Document:

Exhibit 10.2

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Agreement is made as of October 25, 2017 by and between CM Seven Star Acquisition Corporation (the “Company”) and
Continental Stock Transfer & Trust Company, as trustee (“Trustee”).

 

WHEREAS,
the Company’s registration statements on Form S-1, Nos. 333-220510 and 333-221125 (“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,
EarlyBirdCapital, Inc. (“EarlyBirdCapital”) is acting as the representative of the underwriters in the IPO; and

 

WHEREAS,
if a Business Combination is not consummated within the initial 15 month period following the closing of the IPO, the Company’s
insiders may extend such period by three months, up to a maximum of 18 months (the “Extension”), by depositing $1,800,000
(or $2,070,000 if the over-allotment option is exercised in full) into the Trust Account (as defined below) no later than the
15 month anniversary of the IPO (the “Applicable Deadline”);

 

WHEREAS,
as described in the Registration Statement, and in accordance with the Company’s Amended and Restated Memorandum and Articles
of Association, $175,250,000 of the net proceeds of the IPO ($201,710,000 if the over-allotment option is exercised in full),
plus the net proceeds of a private placement taking place simultaneously therewith in the amount of $4,750,000 (or $5,290,000
if the over-allotment option is exercised in full), will be delivered to the Trustee to be deposited and held in the Trust Account
for the benefit of the Company and the holders of the Company’s ordinary shares, par value $0.0001 per share (“Ordinary
Shares”), issued in the IPO as hereinafter provided (the proceeds to be delivered to the Trustee, plus the proceeds deposited
in connection with the Extension, if any, will be referred to herein as the “Property”; the shareholders for whose
benefit the Trustee shall hold the Property will be referred to as the “Public Shareholders,” and the Public Shareholders
and the Company will be referred to together as the “Beneficiaries”); and

 

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 JPMorgan Chase Bank, N.A. in the United States, maintained by Trustee, and at a
brokerage institution selected by the Trustee that is reasonably 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 instruction of the Company, invest and reinvest the Property (i) in United States government treasury
bills, notes or bonds having a maturity of 180 days or less and/or (ii) in money market funds meeting certain conditions under
Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, and that invest solely in U.S. treasuries, as determined
by the Company, 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 and income arising from the Property, which shall become part of the “Property,”
as such term is used herein;

 

(e)       Notify
the Company and EarlyBirdCapital of all communications received by it 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;

 

(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,
signed on behalf of the Company by its Chairman and Chief Executive Officer and President, in the case of a Termination Letter
in a form substantially similar to that attached hereto as Exhibit A, acknowledged and agreed to by EarlyBirdCapital, 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 by the 15-month anniversary of the closing of the IPO (“Closing”) or, in the event that the Company
extended the period of time to complete a Business Combination by effectuating the Extension, as described herein, the 18 month
anniversary of the Closing (the “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 Public Shareholders as of the Last Date;

 

(j)       Upon
receipt of an extension letter (“Extension Letter”) substantially similar to Exhibit C hereto at least five business
days prior to the Applicable Deadline, signed on behalf of the Company or by an executive officer, and receipt of the dollar amount
specified in the Extension Letter on or prior to the Applicable Deadline, to follow the instructions set forth in the Extension
Letter; and

 

    	 

     

    

 

(k)       Upon
receipt of an Amendment Notification Letter (defined below), distribute to Public Shareholders 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 Ordinary
Shares for which such Public Shareholders 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 D, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested
by the Company to cover any income or other tax obligation owed by the Company as a result of such interest income.

 

(b)       [intentionally
omitted]

 

(c)       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)
or 1(k) hereof.

 

(d)       The
Company shall provide EarlyBirdCapital 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 Chairman of the Board, Chief Executive Officer
or Chief Financial Officer. In addition, except with respect to its duties under paragraphs 1(i), 1(k) 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 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 Sections 5 and 7(g) 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 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 unless and until it is distributed pursuant to Section 1(i). 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 shareholders 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 shareholder votes verifying
the vote of the Company’s shareholders regarding such Business Combination;

 

(e)       In
the event that the Company directs the Trustee to commence liquidation of the Trust Account pursuant to Section 1(i), the Company
agrees that it will not direct the Trustee to make any payments that are not specifically authorized by this Agreement;

 

(f)       If
applicable, the Company shall issue a press release at least three days prior to the Applicable Deadline announcing that, at least
five days prior to the Applicable Deadline, the Company received notice from the Company’s insiders that the insiders intended
to extend the Applicable Deadline;

 

(g)       If
the Company seeks to amend any provisions of its Amended and Restated Memorandum and Articles of Association (in each case, an
“Amendment”), provide the Trustee with a letter (an “Amendment Notification Letter”) in the form of Exhibit
E providing instructions for the distribution of funds to Public Shareholders who exercise their redemption rights in connection
with such Amendment; and

 

(h)       If
applicable, one business day after the Applicable Deadline, the Company shall issue a press release disclosing whether or not
the funds have been timely deposited and, as such, whether the Extension to complete the Business Combination is in effect.

 

    	 

     

    

 

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 third party except for liability arising out of the Trustee’s 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 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;

 

(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 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, 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;

 

(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 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 or released to it under Section
2(a) hereof);

 

    	 

     

    

 

(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) or 2(a) above; and

 

(l)       Provide
any assurance that a Business Combination entered into by the Company or any other action taken by the Company is as contemplated
by the Registration Statement.

 

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) or Section 3(c) 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; or

 

(b)       At
such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of paragraph 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. 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. It
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 Sections 1(i) and 1(k) (which may not be amended 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 EarlyBirdCapital. As to any claim, cross-claim or counterclaim
in any way relating to this Agreement, each party waives the right to trial by jury. The Trustee may require from Company counsel
an opinion as to the propriety of any proposed amendment.

 

(d)       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.

 

(e)       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, LLC

1
State Street, 30th Floor

New
York, NY 10004

Attn:
Steven Nelson and Sharmin Carter

Fax
No.: (212) 509-5150

 

if
to the Company, to:

 

CM
Seven Star Acquisition Corporation

Suite
1003-1004, 10/F, ICBC Tower

Three
Garden Road, Central, Hong Kong

Attn:
Bing Lin, Chief Executive Officer

 

    	 

     

    

 

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

 

EarlyBirdCapital,
Inc.

366
Madison Avenue

New
York, NY 10017

Attn:
Steven Levine

Facsimile:
(212) 661-4936

 

and

 

Loeb
& Loeb LLP

345
Park Avenue

New
York, New York 10154

Attn:
Giovanni Caruso, Esq.

Fax
No.: (212) 407-4990

 

and

 

Graubard
Miller

The
Chrysler Building

405
Lexington Avenue

New
York, NY 10174

Attn:
David Alan Miller, Esq.

Fax:
(212) 818-8881

 

(f)           This
Agreement may not be assigned by the Trustee without the prior consent of the Company.

 

(g)         Each
of the Trustee and the Company 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.

 

(h)         Each
of the Company and the Trustee hereby acknowledge that EarlyBirdCapital is a third party beneficiary of this Agreement.

 

    	 

     

    

 

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:	 
	 	  	Name:  Francis E. Wolf Jr.
	 	 	Title:    Vice President
	 	 	 
	 	CM SEVEN STAR ACQUISITION CORPORATION
	 	 	 
	 	By:	 
	 	 	Name:  Bing Lin
	 	 	Title:    Chairman and Chief Executive Officer

 

    	 

     

    

 

SCHEDULE
A

 

	Fee
    Item	Time
    and method of payment 	Amount
	Initial
    acceptance fee	Trust
    agreement negotiation, completion of Know Your Customer review, account set-up, and initial closing of IPO by wire transfer	$2,000
	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	$10,000
	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) 	Billed
    to Company upon delivery of service pursuant to Section 1(i) 	Prevailing
                                         rates

         

 

    	 

     

    

 

EXHIBIT
A

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, NY 10004

Attn:
Sharmin Carter and Francis Wolf

 

Re:       Trust
Account No. [_____________] - Termination Letter

 

Ladies
and Gentlemen:

 

Pursuant
to paragraph 1(i) of the Investment Management Trust Agreement between CM Seven Star Acquisition Corporation (“Company”)
and Continental Stock Transfer & Trust Company (“Trustee”), dated as of October 25, 2017 (“Trust Agreement”),
this is to advise you that the Company has entered into an 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 the above-referenced account at [_________________] 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, and (ii) the Company shall deliver to you (a) [an affidavit] [a certificate] of [__________________], which
verifies the vote of the Company’s shareholders in connection with the Business Combination if a vote is held and (b) joint
written instructions from the Company and EarlyBirdCapital, Inc. with respect to the transfer of the funds held in the Trust Account
(“Instruction Letter”). 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, 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,
	 	 
	 	CM SEVEN STAR ACQUISITION CORPORATION
	 	 
	 	By:	 
	 	 	Bing Lin, Chief Executive Officer
	 	 
	 	By:	 
	 	 	Stephen N. Cannon, President

 

Acknowledged
and Agreed:

 

EarlyBirdCapital,
Inc.

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	 

     

    

 

EXHIBIT
B

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor 

New
York, NY 10004

Attn:
Sharmin Carter and Francis Wolf

 

Re:       Trust
Account No. [______________] - Termination Letter

 

Ladies
and Gentlemen:

 

Pursuant
to paragraph 1(i) of the Investment Management Trust Agreement between CM Seven Star Acquisition Corporation (“Company”)
and Continental Stock Transfer & Trust Company (“Trustee”), dated as of October 25, 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 Memorandum and Articles of Association,
as described in the Company’s prospectus relating to its IPO. 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 all the Trust Account investments on [______________]
and to transfer the total proceeds to the Trust Checking Account at [_____________] to await distribution to the Public Shareholders. The
Company has selected [____________, 20__] as the record date for the purpose of determining the Public Shareholders 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 Checking Account. You agree to be the Paying Agent of record and in your separate capacity
as Paying Agent, to distribute said funds directly to the Public Shareholders in accordance with the terms of the Trust Agreement
and the Amended and Restated Memorandum and Articles of Association 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,
	 	 
	 	CM SEVEN STAR ACQUISITION CORPORATION
	 	 
	 	By:	 
	 	 	Bing Lin, Chief Executive Officer
	 	 
	 	By:	 
	 	 	Stephen N. Cannon, President

 

cc:
EarlyBirdCapital, Inc.

 

    	 

     

    

EXHIBIT
C

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor 

New
York, NY 10004

Attn:
Sharmin Carter and Francis Wolf

 

Re:       Trust
Account No. [______________] Extension Letter

 

Ladies
and Gentlemen:

 

Pursuant
to Section 1(j) of the Investment Management Trust Agreement between CM
Seven Star Acquisition Corporation (“Company”) and Continental Stock Transfer
& Trust Company, dated as of October 25, 2017 (“Trust Agreement”), this is to advise you that the Company is extending
the time available in order to consummate a Business Combination with the Target Businesses for an additional three (3) months,
from _______ to _________ (the “Extension”).

 

This
Extension Letter shall serve as the notice required with respect to Extension prior to the Applicable Deadline. Capitalized words
used herein and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to deposit [$1,800,000] [$2,070,000 if the underwriters’
over-allotment option was exercised in full], which will be wired to you, into the Trust Account investments upon receipt.

 

	 	Very truly yours,
	 	 
	 	CM SEVEN STAR ACQUISITION CORPORATION
	 	 
	 	By:	 
	 	 	Bing Lin, Chief Executive Officer
	 	 
	 	By:	 
	 	 	Stephen N. Cannon, President

 

cc:
EarlyBirdCapital, Inc.

 

    	 

     

    

 

EXHIBIT
D

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, NY 10004

Attn:
Sharmin Carter and Francis Wolf

 

Re:       Trust
Account No. [___________] 

 

Ladies
and Gentlemen:

 

Pursuant
to paragraph 2(a) of the Investment Management Trust Agreement between CM Seven Star Acquisition Corporation (“Company”)
and Continental Stock Transfer & Trust Company (“Trustee”), dated as of October 25, 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 its tax obligations. 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]

 

	 	CM SEVEN STAR ACQUISITION CORPORATION
	 	 
	 	By:	 
	 	 	Bing Lin, Chief Executive Officer
	 	 
	 	By:	 
	 	 	Stephen N. Cannon, President

 

cc:
EarlyBirdCapital, Inc.

 

    	 

     

    

 

EXHIBIT
E

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, NY 10004

Attn:
Sharmin Carter and Francis Wolf 

 

Re:       Trust
Account No. [___________] 

 

Ladies
and Gentlemen:

 

Pursuant
to paragraph 3(g) of the Investment Management Trust Agreement (the “Agreement”) between CM Seven Star Acquisition
Corporation (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of October
25, 2017 (“Trust Agreement”), this letter is to advise you that the Company has sought an Amendment (as defined in
the Agreement). Accordingly, in accordance with the terms of the Agreement, we hereby authorize you to liquidate the trust account
and transfer $______ of the proceeds via wire transfer to the checking account at [insert wire instruction information] 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.

 

	 	CM SEVEN STAR ACQUISITION CORPORATION
	 	 
	 	By:	 
	 	 	Bing Lin, Chief Executive Officer
	 	 
	 	By:	 
	 	 	Stephen N. Cannon, President

 

cc:
EarlyBirdCapital, Inc.Exhibit 10.3

 

STOCK ESCROW AGREEMENT

 

STOCK ESCROW AGREEMENT,
dated as of October 25, 2017 (“Agreement”), by and among CM Seven Star Acquisition Corporation, a Cayman Islands exempted
company (the “Company”), the individuals and entities listed on the signature pages hereto (each, an “Initial
Shareholder” and, collectively, the “Initial Shareholders”) and Continental Stock Transfer & Trust Company,
a New York corporation (“Escrow Agent”).

 

WHEREAS, the Company
has entered into an Underwriting Agreement, dated as of October 25, 2017 (“Underwriting Agreement”), with EarlyBirdCapital,
Inc. (“EBC”) acting as representative of the several underwriters (collectively, the “Underwriters”), pursuant
to which, among other matters, the Underwriters have agreed to purchase 18,000,000 units (“Units”) of the Company,
plus an additional 2,700,000 Units if the Underwriters exercise their over-allotment option in full. Each Unit consists of one
ordinary share of the Company, par value $0.0001 per share (the “Ordinary Shares”), one-half of a redeemable warrant,
each whole redeemable warrant entitling the holder thereof to purchase one Ordinary Share at an exercise price of $11.50 per share,
and one right to receive one-tenth of an ordinary share, as more fully described in the Company’s final Prospectus, dated
October 25, 2017 (“Prospectus”), comprising part of the Company’s Registration Statements on Form S-1 (File Nos.
333-220510 and 333-221125) under the Securities Act of 1933, as amended (collectively, the “Registration Statement”),
declared effective on October 25, 2017 (“Effective Date”).

 

WHEREAS, the Initial
Shareholders have agreed as a condition of the sale of the Units to deposit their Insider Shares (as defined in the Prospectus),
as set forth opposite their respective names in Exhibit A attached hereto (collectively “Escrow Shares”), in escrow
as hereinafter provided.

 

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

 

IT IS AGREED:

 

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

 

2.            Deposit
of Escrow Shares. On or prior to the date hereof, each of the Initial Shareholders delivered to the Escrow Agent certificates
representing such Initial Shareholder’s respective Escrow Shares, together with applicable share powers, to be held and disbursed
subject to the terms and conditions of this Agreement. Each of the Initial Shareholders acknowledges that the certificate representing
such Initial Shareholder’s Escrow Shares is legended to reflect the deposit of such Escrow Shares under this Agreement.

 

    	 

     

    

 

 3.           Disbursement
of the Escrow Shares.

 

3.1           The
Escrow Agent shall hold the Escrow Shares during the period (the “Escrow Period”) commencing on the date hereof and
(i) for 50% of the Escrow Shares, ending on the earlier of (x) one year after the date of the consummation of the Company’s
initial business combination (as described in the Registration Statement, hereinafter a “Business Combination”) and
(y) the date on which the closing price of the Ordinary Shares equals or exceeds $12.50 per share (as adjusted for stock splits,
stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after
the Company’s initial Business Combination and (ii) for the remaining 50% of the Escrow Shares, ending one year after the
date of the consummation of an initial Business Combination. The Company shall promptly provide notice of the consummation of a
Business Combination to the Escrow Agent. Upon completion of the Escrow Period, the Escrow Agent shall disburse such amount of
each Initial Shareholder’s Escrow Shares (and any applicable share power) to such Initial Shareholder; provided, however,
that if the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company is being liquidated at any
time during the Escrow Period, then the Escrow Agent shall promptly destroy the certificates representing the Escrow Shares; provided
further, however, that if, subsequent to the completion of a Business Combination, the Company (or the surviving entity) consummates
a liquidation, merger, stock exchange or other similar transaction which results in all of the shareholders of such entity having
the right to exchange their Ordinary Shares for cash, securities or other property, then the Escrow Agent will, upon receipt of
a notice executed by the Chairman of the Board, Chief Executive Officer or other authorized officer of the Company, in form reasonably
acceptable to the Escrow Agent, certifying that such transaction is then being consummated or such conditions have been achieved,
as applicable, release the Escrow Shares to the Initial Shareholders. The Escrow Agent shall have no further duties hereunder after
the disbursement or destruction of the Escrow Shares in accordance with this Section 3.

 

3.2           Notwithstanding
Section 3.1, if the Underwriters do not exercise their over-allotment option to purchase an additional 2,700,000 Units of the Company
in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), Shareholder Value Fund, the
Company’s sponsor (“SVF”) agrees that the Escrow Agent shall return to the Company for cancellation, at
no cost, the number of Escrow Shares held by SVF determined by multiplying 675,000 by a fraction, (x) the numerator of which is
2,700,000 minus the number of Ordinary Shares purchased by the Underwriters upon the exercise of their over-allotment option, and
(y) the denominator of which is 2,700,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination
of the Underwriters’ over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with
their exercise thereof.

 

4.             Rights
of Initial Shareholders in Escrow Shares.

 

4.1           Voting
Rights as a Shareholder. Subject to the terms of the Insider Letters described in Section 4.4 hereof and except as herein provided,
the Initial Shareholders shall retain all of their rights as shareholders of the Company during the Escrow Period, including, without
limitation, the right to vote such shares.

 

4.2           Dividends
and Other Distributions in Respect of the Escrow Shares. During the Escrow Period, all dividends payable in cash with respect
to the Escrow Shares shall be paid to the Initial Shareholders, but all dividends payable in stock or other non-cash property (“Non-Cash
Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used herein, the term
“Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

 

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4.3           Restrictions
on Transfer. During the Escrow Period, the only permitted transfers of the Escrow Shares will be (i) for transfers to the Company’s
officers, directors or their respective affiliates, and if the Initial Shareholder is an entity, as a distribution to partners,
members or shareholders of the Initial Shareholder upon the liquidation and dissolution of the Initial Shareholder, (ii) by bona
fide gift to a member of the Initial Shareholder’s immediate family or to a trust, the beneficiary of which is the Initial
Shareholder or a member of the Initial Shareholder’s immediate family for estate planning purposes, (iii) by virtue of the
laws of descent and distribution upon death of the Initial Shareholder, (iv) pursuant to a qualified domestic relations order,
(v) by certain pledges to secure obligations incurred in connection with purchases of our securities, (vi) by private sales made
at or prior to the Business Combination at prices no greater than the price at which the Escrow Shares were originally purchased
or (vii) to the Company for cancellation in accordance with Section 3.2 above or in connection with the consummation of a Business
Combination, in each case, except for clause (vii), on the condition that such transfers may be implemented only upon the respective
transferee’s written agreement to be bound by the terms and conditions of this Agreement and of the Insider Letter (as defined
below) signed by the Initial Shareholder transferring the Escrow Shares.

 

4.4           Insider
Letters. Each of the Initial Shareholders has executed a letter agreement with EBC and the Company, dated as indicated on Exhibit
A hereto, and the form of which is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting
the rights and obligations of such Initial Shareholder in certain events, including but not limited to the liquidation of the Company.

 

5.             Concerning
the Escrow Agent.

 

5.1           Good
Faith Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise
of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate,
opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document
(not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability
of any information therein contained) which is believed by the Escrow Agent to be genuine and to be signed or presented by the
proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination
or rescission of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties
and, if the duties or rights of the Escrow Agent are affected, unless it shall have given its prior written consent thereto.

 

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

 

5.3           Compensation.
The Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered by it hereunder. The Escrow
Agent shall also be entitled to reimbursement from the Company for all expenses paid or incurred by it in the administration of
its duties hereunder including, but not limited to, all counsel, advisors’ and agents’ fees and disbursements and all
taxes or other governmental charges.

 

5.4           Further
Assurances. From time to time on and after the date hereof, the Company and the Initial Shareholders shall deliver or cause
to be delivered to the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as
the Escrow Agent shall reasonably request to carry out more effectively the provisions and purposes of this Agreement, to evidence
compliance herewith or to assure itself that it is protected in acting hereunder.

 

5.5           Resignation.
The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties
hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective
at such time that the Escrow Agent shall turn over to a successor escrow agent appointed by the Company and approved by EBC, which
approval will not be unreasonably withheld, conditioned or delayed, the Escrow Shares held hereunder. If no new escrow agent is
so appointed within the 60 day period following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow
Shares with any court it reasonably deems appropriate.

 

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

 

5.7           Liability.
Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross
negligence or its own willful misconduct.

 

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

 

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6.            Miscellaneous.

 

6.1           Governing
Law; Jurisdiction. In connection with Section 5-1401 of the General Obligations Law of the State of New York, this Agreement
shall be governed by, and construed in accordance with, the laws of the State of New York without regard to principles of conflicts
of law that would result in the application of the substantive law of another jurisdiction. The parties hereto agree that any action,
proceeding or claim arising out of or relating in any way to this Agreement shall be resolved through final and binding arbitration
in accordance with the International Arbitration Rules of the American Arbitration Association (“AAA”). The arbitration
shall be brought before the AAA International Center for Dispute Resolution’s offices in New York City, New York, will be
conducted in English and will be decided by a panel of three arbitrators selected from the AAA Commercial Disputes Panel and that
the arbitrator panel’s decision shall be final and enforceable by any court having jurisdiction over the party from whom
enforcement is sought. The cost of such arbitrators and arbitration services, together with the prevailing party’s legal
fees and expenses, shall be borne by the non-prevailing party or as otherwise directed by the arbitrators.

 

6.2           Third
Party Beneficiaries. Each of the Initial Shareholders hereby acknowledges that EBC is a third party beneficiary of this Agreement
and this Agreement may not be modified or changed without the prior written consent of EBC.

 

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

 

6.4           Headings.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
thereof.

 

6.5           Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives,
successors and assigns.

 

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

 

If to the Company, to:

 

CM Seven Star Acquisition
Corporation

Suite 1003-1004, 10/F,
ICBC Tower

Three Garden Road, Central,
Hong Kong

Attention: Bing Lin,
Chief Executive Officer

 

If to a Shareholder,
to his address set forth in Exhibit A.

 

and if to the Escrow
Agent, to:

 

Continental Stock Transfer
& Trust Company

One State Street, 30th
Floor

New York, NY 10004

Attn: Steven Nelson and
Sharmin Carter

Fax No.: (212) 509-5150

 

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        A
copy (which copy shall not constitute notice) sent hereunder shall be sent to:

 

EarlyBirdCapital, Inc.

366 Madison Avenue

New York, NY 10017

Attn: Steven Levine

Fax No.: (212) 661-4936

  

and:

 

Loeb &
Loeb LLP

345 Park Avenue

New York, New
York 10154

Attn: Giovanni
Caruso, Esq.

Fax No.: (212)
407-4990

 

The parties may change
the persons and addresses to which the notices or other communications are to be sent by giving written notice to any such change
in the manner provided herein for giving notice.

 

6.7           Liquidation
of the Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the Company
in the event that the Company fails to consummate a Business Combination within the time period specified in the Prospectus.

 

6.8          Counterparts.
This Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and
together shall constitute but one instrument.

 

[Signature Page Follows]

 

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

 

	 	 	COMPANY:
	 	 	 
	 	 	CM SEVEN STAR ACQUISITION
    CORPORATION
	 	 	 
	 	By:	 
	 	 	Name:  Bing
    Lin 
	 	 	Title:    Chief
    Executive Officer
	 	 	 
	 	 	INITIAL SHAREHOLDERS:
	 	 	 
	 	 	SHAREHOLDER VALUE
    FUND
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:    
	 	 	 
	 	 	
	 	 	Bing Lin 
	 	 	 
	 	 	
	 	 	Stephen N.
    Cannon    
	 	 	 
	 	 	
	 	 	Jiong Shao   
	 	 	 
	 	 	
	 	 	Michele Smith   
	 	 	 
	 	 	
	 	 	Maryann Tseng  
	 	 	 
	 	 	
	 	 	Alan Chow  
	 	 	 
	 	 	
	 	 	Kathy Li   
	 	 	 
	 	 	
	 	 	Patrick Ho  
	 	 	 
	 	 	CONTINENTAL STOCK
    TRANSFER & TRUST COMPANY 
	 	 	 
	 	By:	 
	 	 	Name:  Kevin
    Jennings
	 	 	Title:    Vice
    President

 

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EXHIBIT A

 

	Name and Address of
 Initial Shareholder1
	 	Number 
of Shares	 	 	Date of 
Insider Letter
	Shareholder Value Fund	 	 	4,425,000	 	 	October 25, 2017
	Bing Lin	 	 	100,000	 	 	October 25, 2017
	Stephen N. Cannon	 	 	200,000	 	 	October 25, 2017
	Alan Chow	 	 	100,000	 	 	October 25, 2017
	Kathy Li	 	 	100,000	 	 	October 25, 2017
	Patrick Ho	 	 	100,000	 	 	October 25, 2017
	Jiong Shao	 	 	50,000	 	 	October 25, 2017
	Michele Smith	 	 	50,000	 	 	October 25, 2017
	Maryann Tseng	 	 	50,000	 	 	October 25, 2017

 

 

1
The business address of each shareholder is c/o CM Seven Star Acquisition Corporation, Suite 1003-1004, 10/F, ICBC
Tower, Three Garden Road, Central, Hong Kong.

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