Document:

Exhibit 4.1

 

WARRANT AGREEMENT

 

This Warrant Agreement (“Warrant Agreement”)
is made as of September 13, 2016, by and between M I Acquisitions, Inc., a Delaware corporation (the “Company”),
and American Stock Transfer & Trust Company, LLC (the “Warrant Agent”).

 

WHEREAS, the Company is engaged in a public offering (the “Public
Offering”) of 5,000,000 units (the “Units”) of the Company (including up to 750,000 additional Units,
if the underwriters’ over-allotment option is exercised in full), each Unit consisting of one share of common stock, par
value $0.001 per share (the “Common Stock”), one warrant (the “Public Warrant” or “Public
Warrants) entitling its holder to purchase one share of Common Stock (the “Warrant Shares”);

 

WHEREAS, the Company has received binding commitments
from M SPAC LLC, M SPAC Holdings I LLC and M SPAC Holdings II LLC to purchase up to an aggregate of 402,500 Units (or 447,500 Units,
if the underwriters’ over-allotment option is exercised in full) pursuant to a Subscription Agreement dated September 13,
2016 (the “Subscription Agreement”), and, in connection therewith, will issue and deliver up to an aggregate
of 402,500 warrants (or 447,500 warrants, if the underwriters’ over-allotment option is exercised in full) underlying such
units (the “Private Warrants”, and together with the Public Warrants, the “Warrants”)); and

 

WHEREAS, the Company has filed with the Securities
and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, No. 333-212675 (“Registration
Statement”), for the registration, under the Securities Act of 1933, as amended (the “Act”) of, among
other securities, the Public Warrants; and

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

2.            Warrants.

 

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

 

2.2         Effect
of Countersignature. Unless and until countersigned by the Warrant Agent pursuant to this Warrant Agreement, a Warrant shall
be invalid and of no effect and may not be exercised by the holder thereof.

 

2.3         Registration.

 

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

 

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

 

2.4         Detachability
of Warrants. Each of the Common Stock and the Warrants comprising the Units will begin to trade separately on (i) the first
trading day following the 90th day after the effectiveness of the Registration Statement, or (ii) such earlier date as Chardan
Capital Markets, LLC, as representative of the underwriters (the “Representative”), shall determine is acceptable(such
date, the “Detachment Date”). In no event will separate trading of the securities comprising the Units commence
until the Company (i) files a Current Report on Form 8-K with the SEC including audited balance sheet reflecting our receipt of
the gross proceeds of this Public Offering and (ii) issues a press release announcing when such separate trading will begin.

 

2.5         Private
Warrants. The Private Warrants will be issued in the same form as the Public Warrants except that (i) they will be exercisable
either for cash or on a cashless basis pursuant to Section 3.3 but at the holder’s option and (ii) they will not be redeemable
by the Company, in either case as long as the Private Warrants are held by the initial purchasers or any of their permitted transferees
(as prescribed in the Subscription Agreement).

 

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3.            Terms
and Exercise of Warrants.

 

3.1         Warrant
Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the Registered Holder thereof, subject to the provisions
of such Warrant and of this Warrant Agreement, to purchase from the Company the number of shares of Common Stock stated therein,
at $11.50 per share, subject to the adjustments provided in Section 4 hereof. The term “Warrant Price”
as used in this Warrant Agreement refers to the price per whole share at which Common Stock may be purchased at the time such Warrant
is exercised.

 

3.2         Duration
of Warrants. A Warrant may be exercised only during the period (“Exercise Period”) commencing on the later
to occur of (i) 30 days following the completion of the Company’s initial business combination and (ii) 12 months following
the closing of the Public Offering, and terminating at 5:00 p.m., New York City time, on the earlier to occur of (i)  five
years following the date the Warrants became exercisable, and (ii) the date fixed for redemption of the Warrants as provided
in Section 6 of this Warrant Agreement (“Expiration Date”). Except with respect to the right to receive
the Redemption Price (as set forth in Section 6 hereunder), each Warrant not exercised on or before the Expiration Date shall
become void, and all rights thereunder and all rights in respect thereof under this Warrant Agreement shall cease at the close
of business on the Expiration Date. The Company may extend the duration of the Warrants by delaying the Expiration Date; provided,
however, that the Company will provide notice of not less than 10 days to Registered Holders of such extension and that such extension
shall be identical in duration among all of the then outstanding Warrants.

 

3.3         Exercise
of Warrants.

 

3.3.1           Cash
Exercise. Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant, when countersigned by the Company,
may be exercised by the Registered Holder thereof by surrendering it at the office of the Warrant Agent, or at the office of its
successor as Warrant Agent, currently being:

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

 

with the subscription form, as set forth in the Warrant, duly executed,
and by paying in full, in lawful money of the United States, by certified or bank cashier’s check payable to the order of
the Warrant Agent or by wire transfer to the Warrant Agent’s JP Morgan Chase bank account, the Warrant Price for each whole
Warrant Share as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the
Warrant, the exchange of the Warrant for the Warrant Shares, and the issuance of the Warrant Shares (such exercise, a “Cash
Exercise”). A Cash Exercise in accordance with this Section 3.3.1 is available to the Registered Holder only during such
times that there is an effective registration statement registering the Warrant Shares, with the prospectus contained therein being
available for the resale of the Warrant Shares.

 

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3.3.2           Cashless
Exercise. Notwithstanding anything contained herein to the contrary, if on there is no effective registration statement registering
the Warrant Shares on the 90th day after the completion of the Company’s initial business combination, if the
Registered Holder desires to exercise the Warrants, the Registered Holder may only exercise the Warrants in whole or in part in
lieu of making a cash payment, by providing notice to the Chief Financial Officer of the Company in a subscription form of its
election to utilize cashless exercise, in which event the Company shall issue to the Holder the number of Warrant Shares determined
as follows:

 

X = Y [(A-B)/A]

 

where:

 

X = the number of Warrant Shares to be issued to the
Holder.

 

Y = the number of Warrant Shares with respect to which
this Warrant is being exercised.

 

A = the fair market value of one share of Common Stock.

 

B = the Warrant Price.

 

For purposes of this Section 3.3.2 and Section 4.1,
the fair market value of one share of Common Stock is defined as follows:

 

(i) if the Company’s Common Stock is listed and
traded on the New York Stock Exchange, the NYSE MKT, the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ Capital
Market or the OTC Bulletin Board (each, a “Trading Market”), the fair market value shall be deemed the average of the
closing price on such Trading Market for the 10 trading day ending on the third trading day immediately prior to the date the subscription
form is submitted to the Company in connection with the exercise of the Warrant; or

 

(ii) if the Company’s Common Stock is not listed
on a Trading Market, but is traded in the over-the-counter market, the fair market value shall be deemed to be the average of the
bid price on such Trading Market for the 10 trading day ending on the third trading day immediately prior to the date the subscription
form is submitted in connection with the exercise of the Warrant; or

 

(iii) if there is no active public market for the Company’s
Common Stock, the fair market value of the Common Stock shall be determined in good faith by the Company’s board of directors.

 

3.3.3           Fractional
Shares. Notwithstanding any provision to the contrary contained in this Warrant Agreement, the Company shall not be required
to issue any fraction of a Warrant Share in connection with the exercise of Warrants, and in any case where the Registered Holder
would be entitled under the terms of the Warrants to receive a fraction of a Warrant Share upon the exercise of such Registered
Holder’s Warrants, issue or cause to be issued only the largest whole number of Warrant Shares issuable on such exercise
(and such fraction of a Warrant Share will be disregarded); provided, that if more than one Warrant certificate is presented for
exercise at the same time by the same Registered Holder, the number of whole Warrant Shares which shall be issuable upon the exercise
thereof shall be computed on the basis of the aggregate number of Warrant Shares issuable on exercise of all such Warrants.

 

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3.3.4           Issuance
of Certificates. No later than three (3) business days following the exercise of any Warrant and the clearance of the
funds in payment of the Warrant Price pursuant to Section 3.3.1 or cashless exercise pursuant to Section 3.3.2, the Company shall
issue, or cause to be issued, to the Registered Holder of such Warrant a certificate or certificates representing (or at the option
of the Registered Holder, deliver electronically through the facilities of the Depository Trust Corporation) the number of full
shares of Common Stock to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it,
and, if such Warrant shall not have been exercised or surrendered in full, a new countersigned Warrant for the number of shares
as to which such Warrant shall not have been exercised or surrendered. Notwithstanding the foregoing, the Company shall not deliver,
or cause to be delivered, any securities without applicable restrictive legend pursuant to the exercise of a Warrant unless (a) a
registration statement under the Act with respect to the Common Stock issuable upon exercise of such Warrants is effective and
a current prospectus relating to the shares of Common Stock issuable upon exercise of the Warrants is available for delivery to
the Registered Holder of the Warrant or (b) in the opinion of counsel to the Company, the exercise of the Warrants is exempt
from the registration requirements of the Act and such securities are qualified for sale or exempt from qualification under applicable
securities laws of the states or other jurisdictions in which the Registered Holder resides. Warrants may not be exercised by,
or securities issued to, any Registered Holder in any state in which such exercise or issuance would be unlawful. In addition,
in no event will the Company be obligated to pay such Registered Holder any cash consideration upon exercise or otherwise “net
cash settle” the Warrant.

 

3.3.5           Valid
Issuance. All shares of Common Stock issued upon the proper exercise or surrender of a Warrant in conformity with this Warrant
Agreement shall be validly issued, fully paid and non-assessable.

 

3.3.6           Date
of Issuance. Each person or entity in whose name any such certificate for shares of Common Stock is issued shall, for all purposes,
be deemed to have become the holder of record of such shares on the date on which the Warrant was surrendered and payment of the
Warrant Price was made, irrespective of the date of delivery of such certificate, except that, if the date of such surrender and
payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder
of such shares at the close of business on the next succeeding date on which the stock transfer books are open.

 

4.             Adjustments.

 

4.1         Stock
Dividends, Splits. If, after the date hereof, and subject to the provisions of Section 4.5 below, the number of outstanding
shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a forward or reverse split of
shares of Common Stock, or other similar event, then, on the effective date of such stock dividend, split or similar event, the
number of shares of Common Stock issuable on exercise of each Warrant shall be increased or decreased in proportion to such increase
or decrease in outstanding shares of Common Stock. A rights offering to all holders of the shares of Common Stock entitling holders
to purchase shares of Common Stock at a price less than the Fair Market Value shall be deemed a stock dividend of a number of shares
of Common Stock equal to the product of (i) the number of shares of Common Stock actually sold in such rights offering (or issuable
under any other equity securities sold in such rights offering that are convertible into or exercisable for the shares of Common
Stock) multiplied by (ii) one (1) minus the quotient of (x) the price per share of Common Stock paid in such rights offering divided
by (y) the Fair Market Value. For purposes of this subsection 4.1, if the rights offering is for securities convertible into or
exercisable for shares of Common Stock, in determining the price payable for the shares of Common Stock, there shall be taken into
account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion.

 

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4.2           Aggregation
of Shares. If, after the date hereof, and subject to the provisions of Section 4.6, the number of outstanding shares of
Common Stock is decreased by a consolidation, combination or reclassification of shares of Common Stock or other similar event,
then, on the effective date of such consolidation, combination, reclassification or similar event, the number of shares of Common
Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock.

 

4.3           Extraordinary
Dividends. If the Company, at any time while the Warrants (or rights to purchase the Warrants) are outstanding and unexpired,
shall pay a dividend or make a distribution in cash, securities or other assets to the holders of the Common Stock on account of
such Common Stock (or other shares of the Company’s capital stock into which the Warrants are convertible), other than (a)
as described in subsection 4.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the conversion rights of the
holders of the Common Stock in connection with a proposed initial Business Combination, (d) as a result of the repurchase of Common
Stock by the Company in connection with an initial Business Combination or as otherwise permitted by the Investment Management
Trust Agreement between the Company and the Warrant Agent dated of even date herewith or (e) in connection with the Company’s
liquidation and the distribution of its assets upon its failure to consummate a Business Combination (any such non-excluded event
being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately
after the effective date of such Extraordinary Dividend, by the amount of cash and the fair market value (as determined by the
Company’s board of directors, in good faith) of any securities or other assets paid on each share of Common Stock in respect
of such Extraordinary Dividend. For purposes of this subsection 4.3, “Ordinary Cash Dividends” means any cash dividend
or cash distribution which, when combined on a per share basis with the per share amounts of all other cash dividends and cash
distributions paid on the Common Stock during the 365-day period ending on the date of declaration of such dividend or distribution
(as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends
or cash distributions that resulted in an adjustment to the Warrant Price or to the number of shares of Common Stock issuable on
exercise of each Warrant) does not exceed $0.50 (being 5% of the offering price of the Units in the Offering).

 

4.4           Adjustments
in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted,
as provided in Sections 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant
Price, immediately prior to such adjustment, by a fraction, (a) the numerator of which shall be the number of shares of Common
Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (b) the denominator of which
shall be the number of shares of Common Stock so purchasable immediately thereafter.

 

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4.5           Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common
Stock (other than a change covered by Sections 4.1 or 4.2 hereof or one that solely affects the par value of such shares of Common
Stock), or, in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation
or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization
of the outstanding shares of Common Stock), or, in the case of any sale or conveyance to another corporation or entity of the assets
or other property of the Company as an entirety or substantially as an entirety, in connection with which the Company is dissolved,
the Registered Holders shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions
specified in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable
upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including
cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such
sale or transfer, that the Registered Holder would have received if such Registered Holder had exercised his, her or its Warrant(s)
immediately prior to such event; and if any reclassification also results in a change in shares of Common Stock covered by Sections
4.1 or 4.2, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of
this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales
or other transfers.

 

4.6           Notices
of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant,
the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such
adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant,
setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence
of any event specified in Sections 4.1 – 4.5 the Company shall give written notice to each Registered Holder, at the
last address set forth for such Registered Holder in the Warrant Register, of the record date or the effective date of the event.
Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

 

4.7           Form
of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants
issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially
issued pursuant to this Warrant Agreement. However, the Company may, at any time, in its sole discretion, make any change in the
form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter
issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so
changed.

 

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4.8           Notice
of Certain Transactions. In the event that the Company shall (a) offer to holders of all its Common Stock rights to subscribe
for or to purchase any securities convertible into shares of Common Stock or shares of stock of any class or any other securities,
rights or options, (b) issue any rights, options or warrants entitling all the holders of Common Stock to subscribe for shares
of Common Stock, or (c) make a tender offer, redemption offer or exchange offer with respect to the Common Stock, the Company
shall send to the Registered Holders a notice of such action or offer. Such notice shall be mailed to the Registered Holders at
their addresses as they appear in the Warrant Register, which shall specify the record date for the purposes of such dividend,
distribution or rights, or the date such issuance or event is to take place and the date of participation therein by the holders
of Common Stock, if any such date is to be fixed, and shall briefly indicate the effect of such action on the Common Stock and
on the number and kind of any other shares of stock and on other property, if any, and the number of shares of Common Stock and
other property, if any, issuable upon exercise of each Warrant and the Warrant Price after giving effect to any adjustment pursuant
to this Section 4 which would be required as a result of such action. Such notice shall be given as promptly as practicable
after the Company has taken any such action.

 

5.           Transfer
and Exchange of Warrants.

 

5.1           Transfer
of Warrants. Prior to the Detachment Date, the Warrants may be transferred or exchanged only together with the Unit in which
such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore,
each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants included in such Unit.
From and after the Detachment Date, this Section 5.1 will have no further force and effect.

 

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

 

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

 

5.4           Fractional
Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the
issuance of a warrant certificate for a fraction of a warrant.

 

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

 

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5.6           Warrant
Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the
terms of this Warrant Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the
Company, whenever required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company
for such purpose.

 

6.            Redemption.

 

6.1           Redemption.
Subject to the second sentence of this Section 6.1, all (and not less than all) of the outstanding Warrants may be redeemed,
in whole and not in part, at the option of the Company, at any time from and after the Warrants become exerciseble, and prior to
their expiration, at the office of the Warrant Agent, upon the notice referred to in Section 6.2, at the price of $.01 per
Warrant (“Redemption Price”); provided that the last sales price of the Common Stock has been equal to or greater
than $16.00 per share (subject to adjustment for splits, dividends, recapitalizations and other similar events), for any twenty
(20) trading days within a thirty (30) trading day period ending on the third business day prior to the date on which
notice of redemption is given and provided further that (i) there is a current registration statement in effect with respect to
the shares of Common Stock underlying the Warrants for each day in the 30-Day Trading Period and continuing each day thereafter
until the Redemption Date (defined below) or (ii) the cashless exercise is exempt from the registration requirements under the
Act. For avoidance of doubt, if and when the warrants become redeemable by the Company under this Section, the Company may exercise
its redemption right, even if it is unable to register or qualify the Warrant Shares for sale under all applicable state securities
laws.

 

6.2           Date
Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Warrants, the Company shall
fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first class mail,
postage prepaid, by the Company not less than 30 days prior to the date fixed for redemption to the Registered Holders of the Warrants
to be redeemed at their last addresses as they shall appear on the Warrant Register. Any notice mailed in the manner herein provided
shall be conclusively presumed to have been duly given, whether or not the Registered Holder received such notice.

 

6.3           Exercise
After Notice of Redemption. The Warrants may be exercised in accordance with Section 3 of this Warrant Agreement at any
time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior to the Redemption
Date; provided that the Company may require the Registered Holder who desires to exercise the Warrant, to elect cashless exercise
pursuant to Section 3.3.2, and such Registered Holder must exercise the Warrants on a cashless basis if the Company so requires.
On and after the Redemption Date, the Registered Holder of the Warrants shall have no further rights except to receive, upon surrender
of the Warrants, the Redemption Price.

 

6.4           No
Other Rights to Cash Payment. Except for a redemption in accordance with this Section 6, no Registered Holder of any Warrant
shall be entitled to any cash payment whatsoever from the Company in connection with the ownership, exercise or surrender of any
Warrant under this Warrant Agreement.

 

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7.            Other
Provisions Relating to Rights of Registered Holders of Warrants.

 

7.1           No
Rights as Stockholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a stockholder of the
Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights
to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors
of the Company or any other matter.

 

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

 

7.3           Reservation
of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued shares of
Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant
Agreement.

 

7.4           Registration
of Common Stock. The Company agrees that as soon as practicable, but in no event later than thirty (30) business days after
the closing of a Business Combination, it shall use its best efforts to file with the SEC a registration statement for the registration
under the Act of the shares of Common Stock issuable upon exercise of the Warrants, and to cause the same to become effective and
to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of
the Warrants in accordance with the provisions of this Agreement. In addition, the Company agrees to use its best efforts to register
the shares of Common Stock issuable upon exercise of the Warrants under state blue sky laws, to the extent an exemption is not
available.

 

8.            Concerning
the Warrant Agent and Other Matters.

 

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

 

8.2           Resignation,
Consolidation, or Merger of Warrant Agent.

 

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

 

    10

     

    

 

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

 

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

 

8.3         Fees
and Expenses of Warrant Agent.

 

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

 

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

 

8.4         Liability
of Warrant Agent.

 

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

 

    11

     

    

 

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

 

8.4.3           Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Warrant Agreement or with respect to the validity
or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of
any covenant or condition contained in this Warrant Agreement or in any Warrant; nor shall it be responsible to make any adjustments
required under the provisions of Section 4 hereof or responsible for the manner, method or amount of any such adjustment or
the ascertaining of the existence of facts that would require any such adjustment; nor shall it, by any act hereunder, be deemed
to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant
to this Warrant Agreement or any Warrant or as to whether any shares of Common Stock will when issued be valid and fully paid and
non-assessable.

 

8.5           Acceptance
of Agency. The Warrant Agent hereby accepts the agency established by this Warrant Agreement and agrees to perform the same
upon the terms and conditions herein set forth and, among other things, shall account promptly to the Company with respect to Warrants
exercised and concurrently account for, and pay to the Company, all moneys received by the Warrant Agent for the purchase of shares
of the Company’s Common Stock through the exercise of Warrants.

 

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

 

9.           Miscellaneous
Provisions.

 

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

 

9.2           Notices.
Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent or by the Registered
Holder of any Warrant to or on the Company shall be delivered by hand or sent by registered or certified mail or overnight courier
service, addressed (until another address is filed in writing by the Company with the Warrant Agent) as follows:

 

    12

     

    

 

M I Acquisitions, Inc.

c/o Magna Management LLC

5 Hanover Square

New York, NY 10004

Attention: Joshua Sason

 

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

 

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn: Mitchell S. Nussbaum, Esq.

 

Any notice, statement or demand authorized by this Warrant Agreement
to be given or made by the Registered Holder of any Warrant or by the Company to or on the Warrant Agent shall be delivered by
hand or sent by registered or certified mail or overnight courier service, addressed (until another address is filed in writing
by the Warrant Agent with the Company), as follows:

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

 

Any notice, sent pursuant to this Warrant Agreement shall be effective,
if delivered by hand, upon receipt thereof by the party to whom it is addressed, if sent by overnight courier, on the next business
day of the delivery to the courier, and if sent by registered or certified mail on the third day after registration or certification
thereof.

 

9.3           Applicable
Law. The validity, interpretation, and performance of this Warrant Agreement and of the Warrants shall be governed in all respects
by the laws of the State of New York, without giving effect to conflict of laws. The Company and the Warrant Agent hereby agree
that any action, proceeding or claim against either of them arising out of or relating in any way to this Warrant Agreement shall
be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of
New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company and the Warrant Agent
hereby waive any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process
or summons to be served upon the Company or the Warrant Agent may be served by transmitting a copy thereof by registered or certified
mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing
shall be deemed personal service and shall be legal and binding upon the party receiving such service in any action, proceeding
or claim.

 

    13

     

    

 

9.4           Persons
Having Rights under this Warrant Agreement. Nothing in this Warrant Agreement expressed and nothing that may be implied from
any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than
the parties hereto and the Registered Holders of the Warrants and, for the purposes of Sections 9.2 hereof, the Representative
and the underwriters, any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation,
promise, or agreement hereof. The Representative, and each of the underwriters, shall be deemed to be a third party beneficiary
of this Warrant Agreement with respect to Sections 6.1, 9.2 and 9.8 hereof. All covenants, conditions, stipulations, promises,
and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto (and the Representative
and underwriters with respect to the Sections 9.2 hereof) and their successors and assigns and of the Registered Holders of the
Warrants.

 

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

 

9.6           Counterparts-
Facsimile Signatures. This Warrant Agreement may be executed in any number of counterparts, and each of such counterparts shall,
for all purposes, be deemed to be an original, and all such counterparts shall together constitute one and the same instrument.
Facsimile signatures shall constitute original signatures for all purposes of this Warrant Agreement.

 

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

 

9.8           Amendments.
This Warrant Agreement and any Warrant certificate may be amended by the parties hereto by executing a supplemental warrant agreement
(a “Supplemental Agreement”), without the consent of any of the Warrant Holders, for the purpose of (i) curing
any ambiguity, or curing, correcting or supplementing any defective provision contained herein, or making any other provisions
with respect to matters or questions arising under this Warrant Agreement that is not inconsistent with the provisions of this
Warrant Agreement or the Warrant certificates, (ii) evidencing the succession of another corporation to the Company and the
assumption by any such successor of the covenants of the Company contained in this Warrant Agreement and the Warrants, (iii) evidencing
and providing for the acceptance of appointment by a successor Warrant Agent with respect to the Warrants, (iv) adding to
the covenants of the Company for the benefit of the Registered Holders or surrendering any right or power conferred upon the Company
under this Warrant Agreement, or (viii) amending this Warrant Agreement and the Warrants in any manner that the Company may
deem to be necessary or desirable and that will not adversely affect the interests of the Registered Holders in any material respect.
All other modifications or amendments to this Warrant Agreement, including any amendment to increase the Warrant Price or shorten
the Exercise Period, shall require the written consent of the Registered Holders of a majority of the then outstanding Warrants.
Notwithstanding the foregoing, the Company may extend the duration of the Exercise Period in accordance with Section 3.2 without
such consent.

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

    14

     

    

 

[SIGNATURE PAGE TO THE WARRANT AGREEMENT]

 

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

 

	 	M I ACQUISITIONS, INC.
	 	 
	 	By: /s/ Joshua Sason
	 	Name:  Joshua Sason
	 	Title:    Chief Executive Officer
	 	 
	 	AMERICAN STOCK TRANSFER & TRUST
	 	COMPANY, LLC
	 	 
	 	By: /s/ Michael Legregin
	 	Name:  Michael Legregin
	 	Title:    Senior Vice President

 

    15Exhibit 10.1

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Agreement is made as of September 13, 2016
by and between M I Acquisitions, Inc. (the “Company”) and American Stock Transfer & Trust Company, LLC, as trustee
(“Trustee”).

 

WHEREAS, the Company’s registration statement
on Form S-1, No. 333-212675 (“Registration Statement”) for its initial public offering of securities (“IPO”)
has been declared effective as of the date hereof (“Effective Date”) by the Securities and Exchange Commission (capitalized
terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement); and

 

WHEREAS, Chardan Capital Markets LLC (“Chardan”)
is acting as the underwriter in the IPO; and

 

WHEREAS, if a Business Combination is not consummated
within the initial 18 month period following the closing of the IPO, the Company’s insiders may extend such period by three
one-month periods, up to a maximum of 21 months in the aggregate, by depositing $125,000 (or $143,750 if the Underwriters’
over-allotment option is exercised in full) into the Trust Account (as defined below) no later than the 18 month anniversary of
the IPO, the 19 month anniversary of the IPO, or the 20 month anniversary of the IPO (each, an “Applicable Deadline”)
for each one-month extension (each, an “Extension”), in exchange for which they will receive promissory notes; and

 

WHEREAS,
as described in the Registration Statement, and in accordance with the Company’s Amended and Restated Memorandum and Articles
of Association, $51,500,000 of the gross proceeds of the IPO and the net proceeds of a private placement taking place simultaneously
therewith ($59,255,000 if the over-allotment option is exercised in full), plus any amount eventually deposited on account of any
Extension, will be delivered to the Trustee to be deposited and held in the Trust Account for the benefit of the Company and the
holders of the Company’s common stock, par value $.001 per share (“Common Stock”), issued in the IPO as hereinafter
provided (the proceeds to be delivered to the Trustee, including
the proceeds from any loans in connection with an Extension, if any, will be referred to herein as the “Property”;
the shareholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Shareholders,”
and the Public Shareholders and the Company will be referred to together as the “Beneficiaries”); and 

 

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

 

IT IS AGREED:

 

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

 

(a)          Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in a segregated trust account (“Trust
Account”) established by the Trustee at JP Morgan Chase & Co. in the United States, maintained by Trustee, and at a brokerage
institution selected by the Trustee that is reasonably satisfactory to the Company;

 

     

     

    

 

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

 

(c)          In
a timely manner, upon the instruction of the Company, invest and reinvest the Property (i) in United States government treasury
bills, notes or bonds having a maturity of 180 days or less and/or (ii) in money market funds meeting certain conditions under
Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, and that invest solely in U.S. treasuries, as determined
by the Company;

 

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

 

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

 

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

 

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

 

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

 

(i)          Commence
liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter (“Termination
Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, signed on behalf of the
Company by its President, Chief Executive Officer or Chairman of the Board and Secretary or Assistant Secretary and, in the case
of a Termination Letter in a form substantially similar to that attached hereto as Exhibit A, acknowledged and agreed to by Chardan,
and complete the liquidation of the Trust Account and distribute the Property in the Trust Account only as directed in the Termination
Letter and the other documents referred to therein; provided, however, that in the event that a Termination Letter has not been
received by the Trustee by the 18-month anniversary of the closing of the IPO (“Closing”) or, in the event that the
Company executed a letter of intent or definitive agreement for a Business Combination  within 18 months from the closing
of the IPO but has not completed the Business Combination within such 18-month period, the 21-month anniversary of the Closing,
(“Last Date”), the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination
Letter attached as Exhibit B hereto and distributed to the Public Shareholders as of the Last Date.

 

(j)          [intentionally
omitted]

 

(k)          [intentionally
omitted]

 

    	 	2	 

     

    

 

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

 

(m)          Not
disburse any amounts from the Trust Account in connection with a Business Combination in the event that the amount per share to
be received by the redeeming Public Shareholders is less than $10.30 per share (plus the amount per share deposited in the Trust
Account pursuant to any Extension Letter).

 

(n)          In
connection with a Business Combination, before making disbursements to the Depository Trust Company, the Company or any other person,
disburse the per share amount to redeeming Public Shareholders (other than shares tendered through the Depository Trust Company)
that have tendered their shares directly to the Trustee.

 

(o)          Promptly
acknowledge and comply with any irrevocable instruction letter delivered in the form of Exhibit E delivered by the Company in connection
with the disbursement of funds to a Public Shareholder.

 

(p)          Promptly
acknowledge, in writing to any redeeming Public Shareholder and the Company, any irrevocable instruction letter in the form of
Exhibit F delivered by such redeeming Public Shareholder after the announcement by the Company of a proposed Business Combination
and promptly comply with any irrevocable written instruction letter in the form of Exhibit F delivered by such Public Shareholder
in connection with the disbursement of funds to such Public Shareholder if the Company has not notified the Trustee in writing
during the Objection Period that such irrevocable written instruction letter is a Non-Compliant Instruction Letter (as defined
below).

 

2.          Limited
Distributions of Income from Trust Account.  

 

(a)          Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit C, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested by
the Company to cover any income or other tax obligation owed by the Company as a result of such interest income.

 

(b)          [intentionally
omitted]

 

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

 

    	 	3	 

     

    

 

(d)          The
Company shall provide Chardan with a copy of any Termination Letters and/or any other correspondence that it issues to the Trustee
with respect to any proposed withdrawal from the Trust Account promptly after such issuance.

 

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

 

(f)          Promptly
following the Applicable Deadline, disclose whether or not the term the Company has to consummate a Business Combination has been
extended;

 

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

 

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

 

(b)          Subject
to the provisions of Sections 5 and 7(g) of this Agreement, hold the Trustee harmless and indemnify the Trustee from and against,
any and all expenses, including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection with any
claim, potential claim, action, suit or other proceeding brought against the Trustee involving any claim, or in connection with
any claim or demand which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the
Property or any income earned from investment of the Property, except for expenses and losses resulting from the Trustee’s
gross negligence or willful misconduct.  Promptly after the receipt by the Trustee of notice of demand or claim or the
commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this paragraph,
it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”).  The
Trustee shall have the right to conduct and manage the defense against such Indemnified Claim, provided, that the Trustee shall
obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld.  The
Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which consent shall not
be unreasonably withheld.  The Company may participate in such action with its own counsel;

 

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

 

    	 	4	 

     

    

 

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

 

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

 

(f)          Upon
receiving the written request of a Public Shareholder to do so at any time after the date hereof, provide such Public Shareholder
with a copy of any instruction provided to the Trustee pursuant to Section 1(i) or Section 1(j) along with any Notification (as
defined in Exhibit A), Instruction Letter (as defined in Exhibit A),  applicable flow of funds memorandum (or similar
document), or any other notice delivered to the Trustee by the Company regarding the disbursement of Property from the Trust Account
resulting in the Property left in the Trust Account being less than $51,500,000 (or $59,225,000 if the Underwriters’ over-allotment
option is exercised in full) plus any amount eventually deposited on account of any Extension, which, in each case, shall specify
to whom the Property shall be disbursed (such written notice, a “Disbursement Notice” and the date such Public Shareholder
receives a Disbursement Notice, a “Disbursement Notice Date”). Each Disbursement Notice shall be delivered to such
Public Shareholder at least two business days prior to the disbursement of any Property pursuant to Section 1(i) or Section 1(j)
and no Property shall be disbursed from the Trust Account prior to the date that is two business days from the applicable Disbursement
Notice Date.

 

(g)          At
the request of any Public Shareholder who has removed shares from street name and holds such shares either in certificated or book-entry
form and, except if such shares are held in book-entry form, delivered such certificated shares to the Trustee for purposes of
redemption in connection with a Business Combination, concurrently with the delivery of such shares, solely if such shares are
certificated. to the Trustee, send an irrevocable written instruction letter in the form of Exhibit E to the Trustee directing
the Trustee to disburse no less than $10.30 per share (plus the amount per share deposited in the Trust Account pursuant to any
Extension Letter) to such Public Shareholder.

 

(h)          Following
receipt of a copy of an irrevocable written instruction letter in the form of Exhibit F delivered by a Public Shareholder who has
removed shares from street name and holds such shares either in certificated or book-entry form and, except if such shares are
held in book-entry form, delivered such certificated shares to the Trustee for purposes of redemption in connection with a Business
Combination to the Trustee, review such letter to confirm (i) such letter is in the form of Exhibit F, (ii) a Business Combination
has been announced on or prior to the date of such letter and (iii) the number of shares of Common Stock set forth on such letter
to be redeemed is not greater than the number of shares of Common Stock held by the applicable Public Shareholder.  Solely
if the Company cannot confirm the requirements of clauses (i) through (iii) of this Section 3(h), but not for any other reason,
then within two days of the Company’s receipt of the applicable copy of the irrevocable written instruction letter in the
form of Exhibit F (such time period, the “Objection Period”), the Company will notify the applicable Public Shareholder
and the Trustee in writing that such irrevocable written instruction letter is a “Non-Compliant Instruction Letter”
and that the Trustee will not be required to comply with such letter.

 

    	 	5	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	6	 

     

    

 

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

 

(i)          Pay
any taxes on behalf of the Trust Account (it being expressly understood that the Property shall not be used to pay any such taxes
and that such taxes, if any, shall be paid by the Company from funds not held in the Trust Account or released to it under Section
2(a) hereof);

 

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

 

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

 

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

 

6.          Termination.  This
Agreement shall terminate as follows:

 

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

 

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

 

    	 	7	 

     

    

 

7.          Miscellaneous.

 

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

 

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

 

(c)          This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof.  Except
for Sections 1(i), 1(m), 1(n), 1(o), 1(p), 3(g), 3(h) 7(c) and 7(h) (which may only be amended with the approval of the holders
of at least 75% of the shares of Common Stock sold in the IPO, provided that all Public Shareholders must be given the right to
receive a pro-rata portion of the trust account (no less than $10.30 per share plus the amount per share deposited in the Trust
Account pursuant to any Extension Letter) in connection with any such amendment), this Agreement or any provision hereof may only
be changed, amended or modified by a writing signed by each of the parties hereto; provided, however, that no such change, amendment
or modification may be made without the prior written consent of Chardan.  As to any claim, cross-claim or counterclaim
in any way relating to this Agreement, each party waives the right to trial by jury.  The Trustee may require from Company
counsel an opinion as to the propriety of any proposed amendment.

 

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

 

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

 

if to the Trustee, to:

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Attn:  Relationship Management

Fax No.:

 

    	 	8	 

     

    

 

if to the Company, to:

 

M I Acquisitions, Inc.

c/o Magna Management LLC

40 Wall Street, 58th Floor

New York, NY 10005

Attn:  Joshua Sason, Chief
Executive Officer

Fax No.:  (646) 737-9948

 

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

 

Chardan Capital Markets, LLC

17 State Street, Suite 1600

New York, NY 10004

Attn: George Kaufman

Facsimile: (646) 465-9039

 

and

 

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn: Mitchell S. Nussbaum, Esq.

Fax No.: (212) 407-4990

 

and

 

McDermott Will & Emery LLP

340 Madison Avenue

New York, NY 10173

Attn: Robert H. Cohen, Esq.

Fax: (212) 547-5444

 

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

 

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

 

(h)          Each
of the Company and the Trustee hereby acknowledge that Chardan is a third party beneficiary of this Agreement and that each Public
Shareholder is a third party beneficiary of Sections 1(i), 1(m), 1(n), 1(o), 1(p), 3(g), 3(h), 7(c) and 7(h).

 

    	 	9	 

     

    

 

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

 

	 	AMERICAN STOCK TRANSFER & TRUST

 COMPANY, LLC, as Trustee
	 	 	 
	 	By:	/s/ Michael Legregin
	 	 	Name: Michael Legregin
	 	 	Title:  Senior Vice President
	 	 	 
	 	M I ACQUISITIONS, INC. 
	 	 	 
	 	By:	/s/ Joshua Sason
	 	 	Name: Joshua Sason
	 	 	Title:  Chief Executive Officer

 

    	 	10	 

     

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	2,000	 
	Annual fee	 	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	$	10,000	 
	Transaction processing fee for disbursements to Company under Section 2	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 2	 	$	250	 
	Paying Agent services as required pursuant to section 1(i)	 	Billed to Company upon delivery of service pursuant to section 1(i)	 	 	Prevailing rates	 

 

    	 	11	 

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

                      [Insert date]

 

American Stock Transfer & Trust Company,
LLC

6291 15th Avenue

Brooklyn, NY 11219

 

Attn:  Relationship Management

 

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

 

Gentlemen:

 

Pursuant to paragraph 1(i)
of the Investment Management Trust Agreement between M I Acquisitions, Inc. (“Company”) and American Stock Transfer
& Trust Company, LLC (“Trustee”), dated as of September 12, 2016 (“Trust Agreement”), this is to advise
you that the Company has entered into an agreement with [__________________] (“Target Business”) to consummate a business
combination with Target Business (“Business Combination”) on or about [insert date].  The Company
shall notify you at least 48 hours in advance of the actual date of the consummation of the Business Combination (“Consummation
Date”).  Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust
Agreement.

 

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

 

On the Consummation Date
(i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated, and (ii)
the Company shall deliver to you (a) [an affidavit] [a certificate] of [__________________], which verifies the vote of the Company’s
shareholders in connection with the Business Combination if a vote is held and (b) joint written instructions from the Company
and Chardan Capital Markets LLC with respect to the transfer of the funds held in the Trust Account, which must provide for the
disbursement of no less than $10.30 per share plus the amount per share deposited in the Trust Account per Extension Letter to
redeeming Public Shareholders (“Instruction Letter”).  You are hereby directed and authorized to transfer
the funds held in the Trust Account immediately upon your receipt of the counsel’s letter and the Instruction Letter, in
accordance with the terms of the Instruction Letter.  In the event that certain deposits held in the Trust Account may
not be liquidated by the Consummation Date without penalty, you will notify the Company of the same and the Company shall direct
you as to whether such funds should remain in the Trust Account and distributed after the Consummation Date to the Company.  Upon
the distribution of all the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be terminated.

 

    	 	12	 

     

    

 

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

 

	 	Very truly yours,
	 	 
	 	M I ACQUISITIONS, INC.
	 	 
	 	By:	 
	 	 	_______________, Chief Executive Officer
	 	 
	 	By:	 
	 	 	____________, Secretary

 

Acknowledged and Agreed:

 

Chardan Capital Markets, LLC

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	 	13	 

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

                      [Insert
date]

 

American Stock Transfer & Trust Company,
LLC

6201 15th Avenue

Brooklyn, NY 11219

 

Attn:  Relationship Management

 

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

 

Gentlemen:

 

Pursuant to paragraph 1(i) of the Investment
Management Trust Agreement between M I Acquisitions, Inc. (“Company”) and American Stock Transfer & Trust Company,
LLC (“Trustee”), dated as of September 12, 2016 (“Trust Agreement”), this is to advise you that the Company
has been unable to effect a Business Combination with a Target Company within the time frame specified in the Company’s Amended
and Restated Certificate of Incorporation, as described in the Company’s prospectus relating to its IPO.  Capitalized
terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

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

 

	 	Very truly yours,
	 	 
	 	M I ACQUISITIONS, INC.
	 	 
	 	By:	 
	 	 	_________, Chief Executive Officer
	 	 	 
	 	By:	 
	 	 	_________, Secretary

 

cc: Chardan Capital Markets LLC

 

    	 	14	 

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

                      [Insert
date]

  

American Stock Transfer & Trust Company,
LLC

6201 15th Avenue

Brooklyn, NY 11219

 

Attn:  Relationship Management

 

		Re:	Trust Account No. [___________]

 

Gentlemen:

 

Pursuant to paragraph 2(a)
of the Investment Management Trust Agreement between M I Acquisitions, Inc. (“Company”) and American Stock Transfer
& Trust Company, LLC (“Trustee”), dated as of September 12, 2016 (“Trust Agreement”), the Company hereby
requests that you deliver to the Company [$_______] of the interest income earned on the Property as of the date hereof.  The
Company needs such funds to pay for its tax obligations as a result of such interest income.  In accordance with the
terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your
receipt of this letter to the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	M I ACQUISITIONS, INC.
	 	 
	 	By:	 
	 	 	_________, Chief Executive Officer
	 	 	 
	 	By:	 
	 	 	_________, Secretary

 

cc: Chardan Capital Markets LLC

 

    	 	15	 

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

                      [Insert
date]

 

American Stock Transfer & Trust Company,
LLC

6201 15th Avenue

Brooklyn, NY 11219

 

Attn:  Relationship Management

 

		Re:	Trust Account No. [______________] Extension Letter

 

Gentlemen:

 

Pursuant to Section 1(l) of the Investment
Management Trust Agreement between M I Acquisitions, Inc. (“Company”) and American Stock Transfer & Trust Company,
LLC, dated as of September 12, 2016 (“Trust Agreement”), this is to advise you that the Company is extending the time
available in order to consummate a Business Combination with the Target Businesses for an additional one (1) month, from _______
to _________ (the “Extension”).

 

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

 

In accordance with the terms of the Trust Agreement,
we hereby authorize you to deposit [$125,00 (or $143,750 if the underwriters’ over-allotment option was exercised in full)],
which will be wired to you, into the Trust Account investments upon receipt.

 

This is the ____ of up to three Extension Letters.

 

	 	Very truly yours,
	 	 
	 	M I ACQUISITIONS, INC. 
	 	 
	 	By:	 
	 	 	_________, Chief Executive Officer
	 	 	 
	 	By:	 
	 	 	_________, Secretary

 

cc: Chardan Capital Markets LLC

 

    	 	16	 

     

    

 

EXHIBIT E

 

[Letterhead of Company]

 

                      [Insert
date]

 

American Stock Transfer & Trust Company,
LLC

6201 15th Avenue

Brooklyn, NY 11219

 

Attn:  Relationship Management

 

		Re:	Trust Account No. [______________] - Irrevocable Instruction in Connection with Business Combination

 

Gentlemen:

 

Pursuant to paragraphs 1(o) and 3(g) of the
Investment Management Trust Agreement between M I Acquisitions, Inc. (“Company”) and American Stock Transfer &
Trust Company, LLC (“Trustee”), dated as of September 12, 2016 (“Trust Agreement”), this constitutes our
irrevocable instruction to you to (i) in conjunction with the Business Combination (as defined in the Trust Agreement), disburse
a per share amount of $______, which is not less than $10.30 (plus the amount per share deposited in the Trust Account pursuant
to any Extension Letter) per share to ________________ (the “Shareholder”) for the _____________________ shares of
the Company’s common stock delivered to you prior to or concurrently herewith for redemption in connection with the Business
Combination, and (ii) deliver to the Shareholder the amounts specified in clause (i) prior to delivering and amounts to the Depository
Trust Company, the Company, or any person from whom you have not received an irrevocable instruction substantially similar to this
one.  

 

The Company shall indemnify you and your officers,
directors, principals, partners, agents and representatives, and hold each of them harmless from and against any and all loss,
liability, damage, claim or  expense (including the reasonable fees and disbursements of its attorneys) incurred by or
asserted against you or any of them arising out of or in connection with the instructions set forth herein, the performance of
your duties hereunder and otherwise in respect hereof, including the costs and expenses of defending yourself or themselves against
any claim or liability hereunder, except that the Company shall not be liable hereunder as to matters in respect of which it is
determined that you have acted with gross negligence or in bad faith.  You shall have no liability to the Company in
respect to any action taken or any failure to act in respect of this if such action was taken or omitted to be taken in good faith,
and you shall be entitled to rely in this regard on the advice of counsel.

 

The Board of Directors of the Company has approved
the foregoing irrevocable instructions and does hereby extend the Company’s irrevocable agreement to indemnify your firm  for  all  loss,  liability
or  expense  in  carrying  out  the  authority and  direction  herein
contained on the terms herein set forth.

 

The Shareholder  is  intended  to  be  and  is
a  third  party  beneficiary  of this letter and the irrevocable instructions set forth
herein,  and  no amendment or  modification to the instructions set forth herein may be made without
the prior written consent of the Shareholder.

 

By signing below, the person executing this letter certifies that
they are duly authorized to execute this letter on behalf of the Company and to bind the Company to all of the terms and conditions
contained herein.

 

[remainder of page intentionally left blank]

 

    	 		 

     

    

 

	 	Very truly yours,
	 	 
	 	M I ACQUISITIONS, INC.
	 	 
	 	By:	                       
	 	Name: 	 
	 	Title:	 

 

Acknowledged and Agreed:

 

AMERICAN STOCK TRANSFER & TRUST

 COMPANY, LLC, as Trustee

 

	 	 
	Name:	 
	Title:	 

 

Cc: [SHAREHOLDER].

 

    	 		 

     

    

 

EXHIBIT F

 

[Insert date]

 

American Stock Transfer & Trust Company,
LLC

6201 15th Avenue

Brooklyn, NY 11219

 

Attn:  Relationship Management

 

		Re:	Trust Account No. [______________] - Irrevocable Instruction
in Connection with Business Combination

 

Gentlemen:

 

Pursuant to paragraphs 1(p) and 3(h) of the
Investment Management Trust Agreement between M I Acquisitions, Inc. (“Company”) and American Stock Transfer &
Trust Company, LLC (“Trustee”), dated as of September 12, 2016 (“Trust Agreement”), this constitutes our
irrevocable instruction to you to (i) in conjunction with the Business Combination (as defined in the Trust Agreement), disburse
a per share amount of $______, which is not less than $10.30 (plus the amount per share deposited in the Trust Account pursuant
to any Extension Letter) per share to ________________ (the “Shareholder”) for the _____________________ shares of
the Company’s common stock delivered to you prior to or concurrently herewith for redemption in connection with the Business
Combination, and (ii) deliver to the Shareholder the amounts specified in clause (i) prior to delivering and amounts to the Depository
Trust Company, the Company, or any person from whom you have not received an irrevocable instruction substantially similar to this
one.  

 

The Company shall indemnify you and your officers,
directors, principals, partners, agents and representatives, and hold each of them harmless from and against any and all loss,
liability, damage, claim or  expense (including the reasonable fees and disbursements of its attorneys) incurred by or
asserted against you or any of them arising out of or in connection with the instructions set forth herein, the performance of
your duties hereunder and otherwise in respect hereof, including the costs and expenses of defending yourself or themselves against
any claim or liability hereunder, except that the Company shall not be liable hereunder as to matters in respect of which it is
determined that you have acted with gross negligence or in bad faith.  You shall have no liability to the Company in
respect to any action taken or any failure to act in respect of this if such action was taken or omitted to be taken in good faith,
and you shall be entitled to rely in this regard on the advice of counsel.

 

The Board of Directors of the Company does
hereby extend the Company’s irrevocable agreement to indemnify your firm for all loss, liability or expense in carrying out
the authority and direction herein contained on the terms herein set forth.

 

No amendment or  modification to the instructions set
forth herein may be made without the prior written consent of the Shareholder.

 

By signing below, the person executing this letter certifies that
they are duly authorized to execute this letter on behalf of the Shareholder and to bind the Shareholder to all of the terms and
conditions contained herein.

 

[remainder of page intentionally left blank]

 

    	 		 

     

    

 

	 	Very truly yours,
	 	 
	 	[SHAREHOLDER]
	 	 
	 	By:	                         
	 	Name: 	 
	 	Title:	 

 

Acknowledged and Agreed:

 

AMERICAN STOCK TRANSFER & TRUST

 COMPANY, LLC, as Trustee

 

	 	 
	Name:	 
	Title:	 

 

		Cc:	M I Acquisitions, Inc.

c/o Magna Management LLC

40 Wall Street, 58th Floor

New York, NY 10005

		Attn:	Joshua Sason, Chief Executive Officer

Fax No.:  (646) 737-9948

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