Document:

Exhibit 4.6

 

RIGHTS
AGREEMENT

 

This
Rights Agreement (this “Agreement”) is made as of May __, 2017 between KBL Merger Corp. IV, a Delaware corporation,
with offices at 527 Stanton Christiana Road, Newark, DE 19713 (the “Company”), and Continental Stock Transfer &
Trust Company, a New York corporation, with offices at 17 Battery Place, New York, New York 10004 (“Rights Agent”).

 

WHEREAS,
the Company is engaged in an initial public offering (the “Public Offering”) of units of the Company’s equity
securities (each, a “Unit” and collectively, the “Units”) to Ladenburg Thalman & Co. Inc. (the “Representative”),
as representative of the several underwriters (the “Underwriters”), each such Unit comprised of one share of common
stock of the Company, par value $.0001 per share (“Common Stock”), one warrant to purchase one-half of one share of
Common Stock (the “Public Warrants”) and one right to receive one-tenth (1/10) of one share of Common Stock (the “Public
Rights”) upon the happening of an “Exchange Event” (defined herein), and in connection therewith, the Company
has determined to issue and deliver up to 11,500,000 Public Rights (including up to 1,500,000 Public Rights subject to the over-allotment
option) to public investors in the Offering; and

 

WHEREAS,
as of the date hereof, the Company has determined to revise the terms of the Public Offering such that each “Unit”
shall be comprised of one share of Common Stock, one-half of one warrant to purchase one share of Common Stock (the “Public
Warrants”) and one right to receive one-tenth (1/10) of one share of Common Stock (the “Public Rights”), and
in connection therewith, the Company has determined to issue and deliver up to 11,500,000 Public Rights (including up to 1,500,000
Public Rights subject to the over-allotment option) to public investors in the Offering; and

 

WHEREAS,
the Company has entered into that certain Second Amended and Restated Unit Purchase Agreement, dated as of May 25, 2017, with
KBL IV Sponsor LLC (the “Sponsor”), pursuant to which the Company will issue and deliver to Sponsor up to an aggregate
of 387,500 units (the “Private Units”), each Private Unit consisting of one share of Common Stock one-half of one
warrant to purchase one share of Common Stock (the “Private Warrants” and together with the Public Warrants, the “Warrants”)
and one right to receive one-tenth (1/10) of one share of Common Stock (the “Private Rights” and together with the
Public Rights, the “Rights”); and

 

WHEREAS,
the Company has entered into that certain Second Amended and Restated Unit Subscription Agreement, dated May 25, 2017, between
the Company and the Representative and the other underwriters, pursuant to which the Representative and the other underwriters
have agreed to purchase an aggregate of 100,000 Private Units (or 115,000 Private Units if the underwriters’ over-allotment
option is exercised in full), simultaneously with the closing of the Public Offering, at a purchase price of $10.00 per Private
Unit; and

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission registration statement on Form S-1, File No. 333-217475, and
the prospectus forming a part thereof (collectively, the “Prospectus”), for the registration under the Securities
Act of 1933, as amended, of the Units and each of the securities comprising the Units, and the shares of Common Stock underlying
the Public Rights; and

 

WHEREAS,
the Company desires the Rights Agent to act on behalf of the Company, and the Rights Agent is willing to so act, in connection
with the issuance, registration, transfer and exchange of the Rights; and

 

WHEREAS,
the Company desires to provide for the form and provisions of the Rights, the terms upon which they shall be issued, and the respective
rights, limitation of rights, and immunities of the Company, the Rights Agent, and the holders of the Rights; and

 

WHEREAS,
all acts and things have been done and performed which are necessary to make the Rights, when executed on behalf of the Company
and countersigned by or on behalf of the Rights Agent, as provided herein, the valid, binding and legal obligations of the Company,
and to authorize the execution and delivery of this Agreement.

 

     

     

    

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.           Appointment
of Rights Agent. The Company hereby appoints the Rights Agent to act as agent for the Company for the Rights, and the Rights
Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in
this Agreement.

 

 2.           Rights.

 

2.1.        Form
of Right. Each Right shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the
provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board
and the Secretary of the Company and shall bear a facsimile of the Company’s seal. In the event the person whose facsimile
signature has been placed upon any Right shall have ceased to serve in the capacity in which such person signed the Right before
such Right is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.

 

2.2.        Effect
of Countersignature. Unless and until countersigned by the Rights Agent pursuant to this Agreement, a Right shall be invalid
and of no effect and may not be exchanged for shares of Common Stock.

 

2.3.        Registration.

 

2.3.1.          Right
Register. The Rights Agent shall maintain books (“Right Register”) for the registration of original issuance and
the registration of transfer of the Rights. Upon the initial issuance of the Rights, the Rights Agent shall issue and register
the Rights in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions
delivered to the Rights Agent by the Company.

 

2.3.2.          Registered
Holder. Prior to due presentment for registration of transfer of any Right, the Company and the Rights Agent may deem and
treat the person in whose name such Right shall be registered upon the Right Register (“registered holder”) as the
absolute owner of such Right and of each Right represented thereby (notwithstanding any notation of ownership or other writing
on the Right Certificate made by anyone other than the Company or the Rights Agent), for the purpose of the exchange thereof,
and for all other purposes, and neither the Company nor the Rights Agent shall be affected by any notice to the contrary.

 

2.4.         Detachability
of Rights. The securities comprising the Units, including the Rights, will not be separately transferable until ten business
days following the earlier to occur of: (i) the 52nd day following the date of the Prospectus or (ii) the announcement
by Ladenburg Thalmann & Co. Inc. of its intention to allow separate earlier trading, except that in no event will the securities
comprising the Units be separately tradeable until the Company files a Current Report on Form 8-K which includes an audited balance
sheet reflecting the receipt by the Company of the gross proceeds of the Offering including the proceeds received by the Company
from the exercise of the over-allotment option, if the over-allotment option is exercised by the date thereof and the Company
issues a press release and files a Current Report on Form 8-K announcing when such separate trading shall begin.

 

3.           Terms
and Exchange of Rights

 

3.1.         Rights.
Each Right shall entitle the holder thereof to receive one-tenth of one share of Common Stock upon the happening of an Exchange
Event (defined below). No additional consideration shall be paid by a holder of Rights in order to receive his, her or its shares
of Common Stock upon an Exchange Event as the purchase price for such shares of Common Stock has been included in the purchase
price for the Units. In no event will the Company be required to net cash settle the Rights. The provisions of this Section 3.1
may not be modified, amended or deleted without the prior written consent of the Representative.

 

3.2.        Exchange
Event. An “Exchange Event” shall occur upon the Company’s consummation of an initial Business Combination
(as defined in the Company’s Amended and Restated Certificate of Incorporation).

 

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3.3.         Exchange
of Rights.

 

3.3.1.          Issuance
of Certificates. As soon as practicable upon the occurrence of an Exchange Event, the Company shall direct holders of the
Rights to return their Rights Certificates to the Rights Agent. Upon receipt of a valid Rights Certificate, the Company shall
issue to the registered holder of such Right(s) a certificate or certificates for the number of full shares Common Stock to which
he, she or it is entitled, registered in such name or names as may be directed by him, her or it. Notwithstanding the foregoing,
or any provision contained in this Agreement to the contrary, in no event will the Company be required to net cash settle the
Rights. The Company shall not issue fractional shares upon exchange of Rights. At the time of an Exchange Event, the Company will
either instruct the Rights Agent to round up to the nearest whole share of Common Stock or otherwise inform it how fractional
shares will be addressed, in accordance with Section 155 of the Delaware General Corporation Law. Each holder of a Right will
be required to affirmatively convert his, her or its rights in order to receive the 1/10 of a share underlying each right (without
paying any additional consideration) upon consummation of the Exchange Event. Each holder of a Right will be required to indicate
his, her or its election to convert the Rights into the underlying shares as well as to return the original certificates evidencing
the Rights to the Company. 

 

3.3.2.          Valid
Issuance. All shares of Common Stock issued upon an Exchange Event in conformity with this Agreement shall be validly issued,
fully paid and nonassessable.

 

3.3.3.          Date
of Issuance. Each person in whose name any such certificate for shares of Common Stock is issued shall for all purposes be
deemed to have become the holder of record of such shares on the date of the Exchange Event, irrespective of the date of delivery
of such certificate.

 

3.3.4           Company
Not Surviving Following Exchange Event. Upon an Exchange Event in which the Company does not continue as the publicly held
reporting entity, the definitive agreement will provide for the holders of Rights to receive the same per share consideration
the holders of the shares of Common Stock will receive in such transaction, for the number of shares such holder is entitled to
pursuant to Section 3.3.1 above.

 

3.5          Duration
of Rights. If an Exchange Event does not occur within the time period set forth in the Company’s Certificate of Incorporation,
as the same may be amended from time to time, the Rights shall expire and shall be worthless.

 

4.           Transfer
and Exchange of Rights.

 

4.1.        Registration
of Transfer. The Rights Agent shall register the transfer, from time to time, of any outstanding Right upon the Right Register,
upon surrender of such Right for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate
instructions for transfer. Upon any such transfer, a new Right representing an equal aggregate number of Rights shall be issued
and the old Right shall be cancelled by the Rights Agent. The Rights so cancelled shall be delivered by the Rights Agent to the
Company from time to time upon request.

 

4.2.        Procedure
for Surrender of Rights. Rights may be surrendered to the Rights Agent, together with a written request for exchange or transfer,
and thereupon the Rights Agent shall issue in exchange therefor one or more new Rights as requested by the registered holder of
the Rights so surrendered, representing an equal aggregate number of Rights; provided, however, that in the event that a Right
surrendered for transfer bears a restrictive legend, the Rights Agent shall not cancel such Right and issue new Rights in exchange
therefor until the Rights Agent has received an opinion of counsel for the Company stating that such transfer may be made and
indicating whether the new Rights must also bear a restrictive legend.

 

4.3.        Fractional
Rights. The Rights Agent shall not be required to effect any registration of transfer or exchange which will result in the
issuance of a Right Certificate for a fraction of a Right.

 

4.4.        Service
Charges. No service charge shall be made for any exchange or registration of transfer of Rights.

 

4.5.        Right
Execution and Countersignature. The Rights Agent is hereby authorized to countersign and to deliver, in accordance with the
terms of this Agreement, the Rights required to be issued pursuant to the provisions of this Section 4, and the Company, whenever
required by the Rights Agent, will supply the Rights Agent with Rights duly executed on behalf of the Company for such purpose. 

 

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5.           Other
Provisions Relating to Rights of Holders of Rights.

 

5.1.        No
Rights as Shareholder. Until exchange of a Right for shares of Common Stock as provided for herein, a Right does not entitle
the registered holder thereof to any of the rights of a shareholder of the Company, including, without limitation, the right to
receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders
in respect of the meetings of shareholders or the election of directors of the Company or any other matter. 

 

5.2.        Lost,
Stolen, Mutilated, or Destroyed Rights. If any Right is lost, stolen, mutilated, or destroyed, the Company and the Rights
Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated
Right, include the surrender thereof), issue a new Right of like denomination, tenor, and date as the Right so lost, stolen, mutilated,
or destroyed. Any such new Right shall constitute a substitute contractual obligation of the Company, whether or not the allegedly
lost, stolen, mutilated, or destroyed Right shall be at any time enforceable by anyone.

 

5.3.        Reservation
of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued shares
of Common Stock that will be sufficient to permit the exchange of all outstanding Rights issued pursuant to this Agreement.

 

6.           Concerning
the Rights Agent and Other Matters.

 

6.1.         Payment
of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the
Rights Agent in respect of the issuance or delivery of shares of Common Stock upon the exchange of Rights, but the Company shall
not be obligated to pay any transfer taxes in respect of the Rights or such shares.

 

6.2.         Resignation,
Consolidation, or Merger of Rights Agent.

 

6.2.1.         Appointment
of Successor Rights Agent. The Rights Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the
office of the Rights Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing
a successor Rights Agent in place of the Rights Agent. If the Company shall fail to make such appointment within a period of 30
days after it has been notified in writing of such resignation or incapacity by the Rights Agent or by the holder of the Right
(who shall, with such notice, submit his, her or its Right for inspection by the Company), then the holder of any Right may apply
to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Rights Agent at the
Company’s cost. Any successor Rights Agent, whether appointed by the Company or by such court, shall be a corporation organized
and existing under the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan,
City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination
by federal or state authority. After appointment, any successor Rights Agent shall be vested with all the authority, powers, rights,
immunities, duties, and obligations of its predecessor Rights Agent with like effect as if originally named as Rights Agent hereunder,
without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Rights Agent shall
execute and deliver, at the expense of the Company, an instrument transferring to such successor Rights Agent all the authority,
powers, and rights of such predecessor Rights Agent hereunder; and upon request of any successor Rights Agent the Company shall
make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming
to such successor Rights Agent all such authority, powers, rights, immunities, duties, and obligations.

 

6.2.2.         Notice
of Successor Rights Agent. In the event a successor Rights Agent shall be appointed, the Company shall give notice thereof
to the predecessor Rights Agent and the transfer agent for the Common Stock not later than the effective date of any such appointment.

 

6.2.3.         Merger
or Consolidation of Rights Agent. Any corporation into which the Rights Agent may be merged or with which it may be consolidated
or any corporation resulting from any merger or consolidation to which the Rights Agent shall be a party shall be the successor
Rights Agent under this Agreement without any further act.  

 

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6.3.         Fees
and Expenses of Rights Agent.

 

6.3.1.         Remuneration.
The Company agrees to pay the Rights Agent reasonable remuneration for its services as such Rights Agent hereunder and will reimburse
the Rights Agent upon demand for all expenditures that the Rights Agent may reasonably incur in the execution of its duties hereunder.

 

6.3.2.         Further
Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged,
and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Rights Agent for
the carrying out or performing of the provisions of this Agreement.

 

6.4.         Liability
of Rights Agent.

 

6.4.1.         Reliance
on Company Statement. Whenever in the performance of its duties under this Agreement, the Rights Agent shall deem it necessary
or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder,
such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively
proved and established by a statement signed by the Chief Executive Officer, Chief Operating Officer or Chief Financial Officer
and delivered to the Rights Agent. The Rights Agent may rely upon such statement for any action taken or suffered in good faith
by it pursuant to the provisions of this Agreement.

 

6.4.2.         Indemnity.
The Rights Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. Subject to Section
6.6 below, the Company agrees to indemnify the Rights Agent and save it harmless against any and all liabilities, including judgments,
costs and reasonable counsel fees, for anything done or omitted by the Rights Agent in the execution of this Agreement except
as a result of the Rights Agent’s gross negligence, willful misconduct, or bad faith.

 

6.4.3.         Exclusions.
The Rights Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or
execution of any Right (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Right; nor shall it by any act hereunder be deemed to make any representation
or warranty as to the authorization or reservation of any Common Stock to be issued pursuant to this Agreement or any Right or
as to whether any Common Stock will when issued be valid and fully paid and nonassessable.

 

6.5.        Acceptance
of Agency. The Rights Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the
terms and conditions herein set forth.

 

6.6         Waiver.
The Rights Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”)
in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of
the date hereof, by and between the Company and the Rights Agent as trustee thereunder) and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

7.           Miscellaneous
Provisions.

 

7.1.        Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure
to the benefit of their respective successors and assigns.

 

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7.2.        Notices.
Any notice, statement or demand authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Right
to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail
or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is
filed in writing by the Company with the Rights Agent), as follows:

 

KBL
Merger Corp. IV

527
Stanton Christiana Road

Newark,
DE 19713

Attn:
Dr. Marlene Krauss

  

Any
notice, statement or demand authorized by this Agreement to be given or made by the holder of any Right or by the Company to or
on the Rights Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail
or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is
filed in writing by the Rights Agent with the Company), as follows:

 

Continental
Stock Transfer & Trust Company

17
Battery Place

New
York, New York 10004

Attn:
Compliance Department

 

with
a copy to:

 

Ladenburg
Thalmann & Co. Inc.

277
Park Avenue, 26th Floor

New
York, NY 10017

Attention:

 

7.3.        Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Rights shall be governed in all respects by
the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of
the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United
States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction
shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or
certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 7.2 hereof. Such
mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

7.4.        Persons
Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto
and the registered holders of the Rights and, for the purposes of Sections 3.1, 7.4 and 7.8 hereof, the Representative, any right,
remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof.
The Representative shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 3.1, 7.4 and 7.8
hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and
exclusive benefit of the parties hereto (and the Representative with respect to the Sections 3, 7.4 and 7.8 hereof) and their
successors and assigns and of the registered holders of the Rights. The provisions of this Section 7.4 may not be modified, amended
or deleted without the prior written consent of the Representative.

 

7.5.        Examination
of the Right Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Rights Agent
in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Right. The Rights Agent
may require any such holder to submit his, her or its Right for inspection by it.

 

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

 

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7.7.         Effect
of Headings. The Section headings herein are for convenience only and are not part of this Agreement and shall not affect
the interpretation thereof.

 

7.8          Amendments.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any
ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other
provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and
that the parties deem shall not adversely affect the interest of the registered holders. All other modifications or amendments
shall require the written consent or vote of the registered holders of 65% of the then outstanding Public Rights. The provisions
of this Section 7.8 may not be modified, amended or deleted without the prior written consent of the Representative.

 

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

 

[Signature
Page Follows]

 

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IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	KBL
    MERGER CORP. IV
	 	 	 
	 	By:	 
	 	 	Name: Marlene
    Krauss, M.D.
	 	 	Title:   Chief
    Executive Officer
	 	 	 
	 	CONTINENTAL
    STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

 

[Signature
Page to Rights Agreement]Exhibit 10.2

 

[______],
2017

 

KBL
Merger Corp. IV

527
Stanton Christiana Rd.

Newark,
DE 19713

Attn:
Marlene Krauss, M.D.

 

Ladenburg
Thalmann & Co. Inc.

520
Madison Avenue

New
York, New York 10022

As
Representative of the Several Underwriters named in

Schedule
I of the Underwriting Agreement

 

	Re:	Initial
    Public Offering

 

Gentlemen:

 

This
letter (this “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement
(the “Underwriting Agreement”) proposed to be entered into by and between KBL Merger Corp. IV, a Delaware
corporation (the “Company”), and Ladenburg Thalmann & Co. Inc. as representative (the “Representative”)
of the several underwriters named therein (the “Underwriters”), relating to an underwritten initial
public offering (the “Public Offering”), of 10,000,000 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”),
one right to receive one-tenth of one share of Common Stock (each, a “Right”), and one warrant (each,
a “Warrant”). Each Warrant entitles the holder thereof to purchase one-half of one share of Common Stock
at a price of $11.50 per whole share, subject to adjustment. The Units shall be sold in the Public Offering pursuant to a registration
statement on Form S-1 and prospectus (the “Prospectus”) filed by the Company with the Securities and
Exchange Commission (the “Commission”) and the Company shall apply to have the Units listed on the Nasdaq
Capital Market. Certain capitalized terms used herein are defined in Section 11 hereof.

 

In
order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, KBL IV Sponsor LLC
(the “Sponsor”), the undersigned individuals, each of whom is a director or officer to the Company (together
with the Sponsor, each an “Insider” and collectively, the “Insiders”), hereby
agree with the Company as follows:

 

1.
Each Insider agrees that if the Company seeks stockholder approval of a proposed Business Combination, then in connection with
such proposed Business Combination, it, he or she shall (i) vote any shares of Common Stock owned by it, him or her in favor of
such proposed Business Combination and (ii) not redeem any shares of Common Stock owned by it, him or her in connection with such
stockholder approval. If the Company engages in a tender offer in connection with any proposed Business Combination, each Insider
agrees that it, he or she will not seek to sell its, his or her shares of Common Stock owned by it, him or her to the Company
in connection with such tender offer.

 

2.
Each Insider agrees that in the event that the Company fails to consummate a Business Combination (as defined in the Underwriting
Agreement) 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, each Insider shall take all reasonable steps to cause the Company to (i) cease all operations
except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than 10 business days thereafter
redeem 100% of the Common Stock sold as part of the Units in the Public Offering (the “Offering Shares”),
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest
(which interest shall be net of taxes payable and less up to $50,000 of interest
to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish
Public Stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any) and
(iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining
stockholders and the Company’s board of directors, dissolve and liquidate, subject in the cases of clauses (ii) and (iii)
above to the Company’s obligations under Delaware law to provide for claims of creditors and other requirements of applicable
law. Each Insider agrees not to propose any amendment to the Company’s amended and restated certificate of incorporation
that would affect the substance or timing of the Company’s obligation to redeem the Offering Shares in connection with a
Business Combination or if the Company does not complete a Business Combination within the time period then set forth in the Company’s
amended and restated certificate of incorporation, unless the Company provides its public stockholders with the opportunity to
redeem their shares of Common Stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the Trust Account including interest (which interest shall be net of taxes payable), divided by the number of then outstanding public shares.

  

     

     

    

 

Each
Insider acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies held in the Trust
Account or any other asset of the Company as a result of any liquidation of the Company and hereby waives any claim such Insider
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 except in each case with respect to the Insider’s right to a pro rata interest
in the proceeds held in the Trust Fund for any Offering Shares such Insider may hold.

 

3.
  Subject to the provisions set forth in paragraphs 7(a) and (b) below, during the period commencing on the
effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each Insider shall not (i)
sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or
agree to dispose of, directly or indirectly, file (or participate in the filing of) a registration statement with the
Commission or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the
meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
promulgated thereunder, with respect to any Units, shares of Common Stock, Rights, Warrants or any securities convertible
into, or exercisable, or exchangeable for, shares of Common Stock owned by it, if any, (ii) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Units,
shares of Common Stock, Rights, Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of
Common Stock owned by it, if any, whether any such transaction is to be settled by delivery of such securities, in cash or
otherwise, or (iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii). The foregoing
sentence shall not apply to the registration of the offer and sale of Units contemplated by the Underwriting Agreement and
the sale of the Units to the Underwriters. The Sponsor and each of the Insiders acknowledges and agrees that, prior to the
effective date of any release or waiver, of the restrictions set forth in this paragraph 3 or paragraph 7 below, the Company
shall announce the impending release or waiver by press release through a major news service at least two business days
before the effective date of the release or waiver. Any release or waiver granted shall only be effective two business days
after the publication date of such press release. The provisions of this paragraph will not apply if (i) the release or
waiver is effected solely to permit a transfer of securities that is not for consideration and (ii) the transferee has agreed
in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that such
terms remain in effect at the time of the transfer.

 

4.
 In the event of the liquidation of the Trust Account, the Sponsor (the “Indemnitor”) agrees to
indemnify and hold harmless the Company against any and all loss, liability, claim, 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) to which the Company may become subject as a result of any
claim by (i) any third party for services rendered or products sold to the Company or (ii) a prospective target business
with which the Company has entered into an acquisition agreement (a “Target”); provided, however,
that such indemnification of the Company by the Indemnitor shall apply only to the extent necessary to ensure that such claims
by a third party for services rendered or products sold to the Company or a Target do not reduce the amount of funds in the Trust
Account to below (i) $10.10 per Offering Share or (ii) such lesser amount per Offering Share held in the Trust Account due
to reductions in the value of the trust assets as of the date of the liquidation of the Trust Account, in each case, net of the
amount of interest earned on the property in the Trust Account which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except
as to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under
the Securities Act of 1933, as amended. In the event that any such executed waiver is deemed to be unenforceable against such
third party, the Indemnitor shall not be responsible to the extent of any liability for such third party claim. The Indemnitor
shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within
15 days following written receipt of notice of the claim to the Indemnitor, the Indemnitor notifies the Company in writing that
it shall undertake such defense.

 

    	 	2	 

     

    

 

5.  To the extent that the Underwriters do not exercise their over-allotment option in full to purchase an additional 1,500,000 Units
within 45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees that it shall
forfeit, at no cost, a number of Founder Shares in the aggregate equal to 375,000 multiplied by a fraction, (i) the numerator
of which is 1,500,000 minus the number of Units, if any, purchased by the Underwriters upon the exercise of their over-allotment
option, and (ii) the denominator of which is 1,500,000. The forfeiture will be adjusted to the extent that the over-allotment
option is not exercised in full by the Underwriters so that the stockholders prior to the Public Offering will own an aggregate
of 20.0% of the Company’s issued and outstanding shares of Common Stock after the Public Offering (not including any Private
Placement Shares). The Sponsor further agrees that to the extent that the size of the Public Offering is increased or decreased,
the Company will purchase or sell shares of Common Stock or effect a stock dividend or share contribution back to capital, as
applicable, immediately prior to the consummation of the Public Offering in such amount as to maintain the ownership of the stockholders
prior to the Public Offering at 20.0% of its issued and outstanding shares of Common Stock upon the consummation of the Public
Offering (not including any Private Placement Shares). In connection with such increase or decrease in the size of the Public
Offering, then (A) the references to 1,500,000 in the numerator and denominator of the formula in the first sentence of this paragraph
shall be changed to a number equal to 15% of the number of shares included in the Units issued in the Public Offering and (B)
the reference to 375,000 in the formula set forth in the first sentence of this paragraph shall be adjusted to such number of
shares of the Common Stock that the Sponsor would have to return to the Company in order to hold (together with all of the pre-Public
Offering stockholders) an aggregate of 20.0% of the Company’s issued and outstanding shares after the Public Offering (not
including any Private Placement Shares).

 

6.  Each officer of the Company agrees not to participate in the formation of, or become an officer or director of, any other blank
check company until the Company has entered into a definitive agreement with respect to a Business Combination or the Company
has failed to complete a Business Combination 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.

  

7.  (a) Each
Insider (if such Insider owns any Founder Shares) agrees that it, he or she shall not Transfer (as defined below) any Founder
Shares until the earlier of (i) one year after the completion of a Business Combination or (ii) on such earlier date as provided
in clauses (x) or (y) below if, subsequent to a Business Combination, (x) the last sale price of the Common Stock equals or exceeds
$12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period commencing at least 150 days after a Business Combination or (y) the date following the
completion of a Business Combination on which the Company completes a liquidation, merger, stock exchange or other similar transaction
that results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities
or other property (the “Founder Shares Lock-up Period”).

 

(b)
The Sponsor agrees that it shall not effectuate any Transfer of Private Placement Shares, Private Placement Rights,
Private Placement Warrants or Common Stock issued or issuable upon the exercise of the Private Placement Warrants or upon
the conversion of the Private Placement Rights, until 30 days after the completion of a Business Combination (the
“Private Placement Lock-up Period”, together with the Founder Shares Lock-up Period, the
“Lock-up Periods”).

 

(c)
Notwithstanding the provisions set forth in Sections 7(a) and (b), Transfers of the Founder Shares, Private Placement
Shares, Private Placement Rights, Private Placement Warrants and shares of Common Stock issued or issuable upon the exercise
of the Private Placement Warrants or upon the conversion of the Private Placement Rights are permitted to (a) to the
Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors,
any members or partners of the Sponsor, or any affiliates of the Sponsor or any of its members or partners; (b) in the case
of an individual, by gift to one of the members of the individual’s immediate family or to a trust, the beneficiary of
which is a member of one of the individual’s immediate family, an affiliate of such person or to a charitable
organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual;
(d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in
connection with the consummation of a Business Combination at prices no greater than the price at which the securities were
originally purchased; (f) in the event of a Company liquidation prior to a completion of a Business Combination; (g) to the
Company for no value for cancellation; or (h) by virtue of the laws of Delaware or either of the Sponsors’ operating
agreements; provided, however, that in the case of clauses (a) through (f) and (h), these permitted transferees must enter
into a written agreement agreeing to be bound by these transfer restrictions (including provisions relating to voting, the
trust account and liquidation distributions described elsewhere in this letter or the Registration Statement). Any Transfer
made in contravention of this Letter Agreement shall be null and void.

  

    	 	3	 

     

    

 

8.
Each Insider represents and warrants that it, he or she has never been suspended or expelled from membership in any securities
or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked.
As applicable, each Insider’s biographical information furnished to the Company is true and accurate in all material respects
and does not omit any material information with respect to the undersigned’s background. Each Insider’s questionnaire
furnished to the Company is true and accurate in all material respects. As applicable, each Insider represents and warrants (severally,
and not jointly with the other Insiders) that: the undersigned is not subject to or a respondent in any legal action for, any
injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering
of securities in any jurisdiction; the undersigned has never been convicted of, or pleaded guilty to, any crime (i) involving
fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any
dealings in any securities; and the undersigned is not currently a defendant in any such criminal proceeding.

 

9.
(a) Except as disclosed in the Prospectus, neither the Insiders nor any of their respective affiliates shall receive from the
Company any finder’s fee, reimbursement or cash payments for any services rendered to the Company prior to or in connection
with the consummation of an initial Business Combination. 

 

(b)
Commencing on the effective date of the Prospectus for the Offering and continuing until the earlier of (i) the consummation by
the Company of a Business Combination or (ii) the Company’s liquidation as described in the Prospectus, the Sponsor shall
make available to the Company, at no charge, certain office space and administrative and support services as may be required by
the Company from time to time, situated at 527 Stanton Christiana Rd., Newark, DE 19713 (or any successor locations). 

  

10.
Each Insider has full right and power, without violating any agreement to which it, he or she is bound (including, without limitation,
any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement and,
as applicable, to serve as an officer or a director on the board of directors of the Company and hereby consents to being named
in the Prospectus as an officer or a director or director nominee of the Company.

 

11.
As used herein, (i) “Business Combination” shall mean a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar initial business combination, involving the Company and one or more
businesses or entities; (ii) “Founder Shares” shall mean the 2,875,000 shares (up to 375,000
of which are subject to forfeiture, if the underwriters’ over-allotment option is not exercised in full) of Common
Stock of the Company initially acquired by the Sponsor for an aggregate purchase price of $25,000, prior to the consummation
of the Public Offering; (iii) “Private Placement Shares,” “Private Placement
Rights” and “Private Placement Warrants” shall mean the shares of Common Stock,
Rights and Warrants, underlying the 450,000 Units that will be purchased by the Sponsor and the representative of the
underwriters for an aggregate purchase price of $4,500,000 or $10.00 per Unit, in a private placement that shall occur
simultaneously with the consummation of the Public Offering; (iv) “Public Stockholders” shall
mean the holders of securities issued in the Public Offering; (v) “Trust Account” shall
mean the trust fund into which a portion of the net proceeds of the Public Offering shall be deposited; and
(vi) “Transfer” shall mean the (a) sale of, offer to sell, contract or agreement to sell,
hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or
indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call
equivalent position within the meaning of Section 16 of the Exchange Act and the rules and regulations of the Commission
promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to
another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is
to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to
effect any transaction specified in clause (a) or (b).

 

    	 	4	 

     

    

 

12.
(a) This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter
hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral,
to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement
may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision,
except by a written instrument executed by all parties hereto.

 

(b)
Each Insider agrees and acknowledges that: (i) each of the Underwriters and the Company would be irreparably injured in the
event of a breach by such Insider of his, her or its obligations (as applicable) under Sections 1, 2, 3, 4, 5, 6, 7(a), 7(b),
and 9 of this Letter Agreement, (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching
party shall be entitled to seek injunctive relief, in addition to any other remedy that such party may have in law or in equity,
in the event of such breach.

 

13.
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 parties. Any purported assignment in violation of this Section 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 Insiders and their respective successors and permitted assigns.

  

14.
This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to,
this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably
submits to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waives any objection to
such exclusive jurisdiction and venue or that such courts represent an inconvenient forum. 

  

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.

 

16.
This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation
of the Company; provided, however, that the last paragraph of Section 2 and Section 4 of this Letter Agreement
shall survive such liquidation.

 

[Signature
page follows]

 

    	 	5	 

     

    

 

Sincerely,

 

KBL
IV SPONSOR, LLC

 

	By:	 	 
	 	Name:
    Marlene Krauss, M.D.	 
	 	Title: Managing
    Member	 

  

	 	 
	Marlene
    Krauss, M.D.	 

 

	 	 
	Joseph
    A. Williamson	 

 

	 	 
	George
    Hornig	 

 

	 	 
	Sherrill
    Neff	 

 

	 	 
	Andrew
    Sherman	 

 

[Signature
Page to Insider Letter Agreement] 

 

 6

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