Document:

Exhibit

    

        EMPLOYMENT AGREEMENT

THIS AGREEMENT is made on 1st April 2016 between:

		
	(1)
	EnerSys Reserve Power Pte Ltd, (the “Company”)  having an office at 152 Beach Road, #11-03 Gateway East, Singapore 189721; and

		
	(2)
	Mr Myles Jones, Passport No. (UK) 761216087 (the “Executive”)

WHEREAS, the Company is a wholly owned subsidiary of EnerSys Group shall comprise EnerSys, its subsidiary companies and associated companies, including the Company and EnerSys Asia (each a “Group Entity”).

NOW THEREFORE, the company and Executive agree as follows:

		
	1.
	General Provisions

		
	1.1
	The Company has agreed to appoint the Executive in the position of President, Asia and the Executive accepts such appointment subject to the terms of this agreement and successfully obtaining an employment pass to work in Singapore.

		
	1.2
	The Executive will commence the new appointment on 1st April 2016 until such time that his employment is terminated in accordance with Clause 19. 

		
	1.3
	This Agreement supersedes the provisions of the entire Executive’s previous Employment Agreements and all previous Employment Agreements are hereby cancelled including that signed with EH Europe GmbH dated 1st April 2012.

		
	1.4
	 The Executive shall retain his complete rights to years of service and the seniority with the company.  

		
	1.5
	The Executive shall report directly to Todd Sechrist, Executive Vice President and COO. 

		
	2.
	Function and Fidelity

		
	2.1
	The duties of the Executive shall include, without limitation, those listed in the job description in Appendix 1. 

		
	2.2
	The Executive shall at all times perform his duties diligently and carefully and in accordance with the lawful orders or directions given to him by the Company. 

ENERSYS ASIA
No. 152, Beach Road
#11-03 Gateway East Building,
SINGAPORE 189721
Tel:  +65 6508 1780   Fax:   +65 6292 4380

    

		
	2.3
	The Executive shall devote his full working capacity to the benefit of the Company and the Group, and he shall promote the affairs of the Company and the Group diligently and carefully. 

		
	2.4
	If the Executive wishes to perform any employment task or assignment for or on behalf of other entities (whether gratuitously or for gain), he must obtain the prior written consent of the Company. This restriction does not apply to the performance of employment tasks or assignments on behalf of a Group Entity. 

		
	2.5
	If the Executive wishes to participate in any other entity or the running of his own business, he must obtain the prior written consent of the Company. This restriction does not apply to the purchase by the Executive of up to 10% of the entire outstanding shares of a public listed company for personal investment purposes. 

		
	2.6
	During the term of this Agreement, the Executive shall not at any time make any statement which, in the reasonable opinion of the Company, is untrue or misleading in relation to the Company or the Group. After the termination of this Agreement in accordance with Clause 19 or after the completion of the Term (whichever is applicable) (both events to be collectively referred to as “End of Employment”), the Executive shall not represent himself as being directly or indirectly employed by or in any way connected with or interested in the business of the Company or the Group. 

3.    Place of Work and Working Hours    

		
	3.1
	The Executive’s place of work shall be at 152 Beach Road, #11-03 Gateway East, Singapore 189721 and such other places as may be necessary for the proper performance of his duties.

		
	3.2
	The normal working hours of the Executive shall be from 9.00 am to 5.30 pm Monday to Friday. However the executive will use his discretion as to when he needs to work beyond the above hours to ensure an orderly performance of his duties. 

		
	4.
	Base Salary/Superannuation

		
	4.1
	In return for the performance of his duties under this Agreement, the Company shall pay the Executive a fixed gross annual base salary in the amount of SGD420,000  (in words: Four Hundred and Twenty Thousand) (the ‘Fixed Base Salary) which is payable on twelve months pro-rata basis in a year less any payroll deductions that are payable on his salary. The company can arrange to split the payroll between the UK and Singapore at a fixed exchange rate if the Executive chooses to do it.

		
	4.2
	The Company shall pay the Executive a fixed annual allowance of SGD40,000 being the Company contribution to the Executive pension and life insurance and it will be paid in twelve monthly equal instalment. The Executive will not be entitled to any further pension fund, life and personal accident insurance and social contributions. 

ENERSYS ASIA
No. 152, Beach Road
#11-03 Gateway East Building,
SINGAPORE 189721
Tel:  +65 6508 1780   Fax:   +65 6292 4380

    

		
	4.3
	The Executive shall not be entitled to remuneration for overtime work. 

		
	5.
	Management Incentive Program

		
	5.1
	In addition to the remuneration stated in sub-clause 4.1 the Executive shall be entitled to participate in the EnerSys Management Incentive Program (MIP). The MIP potential is 70% of his fixed annual salary pro-rata for months worked. Such MIP payouts are not contractual and payout will be in accordance to the EnerSys guidelines and rules set up yearly by the Compensation Committee. Any bonus earned will be paid with the authorization of the President & CEO of EnerSys following auditing of the accounts, normally in June of each year in respect of bonus earned the previous fiscal year.  

		
	6.
	Housing Allowance 

		
	6.1
	The Company shall pay the Executive a fixed monthly housing allowance of SGD15, 500. 

		
	6.2
	The Executive will be responsible for the utility, telephone, broadband and cable television charges in his house/apartment. 

7.    EnerSys Stock

		
	7.1
	All decisions regarding the allocation of EnerSys stock and vesting requirements are at the sole discretion of the Compensation Committee of the EnerSys’ Board of Directors.

		
	8
	Transportation

		
	8.1
	The Company will provide the Executive with a company car. The VP, Human Resources shall approve the type of car to be provided and it will be fully maintained by the Company. By mutual agreement the Company may replace the company car with a car allowance that will be determined by the VP, Human Resources.

		
	8.2
	All other details shall be regulated in accordance to the Company Car policy.

		
	9.
	Schooling

 
		
	9.1
	The Company will pay the costs of the Executive children’s education in an International School in Singapore or a school in the UK with the agreement of the Company. This will include middle through high school.  The Company will reimburse for required uniforms, fees, and books.  Other costs such as field trips, music lessons, sports fees, gym clothes, lunch, etc. will not be paid by the Company.

		
	9.2
	The Company will not pay for any costs associated with the Executive children college/university education.  If his children attends full-time university outside of Singapore, the Company will provide 2 coach class air tickets per year for each child to visit him 

ENERSYS ASIA
No. 152, Beach Road
#11-03 Gateway East Building,
SINGAPORE 189721
Tel:  +65 6508 1780   Fax:   +65 6292 4380

    

in Singapore and this will be deducted from the Executive’s home visit entitlement.   This benefit will end, if his children graduate or no longer attend full-time school. 

		
	10.
	Medical Benefits

		
	10.1
	The Company will provide the Executive and his family with an Aetna Healthcare plan. This benefit will be phased out at the end of the 5th year period and thereafter the Executive will be provided with medical benefits in accordance with the local policies/practices of the company.  

		
	11.
	Vacation Leaves

    
		
	11.1
	The Executive shall be entitled to Thirty (30) working days of vacation per calendar year pro-rated in accordance to the number of completed month of service. The Executive vacation leave entitlement in Switzerland will be calculated up to the date he starts on his assignment in Singapore and brought forward to Singapore. 

		
	11.2
	The Executive is entitled to all gazetted public holidays in Singapore.  

12.    Home Visit to UK

		
	12.1
	The Company will provide 4 business class and 4 coach class return tickets to the Executive and family for each full 12 months of service. These include the air tickets provided in clause 9.2. 

 
		
	13.
	Relocation and Integration Costs

		
	13.1
	The Company will pay for the relocation cost of the Executive personal and household goods including pets from Switzerland to the UK and / or Singapore. 

14.    Tax Provision 

		
	14.1
	The Executive shall be fully responsible for all tax liabilities (including, without limitation, income tax) arising from and in connection with all forms of remuneration and benefits received from the Company under the terms of this Agreement. The Company will appoint and pay the cost for tax expert to provide support and assistance during and at the end of assignment to ensure proper compliance with tax reporting requirements both in Singapore and the UK. In particular, this will include the required tax filings. This same support and assistance will be provided to the Executive for filing his tax return in Switzerland as long as the Swiss authorities require this for any tax matters related to the time the Executive resided in Switzerland as was required by the Company. 

		
	14.2
	Enersys Asia will meet any Singapore tax obligations on the housing, schooling, medical and home leaves air-tickets.

ENERSYS ASIA
No. 152, Beach Road
#11-03 Gateway East Building,
SINGAPORE 189721
Tel:  +65 6508 1780   Fax:   +65 6292 4380

    

		
	15.
	Visa, Passport and Work Permit Requirements

		
	15.1
	The Company will, at its expense, work with the Executive to arrange for passport, visas and employment pass requirements that are necessary for working in Singapore

		
	16.
	Confidentiality

During the term of this Agreement and twelve (12) months after the End of Employment, the Executive undertakes to keep strictly confidential all matters pertaining to the commercial interests of the Company and the Group. Without limiting the scope of this confidentiality undertaking, the Executive shall maintain strict confidentiality with respect to third parties and unauthorized staff members of the Company as to all confidential or secret information or business matters (including, without limitation, the Group’s production, designs, marketing plans, financial matters and other business secrets) (“Confidential Information”) of the Company or a Group Entity which comes to his attention in the performance of his duties to the Company, irrespective of the manner in which he obtained the Confidential Information. The Executive shall also not use the Confidential Information for his own purposes or for any purpose apart from the performance of his duties for the company. 

		
	17.
	Non-Competition and Non-Solicitation Clause

		
	17.1
	During the term of this Agreement and six (6) months after the End of Employment, the Executive undertakes not to carry out, concern or engage or interest himself, either directly or indirectly, in the business or affairs or any activities of any other person, business, firm, body corporate, undertaking or company similar to or competing in any way with the Company or any Group Entity (“Competitive Business”).

		
	17.2
	During the term of this Agreement and six (6) months after the End of Employment, the Executive undertakes not to induce, or attempt to induce, any employee, customer or supplier (“Company Person”) of the Company or a Group Entity to terminate his/her or its employment with or patronage of the Company or a Group Entity with a view to the taking up of employment in or the giving of patronage to a Competitive Business. For the purposes of this sub-Clause 17.2, a Company Person is someone who has been employed or involved commercially with the Company or a Group Entity at any time during the one (1) year period immediately preceding the End of Employment. 

		
	18.
	Rights of Use and Inventions

		
	18.1
	All work results in connection with the activities of the Executive shall inure exclusively to the Company. Where the work results are protected by copyright, the Executive grants the Company the exclusive and unrestricted right of use for all present and future kinds of use. Such right of use shall remain valid even after the End of Employment. The Executive shall not be entitled to additional remuneration for the granted rights of use. These are fully remunerated by the Fixed Salary stated in sub-Clause 4.1.

ENERSYS ASIA
No. 152, Beach Road
#11-03 Gateway East Building,
SINGAPORE 189721
Tel:  +65 6508 1780   Fax:   +65 6292 4380

    

		
	18.2
	During the term of this Agreement, the Executive shall from time to time fully disclose to the Company any invention or discovery he may make or discover, including any improvements, arising out of or in connection with the business of the Company. The Executive agrees not to claim any proprietary interest in any such inventions, discoveries or improvements.

		
	18.3
	Any inventions of the Executive and technical suggestions for improvement as well as methods of engineering, patents, utility models, design patents and the like developed by the Executive in connection with his activities for the Company shall inure exclusively to the Company. The Company shall have the unrestricted and exclusive right to use to the exclusion of the Executive who shall not be entitled to additional remuneration. Where necessary, the Executive shall transfer to the Company any respective right and claim which entitles the Company to register patents, utility models or design patents in its own name and for its own account.

		
	19.
	Termination of the Agreement

		
	19.1
	This Agreement shall terminate if any of the following events happens:

		
	19.1.1
	the Executive passes away;

		
	19.1.2
	the Executive turns sixty-two (62) years of age;

		
	19.1.3
	either party gives twelve (12) months’ notice in writing to the other; or

		
	19.1.4
	the Company becomes entitled to terminate this Agreement in accordance with sub-Clause 19.2.

		
	19.2
	The Company shall be entitled to terminate this Agreement:

		
	19.2.1
	with twelve (12) months’ notice in writing if the Executive shall have been incapacitated by reason of ill-health, accident (excluding injuries or accidents incurred in the course of performing her duties) or other causes from performing his duties under this Agreement for:

		
	(i)
	a continuous period of more than six (6) weeks: or

		
	(ii)
	periods of time aggregating six (6) weeks in the twelve (12) months immediately preceding the giving of the notice under this sub-Clause 19.2.1.

		
	19.2.2
	without notice if in the reasonable opinion of the Company, the Executive shall:

		
	(i)
	have committed a criminal offence (whether or not resulting in a criminal conviction in a court of law);

        
		
	(ii)
	have been guilty of any conduct (not amounting to a criminal offence) tending to bring himself or the Company or Group into disrepute;

ENERSYS ASIA
No. 152, Beach Road
#11-03 Gateway East Building,
SINGAPORE 189721
Tel:  +65 6508 1780   Fax:   +65 6292 4380

    

		
	(iii)
	have failed to perform his duties diligently and carefully or shall have committed any serious, repeated or continuing material breach of his obligations under this Agreement; or

		
	(iv)
	refuse or neglect to comply with any lawful orders or directions given to him by the Company.

		
	19.3
	Clauses 16, 17 and 21 will survive termination of this Agreement.

		
	20.
	Repatriation 

		
	20.1
	The Company will pay reasonable cost of repatriation back to UK in the event that the Executive is unable to continue in his employment due to ill health of either he or his spouse or children; or the Executive is being affected by the Company restructuring exercise. 

		
	20.2
	The Company will not be responsible for providing cost of repatriation when the Executive service is terminated for cause or if he resigned on his own accord. 

		
	21.
	Return of Property    

		
	21.1
	Upon the End of Employment, the Executive shall immediately return to the Company and all documents, correspondence, records, drafts and the like referring to the Company’s business and affairs (including any copies) which may be in the possession or under the control of the Executive or to which the Executive has at any time had access.     

    
		
	22.
	Miscellaneous Provisions

		
	22.1
	This Agreement constitutes the entire agreement and understanding of the parties relating to its subject matter and supersedes any and all prior and contemporaneous agreements and understandings, representations and assurances, whether oral or written, relating to its subject matter.

		
	22.2
	The headings of the clause in this Agreement are for the sake of convenience only and have no legal effect.

		
	22.3
	Amendments and supplements of this Agreement must be in writing to be effective. This also applies for an amendment of this sub-Clause 22.3.

		
	22.4
	The parties undertake to keep in confidence the provisions of this Agreement.

 
		
	22.5
	This Agreement shall be personal to the Executive and the Executive shall not be entitled to assign or transfer any rights or obligations under this Agreement. 

ENERSYS ASIA
No. 152, Beach Road
#11-03 Gateway East Building,
SINGAPORE 189721
Tel:  +65 6508 1780   Fax:   +65 6292 4380

    

		
	22.6
	All provisions of this Agreement shall be severable and no provision shall be affected by the invalidity of any other provision to the extent such invalidity does not render such other provision invalid. In the event of the invalidity of any provision of this Agreement, it shall be interpreted and enforced as if all the provisions thereby rendered invalid were not contained in this Agreement. If any provision of this Agreement shall be susceptible to two interpretations, one of which would render the provision invalid and the other of which would cause the provision to be valid, the latter interpretation shall be adopted. If any provision of this Agreement shall be prohibited by or adjudicated by a court to be unlawful, void or unenforceable, such provision shall to the extent required be severed from this Agreement and rendered ineffective as far as possible without modifying the remaining provisions of this Agreement and shall not in any way affect any other provision of this Agreement or the validity or the enforcement of the rest of this Agreement.

		
	22.7
	This Agreement shall be governed by and construed in accordance with the laws of Singapore and the Company and the Executive agree to submit to the non-exclusive jurisdiction of the Singapore courts. 

		
	22.8
	This Agreement may be signed in counterparts with the same force and effect as if all parties had signed a single original. The Executive confirms his receipt of an executed copy of this Agreement signed by the Company. 

		
	/s/ Cyril Forrest
	/s/ Myles Jones

            
		
	Sid Forrest 
	Myles Jones

Vice President, HR                        

		
	25 Feb 2016
	20 Feb 2016    

		
	Date
	Date    

/s/ Todd M. Sechrist
Director
EnerSys Reserve Power Pte. Ltd.

ENERSYS ASIA
No. 152, Beach Road
#11-03 Gateway East Building,
SINGAPORE 189721
Tel:  +65 6508 1780   Fax:   +65 6292 4380Exhibit 10.1

 

AMENDMENT NO. 1 TO INVESTMENT MANAGEMENT
TRUST AGREEMENT

 

THIS AMENDMENT NO. 1 TO THE INVESTMENT MANAGEMENT
TRUST AGREEMENT (this “Amendment”) is made as of May 25, 2017, by and between GP Investments Acquisition Corp., a Cayman
Islands exempted company (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation
(the “Trustee”). Capitalized terms contained in this Amendment, but not specifically defined in this Amendment, shall
have the meanings ascribed to such terms in the Original Agreement (as defined below).

 

WHEREAS, on May 26, 2015, the Company consummated
an initial public offering (the “Offering”) of units of the Company’s equity securities, each such unit comprised
of one share of the Company’s ordinary shares, par value $0.0001 per share (“Ordinary Shares”), and one warrant,
each warrant entitling the holder thereof to purchase one-half of one share of Ordinary Shares;

 

WHEREAS, the Company entered into an Underwriting
Agreement with Citigroup Global Markets, Inc., as representatives of the several underwriters named therein (the “Underwriting
Agreement”);

 

WHEREAS, $172,500,000 of the gross proceeds
of the Offering (including approximately $6,037,500 of underwriters’ deferred discount) and sale of the Private Placement
Warrants (as defined in the Underwriting Agreement) were delivered to the Trustee to be deposited and held in a segregated Trust
Account located in the United States (the “Trust Account”) for the benefit of the Company and the holders of the Company’s
Ordinary Shares included in the Units issued in the Offering pursuant to the investment management trust agreement made effective
as of May 19, 2015 by and between the Company and the Trustee (the “Original Agreement”);

 

WHEREAS, the Company has sought the approval
of its Public Shareholders at an extraordinary general meeting of its shareholders to: (i) extend the date before which the Company
must complete a business combination from May 26, 2017 to November 27, 2017 (the “Extension Amendment”) and (ii) extend
the date on which the Trustee must liquidate the Trust Account if the Company has not completed a business combination from May
26, 2017 to November 27, 2017 (the “Trust Amendment”);

 

WHEREAS, holders of at least sixty-five
percent (65%) of the Company’s outstanding ordinary shares approved the Extension Amendment and the Trust Amendment; and

 

WHEREAS, the parties desire to amend the
Original Agreement to, among other things, reflect amendments to the Original Agreement contemplated by the Trust Amendment.

 

NOW, THEREFORE, in consideration of the
mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
and intending to be legally bound hereby, the parties hereto agree as follows:

 

    	 	 1	 

     

    

  

1. Amendment of Trust Agreement.

 

1.1. Section 1(i) of the Original Agreement
is hereby amended and restated in its entirety as follows:

 

“(i) Commence liquidation
of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter from the
Company (“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 Chief Executive Officer, Chief Financial Officer or Chairman of the board of directors
(the “Board”) or other authorized officer of the Company, and complete the liquidation of the Trust Account and distribute
the Property in the Trust Account, including interest (which interest shall be net of any taxes payable and less up to $100,000
of interest that may be released to the Company to pay dissolution expenses, it being understood that the Trustee has no obligation
to monitor or question the Company’s position that an allocation has been made for taxes payable), only as directed in the
Termination Letter and the other documents referred to therein, or (y) upon November 27, 2017, if a Termination Letter has not
been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures
set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest (which interest
shall be net of any taxes payable and less up to $100,000 of interest that may be released to the Company to pay dissolution expenses),
shall be distributed to the Public Shareholders of record as of such date; provided, however, that in the event the Trustee receives
a Termination Letter in a form substantially similar to Exhibit B hereto, or if the Trustee begins to liquidate the Property because
it has received no such Termination Letter by November 27, 2017, the Trustee shall keep the Trust Account open until twelve (12)
months following the date the Property has been distributed to the Public Shareholders;”

 

1.2. A new Section 1(k) is hereby added
to the Original Agreement as follows:

 

“(k) Upon written request
from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit D (a
“Shareholder Redemption Withdrawal Instruction”), the Trustee shall distribute to the Company the amount requested
by the Company to be used to redeem shares of Ordinary Shares from Public Shareholders in the event that the Company’s shareholders
approve an amendment to the Company’s amended and restated memorandum and articles of association to extend the time period
in which the Company must complete its initial Business Combination or liquidate the Trust Account. The written request of the
Company referenced above shall constitute presumptive evidence that the Company is entitled to said funds, and the Trustee shall
have no responsibility to look beyond said request.”

 

1.3. Section 1(k) of the Original Agreement
is hereby amended and restated in its entirety as follows:

 

“(l) Not make any withdrawals
or distributions from the Trust Account other than pursuant to Section 1(i), (j) or (k) above.”

 

    	 	 2	 

     

    

 

1.4. Exhibit B of the Original Agreement
is hereby amended and restated in its entirety as follows:

 

“EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer& Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven G. Nelson or Frank Di Paolo

 

Re: Trust Account No. Termination Letter

 

Gentlemen:

 

Pursuant to Section 1(j) of the Investment
Management Trust Agreement between GP Investments Acquisition Corp. (“Company”) and Continental Stock Transfer &
Trust Company (“Trustee”), dated as of May 19, 2015 (as amended from time to time, “Trust Agreement”),
this is to advise you that the Company has been unable to effect a business combination with a Target Business (“Business
Combination”) within the time frame specified in the Company’s Amended and Restated Memorandum and Articles of Association,
as described in the Company’s Prospectus relating to the Offering. Capitalized terms used but not defined herein 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 of the assets in the Trust Account on November 27, 2017 and to transfer the
total proceeds into the trust checking account at Citibank, N.A. to await distribution to the Public Shareholders. The Company
has selected [●], 2017, as the record date for the purpose of determining the Public Shareholders entitled to receive their
share of the liquidation proceeds. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree
to distribute said funds directly to the Company’s Public Shareholders in accordance with the terms of the Trust Agreement
and the Amended and Restated Memorandum and Articles of Association of the Company. Upon the distribution of all the funds, your
obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(j) of the Trust
Agreement.

 

	 	Very truly yours,
	 	 
	 	GP Investments Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc: Citigroup Global Markets Inc.”

 

    	 	 3	 

     

    

 

1.5. A new Exhibit D is hereby added to
the Original Agreement as follows:

 

“EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Cynthia Jordan

 

Re: Trust Account No. Shareholder Redemption Withdrawal Instruction

 

 

 

Gentlemen:

 

Pursuant to Section 1(k) of the Investment
Management Trust Agreement between GP Investments Acquisition Corp. (the “Company”) and Continental Stock Transfer
& Trust Company (the “Trustee”), dated as of May 19, 2015 (as amended from time to time, “Trust Agreement”),
the Company hereby requests that you deliver to the Company $[●] of the principal and interest income earned on the Property
as of the date hereof. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The Company needs such funds to pay its
public shareholders who have properly elected to have their ordinary shares redeemed by the Company in connection with the shareholder
vote to approve an amendment to the Company’s Amended and Restated Memorandum and Articles of Association to extend the time
in which the Company must complete a Business Combination or liquidate the Trust Account. As such, you are hereby directed and
authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating
account at:

 

	 	[WIRE INSTRUCTION INFORMATION]
	 	 
	 	Very truly yours,
	 	 
	 	GP Investments Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc: Citigroup Global Markets Inc.”

 

    	 	 4	 

     

    

 

2. Miscellaneous Provisions.

 

2.1. Successors. All the covenants
and provisions of this Amendment by or for the benefit of the Company or the Trustee shall bind and inure to the benefit of their
permitted respective successors and assigns.

 

2.2. Severability. This Amendment
shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity
or enforceability of this Amendment 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 Amendment a provision as similar in terms
to such invalid or unenforceable provision as may be possible and be valid and enforceable.

   

2.3. Applicable Law. This Amendment
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.

 

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

 

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

 

2.6. Entire Agreement. The Original
Agreement, as modified by this Amendment, constitutes the entire understanding of the parties and supersedes all prior agreements,
understandings, arrangements, promises and commitments, whether written or oral, express or implied, relating to the subject matter
hereof, and all such prior agreements, understandings, arrangements, promises and commitments are hereby canceled and terminated.

 

[Signature page follows]

 

 

    	 	 5	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Amendment to be duly executed as of the date first above written.

 

	 	Continental Stock Transfer & Trust Company, as Trustee
	 	 	 
	 	By:	 /s/ Frances E. Wolf Jr.
	 	 	Name: Frances E. Wolf Jr.
	 	 	Title: Vice President 
	 	 	
         

	 	 	 
	 	 	 
	 	GP Investments Acquisition Corp.
	 	 	 
	 	By:	/s/ Antonio Bonchristiano
	 	 	Name: Antonio Bonchristiano
	 	 	Title: Chief Executive Officer, Chief Financial Officer and Director

 

 

 

[Signature Page to Amendment to Investment
Management Trust Agreement]

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