Document:

Monaker Group, Inc. 8-K

Exhibit 10.1

 

Stock
Purchase Agreement

 

THIS STOCK PURCHASE AGREEMENT (this
“Agreement”) is entered into on the 22 day of January 2020, by and among William Kerby (the “Purchaser”);

 

and

 

Monaker Group, Inc., a Nevada corporation
(the “Seller”), with its principal place of business at 2893 Executive Park Drive, Suite 201, Weston,
Florida 33331.

 

The Purchaser and the Seller are also referred
to herein individually as a “Party” and collectively as the “Parties.”

 

		A.	Seller owns 31,970,101 shares of restricted Series A Convertible Preferred Stock of Verus International,
Inc. (formerly known as RealBiz Media Group, Inc. (the “Seller Shares”), a Delaware corporation (the
“Company”);

 

		B.	Seller is willing to sell 1,562,500 of the Seller Shares (the “Shares”)
to the Purchaser pursuant to the terms of this Agreement; and

 

		C.	The Purchaser desires to purchase the Shares from the Seller pursuant to the terms and conditions
set forth in this Agreement.

 

NOW, THEREFORE, in consideration of
the mutual agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties agree as follows:

 

ARTICLE I

Purchase and Sale of the Shares; Option

 

Section 1.01.Purchase and Sale.
On the Closing Date (as defined below) (the “Closing”) and upon the terms and subject to the conditions
set forth herein, the Seller shall deliver the Shares of the Company to the Purchaser free and clear of all liens and encumbrances
(other than restrictions due to the fact that the Shares are ‘restricted securities’ as such term is defined in Rule
144 of the Securities Act of 1933, as amended (the “Securities Act”)), and the Purchaser shall purchase
the Shares from the Seller for an aggregate of $25,000 ($0.016 per Share) (the “Purchase Price”).

 

Section 1.02. Delivery of Stock Power;
Payment of Purchase Price. At the Closing: (a) Seller shall deliver to the Purchaser stock powers duly endorsed in
blank together with certificates evidencing the Shares (collectively, the “Share Materials”); and (b)
the Purchaser shall deliver the Purchase Price to the Seller.

 

    	 
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Section 1.03. Closing. The
Closing of the transactions contemplated by this Agreement shall take place at the offices of Monaker Group, Inc., or remotely
by mail, facsimile, e-mail and/or wire transfer, in each case to the extent acceptable to the Parties hereto, or at such other
place as is mutually acceptable to the Parties on such date which is mutually acceptable to the Parties (as applicable, the “Closing
Date”), but no later than January 24, 2020 (the “Required Closing Date”).

 

ARTICLE II

Representations and Warranties of the
Seller

 

Subject to all of the terms, conditions and
provisions of this Agreement, the Seller represents and warrants to the Purchaser as follows:

 

Section 2.01. Authority. The
Seller has all requisite power and authority to execute and deliver this Agreement and to consummate the transactions contemplated
hereby. The Seller has duly and validly executed and delivered this Agreement and will, on or prior to the Closing, and shall execute
such other documents as may be required hereunder and, assuming the due authorization, execution and delivery of this Agreement
by the Parties hereto. Seller is authorized to affect the transactions contemplated herein. This Agreement constitutes the legal,
valid and binding obligation of the Seller in accordance with its terms, except as such enforcement may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the creditors’ rights generally and general
equitable principles.

 

Section 2.02. No Conflict.
The execution and delivery by the Seller of this Agreement and the consummation of the transactions contemplated hereby, do not
and will not, by the lapse of time, the giving of notice or otherwise: (a) constitute a violation of any law; or (b) result in
or require the creation of any lien upon the Shares.

 

Section 2.03. Title to Shares.
The Seller is the sole record and beneficial owner of the Shares of the Company’s common stock owned by such Seller (defined
herein as the “Seller’s Shares”) and has good and marketable title to all of the Seller’s
Shares, free and clear of any liens, claims, charges, options, rights of tenants or other encumbrances. The Seller has sole managerial
and dispositive authority with respect to the Seller’s Shares and has not granted any person a proxy or option to buy the
Seller’s Shares that has not expired or been validly withdrawn. The sale and delivery of the Seller’s Shares to the
Purchaser pursuant to this Agreement will vest in the Purchaser the legal and valid title to the Seller’s Shares acquired
by the Purchaser hereunder, free and clear of all liens, security interests, adverse claims or other encumbrances of any character
whatsoever, except for those associated with the restricted nature of the securities (“Encumbrances”).

 

Section 2.04. Brokers, Finders and Financial
Advisors. No broker, finder or financial advisor has acted for the Seller in connection with this Agreement or the transactions
contemplated hereby, and no broker, finder or financial advisor is entitled to any broker’s, finder’s or financial advisor’s
fee or other commission in respect thereof based in any way on any contract with Seller.

 

    	 
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ARTICLE III

Representations and Warranties of Purchaser

 

Subject to all of the terms, conditions and
provisions of this Agreement the Purchaser hereby represents and warrants to the Seller as follows:

 

Section 3.01. Authority. The
Purchaser has all requisite power and authority to execute and deliver this Agreement and to consummate the transactions contemplated
hereby. Purchaser has duly and validly executed and delivered this Agreement and, assuming the due authorization, execution and
delivery of this Agreement by the other Parties hereto, this Agreement constitutes the legal, valid and binding obligation of the
Purchaser, enforceable against the Purchaser in accordance with its terms, except as such enforcement may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and general equitable
principles.

 

Section 3.02. No Conflict.
The execution and delivery by the Purchaser of this Agreement and the consummation of the transactions contemplated hereby do not
and shall not, by the lapse of time, the giving of notice or otherwise: (a) constitute a violation of any law; or (b) constitute
a breach of any provision contained in, or a default under, any governmental approval, any writ, injunction, order, judgment or
decree of any governmental authority or any contract to which the Purchaser is a party or by which the Purchaser is bound or affected.

 

Section 3.03. Brokers, Finders and
Financial Advisors. No broker, finder or financial advisor has acted for the Purchaser in connection with this Agreement
or the transactions contemplated hereby, and no broker, finder or financial advisor is entitled to any broker’s, finder’s
or financial advisor’s fee or other commission in respect thereof based in any way on any contract with the Purchaser.

 

Section 3.04. Exempt Transaction.
The Purchaser understands that the offering and sale of the Shares (the “Securities”) is intended
to be exempt from registration under the Securities Act and exempt from registration or qualification under any state law.

 

Section 3.05. Representations of Purchaser.
The Purchaser hereby represents, acknowledges and warrants its representation of, understanding of and confirmation of the following:

 

		(a)	Purchaser has such knowledge and experience in financial and business matters such that Purchaser
is capable of evaluating the merits and risks of an investment in the Securities and of making an informed investment decision,
and does not require a representative in evaluating
the merits and risks of an investment in the Securities;

 

    	 
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		(b)	The Purchaser realizes that the Securities cannot readily be sold as they will be restricted securities
and therefore the Securities must not be accepted unless the Purchaser has liquid assets sufficient to assure that the Purchaser
can provide for current needs and possible personal contingencies;

 

		(c)	The Purchaser confirms and represents that it is able (i) to bear the economic risk of the Securities,
(ii) to hold the Securities for an indefinite period of time, and (iii) to afford a complete loss of the Securities;

 

		(d)	The
                                         Purchaser is aware of, has received and had an opportunity to review (A) the (i) Company’s
                                         Annual Report on Form 10-K for the year ended December 31, 2018; and (ii) the Company’s
                                         Quarterly Reports on Form 10-Q and current reports on Form 8-K (which filings can be
                                         accessed by going to https://www.sec.gov/search/search.htm, typing “Verus
                                         International” in the “Company name” field, and clicking the “Search”
                                         button), in each case (i) through (ii), including the audited and unaudited financial
                                         statements, description of business, risk factors, results of operations, certain transactions
                                         and related business disclosures described therein (collectively the “Disclosure
                                         Documents”) and an independent investigation made by it of the Company;
                                         (B) has, prior to the date of this Agreement, been given an opportunity to review material
                                         contracts and documents of the Company as filed with the Securities and Exchange Commission;
                                         and (C) is not relying on any oral representation of the Seller or any other person,
                                         nor any written representation or assurance from the Seller; in connection with Purchaser’s
                                         acceptance of the Shares and investment decision in connection therewith;

 

		(e)	The Purchaser has reviewed the designations providing for the rights and preferences of the Securities1;
and

 

		(f)	Purchaser understands and agrees that a legend has been or will be placed on any certificate(s)
or other document(s) evidencing the Securities in substantially the following form:

 

“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR ANY STATE SECURITIES ACT. THE SECURITIES
HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS (I) THEY SHALL HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED AND ANY APPLICABLE STATE SECURITIES ACT, OR (II) THE CORPORATION SHALL HAVE BEEN FURNISHED WITH AN OPINION OF COUNSEL, SATISFACTORY TO COUNSEL FOR THE CORPORATION, THAT REGISTRATION IS NOT REQUIRED UNDER ANY SUCH ACTS.”

 

 

1 https://www.sec.gov/Archives/edgar/data/1430523/000149315219001779/ex3-1.htm
and https://www.sec.gov/Archives/edgar/data/1430523/000149315219005157/ex3-1.htm 

 

 

    	 
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Section 3.06. U.S.A. Patriot Act
Representations. The Purchaser hereby represents and warrants that it is not, nor is it acting as an agent, representative,
intermediary or nominee for, a person identified on the list of blocked persons maintained by the Office of Foreign Assets Control,
U.S. Department of Treasury. In addition, the Purchaser has complied with all applicable U.S. laws, regulations, directives, and
executive orders imposing economic sanctions, embargoes, export controls or anti-money laundering requirements, including but not
limited to the following laws: (1) the International Emergency Economic Powers Act, 50 U.S.C. 1701-1706; (2) the National Emergencies
Act, 50 U.S.C. 1601-1651; (3) section 5 of the United Nations Participation Act of 1945, 22 U.S.C. 287c; (4) Section 321 of the
Antiterrorism Act, 18 U.S.C. 2332d; (5) the Export Administration Act of 1979, as amended, 50 U.S.C. app. 2401-2420; (6) the Trading
with the Enemy Act, 50 U.S.C. app. 1 et seq.; (7) the Uniting and Strengthening America by Providing Appropriate Tools Required
to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56; and (8) Executive Order 13224 (Blocking Property and Prohibiting
Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism) of September 23, 2001 (collectively the “Regulations”).

 

ARTICLE IV

Covenants

 

Section 4.01. Further Assurances.
The Seller and Purchaser agree that, from time to time, whether before, at or after the Closing, each of them will take such other
action and to execute, acknowledge and deliver such contracts, deeds, or other documents (a) as may be reasonably requested and
necessary or appropriate to carry out the purposes and intent of this Agreement; or (b) to effect or evidence the transfer to the
Purchaser of the Shares held by or in the name of the Seller.

 

Section 4.02. Survival of Representations.
All representations, warranties, and agreements made by any Party in this Agreement or pursuant hereto shall survive the execution
and delivery hereof and any investigation at any time made by or on behalf of any Party.

ARTICLE V

Conditions to Closing

 

Section 5.01. Conditions to Obligations
of Seller. The obligations of the Seller to consummate the transactions contemplated hereby shall be subject to the fulfillment
at or prior to the Closing Date of the following
additional conditions, except as the Seller may waive in writing:

 

    	 
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		(a)	The Purchaser shall have complied with and performed in all material respects all of the terms,
covenants, agreements and conditions contained in this Agreement which are required to be complied with and performed on or prior
to Closing;

 

		(b)	The representations and warranties of the Purchaser in this Agreement shall have been true and
correct on the date hereof as applicable, and such representations and warranties shall be true and correct on and at the Closing
(except those, if any, expressly stated to be true and correct at an earlier date), with the same force and effect as though such
representations and warranties had been made on and at the Closing; and

 

		(c)	The Purchaser shall have delivered the Purchase Price to the Seller as described in Section
1.02 above.

 

Section 5.02. Conditions to Obligations
of Purchaser. The obligations of the Purchaser to consummate the transactions contemplated hereby shall be subject to the
fulfillment at or prior to Closing of the following additional conditions, except as the Purchaser may waive in writing:

 

		(a)	The Seller shall have complied with and performed in all material respects all of the terms, covenants,
agreements and conditions contained in this Agreement which are required to be complied with and performed on or prior to Closing;

 

		(b)	The representations and warranties of Seller in this Agreement shall have been true and correct
on the date hereof or thereof, as applicable, and such representations and warranties shall be true and correct on and at the Closing
(except those, if any, expressly stated to be true and correct at an earlier date), with the same force and effect as though such
representations and warranties had been made on and at the Closing;

 

		(c)	The Seller shall have delivered the Share Materials to the Purchaser as described in Section
1.02 above; and

 

ARTICLE VI

Miscellaneous

 

Section 6.01. Benefit and Burden.
This Agreement shall inure to the benefit of, and shall be binding upon, the Parties hereto and their successors and permitted
assigns.

 

Section 6.02. No Third Party Rights.
Nothing in this Agreement shall be deemed to create any right in any creditor or other person not a Party hereto and this Agreement
shall not be construed in any respect to be a contract
in whole or in part for the benefit of any third party; provided that the Company shall be able to rely on the representations
and warranties of the Seller and the Purchaser made in Articles II and III above for any and all purposes.

 

    	 
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Section 6.03. Amendments and Waiver.
No amendment, modification, restatement or supplement of this Agreement shall be valid unless the same is in writing and signed
by the Parties hereto. No waiver of any provision of this Agreement shall be valid unless set forth in writing and signed by all
Parties.

 

Section 6.04. Assignments. The
Purchaser may assign any of its rights, interests and obligations under this Agreement prior to Closing and must notify in advance
the Seller in writing. Any assignee of the Purchaser must agree to the terms and conditions hereof in total and execute an agreement
in a similar form as this Agreement with the Seller.

 

Section 6.05. Severability.
Should any clause, sentence, paragraph, subsection, Section or Article of this Agreement be judicially declared to be invalid,
unenforceable or void, such decision will not have the effect of invalidating or voiding the remainder of this Agreement, and the
parties agree that the part or parts of this Agreement so held to be invalid, unenforceable or void will be deemed to have been
stricken herefrom by the Parties, and the remainder will have the same force and effectiveness as if such stricken part or parts
had never been included herein.

 

Section 6.06. Remedies. The
Parties agree that the covenants and obligations contained in this Agreement relate to special, unique and extraordinary matters
and that a violation of any of the terms hereof or thereof would cause irreparable injury in an amount which would be impossible
to estimate or determine and for which any remedy at law would be inadequate. As such, the Parties agree that if any Party fails
or refuses to fulfill any of its obligations under this Agreement or to make any payment or deliver any instrument required hereunder,
then the other Party shall have the remedy of specific performance, which remedy shall be cumulative and nonexclusive and shall
be in addition to any other rights and remedies otherwise available under any other contract or at law or in equity and to which
such Party might be entitled.

 

Section 6.07. Applicable Law.
THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF FLORIDA, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF.

 

Section 6.08. Submission to Jurisdiction.
Each of the Parties hereby: (a) irrevocably submits to the non-exclusive personal jurisdiction of any Florida court, over any claim
arising out of or relating to this Agreement and irrevocably agrees that all such claims may be heard and determined in such Florida
court; and (b) irrevocably waives, to the fullest extent permitted by applicable law, any objection
it may now or hereafter have to the laying of venue in any proceeding brought in a Florida court.

 

    	 
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Section 6.09. Expenses; Prevailing
Party Costs. The Seller and the Purchaser shall pay their own expenses incident to this Agreement and the transactions
contemplated hereby. Notwithstanding anything contained herein to the contrary, if any Party commences an action against another
Party to enforce any of the terms, covenants, conditions or provisions of this Agreement, or because of a breach by a Party of
its obligations under this Agreement, the prevailing Party in any such action shall be entitled to recover its losses, including
reasonable attorneys’ fees, incurred in connection with the prosecution or defense of such action, from the losing Party.

 

Section 6.10. Entire Agreement.
This Agreement sets forth all of the promises, agreements, conditions, understandings, warranties and representations among the
Parties with respect to the transactions contemplated hereby, and supersedes all prior agreements, arrangements and understandings
between the Parties, whether written, oral or otherwise.

 

Section 6.11. Construction.
When used in this Agreement, unless a contrary intention appears: (i) a term has the meaning assigned to it; (ii) “or”
is not exclusive; (iii) “including” means including without limitation; (iv) words in the singular include
the plural and words in the plural include the singular, and words importing the masculine gender include the feminine and neuter
genders; (v) any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in
connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes
(in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; (vi) the
words “hereof”, “herein” and “hereunder” and words
of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision hereof;
(vii) references contained herein to Article, Section, Schedule and Exhibit, as applicable, are references to Articles, Sections,
Schedules and Exhibits in this Agreement unless otherwise specified; (viii) references to “writing” include
printing, typing, lithography and other means of reproducing words in a visible form, including, but not limited to email; (ix)
reference to a particular statute, regulation or law means such statute, regulation or Law as amended or otherwise modified from
time to time; (x) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring
to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein); (xi) the paragraph and section headings contained
in this Agreement are for convenience only, and shall in no manner be construed as part of this Agreement; and (xii) references
to “dollars”, “Dollars” or “$” in this Agreement
shall mean United States dollars.

 

    	 
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Section 6.12. Review and
Construction of Documents. Seller represents to the Purchaser and the Purchaser represents to the Seller, that (a)
before executing this Agreement, said Party has fully informed itself of the terms, contents, conditions and effects of this
Agreement; (b) said Party has relied solely and completely upon its own judgment in executing this Agreement; (c) said Party
has had the opportunity to seek and has obtained the advice of its own legal, tax and business advisors before executing this
Agreement; (d) said Party has acted voluntarily and of its own free will in executing this Agreement; and (e) this Agreement
is the result of arm’s length negotiations conducted by and among the Parties and their respective counsel.

 

Section 6.13. Counterparts and Signatures.
This Agreement and any signed agreement or instrument entered into in connection with this Agreement, and any amendments hereto,
may be executed in one or more counterparts, all of which shall constitute one and the same instrument. Any such counterpart, to
the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .jpeg or similar attachment to electronic mail (any
such delivery, an “Electronic Delivery”) shall be treated in all manner and respects as an original executed
counterpart and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered
in person. At the request of any Party, the other Party shall re-execute the original form of this Agreement and deliver such form
to all other Parties. No Party shall raise the use of Electronic Delivery to deliver a signature or the fact that any signature
or agreement or instrument was transmitted or communicated through the use of Electronic Delivery as a defense to the formation
of a contract, and each such Party forever waives any such defense, except to the extent such defense relates to lack of authenticity.

 

 

 

 

[Remainder of page left intentionally blank.
Signature page follows.]

    	 
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IN WITNESS WHEREOF, the Parties have duly executed this Agreement
as of the day and year first above written.

 

	PURCHASER	 
	 	 	 
	 	 	 
	/s/ William Kerby	 
	William Kerby	 
	 	 	 
	 	 	 
	SELLER	 
	 	 	 
	 	 	 
	Monaker Group, Inc.	 
	 	 	 
	 	 	 
	By:	/s/ S. Taepakdee	 
	 	 	 
	Its:	Controller	 
	 	 	 
	Printed Name:	Sirapop Taepakdee	 

 

 

 

 

    	 
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Monaker Group, Inc.
January 2020Exhibit 10.1

 

EXECUTION VERSION

 

GSO CAPITAL PARTNERS LP

345 Park Avenue, 31st Floor

New York, NY 10154

 

January 23, 2020

 

CONFIDENTIAL

 

Boxwood Merger Corp.

Atlas TC Holdings LLC

8801 Calera Dr.

Austin, TX 78735

Attn: Steven Kadenacy

 

Re: Project Atlas

 

Commitment Letter

 

Ladies and Gentlemen:

 

Boxwood Merger Corp., a Delaware corporation
(the “SPAC”), has advised GSO Capital Partners LP (together with its affiliates and funds and accounts
managed or advised by it, “GSO,” “we” and “us”)
that you intend to acquire (the “Acquisition”), through Atlas TC Buyer LLC, a newly formed Delaware limited
liability company controlled by you (the “Acquisition Co.”) and a wholly-owned subsidiary of Atlas TC
Holdings LLC, a Delaware limited liability company controlled by you (“Holdings”, and together with the
SPAC, the “Issuers” or “you”), all of the outstanding equity interests of Atlas
Intermediate Holdings LLC, a Delaware limited liability company (the “Target”), and to consummate the
other transactions contemplated in the Transaction Summary attached hereto as Exhibit A (the “Transaction Summary”).
Capitalized terms used but not defined herein are used with the meanings assigned to them in the Transaction Summary, the Summary
of Principal Terms and Conditions attached hereto as Exhibit B (the “Term Sheet”) or the Summary
of Conditions Precedent attached hereto as Exhibit C (such Exhibits A, B and C, together with this
commitment letter, the “Commitment Letter”).

 

		1.	Commitments.

 

GSO is pleased to advise you of its commitment
to purchase (i) 100% of the initial liquidation preference amount of $145,000,000 (subject to adjustment as provided below) of
a single class of series A senior preferred units of Holdings (the “Preferred Units”), having the terms
and conditions set forth in the Term Sheet for an aggregate cash purchase price equal to $145,000,000 (subject to adjustment as
provided below) (net of the Closing Payment (as defined in the Closing Payment Letter (as defined below)); provided that
such amount may be adjusted as set forth in the Term Sheet; and (ii) unless you have reduced the initial liquidation preference
amount of Preferred Units offered for sale to GSO to less than $145,000,000, shares of Class A common stock of the SPAC, par value
$0.0001 per share (the “Common Stock”), in an amount of $10,000,000, in each case subject only to the
Exclusive Funding Conditions. The issuance of the Preferred Units and the Common Stock is referred to herein as the “Equity
Financing,” and the commitment to purchase the Preferred Units and the Common Stock are referred to herein as the
“Commitments.”

 

     

     

    

 

Boxwood Merger Corp.

January 23, 2020

Page 2

 

		2.	Exclusivity.

 

From the date hereof until the earliest
of (a) the mutual agreement of the parties hereto not to pursue the execution of the definitive documentation relating to
the Equity Financing, (b) the Closing Date (as defined below) and (c) the Termination Date (as defined below) (such period,
the “Exclusivity Period”), you:

 

		(i)	shall not, and shall not permit any of your officers, directors, employees, affiliates, members,
partners, stockholders, attorneys, agents and advisors and any other person acting on your or their behalf to, without the prior
written consent of GSO, directly or indirectly solicit, participate in any negotiation or discussion with or provide or afford
access to information to any third party (other than GSO, its affiliates and representatives) with respect to, or otherwise effect,
facilitate, encourage or accept any offers for the purchase or provision of the issuance of the Preferred Units or any alternative
equity or debt financing arrangements in connection with financing all or a portion of the Acquisition (other than the Debt Financing
or the issuance of or continued investment in Common Stock), in each case on terms and conditions reasonably satisfactory to us,
and indebtedness permitted to remain outstanding under the Acquisition Agreement; and

 

		(ii)	shall terminate or have terminated on or prior to the date hereof any written agreement or arrangement
related to the foregoing set forth in clause (i) above (other than the matters described in the final parenthetical thereto) to
which you or any of your affiliates are parties, as well as any activities and discussions related to the foregoing as may be continuing
on the date hereof with any party other than GSO and its representatives, affiliates and any agent or investor or potential agent
or investor for the Equity Financing.

 

		3.	Information.

 

You hereby represent and warrant that (a)
all information (excluding the Projections (as defined below), industry-specific information and information of a general economic
nature) (all such non-excluded information, the “Information”) that has been or will be made available
to GSO by or on behalf of the SPAC, Holdings, Acquisition Co., the Target or any of their respective representatives in connection
with the Transactions is or will be, when furnished, complete and correct in all material respects and does not or will not, when
furnished, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
contained therein not materially misleading in light of the circumstances under which such statements are made and (b) the financial
projections, budgets, estimates, forecasts and other forward-looking information with respect to the Acquisition Co. and its subsidiaries
(after giving effect to the Acquisition) (the “Projections”) that have been or will be made available
to GSO by or on behalf of the SPAC, Holdings, Acquisition Co., the Target or any of their respective representatives in connection
with the Transactions have been or will be prepared in good faith based upon assumptions that are believed to be reasonable at
the time made (it being understood that Projections are not to be viewed as facts or a guarantee of performance and are subject
to significant uncertainties and contingencies, many of which are beyond your control, and that no assurance can be given that
such Projections will be realized and that actual results may differ from the projected results and such differences may be material).
You agree that if at any time prior to the Closing Date, any of the representations in the preceding sentence would be incorrect
in any material respect if the Information and Projections were being furnished, and such representations were being made, at such
time, then you will promptly supplement (or, in the case of any Information and Projections furnished by the Target or its representatives,
use commercially reasonable efforts to cause to be supplemented) the Information and the Projections so that such representations
will be correct in all material respects under those circumstances.

 

     

     

    

 

Boxwood Merger Corp.

January 23, 2020

Page 3

 

		4.	Closing Payment.

 

As consideration for the Commitments, Holdings
agrees to pay (or to cause to be paid) to GSO on the Closing Date, the amounts set forth in the Closing Payment Letter, dated as
of the date hereof, between you and us (as amended, restated, supplemented or otherwise modified from time to time, the “Closing
Payment Letter”). Once paid, the Closing Payment shall not be refundable under any circumstances.

 

		5.	Conditions.

 

The Commitments of GSO are subject only
to the conditions set forth on Exhibit C hereto (collectively, the “Exclusive Funding Conditions”),
and upon the satisfaction (or waiver by GSO) of the Exclusive Funding Conditions, the Equity Financing shall occur. Notwithstanding
anything in this Commitment Letter, the Equity Financing Documentation or any other letter agreement or other undertaking concerning
the Equity Financing or the Acquisition to the contrary, (a) the only representations and warranties the accuracy of which shall
be a condition to effectuation of the Equity Financing on the Closing Date shall be (i) such of the representations and warranties
made by or with respect to the Target in the Acquisition Agreement as are material to the interests of GSO, but only to the extent
that you or your affiliates have the right pursuant to the Acquisition Agreement to terminate your or their respective obligations
to consummate the Acquisition (or the right pursuant to the Acquisition Agreement not to consummate the Acquisition) as a result
of a breach of such representations and warranties (the “Acquisition Agreement Representations”) and
(ii) the Specified Representations (as defined below) and (b) the terms of the Equity Financing Documentation shall be in a form
such that they do not impair the consummation of the Equity Financing on the Closing Date if the Exclusive Funding Conditions are
satisfied (or waived by GSO in writing). For purposes hereof, “Specified Representations” means the representations
and warranties of the Issuers set forth in the Equity Financing Documentation relating to: corporate or other organizational existence
of Holdings and the SPAC; organizational power and authority (as to execution, delivery and performance of the applicable Equity
Financing Documentation); the due authorization, execution, delivery and enforceability of the applicable Equity Financing Documentation;
solvency as of the Closing Date (after giving effect to the Acquisition) of the Issuers and your respective subsidiaries on a consolidated
basis (to be consistent with the solvency certificate attached as Annex I to Exhibit C hereto); no conflict with
the organizational documents of the Issuers related to the entering into and issuance under, and performance of, the Equity Financing
Documentation; capitalization of the Issuers (including that the Preferred Units and the Common Stock have been validly issued,
and are fully paid and non-assessable); status of the Preferred Units as senior to all equity of Holdings; Beneficial Ownership
Certification; Federal Reserve margin regulations; the Investment Company Act; OFAC; FCPA; other KYC or similar legal requirements;
and the PATRIOT Act (as defined below). This paragraph shall be referred to herein as the “Certain Funds Provision”.

 

		6.	Expenses; Indemnification.

 

You agree, whether or not the Closing Date
occurs, to pay on the Closing Date, and thereafter (or if the Closing Date does not occur), within 15 days after written demand
therefor, all of GSO’s reasonable and documented fees, out-of-pocket costs and out-of-pocket expenses as set forth in the
Term Sheet. You further agree that, once paid, the fees and expense reimbursement or any part thereof payable hereunder will not
be refundable under any circumstances, except as agreed to between you and us. All fees and expenses payable hereunder will be
paid in immediately available funds and shall not be subject to reduction by way of setoff or counterclaim. Notwithstanding the
foregoing, it is agreed that the Closing Payment (as defined in the Closing Payment Letter) shall only be payable if the Closing
occurs.

 

     

     

    

 

Boxwood Merger Corp.

January 23, 2020

Page 4

 

In addition, you agree
to indemnify and hold harmless GSO and its affiliates and their respective controlling persons and their respective officers, directors,
employees, agents, advisors, partners and other representatives and the successors and permitted assigns of each of the foregoing
(each, an “Indemnified Person”), from and against any and all losses, claims, damages and liabilities
of any kind or nature and reasonable and documented or invoiced out-of-pocket fees and expenses (limited, in the case of legal
fees and expenses, to the reasonable and documented or invoiced out-of-pocket fees, disbursements and other charges of one common
counsel for all Indemnified Persons and, solely in the case of an actual or potential conflict of interest where the Indemnified
Person(s) affected by such conflict informs you of such conflict and thereafter, retains their own counsel, one additional conflicts
counsel to each group of similarly affected Indemnified Persons taken as a whole and (in either case) one local counsel, one foreign
counsel and one regulatory counsel in each relevant jurisdiction (which may be a single counsel for multiple jurisdictions) to
all (and/or each group of similarly affected) Indemnified Persons), joint or several, to which any such Indemnified Person becomes
subject to the extent arising out of any claim, litigation, investigation or proceeding (including any inquiry or investigation)
(any of the foregoing, a “Proceeding”) relating to or resulting from or in connection with this Commitment
Letter, the Closing Payment Letter, the Transactions, the Acquisition or any use of the proceeds thereof, regardless of whether
any such Indemnified Person is a party thereto, whether or not such Proceedings are brought by you, your equity holders, affiliates,
creditors or any other third party, and to reimburse each such Indemnified Person promptly following written demand for any reasonable
and documented or invoiced out-of-pocket legal fees and expenses of one firm of counsel for all such Indemnified Persons, taken
as a whole, and of a single local counsel, a single foreign counsel and a single regulatory counsel in each relevant jurisdiction
(which may be a single counsel for multiple jurisdictions) for all such Indemnified Persons, taken as a whole, and, solely in the
case of an actual or potential conflict of interest where the Indemnified Person(s) affected by such conflict informs you of such
conflict and thereafter, retains their own counsel, one additional firm of counsel and one additional local counsel, one additional
foreign counsel and one additional regulatory counsel in each relevant jurisdiction to each group of similarly affected Indemnified
Persons and other reasonable and documented or invoiced out-of-pocket fees and expenses to the extent incurred in connection with
investigating or defending any of the foregoing; provided that the foregoing indemnity will not, as to any Indemnified Person,
apply to losses, claims, damages, liabilities or related fees or expenses to the extent that they have resulted from (i) the willful
misconduct, bad faith or gross negligence of, or material breach of this Commitment Letter, the Closing Payment Letter or any Equity
Financing Documentation by, such Indemnified Person or any of such Indemnified Person’s controlling persons, controlled affiliates
or any of its or their respective officers, directors, employees or partners, in each case, who are involved in the Transactions
(in each case, as determined by a court of competent jurisdiction in a final and non-appealable decision) or (ii) disputes solely
between and among Indemnified Persons to the extent such disputes do not arise from any act or omission of you, Acquisition Co.,
the Target or any of your or their affiliates. The foregoing provisions in this paragraph shall be, by the applicable provisions
contained in the Equity Financing Documents upon execution thereof and thereafter shall have no further force and effect.

 

     

     

    

 

Boxwood Merger Corp.

January 23, 2020

Page 5

 

Notwithstanding any
other provision of this Commitment Letter, (i) no Indemnified Person shall be liable for any damages arising from the use by others
of information or other materials obtained through internet, electronic, telecommunications or other information transmission
systems, except to the extent that such damages have resulted from the willful misconduct, bad faith or gross negligence of such
Indemnified Person or any of such Indemnified Person’s controlled affiliates or any of its or their respective officers,
directors, employees or partners, in each case, who are involved in the Transactions, in each case, as determined by a court of
competent jurisdiction in a final and non-appealable decision and (ii) without in any way limiting your indemnification obligations
set forth above, none of us, you, your subsidiaries and other affiliates, the Target or any Indemnified Person shall be liable
for any indirect, special, punitive or consequential damages (including, without limitation, any loss of profits, business or
anticipated savings) in connection with this Commitment Letter, the Closing Payment Letter, the Transactions (including the Equity
Financing and the use of proceeds thereunder) or with respect to any activities related to the Commitments, including the preparation
of this Commitment Letter, the Closing Payment Letter and the Equity Financing Documentation..

 

You shall not be liable
for any settlement of any Proceeding effected without your written consent (which consent shall not be unreasonably withheld, delayed
or conditioned), but if settled with your written consent or if there is a judgment by a court of competent jurisdiction against
an Indemnified Person in any such Proceeding, you agree to indemnify and hold harmless each Indemnified Person from and against
any and all losses, claims, damages, liabilities and expenses by reason of such settlement or judgment in accordance with the other
provisions of this Section 6.

 

You shall not, without the prior written
consent of an Indemnified Person (which consent shall not be unreasonably withheld, delayed or conditioned), effect any settlement
of any pending or threatened Proceeding against an Indemnified Person in respect of which indemnity could have been sought hereunder
by such Indemnified Person unless such settlement (a) includes an unconditional release of such Indemnified Person from all liability
or claims that are the subject matter of such Proceeding and (b) does not include any statement as to any admission as to fault,
culpability or a failure to act by or on behalf of any Indemnified Person.

 

If any Proceeding is instituted involving
any Indemnified Person for which indemnification is to be sought hereunder by such Indemnified Person, then such Indemnified Person
will promptly notify you upon its determination to seek indemnification; provided, however, that the failure so to
notify you will not relieve you from any liability that you may have to such Indemnified Person pursuant to this Section 6.

 

		7.	Miscellaneous.

 

Except as set forth in the succeeding sentence,
this Commitment Letter and the Commitments shall not be assignable by either party without the prior written consent of the other
party (and any attempted assignment without such consent shall be null and void), are intended to be solely for the benefit of
the parties hereto (and the Indemnified Parties), are not intended to confer any benefits upon, or create any rights in favor of,
any person other than the parties hereto (and the Indemnified Parties) and are not intended to create a fiduciary relationship
between the parties hereto. Any and all obligations of GSO hereunder (including, without limitation, the Commitments, which may
be assigned to GSO’s affiliates and funds and accounts managed or advised by it or limited partners thereto) may be performed,
and any and all rights of GSO hereunder may be exercised, through or by any of its affiliates (provided that until the consummation
of the Equity Financing on the Closing Date, GSO shall remain obligated pursuant to the terms hereof and shall retain exclusive
control over all rights and obligations with respect to its commitments, including all rights with respect to consents, modifications,
waivers and amendments). This Commitment Letter may not be amended or any provision hereof waived or modified except by an instrument
in writing signed by us and you. This Commitment Letter may be executed in any number of counterparts, each of which shall be an
original and all of which, when taken together, shall constitute one agreement. Delivery of an executed counterpart of a signature
page of this Commitment Letter by facsimile or .pdf electronic (or similar format by electronic mail) transmission shall be effective
as delivery of a manually executed counterpart hereof. Each party hereto acknowledges and agrees that each other party hereto and
the other Indemnified Parties shall not have any liability or responsibility for any indirect, special, punitive or consequential
damages that may be claimed or alleged in connection with this Commitment Letter or any activities in connection herewith. This
Commitment Letter constitutes the entire agreement among the parties hereto as to the subject matter hereof and supersedes all
prior understandings, whether written or oral, between us with respect to the Equity Financing. This Commitment Letter and the
rights and the obligations of the parties hereunder, including but not limited to the validity, interpretation, construction, breach,
enforcement or termination hereof, and whether arising in contract or tort or otherwise, shall be governed by, and construed in
accordance with, the laws of the State of New York; provided, however, that the laws of the State of Delaware shall
govern in determining (a) the interpretation of a Material Adverse Effect (as defined in the Acquisition Agreement) and whether
a Material Adverse Effect has occurred for purposes of the Acquisition Agreement, (b) the accuracy of any Acquisition Agreement
Representations and whether as a result of any breach thereof you or your affiliates have the right pursuant to the Acquisition
Agreement to terminate your or their respective obligations to consummate the Acquisition (or the right pursuant to the Acquisition
Agreement not to consummate the Acquisition) and (c) whether the Acquisition has been consummated in accordance with the terms
of the Acquisition Agreement.

 

     

     

    

 

Boxwood Merger Corp.

January 23, 2020

Page 6

 

Each of the parties hereto hereby irrevocably
and unconditionally (a) submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal
court of the United States of America sitting in the Borough of Manhattan, New York City, and any appellate court from any ruling
thereof, in any action or proceeding arising out of or relating to this Commitment Letter or the transactions contemplated hereby,
or for recognition or enforcement of any judgment, and agrees that all claims in respect of any such action or proceeding may
be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court, (b) waives, to
the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any suit, action
or proceeding arising out of or relating to this Commitment Letter or the transactions contemplated hereby in any New York State
court or in any such Federal court and (c) waives, to the fullest extent permitted by law, the defense of an inconvenient forum
to the maintenance of such action or proceeding in any such court.

 

Notwithstanding any term or provision hereof
to the contrary, all of the obligations of GSO and you hereunder in respect of exclusivity, indemnification, expense reimbursement,
non-refundability of fees (if applicable), that we are not acting in a fiduciary relationship with you and may have conflicting
interests, governing law, submission to jurisdiction and waiver of the right to trial by jury shall remain in full force and effect
regardless of whether definitive financing documentation shall be executed and delivered and notwithstanding the occurrence of
the Termination Date (as defined below); provided that GSO’s confidentiality obligations hereunder shall automatically
terminate upon the execution of the Equity Financing Documentation to the extent superseded by such Equity Financing Documentation
and in any event shall automatically terminate on the date that is one year following the date of this Commitment Letter. Notwithstanding
anything herein to the contrary, your obligations and liabilities hereunder shall terminate on the Closing Date and be superseded
by the provisions of the Equity Financing Documentation upon execution thereof (but only to the extent the provisions of the Equity
Financing Documentation cover the substance of the foregoing provisions set forth herein).

 

EACH OF THE PARTIES HERETO IRREVOCABLY
WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED
TO OR ARISING OUT OF THIS COMMITMENT LETTER.

 

     

     

    

 

Boxwood Merger Corp.

January 23, 2020

Page 7

 

GSO hereby notifies you that pursuant
to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “PATRIOT
Act”), GSO may be required to obtain, verify and record information that identifies you and/or the Acquisition Co.
and your and their subsidiaries, which information includes the name, address, tax identification number and other information
regarding you and/or the Acquisition Co. that will allow GSO to identify you and/or the Acquisition Co. in accordance with the
PATRIOT Act. This notice is given in accordance with the requirements of the PATRIOT Act and is effective as to GSO.

 

You acknowledge that GSO and its affiliates
may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in
respect of which you may have conflicting interests. Neither we nor any of our affiliates will use confidential information obtained
from you by virtue of the transactions contemplated by this Commitment Letter or our other relationships with you in connection
with the performance by us of services for other companies, and we will not furnish any such information to other companies. You
also acknowledge that neither we nor any of our affiliates has any obligation to use in connection with the transactions contemplated
by this Commitment Letter, or to furnish to you, confidential information obtained by us from other companies.

 

You acknowledge and agree that GSO has
been engaged solely as an independent contractor to provide the Equity Financing set forth herein. In connection therewith, GSO
will be acting solely pursuant to a contractual relationship on an arm’s length basis with respect to the Equity Financing
(including in connection with determining the terms of the Equity Financing) and not as an agent of or financial advisor or a fiduciary
to you or the Acquisition Co. or any other person. Additionally, you acknowledge that GSO is not advising you or the Acquisition
Co. or any of your or their affiliates as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction.
You and the Acquisition Co. shall consult with your own advisors concerning such matters and shall be responsible for making your
own independent investigation and appraisal of the transactions contemplated hereby, and GSO shall have no responsibility or liability
to you, the Acquisition Co. or any other person with respect thereto. You further acknowledge and agree that any review by GSO
of you and/or the Acquisition Co., the terms of the Equity Financing and other matters relating thereto will be performed solely
for the benefit of GSO and shall not be on behalf of you or the Acquisition Co. or any other person. You waive, to the fullest
extent permitted by law, any claims that GSO has rendered advisory services of any nature or respect, or owes a fiduciary or similar
duty to you, in connection with the transactions contemplated by this Commitment Letter or the process leading thereto.

 

Each of the parties hereto agrees that
this Commitment Letter is a binding and enforceable agreement with respect to the subject matter herein, it being acknowledged
and agreed that the commitments provided hereunder are subject only to the Exclusive Funding Conditions, and upon (but subject
to) satisfaction thereof, the consummation of the Equity Financing shall occur.

 

     

     

    

 

Boxwood Merger Corp.

January 23, 2020

Page 8

 

Notwithstanding anything herein to the
contrary, each of the parties hereto acknowledges that SPAC has established the Trust Account for the benefit of its public stockholders,
which holds proceeds of its initial public offering. For and in consideration of SPAC entering into this Agreement and for other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, GSO, for itself and for all Purchasers
and Related Persons it has the authority to bind, hereby agrees that it does not now and shall not at any time hereafter have
any right, title, interest or claim of any kind in or to any assets in the Trust Account (or distributions therefrom to SPAC’s
public stockholders), and hereby waives any claims it has or may have at any time against or with respect to the Trust Account
(or distributions therefrom to SPAC’s public stockholders) as a result of, or arising out of, any discussions, contracts
or agreements (including this Commitment Letter) among SPAC, Holdings or GSO and will not seek recourse against the Trust Account
(or distributions therefrom to SPAC’s public stockholders) for any reason whatsoever.

 

Furthermore, you acknowledge that GSO and
its affiliates may have fiduciary or other relationships whereby GSO and its affiliates may exercise voting power over securities
and loans of various persons, which securities and loans may from time to time include securities and loans of the SPAC, Holdings,
Acquisition Co., the Target or other potential creditors or investors. You acknowledge that GSO and its affiliates may exercise
such powers and otherwise perform their functions in connection with such fiduciary or other relationships without regard to GSO’s
relationship to you hereunder.

 

If the foregoing correctly sets forth our
agreement, please indicate your acceptance of the terms of this Commitment Letter by returning to us executed counterparts hereof
not later than 5:00 p.m., New York City time, on the date hereof. The Commitments and the agreements of GSO contained herein will
automatically, and without notice or further action, expire at such time in the event that we have not received such executed counterparts
in accordance with the immediately preceding sentence. This Commitment Letter, the Commitments and the agreements of GSO contained
herein will automatically, and without notice or further action, terminate at the earliest of: (a) the termination of the Acquisition
Agreement in accordance with its terms, (b) the closing of the Acquisition without the use of the Equity Financing proposed hereunder
or (c) 5:00 p.m., New York City time, on February 19, 2020 (the “Termination Date”), unless we agree,
in our sole discretion, to an extension in writing.

 

[Remainder of this page intentionally
left blank]

 

     

     

    

 

We are pleased to have been given the opportunity
to assist you in connection with this important financing.

 

	 	Sincerely,
	 	 	 
	 	GSO CAPITAL PARTNERS LP 
	 	 	 
	 	By	/s/ Marisa Beeney
	 	 	Name:	Marisa Beeney
	 	 	Title:	Authorized Signatory

 

[Signature Page to Commitment Letter]

 

     

     

    

  

Accepted and agreed to as of the date first above written:  

 

	BOXWOOD MERGER CORP.	 
	 	 	 
	By	/s/ Stephen M. Kadenacy	 
	 	Name:	Stephen M. Kadenacy	 
	 	Title:	Chief Executive Officer	 
	 	 	 
	ATLAS TC HOLDINGS LLC	 
	 	 	 
	By	/s/ Stephen M. Kadenacy	 
	 	Name:	Stephen M. Kadenacy	 
	 	Title:	Chief Executive Officer	 

 

[Signature Page to Commitment Letter]

  

     

     

    

 

EXHIBIT
A

 

TRANSACTION
SUMMARY

 

Capitalized terms used
but not defined in this Exhibit A shall have the meanings set forth in (i) the Commitment Letter to which this Exhibit
A is attached and (ii) in Exhibits B and C thereto.

 

Atlas TC Buyer LLC,
a newly formed limited liability company organized under the laws of the State of Delaware (“Acquisition Co.”
or the “Borrower”), formed at the direction of, and controlled by, Boxwood Merger Corp., a Delaware corporation
(the “SPAC”), intends to (i) acquire (the “Acquisition”) all of the outstanding
equity interests of Atlas Intermediate Holdings LLC, a Delaware limited liability company (the “Target”),
pursuant to a Unit Purchase Agreement, dated as of August 12, 2019, by and among the SPAC, Holdings, Acquisition Co., the Target
and Atlas Technical Consultants Holdings, LP, a Delaware limited partnership (the “Seller”) (together
with all exhibits, schedules and disclosure letters thereto, the “Acquisition Agreement”), and (ii) immediately
after the consummation of the Acquisition, merge with and into the Target, with the Target being the surviving entity.

 

The SPAC was formed
for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or other similar business
combination with one or more operating businesses (a “Business Combination”), and in connection therewith,
the SPAC now seeks to consummate the Acquisition. The SPAC is required, by the terms of its documents of incorporation, after signing
the Acquisition Agreement (which constitutes the definitive agreement for the Business Combination) to seek shareholder approval
(the “Proxy Process”) of the Business Combination at a meeting called for such purpose, and thereafter
shareholders of the SPAC may seek to redeem their Class A common stock in the SPAC, regardless of whether they vote for or against
the Business Combination, for cash equal to their pro rata share of the aggregate amount then on deposit in the SPAC’s trust
account (the “Trust Account”) calculated as of two business days prior to the consummation of the Business
Combination, including interest but less income taxes payable.

 

In connection with
the foregoing, it is intended that (subject to adjustment as provided under the SPAC Equity Adjustment Mechanism (as defined below)):

 

(a) prior
to, or concurrently with, the execution and delivery by the SPAC of the Commitment Letter, the SPAC has obtained commitments from
(i) the founding shareholders of the SPAC and certain co-investors thereof in the SPAC to not have their equity interests in the
SPAC (such equity interests, the “Founder Share Value”) redeemed as part of the Acquisition and to vote
their shares in favor of the Acquisition, (ii) Bernhard Capital Partners Management LP (“BCP”) and the
current management equity holders of the Target (“Target Management”) to rollover a portion of their
equity in the Target into common equity of Holdings (in an amount of no less than $120.0 million (the “Equity Rollover”),
provided that the Target Management shall rollover all of their equity in the Target (other than a de minimis amount of
cash consideration received in the Acquisition that may be necessary to comply with Seller’s operating agreement);

 

    A-1

     

    

 

(b) the SPAC
will directly or indirectly make cash equity contributions from any funds remaining in the Trust Account (other than funds that
are necessary to effect the Buyer Stock Redemption (as defined in the Acquisition Agreement)) and additional common equity contributions
to the SPAC from investors (which may include any Common Stock purchased by GSO) (collectively, with such funds remaining in the
Trust Account, the “SPAC Closing Common Equity”) to Holdings (which in turn will contribute such amounts
as common equity to Acquisition Co.) in an aggregate amount of at least $10.0 million (the “SPAC Equity Contribution”),
which SPAC Equity Contribution (which, for the avoidance of doubt, does not include any amounts held in the Trust Account to be
used to effect the Buyer Stock Redemption (as defined in the Acquisition Agreement)), when combined with the Founder Share Value,
the Equity Rollover, will on a pro forma basis constitute an aggregate amount equal to at least 36.5% of the sum of (A) the aggregate
gross proceeds of the First Lien Term Facility borrowed on the Closing Date plus (B) the SPAC Equity Contribution
actually contributed to Holdings (and then to Acquisition Co.) plus (C) the Founder Share Value plus (D)
the Equity Rollover plus (E) the aggregate liquidation value of the Preferred Units purchased by GSO (such equity amount,
the “Minimum Equity Amount”) (it being understood that, for the avoidance of doubt, (i) the SPAC Equity
Contribution is in addition to the Founder Share Value, the Equity Rollover and (ii) the SPAC Equity Contribution will be made
with proceeds initially received by the SPAC from its initial public equity offering as well as any additional cash equity raised
by the SPAC after the date hereof to fund the Acquisition and the Refinancing and to pay the Transaction Costs (as defined below));

 

(c) (i) Holdings
will issue the Preferred Units in accordance with the Commitment Letter and the Equity Financing Documentation and 100% of the
proceeds (net of the Closing Payment and any transaction expenses related to the Preferred Units and the Common Stock) received
from the Purchasers by Holdings will be contributed as common equity to Acquisition Co. and (ii) the SPAC will issue the Common
Stock in accordance with the Commitment Letter and the Equity Financing Documentation and 100% of the proceeds received from the
Purchasers by the SPAC will be contributed as common equity to Acquisition Co. (the “Equity Financing”);

 

(d) the Borrower
will obtain the first lien term facility in an aggregate principal amount of $281.0 million (the “First Lien Term Facility”)
and the revolving facility in an amount not to exceed $40.0 million (the “Revolving Facility”), which
shall be undrawn on the Closing Date except to the extent permitted under the Debt Commitment Letter (as defined below) but in
an amount not to exceed an amount required to (i) fund any original issue discount or upfront fees imposed as a result of the exercise
of any Debt Commitment Flex Rights (as defined in Exhibit B to this Commitment Letter), (ii) fund any working capital adjustment
under the Acquisition Agreement and (iii) cash collateralize, back-stop or replace any existing letters of credit (collectively,
the “Debt Financing”), in each case as further described in  the debt commitment letter dated August
12, 2019 (as amended as of the date hereof, the “Debt Commitment Letter”) by and among you and Macquarie
Capital (USA) Inc., Macquarie Capital Funding LLC and Natixis, New York Branch (collectively, the “Debt Commitment
Parties”); and

 

(e) the proceeds
of the Debt Financing and the Equity Financing received on the Closing Date, together with the proceeds from the SPAC Equity Contribution,
will be applied (i) to repay and refinance the existing indebtedness for borrowed money of the Target and its subsidiaries other
than (I) certain indebtedness that GSO and the Borrower reasonably agree may remain outstanding after the Closing Date and (II)
ordinary course capital leases, purchase money indebtedness and deferred purchase price obligations (the “Refinancing”),
(ii) to pay the cash consideration for the Acquisition, (iii) to pay certain fees and expenses incurred in connection with the
Transactions (such fees and expenses, the “Transaction Costs”), and (iv) to provide for the working capital
and general corporate purposes of the Borrower and its restricted subsidiaries.

 

For purposes hereof
and of the Term Sheet, to the extent that the SPAC Equity Contribution is greater than $10.0 million, the amount of the Equity
Rollover shall be reduced (and the cash portion of the Acquisition consideration shall be increased) by an amount equal to the
difference between (x) the amount of the SPAC Equity Contribution minus (y) $10.0 million, until such time as the Equity Rollover
is equal to $120.0 million (the foregoing, the “SPAC Equity Adjustment Mechanism”).

 

The transactions described
above are collectively referred to herein as the “Transactions”. For purposes of this Commitment Letter,
“Closing Date” shall mean the date of the satisfaction or waiver in writing by GSO of the conditions
set forth in Exhibit C to this Commitment Letter, the Acquisition is consummated and the Equity Financing occurs.

  

    A-2

     

    

 

EXHIBIT
B

 

SUMMARY
OF PRINCIPAL TERMS AND CONDITIONS

 

Unless
otherwise defined, terms used herein shall have the meanings assigned thereto in the commitment letter to which this exhibit is
attached, including the other exhibits thereto (the “Commitment Letter”).

 

	Preferred Equity Issuer:	 	Atlas TC Holdings, LLC (“Holdings”).
	 	 	 
	Common Equity Issuer:	 	Boxwood Merger Corp. (the “SPAC”).
	 	 	 
	Purchasers: 	 	(a) GSO Capital Partners LP (together with its affiliates and funds and accounts managed or advised by it, “GSO”) and (b) other investors (other than Bernhard Capital Partners Management LP (“BCP”) or entities affiliated with BCP or the SPAC) (the “Third Party Investors”) (collectively, the “Purchasers”).
	 	 	 
	Preferred Units:	 	145,000 units of a single class of Series A Senior Preferred Units of Holdings (the “Preferred Units”) with an initial liquidation preference of $1,000 per unit and an initial aggregate liquidation preference amount of $145,000,000 (the “Initial Aggregate Liquidation Preference Amount”); provided that, if the SPAC Equity Contribution is sufficient to reduce the Equity Rollover to $120,000,000 and in addition still have more than $10,000,000 available (such excess amount, the “Excess SPAC Equity Amount”), at the election of Holdings, the amount offered for sale to GSO may be reduced by up to an amount equal to the Excess SPAC Equity Amount, with such reduction not to exceed $15,000,000. In addition, Holdings may offer Preferred Units for sale to Third Party Investors; provided that the Third Party Investors will be required to purchase $1.75 of Common Stock for every $1.00 of Preferred Units purchased. Notwithstanding the foregoing, in no event shall GSO be offered to purchase less than $130,000,000 of Preferred Units.
	 	 	 
	Common Stock:	 	1,000,000 shares of Common Stock of the SPAC issued at $10.00 per share, subject to reduction in the event of sales of common stock or securities convertible into or exchangeable for common stock of the SPAC at an implied price per share below $10.00 prior to the Closing Date; provided that GSO will not be obligated to purchase any Common Stock if GSO is offered fewer than 145,000 Preferred Units on the terms set forth herein. For the avoidance of doubt, the transfer of founder shares to any person in connection with their acquisition or non-redemption of common stock or securities convertible into or exchangeable for common stock of the SPAC shall not be taken into account when determining the issue price of such Common Stock.
	 	 	 
	Liquidation Preference:	 	$1,000 per Preferred Unit, plus any accrued and unpaid dividends.
	 	 	 
	Maturity:	 	Perpetual.
	 	 	 
	Purchase Price:	 	100.00% of Liquidation Preference.

 

    B-1

     

    

 

	Dividends:	 	Minimum 5.00% per annum in cash, plus an additional 6.25% per annum in cash or 7.25% per annum in PIK (at Holdings’ option)
	 	 	 
	 	 	Dividends shall be payable quarterly in arrears. Payment of cash dividends shall be subject to any limitations set forth in the documentation for the Debt Financing (as in effect on the Closing Date, but which may be adjusted thereafter to take into account the exercise of any “flex” rights set forth in the Debt Commitment Letter and any related fee letter (the “Debt Commitment Flex Rights”), in each case, as in effect as of the date hereof (the “Debt Financing Documentation”).  If a cash dividend payment is not made because of a limitation under the Debt Financing Documentation, then the dividend shall PIK at 14.25% per annum until any cash payment is made.
	 	 	 
	Ranking:	 	The Preferred Units will be senior in liquidation and distribution rights with respect to all other equity of Holdings.
	 	 	 
	Conversion:	 	The Preferred Units will not be convertible into any other securities of Holdings.
	 	 	 
	Redemption Date at Option of the Purchasers:	 	The Preferred Units may be redeemed at 100% of Liquidation Preference in cash (including accrued and unpaid Dividends and any dividends paid-in-kind), at the option of the Purchasers, after the date which is 8 years after the Closing Date (the “Redemption Date”).
	 	 	 
	Mandatory Redemption:	 	Subject to the terms of Holdings’ and its subsidiaries’ senior credit agreements as in effect from time to time (including the Debt Financing Documentation), mandatory redemption (including accrued and unpaid Dividends and any dividends paid-in-kind, as well as the applicable Redemption Premium) would be required, upon (i) a change of control (to be defined on a basis to be mutually agreed), (ii) sales or other dispositions of all or substantially all of the assets, (iii) insolvency/bankruptcy of Holdings or the Target, (iv) an acceleration under any of the debt facilities of Holdings or its subsidiaries in an amount equal to or greater than $12 million, (v) a payment default on the Preferred Units that has not been cured within 5 business days of the Issuer’s receipt of written notice from GSO, (vi) a default under the protective provisions set forth below, (vii) a final judgement default against Holdings or any of its subsidiaries in an amount equal to or greater than $12 million that is not paid or covered by insurance, or (viii) an actual or asserted invalidity or enforceability of the Holdings Operating Agreement or Subscription Agreement by the SPAC, Holdings or any of its subsidiaries.  If in connection with an event described in clause (i) or (ii) above, the Debt Financing or any replacement financing therefor is repaid in full in cash in accordance with its terms, Holdings shall be required to redeem the Preferred Units immediately after such repayment.
	 	 	 
	Redemption at Option of Issuer:	 	Not callable for two years subject to a customary make-whole with a
    discount rate set at the treasury rate plus 50 basis points. Callable from second anniversary to third anniversary
    at 103% of Liquidation Preference (“Redemption Premium”). Callable after third anniversary at 100%
    of Liquidation Preference.

 

    B-2

     

    

 

	Protective Provisions:	 	As long as any Preferred Unit is outstanding, Holdings and its subsidiaries will be subject to the following negative and affirmative covenants: 

 

	 	●	Alter or change any right, preference, privilege or power of (or restriction for the benefit of) the Preferred Units; 
	 	 	 
	 	●	(A) Amend, amend and restate, supplement, alter, change or otherwise modify any of the Debt Financing Documentation in a manner that (i) extends the maturity of the Debt Financing Documentation beyond the Redemption Date, (ii) makes more restrictive the restricted payments provisions that could be used to pay the dividends described herein (other than as permitted by the exercise of the Debt Commitment Flex Rights) or (iii) increases the “all-in yield” applicable to the First Lien Term Facility or the Revolving Facility in a manner that would result in the “all-in yield” thereon to exceed by more than 3.00% per annum the “all-in yield” on the First Lien Term Facility or the Revolving Facility, as applicable, in each case as in effect on the Closing Date (excluding, however, (i) increases resulting from the exercise of the Debt Commitment Flex Rights, (ii) increases resulting from the accrual of interest at the default rate by no more than 2.00%, (iii) fluctuations in underlying rate indices and (iv) any rate increases effected at a time when the Consolidated Total Net Leverage Ratio (as defined in the Debt Financing Documentation as in effect on the Closing Date) is no greater than the Consolidated Total Net Leverage Ratio applicable to the restricted payments exception allowing solely for the payment of the cash dividend with respect to the Preferred Units pursuant to the Debt Financing Documentation) or (B) waive any default under the Debt Financing Documentation as a result of (x) any restatement of the audited financial statements to the extent such restatement demonstrates that there has been a material adverse effect on the assets, business or results of operations of Holdings and its subsidiaries taken as a whole (a “Material Adverse Effect”) or (y) any failure to deliver audited financial statements not subject to a “going concern” qualification (subject to customary carve-outs) to the extent that such “going concern” qualification evidences that there has been a Material Adverse Effect;
	 	 	 
	 	●	prohibitions on issuance or creation (by merger, reclassification or otherwise) of senior or pari passu equity securities, including (i) equity or equity-like securities (unless such issuance would be used to redeem 100% of the Preferred Units and pay 100% of the Liquidation Preference (in each case, subject to the Redemption Premium)) and (ii) any additional units of the Preferred Units; provided that the foregoing shall not restrict Holdings and its subsidiaries to form wholly-owned subsidiaries;

 

    B-3

     

    

 

	 	●	increase or decrease the number of authorized Preferred Units;
	 	 	 
	 	●	prohibitions on incurrence of additional debt and guarantees, including debt at the Issuer and the Issuer’s subsidiaries (excluding, among other exceptions to be agreed, drawdowns of revolving credit facilities as permitted by Issuer or the Issuer’s subsidiaries’ senior credit facilities), if such additional debt would result in the Consolidated Total Net Leverage Ratio (as defined in the credit agreements for the Debt Financing but excluding the Preferred Units in Consolidated Total Debt, for purposes of calculating consolidated total net leverage ratio) exceeding 3.50 to 1.00 (which in the case of any incremental revolving credit facility or increase to any existing revolving credit facility shall be calculated by assuming that such incremental facility or increase is fully drawn); provided, that notwithstanding the foregoing, the amount incurred under the term loan portion of the Debt Financing on the Closing Date shall not exceed $270.5 million, plus $10.5 million to be used to fund the consideration for the Long Engineering acquisition.  To the extent the Long Engineering acquisition does not close within 10 business days after the Closing Date, the First Lien Term Facility will be prepaid by $10.5 million on the 11th business day after the Closing Date; provided that such amount shall be deposited into a restricted account of the Borrower to be held therein solely to finance the Long Engineering acquisition;
	 	 	 
	 	●	limitations on cash redemptions or repurchases of any equity that is junior to the Preferred Units, including common units (but not on cashless redemptions or conversion of equity);
	 	 	 
	 	●	limitations on transactions with affiliates;
	 	 	 
	 	●	limitations on asset sales;
	 	 	 
	 	●	restricted payments by Holdings or Target permitted under the Debt Financing Documentation may only be made, subject to certain exceptions to be agreed (including tax distributions for income allocated to the common units of Holdings), to fund dividend payments on the Preferred Units;
	 	 	 
	 	●	any payment of dividends made in reliance on a restricted payments incurrence-based basket exception shall rely, in the first instance (but only to the extent then available), on the ratio-based basket prior to such payment’s reliance on any other incurrence-based basket exception;
	 	 	 
	 	●	any reclassification rights with respect to restricted payments incurrence-based basket exceptions shall be exercised to reclassify any restricted payments made in reliance on the dollar basket to reliance on another basket, if and whenever permitted;

 

    B-4

     

    

 

	 	●	make any adverse changes to the organizational documents of the Issuer;
	 	 	 
	 	●	maintenance of limited liability company existence; and
	 	 	 
	 	●	maintenance of property and customary insurance.

 

	 	 	For so long as any Preferred Unit is outstanding, except as required by law, the Issuer will not be permitted to engage in (i) an internal corporate reorganization that would have an adverse effect, in any material respect, on the holders of the Preferred Units or (ii) cash dividends or distributions from the Issuer or Issuer’s subsidiaries (other than dividends contemplated herein and other exceptions to be mutually agreed including distributions to cover taxes which shall be deemed an advance on distribution, distributions to the Issuer or its subsidiaries and pro rata distribution by non-wholly owned subsidiaries) without the prior written consent of the holders of the Preferred Units.
	 	 	 
	 	 	Additionally, such covenants and consent right shall survive any merger, consolidation, acquisition etc. of the Issuer and the foregoing prohibitions shall be taken neither directly or indirectly, nor by amendment, merger, consolidation or otherwise.
	 	 	 
	 	 	Notwithstanding the foregoing, except for the 3.50 to 1.00 leverage test referenced above and distribution on and redemptions of capital stock that is junior to the Preferred Units, the negative and affirmative covenants set forth above will be no more restrictive than the corresponding provisions in the Debt Financing Documentation and, in any event will provide for cushions to be agreed to certain baskets, thresholds and levels set forth therein.
	 	 	 
	Required Holders:	 	Following the Closing Date, any consent or waiver of the holders of the Preferred Units required pursuant to the terms of the Holdings Operating Agreement shall require the consent of holders of not less than a majority of the total outstanding Preferred Units; provided that the following matters shall require the consent of all holders of the Preferred Units, (i) any waiver or amendment to the dividend rate on the Preferred Units, (ii) any waiver or amendment to the timing or method of payment of any dividends, (iii) any waiver or amendment to the fees or other amounts payable to the Purchasers in respect of the Preferred Units (including the Redemption Premium or the Liquidation Preference) and (iv) an extension of the Redemption Date.
	 	 	 
	Tax Matters:	 	Cash payments in respect of the Preferred Units shall be treated as guaranteed payments and not allocated income.  To the extent that holders of the Preferred Units are allocated income in respect of the Preferred Units for amounts related to PIK payments in excess of the cash payments received, holders of Preferred Units shall receive a tax distribution with respect thereto to the extent allowable under the Debt Financing Documentation (which distribution shall be treated as a payment in lieu of the commensurate amount of the PIK dividend).

 

    B-5

     

    

 

	Registration Rights:	 	The holders of the Common Stock will receive demand and piggyback registration rights as are customary for privately-placed SPAC common equity.
	 	 	 
	Transfers:	 	The Preferred Units shall be freely transferable so long as the transferee is being transferred at least 5% of the Preferred Units provided, that as long as GSO or its affiliates continue to own at least 50% of the Preferred Units issued, GSO may not transfer Preferred Units (unless a payment default or a bankruptcy event has occurred) to (i) any person designated by you as a “Disqualified Transferee” by written notice delivered to us prior to the Closing, or (ii) any person that is a competitor of SPAC, the Issuer or Target and their respective subsidiaries, which person has been designated as a “Disqualified Transferee” by written notice to us by you  from time to time (but not less than 3 business days prior to such transfer date) (any such person, a “Competitor”), subject to compliance with applicable securities laws. Holdings shall use commercially reasonable efforts to assist any holder of Preferred Units in any transfer of Preferred Units without registration under the Securities Act of 1933, as amended, by providing customary information and access (a) in connection with any such holder’s marketing efforts or any potential transferee’s due diligence and financing arrangements and (b) in order to comply with applicable securities laws.
	 	 	 
	Documentation:	 	Definitive documentation for the purchase of the Preferred Units and the Common Stock shall include a Subscription Agreement between the Purchasers, the SPAC and Holdings, an Amended and Restated Limited Liability Company Agreement of Holdings (“Holdings Operating Agreement”), and a registration rights agreement, as well as other documentation customary for transactions of this type, including a letter agreement between GSO and Boxwood Sponsor LLC relating to the transfer of certain founder shares (as described below) and the Closing Payment Letter (collectively, the “Equity Financing Documentation”).
	 	 	 
	Board Observer:	 	The holders of a majority of the Preferred Units will have the right to appoint one non-voting observer to the board of directors or equivalent governing body (the “Board of Directors”) of the SPAC and Holdings, it being understood that, subject to customary limitations regarding conflicts of interest or attorney-client privilege, such observer shall be entitled to attend all meetings of the Board of Directors and any committees thereof and to receive all materials distributed to all members of the Board of Directors and any committees thereof in their capacity as such, including copies of monthly management reports, operational performance metrics and other financial and performance information provided to directors on a periodic basis.  Such non-voting observer of the Board of Directors shall also be entitled to reimbursement for all reasonable and documented fees, out-of-pocket costs and out-of-pocket expenses incurred in connection with the execution of his or her role as an observer and attendance at such meetings, including, but not limited to, travel, meals, and accommodations. Before attending any meetings of the Board of Directors, the non-voting observer shall execute and deliver to the SPAC an agreement to abide by all policies applicable to members of the Board of Directors and a confidentiality agreement reasonably acceptable to the SPAC.

 

    B-6

     

    

 

	Expenses:	 	Whether or not the Closing Date occurs, the SPAC will pay on the Closing Date (or if the Closing Date does not occur, within 15 days after written demand therefor), all of GSO’s reasonable and documented fees, out-of-pocket costs and out-of-pocket expenses (including, without limitation, all such costs and expenses arising in connection with any due diligence investigation performed by GSO and the reasonable and documented fees and out-of-pocket expenses of any outside counsel to GSO and arising in connection with the negotiation, preparation, execution, delivery, administration and enforcement of the Commitment Letter and the negotiation, preparation, execution and delivery of the Equity Financing Documentation. From and after the occurrence of the Closing Date, the SPAC or Holdings will pay, within 15 days after written demand therefor, all of GSO’s reasonable and documented fees, out-of-pocket costs and out-of-pocket expenses (including, without limitation, the reasonable and documented fees and out-of-pocket expenses of any outside counsel to GSO) arising in connection with the administration or enforcement of the Purchaser’s rights in respect of the Equity Financing and any amendment or waiver with respect to the Equity Financing Documentation.
	 	 	 
	Governing Law: 	 	State of Delaware.
	 	 	 
	Counsel to GSO: 	 	Willkie Farr & Gallagher LLP.

  

    B-7

     

    

  

EXHIBIT
C

SUMMARY
OF CONDITIONS PRECEDENT1

 

The purchase and sale
of the Preferred Units and the Common Stock on the Closing Date shall be subject solely to the satisfaction (or waiver by GSO in
writing) of only the following conditions (subject to the certain Funds Provisions) on or prior to the Termination Date.

 

1. Substantially
concurrently with the purchase and sale of the Preferred Units and the Common Stock contemplated by the Commitment Letter, (a)
Holdings shall have received the Minimum Equity Amount, (b) the Equity Rollover shall have occurred, (c) the Debt Financing shall
have been consummated on terms and conditions satisfactory to GSO, and the Acquisition Co. shall have received no more than $281.0
million in respect of the First Lien Term Facility and (d) the Refinancing shall have occurred (with all applicable related liens
and guarantees to be released and terminated or customary provisions therefor made).

 

2. Substantially
concurrently with the purchase and sale of the Preferred Units and the Common Stock, the Acquisition shall have been or shall be
consummated in accordance with the terms and conditions of the Acquisition Agreement, as from time to time waived, amended, supplemented
or otherwise modified, other than any such waiver, amendment, supplement, consent or other modification thereto that, individually
or in the aggregate, is materially adverse to the interests of GSO unless GSO shall have consented thereto; provided that
any change in the definition of “Material Adverse Effect” in the Acquisition Agreement shall be deemed to be materially
adverse to the interests of GSO.

 

3. (i)
The execution and delivery of the Equity Financing Documentation by the Issuers and the Purchasers, which shall, in each case,
be in accordance with the terms of the Commitment Letter and the Closing Payment Letter and (ii) the delivery to the Purchasers
of issuance notices, customary incumbency certificates and closing certificates, organizational documents, customary evidence of
authorization and good standing certificates in jurisdictions of formation/organization and a solvency certificate (substantially
in the form of Annex I to this Exhibit C attached hereto), in each case with respect to each Issuer.

 

4. Since December 31,
2018, there has been no Material Adverse Effect (as defined in the Acquisition Agreement as in effect on the date hereof).

 

5. GSO shall have received
unaudited consolidated balance sheets and related statements of income, stockholders’ equity and cash flows of the SPAC and
the Target for any subsequent fiscal quarter ended at least 45 days prior to the Closing Date.

 

6. GSO shall have received
a pro forma consolidated balance sheet and related pro forma consolidated income statements of Holdings and its subsidiaries as
of the twelve-month period ending on the last day of the most recently completed four-fiscal quarter period for which financial
statements of the Target have been delivered pursuant to paragraph 5 above, prepared giving effect to the Transactions as if the
Transactions had occurred as of such date (in the case of the pro forma balance sheet) or as of the beginning of such period (in
the case of the pro forma income statement), which need not be prepared in compliance with Regulation S-X of the Securities Act
of 1933, as amended, or include adjustments for purchase accounting (including adjustments of the type contemplated by Financial
Accounting Standards Board Accounting Standards Codification 805, Business Combinations (formerly SFAS 141R)).

 

 

		1	Capitalized terms used but not defined herein have the
meanings set forth in the Commitment Letter to which this Exhibit C is attached and in Exhibits A
and B thereto.

 

    C-1

     

    

 

7. GSO shall have received,
(x) at least three business days prior to the Closing Date, all documentation and other information required by regulatory authorities
under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation
the PATRIOT Act, in each case, to the extent requested of the SPAC and Holdings by GSO at least ten days prior to the Closing Date
and (y) at least three business days prior to the Closing Date, with respect to Holdings or the SPAC to the extent that either
qualifies as a “legal entity customer” under 31 C.F.R. § 1010.230 (the “Beneficial Ownership Regulation”),
a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation and requested of the SPAC and
Holdings by GSO at least ten days prior to the Closing Date.

 

8. Payment of all expenses
then due by you or the Acquisition Co. to GSO in connection with the financing contemplated hereby (which amounts may be offset
against the proceeds of the Equity Financing), to the extent invoiced at least two business days prior to the Closing Date, and
all other amounts required to be paid on the Closing Date pursuant to the Closing Payment Letter shall have been paid, or shall
be paid substantially concurrently with the issuance of the Preferred Units and the Common Stock (which amounts may be offset against
the proceeds of the Preferred Units and the Common Stock).

 

9. The Acquisition
Agreement Representations shall be true and correct to the extent required by the Certain Funds Provision and the Specified Representations
shall be true and correct in all material respects on and as of the Closing Date, except in the case of any Specified Representation
which expressly relates to a given date or period, in which case, such representation and warranty shall be true and correct in
all material respects as of the respective date or for the respective period, as the case may be); provided that
to the extent that any of such representations and warranties are qualified by or subject to a materiality, “material adverse
effect”, “material adverse change” or similar term or qualification, such representations and warranties shall
be true in all respects.

  

    C-2

     

    

  

ANNEX I

Form of Solvency Certificate

 

[     ], 2020

 

This Solvency Certificate
(this “Certificate”) is delivered pursuant to Section [    ] of the Subscription
Agreement, dated as of [     ], 2020 (as amended, restated, amended and restated, supplemented and/or otherwise
modified, the “Subscription Agreement”), by and among [________] (“Issuer”)
and [_______]. Unless otherwise defined herein, capitalized terms used in this Certificate shall have the meanings set forth in
the Subscription Agreement.

 

I, [    
], the [Chief Financial Officer / other senior financial officer] of Issuer, in that capacity only and not in my individual capacity,
DO HEREBY CERTIFY on that as of the date hereof, and based upon facts and circumstances as they exist as of the date hereof, that:

 

1. For purposes of
this certificate, the terms below shall have the following definitions:

 

(a) “Fair Value”

 

The amount at which
the assets (both tangible and intangible), in their entirety, of Issuer and its subsidiaries taken as a whole would change hands
between a willing buyer and a willing seller, within a commercially reasonable period of time, each having reasonable knowledge
of the relevant facts, with neither being under any compulsion to act.

 

(b) “Present
Fair Salable Value”

 

The amount that could
be obtained by an independent willing seller from an independent willing buyer if the assets of Issuer and its subsidiaries taken
as a whole are sold with reasonable promptness in an arm’s-length transaction under present conditions for the sale of comparable
business enterprises insofar as such conditions can be reasonably evaluated.

 

(c) “Liabilities”

 

The recorded liabilities
(including contingent liabilities that would be recorded in accordance with GAAP) of Issuer and its subsidiaries taken as a whole,
as of the date hereof after giving effect to the consummation of the Transactions, determined in accordance with GAAP consistently
applied.

 

(d) “Will be
able to pay their Liabilities as they mature”

 

For the period from
the date hereof through [_______], Issuer and its subsidiaries on a consolidated basis taken as a whole will have sufficient assets
and cash flow to pay their Liabilities as those liabilities mature or (in the case of contingent Liabilities) otherwise become
payable, in light of business conducted or anticipated to be conducted by Issuer and its subsidiaries as reflected in the projected
financial statements and in light of the anticipated credit capacity.

 

(e) “Do not have
Unreasonably Small Capital”

 

[Solvency Certificate]

 

    C-I-1

     

    

 

Issuer and its subsidiaries
on a consolidated basis taken as a whole after consummation of the Transactions is a going concern and has sufficient capital to
reasonably ensure that it will continue to be a going concern.

 

2. Based on and subject
to the foregoing, I hereby certify on behalf of Issuer that immediately after giving effect to the consummation of the Transactions,
it is my opinion that (i) the Fair Value of the assets of Issuer and its subsidiaries on a consolidated basis taken as a whole
exceeds their Liabilities, (ii) the Present Fair Salable Value of the assets of Issuer and its subsidiaries on a consolidated basis
taken as a whole exceeds their Liabilities; (iii) Issuer and its subsidiaries on a consolidated basis taken as a whole do not have
Unreasonably Small Capital; and (iv) Issuer and its subsidiaries taken as a whole will be able to pay their Liabilities as they
mature.

 

3. In reaching the
conclusions set forth in this Certificate, the undersigned (i) has made such investigations and inquiries as the undersigned has
deemed appropriate, having taken into account the nature of the particular business anticipated to be conducted by Issuer and its
subsidiaries after consummation of the transactions contemplated by the Subscription Agreement, (ii) has reviewed the Subscription
Agreement and the financial statements referred to therein and (iii) in the undersigned’s capacity as [Chief Financial Officer],
is familiar with the financial condition of Issuer and its subsidiaries.

 

[Remainder of Page Intentionally Left
Blank]

 

[Solvency Certificate]

 

    C-I-2

     

    

 

IN WITNESS WHEREOF, I have executed this
Certificate as of the date first written above.

 

	 	Sincerely,
	 	 	 
	 	[___________]
	 	 	 
	 	By	 
	 	 	Name:	 
	 	 	Title:	Chief Financial Officer

 

 

 C-I-3

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