue a new Right of like denomination, tenor, and date as the Right so lost,
stolen, mutilated, or destroyed. Any such new Right shall constitute a substitute contractual obligation of the Company, whether
or not the allegedly lost, stolen, mutilated, or destroyed Right shall be at any time enforceable by anyone.

 

5.3.
Reservation of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued
shares of Common Stock that will be sufficient to permit the exchange of all outstanding Rights issued pursuant to this Agreement.

 

6.
Concerning the Rights Agent and Other Matters.

 

6.1.
Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company
or the Rights Agent in respect of the issuance or delivery of shares of Common Stock upon the exchange of Rights, but the Company
shall not be obligated to pay any transfer taxes in respect of the Rights or such shares.

 

6.2.
Resignation, Consolidation, or Merger of Rights Agent.

 

6.2.1.
Appointment of Successor Rights Agent. The Rights Agent, or any successor to it hereafter appointed, may resign its duties
and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the
Company. If the office of the Rights Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall
appoint in writing a successor Rights Agent in place of the Rights Agent. If the Company shall fail to make such appointment within
a period of 30 days after it has been notified in writing of such resignation or incapacity by the Rights Agent or by the holder
of the Right (who shall, with such notice, submit his, her or its Right for inspection by the Company), then the holder of any
Right may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Rights
Agent at the Company’s cost. Any successor Rights Agent, whether appointed by the Company or by such court, shall be a corporation
organized and existing under the laws of the State of New York, in good standing and having its principal office in the Borough
of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision
or examination by federal or state authority. After appointment, any successor Rights Agent shall be vested with all the authority,
powers, rights, immunities, duties, and obligations of its predecessor Rights Agent with like effect as if originally named as
Rights Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor
Rights Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Rights Agent
all the authority, powers, and rights of such predecessor Rights Agent hereunder; and upon request of any successor Rights Agent
the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting
in and confirming to such successor Rights Agent all such authority, powers, rights, immunities, duties, and obligations.

 

6.2.2.
Notice of Successor Rights Agent. In the event a successor Rights Agent shall be appointed, the Company shall give notice
thereof to the predecessor Rights Agent and the transfer agent for the Common Stock not later than the effective date of any such
appointment.

 

6.2.3.
Merger or Consolidation of Rights Agent. Any corporation into which the Rights Agent may be merged or with which it may
be consolidated or any corporation resulting from any merger or consolidation to which the Rights Agent shall be a party shall
be the successor Rights Agent under this Agreement without any further act.

 

    	 	4	 

     

    

 

6.3.
Fees and Expenses of Rights Agent.

 

6.3.1.
Remuneration. The Company agrees to pay the Rights Agent reasonable remuneration for its services as such Rights Agent
hereunder and will reimburse the Rights Agent upon demand for all expenditures that the Rights Agent may reasonably incur in the
execution of its duties hereunder.

 

6.3.2.
Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed,
acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the
Rights Agent for the carrying out or performing of the provisions of this Agreement.

 

6.4.
Liability of Rights Agent.

 

6.4.1.
Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Rights Agent shall deem
it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action
hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be
conclusively proved and established by a statement signed by the Chief Executive Officer, Chief Operating Officer or Chief Financial
Officer and delivered to the Rights Agent. The Rights Agent may rely upon such statement for any action taken or suffered in good
faith by it pursuant to the provisions of this Agreement.

 

6.4.2.
Indemnity. The Rights Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith.
Subject to Section 6.6 below, the Company agrees to indemnify the Rights Agent and save it harmless against any and all liabilities,
including judgments, costs and reasonable counsel fees, for anything done or omitted by the Rights Agent in the execution of this
Agreement except as a result of the Rights Agent’s gross negligence, willful misconduct, or bad faith.

 

6.4.3.
Exclusions. The Rights Agent shall have no responsibility with respect to the validity of this Agreement or with respect
to the validity or execution of any Right (except its countersignature thereof); nor shall it be responsible for any breach by
the Company of any covenant or condition contained in this Agreement or in any Right; nor shall it by any act hereunder be deemed
to make any representation or warranty as to the authorization or reservation of any Common Stock to be issued pursuant to this
Agreement or any Right or as to whether any Common Stock will when issued be valid and fully paid and nonassessable.

 

6.5.
Acceptance of Agency. The Rights Agent hereby accepts the agency established by this Agreement and agrees to perform the
same upon the terms and conditions herein set forth.

 

6.6
Waiver. The Rights 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 Rights 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.

 

7.
Miscellaneous Provisions.

 

7.1.
Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent
shall bind and inure to the benefit of their respective successors and assigns.

 

7.2.
Notices. Any notice, statement or demand authorized by this Agreement to be given or made by the Rights Agent or by the
holder of any Right to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if
sent by certified mail or private courier service within five days after deposit of such notice, postage prepaid, addressed (until
another address is filed in writing by the Company with the Rights Agent), as follows:

 

Forum
Merger Corporation

135
East 57th Street, 8th Floor

New
York, NY 10022

Attention:
David Boris

 

    	 	5	 

     

    

 

Any
notice, statement or demand authorized by this Agreement to be given or made by the holder of any Right or by the Company to or
on the Rights Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail
or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is
filed in writing by the Rights Agent with the Company), as follows:

 

Continental
Stock Transfer & Trust Company

17
Battery Place

New
York, New York 10004

Attn:
Compliance Department

 

with
a copy to:

 

EarlyBirdCapital,
Inc.

366
Madison Avenue, 8th Floor

New
York, New York 10017

Attention:

 

7.3.
Applicable Law. The validity, interpretation, and performance of this Agreement and of the Rights shall be governed in
all respects by 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 Company hereby agrees that any action, proceeding or claim against
it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York
or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which
jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent
an inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof
by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section
7.2 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding
or claim.

 

7.4.
Persons Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any
of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than
the parties hereto and the registered holders of the Rights and, for the purposes of Sections 3.1, 7.4 and 7.8 hereof, the Representative,
any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement
hereof. The Representative shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 3.1, 7.4
and 7.8 hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the
sole and exclusive benefit of the parties hereto (and the Representative with respect to the Sections 3, 7.4 and 7.8 hereof) and
their successors and assigns and of the registered holders of the Rights. The provisions of this Section 7.4 may not be modified,
amended or deleted without the prior written consent of the Representative.

 

7.5.
Examination of the Right Agreement. A copy of this Agreement shall be available at all reasonable times at the office of
the Rights Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Right.
The Rights Agent may require any such holder to submit his, her or its Right for inspection by it.

 

7.6.
Counterparts. 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.

 

7.7.
Effect of Headings. The Section headings herein are for convenience only and are not part of this Agreement and shall not
affect the interpretation thereof.

 

7.8
Amendments. This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose
of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing
any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable
and that the parties deem shall not adversely affect the interest of the registered holders. All other modifications or amendments
shall require the written consent or vote of the registered holders of a majority of the then outstanding Rights. The provisions
of this Section 7.8 may not be modified, amended or deleted without the prior written consent of the Representative.

 

7.9
Severability. 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.

 

[Signature
Page Follows]

 

    	 	6	 

     

    

 

IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.

  

	 	FORUM MERGER CORPORATION
	 	 	 
	 	By:	/s/
David Boris            
	 	 	Name:  David Boris
	 	 	Title:  Co-Chief Executive Officer
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	By:	/s/
Henry Farrell
	 	 	Name:  Henry Farrell
	 	 	Title:  Vice President

 

[Signature
Page to Right Agreement]

 

 

7Exhibit 10.3

 

STOCK
ESCROW AGREEMENT

 

STOCK
ESCROW AGREEMENT, dated as of April 6, 2017 (“Agreement”), by and among FORUM MERGER CORPORATION, a Delaware corporation
(“Company”), FORUM INVESTORS I, LLC, a Delaware limited liability company (the “Founder”) and CONTINENTAL
STOCK TRANSFER & TRUST COMPANY, a New York corporation (“Escrow Agent”).

 

WHEREAS,
the Company has entered into an Underwriting Agreement, dated April 6, 2017 (“Underwriting Agreement”), with EarlyBirdCapital,
Inc. (the “Representative”) acting as representative of the several underwriters (collectively, the “Underwriters”),
pursuant to which, among other matters, the Underwriters have agreed to purchase 15,000,000 units (“Units”) of the
Company, plus an additional 2,250,000 Units if the Representative exercises the over-allotment option in full. Each Unit consists
of one share of the Company’s common stock, par value $.0001 per share (“Common Stock”), one right to receive
one-tenth (1/10) of one share of common stock upon the consummation of an initial business combination, and one half of one Warrant,
each whole Warrant to purchase one share of Common Stock, all as more fully described in the Company’s final Prospectus,
dated April 6, 2017 (“Prospectus”) comprising part of the Company’s Registration Statements on Form S-1 (File
Nos. 333-216842 and 333-217187) under the Securities Act of 1933, as amended (collectively, the “Registration Statement”),
declared effective on April 6, 2017 (“Effective Date”) (the “IPO”).

 

WHEREAS,
the Founder has agreed as a condition of the sale of the Units to deposit its 4,312,500 shares of Common Stock of the Company,
as set forth opposite its name in Exhibit A attached hereto, in escrow as hereinafter provided.

 

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

 

IT
IS AGREED:

 

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

 

2. Deposit
of Shares. On or before the Effective Date, the Founder shall have delivered to the Escrow Agent certificates representing
Founder’s shares (which may be in book entry form), to be held and disbursed subject to the terms and conditions of this
Agreement. Founder acknowledges that the certificate representing Founder’s shares is legended to reflect the deposit of
such shares under this Agreement.

 

3. Disbursement
of the Escrow Shares.

 

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

 

    

     

    

 

3.2
Except as otherwise set forth herein, the Escrow Agent shall hold the shares remaining after any cancellation required pursuant
to Section 3.1 above (such remaining shares to be referred to herein as the “Escrow Shares”) until one year after
the Company consummates a business combination (as such term is described in the Registration Statement, a “Business Combination”)
(the “Escrow Period”). The Company shall promptly provide notice of the consummation of a Business Combination to
the Escrow Agent. Upon completion of the Escrow Period, the Company shall notify the Escrow Agent and the Escrow Agent shall disburse
Founder’s Escrow Shares to Founder; provided, however, that 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 promptly destroy the certificates representing the Escrow
Shares; provided further, however, that if, within one year after the Company consummates a Business Combination, the last sales
price of the Common Stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations and
recapitalizations) for any 20 trading days within any 30-trading day period, then the Escrow Agent will, upon receipt of a notice
from 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 50% of the Escrow Shares to the Founder; provided further, however,
that if, within one year after the Company consummates a Business Combination, the Company (or the surviving entity) subsequently
consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the stockholders of such
entity having the right to exchange their shares of Common Stock for cash, securities or other property, then the Escrow Agent
will, upon receipt of a notice from 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 all the Escrow Shares to the Founder.
The Escrow Agent shall have no further duties hereunder after the disbursement or destruction of the Escrow Shares in accordance
with this Section 3.

 

4. Rights
of Founder in Escrow Shares.

 

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

 

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

 

4.3 Restrictions
on Transfer. During the Escrow Period, the only permitted transfers of the Escrow Shares will be (i) to the Company’s
officers, directors, employees, consultants or their affiliates, (ii) to Founder’s officers, directors, employees or
members, (iii) by bona fide gift to a member of the immediate family of a member of the Founder or to a trust, the beneficiary
of which is a member of the Founder or a member of the immediate family of a member of the Founder for estate planning purposes,
(iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified domestic relations order,
(vi) to the Company for no value for cancellation in connection with the consummation of a Business Combination or (vii) by
private sales of the Escrow Shares made at or prior to the consummation of a Business Combination at prices no greater than the
price at which the Escrow Shares were originally purchased; provided, however, that except for clause (vi) or with the Company’s
prior consent, such permissive 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. The Founder 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 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 to be genuine and to be signed or presented by the
proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination
or rescission of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties
and, if the duties or rights of the Escrow Agent are affected, unless it shall have given its prior written consent thereto. 

 

    2

     

    

 

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

 

5.3 Compensation.
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 Founder 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 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, the Escrow Shares held hereunder. If no new escrow agent
is so appointed within the 60-day period following the giving of such notice of resignation, the Escrow Agent may deposit the
Escrow Shares with any court it reasonably deems appropriate in the State of New York.

 

5.6 Discharge
of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested
in writing at any time by the other parties hereto, jointly, provided, however, that such resignation shall become effective only
upon acceptance of appointment by a successor escrow agent, and approval by the Representative, as provided in Section 5.5.

 

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 for all purposes be deemed to be made under and shall be construed 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. Each of the parties hereby agrees that any action, proceeding or claim against it arising out of
or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States
District Court for the Southern District of New York, and irrevocably submits to such personal jurisdiction, which jurisdiction
shall be exclusive. Each of the parties hereby waives any objection to such exclusive jurisdiction and that such courts represent
an inconvenient forum.

 

6.2 Third
Party Beneficiaries. The Founder hereby acknowledges that the Underwriters are third party beneficiaries of this Agreement.

 

6.3 Entire
Agreement. This Agreement and each Insider Letter contain the entire agreement of the parties hereto with respect to the subject
matter hereof and, except as expressly provided herein, may not be changed or modified except by an instrument in writing signed
by the party to be charged.

 

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.

 

    3

     

    

 

6.6 Notices.
Any notice or other communication required or which may be given hereunder shall be in writing and either be delivered personally
or be mailed, certified or registered mail, or by private national courier service, return receipt requested, postage prepaid,
and shall be deemed given when so delivered personally or, if mailed, four business days after the date of mailing, as follows:

 

If
to the Company, to:

 

Forum
Merger Corporation

c/o
Forum Investors I, LLC

135
East 57th Street

8th
Floor

New
York, New York 10022

Attn:
Chief Executive Officer

 

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

17
Battery Place

New
York, New York 10004

Attn:
Chairman

 

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

 

EarlyBirdCapital,
Inc.

275
Madison Avenue, 27th Floor

New
York, New York 10016

Attn:
Steven Levine, Chief Executive Officer

Fax
No.: (212) 661-4936

 

with
a copy to:

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas

New
York, New York 10105

Attn:
Douglas S. Ellenoff, Esq.

 

and:

 

Graubard
Miller

The
Chrysler Building

405
Lexington Avenue

New
York, New York 10174

Attn:
David Alan Miller, Esq.

 

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 Prospectus.

 

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]

 

    4

     

    

 

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

   

	 	FORUM MERGER CORPORATION
	 	 	 
	 	By:	/s/
David Boris
	 	 	
        Name: David Boris

        Title: Co-Chief Executive Officer

 

	 	
        FOUNDER:

         

        FORUM INVESTORS I, LLC

	 	 
	 	Forum Capital Management, LLC, 

its Managing member
	 	 	 
	 	By:	/s/
David Boris
	 	 	
        Name: David Boris

        Title: Managing Member

	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 
	 	By:	/s/ Henry Farrell
	 	 	
        Name: Henry Farrell

        Title: Vice President

 

 

[Signature
Page to Stock Escrow Agreement]

 

 

    5

     

    

 

EXHIBIT
A

 

	Name and Address of
 Founder
	 	Number of
 Shares	 	 	Stock
 Certificate Number	 
	Forum Investors I, LLC 
 135 East 57th Street 
 8th Floor 
 New York, New York 10022	 	 	4,312,500	 	 	 	1	 

 

 

6

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