Document:

Exhibit 10.4

 

PRIVATE PLACEMENT
UNITS PURCHASE AGREEMENT

 

This PRIVATE PLACEMENT
UNITS PURCHASE AGREEMENT (this “Agreement”) is made as of the 8th day of April 2019, by and between B. Riley
Principal Merger Corp., a Delaware corporation (the “Company”), and B. Riley Principal Sponsor Co., LLC, a Delaware
limited liability company (the “Subscriber”), each with a principal place of business at 299 Park Avenue, 21st
Floor New York, New York 10171.

 

WHEREAS, the Company
desires to sell to Subscriber on a private placement basis (the “Offering”) an aggregate of 425,000 units (the
“Initial Units”) of the Company and up to an additional 37,500 units (the “Additional Units”
and, together with the Initial Units the “Units”) of the Company, each Unit comprised of one share of Class
A common stock of the Company, par value $0.0001 per share (“Common Stock”), and one-half of one warrant (“Warrant”),
for a purchase price of $4,250,000 (or $4,625,000 if the over-allotment option is exercised in full), or $10.00 per Unit. The shares
of Common Stock underlying the Warrants are hereinafter referred to as the “Warrant Shares”. The shares of Common
Stock underlying the Units (excluding the Warrant Shares) are hereinafter referred to as the “Placement Shares.”
The Warrants underlying the Units are hereinafter referred to as the “Placement Warrants.” The Units, Placement
Shares, Placement Warrants and Warrant Shares, collectively, are hereinafter referred to as the “Securities.”
Each whole Placement Warrant is exercisable to purchase one share of Common Stock at an exercise price of $11.50 per share during
the period commencing on the later of (i) twelve (12) months from the date of the closing of the Company’s initial public
offering of units (the “IPO”) and (ii) 30 days following the consummation of the Company’s initial business
combination (the “Business Combination”), as such term is defined in the registration statement in connection
with the IPO, as amended at the time it becomes effective (the “Registration Statement”), and expiring on the
fifth anniversary of the effective date of the registration statement for the Company’s initial public offering; and

 

WHEREAS, Subscriber
wishes to purchase 425,000 Units (or 462,500 Units if the over-allotment option is exercised in full) for a purchase price of $4,250,000
(or $4,625,000 if the over-allotment option is exercised in full) and the Company wishes to accept such subscription from Subscriber.

 

NOW, THEREFORE, in
consideration of the premises and the mutual covenants hereinafter set forth and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company and Subscriber hereby agree as follows:

 

1. Agreement to
Subscribe

 

1.1. Purchase and Issuance
of the Units. Upon the terms and subject to the conditions of this Agreement, Subscriber hereby agrees to purchase from the Company,
and the Company hereby agrees to sell to Subscriber, on the Closing Date (as defined below) the Initial Units in consideration
of the payment of the Initial Purchase Price (as defined below). On the Closing Date, the Company shall deliver (via book entry)
to Subscriber the Securities purchased. Subscriber hereby agrees to purchase up to an additional 37,500 Additional Units at $10.00
per Additional Unit for a purchase price of up to $375,000. The purchase and issuance of the Additional Units shall occur only
in the event that the Over-Allotment Option is exercised in full or in part. The total number of Additional Units to be purchased
hereunder shall be in the same proportion as the proportion of the Over-Allotment Option that is exercised. Each purchase of Additional
Units shall occur simultaneously with the consummation of any portion of the Over-Allotment Option.

 

1.2. Purchase Price.
As payment in full for the Initial Units being purchased under this Agreement, Subscriber shall pay an aggregate of $4,250,000
(the “Initial Purchase Price”) by wire transfer of immediately available funds or by such other method as may
be reasonably acceptable to the Company, to the trust account (the “Trust Account”) at a financial institution
to be chosen by the Company, maintained by Continental Stock Transfer & Trust Company, acting as trustee (“Continental”),
no later than one (1) business day prior to the date of effectiveness of the Registration Statement. As payment in full for the
Additional Units being purchased under this Agreement, Subscriber shall pay $10.00 per Additional Unit being purchased by wire
transfer of immediately available funds or by such other method as may be reasonably acceptable to the Company, to the Trust Account
at a financial institution to be chosen by the Company, maintained by Continental, one (1) business day prior to the Closing Date
of the Over-Allotment Option.

 

1.3. Closing. The closing
of the purchase and sale of the Initial Units shall take place simultaneously with the closing of the IPO and the closing of the
purchase and sale of Additional Units shall take place simultaneously with the closing of the Over-Allotment Option (each, a “Closing
Date”). The closing of the purchase and sale of the Units shall take place at the offices of Winston & Strawn LLP,
200 Park Avenue, New York, New York, 10166, or such other place as may be agreed upon by the parties hereto.

 

     

    

    

 

1.4 Termination. This
Agreement and each of the obligations of the undersigned shall be null and void and without effect if the IPO does not close prior
to December 31, 2019.

 

2. Representations
and Warranties of Subscriber

 

Subscriber represents
and warrants to the Company that:

 

2.1. No Government
Recommendation or Approval. Subscriber understands that no federal or state agency has passed upon or made any recommendation or
endorsement of the Company or the Offering of the Securities.

 

2.2. Accredited Investor.
Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D under
the Securities Act of 1933, as amended (the “Securities Act”), and acknowledges that the sale contemplated hereby
is being made in reliance, among other things, on a private placement exemption to “accredited investors” under the
Securities Act and similar exemptions under state law.

 

2.3. Intent. Subscriber
is purchasing the Securities solely for investment purposes, for Subscriber’s own account (and/or for the account or benefit
of its members or affiliates, as permitted, pursuant to the terms of an agreement (the “Insider Letter”) to
be entered into with respect to the Securities between, among others, Subscriber and the Company, as described in the Registration
Statement), and not with a view to the distribution thereof and Subscriber has no present arrangement to sell the Securities to
or through any person or entity except as may be permitted under the Insider Letter. Subscriber shall not engage in hedging transactions
with regard to the Securities unless in compliance with the Securities Act.

 

2.4. Restrictions on
Transfer. Subscriber acknowledges and understands the Units are being offered in a transaction not involving a public offering
in the United States within the meaning of the Securities Act. The Securities have not been registered under the Securities Act
and, if in the future Subscriber decides to offer, resell, pledge or otherwise transfer the Securities, such Securities may be
offered, resold, pledged or otherwise transferred only (A) pursuant to an effective registration statement filed under the Securities
Act, (B) pursuant to an exemption from registration under Rule 144 promulgated under the Securities Act, if available, or (C) pursuant
to any other available exemption from the registration requirements of the Securities Act, and in each case in accordance with
any applicable securities laws of any state or any other jurisdiction. Notwithstanding the foregoing, Subscriber acknowledges and
understands the Securities are subject to transfer restrictions as described in Section 8 hereof. Subscriber agrees that if any
transfer of its Securities or any interest therein is proposed to be made, as a condition precedent to any such transfer, Subscriber
may be required to deliver to the Company an opinion of counsel satisfactory to the Company with respect to such transfer. Absent
registration or another available exemption from registration, Subscriber agrees it will not resell the Securities (unless otherwise
permitted pursuant to the Insider Letter, as described in the Registration Statement). Subscriber further acknowledges that because
the Company is a shell company, Rule 144 may not be available to Subscriber for the resale of the Securities until the one-year
anniversary following consummation of the Business Combination of the Company, despite technical compliance with the requirements
of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

2.5. Sophisticated
Investor.

 

(i) Subscriber is
sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Securities.

 

(ii) Subscriber is
aware that an investment in the Securities is highly speculative and subject to substantial risks because, among other things,
the Securities are subject to transfer restrictions and have not been registered under the Securities Act and therefore cannot
be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber
is able to bear the economic risk of its investment in the Securities for an indefinite period of time.

 

2.6. Independent Investigation.
Subscriber, in making the decision to purchase the Units, has relied upon an independent investigation of the Company and has not
relied upon any information or representations made by any third parties or upon any oral or written representations or assurances
from the Company, its officers, directors or employees or any other representatives or agents of the Company, other than as set
forth in this Agreement. Subscriber is familiar with the business, operations and financial condition of the Company and has had
an opportunity to ask questions of, and receive answers from the Company’s officers and directors concerning the Company
and the terms and conditions of the offering of the Units and has had full access to such other information concerning the Company
as Subscriber has requested. Subscriber confirms that all documents that it has requested have been made available and that Subscriber
has been supplied with all of the additional information concerning this investment which Subscriber has requested.

 

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2.7 Organization and
Authority. Subscriber is duly organized, validly existing and in good standing under the laws of the State of Delaware and it possesses
all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.

 

2.8. Authority. This
Agreement has been validly authorized, executed and delivered by Subscriber and is a valid and binding agreement enforceable in
accordance with its terms, subject to the general principles of equity and to bankruptcy or other laws affecting the enforcement
of creditors’ rights generally.

 

2.9. No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by Subscriber of the transactions contemplated hereby
do not violate, conflict with or constitute a default under (i) Subscriber's charter documents, (ii) any agreement or instrument
to which Subscriber is a party or (iii) any law, statute, rule or regulation to which Subscriber is subject, or any agreement,
order, judgment or decree to which Subscriber is subject.

 

2.10. No Legal Advice
from Company. Subscriber acknowledges it has had the opportunity to review this Agreement and the transactions contemplated by
this Agreement and the other agreements entered into between the parties hereto with Subscriber’s own legal counsel and investment
and tax advisors. Except for any statements or representations of the Company made in this Agreement and the other agreements entered
into between the parties hereto, Subscriber is relying solely on such counsel and advisors and not on any statements or representations
of the Company or any of its representatives or agents for legal, tax or investment advice with respect to this investment, the
transactions contemplated by this Agreement or the securities laws of any jurisdiction.

 

2.11. Reliance on Representations
and Warranties. Subscriber understands the Units are being offered and sold to Subscriber in reliance on exemptions from the registration
requirements under the Securities Act, and analogous provisions in the laws and regulations of various states, and that the Company
is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of Subscriber
set forth in this Agreement in order to determine the applicability of such provisions.

 

2.12. No General Solicitation.
Subscriber is not subscribing for the Units as a result of or subsequent to any general solicitation or general advertising, including
but not limited to any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media
or broadcast over television or radio, or presented at any seminar or meeting or in a registration statement with respect to the
IPO filed with the Securities and Exchange Commission (the “SEC”).

 

2.13. Legend. Subscriber
acknowledges and agrees the certificates evidencing each of the Securities shall bear a restrictive legend (the “Legend”),
in form and substance substantially as set forth in Section 4 hereof.

 

3. Representations,
Warranties and Covenants of the Company

 

The Company represents
and warrants to, and agrees with, Subscriber that:

 

3.1. Valid Issuance
of Capital Stock. The total number of shares of all classes of capital stock which the Company has authority to issue is 125,000,000
shares of common stock, including 100,000,000 shares of Class A Common Stock and 25,000,000 shares of Class B common stock, $0.0001
par value per share (“Class B Common Stock”), and 1,000,000 shares of preferred stock, $0.0001
par value per share (“Preferred Stock”). As of the date hereof, the Company has issued and outstanding 3,593,750
shares of Class B Common Stock (of which up to 468,750 shares are subject to forfeiture as described in the Registration Statement),
no shares of Class A Common Stock and no shares of Preferred Stock. All of the issued shares of capital stock of the Company have
been duly authorized, validly issued, and are fully paid and non-assessable.

 

3.2 Title to Securities.
Upon issuance in accordance with, and payment pursuant to, the terms hereof and that certain warrant agreement to be entered into
between the Company and Continental, as warrant agent (the “Warrant Agreement”), each of the Units, Placement
Shares, Placement Warrants and Warrant Shares will be duly and validly issued, fully paid and non-assessable. On the date of issuance
of the Units, the Warrant Shares shall have been reserved for issuance. Upon issuance in accordance with, and payment pursuant
to, the terms hereof and the Warrant Agreement, Subscriber will have or receive good title to the Units, Placement Shares and Placement
Warrants, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and
pursuant to the Insider Letter and (ii) transfer restrictions under federal and state securities laws.

 

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3.3. Organization and
Qualification. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State
of Delaware and has the requisite corporate power to own its properties and assets and to carry on its business as now being conducted.

 

3.4. Authorization;
Enforcement. (i) The Company has the requisite corporate power and authority to enter into and perform its obligations under this
Agreement and to issue the Securities in accordance with the terms hereof, (ii) the execution, delivery and performance of this
Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary
corporate action, and no further consent or authorization of the Company or its Board of Directors or stockholders is required,
(iii) this Agreement constitutes valid and binding obligations of the Company enforceable against the Company in accordance with
its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium,
reorganization, or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or
by equitable principles of general application and except as enforcement of rights to indemnity and contribution may be limited
by federal and state securities laws or principles of public policy, (iv) the Units, when issued and delivered in the manner set
forth herein, will constitute valid and binding obligations of the Company enforceable against the Company in accordance with their
terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization,
or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by equitable principles
of general application and except as enforcement of rights to indemnity and contribution may be limited by federal and state securities
laws or principles of public policy and (v) the Placement Warrants, when issued and delivered in the manner set forth herein, will
constitute valid and binding obligations of the Company enforceable against the Company in accordance with their terms, except
as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization,
or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by equitable principles
of general application and except as enforcement of rights to indemnity and contribution may be limited by federal and state securities
laws or principles of public policy.

 

3.5. No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated
hereby do not (i) result in a violation of the Company’s certificate of incorporation or by-laws, (ii) conflict with, or
constitute a default under any agreement or instrument to which the Company is a party or (iii) any law statute, rule or regulation
to which the Company is subject or any agreement, order, judgment or decree to which the Company is subject. Other than any SEC
or state securities filings which may be required to be made by the Company subsequent to the closing of the IPO, and any registration
statement which may be filed pursuant thereto, the Company is not required under federal, state or local law, rule or regulation
to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency or
self-regulatory entity in order for it to perform any of its obligations under this Agreement or issue the Units, Placement Shares,
Placement Warrants or the Warrant Shares in accordance with the terms hereof.

 

4. Legends

 

4.1. Legend. The Company
will issue the Units, Placement Shares and Placement Warrants, and when issued, the Warrant Shares, purchased by Subscriber in
the name of Subscriber. The Securities will bear the following Legend and appropriate “stop transfer” instructions:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR
OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.”

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PURSUANT TO AN INSIDER LETTER BETWEEN, AMONG OTHERS, B. RILEY
PRINCIPAL MERGER CORP. AND B. RILEY PRINCIPAL SPONSOR CO., LLC AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
DISPOSED DURING THE TERM OF THE LOCKUP PURSUANT TO THE TERMS SET FORTH IN THE INSIDER LETTER.”

 

4.2. Subscriber’s
Compliance. Nothing in this Section 4 shall affect in any way Subscriber’s obligations and agreements to comply with all
applicable securities laws upon resale of the Securities.

 

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4.3. Company’s
Refusal to Register Transfer of the Securities. The Company shall refuse to register any transfer of the Securities, if in the
sole judgment of the Company such purported transfer would not be made (i) pursuant to an effective registration statement filed
under the Securities Act, or pursuant to an available exemption from the registration requirements of the Securities Act and (ii)
in compliance herewith and with the Insider Letter.

 

4.4 Registration Rights.
Subscriber will be entitled to certain registration rights which will be governed by a registration rights agreement (“Registration
Rights Agreement”) to be entered into between, among others, Subscriber and the Company, on or prior to the effective
date of the Registration Statement.

 

5. Waiver of Liquidation
Distributions.

 

In connection with
the Securities purchased pursuant to this Agreement, Subscriber hereby waives any and all right, title, interest or claim of any
kind in or to any distributions of the amounts in the Trust Account with respect to the Securities, whether (i) in connection with
the exercise of redemption rights if the Company consummates the Business Combination, (ii) in connection with any tender offer
conducted by the Company prior to a Business Combination, (iii) upon the Company’s redemption of shares of Common Stock sold
in the Company’s IPO upon the Company’s failure to timely complete the Business Combination or (iv) in connection with
a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation (A) to modify
the substance or timing of the Company’s obligation to redeem 100% of the Company’s public shares if the Company does
not timely complete the Business Combination or (B) with respect to any other provision relating to stockholders’ rights
or pre-Business Combination activity. In the event Subscriber purchases shares of Common Stock in the IPO or in the aftermarket,
any additional shares so purchased shall be eligible to receive the redemption value of such shares of Common Stock upon the same
terms offered to all other purchasers of Common Stock in the IPO in the event the Company fails to consummate the Business Combination.

 

6. Terms of Placement
Warrants.

 

6.1 Terms. Each Placement
Warrant shall have the terms set forth in the Warrant Agreement.

 

6.2. Failure to Consummate
Business Combination. The Placement Warrants shall be terminated upon the dissolution of the Company or in the event that the Company
does not consummate the Business Combination within 18 months from the consummation of the IPO, unless otherwise extended by the
Company.

 

6.3. Termination of
Rights as Holder. If the Placement Warrants are terminated in accordance with Section 6.1, then after such time Subscriber (or
its successor in interest) shall no longer have any rights as a holder of such Placement Warrants and the Company shall take such
action as is appropriate to cancel such Placement Warrants. Subscriber hereby irrevocably grants the Company a limited power of
attorney for the purpose of effectuating the foregoing and agrees to take any and all measures reasonably requested by the Company
necessary to effect the foregoing.

 

7. Rescission Right
Waiver and Indemnification.

 

7.1. Subscriber understands
and acknowledges an exemption from the registration requirements of the Securities Act requires there be no general solicitation
of purchasers of the Units. In this regard, if the IPO were deemed to be a general solicitation with respect to the Units, the
offer and sale of such Units may not be exempt from registration and, if not, Subscriber may have a right to rescind its purchase
of the Units. In order to facilitate the completion of the Offering and in order to protect the Company, its stockholders and the
amounts in the Trust Account from claims that may adversely affect the Company or the interests of its stockholders, Subscriber
hereby agrees to waive, to the maximum extent permitted by applicable law, any claims, right to sue or rights in law or arbitration,
as the case may be, to seek rescission of its purchase of the Units. Subscriber acknowledges and agrees this waiver is being made
in order to induce the Company to sell the Units to Subscriber. Subscriber agrees the foregoing waiver of rescission rights shall
apply to any and all known or unknown actions, causes of action, suits, claims or proceedings (collectively, “Claims”)
and related losses, costs, penalties, fees, liabilities and damages, whether compensatory, consequential or exemplary, and expenses
in connection therewith, including reasonable attorneys’ and expert witness fees and disbursements and all other expenses
reasonably incurred in investigating, preparing or defending against any Claims, whether pending or threatened, in connection with
any present or future actual or asserted right to rescind the purchase of the Units hereunder or relating to the purchase of the
Units and the transactions contemplated hereby.

 

7.2. Subscriber agrees
not to seek recourse against the Trust Account for any reason whatsoever in connection with its purchase of the Units or any Claim
that may arise now or in the future.

 

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7.3. Subscriber acknowledges
and agrees that the stockholders of the Company are and shall be third-party beneficiaries of this Section 7.

 

7.4. Subscriber agrees
that to the extent any waiver of rights under this Section 7 is ineffective as a matter of law, Subscriber has offered such waiver
for the benefit of the Company as an equitable right that shall survive any statutory disqualification or bar that applies to a
legal right. Subscriber acknowledges the receipt and sufficiency of consideration received from the Company hereunder in this regard.

 

8. Terms of the
Units and Placement Warrants

 

8.1 The Units and their
component parts are substantially identical to the units to be offered in the IPO except that: (i) the Units and component parts
will be subject to transfer restrictions, except in limited circumstances, until 30 days following the consummation of the Business
Combination, (ii) the Placement Warrants will be non-redeemable so long as they are held by Subscriber (or any of its permitted
transferees), and may be exercisable on a “cashless” basis if held by Subscriber or its permitted transferees, as further
described in the Warrant Agreement, and (iii) the Units and component parts are being purchased pursuant to an exemption from the
registration requirements of the Securities Act and will become freely tradable only after the expiration of the lockup described
above in clause (i) and they are registered pursuant to the Registration Rights Agreement to be signed on or before the date of
the Prospectus or an exemption from registration is available, and the restrictions described above in clause (i) has expired.
Additionally, the Subscriber acknowledges and agrees that the Units and their component parts will be deemed underwriting compensation
by the Financial Industry Regulatory Authority (“FINRA”) and, pursuant to FINRA Rule 5110(g)(1), may not be sold during
the offering, or transferred, assigned, pledged or hypothecated or be the subject of any hedging, short sale, derivative, put or
call transaction that would result in the economic disposition of the securities for a period of 180 days immediately following
the date of effectiveness or commencement of sales in the IPO, except as provided in FINRA Rule 5110(g)(2).

 

8.2 Subscriber agrees to vote the Placement
Shares in accordance with the terms of the Insider Letter and as otherwise described in the Registration Statement.

 

9. Governing Law;
Jurisdiction; Waiver of Jury Trial

 

This Agreement shall
be governed by and construed in accordance with the laws of the State of New York for agreements made and to be wholly performed
within such state, without regards to the conflicts of laws principles thereof. Any suit brought by either party shall be brought
in the state or federal courts sitting in New York County in the State of New York. The parties hereto hereby waive any right to
a jury trial in connection with any litigation pursuant to this Agreement and the transactions contemplated hereby.

 

10. Assignment;
Entire Agreement; Amendment

 

10.1. Assignment. Neither
this Agreement nor any rights hereunder may be assigned, in whole or in part, by any party to any other person without the prior
written consent of the other party hereto except that Subscriber may assign this Agreement, or any of its rights hereunder, to
a person agreeing to be bound by the terms hereof, including the waiver contained in Section 7 hereof.

 

10.2. Entire Agreement.
This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter thereof and merges
and supersedes all prior discussions, agreements and understandings of any and every nature among them with respect to such subject
matter.

 

10.3. Amendment. Except
as expressly provided in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated
other than by a written instrument signed by the party against whom enforcement of any such amendment, waiver, discharge or termination
is sought.

 

10.4. Binding upon
Successors. This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective successors
and permitted assigns.

 

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11. Notices

 

11.1 Notices. Unless
otherwise provided herein, any notice or other communication to a party hereunder shall be sufficiently given if in writing and
personally delivered or sent by facsimile or other electronic transmission with copy sent in another manner herein provided or
sent by courier (which for all purposes of this Agreement shall include Federal Express or other recognized overnight courier)
or mailed to said party by certified mail, return receipt requested, at its address provided for herein or such other address as
either may designate for itself in such notice to the other. Communications shall be deemed to have been received when delivered
personally, on the scheduled arrival date when sent by next day or 2nd-day courier service, or if sent by facsimile upon receipt
of confirmation of transmittal or, if sent by mail, then three days after deposit in the mail. If given by electronic transmission,
such notice shall be deemed to be delivered when directed to an electronic mail address at which such party has consented to receive
notice.

 

12. Counterparts

 

This Agreement may
be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement and shall
become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both
parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail
delivery of a “pdf” format data file, such signature shall create a valid and binding obligation of the party executing
(or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature
page were an original thereof.

 

13. Survival; Severability

 

13.1. Survival. The
representations, warranties, covenants and agreements of the parties hereto shall survive the Closing.

 

13.2. Severability.
In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Agreement shall continue in full force and effect without said provision; provided that no such severability shall
be effective if it materially changes the economic benefit of this Agreement to any party.

 

14. Headings.

 

The titles and subtitles
used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties hereto have
executed this Agreement to be effective as of the date first set forth above.

 

	 	B. RILEY PRINCIPAL MERGER CORP.
	 	 	 
	 	By:	/s/ Daniel Shribman
	 	 	Name: Daniel Shribman
	 	 	Title:   Chief Financial Officer

 

	 	B. RILEY PRINCIPAL SPONSOR CO., LLC
	 	 	 
	 	By:	GREAT AMERICAN GROUP, LLC,
	 	 	as Managing Member
	 	 	 
	 	By:	/s/ Phillip Ahn
	 	 	Name: Phillip Ahn
	 	 	
        Title:   Chief Operating Officer and Chief Financial
Officer

 

[Signature Page to Private Placement
Units Subscription Agreement]Exhibit 10.5

 

FORWARD PURCHASE AGREEMENT

 

This
Forward Purchase Agreement (this “Agreement”) is entered into as of April 8, 2019, by and between B. Riley Principal
Merger Corp., a Delaware corporation (the “Company”), and B. Riley Principal Investments, LLC, a Delaware limited
liability company (the “Purchaser”).

 

Recitals

 

WHEREAS, the Company
was incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination with one or more businesses (a “Business Combination”);

 

WHEREAS, the Company
has filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-1
(the “Registration Statement”) for its initial public offering (“IPO”) of 12,500,000 units
(or 14,375,000 units if the underwriters’ over-allotment option (the “IPO Option”) is exercised in full)
(the “Public Units”) at a price of $10.00 per Public Unit, each Public Unit comprised of one share of the Company’s
Class A common stock, par value $0.0001 per share (the “Class A Shares,” and the Class A Shares included in
the Public Units, the “Public Shares”), and one-half of one redeemable warrant, where each whole redeemable
warrant is exercisable to purchase one Class A Share at an exercise price of $11.50 per share (the “Warrants,”
and the Warrants included in the Public Units, the “Public Warrants”);

 

WHEREAS, the Company’s
sponsor, B. Riley Principal Sponsor Co., LLC, has agreed to purchase an aggregate of 425,000 units (or 462,500 units if the IPO
Option is exercised in full) at a price of $10.00 per unit in a private placement that will close simultaneously with the closing
of the IPO (the “Private Placement Units”);

 

WHEREAS, following
the closing of the IPO (the “IPO Closing”), the Company will seek to identify and consummate a Business Combination;

 

WHEREAS,
the parties wish to enter into this Agreement, pursuant to which immediately prior to the closing of the Company’s initial
Business Combination (the “Business Combination Closing”), the Company shall issue and sell to the Purchaser,
and the Purchaser shall purchase from the Company, on a private placement basis, 2,500,000 units (the “Forward Purchase
Units”), comprised of 2,500,000 Class A Shares (the “Forward Purchase Shares”) and 1,250,000 warrants
(the “Forward Purchase Warrants”), on the terms and conditions set forth herein (the Forward Purchase Shares,
the Forward Purchase Warrants underlying the Forward Purchase Units and the Class A Shares underlying the Forward Purchase Warrants,
the “Forward Purchase Securities”); and

 

WHEREAS, proceeds
from the IPO and the sale of the Private Placement Warrants in an aggregate amount equal to the gross proceeds from the IPO will
be deposited into a trust account for the benefit of the holders of the Public Shares (the “Trust Account”),
as described in the Registration Statement.

 

    

    

    

 

NOW, THEREFORE, in
consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for other
good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree
as follows:

 

Agreement

 

1.       Sale
and Purchase.

 

(a)       Forward
Purchase Securities.

 

(i)       The
Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, 2,500,000 Forward Purchase Units
for a purchase price of $10.00 per Forward Purchase Unit, or $25,000,000 in the aggregate (the “Forward Purchase Price”).

 

(ii)      Each
Forward Purchase Warrant will have the same terms as each Private Placement Warrant, and will be subject to the terms and conditions
of the Warrant Agreement to be entered into between the Company and Continental Stock Transfer & Trust Company, as Warrant
Agent, in connection with the IPO (the “Warrant Agreement”). Each Forward Purchase Warrant will entitle the
holder thereof to purchase one Class A Share at a price of $11.50 per share, subject to adjustment as described in the Warrant
Agreement, and only whole Forward Purchase Warrants will be exercisable. The Forward Purchase Warrants will become exercisable
on the later of 30 days after the Business Combination Closing and 12 months from the IPO Closing, and will expire five years after
the Business Combination Closing or earlier upon the liquidation of the Company, as described in the Warrant Agreement. The Forward
Purchase Warrants will be non-redeemable and exercisable on a cashless basis so long as they are held by the Purchaser or its Permitted
Transferees (as defined below). For so long as the Forward Purchase Warrants are held by the Purchaser or its Permitted Transferees,
the Forward Purchase Warrants will not be exercisable more than five years from the effective date of the Registration Statement
in accordance with FINRA Rule 5110(f)(2)(G)(i). If the Forward Purchase Warrants are held by Persons (as defined below) other than
the Purchaser or its Permitted Transferees, the Forward Purchase Warrants will have the same terms as the Public Warrants, as set
forth in the Warrant Agreement.

 

(iii)     The
Company shall require the Purchaser to purchase the Forward Purchase Units by delivering notice to the Purchaser, at least five
(5) Business Days before the Business Combination Closing, specifying the date of the Business Combination Closing and instructions
for wiring the Forward Purchase Price. The closing of the sale of Forward Purchase Units (the “Forward Closing”)
shall be held on the same date and immediately prior to the Business Combination Closing (such date being referred to as the “Forward
Closing Date”). At least one (1) Business Day prior to the Forward Closing Date, the Purchaser shall deliver to the Company,
to be held in escrow until the Forward Closing, the Forward Purchase Price for the Forward Purchase Securities by wire transfer
of U.S. dollars in immediately available funds to the account specified by the Company in such notice. Immediately prior to the
Forward Closing on the Forward Closing Date, (A) the Forward Purchase Price shall be released from escrow automatically and without
further action by the Company or the Purchaser, and (B) upon such release, the Company shall issue the Forward Purchase Units to
the Purchaser in book-entry form, free and clear of any liens or other restrictions whatsoever (other than those arising under
state or federal securities laws), registered in the name of the Purchaser (or its nominee in accordance with its delivery instructions),
or to a custodian designated by the Purchaser, as applicable. In the event the Business Combination Closing does not occur on the
date scheduled for closing, the Forward Closing shall not occur and the Company shall promptly (but not later than one (1) Business
Day thereafter) return the Forward Purchase Price to the Purchaser. For purposes of this Agreement, “Business Day”
means any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions are generally
authorized or required by law or regulation to close in the City of New York, New York.

 

    2

    

    

 

(b)       Legends.
Each register and book entry for the Forward Purchase Securities shall contain a notation, and each certificate (if any) evidencing
the Forward Purchase Securities shall be stamped or otherwise imprinted with a legend, in substantially the following form:

 

“THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION,
AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS. THE SALE, PLEDGE, HYPOTHECATION, OR TRANSFER OF THE SECURITIES REPRESENTED
HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN FORWARD PURCHASE AGREEMENT BY AND BETWEEN THE HOLDER AND THE COMPANY.
COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.”

 

2.       Representations
and Warranties of the Purchaser. The Purchaser represents and warrants to the Company as follows, as of the date hereof:

 

(a)       Organization
and Power. The Purchaser is duly organized, validly existing, and in good standing under the laws of the jurisdiction of its
formation and has all requisite power and authority to carry on its business as presently conducted and as proposed to be conducted.

 

(b)       Authorization.
The Purchaser has full power and authority to enter into this Agreement. This Agreement, when executed and delivered by the Purchaser,
will constitute the valid and legally binding obligation of the Purchaser, enforceable against the Purchaser in accordance with
its terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any
other laws of general application affecting enforcement of creditors’ rights generally, (b) as limited by laws relating to
the availability of specific performance, injunctive relief or other equitable remedies, or (c) to the extent the indemnification
provisions contained in the Registration Rights (as defined below) may be limited by applicable federal or state securities laws.

 

(c)       Governmental
Consents and Filings. No consent, approval, order or authorization of, or registration, qualification, designation, declaration
or filing with, any federal, state or local governmental authority is required on the part of the Purchaser in connection with
the consummation of the transactions contemplated by this Agreement.

 

    3

    

    

 

(d)       Compliance
with Other Instruments. The execution, delivery and performance by the Purchaser of this Agreement and the consummation by
the Purchaser of the transactions contemplated by this Agreement will not result in any violation or default (i) of any provisions
of its organizational documents, (ii) of any instrument, judgment, order, writ or decree to which it is a party or by which it
is bound, (iii) under any note, indenture or mortgage to which it is a party or by which it is bound, (iv) under any lease, agreement,
contract or purchase order to which it is a party or by which it is bound or (v) of any provision of federal or state statute,
rule or regulation applicable to the Purchaser, in each case (other than clause (i)), which would have a material adverse effect
on the Purchaser or its ability to consummate the transactions contemplated by this Agreement.

 

(e)       Purchase
Entirely for Own Account. This Agreement is made with the Purchaser in reliance upon the Purchaser’s representation to
the Company, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Forward Purchase
Securities to be acquired by the Purchaser will be acquired for investment for the Purchaser’s own account, not as a nominee
or agent, and not with a view to the resale or distribution of any part thereof in violation of any state or federal securities
laws, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the
same in violation of law. By executing this Agreement, the Purchaser further represents that the Purchaser does not presently have
any contract, undertaking, agreement or arrangement with any Person to sell, transfer or grant participations to such Person or
to any third Person, with respect to any of the Forward Purchase Securities. For purposes of this Agreement, “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity or any government or any department or agency thereof.

 

(f)       Disclosure
of Information. The Purchaser has had an opportunity to discuss the Company’s business, management, financial affairs
and the terms and conditions of the offering of the Forward Purchase Securities, as well as the terms of the Company’s proposed
IPO, with the Company’s management.

 

(g)       Restricted
Securities. The Purchaser understands that the offer and sale of the Forward Purchase Securities to the Purchaser has not been,
and will not be, registered under the Securities Act, by reason of a specific exemption from the registration provisions of the
Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser’s
representations as expressed herein. The Purchaser understands that the Forward Purchase Securities are “restricted securities”
under applicable U.S. federal and state securities laws and that, pursuant to these laws, the Purchaser must hold the Forward Purchase
Securities indefinitely unless they are registered with the SEC and qualified by state authorities, or an exemption from such registration
and qualification requirements is available. The Purchaser acknowledges that the Company has no obligation to register or qualify
the Forward Purchase Securities, or any Class A Shares into which the Forward Purchase Securities may be converted into or exercised
for, for resale, except for the Registration Rights. The Purchaser further acknowledges that if an exemption from registration
or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner
of sale, the holding period for the Forward Purchase Securities, and on requirements relating to the Company which are outside
of the Purchaser’s control, and which the Company is under no obligation and may not be able to satisfy. The Purchaser acknowledges
that the Company filed the Registration Statement for its proposed IPO. The Purchaser understands that the offering of the Forward
Purchase Securities is not, and is not intended to be, part of the IPO, and that the Purchaser will not be able to rely on the
protection of Section 11 of the Securities Act with respect to such Forward Purchase Securities.

 

    4

    

    

 

(h)       No
Public Market. The Purchaser understands that no public market now exists for the Forward Purchase Securities, and that the
Company has made no assurances that a public market will ever exist for the Forward Purchase Securities.

 

(i)        High
Degree of Risk. The Purchaser understands that its agreement to purchase the Forward Purchase Securities involves a high degree
of risk which could cause the Purchaser to lose all or part of its investment.

 

(j)        Accredited
Investor. The Purchaser is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities
Act.

 

(k)       No
General Solicitation. Neither the Purchaser, nor any of its officers, directors, employees, agents, stockholders or partners
has either directly or indirectly, including, through a broker or finder (i) engaged in any general solicitation, or (ii) published
any advertisement in connection with the offer and sale of the Forward Purchase Securities.

 

(l)        Residence.
The Purchaser’s principal place of business is the office or offices located at the address of the Purchaser set forth on
the signature page hereof.

 

(m)      Non-Public
Information. The Purchaser acknowledges its obligations under applicable securities laws with respect to the treatment of non-public
information relating to the Company.

 

(n)       Adequacy
of Financing. At the time of the Forward Closing, the Purchaser will have available to it sufficient funds to satisfy its obligations
under this Agreement.

 

(o)       No
Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained in this
Section 2 and in any certificate or agreement delivered pursuant hereto, none of the Purchaser nor any person acting on behalf
of the Purchaser nor any of the Purchaser’s affiliates (the “Purchaser Parties”) has made, makes or shall
be deemed to make any other express or implied representation or warranty with respect to the Purchaser and this offering, and
the Purchaser Parties disclaim any such representation or warranty. Except for the specific representations and warranties expressly
made by the Company in Section 3 of this Agreement and in any certificate or agreement delivered pursuant hereto, the Purchaser
Parties specifically disclaim that they are relying upon any other representations or warranties that may have been made by the
Company, any person on behalf of the Company or any of the Company’s affiliates (collectively, the “Company Parties”).

 

    5

    

    

 

3.       Representations
and Warranties of the Company. The Company represents and warrants to the Purchaser as follows:

 

(a)       Incorporation
and Corporate Power. The Company is corporation duly incorporated and validly existing and in good standing as a corporation
under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as presently
conducted and as proposed to be conducted. The Company has no subsidiaries.

 

(b)       Capitalization.
On the date hereof, the authorized share capital of the Company consists of:

 

(i)       100,000,000
Class A Shares, none of which are issued and outstanding.

 

(ii)      25,000,000
shares of the Company’s Class B common stock, par value $0.0001 per shares (the “Class B Shares”), 3,593,750
of which are issued and outstanding and held by the Sponsor. All of the outstanding Class B Shares have been duly authorized, are
fully paid and nonassessable and were issued in compliance with all applicable federal and state securities laws.

 

(iii)     1,000,000
preferred shares, none of which are issued and outstanding.

 

(c)       Authorization.
All corporate action required to be taken by the Company’s Board of Directors and stockholders in order to authorize the
Company to enter into this Agreement, and to issue the Forward Purchase Securities at the Forward Closing, and the securities issuable
upon exercise of the Forward Purchase Warrants, has been taken or will be taken prior to the Forward Closing. All action on the
part of the stockholders, directors and officers of the Company necessary for the execution and delivery of this Agreement, the
performance of all obligations of the Company under this Agreement to be performed as of the Forward Closing, and the issuance
and delivery of the Forward Purchase Securities and the securities issuable upon exercise of the Forward Purchase Warrants has
been taken or will be taken prior to the Forward Closing. This Agreement, when executed and delivered by the Company, shall constitute
the valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms except (i)
as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application
relating to or affecting the enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability
of specific performance, injunctive relief, or other equitable remedies, or (iii) to the extent the indemnification provisions
contained in the Registration Rights may be limited by applicable federal or state securities laws.

 

(d)       Valid
Issuance of Securities. The Forward Purchase Securities, when issued, sold and delivered in accordance with the terms and for
the consideration set forth in this Agreement, and the securities issuable upon exercise of the Forward Purchase Warrants, when
issued in accordance with the terms of the Forward Purchase Warrants and this Agreement, will be validly issued, fully paid and
nonassessable, as applicable, and free of all preemptive or similar rights, taxes, liens, encumbrances and charges with respect
to the issue thereof and restrictions on transfer other than restrictions on transfer specified under this Agreement, applicable
state and federal securities laws and liens or encumbrances created by or imposed by the Purchaser. Assuming the accuracy of the
representations of the Purchaser in this Agreement and subject to the filings described in Section 3(e) below, the Forward Purchase
Securities will be issued in compliance with all applicable federal and state securities laws.

 

    6

    

    

 

(e)       Governmental
Consents and Filings. Assuming the accuracy of the representations and warranties made by the Purchaser in this Agreement,
no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal,
state or local governmental authority is required on the part of the Company in connection with the consummation of the transactions
contemplated by this Agreement, except for filings pursuant to Regulation D of the Securities Act, and applicable state securities
laws, if any, and pursuant to the Registration Rights.

 

(f)        Compliance
with Other Instruments. The execution, delivery and performance of this Agreement and the consummation of the transactions
contemplated by this Agreement will not result in any violation or default (i) of any provisions of the Company’s certificate
of incorporation, as it may be amended from time to time (the “Charter”), bylaws or other governing documents
of the Company, (ii) of any instrument, judgment, order, writ or decree to which the Company is a party or by which it is bound,
(iii) under any note, indenture or mortgage to which the Company is a party or by which it is bound, (iv) under any lease, agreement,
contract or purchase order to which the Company is a party or by which it is bound or (v) of any provision of federal or state
statute, rule or regulation applicable to the Company, in each case (other than clause (i)) which would have a material adverse
effect on the Company or its ability to consummate the transactions contemplated by this Agreement.

 

(g)       Operations.
As of the date hereof, the Company has not conducted, and prior to the IPO Closing the Company will not conduct, any operations
other than organizational activities and activities in connection with offerings of its securities.

 

(h)       No
General Solicitation. Neither the Company, nor any of its officers, directors, employees, agents or stockholders has either
directly or indirectly, including, through a broker or finder (i) engaged in any general solicitation, or (ii) published any advertisement
in connection with the offer and sale of the Forward Purchase Securities.

 

(i)       No
Other Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained in this
Section 3 and in any certificate or agreement delivered pursuant hereto, none of the Company Parties has made, makes or shall be
deemed to make any other express or implied representation or warranty with respect to the Company, this offering, the proposed
IPO or a potential Business Combination, and the Company Parties disclaim any such representation or warranty. Except for the specific
representations and warranties expressly made by the Purchaser in Section 2 of this Agreement and in any certificate or agreement
delivered pursuant hereto, the Company Parties specifically disclaim that they are relying upon any other representations or warranties
that may have been made by the Purchaser Parties.

 

4.       Registration
Rights; Transfer

 

(a)       Registration
Rights. The Purchaser shall be granted registration rights by the Company with respect to the Forward Purchase Securities pursuant
to a registration rights agreement to be entered into with the Company, a form of which has been filed with the registration statement
relating to the Company’s IPO (the “Registration Rights”), including limitations on those rights pursuant
to Section 3.6 of the registration rights agreement for so long as the Forward Purchase Securities are held by the Purchaser or
its Permitted Transferees in accordance with FINRA Rule 5110(f)(2)(G).

 

    7

    

    

 

(b)       Transfer.
This Agreement and all of the Purchaser’s rights and obligations hereunder (including the Purchaser’s obligation to
purchase the Forward Purchase Securities) may be transferred or assigned, at any time and from time to time, in whole or in part,
to one or more third parties (each such transferee, a “Transferee”). Upon any such assignment:

 

(i)       the
applicable Transferee shall execute a signature page to this Agreement, substantially in the form of the Purchaser’s signature
page hereto (the “Joinder Agreement”), which shall reflect the number of Forward Purchase Units to be purchased
by such Transferee (the “Transferee Securities”), and, upon such execution, such Transferee shall have all the
same rights and obligations of the Purchaser hereunder with respect to the Transferee Securities, and references herein to the
“Purchaser” shall be deemed to refer to and include any such Transferee with respect to such Transferee and
to its Transferee Securities; provided, that any representations, warranties, covenants and agreements of the Purchaser and any
such Transferee shall be several and not joint and shall be made as to the Purchaser or any such Transferee, as applicable, as
to itself only; and

 

(ii)      upon
a Transferee’s execution and delivery of a Joinder Agreement, the number of Forward Purchase Units to be purchased by the
Purchaser hereunder shall be reduced by the total number of Forward Purchase Units to be purchased by the applicable Transferee
pursuant to the applicable Joinder Agreement, which reduction shall be evidenced by the Purchaser and the Company amending Schedule
A to this Agreement to reflect each transfer and updating the “Number of Forward Purchase Units” and “Aggregate
Purchase Price for Forward Purchase Securities” on the Purchaser’s signature page hereto to reflect such reduced number
of Forward Purchase Securities, and the Purchaser shall be fully and unconditionally released from its obligation to purchase such
Transferee Securities hereunder. For the avoidance of doubt, this Agreement need not be amended and restated in its entirety, but
only Schedule A and the Purchaser’s signature page hereto need be so amended and updated and executed by each of the
Purchaser and the Company upon the occurrence of any such transfer of Transferee Securities.

 

    8

    

    

 

5.       Additional
Agreements, Acknowledgements and Waivers of the Purchaser.

 

(a)       Lock-up;
Transfer Restrictions. The Purchaser agrees that it shall not Transfer any Forward Purchase Units (or the underlying Class
A Shares and Warrants, including the Class A Shares issued or issuable upon the exercise of any such warrants) until the later
of the conclusion of the lock up period required by FINRA Rule 5110(g)(1) or 30 days after the completion of the initial Business
Combination, except that Transfers of the Forward Purchase Securities are permitted to any Permitted Transferee. Notwithstanding
the first sentence of this Section 5(a), Transfers of the Forward Purchase Securities are permitted (any such transferees, the
“Permitted Transferees”) within the 180-day period following the effective date of the Registration Statement
in compliance with FINRA Rule 5110(g)(2) and thereafter to (A) to the Company’s officers or directors, any affiliates or
family members of any of the Company’s officers or directors, any members of the Purchaser, or any affiliates of the Purchaser;
(B) in the case of an individual, by gift to a member of the individual’s immediate family, to a trust, the beneficiary of
which is a member of individual’s immediate family or an affiliate of such person, or to a charitable organization; (C) in
the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (D) in the case of an individual,
pursuant to a qualified domestic relations order; (E) by private sales or transfers made in connection with the consummation of
a Business Combination at prices no greater than the price at which the securities were originally purchased; (F) in the event
of the Company’s liquidation prior to the completion of a Business Combination; (G) in the event of the Company’s liquidation,
merger, capital stock exchange, reorganization or other similar transaction which results in all of the Company’s stockholders
having the right to exchange their Class A Shares for cash, securities or other property subsequent to the completion of a Business
Combination; (H) as a distribution to limited partners, members or stockholders of the Purchaser; (I) to the Purchaser’s
affiliates, to any investment fund or other entity controlled or managed by the Purchaser or any of its affiliates, or to any investment
manager or investment advisor of the Purchaser or an affiliate of any such investment manager or investment advisor; (J) to a nominee
or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (A) through (I) above;
(K) to the Purchaser or any Transferee hereunder; (L) by virtue of the laws of the Purchaser’s jurisdiction of formation
or its organizational documents upon dissolution of the Purchaser; and (M) pursuant to an order of a court or regulatory agency;
provided, however, that in the case of clauses (A) through (E) and (H) through (L), these Permitted Transferees must enter into
a written agreement agreeing to be bound by these transfer restrictions. “Transfer” shall mean the (x) sale
or assignment of, offer to sell, contract or agreement to sell, hypothecation, pledge, grant of any option to purchase or otherwise
dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation
with respect to or decrease of a call equivalent position (within the meaning of Section 16 of the Exchange Act, and the rules
and regulations of the SEC promulgated thereunder) with respect to, any of the Forward Purchase Securities (excluding any pledges
in the ordinary course of business for bona fide financing purposes or as part of prime brokerage arrangements), (y) entry into
any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of
any of the Forward Purchase Securities, whether any such transaction is to be settled by delivery of such Forward Purchase Securities,
in cash or otherwise, or (z) public announcement of any intention to effect any transaction specified in clause (x) or (y).

 

(b)       Trust
Account.

 

(i)       The
Purchaser hereby acknowledges that it is aware that the Company will establish the Trust Account for the benefit of its public
stockholders upon the IPO Closing. The Purchaser, for itself and its affiliates, hereby agrees that it has no right, title, interest
or claim of any kind in or to any monies held in the Trust Account, or any other asset of the Company as a result of any liquidation
of the Company, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held
by it.

 

(ii)      The
Purchaser hereby agrees that it shall have 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, except for redemption and liquidation rights, if any, the Purchaser may have in respect
of any Public Shares held by it. In the event the Purchaser has any Claim against the Company under this Agreement, the Purchaser
shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the property or any
monies in the Trust Account, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public
Shares held by it.

 

    9

    

    

 

(c)       No
Short Sales. The Purchaser hereby agrees that neither it, nor any person or entity acting on its behalf or pursuant to any
understanding with it, will engage in any Short Sales with respect to securities of the Company prior to the Business Combination
Closing. For purposes of this Section, “Short Sales” shall include, without limitation, all “short sales”
as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act and all types of direct and indirect stock pledges
(other than pledges in the ordinary course of business as part of prime brokerage arrangements), forward sale contracts, options,
puts, calls, swaps and similar arrangements (including on a total return basis), and sales and other transactions through non-U.S.
broker dealers or foreign regulated brokers.

 

6.       NYSE
Listing. The Company will use commercially reasonable efforts to effect and maintain the listing of the Class A Shares and
Public Warrants on the New York Stock Exchange (“NYSE”) (or another national securities exchange).

 

7.       Forward
Closing Conditions.

 

(a)       The
obligation of the Purchaser to purchase the Forward Purchase Securities at the Forward Closing under this Agreement shall be subject
to the fulfillment, at or prior to the Forward Closing of each of the following conditions, any of which, to the extent permitted
by applicable laws, may be waived by the Purchaser:

 

(i)       The
Business Combination shall be consummated substantially concurrently with, and immediately following, the purchase of the Forward
Purchase Securities;

 

(ii)      The
Company shall have delivered to the Purchaser a certificate evidencing the Company’s good standing as a Delaware corporation,
as of a date within ten (10) Business Days of the Forward Closing;

 

(iii)     The
representations and warranties of the Company set forth in Section 3 of this Agreement shall have been true and correct as of the
date hereof and shall be true and correct as of the Forward Closing Date, as applicable, with the same effect as though such representations
and warranties had been made on and as of such date (other than any such representation or warranty that is made by its terms as
of a specified date, which shall be true and correct as of such specified date), except where the failure to be so true and correct
would not have a material adverse effect on the Company or its ability to consummate the transactions contemplated by this Agreement;

 

(iv)     The
Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required
by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Forward Closing; and

 

    10

    

    

 

(v)      No
order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any governmental, regulatory,
or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition
shall be in effect, preventing the purchase by the Purchaser of the Forward Purchase Securities.

 

(b)       The
obligation of the Company to sell the Forward Purchase Securities at the Forward Closing under this Agreement shall be subject
to the fulfillment, at or prior to the Forward Closing of each of the following conditions, any of which, to the extent permitted
by applicable laws, may be waived by the Company:

 

(i)       The
Business Combination shall be consummated substantially concurrently with, and immediately following, the purchase of Forward Purchase
Securities;

 

(ii)      The
representations and warranties of the Purchaser set forth in Section 2 of this Agreement shall have been true and correct as of
the date hereof and shall be true and correct as of the Forward Closing Date, as applicable, with the same effect as though such
representations and warranties had been made on and as of such date (other than any such representation or warranty that is made
by its terms as of a specified date, which shall be true and correct as of such specified date), except where the failure to be
so true and correct would not have a material adverse effect on the Purchaser or its ability to consummate the transactions contemplated
by this Agreement;

 

(iii)     The
Purchaser shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required
by this Agreement to be performed, satisfied or complied with by the Purchaser at or prior to the Forward Closing; and

 

(iv)     No
order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any governmental, regulatory,
or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition
shall be in effect, preventing the purchase by the Purchaser of the Forward Purchase Securities.

 

8.       Termination.
This Agreement may be terminated at any time prior to the Forward Closing:

 

(a)       by
mutual written consent of the Company and the Purchaser;

 

(b)       automatically

 

(i)       if
the IPO is not consummated on or prior to twelve months from the date of this Agreement; or

 

(ii)       if
the Business Combination is not consummated within 18 months from the closing of the IPO, or such later date as may be approved
by the Company’s shareholders.

 

    11

    

    

 

In the event of any termination
of this Agreement pursuant to this Section 8, the FPS Purchase Price (and interest thereon, if any), if previously paid, and all
Purchaser’s funds paid in connection herewith shall be promptly returned to the Purchaser, and thereafter this Agreement
shall forthwith become null and void and have no effect, without any liability on the part of the Purchaser or the Company and
their respective directors, officers, employees, partners, managers, members, or stockholders and all rights and obligations of
each party shall cease; provided, however, that nothing contained in this Section 8 shall relieve either party from
liabilities or damages arising out of any fraud or willful breach by such party of any of its representations, warranties, covenants
or agreements contained in this Agreement.

 

9.       General
Provisions.

 

(a)       Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given upon the earlier of actual receipt, or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic
mail or facsimile (if any) during normal business hours of the recipient, and if not sent during normal business hours, then on
the recipient’s next Business Day, (c) five (5) Business Days after having been sent by registered or certified mail, return
receipt requested, postage prepaid, or (d) one (1) Business Day after deposit with a nationally recognized overnight courier, freight
prepaid, specifying next Business Day delivery, with written verification of receipt. All communications sent to the Company shall
be sent to: B. Riley Principal Merger Corp., 299 Park Avenue, 21st Floor, New York, New York 10171, Attn: Daniel Shribman, Chief
Financial Officer, email: dshribman@brileyfin.com, with a copy to the Company’s counsel at: Winston & Strawn LLP, 200
Park Avenue, New York, New York 10166, Attn: Joel L. Rubinstein, Esq., email: jrubinstein@winston.com, fax: (212) 294-4700.

 

All communications
to the Purchaser shall be sent to the Purchaser’s address as set forth on the signature page hereof, or to such e-mail address,
facsimile number (if any) or address as subsequently modified by written notice given in accordance with this Section 8(a).

 

(b)       No
Finder’s Fees. Each party represents that it neither is nor will be obligated for any finder’s fee or commission
in connection with this transaction. The Purchaser agrees to indemnify and to hold harmless the Company from any liability for
any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the
costs and expenses of defending against such liability or asserted liability) for which the Purchaser or any of its officers, employees
or representatives is responsible. The Company agrees to indemnify and hold harmless the Purchaser from any liability for any commission
or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses
of defending against such liability or asserted liability) for which the Company or any of its officers, employees or representatives
is responsible.

 

(c)       Survival
of Representations and Warranties. All of the representations and warranties contained herein shall survive the Forward Closing.

 

(d)       Entire
Agreement. This Agreement, together with any documents, instruments and writings that are delivered pursuant hereto or referenced
herein, 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.

 

    12

    

    

 

(e)       Successors.
All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure
to the benefit of and are enforceable by, the parties hereto and their respective successors. Nothing in this Agreement, express
or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights,
remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

(f)       Assignments.
Except as otherwise specifically provided herein, no party hereto may assign either this Agreement or any of its rights, interests,
or obligations hereunder without the prior written approval of the other party.

 

(g)       Counterparts.
This Agreement may be executed in two or more counterparts, each of which will be deemed an original but all of which together
will constitute one and the same instrument.

 

(h)       Headings.
The section headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning or
interpretation of this Agreement.

 

(i)        Governing
Law. This Agreement, the entire relationship of the parties hereto, and any dispute 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.

 

(j)        Jurisdiction.
The parties (i) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of New York and to the jurisdiction
of the United States District Court for the Southern District of New York for the purpose of any suit, action or other proceeding
arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based
upon this Agreement except in state courts of New York or the United States District Court for the Southern District of New York,
and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding,
any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune
from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit,
action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.

 

(k)       Waiver
of Jury Trial. The parties hereto hereby waive any right to a jury trial in connection with any litigation pursuant to this
Agreement and the transactions contemplated hereby.

 

(l)       Amendments.
This Agreement may not be amended, modified or waived as to any particular provision except with the prior written consent of the
Company and the Purchaser.

 

    13

    

    

 

(m)      Severability.
The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not affect
the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied to
any party hereto or to any circumstance, is adjudged by a governmental authority, arbitrator, or mediator not to be enforceable
in accordance with its terms, the parties hereto agree that the governmental authority, arbitrator, or mediator making such determination
will have the power to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete
specific words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced.

 

(n)       Expenses.
Each of the Company and the Purchaser will bear its own costs and expenses incurred in connection with the preparation, execution
and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses
of agents, representatives, financial advisors, legal counsel and accountants. The Company shall be responsible for the fees of
its transfer agent; stamp taxes and all of The Depository Trust Company’s fees associated with the issuance of the Securities
and the securities issuable upon conversion or exercise of the Forward Purchase Securities.

 

(o)       Construction.
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of
intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement.
Any reference to any federal, state, local, or foreign law will be deemed also to refer to law as amended and all rules and regulations
promulgated thereunder, unless the context requires otherwise. The words “include,” “includes,”
and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine,
feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to
include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,” “herein,”
“hereof,” “hereby,” “hereunder,” and words of similar import refer to
this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each
representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any
representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty
or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has
not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty,
or covenant.

 

(p)       Waiver.
No waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional
or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder
or affect in any way any rights arising because of any prior or subsequent occurrence.

 

(q)       Specific
Performance. The Purchaser agrees that irreparable damage may occur in the event any provision of this Agreement was not performed
by the Purchaser in accordance with the terms hereof and that the Company shall be entitled to specific performance of the terms
hereof, in addition to any other remedy at law or equity.

 

    14

    

    

 

[Signature Page Follows]

 

    15

    

    

 

IN WITNESS WHEREOF,
the undersigned have executed this Agreement to be effective as of the date first set forth above.

 

PURCHASER

 

B. RILEY PRINCIPAL INVESTMENTS, LLC

 

	By:	/s/ Kenneth Young	 
	Name: 	Kenneth Young	 
	Title:	Chief Executive Officer	 

 

	Address for Notices:  	1300 North 17th Street, Suite 1300
	 	Arlington, VA 22209
	E-mail:	kyoung@brileyfin.com

 

COMPANY

 

B. RILEY PRINCIPAL MERGER CORP.

 

	By:	/s/ Daniel Shribman	 
	Name: 	Daniel Shribman	 
	Title:	Chief Financial Officer	 

 

[Signature Page to Forward Purchase Agreement]

 

     

    

    

 

TO BE EXECUTED UPON ANY ASSIGNMENT AND/OR
REVISION IN ACCORDANCE WITH THIS AGREEMENT TO “NUMBER OF FORWARD PURCHASE UNITS” AND “AGGREGATE PURCHASE PRICE
FOR FORWARD PURCHASE SECURITIES” SET FORTH BELOW

 

	Number of Forward Purchase Units:	 	 	2,500,000	 
	 	 	 	 	 
	Aggregate Purchase Price for Forward Purchase Securities:	 	$	25,000,000	 

 

Number of Forward Purchase Units and Aggregate
Purchase Price for Forward Purchase Securities as of , 201[ ], accepted and agreed to as of this day of , 201[ ].

 

	 	[__________]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	B. RILEY PRINCIPAL MERGER CORP.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

     

    

    

 

SCHEDULE A

SCHEDULE OF TRANSFERS OF FORWARD PURCHASE
SECURITIES

 

The following transfers
of a portion of the original number of Forward Purchase Units have been made:

 

	Date of Transfer	 	Transferee	 	Number of

Forward Purchase Units

Transferred	 	 	Purchaser Revised 

Forward Purchase Units Amount	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    A-1 

    

    

 

TO BE EXECUTED UPON ANY ASSIGNMENT OR FINAL DETERMINATION
OF FORWARD PURCHASE SECURITIES:

 

Schedule A as of           , 201[          ], accepted and agreed to as of this                    day of           , 201[          ] by:

 

	[__________]	 	 	B. RILEY PRINCIPAL MERGER CORP.
	 	 	 	 
	By:	 	 	 	By:	 
	Name: 	 	 	 	Name: 	 
	Title:	 	 	 	Title:	 

 

    A-2

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