Document:

Exhibit 10.2

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Agreement is made as of [            ], 2017 by and between
Draper Oakwood Technology Acquisition, Inc. (the “Company”) and Continental Stock Transfer & Trust Company
(“Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1, No. 333-[________] (“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,
EarlyBirdCapital, Inc. (the “Representative”) is acting as the representative of the underwriters in the IPO pursuant
to an underwriting agreement between the Company and the underwriter (“Underwriting Agreement”); and

 

WHEREAS,
the Company initially has 12 months from the consummation of the IPO (the “Initial Period”) to consummate an initial
business combination (as described in the Registration Statement, a “Business Combination”); and

 

WHEREAS,
if a Business Combination is not consummated within the Initial Period, Draper Oakwood Investments, LLC (the “Sponsor”)
may extend such period up to two times, each by a three-month period, up to a maximum of 18 months in the aggregate, by depositing
$500,000 (or $575,000 if the underwriters’ over-allotment option is exercised in full) into the Trust Account no later than
the 12 month anniversary of the IPO or the 15 month anniversary of the IPO (each, an “Applicable Deadline”) for each
three month extension (each, an “Extension”) for up to an aggregate of $1,000,000 (or $1,150,000 if the underwriters’
over-allotment option is exercised in full); and

 

WHEREAS,
simultaneously with the IPO, the Sponsor and the Representative will be purchasing an aggregate of 250,000 units (“Founders’
Units”) from the Company for an aggregate purchase price of $2,500,000 (or additional amounts of Founders’ Units from
the Company if the underwriters exercise their over-allotment option, up to an aggregate of 272,500 Founders’ Units for
an aggregate purchase price of $2,725,000 if the underwriters’ over-allotment option is exercised in full); and

 

WHEREAS,
as described in the Registration Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation,
$50,000,000 of the gross proceeds of the IPO and sale of the Founders’ Units ($57,500,000 if the underwriters’ over-allotment
option is exercised in full, plus any amount eventually deposited on account of any Extension) 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 Class A common
stock, par value $0.0001 per share, issued in the IPO as hereinafter provided (the amount to be delivered to the Trustee, including
any amount deposited in connection with any Extension, 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,
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.

 

NOW,
THEREFORE, IT IS AGREED:

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(j)       Upon
receipt of an Amendment Notification Letter (defined below), distribute 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
for which such Public Stockholders have exercised conversion rights in connection with such Amendment; and

 

(k)
Upon receipt of an extension letter (“Extension Letter”) substantially similar to Exhibit E hereto at least three
business days prior to the Applicable Deadline, signed on behalf of the Company by two of the Company’s executive officers
and affirmed by counsel for the Company, and receipt of the dollar amount specified in the Extension Letter on or prior to the
Applicable Deadline, to follow the instructions set forth in the Extension Letter.

 

2. Limited
Distributions of Income from Trust Account.

 

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

 

(b)
[Reserved]

 

    	 	2	 

     

    

 

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

 

(d)
In all cases, the Company shall provide the Representative 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 at the same time as 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 two of the Company’s executive officers. In addition,
except with respect to its duties under Sections 1(i), 1(j), 1(k) and 2(a) above, the Trustee shall be entitled to rely on, and
shall be protected in relying on, any verbal or telephonic advice or instruction which it in good faith and with reasonable care
believes to be given by any one of the persons authorized above to give written instructions, provided that the Company shall
promptly confirm such instructions in writing;

 

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

 

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

 

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

 

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

 

(f)
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 D, signed on behalf of the Company by two of the
Company’s executive officers, providing instructions for the distribution of funds to Public Stockholders who exercise
their conversion option in connection with such Amendment;

 

    	 	3	 

     

    

 

(g)
If applicable, issue a press release at least three days prior to the Applicable Deadline announcing that, at least five days
prior to the Applicable Deadline, the Company received notice from the Sponsor that the Sponsor intends to extend the Applicable
Deadline; and

 

(h)
Promptly following the Applicable Deadline, disclose whether or not the term the Company has to consummate a Business Combination
has been extended.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	4	 

     

    

 

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

 

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 (90) days
of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with
any court in the State of New York or with the United States District Court for the Southern District of New York and upon such
deposit, the Trustee shall be immune from any liability whatsoever; or

 

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

 

7. Miscellaneous.

 

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

 

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

 

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

 

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

 

    	 	5	 

     

    

 

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

 

if
to the Trustee, to:

 

Continental
Stock Transfer

&
Trust Company

1
State Street 30th Floor

New
York, NY 10004

Attn:
Steven G. Nelson and Sharmin Carter

Fax
No.: (212) 509-5150

 

if
to the Company, to:

 

Draper
Oakwood Technology Acquisition, Inc.

c/o
Draper Oakwood Investments, LLC

55
East 3rd Ave.

San
Mateo, CA 94401

Attn:
Chief Executive Officer

 

in
either case with a copy to:

 

EarlyBirdCapital,
Inc.

275
Madison Avenue, 27th Floor

New
York, New York 10016

Attn:
Steven Levine, Chief Executive Officer

Fax
No.: (212) 661-4936

 

with
a copy to:

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas

New
York, New York 10105

Attn:
Stuart Neuhauser, Esq.

 

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

 

(g)
Each of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter
into this Agreement and to perform its respective obligations as contemplated hereunder.

 

(h)
Each of the Company and the Trustee hereby acknowledges that the Representative, on behalf of the several underwriters, is a third
party beneficiary of this Agreement (including Section 7(c) and the Trustee’s obligations under this Agreement with
respect thereto with the same right and power to enforce these provisions as either of the parties hereto).

 

[signature
page follows]

 

    	 	6	 

     

    

 

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: 	 
	 	Title:	 
	 	 
	 	DRAPER
    OAKWOOD TECHNOLOGY ACQUISITION, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

     

     

    

 

SCHEDULE
A

 

	Fee Item	 	Time and method of payment	 	Amount
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$1,500
	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	 	$9,500
	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 services pursuant to Section 1(i)	 	Prevailing rates

 

     

     

    

 

EXHIBIT
A

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street Plaza, 30th Floor

New
York, NY 10004-1561

Attn: Steven G. Nelson and Sharmin Carter

 

	 	Re:	Trust
    Account No. [            ] Termination Letter

 

Gentlemen:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Draper Oakwood Technology Acquisition, Inc. (“Company”)
and Continental Stock Transfer & Trust Company (“Trustee”), dated as of [            ],
2017 (“Trust Agreement”), this is to advise you that the Company has entered into an agreement (“Business Agreement”)
with [                                    ]
(“Target Business”) to consummate a business combination with Target Business (“Business Combination”)
on or about [insert date]. The Company shall notify you at least 48 hours in advance of the actual date of the consummation
of the Business Combination (“Consummation Date”).

 

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

 

On
the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination
has been consummated or is being consummated concurrently with the transfer of funds, (ii) the Company shall deliver to you
(a) [an affidavit] [a certificate] of [                                    ],
which verifies the vote of the Company’s stockholders in connection with the Business Combination and (b) joint written
instructions from the Company and EarlyBirdCapital, Inc. with respect to the transfer of the funds held in 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.

 

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.

 

[signature
page follows]

 

     

     

    

 

	 	Very
    truly yours,
	 	 
	 	DRAPER
    OAKWOOD TECHNOLOGY ACQUISITION, INC.
	 	 	 
	 	By:	 
	 	Name:	
    Aamer Sarfraz
	 	Title:	Chief
Executive Officer and Chief Financial Officer
	 	 	 
	 	By:	 
	 	Name: 	Roderick
Perry
	 	Title:	Executive
Chairman

 

	AGREED
    AND ACKNOWLEDGED BY:	 
	 	 
	EARLYBIRDCAPITAL,
    INC.	 
	 	 	 
	By: 	                  	 

 

     

     

    

 

EXHIBIT
B

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street Plaza, 30th Floor

New
York, NY 10004-1561

Attn: Steven G. Nelson and Sharmin Carter

 

	 	Re:	Trust
    Account No. [            ] Termination Letter

 

Gentlemen:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Draper Oakwood Technology Acquisition, Inc. (“Company”)
and Continental Stock Transfer & Trust Company (“Trustee”), dated as of [            ],
2017 (“Trust Agreement”), this is to advise you that the Company has been unable to effect a Business Combination
with a Target Company within the time frame specified in the Company’s Amended and Restated Certificate of Incorporation,
as described in the Company’s prospectus relating to its initial public offering of securities.

 

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

 

	 	Very
    truly yours,
	 	 
	 	DRAPER
    OAKWOOD TECHNOLOGY ACQUISITION, INC.
	 	 	 
	 	By:	 
	 	Name:	
    Aamer Sarfraz
	 	Title:	
    Chief Executive Officer and Chief Financial Officer
	 	 	 
	 	By:	 
	 	Name: 	
    Roderick Perry
	 	Title:	Executive
Chairman

 

	cc:	EarlyBirdCapital,
    Inc.

 

     

     

    

 

EXHIBIT
C

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street Plaza, 30th Floor

New
York, NY 10004-1561

Attn: Steven G. Nelson and Sharmin Carter

 

	 	Re:	Trust
    Account No. [            ]

 

Gentlemen:

 

Pursuant
to Section 2(a) of the Investment Management Trust Agreement between Draper Oakwood Technology Acquisition, Inc. (“Company”)
and Continental Stock Transfer & Trust Company (“Trustee”), dated as of [            ],
2017 (“Trust Agreement”), the Company hereby requests that you deliver to the Company $[            ]
of the interest income earned on the Property as of the date hereof. The Company needs such funds to pay its tax obligations.
In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such
funds promptly upon your receipt of this letter to the Company’s operating account at:

 

[WIRE
INSTRUCTION INFORMATION]

 

	 	DRAPER
    OAKWOOD TECHNOLOGY ACQUISITION, INC.
	 	 	 
	 	By:	 
	 	Name:	Aamer
Sarfraz
	 	Title:	Chief
Executive Officer and Chief Financial Officer
	 	 	 
	 	By:	 
	 	Name: 	Roderick
Perry
	 	Title:	Executive
Chairman

 

	cc:	EarlyBirdCapital,
    Inc.

 

     

     

    

 

EXHIBIT
D

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street Plaza, 30th Floor

New
York, NY 10004-1561

Attn: Steven G. Nelson and Sharmin Carter

 

	 	Re:	Trust
    Account No. [            ]

 

Gentlemen:

 

Reference
is made to the Investment Management Trust Agreement between Draper Oakwood Technology Acquisition, Inc. (“Company”)
and Continental Stock Transfer & Trust Company, dated as of ________, 2017 (“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(j) 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,
	 	 
	 	DRAPER
    OAKWOOD TECHNOLOGY ACQUISITION, INC.
	 	 	 
	 	By:	 
	 	Name:	Aamer
Sarfraz
	 	Title:	Chief
Executive Officer and Chief Financial Officer
	 	 	 
	 	By:	 
	 	Name: 	Roderick
Perry
	 	Title:	Executive
Chairman

 

	cc:	EarlyBirdCapital,
    Inc.

 

     

     

    

 

EXHIBIT
E

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street Plaza, 30th Floor

New
York, NY 10004-1561

Attn: Steven G. Nelson and Sharmin Carter

 

	 	Re:	Trust
    Account No. [            ] Extension Letter

 

Gentlemen:

 

Pursuant
to Section 1(k) of the Investment Management Trust Agreement between Draper Oakwood Technology Acquisition, Inc. (“Company”)
and Continental Stock Transfer & Trust Company, dated as of [______], 2017 (“Trust Agreement”), this is to advise
you that the Company is extending the time available in order to consummate a Business Combination with the Target Businesses
for an additional three (3) months, from _______ to _________ (the “Extension”).

 

This
Extension Letter shall serve as the notice required with respect to Extension prior to the Applicable Deadline. Capitalized words
used herein and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to deposit $_____, which will be wired to you,
into the Trust Account upon receipt.

 

This
is the ____ of up to two Extension Letters that the Company is permitted to deliver to you pursuant to the Trust Agreement. 

 

	 	Very
    truly yours,
	 	 
	 	DRAPER
    OAKWOOD TECHNOLOGY ACQUISITION, INC.
	 	 	 
	 	By:	 
	 	Name:	
    Aamer Sarfraz
	 	Title:	Chief
Executive Officer and Chief Financial Officer
	 	 	 
	 	By:	 
	 	Name: 	Roderick
Perry
	 	Title:	Executive
Chairman

 

	cc:	EarlyBirdCapital,
    Inc.Exhibit 10.5

 

UNIT SUBSCRIPTION AGREEMENT

 

This UNIT SUBSCRIPTION
AGREEMENT (this “Agreement”) is made as of the 24th day of August 2017, by and between Draper Oakwood
Technology Acquisition, Inc., a Delaware corporation (the “Company”), having its principal place of business
at 55 East 3rd Ave., San Mateo, CA 94401, and Draper Oakwood Investments, LLC, a Delaware limited liability company (the “Subscriber”),
having its principal place of business at 55 East 3rd Ave., San Mateo, CA 94401.

 

WHEREAS, the Company
desires to sell to the Subscriber on a private placement basis (the “Offering”) an aggregate of 200,000 units
(the “Initial Units”) of the Company, and up to an additional 18,000 units (the “Additional Units”
and together with the Initial Units, the “Units”) of the Company in the event that the underwriters’ 45-day
over-allotment option (“Over-Allotment Option”) is exercised in full or part, each Unit comprised of one share
of Class A common stock of the Company, par value $0.0001 per share (“Common Stock”), one right (“Right”)
to receive one-tenth of one share of Common Stock upon the consummation of a Business Combination (defined below), to be governed
by the Right Agreement (defined herein), and one-half of one warrant, each whole warrant exercisable to purchase one share of Common
Stock (“Warrant”), for a purchase price of $10.00 per Unit. The shares of Common Stock underlying the Rights
are hereinafter referred to as the “Right Shares”.  The shares of Common Stock underlying the Warrants
are hereinafter referred to as the “Warrant Shares”.  The shares of Common Stock underlying the Units
(excluding the Right Shares and Warrant Shares) are hereinafter referred to as the “Placement Shares.” The Rights
underlying the Units are hereinafter referred to as the “Placement Rights.” The Warrants underlying the Units
are hereinafter referred to as the “Placement Warrants.”  The Units, Placement Shares, Placement Rights,
Placement Warrants, Right Shares and Warrant Shares, collectively, are hereinafter referred to as the “Securities.”  Each
whole Placement Warrant is exercisable to purchase one full share of Common Stock at an exercise price of $11.50 during the period
commencing on the later of (i) twelve (12) months from the date of the closing of the Company’s initial public offering of
units (the “IPO”) and (ii) 30 days following the consummation of the Company’s initial business combination
(the “Business Combination”), as such term is defined in the registration statement in connection with the IPO,
as amended at the time it becomes effective (the “Registration Statement”), and expiring on the fifth anniversary
of the consummation of the Business Combination; and

 

WHEREAS, the Subscriber
wishes to purchase 200,000 Initial Units and up to 18,000 Additional Units, and the Company wishes to accept such subscription
from Subscriber.

 

NOW, THEREFORE, in
consideration of the premises and the mutual covenants hereinafter set forth and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company and Subscriber hereby agree as follows:

 

1.     Agreement
to Subscribe

 

	 	1.1.	Purchase and Issuance of the Units.

 

	 	(a)	Upon the terms and subject to the conditions of this Agreement, the Subscriber hereby agrees to purchase from the Company, and the Company hereby agrees to sell to the Subscriber, on the Closing Date (as defined below) the Initial Units in consideration of the payment of the Initial Purchase Price (as defined below). On the Closing Date, or within a reasonable time after the Closing Date, but in no event later than thirty (30) days after the Closing Date, the Company shall deliver to the Subscriber the certificates representing the Securities purchased.

 

	 	(b)	Subscriber hereby agrees to purchase up to an additional 18,000 Additional Units at $10.00 per Additional Unit for a purchase price of up to $180,000. The purchase and issuance of the Additional Units shall occur only in the event that the Over-Allotment Option is exercised in full or in part. The total number of Additional Units to be purchased hereunder shall be in the same proportion as the proportion of the Over-Allotment Option that is exercised. Each purchase of Additional Units shall occur simultaneously with the consummation of any portion of the Over-Allotment Option.

 

    

     

    

 

	 	1.2.	Purchase Price.

 

	 	(a)	As payment in full for the Initial Units being purchased under this Agreement, the Subscriber shall pay $2,000,000 (the “Initial Purchase Price”) by wire transfer of immediately available funds or by such other method as may be reasonably acceptable to the Company, to the trust account (the “Trust Account”) at a financial institution to be chosen by the Company, maintained by Continental Stock Transfer & Trust Company, acting as trustee (“Continental”), or into an escrow account maintained by Ellenoff Grossman & Schole LLP (“EG&S”), counsel for the Company, three (3) business days prior to the date of effectiveness of the Registration Statement.

 

	 	(b)	As payment in full for the Additional Units being purchased under this Agreement, the Subscriber shall pay $10.00 per Additional Unit being purchased by wire transfer of immediately available funds or by such other method as may be reasonably acceptable to the Company, to the Trust Account at a financial institution to be chosen by the Company, maintained by Continental, or into an escrow account maintained by EG&S, three (3) business days prior to the date of effectiveness of the Registration Statement.

 

1.3.   
Closing. The closing of the purchase and sale of the Initial Units shall take place simultaneously with the closing of the IPO
and the closing of the purchase and sale of Additional Units shall take place simultaneously with the closing of the Over-Allotment
Option (each a “Closing Date”). The closing of the purchase and sale of the Units shall take place at the offices
of EG&S, 1345 Avenue of the Americas, 11th Floor, New York, New York, 10105, or such other place as may be
agreed upon by the parties hereto.

 

1.4      Termination.
This Agreement and each of the obligations of the undersigned shall be null and void and without effect if a Closing does not occur
prior to September 30, 2017.

  

2.     Representations
and Warranties of Subscriber

 

Subscriber represents
and warrants to the Company that:

 

2.1.    No
Government Recommendation or Approval.  Subscriber understands that no federal or state agency has passed upon or made
any recommendation or endorsement of the Company or the Offering of the Securities.

 

2.2.   
Accredited Investor. Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a)
of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”), and acknowledges that the
sale contemplated hereby is being made in reliance, among other things, on a private placement exemption to “accredited investors”
under the Securities Act and similar exemptions under state law.

 

2.3.   
Intent.  Subscriber is purchasing the Securities solely for investment purposes, for Subscriber’s own account (and/or
for the account or benefit of its members or affiliates, as permitted, pursuant to the terms of an agreement (the “Insider
Letter”) to be entered into with respect to the Securities between, among others, Subscriber  and the Company,
as described in the Registration Statement), and not with a view to the distribution thereof and Subscriber has no present arrangement
to sell the Securities to or through any person or entity except as may be permitted under the Insider Letter.  Subscriber
shall not engage in hedging transactions with regard to the Securities unless in compliance with the Securities Act.

  

2.4.   
Restrictions on Transfer.  Subscriber acknowledges and understands the Units are being offered in a transaction not involving
a public offering in the United States within the meaning of the Securities Act.  The Securities have not been registered
under the Securities Act and, if in the future Subscriber decides to offer, resell, pledge or otherwise transfer the Securities,
such Securities may be offered, resold, pledged or otherwise transferred only (A) pursuant to an effective registration statement
filed under the Securities Act, (B) pursuant to an exemption from registration under Rule 144 promulgated under the Securities
Act, if available, or (C) pursuant to any other available exemption from the registration requirements of the Securities Act,
and in each case in accordance with any applicable securities laws of any state or any other jurisdiction. Notwithstanding the
foregoing, Subscriber acknowledges and understands the Securities are subject to transfer restrictions as described in Section
8 hereof. Subscriber agrees that if any transfer of its Securities or any interest therein is proposed to be made, as a condition
precedent to any such transfer, Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the
Company with respect to such transfer. Absent registration or another available exemption from registration, Subscriber agrees
it will not resell the Securities (unless otherwise permitted pursuant to the Insider Letter, as described in the Registration
Statement).  Subscriber further acknowledges that because the Company is a shell company, Rule 144 may not be available
to Subscriber for the resale of the Securities until the one year anniversary following consummation of the initial Business Combination
of the Company, despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer
restrictions.

 

    2

     

    

 

2.5.  Sophisticated
Investor.

 

(i)  Subscriber
is sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Securities.

 

(ii) Subscriber is
aware that an investment in the Securities is highly speculative and subject to substantial risks because, among other things,
the Securities are subject to transfer restrictions and have not been registered under the Securities Act and therefore cannot
be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber
is able to bear the economic risk of its investment in the Securities for an indefinite period of time.

 

2.6.   Independent
Investigation.  Subscriber, in making the decision to purchase the Units, has relied upon an independent investigation
of the Company and has not relied upon any information or representations made by any third parties or upon any oral or written
representations or assurances from the Company, its officers, directors or employees or any other representatives or agents of
the Company, other than as set forth in this Agreement. Subscriber is familiar with the business, operations and financial condition
of the Company and has had an opportunity to ask questions of, and receive answers from the Company’s officers and directors
concerning the Company and the terms and conditions of the offering of the Units and has had full access to such other information
concerning the Company as Subscriber has requested. Subscriber confirms that all documents that it has requested have been made
available and that Subscriber has been supplied with all of the additional information concerning this investment which Subscriber
has requested.

 

2.7   Organization
and Authority.  Subscriber is duly organized, validly existing and in good standing under the laws of the State of Delaware
and it possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.

 

2.8.  Authority.
This Agreement has been validly authorized, executed and delivered by Subscriber and is a valid and binding agreement enforceable
in accordance with its terms, subject to the general principles of equity and to bankruptcy or other laws affecting the enforcement
of creditors’ rights generally.

  

2.9.   
No Conflicts. The execution, delivery and performance of this Agreement and the consummation by Subscriber of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) Subscriber's charter documents, (ii) any
agreement or instrument to which Subscriber is a party or (iii) any law, statute, rule or regulation to which Subscriber is subject,
or any agreement, order, judgment or decree to which Subscriber is subject.

 

2.10.  No Legal
Advice from Company.  Subscriber acknowledges it has had the opportunity to review this Agreement and the transactions
contemplated by this Agreement and the other agreements entered into between the parties hereto with Subscriber’s own legal
counsel and investment and tax advisors.  Except for any statements or representations of the Company made in this Agreement
and the other agreements entered into between the parties hereto, Subscriber is relying solely on such counsel and advisors and
not on any statements or representations of the Company or any of its representatives or agents for legal, tax or investment advice
with respect to this investment, the transactions contemplated by this Agreement or the securities laws of any jurisdiction.

 

    3

     

    

 

2.11.  Reliance
on Representations and Warranties.  Subscriber understands the Units are being offered and sold to Subscriber in reliance
on exemptions from the registration requirements under the Securities Act, and analogous provisions in the laws and regulations
of various states, and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements,
acknowledgments and understandings of Subscriber set forth in this Agreement in order to determine the applicability of such provisions.

 

2.12.  No General
Solicitation.  Subscriber is not subscribing for the Units as a result of or subsequent to any general solicitation or
general advertising, including but not limited to any advertisement, article, notice or other communication published in any newspaper,
magazine, or similar media or broadcast over television or radio, or presented at any seminar or meeting or in a registration statement
with respect to the IPO filed with the Securities and Exchange Commission (“SEC”).

 

2.13.  Legend.  Subscriber
acknowledges and agrees the certificates evidencing each of the Securities shall bear a restrictive legend (the “Legend”),
in form and substance substantially as set forth in Section 4 hereof.

 

3.    Representations,
Warranties and Covenants of the Company

 

The Company represents
and warrants to, and agrees with, Subscriber that:

 

3.1.   
Valid Issuance of Capital Stock. The total number of shares of all classes of capital stock which the Company has authority to
issue is 15,000,000 shares of Class A Common Stock, 3,000,000 shares of Class F Common Stock, $0.0001 par value per share (the
“Class F Common Stock”), and 1,000,000 shares of preferred stock, $0.0001 par value per share (“Preferred
Stock”). As of the date hereof, the Company has issued and outstanding 1,437,500 shares of Class F Common Stock (of which
up to 187,500 shares are subject to forfeiture as described in the Registration Statement), no shares of Class A Common Stock and
no shares of Preferred Stock. All of the issued shares of capital stock of the Company have been duly authorized, validly issued,
and are fully paid and non-assessable.

 

3.2    
Title to Securities.  Upon issuance in accordance with, and payment pursuant to, the terms hereof, that certain right
agreement to be entered into with Continental, as rights agent (the “Right Agreement”) and that certain warrant
agreement to be entered into between the Company and Continental, as warrant agent (the “Warrant Agreement”),
as the case may be, each of the Units, Placement Shares, Placement Rights, Placement Warrants, Right Shares and Warrant Shares
will be duly and validly issued, fully paid and non-assessable. On the date of issuance of the Units, the Right Shares and Warrant
Shares shall have been reserved for issuance. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the
Right Agreement and the Warrant Agreement, as the case may be, Subscriber will have or receive good title to the Units, Placement
Shares, Placement Rights and Placement Warrants, free and clear of all liens, claims and encumbrances of any kind, other than (i)
transfer restrictions hereunder and pursuant to the Insider Letter and (ii) transfer restrictions under federal and state securities
laws.

  

3.3.   
Organization and Qualification. The Company is a corporation duly incorporated, validly existing and in good standing under the
laws of the State of Delaware and has the requisite corporate power to own its properties and assets and to carry on its business
as now being conducted.

 

3.4.   
Authorization; Enforcement. (i) The Company has the requisite corporate power and authority to enter into and perform its
obligations under this Agreement and to issue the Securities in accordance with the terms hereof, (ii) the execution, delivery
and performance of this Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly
authorized by all necessary corporate action, and no further consent or authorization of the Company or its Board of Directors
or stockholders is required, and (iii) this Agreement constitutes valid and binding obligations of the Company enforceable
against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
fraudulent conveyance, moratorium, reorganization, or similar laws relating to, or affecting generally the enforcement of, creditors’
rights and remedies or by equitable principles of general application and except as enforcement of rights to indemnity and contribution
may be limited by federal and state securities laws or principles of public policy.

 

3.5.   
No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not (i) result in a violation of the Company’s certificate of incorporation or by-laws, (ii) conflict
with, or constitute a default under any agreement or instrument to which the Company is a party or (iii) any law statute, rule
or regulation to which the Company is subject or any agreement, order, judgment or decree to which the Company is subject. Other
than any SEC or state securities filings which may be required to be made by the Company subsequent to the Closing, and any registration
statement which may be filed pursuant thereto, the Company is not required under federal, state or local law, rule or regulation
to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency or
self-regulatory entity in order for it to perform any of its obligations under this Agreement or issue the Units, Placement Shares,
Placement Rights, Placement Warrants, Right Shares or Warrant Shares in accordance with the terms hereof.

 

    4

     

    

 

4.     Legends

 

4.1.    Legend.
The Company will issue the Units, Placement Shares, Placement Rights and Placement Warrants, and when issued, the Right Shares
and Warrant Shares, purchased by the Subscriber in the name of the Subscriber. The Securities will bear the following Legend and
appropriate “stop transfer” instructions:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR
OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.”

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PURSUANT TO AN INSIDER LETTER BETWEEN, AMONG OTHERS, DRAPER OAKWOOD
TECHNOLOGY ACQUISITION, INC. AND DRAPER OAKWOOD INVESTMENTS, LLC AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
DISPOSED DURING THE TERM OF THE LOCKUP PURSUANT TO THE TERMS SET FORTH IN THE INSIDER LETTER.”

  

4.2.   
Subscriber’s Compliance. Nothing in this Section 4 shall affect in any way Subscriber’s obligations and agreements
to comply with all applicable securities laws upon resale of the Securities.

 

4.3.   
Company’s Refusal to Register Transfer of the Securities.  The Company shall refuse to register any transfer of
the Securities, if in the sole judgment of the Company such purported transfer would not be made (i) pursuant to an effective
registration statement filed under the Securities Act, or pursuant to an available exemption from the registration requirements
of the Securities Act and (ii) in compliance herewith and with the Insider Letter.

 

4.4    
Registration Rights.  The Subscriber will be entitled to certain registration rights which will be governed by a registration
rights agreement (“Registration Rights Agreement”) to be entered into between, among others, the Subscriber
and the Company, on or prior to the effective date of the Registration Statement. 

 

5.    Waiver
of Liquidation Distributions.

 

In connection with
the Securities purchased pursuant to this Agreement, Subscriber hereby waives any and all right, title, interest or claim of any
kind in or to any distributions of the amounts in the Trust Account with respect to the Securities, whether (i) in connection with
the exercise of redemption rights if the Company consummates the Business Combination, (ii) in connection with any tender offer
conducted by the Company prior to a Business Combination or (iii) upon the Company’s redemption of shares of Common Stock
sold in the Company’s IPO upon the Company’s failure to timely complete the Business Combination.  In the
event a Subscriber purchases shares of Common Stock in the IPO or in the aftermarket, any additional shares so purchased shall
be eligible to receive the redemption value of such shares of Common Stock upon the same terms offered to all other purchasers
of Common Stock in the IPO in the event the Company fails to consummate the Business Combination.

 

    5

     

    

 

6.     Termination
of Placement Rights and Placement Warrants.

 

6.1.   
Failure to Consummate Business Combination. The Placement Rights and Placement Warrants shall be terminated upon the dissolution
of the Company or in the event that the Company does not consummate the Business Combination within 12 months from the consummation
of the IPO (or up to 18 months from the consummation of the IPO if the Company extends the period of time to consummate a Business
Combination by the full amount of time, as described in more detail in the Registration Statement), unless otherwise extended by
the Company.

 

6.2.   
Termination of Rights as Holder. If the Placement Rights and Placement Warrants are terminated in accordance with Section 6.1,
then after such time a Subscriber (or successor in interest) shall no longer have any rights as a holder of such Placement Rights
or Placement Warrants and the Company shall take such action as is appropriate to cancel such Placement Rights and Placement Warrants.
Subscriber hereby irrevocably grants the Company a limited power of attorney for the purpose of effectuating the foregoing and
agrees to take any and all measures reasonably requested by the Company necessary to effect the foregoing.

 

7.     Rescission
Right Waiver and Indemnification.

 

7.1.   
Subscriber understands and acknowledges an exemption from the registration requirements of the Securities Act requires there be
no general solicitation of purchasers of the Units. In this regard, if the IPO were deemed to be a general solicitation with respect
to the Units, the offer and sale of such Units may not be exempt from registration and, if not, Subscriber may have a right to
rescind its purchase of the Units. In order to facilitate the completion of the Offering and in order to protect the Company, its
stockholders and the amounts in the Trust Account from claims that may adversely affect the Company or the interests of its stockholders,
Subscriber 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 Units. Subscriber acknowledges and agrees this waiver
is being made in order to induce the Company to sell the Units to the Subscriber. Subscriber agrees 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 asserted right to rescind the purchase of the Units hereunder or relating to the purchase of the
Units and the transactions contemplated hereby.

 

7.2.   
Subscriber agrees not to seek recourse against the Trust Account for any reason whatsoever in connection with its purchase of the
Units or any Claim that may arise now or in the future.

 

7.3.   
Subscriber acknowledges and agrees that the stockholders of the Company are and shall be third-party beneficiaries of this Section
7. 

 

7.4.   
Subscriber agrees that to the extent any waiver of rights under this Section 7 is ineffective as a matter of law, Subscriber has
offered such waiver for the benefit of the Company as an equitable right that shall survive any statutory disqualification or bar
that applies to a legal right. Subscriber acknowledges the receipt and sufficiency of consideration received from the Company hereunder
in this regard.

 

8.     Terms
of the Units and Underlying Securities

 

8.1 The Units and their
component parts are substantially identical to the units to be offered in the IPO except that: (i) the Units and component parts
will be subject to transfer restrictions, except in limited circumstances, until 30 days following the consummation of the Business
Combination, (ii) the Placement Warrants will be non-redeemable so long as they are held by the initial holder thereof (or any
of its permitted transferees), and may be exercisable on a “cashless” basis if held by a Subscriber or its permitted
transferees and (iii) the Units and component parts are being purchased pursuant to an exemption from the registration requirements
of the Securities Act and will become freely tradable only after the expiration of the lockup described above in clause (i) and
they are registered pursuant to the Registration Rights Agreement to be signed on or before the date of the Prospectus or an exemption
from registration is available.

 

8.2 Subscriber agrees
to vote the Placement Shares in accordance with the terms of the Insider Letter and as otherwise described in the Registration
Statement.

 

    6

     

    

 

9.     Governing
Law; Jurisdiction; Waiver of Jury Trial

 

This Agreement shall
be governed by and construed in accordance with the laws of the State of New York for agreements made and to be wholly performed
within such state. The parties hereto hereby waive any right to a jury trial in connection with any litigation pursuant to this
Agreement and the transactions contemplated hereby.

  

10.   Assignment;
Entire Agreement; Amendment

 

10.1.  Assignment.
Neither this Agreement nor any rights hereunder may be assigned by any party to any other person other than by a Subscriber to
a person agreeing to be bound by the terms hereof, including the waiver contained in Section 7 hereof.

 

10.2.  Entire
Agreement. This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter thereof
and merges and supersedes all prior discussions, agreements and understandings of any and every nature among them.

 

10.3.  Amendment.
Except as expressly provided in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged or
terminated other than by a written instrument signed by the party against whom enforcement of any such amendment, waiver, discharge
or termination is sought.

 

10.4.  Binding
upon Successors. This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs,
legal representatives, successors and permitted assigns. 

 

11.   Notices

 

11.1   Notices.
Unless otherwise provided herein, any notice or other communication to a party hereunder shall be sufficiently given if in writing
and personally delivered or sent by facsimile or other electronic transmission with copy sent in another manner herein provided
or sent by courier (which for all purposes of this Agreement shall include Federal Express or other recognized overnight courier)
or mailed to said party by certified mail, return receipt requested, at its address provided for herein or such other address as
either may designate for itself in such notice to the other.  Communications shall be deemed to have been received when
delivered personally, on the scheduled arrival date when sent by next day or 2nd-day courier service, or if sent by facsimile upon
receipt of confirmation of transmittal or, if sent by mail, then three days after deposit in the mail. If given by electronic transmission,
such notice shall be deemed to be delivered (a) if by electronic mail, when directed to an electronic mail address at which
the stockholder has consented to receive notice; (b) if by a posting on an electronic network together with separate notice
to the stockholder of such specific posting, upon the later of (1) such posting and (2) the giving of such separate notice;
and (c) if by any other form of electronic transmission, when directed to the stockholder.

 

12.   Counterparts

 

This Agreement may
be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement and shall
become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both
parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail
delivery of a “pdf” format data file, such signature shall create a valid and binding obligation of the party executing
(or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature
page were an original thereof.

 

13.   Survival;
Severability

 

13.1.  Survival.
The representations, warranties, covenants and agreements of the parties hereto shall survive each Closing Date.

 

13.2. Severability.
In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Agreement shall continue in full force and effect without said provision; provided that no such severability shall
be effective if it materially changes the economic benefit of this Agreement to any party.

 

14.   Headings.

 

The titles and subtitles
used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

[remainder of page intentionally left blank]

 

    7

     

    

 

This subscription is accepted by the Company
on the 24th day of August 2017.

 

	 	DRAPER OAKWOOD TECHNOLOGY ACQUISITION, INC.
	 	 	 
	 	By:	/s/ Aamer Sarfraz
	 	 	Name:  Aamer Sarfraz
	 	 	Title: Chief Executive Officer

 

Accepted and agreed on the date hereof

 

	 	

DRAPER OAKWOOD INVESTMENTS, LLC
	 	 	 
	 	By:	/s/ Aamer Sarfraz
	 	 	Name:  Aamer Sarfraz
	 	 	Title: Managing Member

 

 

8

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