Document:

Exhibit 10.65

 

FORBEARANCE AGREEMENT

 

This Forbearance Agreement
(the “Agreement”) is made and entered into as of October 3, 2018 by and among Gadsden Growth Properties,
L.P., a Delaware limited partnership (the “Company” or “Borrower”), Gadsden Growth
Properties, Inc., a Maryland corporation (the “Guarantor”), and The Pigman Companies, LLC, a California
limited liability company (“TPC”). Capitalized terms used in this Agreement that are not otherwise defined in
this Agreement shall have the respective meanings ascribed thereto in the Loan Agreement (as defined below).

 

RECITALS

 

(a)          
Whereas, as of June 4, 2018 that certain Loan and Security Agreement (as amended or supplemented to the date of this Agreement,
the “Loan Agreement”) was executed and delivered by and among the Company, Guarantor, the lenders party thereto
(collectively, a “Lender”), and TPC, as administrative agent for the Lenders (in such capacity and together
with any successor administrative agent appointed pursuant to Section 12.6 to the Loan Agreement, the “Administrative
Agent”);

 

(b)          
WHEREAS, the Loan Agreement provides, among other terms, the grant of a continuing and unconditional security interest in
and to any and all assets and property of the Borrower, of any kind or description, tangible or intangible, wheresoever located
and whether now existing or hereafter arising or acquired, including, but not limited to, the assets listed in Section 6.1 of the
Loan Agreement (the “Collateral”);

 

(c)          
WHERERAS, the Maturity Date for the repayment of the Advances by the Company was September 30, 2018;

 

(d)          
WHEREAS, on the date of this Agreement, an Event of Default relating to the nonpayment of the Advances has occurred and
is continuing;

 

(e)          
WHEREAS, under Article 11 of the Loan Agreement, the Administrative Agent has the rights and powers to exercise the remedies
on behalf of the Lenders.

 

(f)           
WHEREAS, each of the Company and the Guarantor acknowledges that the above referenced Event of Default (“Existing
Default”) has occurred and, on the date of this Agreement, is continuing;

 

(g)          
The Company and the Guarantor have represented to the Administrative Agent that the Guarantor is seeking investors in a
private placement of its securities and that the use of the net proceeds would be sufficient to repay all of the Advances in full
(the “Transaction”).

 

(h)          
The Company and the Guarantor have requested that the Administrative Agent refrain and forbear from exercising certain rights
and remedies under the Loan Agreement for a limited time to allow the Guarantor to pursue and finalize a Transaction, and the Administrative
Agent is willing to do so on the terms and conditions set forth herein.

 

NOW THEREFORE,
in consideration of the premises and the mutual agreement contained therein, and for good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:

 

Section 1.         
Definitions and Recitals. The above recitals shall be incorporated and construed as part of this Agreement.

 

Section 2.         
Ratification and Incorporation of Purchase Agreement, Debentures, Security Agreement and Related Agreements.
Except as expressly modified by this Agreement, (a) each of the Company and the Guarantor hereby acknowledges, confirms and ratifies
all of the terms and conditions set forth in, and all of its obligations under the Loan Agreement and related Loan Documents, each
of which documents and agreements are valid, binding and in full force and effect, and (b) all of the terms and conditions set
forth in the Loan Agreement and related Loan Documents are legal, valid and binding obligations and are incorporated herein by
this reference as if set forth in full herein.

 

     

     

    

 

Section 3.          
Acknowledgement of Indebtedness, Existing Defaults and Senior Secured Liens. Each of the Company and the Guarantor
acknowledges and agrees that (a) each of the Company and the Guarantor has no defenses, offsets, credits and/or counterclaims,
at law or equity, to the Existing Defaults and (b) as of September 30, 2018, the aggregate amount of the Obligations of principal
amount and interest accrued thereon for the Advances is not less than $1,911,858.33 and (c) that the Default Rate shall apply under
the terms of the Loan Agreement.

 

Section 4.          
The Forbearance Period. In reliance upon the representations, warranties and covenants of the Company and
the Guarantor contained in this Agreement, the Administrative Agent agrees that, until November 1, 2018, it will forbear from exercising
its rights and remedies with respect to the Existing Defaults.

 

Section 5.           
Termination of Standstill Obligations.

 

(a)          
The obligation of the Administrative Agent to forebear the exercise of the rights and remedies under the Loan Agreement
regarding the Existing Default or any other right related thereto shall terminate (the “Termination Date”) on
the earlier of (i) November 1, 2018; (ii) the date, if any, on which a petition for relief under the United States Bankruptcy Code
or any similar state law is filed by or against the Company or the Guarantor; or (iii) the date that the Company or the Guarantor
defaults under any of the terms and conditions of this Agreement or this Agreement is terminated.

 

(b)         
Upon the Termination Date, the agreement of the Administrative Agent to forbear under this Agreement shall automatically
and without further notice or action terminate and be of no force and effect, it being understood and agreed that as of the Termination
Date, the Administrative Agent shall be entitled to exercise such rights and remedies hereunder, under the Loan Agreement, the
Note and the other Loan Documents, or applicable law, immediately without any further notice, passage of time or forbearance of
any kind.

 

(c)          
Each of the Company and the Guarantor agrees that all of obligations regarding the Advances and the accrued interest thereon
(including interest computed at the Default Rate) shall, if not sooner paid, be absolutely and unconditionally due and payable
in full in cash or other immediately available funds by the Company on the Termination.

 

Section 6.          
Representations and Warranties. In order to induce the Administrative Agent to enter into this Agreement and
to forbear with respect to the Existing Defaults in the manner provided in this Agreement, each of the Borrower and the Guarantor
represents and warrants to the Administrative Agent as follows:

 

(a)          
Power and Authority. Each of the Borrower and the Guarantor has all requisite corporate power and authority to enter
into this Agreement and to carry out the transactions contemplated by, and perform its obligations hereunder.

 

(b)         
Authorization of Agreements. The execution and delivery of this Agreement by each of the Borrower and the Guarantor
and the performance hereunder have been duly authorized by all necessary action, and this Agreement has been duly executed and
delivered by each of the Borrower and the Guarantor.

 

(c)          
Enforceability. This Agreement constitutes the legal, valid and binding obligation of each of the Borrower and the
Guarantor enforceable against each such person in accordance with its terms.

 

(d)          
No Violation or Conflict. The execution and delivery by each of the Borrower and the Guarantor of this Agreement
and the performance by each of the Borrower and the Guarantor hereunder does not and will not (i) contravene, in any respect, any
provision of any law, regulation, decree, ruling, judgment or order that is applicable to each of the Borrower and the Guarantor
or their properties or other assets, or (ii) result in a breach of or constitute a default under the charter, bylaws or other organizational
documents of any such person or any material agreement, indenture, lease or instrument binding upon any such person or its properties
or other assets.

 

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(e)          
Governmental Consents. No authorization or approval or other action by, and no notice to or filing with, any governmental
authority or regulatory body is required for the due execution, delivery and performance by each of the Borrower and the Guarantor
of this Agreement.

 

Section 7.         
Effect on Agreements. Except as specifically provided herein, all of the Loan Documents remain in full force
and effect in accordance with their respective terms. Nothing in this Agreement shall extend, delay, diminish, impair, limit, extinguish
or otherwise affect in any way whatsoever any of the rights duties, liabilities, responsibilities or obligations of any of the
Borrower and the Guarantor arising under the Loan Agreement or the Loan Documents other than as expressly provided in this Agreement.

 

Section 8.          
Waiver of Jury Trial; Governing Law and Consent to Jurisdiction

 

(a)          
Jury Trial. Each of the Borrower and the Guarantor makes the following waiver knowingly, voluntarily, and intentionally,
and understands that the Administrative Agent, in entering into this Agreement, is relying thereon. EACH THE COMPANY AND THE GUARANTOR
HEREBY IRREVOCABLY WAIVES ANY PRESENT OR FUTURE RIGHT TO A JURY IN ANY TRIAL OF ANY CASE OR CONTROVERSY IN WHICH THE LENDERS, OR
EITHER OF THEM, ARE OR BECOME A PARTY (WHETHER SUCH CASE OR CONTROVERSY IS INITIATED BY OR AGAINST ANY OF THE LENDERS OR THE ADMINISTRATIVE
AGENT, OR EITHER OF THEM, OR IN WHICH ANY OF THE LENDERS OR THE ADMINISTRATIVE AGENT, OR EITHER OF THEM, IS JOINED AS A PARTY LITIGANT),
WHICH CASE OR CONTROVERSY ARISES OUT OF, OR IS IN RESPECT OF, ANY RELATIONSHIP BETWEEN THE COMPANY, THE GUARANTOR OR ANY SUCH PERSON
OR EITHER OF THEM.

 

(b)         
Governing Law: Consent To Jurisdiction And Venue. THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED
BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS AND DECISIONS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE
AND PERFORMED IN SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES THEREOF REGARDING CONFLICTS OF LAWS, AND ANY APPLICABLE LAWS OF THE
UNITED STATES OF AMERICA. EACH OF BORROWER AND GUARANTOR HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED WITHIN
THE COUNTY OF NEW YORK, SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN BORROWERS AND LENDERS
OR THE ADMINISTRATIVE AGENT PERTAINING TO THIS AGREEMENT, THE LOAN AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR TO ANY MATTER
ARISING OUT OF OR RELATED TO THIS AGREEMENT.

 

Section 9.          
Release and Waivers.

 

(a)          
Waiver of Claims by the Company and the Guarantor. Each of the Borrower and the Guarantor hereby acknowledges and
agrees that it has no offsets, defenses, claims, or counterclaims against any Lender or the Administrative Agent, or any of their
respective officers, directors, employees, affiliates, attorneys, representatives, predecessors, successors, or assigns with respect
to the Obligations, or otherwise, and that if the Company or the Guarantor now has, or ever did have, any such offsets, defenses,
claims, or counterclaims against any Lender or the Administrative Agent or their respective officers, directors, employees, affiliates,
attorneys, representatives, predecessors, successors, or assigns, whether known or unknown, at law or in equity, from the beginning
of the world through this date and through the time of execution of this Agreement, all of them are hereby expressly WAIVED, and
each of the Borrower and the Guarantor hereby RELEASES each Lender and the Administrative Agent and each of their respective officers,
directors, employees, affiliates, attorneys, representatives, predecessors, successors, and assigns from any liability therefor.

 

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(b)          
Release. In consideration of the agreements of the Administrative Agent contained herein, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each of the Borrower and the Guarantor on
behalf of itself and its successors, assigns, heirs, executor, administrator and other legal representatives, hereby, jointly and
severally, absolutely, unconditionally and irrevocably releases, remises and forever discharges each Lender and the Administrative
Agent, and each of their respective predecessors, successors and assigns, and their respective present and former shareholders,
affiliates, subsidiaries, divisions, directors, officers, attorneys, accountants, consultants, employees, agents and other representatives
(all such persons being hereinafter referred to, collectively, as the “Releasees” and individually as a “Releasee”),
of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money,
accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set off, demands and liabilities
whatsoever (individually, a “Claim” and collectively, “Claims”) of every name and nature,
known or unknown, suspected or unsuspected, both at law and in equity, which each of the Borrower and the Guarantor, or any of
their officers, directors, employees, successors, assigns, heirs, executor, administrator or other legal representatives, as the
case may be, may now or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason
of any nature, cause or thing whatsoever which arises at any time on or prior to the day and date of this Agreement, for or on
account of, or in relation to, or in any way in connection with the Loan Documents, as amended and supplemented through the date
hereof.

 

(c)          
Each of the Borrower and the Guarantor understands, acknowledges and agrees that the release set forth above may be pleaded
as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which
may be instituted, prosecuted or attempted in breach of the provisions of such release. Each of the Borrower and the Guarantor
agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be discovered
shall affect in any manner the final and unconditional nature of the release set forth above.

 

Section 10.          
Miscellaneous.

 

(a)          
This Agreement (i) contains the entire understanding of the parties with respect to the subject matter hereof, (ii) may
not be amended except in writing signed by all of the parties hereto, (iii) shall inure to the benefit of the parties hereto and
their respective successors and assigns, (iv) may be executed in multiple counterparts, each of which shall be deemed to be an
original and all of which taken together shall constitute one and the same agreement.

 

(b)          
Any determination that any provision of this Agreement or any application thereof is invalid, illegal, or unenforceable
in any respect in any instance shall not affect the validity, legality, or enforceability of such provision in any other instance,
or the validity, legality, or enforceability of any other provision of this Agreement. Section headings used herein are for convenience
of reference only, are not part of this Agreement, and are not to be taken into consideration in interpreting this Agreement.

 

(c)          
Each of the Borrower and the Guarantor represents and warrants that it (a) has engaged counsel and understands fully the
terms of this Agreement and the consequences of the execution and delivery of this Agreement, (b) has been afforded an opportunity
to have this Agreement reviewed by, and to discuss this Agreement with such attorneys and other persons as the Company and the
Guarantor may wish, and (c) has entered into this Agreement and executed and delivered all documents in connection herewith of
its own free will and accord and without threat, duress or other coercion of any kind by any person. The parties hereto acknowledge
and agree that neither this Agreement nor the other documents executed pursuant hereto shall be construed more favorably in favor
of one than the other based upon which party drafted the same, it being acknowledged that all parties hereto contributed substantially
to the negotiation and preparation of this Agreement and the other documents executed pursuant hereto or in connection herewith.

 

(d)          
In making proof of this Agreement, it shall not be necessary to produce or account for more than one counterpart thereof
signed by each of the parties hereto. Delivery of any executed counterpart of this Agreement by telefacsimile or electronic communication
shall have the same force and effect as delivery of an original executed counterpart of this Agreement. Any party delivering an
executed counterpart of this Agreement by telefacsimile or electronic communication also shall deliver an original executed counterpart
of this Agreement, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and
binding effect of this Agreement as to such party or any other party.

 

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[The remainder of this page is intentionally
blank. Signature page follows]

 

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IN WITNESS WHEREOF,
the parties have executed this Forbearance Agreement as of the date first above written.

 

	 	BORROWER:	 
	 	 	 	 	 
	 	GADSDEN GROWTH PROPERTIES, L.P.
 a Delaware limited partnership
	 	 	 	 	 
	 	 	By:	Gadsden Growth Properties, Inc., a Maryland corporation
	 	 	 	 	 
	 	 	 	By:	 /s/ John Hartman 
	 	 	 	 	Name: John Hartman 
	 	 	 	 	Title: CEO 
	 	 	 	 	 
	 	GUARANTOR:
	 	 	 	 	 
	 	GADSDEN GROWTH PROPERTIES, INC.,
 a Maryland corporation
	 	 	 	 	 
	 	 	By:	 /s/ John Hartman 
	 	 	 	Name: John Hartman 
	 	 	 	Title: CEO 

 

Agreed and accepted:

 

ADMINISTRATIVE AGENT

 

The Pigman Companies, LLC

 

	By:	/s/ Kris Pigman	 
	 	Name:  Kris
Pigman	 
	 	Title:    Managing
Member	 

 

Signature Page To Forbearance AgreementExhibit 10.2

 

__________, 2018

 

Boxwood Merger Corp.

1112 Montana Avenue, Suite 901

Santa Monica, CA 90403

 

Re: Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter Agreement”)
is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”)
to be entered into by and among Boxwood Merger Corp., a Delaware corporation (the “Company”), and Merrill
Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and Macquarie Capital (USA) Inc., as representatives
(the “Representatives”) of the several underwriters (each, an “Underwriter”
and collectively, the “Underwriters”), relating to an underwritten initial public offering (the “Public
Offering”), of 28,750,000 of the Company’s units (including up to 3,750,000 units that may be purchased pursuant
to the Underwriters’ option to purchase additional units) (each, a “Unit”), each Unit comprised
of one share of the Company’s Class A common stock, par value $0.01 per share (the “Common Stock”),
and one-half of one redeemable warrant (each, a “Warrant”). Each whole Warrant will entitle the holder
thereof to purchase one share of Common Stock at a price of $11.50 per share, subject to adjustment. The Units shall be sold in
the Public Offering pursuant to a registration statement on Form S-1 and prospectus (the “Prospectus”)
filed by the Company with the Securities and Exchange Commission (the “Commission”) and the Company has
applied to have the Units listed on the Nasdaq Capital Market. Certain capitalized terms used herein are defined in paragraph 11
hereof.

 

In order to induce the Company and the Underwriters
to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Boxwood Sponsor, LLC (the “Sponsor”) and
each of the undersigned individuals, each of whom is a member of the Company’s board of directors and/or management team
(each such other undersigned individual, an “Insider” and collectively, the “Insiders”),
hereby agrees with the Company as follows:

 

1.          The
Sponsor and each Insider agrees that (a) if the Company seeks stockholder approval of a proposed Business Combination, then in
connection with such proposed Business Combination, it, he or she shall (i) vote any shares of Capital Stock owned by it,
him or her in favor of any proposed Business Combination and (ii) not redeem any shares of Common Stock owned by it, him or
her in connection with such stockholder approval; and (b) if the Company engages in a tender offer in connection with a proposed
Business Combination, it, he or she shall not sell any shares of Common Stock to the Company in connection therewith.

 

2.          The
Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination within 24
months from the date of the closing of the Public Offering, or such longer period approved by the Company’s stockholders
in accordance with the Company’s amended and restated certificate of incorporation, the Sponsor and each Insider shall take
all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as
reasonably possible but not more than ten business days thereafter, subject to lawfully available funds therefor, redeem 100% of
the Common Stock sold as part of the Units in the Public Offering (the “Offering Shares”), at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds
held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest to pay dissolution
expenses), divided by the number of then outstanding Offering Shares, which redemption will completely extinguish all Public Stockholders’
rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and
(iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders
and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under
Delaware law to provide for claims of creditors and other requirements of applicable law. The Sponsor and each Insider agree not
to propose any amendment to the Company’s amended and restated certificate of incorporation to modify the substance or timing
of the Company’s obligation to redeem 100% of the Offering Shares if the Company does not complete a Business Combination
within 24 months from the closing of the Public Offering, unless the Company provides its Public Stockholders with the opportunity
to redeem their Offering Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the Trust Account, including interest (which interest shall be net of amounts released for payment of
taxes) earned on the funds in the Trust Account divided by the number of then outstanding Offering Shares.

 

     

     

    

 

The Sponsor and each Insider acknowledges
that it, he or she 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 with respect to the Founder Shares held by it, him or her, provided,
that the foregoing waiver shall not apply with respect to liquidating distributions from the Trust Account made in connection with
any Offering Shares purchased by the undersigned or its Affiliates during the Public Offering or on the open market after the completion
of the Public Offering if the Company fails to complete a Business Combination within 24 months of the completion of the Public
Offering. The Sponsor and each Insider hereby further waives, with respect to any shares of Common Stock held by it, him or her,
if any, any redemption rights it, he or she may have in connection with the consummation of a Business Combination, including,
without limitation, any such rights available in the context of a stockholder vote to approve such Business Combination or a stockholder
vote to approve an amendment to the Company’s amended and restated certificate of incorporation to modify the substance or
timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company does not complete a Business Combination
within 24 months from the closing of the Public Offering or in the context of a tender offer made by the Company to purchase shares
of Common Stock (although the Sponsor, the Insiders and their respective affiliates shall be entitled to redemption and liquidation
rights with respect to any Offering Shares it or they hold if the Company fails to consummate a Business Combination within 24
months from the date of the closing of the Public Offering).

 

3.          Notwithstanding
the provisions set forth in paragraphs 7(a) and (b) below, but except as described in paragraph 7(c) below, during the period commencing
on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each Insider shall not,
without the prior written consent of the Representatives, (i) offer, sell, contract to sell, hypothecate, pledge or grant any option
to purchase or otherwise dispose of (or enter into any transaction that is designed to, or might reasonably be expected to, result
in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise)), directly
or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the
meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the
rules and regulations of the Commission promulgated thereunder, with respect to, any Units, shares of Capital Stock, Warrants or
any securities convertible into, or exercisable, or exchangeable for, Capital Stock, (ii) enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of any Units, shares of Capital Stock,
Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of Capital Stock owned by it, him or her,
whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly announce
an intention to effect any such transaction. Each of the Sponsor and the Insiders acknowledges and agrees that, prior to the effective
date of any release or waiver, of the restrictions set forth in this paragraph 3 or paragraph 7 below, the Company shall announce
the impending release or waiver by press release through a major news service at least two business days before the effective date
of the release or waiver. Any release or waiver granted shall only be effective two business days after the publication date of
such press release.

 

4.          In
the event of the liquidation of the Trust Account upon the failure of the Company to consummate its initial Business Combination
within 24 months from the closing of the Public Offering, the Sponsor (which for purposes of clarification shall not extend to
any direct or indirect members or managers of the Sponsor) agrees to indemnify and hold harmless the Company against any and all
loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably
incurred in investigating, preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever)
to which the Company may become subject as a result of any claim by (i) any third party (other than the Company’s independent
accountants) for services rendered or products sold to the Company or (ii) a prospective target business with which the Company
has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement (a “Target”);
provided, however, that such indemnification of the Company by the Sponsor (x) shall apply only to the extent necessary
to ensure that such claims by a third party for services rendered (other than the Company’s independent public accountants)
or products sold to the Company or a Target do not reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00
per Offering Shares and (ii) the actual amount per Offering Share held in the Trust Account as of the date of the liquidation of
the Trust Account, if less than $10.00 per Offering Share due to reductions in the value of the trust assets, less the amount of
interest earned on the property in the Trust Account which may be withdrawn to pay taxes and up to $100,000 of interest to pay
dissolution expenses, (y) shall not apply to any claims by a third party (including a Target) who executed a waiver of any and
all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) and (z) shall not apply to any claims
under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under the Securities
Act of 1933, as amended. The Sponsor shall have the right to defend against any such claim with counsel of its choice reasonably
satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the Sponsor, the Sponsor notifies
the Company in writing that it shall undertake such defense.

 

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5.          To
the extent that the Underwriters do not exercise their option to purchase up to an additional 3,750,000 Units within 45 days from
the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit, at no cost, a number of
Founder Shares in the aggregate equal to the product of 937,500, multiplied by a fraction, (i) the numerator of which is 3,750,000
minus the number of Units purchased by the Underwriters upon the exercise of their option to purchase additional Units, and (ii)
the denominator of which is 3,750,000. The forfeiture will be adjusted to the extent that the Underwriters' option to purchase
additional Units is not exercised in full by the Underwriters so that the Initial Stockholders will own an aggregate of 20.0% of
the Company’s issued and outstanding shares of Capital Stock after the Public Offering (not including shares of Common Stock
underlying the Private Placement Units (as defined below) and assuming no Initial Stockholder purchases units in the Public Offering).
The Sponsor further agrees that to the extent that the size of the Public Offering is increased or decreased, the Company will
effect a stock dividend, stock split or share repurchase or contribution (or other similar action) back to capital, as applicable,
immediately prior to the consummation of the Public Offering in such amount as to maintain the ownership of the Initial Stockholders
at 20.0% of the Company’s issued and outstanding shares of Capital Stock after the Public Offering (not including shares
of Common Stock underlying the Private Placement Units (as defined below) and assuming no Initial Stockholder purchases units in
the Public Offering). In connection with any such increase or decrease in the size of the Public Offering, (a) the references
to 3,750,000 in the numerator and denominator of the formula in the first sentence of this paragraph shall be changed to a number
equal to 15% of the number of shares included in the Units issued in the Public Offering and (B) the reference to 937,500
in the formula set forth in the first sentence of this paragraph shall be adjusted to such number of Founder Shares that the Sponsor
would have to return to the Company in order to hold (together with the other Initial Stockholders) an aggregate of 20.0% of the
Company’s issued and outstanding shares of Capital Stock after the Public Offering (not including shares of Common Stock
underlying the Private Placement Units (as defined below) and assuming no Initial Stockholder purchases units in the Public Offering).

 

6.          (a)          The Sponsor and each Insider agrees not to participate in the formation of, or become an officer or director of, any other special
purpose acquisition company with a class of securities registered under the Exchange Act until the Company has (i) entered into
a definitive agreement regarding its initial Business Combination or (ii) failed to complete a Business Combination within 24 months
after the closing of the Public Offering. For the avoidance of doubt, neither Macquarie Group Limited nor any of its affiliates
(other than the Sponsor) are bound by this prohibition.

 

(b)          The
Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably injured
in the event of a breach by such Sponsor or an Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 6(a), 7(a),
7(b), and 9 of this Letter Agreement (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching
party shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in
the event of such breach.

 

7.          (a)          Except as described below, the Sponsor and each Insider agrees that it, he or she shall not Transfer any Founder Shares (or
shares of Common Stock issuable upon conversion thereof) until the earlier of (A) one year after the completion of the Company’s
initial Business Combination and (B) subsequent to the Business Combination, (x) if the last reported sale price of the Common
Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and
the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial
Business Combination or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization
or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares
of Common Stock for cash, securities or other property (the “Founder Shares Lock-up Period”).

 

    	 	3	 

     

    

 

(b)          Except
as described below, the Sponsor and each Insider agrees that it, he or she shall not effectuate any Transfer of Private Placement
Units (or any securities underlying the Private Placement Units, including the shares of Common Stock and Private Placement Warrants
included in the Private Placement Units), Private Placement Warrants or shares of Common Stock issued or issuable upon the exercise
of the Private Placement Warrants (collectively with the Founder Shares and the shares of Common Stock issuable upon conversion
thereof, the “Securities”), until 30 days after the completion of an Initial Business Combination (the
“Private Placement Securities Lock-up Period” and, together with the Founder Shares Lock-up Period, the
“Lock-up Periods”).

 

(c)          Notwithstanding
the provisions set forth in paragraphs 3, 7(a) and 7(b), Transfers of the Securities that are held by the Sponsor, any Insider
or any of their permitted transferees (that have complied with this paragraph 7(c)), are permitted (i) to affiliates of the Sponsor,
to any of the Company’s officers or directors, to officers, directors, members or beneficial owners of the Sponsor, to any
affiliates or family members of any of the foregoing or to any trust where any of the foregoing is the primary beneficiary; (ii)
in the case of any beneficial owner of the Sponsor or an individual, by gift to a member of one of the members of the beneficial
owners of the Sponsor or individual’s immediate family, to a trust, the beneficiary of which is a member of one of the beneficial
owners of the Sponsor or individual’s immediate family, an affiliate of any such person or beneficial owner, or to a charitable
organization; (iii) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (iv)
in the case of an individual, pursuant to a qualified domestic relations order; (v) by private sales or transfers made in connection
with any forward purchase agreement or similar arrangement or in connection with the consummation of the Company’s initial
Business Combination at prices no greater than the price at which the applicable securities were originally purchased; (vi) in
the case of an entity, as a distribution to its partners, stockholders or members upon liquidation; (vii) in the event of the Company’s
liquidation prior to the completion of the Company’s initial Business Combination; (viii) by virtue of the laws of Delaware
or the Sponsor’s amended and restated limited liability company agreement upon dissolution of the Sponsor; or (ix) in the
event of the Company’s completion of a liquidation, merger, stock exchange or other similar transaction which results in
all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other
property subsequent to the Company’s completion of its initial Business Combination; provided, however, that
in the case of clauses (i) through (vi), these permitted transferees must enter into a written agreement with the Company agreeing
to be bound by the restrictions herein.

 

8.          The
Sponsor and each Insider represents and warrants that it, he or she has never been suspended or expelled from membership in any
securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended
or revoked. Each Insider’s biographical information furnished to the Company (including any such information included in
the Prospectus) is true and accurate in all respects and does not omit any material information with respect to the Insider’s
background. The Sponsor and each Insider’s questionnaire furnished to the Company is true and accurate in all respects. The
Sponsor and each Insider represents and warrants that: it, he or she is not subject to or a respondent in any legal action for,
any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering
of securities in any jurisdiction; it, he or she has never been convicted of, or pleaded guilty to, any crime (i) involving fraud,
(ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities
and it, he or she is not currently a defendant in any such criminal proceeding.

 

9.          Except
as disclosed in the Prospectus, neither the Sponsor nor any Insider nor any affiliate of the Sponsor or any Insider, nor any director
or officer of the Company, shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect
of any repayment of a loan or other compensation prior to, or in connection with any services rendered in order to effectuate the
consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is), other than
the amounts described in the Prospectus under the heading “Summary – The Offering – Limited Payments to Insiders.”

 

10.         The
Sponsor and each Insider has full right and power, without violating any agreement to which it is bound (including, without limitation,
any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement and,
as applicable, to serve as an officer and/or a director on the board of directors of the Company and hereby consents to being named
in the Prospectus as an officer and/or a director of the Company.

 

    	 	4	 

     

    

 

11.         As
used herein, (i) “Business Combination” shall mean a merger, capital stock exchange, asset acquisition,
stock purchase, recapitalization or similar business combination, involving the Company and one or more businesses; (ii) “Founder
Shares” shall mean the 7,187,500 shares of the Company’s Class F common stock, par value $0.01 per share (or
6,250,000 shares if the Underwriters’ option to purchase additional units is not exercised) initially held by the Initial
Stockholders; (iii) “Initial Stockholders” shall mean the Sponsor and any other holder of Founder Shares
immediately prior to the Public Offering; (iv) “Private Placement Units” shall mean the 275,000 units
(or 300,000 units if the Underwriters’ option to purchase additional Units is exercised in full), each consisting of one
share of Common Stock and one-half of one Private Placement Warrant, proposed to be acquired by the Sponsor, for an aggregate purchase
price of $2,750,000 (or $3,000,000 if the Underwriters’ option to purchase additional Units is exercised in full), or $10.00
per Private Placement Unit, in a private placement that shall occur simultaneously with the consummation of the Public Offering;
(v) “Private Placement Warrants” shall mean the Warrants to purchase up to 4,250,000 shares (or 4,750,000
shares if the Underwriters’ option to purchase additional Units is exercised in full) of Common Stock of the Company proposed
to be acquired by the Sponsor, for an aggregate purchase price of $4,250,000 (or $4,750,000 if the Underwriters’ option to
purchase additional Units is exercised in full), or $1.00 per Private Placement Warrant, in a private placement that shall occur
simultaneously with the consummation of the Public Offering; (v) “Public Stockholders” shall mean the
holders of securities issued in the Public Offering; (vi) “Trust Account” shall mean the trust fund into
which a portion of the net proceeds of the Public Offering shall be deposited; (vii) “Transfer” shall
mean the (a) sale or assignment of, offer to sell, contract or agreement to sell, hypothecate, 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 Commission promulgated thereunder with respect to, any security, (b) 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 security, whether
any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention
to effect any transaction specified in clause (a) or (b); and (viii) “Capital Stock” shall mean, collectively,
the Common Stock and the Founder Shares.

 

12.         This
Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof
and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the
extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may not
be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by
a written instrument executed by the Company, the Sponsor and any Insider that is subject of any such change, amendment, modification
or waiver.

 

13.         No
party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior
written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and
shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding
on the Sponsor and each Insider and their respective successors, heirs and assigns and permitted transferees.

 

14.         Nothing
in this Letter Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto
any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise or agreement
hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall be for the sole
and exclusive benefit of the parties hereto and their successors, heirs, personal representatives and assigns and permitted transferees;
provided, however, that the Underwriters shall benefit from the provisions set forth in paragraphs 3 and 7, which
such paragraph shall not be amended or modified without the written consent of the Representatives.

 

15.         This
Letter 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.

 

16.         This
Letter 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 Letter 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 Letter Agreement
a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

    	 	5	 

     

    

 

17.         This
Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this
Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit
to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive
jurisdiction and venue or that such courts represent an inconvenient forum.

 

18.         Any
notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in writing
and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery
or facsimile transmission.

 

19.         This
Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation of the Company;
provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not
consummated and closed by April 30, 2019; provided further that paragraph 4 of this Letter Agreement shall survive such
liquidation.

 

[Signature Page Follows]

 

    	 	6	 

     

    

  

	 	Sincerely,
	 	 
	 	BOXWOOD SPONSOR, LLC
	 	 	 
	 	
        By: 
	 
	 	Name:	Stephen M. Kadenacy
	 	Title:	Manager
	 	 	 
	 	
        By: 
	 
	 	Name:	Jin Chun
	 	Title:	Manager
	 	 	 
	 	
        By: 
	 
	 	Name:	Stephen M. Kadenacy
	 	 	 
	 	By:	 
	 	Name:	Joseph E. Reece
	 	 	 
	 	By:	 
	 	Name:	Richard A. Gadbois
	 	 	 
	 	
        By: 
	 
	 	Name:	Alan P. Krusi
	 	 	 
	 	
        By: 
	 
	 	Name:	Daniel E. Esters
	 	 	 
	 	
        By: 
	 
	 	Name:	Duncan Murdoch
	 	 	 
	 	
        By: 
	 
	 	Name:	David Lee

 

[Signature Page to Letter Agreement]

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