Document:

Exhibit 10.3

October
13, 2015

 

Capitol
Acquisition Corp. III

509 7th
Street, N.W.

Washington,
D.C. 20004

 

Citigroup
Global Markets Inc.

388
Greenwich Street

New
York, New York 10013

 

Deutsche
Bank Securities Inc.

60
Wall Street

New
York, New York 10005

 

Credit
Suisse Securities (USA) LLC

Eleven
Madison Avenue

New
York, New York 10010

 

	 	Re:	Initial Public Offering

 

Gentlemen:

 

This
letter is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”)
entered into by and between Capitol Acquisition Corp. III, a Delaware corporation (the “Company”), and
Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC as representatives (collectively
the “Representatives”) of the several Underwriters named in Schedule I thereto (the “Underwriters”),
relating to an underwritten initial public offering (the “IPO”) of the Company’s units (the “Units”),
each comprised of one share of the Company’s common stock, par value $0.0001 per share (the “Common Stock”),
and one half of one warrant, each whole warrant exercisable for one share of Common Stock (each, a “Warrant”).
Certain capitalized terms used herein are defined in paragraph 14 hereof.

 

In
order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in
recognition of the benefit that such IPO will confer upon the undersigned as a stockholder of the Company, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees with the
Company as follows:

 

1.             If
the Company solicits approval of its stockholders of a Business Combination,  the undersigned will vote all shares beneficially
owned by him or it, whether acquired before, in or after the IPO, in favor of such Business Combination.

 

    	 	 	 

    	 	 	 

    

 

2.             In the event that the Company fails to consummate a Business Combination within the time period set forth
in the Company’s Certificate of Incorporation, as the same may be amended from time to time, the undersigned will, as promptly
as possible, (i) cause the Trust Account to be liquidated and distributed to the holders of IPO Shares and (ii) cause the Company
to liquidate as soon as reasonably practicable. The undersigned hereby waives any
and all right, title, interest or claim of any kind in or to any distribution of the Trust Account and any remaining net assets
of the Company as a result of such liquidation with respect to the shares of Founders’ Common Stock owned by the undersigned
(“Claim”) and hereby waives any Claim the undersigned may have in the future as a result of, or arising out of, any
contracts or agreements with the Company and will not seek recourse against the Trust Account for any reason whatsoever. The undersigned
acknowledges and agrees that there will be no distribution from the Trust Account with respect to any warrants, all rights of which
will terminate on the Company’s liquidation.

 

3.             The undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated
with any Insiders of the Company or their affiliates, such transaction must be approved by a majority of the Company’s disinterested
independent directors and the Company must obtain an opinion from an independent investment banking firm that such Business Combination
is fair to the Company’s unaffiliated stockholders from a financial point of view.

 

4.             Neither
the undersigned, any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive
and will not accept any compensation or other cash payment prior to, or for services rendered in order to effectuate, the consummation
of the Business Combination; provided that the Company shall be allowed to make the payments set forth in the Registration Statement
under the caption “Prospectus Summary – The Offering – Limited payments to insiders.”

 

5.             Neither
the undersigned, any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive
or accept a finder’s fee or any other compensation in the event the undersigned, any member of the family of the undersigned
or any affiliate of the undersigned originates a Business Combination.

 

6.           (a)           The
undersigned will place into escrow all shares of Founders’ Common Stock, portions of which shall be subject to forfeiture
in the event the Underwriters do not exercise their over-allotment option in full, pursuant to the terms of a Stock Escrow Agreement
which the Company will enter into with the undersigned and an escrow agent.

 

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(b)           The undersigned will not, without the prior written consent of the Representatives pursuant to the Underwriting Agreement, offer,
sell, contract to sell, pledge, hedge, or otherwise dispose of, (or enter into any transaction which is designed to, or might
reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash
settlement or otherwise) by the undersigned or any affiliate of the undersigned or any person in privity with the undersigned
or any affiliate of the undersigned), directly or indirectly, including the filing (or participation in the filing) of a registration
statement with the Securities and Exchange Commission in respect of, or establish or increase a put equivalent position or liquidate
or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and
the rules and regulations of the Securities and Exchange Commission promulgated thereunder with respect to, any Units, shares
of Common Stock, Warrants of the Company or any securities convertible into, or exercisable or exchangeable for shares of Common
Stock, or publicly announce an intention to effect any such transaction, for a period of 180 days after the date of the Underwriting
Agreement.

 

(c)           The
undersigned agrees that until the Company consummates a Business Combination, the undersigned’s Founders’ Warrants
will be subject to the transfer restrictions described in the Founder Warrants Purchase Agreement relating to the undersigned’s
Founders’ Warrants.

 

(d)           The
undersigned acknowledges and agrees that if, in order to consummate any Business Combination, the holders of shares of Founders’
Common Stock or Founders’ Warrants are required to transfer, sell or assign a portion of such securities to a third party,
or contribute back to the capital of the Company a portion of any such securities to be cancelled by the Company, the undersigned
will transfer, sell or assign to such third party, or contribute back to the capital of the Company, at no cost, a proportionate
number of shares of Founders’ Common Stock or Founders’ Warrants, as applicable, pro rata with the other holders of
shares of Founders’ Common Stock or Founders’ Warrants, as applicable.

 

7.            (a)           In
order to minimize potential conflicts of interest that may arise from multiple corporate affiliations, the undersigned hereby
agrees that until the earliest of the Company’s initial Business Combination or liquidation, the undersigned shall present
to the Company for its consideration, prior to presentation to any other entity, any target business that has a fair market value
of at least 80% of the assets held in the Trust Account (excluding deferred underwriting commissions and taxes payable on the
income accrued on the Trust Account), subject to any pre-existing fiduciary or contractual obligations the undersigned might have.

 

(b)           The
undersigned has agreed not to participate in the formation of, or become an officer or director of, any blank check company (except
as a passive investor) until the Company has entered into a definitive agreement regarding its initial Business Combination or
the Company has failed to complete an initial Business Combination within the time period set forth in the Company’s Certificate
of Incorporation as the same may be amended from time to time.

 

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(c)           The
undersigned hereby agrees and acknowledges that (i) each of the Underwriters and the Company would be irreparably injured in the
event of a breach of the obligations under paragraphs 7(a) and/or 7(b) herein, (ii) monetary damages may not be an adequate remedy
for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that
such party may have in law or in equity, in the event of such breach.

 

8.            The undersigned agrees to be a Director of the Company until the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company.  The undersigned's biographical information previously furnished to the Company and the Representatives is true and accurate in all respects, does not omit any material information with respect to the undersigned's background and contains all of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the Securities Act.  The undersigned's FINRA Questionnaire previously furnished to the Company and the Representatives is true and accurate in all respects.  The undersigned represents and warrants that:

 

(a)           he
is not subject to, or a respondent in, any legal action for, any injunction, cease-and-desist order or order or stipulation to
desist or refrain from any act or practice relating to the offering of securities in any jurisdiction;

 

(b)           he
has never been convicted of or pleaded guilty to any crime (i) involving any fraud or (ii) relating to any financial transaction
or handling of funds of another person, or (iii) pertaining to any dealings in any securities and he is not currently a defendant
in any such criminal proceeding; and

 

(c)           he
has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities
or commodities license or registration denied, suspended or revoked.

 

9.             The undersigned has full right and power, without violating any agreement by which he is bound, to enter into this letter agreement and to serve as a Director.

 

10.           The undersigned hereby waives any right to exercise conversion rights with respect to any shares of the Company’s common
stock owned or to be owned by the undersigned, directly or indirectly, whether such shares be part of the Founders’ Common
Stock or shares purchased by the undersigned in the IPO or in the aftermarket, and each agrees not to seek conversion with respect
to such shares in connection with any vote to approve a Business Combination.

  

11.           The undersigned hereby agrees to not propose, or vote in favor of, an amendment to Article Sixth of the Company’s Amended
and Restated Certificate of Incorporation prior to the consummation of a Business Combination unless the Company provides public
stockholders with the opportunity to convert their shares of common stock upon such approval in accordance with such Article Sixth
thereof.

 

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12.           [Intentionally Omitted].

 

13.           This
letter 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. The undersigned hereby (i) agrees that any action, proceeding or claim against him arising out of or relating in any way
to this letter agreement (a “Proceeding”) shall be brought and enforced in the courts of the State of New York of
the United States of America for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction
shall be exclusive, (ii) waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum
and (iii) irrevocably agrees to appoint Graubard Miller as agent for the service of process in the State of New York to receive,
for the undersigned and on his behalf, service of process in any Proceeding. If for any reason such agent is unable to act as
such, the undersigned will promptly notify the Company and the Representatives and appoint a substitute agent acceptable to each
of the Company and the Representatives within 30 days and nothing in this letter will affect the right of either party to serve
process in any other manner permitted by law.

 

14.           As
used herein, (i) a “Business Combination” shall mean a merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization or other similar business combination with one or more businesses or entities; (ii) “Insiders”
shall mean all officers, directors and sponsors of the Company immediately prior to the IPO; (iii) “Founders’ Common
Stock” shall mean all of the shares of Common Stock of the Company acquired by an Insider prior to the IPO; (iv) “IPO
Shares” shall mean the shares of Common Stock issued in the Company’s IPO; (v) “Founders’ Warrants”
shall mean the warrants that are being sold privately by the Company simultaneously with the consummation of the IPO; (vi) “Trust
Account” shall mean the trust account into which a portion of the net proceeds of the Company’s IPO will be deposited;
and (vii) “Registration Statement” means the Company’s registration statement on Form S-1 (SEC File No. 333-206693)
filed with the Securities and Exchange Commission.

 

15.           This
Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof
and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the
extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may
not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except
by a written instrument executed by all parties hereto.

 

16.           The undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations
and warranties set forth herein in proceeding with the IPO. Nothing contained herein shall be deemed to render the Underwriters
a representative of, or a fiduciary with respect to, the Company, its stockholders or any creditor or vendor of the Company with
respect to the subject matter hereof.

 

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17.           This
letter agreement shall be binding on the undersigned and such person’s respective successors, heirs, personal representatives
and assigns. This letter agreement shall terminate on the earlier of (i) the consummation of a Business Combination and (ii) the
liquidation of the Company; provided, that such termination shall not relieve the undersigned from liability for any breach
of this agreement prior to its termination.

 

[Signature
Page Follows]

 

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	 	 	Print
    Name of Insider
	 	 	 
	 	 	
	 	 	Signature
	 	 	 
	 	 	Acknowledged
    and Agreed:
	 	 	 
	 	 	Capitol
    Acquisition Corp. III
	 	 	 
	 	By:	/s/ L. Dyson Dryden
	 	 	Name: L. Dyson Dryden

	 	 	Title:   Chief Financial Officer

 

 

7Exhibit 10.4

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Agreement is made as of October 13, 2015 by and between Capitol Acquisition Corp. III (the “Company”) and Continental
Stock Transfer & Trust Company (“Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1, No. 333-206693 (“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,
Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC (collectively, the “Representatives”)
are acting as the representatives of the underwriters in the IPO pursuant to an underwriting agreement between the Company and
the underwriters (“Underwriting Agreement”); and

 

WHEREAS,
simultaneously with the IPO, the Company’s sponsors and officers and directors will be purchasing an aggregate of 7,750,000
warrants (“Sponsors’ Warrants”) from the Company for an aggregate purchase price of $7,750,000 (or additional
amounts of Sponsors’ Warrants from the Company if the underwriters exercise their over-allotment option, up to 8,650,000
Sponsors’ Warrants for an aggregate purchase price of $8,650,000 if the underwriters’ over-allotment option is exercised
in full); and

 

WHEREAS,
as described in the Registration Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation,
$300,000,000 of the gross proceeds of the IPO and sale of the Sponsors’ Warrants ($345,000,000 if the underwriters’
over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held in a trust account for the
benefit of the Company and the holders of the Company’s common stock, par value $.0001 per share, issued in the IPO as hereinafter
provided (the amount to be delivered to the Trustee will be referred to herein as the “Property”; the stockholders
for whose benefit the Trustee shall hold the Property will be referred to as the “Public Stockholders,” and the Public
Stockholders and the Company will be referred to together as the “Beneficiaries”); and

 

WHEREAS,
pursuant to the Underwriting Agreement, a portion of the Property equal to $10,500,000, or $12,075,000 if the underwriters’
over-allotment option is exercised in full (or the amount specified in a notice pursuant to Section 3(f) hereof) is attributable
to deferred underwriting discounts and commissions that may become payable by the Company to the underwriters upon the consummation
of an initial business combination (as described in the Registration Statement, a “Business Combination”) (the “Deferred
Discount”); 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;

 

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IT
IS AGREED:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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2.          Limited
Distributions of Income from Trust Account.

 

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

 

(b)          Upon
written request from the Company following the Last Date, which may be given in a form substantially similar to that attached
hereto as Exhibit D, the Trustee shall distribute to the Company the amount of interest income earned on the Property and requested
by the Company to cover expenses related to the Company’s liquidation; provided, however, that the aggregate amount of all
such distributions shall not exceed $100,000 and the Company will not be allowed to withdraw interest income earned on the trust
account unless there are sufficient funds available to pay the Company’s tax obligations on such interest income or otherwise
then due at that time; and

 

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

 

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

 

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

 

(a)          Give
all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board of Directors, Chief
Executive Officer or Chief Financial Officer. In addition, except with respect to its duties under Sections 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 and with reasonable care believes to be given by any one of the persons authorized above to give written
instructions, provided that the Company shall promptly confirm such instructions in writing;

 

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

 

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(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 Section 1(i) solely in connection with
the consummation of a Business Combination and 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;

 

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

 

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

 

(f)
         Within five business days after the Representatives, on behalf of the underwriters in the IPO, exercise the over-allotment
option (or any unexercised portion thereof) or such over-allotment option expires, provide the Trustee with a notice in writing
(with a copy to the Representatives) of the total amount of the Deferred Discount, which shall in no event be less than $10,500,000;
and

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(k)          Verify
calculations, qualify or otherwise approve Company requests for distributions pursuant to Section 1(i), 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) hereof, the Trustee shall pursue such Claim solely against the Company and not against
the Property or any monies in the Trust Account.

 

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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 Section 1(i)
hereof, and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate
except with respect to Section 3(b).

 

7.          Miscellaneous.

 

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

 

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

 

(c)          This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for Section 1(i) (which may not be amended under any circumstances), this Agreement or any provision hereof may only be changed,
amended or modified by a writing signed by each of the parties hereto. As to any claim, cross-claim or counterclaim in any way
relating to this Agreement, each party waives the right to trial by jury.

 

(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.

 

    	 	6	 

    

    

 

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

 

if
to the Trustee, to:

 

Continental
Stock Transfer

&
Trust Company

17
Battery Place

New
York, New York 10004

Attn:
Steven G. Nelson, Chairman, and Frank A. DiPaolo, CFO

Fax
No.: (212) 509-5150

 

if
to the Company, to:

 

Capitol
Acquisition Corp. III

509 7th
Street, N.W.

Washington,
D.C. 20004

Attn:
Mark D. Ein

 

in
either case with a copy to:

 

Citigroup
Global Markets Inc.

388 Greenwich
Street

New York,
New York 10013

Attn:
General Counsel

Fax
No.: (212) 816-7912

 

and:

 

Deutsche
Bank Securities Inc.

60
Wall Street

New
York, New York 10005

Attention:
Equity Capital Markets – Syndicate Desk

 

and:

Deutsche
Bank Securities Inc.

60 Wall
Street, 36th Floor

New York,
New York 10005

Attention:
General Counsel

Fax No.:
(212) 797-4561

 

    	 	7	 

    

    

 

and:

 

Credit
Suisse Securities (USA) LLC

Eleven
Madison Avenue

New
York, New York 10010-3629

Attention:
LCD-IBD

Fax
No. (212) 325-4296

 

with
a copy to:

 

Davis
Polk & Wardwell LLP

450
Lexington Avenue

New
York, New York 10017

Attn:
Deanna L. Kirkpatrick, Esq.

Fax
No.: (212) 701-5135

 

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

 

(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 acknowledges that the Representatives, on behalf of the several underwriters, are third
party beneficiaries of this Agreement (including Section 7(c) and the Trustee’s obligations under this Agreement with respect
thereto with the same right and power to enforce these provisions as either of the parties hereto).

 

    	 	8	 

    

    

 

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

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 	 
	 	By:	/s/
    Frank A. DiPaolo
	 	 	Name:  Frank
    A. DiPaolo
	 	 	Title:    Vice
    President
	 	 	 
	 	CAPITOL ACQUISITION CORP. III
	 	 	 
	 	By:	/s/
    L. Dyson Dryden
	 	 	Name:
    L. Dyson Dryden
	 	 	Title:
      Chief Financial Officer

 

    	 	9	 

    

    

 

SCHEDULE
A

 

	Fee
    Item	Time
    and method of payment 	Amount
	Initial
    acceptance fee	Initial
    closing of IPO by wire transfer	$3,000
	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

 

    	 	10	 

    

    

 

EXHIBIT
A

 

	[Letterhead of Company]	 
	 	 
	[Insert date]	 

 

Continental
Stock Transfer 

&
Trust Company

17
Battery Place

New
York, New York 10004

Attn:
Steven Nelson and Frank Di Paolo

 

Re:          Trust
Account No. XXXXXXXXXX Termination Letter

 

Gentlemen:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Capitol Acquisition Corp. III (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of October 13, 2015 (“Trust Agreement”),
this is to advise you that the Company has entered into an agreement (“Business Agreement”) with __________________
(“Target Business”) to consummate a business combination with Target Business (“Business Combination”)
on or about [insert date]. The Company shall notify you at least 48 hours in advance of the actual date of the consummation
of the Business Combination (“Consummation Date”).

 

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 J.P. Morgan Chase Bank N.A. to the effect that, on the Consummation
Date, all of funds held in the Trust Account will be immediately available for transfer to the account or accounts that the Company
shall direct on the Consummation Date. It is acknowledged and agreed that while the funds are on deposit in the trust account
awaiting distribution, the Company will not earn any interest or dividends.

 

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

 

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

 

	 	Very truly yours,
	 	 	 
	 	CAPITOL ACQUISITION CORP. III
	 	 	 
	 	By:	
	 	 	Name: Mark D. Ein
	 	 	Title:   Chairman and Chief Executive Officer
	 	 	 
	 	By:	
	 	 	Name: L. Dyson Dryden
	 	 	Title:   President and Chief Financial Officer

 

	cc: 	Citigroup Global Markets Inc.
	 	Deutsche Bank Securities
Inc.
	 	Credit Suisse Securities
(USA) LLC

    	 	11	 

    

    

 

EXHIBIT
B

 

	[Letterhead of Company]	 
	 	 
	[Insert date]	 

 

Continental
Stock Transfer 

&
Trust Company

17
Battery Place

New
York, New York 10004

Attn:
Steven Nelson and Frank Di Paolo

 

Re:          Trust
Account No. XXXXXXXX Termination Letter

 

Gentlemen:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Capitol Acquisition Corp. III (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of October 13, 2015 (“Trust Agreement”),
this is to advise you that the Company has been unable to effect a Business Combination with a Target Company within the time
frame specified in the Company’s Amended and Restated Certificate of Incorporation, as described in the Company’s
prospectus relating to its initial public offering of securities.

 

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

 

	 	Very truly yours,
	 	 	 
	 	CAPITOL ACQUISITION CORP. III
	 	 	 
	 	By:	
	 	 	Name: Mark D. Ein
	 	 	Title:   Chairman and Chief Executive Officer
	 	 	 
	 	By:	
	 	 	Name: L. Dyson Dryden
	 	 	Title:   President and Chief Financial Officer

 

	cc: 	Citigroup Global Markets Inc.
	 	Deutsche Bank Securities
Inc.
	 	Credit Suisse Securities
(USA) LLC

 

    	 	12	 

    

    

 

EXHIBIT
C

  

	[Letterhead of Company]	 
	 	 
	[Insert date]	 

 

Continental
Stock Transfer 

&
Trust Company

17
Battery Place

New
York, New York 10004

Attn:
Accounting Department

Cynthia
Jordan and Francine West

 

Re:          Trust
Account No. XXXXXXX 

 

Gentlemen:

 

Pursuant
to Section 2(a) of the Investment Management Trust Agreement between Capitol Acquisition Corp. III (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of October 13, 2015 (“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 its tax obligations. In accordance with the terms of the Trust Agreement, you are
hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s
operating account at:

 

[WIRE
INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 	 
	 	CAPITOL ACQUISITION CORP. III
	 	 	 
	 	By:	
	 	 	Name: Mark D. Ein
	 	 	Title:   Chairman and Chief Executive Officer
	 	 	 
	 	By:	
	 	 	Name: L. Dyson Dryden
	 	 	Title:   President and Chief Financial Officer

 

	cc: 	Citigroup Global Markets Inc.
	 	Deutsche Bank Securities
Inc.
	 	Credit Suisse Securities
(USA) LLC

 

    	 	13	 

    

    

 

EXHIBIT
D

 

	[Letterhead of Company]	 
	 	 
	[Insert date]	 

 

Continental
Stock Transfer 

&
Trust Company

17
Battery Place

New
York, New York 10004

Attn:
Accounting Department 

Cynthia
Jordan and Francine West

 

Re:          Trust
Account No. XXXXXXXX

 

Gentlemen:

 

Pursuant
to Section 2(b) of the Investment Management Trust Agreement between Capitol Acquisition Corp. III (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of October 13, 2015 (“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, which does not exceed, in the aggregate with all such prior disbursements pursuant to Section 2(b), if any, the maximum
amount set forth in Section 2(b). The Company needs such funds to pay its expenses relating to its liquidation. In accordance
with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly
upon your receipt of this letter to the Company’s operating account at:

 

[WIRE
INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 	 
	 	CAPITOL ACQUISITION CORP. III
	 	 	 
	 	By:	
	 	 	Name: Mark D. Ein
	 	 	Title:   Chairman and Chief Executive Officer
	 	 	 
	 	By:	
	 	 	Name: L. Dyson Dryden
	 	 	Title:   President and Chief Financial Officer

 

	cc: 	Citigroup Global Markets Inc.
	 	Deutsche Bank Securities
Inc.
	 	Credit Suisse Securities
(USA) LLC

 

 

14

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