Document:

Exhibit 10.1

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Agreement is made as of June 1, 2017
by and between KBL Merger Corp. IV (the “Company”) and Continental Stock Transfer & Trust Company (“Trustee”).

 

WHEREAS, the Company’s registration
statement on Form S-1, No. 333-217475 (“Registration Statement”), for its initial public offering of securities (“IPO”)
has been declared effective as of the date hereof (“Effective Date”) by the Securities and Exchange Commission (capitalized
terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement); and

 

WHEREAS, Ladenburg Thalmann & Co. Inc.
(the “Representative”) is acting as the representative of the underwriters in the IPO pursuant to an underwriting agreement
between the Company and the underwriters (“Underwriting Agreement”); and

 

WHEREAS, simultaneously with the IPO, the
Company’s sponsor and the underwriters will be purchasing an aggregate 450,000 Units (or 502,500 Units if the underwriters’
over-allotment option is exercised in full) (“Private Units”), among which 350,000 Private Units (or .377,500 Private
Units if the underwriters’ over-allotment option is exercised in full) will be purchased by the Company’s sponsor and
100,000 Private Units (or 125,000 Private Units if the underwriters’ over-allotment option is exercised in full) will be
purchased by the underwriters, from the Company for an aggregate purchase price of $4,500,000 (or an aggregate of $5,025,000 if
the underwriters’ over-allotment option is exercised in full); and

 

WHEREAS, as described in the Registration
Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation, $101,000,000 of the gross
proceeds of the IPO and sale of the Private Units ($116,500,000 if the underwriters’ over-allotment option is exercised in
full) will be delivered to the Trustee to be deposited and held in a trust account for the benefit of the Company and the holders
of the Company’s common stock, par value $0.0001 per share, issued in the IPO as hereinafter provided (the amount to be delivered
to the Trustee will be referred to herein as the “Property”; the stockholders for whose benefit the Trustee shall hold
the Property will be referred to as the “Public Stockholders,” and the Public Stockholders and the Company will be
referred to together as the “Beneficiaries”); and

 

WHEREAS, pursuant to the Underwriting Agreement,
a portion of the Property, up to $3,500,000 (or $4,025,000 if the underwriters’ over-allotment option is exercised in full),
is attributable to deferred underwriting discounts and commissions that may become payable by the Company to the underwriters upon
the consummation of an initial business combination (as described in the Registration Statement, a “Business Combination”)
(the “Deferred Discount”);

 

WHEREAS, the Company and the Trustee desire
to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property.

 

IT IS AGREED:

 

1.           Agreements
and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(a)          Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in a segregated trust account (“Trust
Account”) established by the Trustee at J.P. Morgan Chase Bank N.A. and at a brokerage institution selected by the Trustee
that is satisfactory to the Company;

 

(b)          Manage,
supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

    	 		 

     

    

  

(c)          In
a timely manner, upon the written instruction of the Company, to invest and reinvest the Property in United States “government
securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, (the “Investment
Company Act”) having a maturity of 180 days or less, and/or in any open ended investment company registered under the Investment
Company Act that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(1), (d)(2),
(d)(3), and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act, which invest only in direct U.S. government treasury
obligations; it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s
instructions hereunder;

 

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

 

(e)          Notify
the Company and the Representative of all communications received by the Trustee with respect to any Property requiring action
by the Company;

 

(f)           Supply
any necessary information or documents as may be requested by the Company in connection with the Company’s preparation of
its tax returns;

 

(g)          Participate
in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed
by the Company to do so;

 

(h)          Render
to the Company monthly written statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements
of the Trust Account; and

 

(i)           Commence
liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter (“Termination
Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B hereto, signed on behalf
of the Company by its Chief Executive Officer and Chief Operating Officer and affirmed by counsel for the Company, and, in the
case of a Termination Letter in a form substantially similar to that attached hereto as Exhibit A, acknowledged and agreed to by
the Representative, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account only as
directed in the Termination Letter and the other documents referred to therein; provided, however, that in the event that a Termination
Letter has not been received by the Trustee within the time period set forth in the Company’s Certificate of Incorporation,
as the same may be amended from time to time (“Last Date”), the Trust Account shall be liquidated in accordance with
the procedures set forth in the Termination Letter attached as Exhibit B hereto and distributed to the stockholders of record on
the Last Date. The provisions of this Section 1(i) may not be modified, amended or deleted under any circumstances.

 

(j)           Upon
receipt of an Amendment Notification Letter (defined below), distribute to Public Stockholders who exercised their redemption rights
in connection with an Amendment (defined below) an amount equal to the pro rata share of the Property relating to the shares for
which such Public Stockholders have exercised redemption rights in connection with such Amendment.

 

2.           Limited
Distributions of Income from Trust Account.

 

(a)          Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit C, the Trustee shall distribute to the Company the amount of interest income earned on the Property and requested by
the Company to cover any tax obligation owed by the Company as a result of assets of the Company or interest or other income earned
on the Property, which amount shall be delivered directly to the Company by electronic funds transfer or other method of prompt
payment, and, if applicable, the Company shall forward such payment to the relevant taxing authority; provided, however, that to
the extent there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets
held in the Trust Account as shall be designated by the Company in writing to make such distribution so long as there is no reduction
in the principal amount initially deposited in the Trust Account; provided, however, that if the tax to be paid is a franchise
tax, the written request by the Company to make such distribution shall be accompanied by a copy of the franchise tax bill from
the State of Delaware for the Company and a written statement from the principal financial officer of the Company setting forth
the actual amount payable (it being acknowledged and agreed that any such amount in excess of interest income earned on the Property
shall not be payable from the Trust Account). The written request of the Company referenced above shall constitute presumptive
evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request.

 

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

 

(c)          In
all cases, the Company shall provide the Representative with a copy of any Termination Letters and/or any other correspondence
that it issues to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after such issuance.

 

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

 

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

 

(b)          Subject
to the provisions of Section 5 of this Agreement, hold the Trustee harmless and indemnify the Trustee from and against, any and
all expenses, including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection with any claim,
potential claim, action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim
or demand which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or
any income earned from investment of the Property, except for expenses and losses resulting from the Trustee's gross negligence,
fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any
action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this paragraph, it shall notify
the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the
right to conduct and manage the defense against such Indemnified Claim, provided, that the Trustee shall obtain the consent of
the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree
to settle any Indemnified Claim without the prior written consent of the Company, which consent shall not be unreasonably withheld.
The Company may participate in such action with its own counsel;

 

(c)          Pay
the Trustee an initial acceptance fee, an annual fee and a transaction processing fee for each disbursement made pursuant to Section
2(a) as set forth on Schedule A hereto, which fees shall be subject to modification by the parties from time to time. It is expressly
understood that the Property shall not be used to pay such fees and further agreed that any fees owed to the Trustee shall be deducted
by the Trustee from the disbursements made to the Company pursuant to Section 1(i) solely in connection with the consummation of
an initial business combination (as described in the Registration Statement) (a “Business Combination”). The Company
shall pay the Trustee the initial acceptance fee and first year’s fee at the consummation of the IPO and thereafter on the
anniversary of the Effective Date;

 

(d)          In
connection with any vote of the Company’s stockholders regarding a Business Combination, provide to the Trustee an affidavit
or certificate of a firm regularly engaged in the business of soliciting proxies and/or tabulating stockholder votes (which firm
may be the Trustee) verifying the vote of the Company’s stockholders regarding such Business Combination;

 

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

 

(f)          Within
five business days after the Representative, on behalf of the underwriters in the IPO, exercise the over-allotment option (or any
unexercised portion thereof) or such over-allotment option expires, provide the Trustee with a notice in writing (with a copy to
the Representative) of the total amount of the Deferred Discount;

 

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

 

(h)          If
the Company seeks to amend any provisions of its amended and restated certificate of incorporation relating to stockholders’
rights or pre-Business Combination activity (including the time within which the Company has to complete a Business Combination)
(in each case, an “Amendment”), the Company will provide the Trustee with a letter (an “Amendment Notification
Letter”) in the form of Exhibit D providing instructions for the distribution of funds to Public Stockholders who exercise
their redemption option in connection with such Amendment.

 

4.           Limitations
of Liability. The Trustee shall have no responsibility or liability to:

 

(a)          Take
any action with respect to the Property, other than as directed in Sections 1 and 2 hereof and the Trustee shall have no liability
to any party except for liability arising out of its own gross negligence, fraud or willful misconduct;

 

(b)          Institute
any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of
any kind with respect to, any of the Property unless and until it shall have received written instructions from the Company given
as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident
thereto;

 

(c)          Change
the investment of any Property, other than in compliance with Section 1(c);

 

(d)          Refund
any depreciation in principal of any Property;

 

(e)          Assume
that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided
otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;

 

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(f)          The
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted,
in good faith and in the exercise of its own best judgment, except for its gross negligence, fraud or willful misconduct. The Trustee
may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel
(including counsel chosen by the Trustee), statement, instrument, report or other paper or document (not only as to its due execution
and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained)
which is believed by the Trustee, in good faith and with reasonable care, to be genuine and to be signed or presented by the proper
person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission
of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee signed by the proper
party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto;

 

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

 

(h)          File
local, state and/or federal tax returns or information returns with any taxing authority on behalf of the Trust Account and payee
statements with the Company documenting the taxes, if any, payable by the Company or the Trust Account, relating to the income
earned on the Property.

 

(i)           Pay
any taxes on behalf of the Trust Account (it being expressly understood that the Property, other than accrued interest to the extent
otherwise provided by this Agreement, shall not be used to pay any such taxes and that such taxes, if any, shall be paid by the
Company from funds not held in the Trust Account).

 

(j)           Imply
obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this agreement
and that which is expressly set forth herein.

 

(k)          Verify
calculations, qualify or otherwise approve Company requests for distributions pursuant to Section 1(i), 1(j) or 2(a) above.

 

5.           Trust
Account Waiver. The Trustee has no right of set off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including,
without limitation, under Section 3(b) hereof, the Trustee shall pursue such Claim solely against the Company and its assets outside
the Trust Account and not against the Property or any monies in the Trust Account.

 

6.           Termination.
This Agreement shall terminate as follows:

 

(a)          If
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee during which time the Trustee shall act in accordance with this Agreement. At such time that
the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to
the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including
but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement
shall terminate; provided, however, that, in the event that the Company does not locate a successor trustee within ninety days
of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with
any court in the State of New York or with the United States District Court for the Southern District of New York and upon such
deposit, the Trustee shall be immune from any liability whatsoever for matters arising after such deposit; or

 

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(b)          At
such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of Section 1(i)
hereof, and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate
except with respect to Section 3(b).

 

7.           Miscellaneous.

 

(a)          The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds
transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating
to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe
unauthorized persons may have obtained access to such information, or of any change in its authorized personnel. In executing funds
transfers, the Trustee will rely upon all information supplied to it by the Company, including account names, account numbers and
all other identifying information relating to a beneficiary, beneficiary's bank or intermediary bank. Except for any liability
arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss,
liability or expense resulting from any error in the information or transmission of the wire.

 

(b)          This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. This
Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together
shall constitute but one instrument.

 

(c)          This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for Section 1(i) (which may not be modified, amended or deleted under any circumstances), this Agreement or any provision hereof
may only be changed, amended or modified by a writing signed by each of the parties hereto; provided, however, that no such change,
amendment or modification may be made without the prior written consent of the Representative.

 

(d)          As
to any claim, cross-claim or counterclaim in any way relating to this Agreement, each party waives the right to trial by jury.

 

(e)          The
parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough of
Manhattan, for purposes of resolving any disputes hereunder.

 

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

 

if to the Trustee, to:

 

Continental Stock Transfer&
Trust Company

One State Street, 30th
Floor

New York, New York 10004

Attn: Steven G. Nelson, Chairman, and Francis
Wolf, Vice President

Fax No.: (212) 509-5150

 

if to the Company, to:

 

KBL Merger Corp. IV

527 Stanton Christiana Rd

Newark, DE 19713

Attn: Marlene Krauss, M.D.

 

in either case with a copy to:

 

Ladenburg Thalmann & Co. Inc.

277 Park Avenue, 26th Floor

New York, New York 10172

Attn: Steven Kaplan

Fax No.: (212) 409-2169

 

with a copy to:

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas

New York, New York 10105

Attn: Stuart Neuhauser, Esq.

Fax No.: (212) 370-7889

 

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

 

(h)          Each
of the Company and the Trustee hereby represents that it has the full right and power and has been duly authorized to enter into
this Agreement and to perform its respective obligations as contemplated hereunder.

 

(i)           This
Agreement is the joint product of the Trustee and the Company and each provision hereof has been subject to the mutual consultation,
negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

(j)           This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic
transmission shall constitute valid and sufficient delivery thereof.

  

(k)          Each
of the Company and the Trustee hereby acknowledges that the Representative, on behalf of the several underwriters, is a third party
beneficiary of this Agreement.

 

[signature page follows]

 

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IN WITNESS WHEREOF, the parties have duly
executed this Investment Management Trust Agreement as of the date first written above.

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 
	 	By:	/s/ Francis E. Wolf, Jr.
	 	 	Name: Francis E. Wolf, Jr.
	 	 	Title:   Vice President
	 	 	 
	 	KBL MERGER CORP. IV
	 	 	 
	 	By:	/s/
Marlene Krauss
	 	 	Name: Marlene Krauss, M.D.
	 	 	Title: Chief Executive Officer

 

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SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Acceptance fee	 	At the close of the IPO by wire transfer	 	$	1,500	 
	Annual fee	 	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	$	9,000	 
	 	 	 	 	 	 	 
	Transaction processing fee for disbursements to Company under Section 2	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 2	 	$	250	 
	Paying agent services as required pursuant to section 1(i), 1(j) and 3(h)	 	Billed to company upon delivery of service pursuant to section 1(i) 1(j) and 3(h)	 	 	Prevailing rates	 

 

 

    	 	9	 

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

& Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Steven Nelson and Francis Wolf

 

Re:       Trust
Account No. [______] Termination Letter

 

Gentlemen:

 

Pursuant to Section 1(i) of the Investment
Management Trust Agreement between KBL Merger Corp. IV (“Company”) and Continental Stock Transfer& Trust Company
(“Trustee”), dated as of June 1, 2017 (“Trust Agreement”), this is to advise you that the Company has entered
into an agreement (“Business Agreement”) with __________________ (“Target Business”) to consummate a business
combination with Target Business (“Business Combination”) on or about [insert date]. The Company shall
notify you at least 48 hours in advance of the actual date of the consummation of the Business Combination (“Consummation
Date”). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to liquidate the Trust Account investments on __________ and to transfer the proceeds to a segregated
account held by you on behalf of the Beneficiaries to the effect that, on the Consummation Date, all of funds held in the Trust
Account will be immediately available for transfer to the account or accounts that the Company shall direct on the Consummation
Date. It is acknowledged and agreed that while the funds are on deposit in the trust account awaiting distribution, the Company
will not earn any interest or dividends.

 

On the Consummation Date (i) counsel for
the Company shall deliver to you written notification that the Business Combination has been consummated, (ii) the Company shall
deliver to you (a) [an affidavit] [a certificate] of __________________, which verifies the vote of the Company’s stockholders
in connection with the Business Combination if a vote is held and (b) joint written instructions from the Company and the Representative
with respect to the transfer of the funds held in the Trust Account (“Instruction Letter”) and (iii) the Representative
shall deliver to you written instructions for delivery of the Deferred Discount. You are hereby directed and authorized to transfer
the funds held in the Trust Account immediately upon your receipt of the counsel’s letter and the Instruction Letter, (x)
to the Representative in an amount equal to the Deferred Discount as directed by the Representative and (y) the remainder in accordance
with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not be liquidated by
the Consummation Date without penalty, you will notify the Company of the same and the Company shall direct you as to whether such
funds should remain in the Trust Account and distributed after the Consummation Date to the Company. Upon the distribution of all
the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be terminated.

 

In the event that the Business Combination
is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original
Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the funds
held in the Trust Account shall be reinvested as provided in the Trust Agreement on the business day immediately following the
Consummation Date as set forth in the notice.

  

	 	Very truly yours,
	 	 
	 	KBL MERGER CORP. IV
	 	 	 
	 	By:	 
	 	 	Name: Marlene Krauss, M.D.
	 	 	Title:  Chief Executive Officer
	 	 	 
	 	By:	 
	 	 	Name: Joseph A. Williamson
	 	 	Title:  Chief Operating Officer

 

AGREED TO AND ACKNOWLEDGED BY

LADENBURG THALMANN & CO. INC.

 

	By: 	 	 
	 	Name:	 
	 	Title:	 

 

    	 		 

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

& Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Steven Nelson and Francis Wolf

 

Re:       Trust
Account No. [______] Termination Letter

 

Gentlemen:

 

Pursuant to Section 1(i) of the Investment
Management Trust Agreement between KBL Merger Corp. IV (“Company”) and Continental Stock Transfer& Trust Company
(“Trustee”), dated as of June 1, 2017 (“Trust Agreement”), this is to advise you that the Company has been
unable to effect a Business Combination with a Target Company within the time frame specified in the Company’s Amended and
Restated Certificate of Incorporation, as described in the Company’s prospectus relating to its initial public offering of
securities.

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to liquidate all the Trust Account investments on ______________ and to transfer the total proceeds
to a segregated account held by you on behalf of the Beneficiaries to await distribution to the stockholders. The Company has selected
____________ 20 __ as the record date for the purpose of determining the stockholders entitled to receive their share of the liquidation
proceeds. It is acknowledged that no interest will be earned by the Company on the liquidation proceeds while on deposit in the
trust account. You agree to be the Paying Agent of record and in your separate capacity as Paying Agent and to distribute said
funds directly to the Company's stockholders in accordance with the terms of the Trust Agreement and the Amended and Restated Certificate
of Incorporation of the Company. Upon the distribution of all the funds in the trust account, your obligations under the Trust
Agreement shall be terminated.

 

	 	Very truly yours,
	 	 
	 	KBL MERGER CORP. IV
	 	 	 
	 	By:	 
	 	 	Name: Marlene Krauss, M.D.
	 	 	Title:  Chief Executive Officer
	 	 	 
	 	By:	 
	 	 	Name: Joseph A. Williamson
	 	 	Title:  Chief Operating Officer

 

cc:     Ladenburg
Thalmann & Co. Inc.

 

    	 		 

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

& Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Accounting Department

Cynthia Jordan and
Sally Williams

 

Re:     Trust
Account No. [______]

 

Gentlemen:

 

Pursuant to Section 2(a) of the Investment
Management Trust Agreement between KBL Merger Corp. IV (“Company”) and Continental Stock Transfer& Trust Company
(“Trustee”), dated as of June 1, 2017 (“Trust Agreement”), the Company hereby requests that you deliver
to the Company $_______ of the interest income earned on the Property as of the date hereof. The Company needs such funds to pay
for the tax obligations as set forth on the attached tax return or tax statement. In accordance with the terms of the Trust Agreement,
you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to
the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 
	 	KBL MERGER CORP. IV
	 	 	 
	 	By:	 
	 	 	Name: Marlene Krauss, M.D.
	 	 	Title:  Chief Executive Officer
	 	 	 
	 	By:	 
	 	 	Name: Joseph A. Williamson
	 	 	Title:  Chief Operating Officer

 

cc:     Ladenburg
Thalmann & Co. Inc.

 

    	 		 

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

& Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Steven Nelson and Mark Zimkind, Corporate
Actions

 

Re:     Trust
Account No. [______]

 

Gentlemen:

 

Reference is made to the Investment Management
Trust Agreement between KBL Merger Corp. IV (“Company”) and Continental Stock Transfer & Trust Company, dated as
of June 1, 2017 (“Trust Agreement”). Capitalized words used herein and not otherwise defined shall have the meanings
ascribed to them in the Trust Agreement.

 

Pursuant to Sections 1(j) and 3(h) of the
Trust Agreement, this is to advise you that the Company has sought an Amendment. Accordingly, in accordance with the terms of the
Trust Agreement, we hereby authorize you to liquidate the Trust Account on [ ] and to transfer $_____ of the proceeds of the Trust
to a segregated account held by you on behalf of the Beneficiaries for distribution to the shareholders that have requested redemption
of their shares in connection with such Amendment. The remaining funds shall be reinvested by you as previously instructed.

 

	 	Very truly yours,
	 	 
	 	KBL MERGER CORP. IV
	 	 	 
	 	By:	 
	 	 	Name: Marlene Krauss, M.D.
	 	 	Title:  Chief Executive Officer
	 	 	 
	 	By:	 
	 	 	Name: Joseph A. Williamson
	 	 	Title:  Chief Operating Officer

 

cc:     Ladenburg
Thalmann & Co. Inc.Exhibit 10.2

 

RIGHTS
AGREEMENT

 

This
Rights Agreement (this “Agreement”) is made as of June 1, 2017 between KBL Merger Corp. IV, a Delaware corporation,
with offices at 527 Stanton Christiana Road, Newark, DE 19713 (the “Company”), and Continental Stock Transfer &
Trust Company, a New York corporation, with offices at One State Street, 30th Floor, New York, New York 10004 (“Rights
Agent”).

 

WHEREAS,
the Company is engaged in an initial public offering (the “Public Offering”) of units of the Company’s equity
securities (each, a “Unit” and collectively, the “Units”) to Ladenburg Thalman & Co. Inc. (the “Representative”),
as representative of the several underwriters (the “Underwriters”), each such Unit comprised of one share of common
stock of the Company, par value $.0001 per share (“Common Stock”), one warrant to purchase one-half of one share of
Common Stock (the “Public Warrants”) and one right to receive one-tenth (1/10) of one share of Common Stock (the “Public
Rights”) upon the happening of an “Exchange Event” (defined herein), and in connection therewith, the Company
has determined to issue and deliver up to 11,500,000 Public Rights (including up to 1,500,000 Public Rights subject to the over-allotment
option) to public investors in the Offering; and

 

WHEREAS,
as of the date hereof, the Company has determined to revise the terms of the Public Offering such that each “Unit”
shall be comprised of one share of Common Stock, one-half of one warrant to purchase one share of Common Stock (the “Public
Warrants”) and one right to receive one-tenth (1/10) of one share of Common Stock (the “Public Rights”), and
in connection therewith, the Company has determined to issue and deliver up to 11,500,000 Public Rights (including up to 1,500,000
Public Rights subject to the over-allotment option) to public investors in the Offering; and

 

WHEREAS,
the Company has entered into that certain Third Amended and Restated Unit Purchase Agreement, dated as of June 1, 2017, with KBL
IV Sponsor LLC (the “Sponsor”), pursuant to which the Company will issue and deliver to Sponsor up to an aggregate
of 377,500 units (the “Private Units”), each Private Unit consisting of one share of Common Stock one-half of one
warrant to purchase one share of Common Stock (the “Private Warrants” and together with the Public Warrants, the “Warrants”)
and one right to receive one-tenth (1/10) of one share of Common Stock (the “Private Rights” and together with the
Public Rights, the “Rights”); and

 

WHEREAS,
the Company has entered into that certain Third Amended and Restated Unit Subscription Agreement, dated May 25, 2017, between
the Company and the Representative and the other underwriters, pursuant to which the Representative and the other underwriters
have agreed to purchase an aggregate of 100,000 Private Units (or 125,000 Private Units if the underwriters’ over-allotment
option is exercised in full), simultaneously with the closing of the Public Offering, at a purchase price of $10.00 per Private
Unit; and

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission registration statement on Form S-1, File No. 333-217475, and
the prospectus forming a part thereof (collectively, the “Prospectus”), for the registration under the Securities
Act of 1933, as amended, of the Units and each of the securities comprising the Units, and the shares of Common Stock underlying
the Public Rights; and

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

 2.           Rights.

 

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

 

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

 

2.3.        Registration.

 

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

 

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

 

2.4.         Detachability
of Rights. The securities comprising the Units, including the Rights, will not be separately transferable until ten business
days following the earlier to occur of: (i) the 52nd day following the date of the Prospectus or (ii) the announcement
by Ladenburg Thalmann & Co. Inc. of its intention to allow separate earlier trading, except that in no event will the securities
comprising the Units be separately tradeable until the Company files a Current Report on Form 8-K which includes an audited balance
sheet reflecting the receipt by the Company of the gross proceeds of the Offering including the proceeds received by the Company
from the exercise of the over-allotment option, if the over-allotment option is exercised by the date thereof and the Company
issues a press release and files a Current Report on Form 8-K announcing when such separate trading shall begin.

 

3.           Terms
and Exchange of Rights

 

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

 

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

 

    	 	2	 

     

    

 

3.3.         Exchange
of Rights.

 

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

 

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

 

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

 

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

 

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

 

4.           Transfer
and Exchange of Rights.

 

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

 

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

 

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

 

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

 

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

 

    	 	3	 

     

    

 

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

 

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

 

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

 

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

 

6.           Concerning
the Rights Agent and Other Matters.

 

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

 

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

 

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

 

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

 

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

 

    	 	4	 

     

    

 

6.3.         Fees
and Expenses of Rights Agent.

 

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

 

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

 

6.4.         Liability
of Rights Agent.

 

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

 

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

 

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

 

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

 

6.6         Waiver.
The Rights Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”)
in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of
the date hereof, by and between the Company and the Rights Agent as trustee thereunder) and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

7.           Miscellaneous
Provisions.

 

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

 

    	 	5	 

     

    

 

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

 

KBL
Merger Corp. IV

527
Stanton Christiana Road

Newark,
DE 19713

Attn:
Dr. Marlene Krauss

  

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

 

Continental
Stock Transfer & Trust Company

One
State Street, 30th Floor

New
York, New York 10004

Attn:
Compliance Department

 

with
a copy to:

 

Ladenburg
Thalmann & Co. Inc.

277
Park Avenue, 26th Floor

New
York, NY 10172

Attention:
Steven Kaplan

 

7.3.        Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Rights shall be governed in all respects by
the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of
the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United
States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction
shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or
certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 7.2 hereof. Such
mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

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

 

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

 

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

 

    	 	6	 

     

    

 

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

 

7.8         Amendments.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any
ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other
provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and
that the parties deem shall not adversely affect the interest of the registered holders. All other modifications or amendments
shall require the written consent or vote of the registered holders of 65% of the then outstanding Public Rights. The provisions
of this Section 7.8 may not be modified, amended or deleted without the prior written consent of the Representative.

 

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

 

[Signature
Page Follows]

 

    	 	7	 

     

    

 

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

 

	 	KBL
    MERGER CORP. IV
	 	 	 
	 	By:	/s/
Marlene Krauss
	 	 	Name: Marlene
    Krauss, M.D.
	 	 	Title:   Chief
    Executive Officer
	 	 	 
	 	CONTINENTAL
    STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	By:	/s/
    Kevin Jennings 
	 	 	Name:
    Kevin Jennings
	 	 	Title:
    Vice President

  

[Signature
Page to Rights Agreement]

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