Document:

Subscription Agreement between the Registrant and Opp. Funding LLC.

 Exhibit 10.4 
 OPPORTUNITY ACQUISITION CORP. 
 INITIAL UNIT SUBSCRIPTION AGREEMENT 
 THIS INITIAL UNIT SUBSCRIPTION AGREEMENT (this “Agreement”) is made as of the
11th day of January, 2008, by and between Opportunity Acquisition Corp., a Delaware corporation (the “Company”), and Opp. Funding LLC (“Purchaser”). 
 WHEREAS, the Company desires to issue and sell, and Purchaser desires to purchase and acquire, Units (as defined herein) on the terms and conditions
hereinafter set forth; 
 NOW, THEREFORE, for and in consideration of the promises and mutual covenants set forth herein, it is agreed
between the parties as follows: 
  

	1.	Purchase of Units. Purchaser hereby subscribes for and purchases from the Company, and the Company hereby issues and sells to Purchaser, 600,000 units (the
“Units”) at a purchase price of $0.0057971 per Unit for an aggregate purchase price of $3,478.26. Each Unit consists of one share of the common stock of the Company, par value $0.001 per share (the “Common Stock”),
and one warrant (a “Warrant” and, together with the Units and the Common Stock, the “Securities”) exercisable for one share of Common Stock. Each Warrant shall entitle the holder thereof to purchase one share of
Common Stock at an exercise price of $7.50, in accordance with the terms of the Warrant as set forth in a warrant agreement (the “Warrant Agreement”) to be entered into by and between the Company and a warrant agent to be determined
by the Company. 

  

	2.	Payment of Purchase Price. The purchase price for the Units shall be tendered in full on the date hereof. Upon payment of the purchase price in full, the Company will deliver
the Securities to the Purchaser. 

  

	3.	Limitations on Transfer. Purchaser shall not assign, hypothecate, donate, encumber or otherwise dispose of any interest in the Securities (and the underlying securities)
during the “Escrow Period” (as defined in a securities escrow agreement (the “Securities Escrow Agreement”), dated on or about the effective date of the IPO to be entered into by and between the Company and an escrow agent
to be determined by the Company), except (i) as otherwise permitted by the Securities Escrow Agreement or other agreement among Purchaser, the Company, and the Underwriters, (ii) in compliance with applicable securities laws and
(iii) in compliance with the Warrant Agreement. 

  

	4.	Restrictive Legends. All certificates representing the Securities (and any underlying securities thereof) shall have endorsed thereon legends in substantially the following
forms (in addition to any other legend which may be required by other agreements between the parties hereto, such as, but not limited to, the Warrant Agreement): 

  

	 	(a)	“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED
OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.” 

  

	 	(b)	“THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE ASSIGNED, HYPOTHECATED, DONATED, ENCUMBERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE WITH
THAT CERTAIN SECURITIES ESCROW AGREEMENT BETWEEN THE COMPANY AND CERTAIN OF ITS SECURITY HOLDERS, AND THAT CERTAIN WARRANT AGREEMENT BETWEEN THE COMPANY AND CERTAIN OF ITS SECURITY HOLDERS, COPIES OF WHICH ARE AVAILABLE FOR INSPECTION AT THE OFFICES
OF THE COMPANY.” 

  

	 	(c)	Any legend required by appropriate blue sky officials. 

	5.	Investment Representations. In connection with the purchase of the Securities, Purchaser represents to the Company the following: 

  

	 	(a)	Purchaser has been furnished with all materials relating to the Company’s business affairs and financial condition and materials related to the offer and sale of the Securities
that have been requested by Purchaser and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities. Purchaser has been afforded the opportunity to ask questions of the executive
officers and directors of the Company. Purchaser understands that its investment in the Securities involves a high degree of risk. Purchaser has sought such accounting, legal, and tax advice as Purchaser has considered necessary to make an informed
investment decision with respect to Purchaser’s acquisition of the Securities. Purchaser has such knowledge and expertise in financial and business matters, knows of the high degree of risk associated with investments generally and particularly
investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an investment in the Securities, and is able to bear the economic risk of an investment in the Securities in
the amount contemplated hereunder. Purchaser has adequate means of providing for its current financial needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the
Securities. Purchaser can afford a complete loss of its investment in the Securities. Purchaser is purchasing the Securities for investment for Purchaser’s own account only and not with a view to, or for resale in connection with, any
“distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Act”). Purchaser understands that the Company is a blank check development stage company recently formed for the purpose of
consummating an initial business combination (a “Business Combination”) and understands that there is no assurance as to the future performance of the Company and that the Company may never effectuate a Business Combination.

  

	 	(b)	Purchaser understands that the Securities (and the underlying securities) have not been registered under the Act or any state securities law by reason of a specific exemption
therefrom, and that the Company is relying on the truth and accuracy of, and Purchaser’s compliance with, the representations and warranties and agreements of Purchaser set forth herein to determine the availability of such exemptions and the
eligibility of Purchaser to acquire such Securities, including, but not limited to, the bona fide nature of Purchaser’s investment intent as expressed herein. 

  

	 	(c)	Purchaser further acknowledges and understands that the Securities (and the underlying securities) must be held indefinitely unless the Securities (and the underlying securities)
are subsequently registered under the Act or an exemption from such registration is available. Purchaser understands that the certificates evidencing the Securities (and the underlying securities) will be imprinted with a legend which prohibits the
transfer of the Securities (and the underlying securities) unless the Securities (and the underlying securities) are registered or such registration is not required in the opinion of counsel for the Company. 

  

	 	(d)	Purchaser is familiar with the provisions of Rule 144 under the Act, as in effect from time to time (“Rule 144”), which, in substance, permit limited public
resale of “restricted securities” acquired, directly or indirectly, from the issuer thereof (or from an affiliate of such issuer), in a non-public offering subject to the satisfaction of certain conditions. Unless the Company registers the
Securities (and the underlying securities) under the Act, the Securities (and the underlying securities) may be resold by Purchaser only in certain limited circumstances subject to the provisions of Rule 144, which requires, among other things:
(i) the availability of certain public information about the Company and (ii) the resale occurring following the required holding period under Rule 144 after Purchaser has purchased, and made full payment of (within the meaning of Rule
144), the securities to be sold. 

  

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	 	(e)	Purchaser further understands that at the time Purchaser wishes to sell the Securities there may be no public market upon which to make such a sale, and that, even if such a public
market then exists, the Company may not be satisfying the current public information requirements of Rule 144, and that, in such event, Purchaser would be precluded from selling the Securities (and the underlying securities) under Rule 144 even if
the minimum holding period requirement had been satisfied. Notwithstanding Sections 5(d) and (e) hereof, Purchaser understands that it may be considered a promoter of the Company and understands that the Securities may not be
resold under Rule 144 in certain circumstances until one year after the consummation of a Business Combination. 

  

	 	(f)	Purchaser represents that Purchaser is an “accredited investor” as that term is defined in Rule 501 of Regulation D promulgated by the SEC under the Act.

  

	 	(g)	Purchaser has all necessary corporate power and authority to enter into this Agreement and to consummate the transactions contemplated hereby. All corporate action necessary to be
taken by Purchaser to authorize the execution, delivery, and performance of this Agreement and all other agreements and instruments delivered by Purchaser in connection with the transactions contemplated hereby has been duly and validly taken, and
this Agreement has been duly executed and delivered by Purchaser. Subject to the terms and conditions of this Agreement, this Agreement constitutes the valid, binding, and enforceable obligation of Purchaser, enforceable in accordance with its
terms, except as enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer, or similar laws of general application now or hereafter in effect affecting the rights and remedies of
creditors and by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity); and (ii) the applicability of the federal and state securities laws and public policy as to the enforceability of
the indemnification provisions of this Agreement. The purchase by Purchaser of the Securities does not conflict with the organizational documents of Purchaser or with any material contract by which Purchaser or its property is bound, or any laws or
regulations or decree, ruling, or judgment of any court applicable to Purchaser or its property. The principal place of business of Purchaser are as set forth on the signature page hereto. 

  

	 	(h)	Purchaser did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502(c) of the Securities Act.

  

	 	(i)	Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the
Securities or the fairness or suitability of the investment in the Securities, nor have such authorities passed upon or endorsed the merits of the offering of the Securities. 

  

	6.	 Company Representations and Warranties. The Company hereby represents and warrants to Purchaser that the Company has all necessary corporate power and
authority to enter into this Agreement and to consummate the transactions contemplated hereby. All corporate action necessary to be taken by the Company to authorize the execution, delivery, and performance of this Agreement and all other agreements
and instruments delivered by the Company in connection with the transactions contemplated hereby has been duly and validly taken and this Agreement has been duly executed and delivered by the Company. Subject to the terms and conditions of this
Agreement, this Agreement constitutes the valid, binding, and enforceable obligation of the Company, enforceable in accordance with its terms, except as enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent transfer, or similar laws of general application now or hereafter in effect affecting the rights and remedies of creditors and by general principles of equity (regardless of whether enforcement is sought in a proceeding at law
or in equity); and (ii) the applicability of the federal and state securities laws and public policy as to the enforceability of the indemnification provisions of this Agreement. The sale by the Company of the Securities does not conflict with
the certificate of incorporation or by-laws of the Company or any material contract by 

  

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which the Company or its property is bound, or any federal or state laws or regulations or decree, ruling or judgment of any United States or state court
applicable to the Company or its property. 

  

	7.	Indemnification. Purchaser hereby agrees to indemnify and hold harmless the Company and the Company’s officers, directors, stockholders, employees, agents, and attorneys
against any and all losses, claims, demands, liabilities, and expenses (including reasonable legal or other expenses incurred by each such person in connection with defending or investigating any such claims or liabilities, whether or not resulting
in any liability to such person or whether incurred by the indemnified party in any action or proceeding between the indemnitor and indemnified party or between the indemnified party and any third party) to which any such indemnified party may
become subject, insofar as such losses, claims, demands, liabilities, and expenses (a) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact made by Purchaser and contained herein, or (b) arise
out of or are based upon any breach by Purchaser of any representation, warranty, or agreement made by Purchaser contained herein. 

  

	8.	Miscellaneous. 

  

	 	(a)	Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party to be notified,
(ii) when sent by confirmed facsimile if sent during normal business hours of the recipient, and if not during normal business hours of the recipient, then on the next business day, (iii) five calendar days after having been sent by
registered or certified mail, return receipt requested, postage prepaid, or (iv) one business day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All
communications shall be sent to the other party hereto at such party’s address hereinafter set forth on the signature page hereof, or at such other address as such party may designate by ten days advance written notice to the other party
hereto. 

  

	 	(b)	Successors and Assigns. This Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer herein set forth,
shall be binding upon Purchaser and Purchaser’s successors and assigns. 

  

	 	(c)	Attorneys’ Fees; Specific Performance. Purchaser shall reimburse the Company for all costs incurred by the Company in enforcing the performance of, or protecting its
rights under, any part of this Agreement, including reasonable costs of investigation and attorneys’ fees. 

  

	 	(d)	Governing Law; Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to the principles of conflicts of
law thereof. The parties agree that any action brought by either party to interpret or enforce any provision of this Agreement shall be brought in, and each party agrees to, and does hereby, submit to the jurisdiction and venue of, the appropriate
state or federal court for the district encompassing the Company’s principal place of business. 

  

	 	(e)	Further Execution. The parties agree to take all such further action(s) as may reasonably be necessary to carry out and consummate this Agreement as soon as practicable, and
to take whatever steps may be necessary to obtain any governmental approval in connection with or otherwise qualify the issuance of the securities that are the subject of this Agreement. 

  

	 	(f)	Entire Agreement; Amendment. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes and merges all prior
agreements or understandings, whether written or oral. This Agreement may not be amended, modified, or revoked, in whole or in part, except by an agreement in writing signed by each of the parties hereto. 

  

	 	(g)	 Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision
in good faith. In the event that 

  

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the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded from this
Agreement, (ii) the balance of the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms. 

  

	 	(h)	Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.
This Agreement or any counterpart may be executed via facsimile or electronic mail transmission, and any such executed facsimile or electronic mail copy shall be treated as an original. 

  

	 	(i)	Survival. The representations and warranties contained herein will survive the delivery of, and the payment for, the Securities. 

  

	 	(j)	Waiver of Jury Trial. Each party hereto hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit, counterclaim, or other proceeding
(whether based on contract, tort or otherwise) arising out of, in connected with, or relating to this Agreement, the transactions contemplated hereby, or the actions of Purchaser in the negotiation, administration, performance or enforcement hereof.

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

			
	COMPANY:
	
	 OPPORTUNITY ACQUISITION CORP.

		
	By:	 	 /s/ Janet L. Tarkoff

	Name:	 	 Janet L. Tarkoff

	Title:	 	 Secretary

	Address:	 	 c/o JMP Group Inc.
 600 Montgomery Street
 San Francisco, California 94111

	
	PURCHASER:
	
	 BY: OPP. FUNDING LLC
  
 BY: JMP GROUP INC.

		
	By:	 	 /s/ Thomas B. Kilian

	Name:	 	 Thomas B. Kilian

	Title:	 	 Chief Executive Officer

	Address:	 	 600 Montgomery Street
 San Francisco, California 94111

  

 6Warrant Purchase Agreement between the Registrant and JMP Group Inc.

 Exhibit 10.5 
 WARRANT PURCHASE AGREEMENT 
 January 18, 2008 
 To the Board of Directors of 
 Opportunity Acquisition Corp.: 
 Gentlemen: 
 The undersigned hereby subscribes for and agrees to purchase four million warrants (the
“Private Placement Warrants”) at $1.00 per Private Placement Warrant, of Opportunity Acquisition Corp., a Delaware corporation (the “Company”), for an aggregate purchase price of $4,000,000.00 (the “Purchase
Price”). Each Warrant is initially exercisable for one share of the Company’s common stock, par value $0.001 per share, (“Common Stock”), at an initial exercise price of $7.50 per share. The purchase and issuance of
the Private Placement Warrants shall occur immediately prior to the consummation of the Company’s initial public offering of securities (“IPO”) which is being lead managed by Banc of America Securities LLC (the
“Underwriter”). The Private Placement Warrants will be sold to the undersigned on a private placement basis and not as part of the IPO (the “Offering”). 
 At least 24 hours prior to the effective date of the registration statement filed by the Company in connection with the IPO (the “Registration
Statement”), the undersigned shall deliver the Purchase Price to American Stock Transfer & Trust Company (“AST”) to hold in an account until the Company consummates the IPO. Simultaneously with the consummation of
the IPO, AST shall deposit the Purchase Price, without interest or deduction, into the trust fund established by the Company for the benefit of the Company’s public stockholders as described in the Registration Statement, pursuant to the terms
of an Investment Management Trust Agreement (or similar agreement) to be entered into between the Company and AST. Simultaneously with the consummation of the IPO, the Company shall issue to the undersigned a warrant certificate or certificates (or,
if not certificated, provide documentation reflecting the registration in the name of the undersigned on the warrant ledgers of the Company) representing such fully paid and non-assessable Private Placement Warrants. In the event that the IPO is not
consummated within 14 days of the date the Purchase Price is delivered to AST, AST shall return the Purchase Price to the undersigned, without interest or deduction. 
 The undersigned represents and warrants that it has been advised that the Private Placement Warrants and the Warrant Shares (as hereafter defined) have not been registered under the Securities Act of 1933, as amended
(the “Securities Act”) or the securities laws of any other jurisdiction; that it is acquiring the Private Placement Warrants and the Warrant Shares for its own account for investment purposes only; that it has no present intention
of selling or otherwise disposing of the Private Placement Warrants in violation of the Securities Act or any other securities laws of the United States; that it is an “accredited investor” as defined by Rule 501 of Regulation D
promulgated under the Securities Act; and that it is familiar with the proposed business, management, financial condition, and affairs of the Company. 
 The undersigned agrees that it shall not sell or transfer the Private Placement Warrants or any shares of Common Stock issuable upon exercise of the Private Placement Warrants (except to permitted transferees upon
execution of an agreement by the transferee to be bound by the restrictions contained in this paragraph) until the date on which the Company consummates a merger, capital stock exchange, stock purchase, asset acquisition, or other similar business
combination with an operating business (as more fully described in the Registration Statement) (a “Business Combination”) and acknowledges that the certificates for such Private Placement Warrants shall contain a legend indicating
such restriction on 

 
transferability (in addition to any other legend which may be required by other agreements between the parties hereto). Such legend will be in substantially
the following form: 
 “THE SECURITIES REPRESENTED BY THIS WARRANT CERTIFICATE (INCLUDING THE SECURITIES ISSUABLE UPON EXERCISE OF THE
WARRANT) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS.” 
 “THE SECURITIES REPRESENTED BY THIS WARRANT CERTIFICATE (INCLUDING THE SECURITIES ISSUABLE UPON EXERCISE OF THE WARRANT) ARE SUBJECT TO ADDITIONAL
RESTRICTIONS ON TRANSFER AND THE TERMS AND CONDITIONS SET FORTH IN THE WARRANT AGREEMENT DATED AS OF             , 2008, BY AND BETWEEN THE COMPANY AND THE WARRANT AGENT. COPIES OF
SUCH AGREEMENT MAY BE OBTAINED BY THE HOLDER HEREOF AT THE COMPANY’S PRINCIPAL PLACE OF BUSINESS WITHOUT CHARGE.” 
 In connection
with the Warrants purchased pursuant to this agreement, the undersigned hereby waives any and all right, title, interest, or claim of any kind in or to any liquidating distributions by the Company in the event of a liquidation of the Company upon
the Company’s failure to timely complete a Business Combination and agrees that neither the Warrants nor the Warrant Shares shall be entitled to any such liquidating distributions. For purposes of clarity, in the event the undersigned purchases
shares of Common Stock in the IPO or in the aftermarket, any additional shares so purchased shall be eligible to receive any such liquidating distributions by the Company. The undersigned acknowledges and agrees that any such shares of Common Stock
purchased by the undersigned prior to this private placement or pursuant to an exercise of Warrants purchased in this private placement will be voted in accordance with the majority of the shares voted by the public stockholders. 
 The undersigned acknowledges that the Warrants shall be forfeited to the Company in the event that the Company does not consummate a Business Combination
within 24 months from the consummation of the IPO. 
 The undersigned understands and acknowledges that an exemption from the registration
requirements of the Securities Act requires that there be no general solicitation of purchasers of the Warrants. In this regard, if the offering of the units in the Company’s IPO were deemed to be a general solicitation with respect to the
Warrants, the offer and sale of such Warrants may not be exempt from registration and, if not, the undersigned may have a right to rescind its purchase of the Warrants. In order to facilitate the completion of the Offering and in order to protect
the Company, its stockholders, and the trust account from claims that may adversely affect the Company or the interests of its stockholders, the undersigned hereby agrees to waive, to the maximum extent permitted by applicable law, any claims, right
to sue, or rights in law or arbitration, as the case may be, to seek rescission of its purchase of the Warrants. The undersigned acknowledges and agrees that this waiver is being made in order to induce the Company to sell the Warrants to the
undersigned. The undersigned agrees that the foregoing waiver of rescission rights shall apply to any and all known or unknown actions, causes of action, suits, claims, or proceedings (collectively, “Claims”) and related losses,
costs, penalties, fees, liabilities, and damages, whether compensatory, consequential, or exemplary, and expenses in connection therewith, including reasonable attorneys’ and expert witness fees and disbursements and all other expenses
reasonably incurred in investigating, preparing, or defending against any Claims, whether pending or threatened, in connection with any present or future actual or 

  

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asserted right to rescind the purchase of the Warrants hereunder or relating to the purchase of the Warrants and the transactions contemplated hereby.

 The undersigned acknowledges that the Warrants are similar to the warrants included in the units offered in the IPO, except that: the
Warrants (i) will be exercisable at the option of the holder on a cashless basis so long as they are held by the original purchaser or its permitted transferees and (ii) are not subject to redemption by the Company. The shares of Common
Stock to be issued upon exercise of the Warrants (the “Warrant Shares”) will be granted certain registration rights. In addition, in the event that a registration statement with respect to the Warrant Shares is not effective under
the Securities Act, the undersigned shall not be entitled to exercise the Warrants and such Warrants may have no value and expire worthless. The undersigned acknowledges that in no event will the Company be required to net cash settle the Warrant
exercise. 
 The undersigned is familiar with the provisions of Rule 144 under the Securities Act (as in effect from time to time,
“Rule 144”), which, in substance, permits limited public resale of “restricted securities” acquired, directly or indirectly, from the issuer thereof (or from an affiliate of such issuer), in a non-public offering subject
to the satisfaction of certain conditions. Unless the Company registers the Warrants and the Warrant Shares under the Securities Act, the Warrants and the Warrant Shares may be resold by the undersigned only in certain limited circumstances subject
to the provisions of Rule 144, which requires, among other things: (i) the availability of certain public information about the Company and (ii) the resale occurring following the required holding period under Rule 144 after the
undersigned has purchased, and made full payment of (within the meaning of Rule 144), the securities to be sold. 
 The undersigned further
understands that, at the time the undersigned wishes to sell the Warrants and the Warrant Shares, there may be no public market upon which to make such a sale, and that, even if such a public market then exists, the Company may not be satisfying the
current public information requirements of Rule 144, and that, in such event, the undersigned would be precluded from selling the Warrants and the Warrant Shares under Rule 144 even if the minimum holding period requirement had been satisfied. The
undersigned understands that, under current interpretations, the undersigned may be considered a promoter of the Company and understands that it is the position of the Securities and Exchange Commission (“SEC”) that promoters or affiliates
of a blank check company and their transferees, both before and after a business combination, would act as an “underwriter” under the Securities Act when reselling the securities of a blank check company. Accordingly, the SEC believes that
those securities can be resold only through a registered offering and that Rule 144 would not be available for those resale transactions despite technical compliance with the requirements of Rule 144. 
 The undersigned has the full right, power and authority to enter into this agreement and this agreement is a valid and legally binding obligation of the
undersigned enforceable against the undersigned in accordance with its terms. 
 The undersigned acknowledges and agrees that the Private
Placement Warrants will be issued pursuant to a warrant agreement between the Company and a warrant agent named therein. 
 This agreement
shall for all purposes be deemed to be made under and shall be construed in accordance with the laws of the State of Delaware. 
 This
agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns, provided, however, that the undersigned shall not have the right to assign any of its rights hereunder to purchase Warrants to
any other person except its permitted transferees upon execution of an agreement by the transferee to be bound by the restrictions contained herein. 
  

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 The terms of this agreement, including the restrictions on transfers with respect to the Private
Placement Warrants, may not be amended without the prior written consent of Banc of America Securities LLC. 
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Intentionally Left Blank] 
  

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	Very truly yours,
	
	JMP GROUP INC.
		
	By:	 	/s/ Joseph A. Jolson
	Name:	 	Joseph A. Jolson
	Its:	 	Chairman and Chief Executive Officer

  

			
	Agreed to:
	
	Opportunity Acquisition Corp.
		
	By:	 	/s/ Joseph A. Jolson
	Name:	 	Joseph A. Jolson
	Title:	 	Chairman and Chief Executive Officer

  

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