Document:

Exhibit 10.1

 

INSIDER
LETTER AGREEMENT

 

____________
__, 2014

 

Quinpario
Acquisition Corp. 2

12935 N.
Forty Drive, Suite 201

St. Louis,
MO 63141

 

Deutsche
Bank Securities Inc.

60 Wall
Street, 4th Floor

New York,
New York 10005

 

Cantor
Fitzgerald & Co.

499
Park Avenue

New
York, New York 10022

 

	 	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 Quinpario Acquisition Corp. 2, a Delaware corporation (the “Company”), and
Deutsche Bank Securities Inc. and Cantor Fitzgerald & Co., as Representatives (together 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 warrant (“Warrant”) to purchase one-half of one share of Common Stock at a price of $5.75 per
half share, subject to adjustment as described in the prospectus. 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 of Common Stock
beneficially owned by him, her or it, whether acquired before, in or after the IPO, in favor of such Business Combination.

 

    	 

    	 

    

 

2.(a)
In the event that the Company fails to consummate a Business Combination within the required time period set forth in the Certificate
of Incorporation, the undersigned shall take all reasonable steps to (i) cause the Company to cease all operations except for
the purpose of winding up, (ii) as promptly as possible, but no more than ten business days after the expiration of such period,
cause the Trust Fund to be liquidated and distributed to the holders of IPO Shares and (iii) as promptly as reasonably possible
following such redemption, subject to the approval of the Company’s remaining holders of Common Stock and the Board of Directors,
cause the Company to dissolve and liquidate, subject (in the case of (ii) and (iii) above) to the Company’s obligations
under Delaware law to provide for claims of creditors and the requirements of other applicable law.

 

(b)
The undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund
and any remaining net assets of the Company as a result of such liquidation with respect to his, her or its Insider Shares [or
Private Warrants (and the underlying shares of Common Stock)] (“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 Fund for any reason whatsoever.

 

[(c)
In the event of the liquidation of the Trust Fund, the undersigned agrees to indemnify and hold harmless the Company against any
and all loss, liability, claims, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses
reasonably incurred in investigating, preparing or defending against any litigation, whether pending or threatened, or any claim
whatsoever) which the Company may become subject as a result of any claim by any vendor or other person who is owed money by the
Company for services rendered or products sold or contracted for, but only to the extent necessary to ensure that such loss, liability,
claim, damage or expense does not reduce the amount of funds in the Trust Fund; provided that such indemnity shall not
apply if such vendor or other person has executed an agreement waiving any claims against the Trust Fund.]1

 

3.The
undersigned agrees that until 30 days after date the Company consummates a Business Combination, the undersigned’s Private
Warrants will be subject to the transfer restrictions described in the Subscription Agreement relating to the undersigned’s
Private Warrants.

 

 

1 To be included
for Quinpario Partners LLC Letter only.

 

    	2

    	 

    

 

4.In
order to minimize potential conflicts of interest which may arise from multiple affiliations, the undersigned agrees to present
to the Company for its consideration, prior to presentation to any other person or entity, any suitable opportunity to acquire
a target business, until the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company,
subject to any pre-existing fiduciary or contractual obligations the undersigned might have.

 

5.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, including any company that is a portfolio company of, or otherwise affiliated
with, or has received financial investment from, an entity with which any Insider or their affiliates is affiliated, 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.

 

6.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 in connection with the consummation of the Business Combination[;
provided that the Company shall be allowed to (i) repay a non-interest bearing loan in an aggregate amount of up to $300,000
made to the Company by the undersigned to cover the IPO expenses and (ii) pay $10,000 per month to Quinpario Partners, LLC, an
affiliate of the undersigned, for office space and related services]2; provided [further] that the
Company shall be allowed to repay working capital loans made by the undersigned to the Company in cash upon consummation of the
Business Combination or, at the undersigned’s discretion, with respect to up to an aggregate of $1,500,000 of working capital
loans from all lenders, by converting such loans into additional Private Warrants at a price of $0.50 per Private Warrant, as
more fully described in the Registration Statement. Notwithstanding the foregoing, the undersigned and any affiliate of the undersigned
shall be entitled to reimbursement from the Company for their out-of-pocket expenses incurred in connection with identifying,
investigating and consummating a Business Combination.

 

7.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.

 

 

2
To be included for Quinpario Partners 2, LLC/Quinpario Partners, LLC letters only.

 

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8.The
undersigned agrees to be the _________ 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 material respects. The undersigned’s FINRA Questionnaire previously furnished
to the Company and the Representatives is true and accurate in all material respects. The undersigned represents and warrants
that:

 

		(a)	he/she/it
                                         has never had a petition under the federal bankruptcy laws or any state insolvency law
                                         been filed by or against (i) him/her/it or any partnership in which he/she/it was a general
                                         partner at or within two years before the time of filing; or (ii) any corporation or
                                         business association of which he/she/it was an executive officer at or within two years
                                         before the time of such filing;
	 	 	 
		(b)	he/she/it
                                         has never had a receiver, fiscal agent or similar officer been appointed by a court for
                                         his/her/its business or property, or any such partnership;
	 	 	 
		(c)	he/she/it
                                         has never been convicted of fraud in a civil or criminal proceeding;
	 	 	 
		(d)	he/she/it/
                                         has never been convicted in a criminal proceeding or named the subject of a pending criminal
                                         proceeding (excluding traffic violations and minor offenses);
	 	 	 
		(e)	he/she/it
                                         has never been the subject of any order, judgment or decree, not subsequently reversed,
                                         suspended or vacated, of any court of competent jurisdiction, permanently or temporarily
                                         enjoining or otherwise limiting him/her/it from (i) acting as a futures commission merchant,
                                         introducing broker, commodity trading advisor, commodity pool operator, floor broker,
                                         leverage transaction merchant, any other person regulated by the Commodity Futures Trading
                                         Commission (“CFTC”) or an associated person of any of the foregoing, or as
                                         an investment adviser, underwriter, broker or dealer in securities, or as an affiliated
                                         person, director or employee of any investment company, bank, savings and loan association
                                         or insurance company, or from engaging in or continuing any conduct or practice in connection
                                         with any such activity; or (ii) engaging in any type of business practice; or (iii) engaging
                                         in any activity in connection with the purchase or sale of any security or commodity
                                         or in connection with any violation of federal or state securities or federal commodities
                                         laws;

 

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		(f)	he/she/it
                                         has never been the subject of any order, judgment or decree, not subsequently reversed,
                                         suspended or vacated, of any federal or state authority barring, suspending or otherwise
                                         limiting for more than 60 days his/her/its right to engage in any activity described
                                         in 9(e)(i) above, or to be associated with persons engaged in any such activity;
	 	 	 
		(g)	he/she/it
                                         has never been found by a court of competent jurisdiction in a civil action or by the
                                         SEC to have violated any federal or state securities law, where the judgment in such
                                         civil action or finding by the SEC has not been subsequently reversed, suspended or vacated;
	 	 	 
		(h)	he/she/it
                                         has never been found by a court of competent jurisdiction in a civil action or by the
                                         CFTC to have violated any federal commodities law, where the judgment in such civil action
                                         or finding by the CFTC has not been subsequently reversed, suspended or vacated;
	 	 	 
		(i)	he/she/it
                                         has never been the subject of, or a party to, any Federal or State judicial or administrative
                                         order, judgment, decree or finding, not subsequently reversed, suspended or vacated,
                                         relating to an alleged violation of (i) any Federal or State securities or commodities
                                         law or regulation, (ii) any law or regulation respecting financial institutions or insurance
                                         companies including, but not limited to, a temporary or permanent injunction, order of
                                         disgorgement or restitution, civil money penalty or temporary or permanent cease-and
                                         desist order, or removal or prohibition order or (iii) any law or regulation prohibiting
                                         mail or wire fraud or fraud in connection with any business entity;
	 	 	 
		(j)	he/she/it
                                         has never been the subject of, or party to, any sanction or order, not subsequently reversed,
                                         suspended or vacated, or any self-regulatory organization, any registered entity, or
                                         any equivalent exchange, association, entity or organization that has disciplinary authority
                                         over its members or persons associated with a member;
	 	 	 
		(k)	he/she/it
                                         has never been convicted of any felony or misdemeanor: (i) in connection with the purchase
                                         or sale of any security; (ii) involving the making of any false filing with the SEC;
                                         or (iii) arising out of the conduct of the business of an underwriter, broker, dealer,
                                         municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;
	 	 	 
		(l)	he/she/it
                                         was never subject to a final order of a state securities commission (or an agency of
                                         officer of a state performing like functions); a state authority that supervises or examines
                                         banks, savings associations, or credit unions; a state insurance commission (or an agency
                                         or officer of a state performing like functions); an appropriate federal banking agency;
                                         the CFTC; or the National Credit Union Administration that is based on a violation of
                                         any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct;

 

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		(m)	he/she/it
                                         has never been subject to any order, judgment or decree of any court of competent jurisdiction,
                                         that, at the time of such sale, restrained or enjoined him/her/it from engaging or continuing
                                         to engage in any conduct or practice: (i) in connection with the purchase or sale of
                                         any security; (ii) involving the making of any false filing with the SEC; or (iii) arising
                                         out of the conduct of the business of an underwriter, broker, dealer, municipal securities
                                         dealer, investment adviser or paid solicitor of purchasers of securities;
	 	 	 
		(n)	he/she/it
                                         has never been subject to any order of the SEC that orders him/her/it to cease and desist
                                         from committing or causing a future violation of: (i) any scienter-based anti-fraud provision
                                         of the federal securities laws, including, but not limited to, Section 17(a)(1) of the
                                         Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Section
                                         206(1) of the Advisers Act or any other rule or regulation thereunder; or (ii) Section
                                         5 of the Securities Act;
	 	 	 
		(o)	he/she/it
                                         has never been named as an underwriter in any registration statement or Regulation A
                                         offering statement filed with the SEC that was the subject of a refusal order, stop order,
                                         or order suspending the Regulation A exemption, or is, currently, the subject of an investigation
                                         or proceeding to determine whether a stop order or suspension order should be issued;
	 	 	 
		(p)	he/she/it
                                         has never been subject to a United States Postal Service false representation order,
                                         or is currently subject to a temporary restraining order or preliminary injunction with
                                         respect to conduct alleged by the United States Postal Service to constitute a scheme
                                         or device for obtaining money or property through the mail by means of false representations;
	 	 	 
		(q)	he/she/it
                                         is not subject to a final order of a state securities commission (or an agency of officer
                                         of a state performing like functions); a state authority that supervises or examines
                                         banks, savings associations, or credit unions; a state insurance commission (or an agency
                                         or officer of a state performing like functions); an appropriate federal banking agency;
                                         the CFTC; or the National Credit Union Administration that bars the undersigned from:
                                         (i) association with an entity regulated by such commission, authority, agency or officer;
                                         (ii) engaging in the business of securities, insurance or banking; or (iii) engaging
                                         in savings association or credit union activities;

 

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		(r)	he/she/it
                                         is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of
                                         the Securities Exchange Act of 1934 (the “Exchange Act”) or section 203(e)
                                         or 203(f) of the Investment Advisers Act of 1940 (the “Advisers Act”) that:
                                         (i) suspends or revokes the undersigned’s registration as a broker, dealer, municipal
                                         securities dealer or investment adviser; (ii) places limitations on the activities, functions
                                         or operations of, or imposes civil money penalties on, such person; or (iii) bars the
                                         undersigned from being associated with any entity or from participating in the offering
                                         of any penny stock; and
	 	 	 
		(s)	he/she/it
                                         has never been suspended or expelled from membership in, or suspended or barred from
                                         association with a member of, a securities self-regulatory organization (e.g., a registered
                                         national securities exchange or a registered national or affiliated securities association)
                                         for any act or omission to act constituting conduct inconsistent with just and equitable
                                         principles of trade.

 

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 _________ of the Company.

 

10.The
undersigned hereby waives his, her or its right to exercise conversion rights with respect to any shares of the Common Stock owned
or to be owned by the undersigned, directly or indirectly, whether purchased by the undersigned prior to the IPO, in the IPO or
in the aftermarket, and agrees that he, she or it will not seek conversion with respect to or otherwise sell such shares to the
Company in connection with any Business Combination.

 

11.The
undersigned hereby agrees to not propose, or vote in favor of, an amendment to Article Sixth of the Company’s Certificate
of Incorporation prior to the consummation of a Business Combination unless the Company provides dissenting holders of IPO Shares
with the opportunity to convert their IPO Shares in connection with any such vote.

 

[12.In
the event that the Company does not consummate a Business Combination and must liquidate and its remaining net assets are insufficient
to complete such liquidation, the undersigned agrees to advance such funds necessary to complete such liquidation and agrees not
to seek repayment for such expenses.]3

 

 

3
To be included for Quinpario Partners LLC letter only.

 

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13.In
connection with Section 5-1401 of the General Obligations Law of the State of New York, this letter agreement shall be governed
by, and construed in accordance with, the laws of the State of New York without regard to principles of conflicts of law that
would result in the application of the substantive law of another jurisdiction. The parties hereto agree that any action, proceeding
or claim arising out of or relating in any way to this letter agreement shall be resolved through final and binding arbitration
in accordance with the International Arbitration Rules of the American Arbitration Association (“AAA”). The arbitration
shall be brought before the AAA International Center for Dispute Resolution’s offices in New York City, New York, will be
conducted in English and will be decided by a panel of three arbitrators selected from the AAA Commercial Disputes Panel and that
the arbitrator panel’s decision shall be final and enforceable by any court having jurisdiction over the party from whom
enforcement is sought. The cost of such arbitrators and arbitration services, together with the prevailing party’s legal
fees and expenses, shall be borne by the non-prevailing party or as otherwise directed by the arbitrators. The undersigned hereby
appoints, without power of revocation, Graubard Miller 405 Lexington Avenue New York, New York 10174 Fax No.: (212) 818-8881 Attn:
David Alan Miller, Esq., as its agent to accept and acknowledge on its behalf service of any and all process which may be served
in any arbitration, action, proceeding or counterclaim in any way relating to or arising out of this letter agreement.

 

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)
“Certificate of Incorporation” shall mean the Company’s Amended and Restated Certificate of Incorporation,
as the same shall be amended from time to time; (iii) “Insiders” shall mean all officers, directors
and stockholders of the Company immediately prior to the IPO; (iv) “Insider Shares” shall mean all of
the shares of Common Stock of the Company acquired by an Insider prior to the IPO; (v) “IPO Shares”
shall mean the shares of Common Stock issued in the Company’s IPO; (vi) “Private Warrants” shall
mean the warrants purchased in the private placement taking place simultaneously with the consummation of the Company’s
IPO and the over-allotment option, if any; (vii) “Registration Statement” means the registration statement
on Form S-1 filed by the Company with respect to the IPO; and (viii) “Trust Fund” shall mean the trust
fund into which a portion of the net proceeds of the Company’s IPO will be deposited.

 

15.Any
notice, consent or request to be given in connection with any of the terms or provisions of this letter 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 facsimile transmission.

 

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16.No
party hereto may assign either this letter agreement or any of 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 letter agreement shall be binding
on the parties hereto and any successors and assigns thereof.

 

17.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.

 

	 	
	 	Print
Name of Insider
	 	 
	 	
	 	Signature

 

 

9Exhibit
10.2

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Agreement is made as of ________, 2014 by and between Quinpario Acquisition Corp. 2 (the “Company”) and Continental
Stock Transfer & Trust Company (“Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1, No. 333-198988 (“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,
Deutsche Bank Securities Inc. and Cantor Fitzgerald & Co. (the “Underwriters”) are acting as the underwriters
in the IPO; and

 

WHEREAS,
simultaneously with the IPO, the Company’s sponsor and its designees will be purchasing an aggregate of 18,000,000 warrants
at $0.50 per warrant for a total purchase price of $9,000,000 (or up to 20,100,000 warrants at $0.50 per warrant for a total purchase
price of up to $10,050,000 if the Underwriters’ over-allotment option is exercised in full) in a private placement (“Private
Placement”).

 

WHEREAS,
as described in the Registration Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation,
$350,000,000 of the gross proceeds of the IPO and the Private Placement ($402,500,000 if the 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 (“Common Stock”), 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 $12,250,000, or $14,087,500 if the Underwriters’
over-allotment option is exercised in full is attributable to deferred underwriting discounts and commissions that may be payable
by the Company to the Underwriters upon the consummation of the Business Combination (as defined below) (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;

 

    	 

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

(i)Commence
liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter
(“Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B,
signed on behalf of the Company by its President, Chief Executive Officer or Chairman of the Board and Secretary or Assistant
Secretary, affirmed by counsel for the Company and, in the case of a Termination Letter in a form substantially similar to that
attached hereto as Exhibit A, acknowledged and agreed to by the Underwriters, and complete the liquidation of the Trust Account
and distribute the Property in the Trust Account only as directed in the Termination Letter and the other documents referred to
therein; provided, however, that in the event that a Termination Letter has not been received by the Trustee by the time period
set forth in the Company’s Amended and Restated 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 Public Stockholders as of the Last Date. The provisions of this Section
1(i) may not be modified, amended or deleted under any circumstances.

 

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(j)
Within four (4) business days after the Underwriters exercise the over-allotment option (or any unexercised portion thereof)
or such over-allotment expires, provide the Trustee with a notice in writing of the total amount of the Deferred Discount, which
shall in no event be less than $12,250,000.

 

(k)Distribute
upon receipt of an Amendment Notification Letter (defined below), to Public Stockholders who exercised their conversion rights
in connection with an Amendment (defined below) an amount equal to the pro rata share of the Property relating to the shares of
Common Stock for which such Public Stockholders have exercised conversion rights in connection with such Amendment.

 

2.Limited
Distributions of Income from Trust Account.

 

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

 

(b)Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit D, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested
by the Company to cover expenses related to investigating and selecting a target business and other working capital requirements;
provided, however, that the Company will not be allowed to withdraw interest income earned on the Trust Account
unless there is an amount of interest income available in the Trust Account sufficient to pay the Company’s tax obligations
on such interest income or otherwise then due at that time.

 

(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 Section 2(a), and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance
with Sections 1(i) and 1(k) hereof.

 

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

 

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

 

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

 

(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 verifying
the vote of the Company’s stockholders regarding such Business Combination; and

 

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

 

(f)If
the Company seeks to amend any provisions of its amended and restated certificate of incorporation relating to stockholders’
rights or pre-Business Combination activity (including the time within which the Company has to complete a Business Combination)
(in each case, an “Amendment”), the Company will provide the Trustee with a letter (an “Amendment Notification
Letter”) in the form of Exhibit E providing instructions for the distribution of funds to Public Stockholders who exercise
their conversion option in connection with such Amendment.

 

    	4

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	5

    	 

    

 

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

 

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

 

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

 

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

 

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

 

6.Termination.
This Agreement shall terminate as follows:

 

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

 

    	6

    	 

    

 

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

 

7.Miscellaneous.

 

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

 

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

 

(c)This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for 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; provided, however, that no such change, amendment or modification
may be made without the prior written consent of the Underwriters. As to any claim, cross-claim or counterclaim in any way relating
to this Agreement, each party waives the right to trial by jury. The Trustee may require from Company counsel an opinion as to
the propriety of any proposed amendment.

 

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

 

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

Email:
steven.nelson@continentalstock.com and

              fdipaolo@continentalstock.com

  

    	7

    	 

    

 

if
to the Company, to:

 

Quinpario
Acquisition Corp. 2

12935
N. Forty Drive, Suite 201

St.
Louis, MO 63141

Attn:
Jeffry N. Quinn, Chairman

Fax
No.: (775) 206-7966

Email:
jnquinn@quinngroupllc.com

 

in
either case with a copy to:

 

Cantor
Fitzgerald & Company

499
Park Avenue

New
York, New York 10022

Attn:
David Batalion

Fax
No.: (212) 829-4972

Email:
dbatalion@cantor.com

 

and

 

Deutsche
Bank Securities Inc.

60
Wall Street

New
York, NY 10005

Attn:
Ravi Raghunathan and Michael Tomaino

Fax
No.: (646) 666-3375

Email:
ravi.raghunathan@db.com and michael.tomaino@db.com

 

and

 

Graubard
Miller

405
Lexington Avenue

New
York, New York 10174

Attn:
David Alan Miller, Esq. and Jeffrey M. Gallant, Esq.

Fax No.: (212) 818-8881

Email:
dmiller@graubard.com and jgallant@graubard.com

 

    	8

    	 

    

 

and

 

Kirkland
& Ellis LLP

601
Lexington Avenue

New
York, NY 10022

Attn:
Christian O. Nagler, Esq.

Fax
No.: (212) 446-6460

Email:
cnagler@kirkland.com

 

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

 

(g)Each
of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter into
this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it
shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any
funds in the Trust Account under any circumstance. In the event that the Trustee has a claim against the Company under this Agreement,
the Trustee will pursue such claim solely against the Company and not against the Property held in the Trust Account.

 

(h)Each
of the Company and the Trustee hereby acknowledge that the Underwriters are third party beneficiaries of this Agreement.

 

[Signature
Page Follows]

 

    	9

    	 

    

 

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:
    	 
	 		Name:	Frank
    A. Di Paolo
	 		Title:	Trust
    Officer
	 	 	 	 
	 	QUINPARIO
    ACQUISITION CORP. 2
	 	 	 	 
	 	By:
    	 
	 		Name:	D.
    John Srivisal
	 		Title:	Chief
    Executive Officer

 

    	10

    	 

    

 

SCHEDULE
A

 

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

         

 

    	11

    	 

    

 

EXHIBIT
A

 

[Letterhead
of Company]

 

                     [Insert
date]

 

Continental
Stock Transfer

  & Trust Company

17
Battery Place

New
York, New York 10004

Attn:
Steven Nelson and Frank DiPaolo

 

Re:Trust
Account No. - Termination Letter

 

Gentlemen:

 

Pursuant
to paragraph 1(i) of the Investment Management Trust Agreement between Quinpario Acquisition Corp. 2 (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of ________, 2014 (“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”). Capitalized terms used herein and not otherwise defined shall have
the meanings set forth in the Trust Agreement.

 

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

 

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

 

    	12

    	 

    

 

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

 

	 	Very
    truly yours,
	 	 	 
	 	QUINPARIO
    ACQUISITION CORP. 2
	 	 	 
	 	By:	
	 	 	
	 	By:	

 

AGREED
TO AND

ACKNOWLEDGED
BY

 

DEUTSCHE
BANK SECURITIES INC.

 

	By:	 	 

 

CANTOR
FITZGERALD & CO.

 

	By:	 	 

 

    	13

    	 

    

 

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 DiPaolo

 

Re:Trust
Account No. - Termination Letter

 

Gentlemen:

 

Pursuant
to paragraph 1(i) of the Investment Management Trust Agreement between Quinpario Acquisition Corp. 2 (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of ________, 2014 (“Trust Agreement”),
this is to advise you that the Company has been unable to effect a Business Combination with a Target Company within the time
frame specified in the Company’s Amended and Restated Certificate of Incorporation, as described in the Company’s
prospectus relating to its IPO. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the
Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all the Trust Account investments on ______________
and to transfer the total proceeds to the Trust Checking Account at ______________
 to await distribution to the Public Stockholders.
The Company has selected ____________, 20__ as the record date for the purpose of determining the Public 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 Checking Account. You agree to be the Paying Agent of record and in your separate capacity
as Paying Agent, to distribute said funds directly to the Public 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,
	 	 
	 	QUINPARIO
    ACQUISITION CORP. 2
	 	 	 
	 	By:	 
	 	 	 
	 	By:	 

 

cc:
Deutsche Bank Securities Inc.; Cantor Fitzgerald & Co.

 

    	14

    	 

    

 

EXHIBIT
C

 

[Letterhead
of Company]

 

                     [Insert
date]

 

Continental
Stock Transfer

   & Trust Company

17
Battery Place

New
York, New York 10004

Attn:
Frank Di Paolo and Cynthia Jordan

 

Re:Trust
Account No.

 

Gentlemen:

 

Pursuant
to paragraph 2(a) of the Investment Management Trust Agreement between Quinpario Acquisition Corp. 2 (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of ________, 2014 (“Trust Agreement”),
the Company hereby requests that you deliver to the Company $_______ of the interest income earned on the Property as of the date
hereof. The Company needs such funds to pay for its tax obligations. 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]

 

	 	QUINPARIO
    ACQUISITION CORP. 2
	 	 	 
	 	By:	 
	 	 	 
	 	By:	 

 

cc:
Deutsche Bank Securities Inc.; Cantor Fitzgerald & Co.

 

    	15

    	 

    

 

EXHIBIT
D

  

[Letterhead
of Company]

 

                     [Insert
date]

 

Continental
Stock Transfer

   & Trust Company

17
Battery Place

New
York, New York 10004

Attn:
Frank Di Paolo and Cynthia Jordan

 

Re:Trust
Account No. 

 

Gentlemen:

 

Pursuant
to paragraph 2(b) of the Investment Management Trust Agreement between Quinpario Acquisition Corp. 2 (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of ________, 2014 (“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 cover its expenses relating to investigating and selecting a target business and other
working capital requirements. 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,
	 	 
	 	QUINPARIO
    ACQUISITION CORP. 2
	 	 	 
	 	By:	 
	 	 	 
	 	By:	 

  

cc:
Deutsche Bank Securities Inc.; Cantor Fitzgerald & Co.

 

    	16

    	 

    

 

EXHIBIT
E

 

[Letterhead
of Company]

 

                     [Insert
date]

 

Continental
Stock Transfer

    & Trust Company

17
Battery Place

New
York, New York 10004

Attn:
Steven Nelson and Frank DiPaolo

 

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

 

Gentlemen:

 

Reference
is made to the Investment Management Trust Agreement between Quinpario Acquisition Corp. 2 (“Company”) and Continental
Stock Transfer & Trust Company, dated as of _______, 2014 (“Trust Agreement”). Capitalized words used herein and
not otherwise defined shall have the meanings ascribed to them in the Trust Agreement.

 

Pursuant
to Section 1(k) of the Trust Agreement, this is to advise you that the Company has sought an Amendment. Accordingly, in accordance
with the terms of the Trust Agreement, we hereby authorize you to liquidate the Trust Account on [     ] and to transfer $_____ of
the proceeds of the Trust to the checking account at [     ] for distribution to the stockholders that have requested conversion of
their shares in connection with such Amendment. The remaining funds shall be reinvested by you as previously instructed.

 

	 	Very
    truly yours,
	 	 
	 	QUINPARIO
    ACQUISITION CORP. 2
	 	 	
	 	By:	
	 		 
	 	By:	 

 

cc:
Deutsche Bank Securities Inc.; Cantor Fitzgerald & Co.

 

 

17

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