Document:

Exhibit 10.10

 

THIS EXPENSE ADVANCEMENT
AGREEMENT (this “Agreement”), dated as of [_________], 2014, is made and entered into by and among Terrapin
3 Acquisition Corporation, a Delaware corporation (the “Company”), and Apple Orange LLC, MIHI LLC,
Noyac Path LLC and Periscope LLC (collectively, the “Sponsors”).

 

RECITALS

 

WHEREAS, the
Company is engaged in an initial public offering (the “Offering”) pursuant to which the Company will
issue and deliver up to 21,275,000 units (the “Units”) (including up to 2,775,000 Units subject to an
over-allotment option granted to the underwriters of the Offering), with each Unit comprised of one share of Class A common stock,
par value $0.0001 per share (the “Common Stock”), of the Company and one warrant, each warrant exercisable
to purchase one-half of one share of Common Stock at $5.75 per half share ($11.50 per whole share), subject to certain adjustments
(each, a “Warrant,” and collectively, the “Warrants”);

 

WHEREAS, the
Company has filed with the Securities and Exchange Commission a registration statement on Form S-1, No. 333-196980 (the
“Registration Statement”) for the registration, under the Securities Act of 1933, as amended (the “Securities
Act”), of the Units, and the Warrants and Common Stock underlying the Units, including a prospectus (the “Prospectus”);

 

WHEREAS, the
gross proceeds of the Offering will be deposited in a trust account (the “Trust Account”) at J.P. Morgan
Chase Bank, N.A. and managed by Continental Stock Transfer & Trust Company, as trustee, as described in the Registration Statement
and the Prospectus; and

 

WHEREAS, the
Sponsors desire to enter into this Agreement in order to facilitate the Offering and the other transactions contemplated in the
Registration Statement and the Prospectus, including any merger, capital stock exchange, asset acquisition, stock purchase, reorganization
or other similar business combination by the Company with one or more businesses (a “Business Combination”).

 

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

 

1.           (a)         From
time to time, as may be requested by the Company, the Sponsors agree to advance to the Company up to $1,000,000 in the aggregate,
allocated in accordance with Schedule I hereto, in each instance pursuant to the terms of the form of promissory note attached
as Exhibit A hereto (the “Note”), as may be necessary to fund the Company’s expenses relating
to investigating and selecting a target business and other working capital requirements following the Offering and prior to any
potential Business Combination.

 

(b)          The
Sponsors represent to the Company that they are capable of making such advances, collectively, to satisfy their obligations under
clause (a) of this Section 1.

 

(c)          Notwithstanding
anything to the contrary herein or in the Note, Sponsors hereby waive any and all right, title, interest or claim of any kind ("Claim") in
or to any distribution of the Trust Account in which the proceeds of the Offering, as described in greater detail in the Registration
Statement and the Prospectus, will be deposited, and hereby agree not to seek recourse, reimbursement, payment or satisfaction
for any Claim against the Trust Account for any reason whatsoever; provided, however, that if the Company completes its Business
Combination, the Company shall repay such loaned amounts out of the proceeds released to the Company from the Trust Account.

 

    	 

    	 

    

 

2.            This
Agreement, together with the Note, 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 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 the parties hereto.

 

3.            No
party may assign either this Agreement or any of his, her or its rights, interests, or obligations hereunder without the prior
written consent of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall
not operate to transfer or assign any interest or title to the purported assignee. This Agreement shall be binding on the undersigned
and each of his or its heirs, personal representatives, successors and assigns.

 

4.            Any
notice, statement or demand authorized by this Agreement shall be sufficiently given (i) when so delivered if by hand or overnight
delivery, (ii) the date and time shown on a telefacsimile transmission confirmation, or (iii) if sent by certified mail or private
courier service within five (5) days after deposit of such notice, postage prepaid. Such notice, statement or demand shall
be addressed as follows:

 

If to the Company:

 

Terrapin 3 Acquisition
Corporation

590 Madison Avenue

35th Floor

New York, NY 10022

Attn: Nathan Leight

Facsimile: (212) 710-4105

 

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

 

Ellenoff Grossman &
Schole LLP

1345 Avenue of the
Americas

New York, New York
10105

Attn: Stuart Neuhauser,
Esq.

Facsimile: (212) 370-7889

 

If to the Sponsors:

 

[________________]

 

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

 

[________________]

 

5.          This
Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

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

 

    	 

    	 

    

 

7.          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. The
parities hereto (i) agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Agreement
shall be brought and enforced in the courts of New York, in the State of New York, and irrevocably submits to such jurisdiction
and venue, which jurisdiction and venue shall be exclusive and (ii) waives any objection to such exclusive jurisdiction and venue
or that such courts represent an inconvenient forum.

 

[Signature Page Follows]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the undersigned
have caused this Agreement to be executed as of the date first written above.

 

	 	TERRAPIN 3 ACQUISITION
	 	CORPORATION, a Delaware corporation
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	[SPONSORS]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

  

Schedule I

 

Allocation

 

    	 

    	 

    

 

Exhibit A

 

Promissory NoteExhibit 10.13

 

THIS PROMISSORY NOTE (“NOTE”)
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THIS NOTE HAS
BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF
UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.  

 

PROMISSORY NOTE

 

	Principal Amount:  $150,000 	
         Dated as of June
        19, 2014

        New York, New York

 

Terrapin 3 Acquisition Corporation, a Delaware corporation and blank check company (the “Maker”), promises
to pay to the order of Apple Orange, LLC or its registered assigns or successors in interest (the
“Payee”), the principal sum of One Hundred Fifty Thousand Dollars ($150,000) in lawful money of the United States
of America, on the terms and conditions described below.  All payments on this Note shall be made by check or wire transfer
of immediately available funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate
by written notice in accordance with the provisions of this Note.

 

1.            Principal. The
principal balance of Note shall be payable on the earlier of: (i) September 30, 2014 or (ii) the date on which Maker consummates
an initial public offering of its securities. The principal balance may be prepaid at any time.

 

2.            Interest. No
interest shall accrue on the unpaid principal balance of this Note.

 

3.            Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum
due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges
and finally to the reduction of the unpaid principal balance of this Note.

 

4.            Events
of Default. The following shall constitute an event of default (“Event of Default”):

 

(a)           Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business
days of the date specified above.

 

(b)           Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

(c)           Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker
in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period
of 60 consecutive days.

  

5.            Remedies.

 

(a)           Upon
the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by written notice to Maker, declare this Note
to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

    	 

    	 

    

 

(b)           Upon
the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action
on the part of Payee.

 

6.            Waivers. Maker
and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under
the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property,
real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution,
or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any
real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may
be sold upon any such writ in whole or in part in any order desired by Payee.

 

7.            Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other
party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted
by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors,
or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

8.            Notices. All
notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party.  Any notice
or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the
business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after
delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

9.            Construction. THIS
NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

10.          Severability. Any
provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

11.          Trust
Waiver.  Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest
or claim of any kind (“Claim”) in or to any distribution of or from the trust account to be established in which
the proceeds of the initial public offering (the “IPO”) conducted by the Maker (including the deferred underwriters
discounts and commissions) and the proceeds of the sale of the warrants issued in a private placement to occur prior to the effectiveness
of the IPO are to be deposited, as described in greater detail in the registration statement and prospectus to be filed with the
Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or
satisfaction for any Claim against the trust account for any reason whatsoever.

 

    	 

    	 

    

 

12.          Amendment;
Waiver.  Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent
of the Maker and the Payee.

 

13.          Assignment.  No
assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law
or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent
shall be void.

 

IN WITNESS WHEREOF,
Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year
first above written.

 

	 	TERRAPIN 3 ACQUISITION CORPORATION
	 	 
	 	By:	 /s/ Sanjay Arora
	 	 	Name: Sanjay Arora
	 	 	Title: Chief Executive Officer

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