Document:

Exhibit 10.1

 

October 26, 2016

 

GTY Technology Holdings Inc.

1180 North Town Center Drive, Suite 100

Las Vegas, Nevada 89144

 

Re: Initial Public Offering

 

Ladies and Gentlemen:

 

This
letter (this “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement
(the “Underwriting Agreement”) entered into by and among GTY Technology Holdings Inc., a Cayman Islands
exempted company (the “Company”), and Citigroup
Global Markets Inc. as representative (the “Representative”) of the several underwriters (the “Underwriters”),
relating to an underwritten initial public offering (the “Public Offering”) of 55,200,000
of the Company’s units (including up to 7,200,000 Units that may be purchased to cover over-allotments, if any, the “Units”),
each comprised of one of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Public Shares”),
and one-third of one redeemable warrant (each, a “Warrant”). Each whole Warrant entitles the holder thereof
to purchase one Ordinary Share at a price of $11.50 per 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 United States Securities and Exchange Commission (the “Commission”) and the Company intends
to apply to have the Units listed on the Nasdaq Capital Market. Certain capitalized terms used herein are defined in paragraph
1 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, GTY Investors, LLC (the “Sponsor”)
and each of the undersigned (each, a “Founder” and collectively, the “Founders”)
hereby agree with the Company as follows:

 

1. Definitions.
As used herein, (i) “Business Combination” shall mean a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination involving the Company and one or more businesses; (ii) “Capital
Shares” shall mean, collectively, the Public Shares and the Founder Shares; (iii) “Founder Shares”
shall mean the 13,800,000 Class B ordinary shares of the Company, par value $0.0001 per share, outstanding prior to the consummation
of the Public Offering; (iv) “Private Placement Warrants ” shall mean the warrants to purchase Public
Shares that will be acquired by the Sponsor for an aggregate purchase price of approximately $11,600,000 (or approximately $13,040,000
if the Underwriters’ over-allotment is exercised), or $1.50 per Warrant, in a private placement that shall occur simultaneously
with the consummation of the Public Offering; (v) “Public Shareholders” shall mean the holders of Ordinary
Shares sold as part of the units in the Public Offering; (vi) “Trust Account” shall mean the trust account
into which a portion of the net proceeds of the Public Offering shall be deposited; (vii) “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 Securities Exchange
Act of 1934, as amended, 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); and (viii) “Charter”
shall mean the Company’s Amended and Restated Memorandum and Articles of Association, as the same may be amended from time
to time.

 

2. Representations
and Warranties.

 

(a) The Sponsor and each
Founder, with respect to himself, represents and warrants to the Company that it or he has full right and power, without violating
any agreement to which it or he is bound (including, without limitation, any non-competition or non-solicitation agreement with
any employer or former employer) to enter into this Letter Agreement, as applicable, and to serve as a director on the Board, as
applicable.

 

    			 

     

    

 

(b) The Founder’s
questionnaire furnished to the Company is true and accurate in all respects. Each Founder represents and warrants, with respect
to himself, that: such Founder’s biographical information furnished to the Company (including any such information included
in the Prospectus) is true and accurate in all respects and does not omit any material information with respect to such Founder’s
background; such Founder 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; such Founder
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 such Founder is not currently a
defendant in any such criminal proceeding; and such Founder 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.

 

3. Business Combination
Vote. The Sponsor and each Founders, with respect to himself, agree that if the Company seeks shareholder approval of a proposed
initial Business Combination, then in connection with such proposed initial Business Combination, it or he, as applicable, shall
vote all Founder Shares and any Public Shares acquired by it or him, as applicable, in the Public Offering or the secondary public
market in favor of such proposed initial Business Combination.

 

4. Failure to Consummate
a Business Combination; Trust Account Waiver.

 

(a) The Sponsor and each
Founder, with respect to himself, hereby agree (i) that in the event that the Company fails to consummate its initial Business
Combination within the time period set forth in the Charter, the Sponsor and such Founder shall take all reasonable steps to cause
the Company to (x) cease all operations except for the purpose of winding up, (y) as promptly as reasonably possible but not more
than 10 business days thereafter, redeem 100% of the Public Shares 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 earned on the trust account (less up to $100,000 of interest to pay dissolution expenses and net of taxes payable),
divided by the number of then outstanding public shares, which redemption will completely extinguish Public Shareholders’
rights as shareholders (including the right to receive further liquidation distributions, if any), and (z) as promptly as reasonably
possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Board, dissolve
and liquidate, subject in the case of clauses (y) and (z) to the Company’s obligations under Cayman Islands law to provide
for claims of creditors and in all cases subject to the other requirements of applicable law, and (ii) not to propose any amendment
to the Charter that would affect the substance or timing of the Company’s obligation to redeem the Offering Shares if the
Company does not complete a Business Combination within the required time period set forth in the Charter unless the Company provides
its public shareholders with the opportunity to redeem their Public Shares 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 earned on the trust account
and not previously released to the Company, divided by the number of then outstanding public shares.

 

(b) The Sponsor and each
Founder, with respect to himself, acknowledge that they have 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 with respect to the Founder
Shares. The Sponsor and each of the Founders hereby further waives, with respect to any Public Shares and Founder Shares held by
it or him, as applicable, any redemption rights it or he may have in connection with the consummation of a Business Combination,
including, without limitation, any such rights available in the context of a shareholder vote to approve such Business Combination
or a shareholder vote to approve an amendment to the Charter that would affect the substance or timing of the Company’s obligation
to redeem 100% of the Public Shares if the Company has not consummated an initial Business Combination within the time period set
forth in the Charter or in the context of a tender offer made by the Company to purchase Public Shares (although the Sponsor and
the Founders shall be entitled to redemption and liquidation rights with respect to any Public Shares (other than the Founder Shares)
they hold if the Company fails to consummate a Business Combination within the required time period set forth in the Charter).

 

5. Lock-up; Transfer
Restrictions.

 

(a) The Sponsor and Founders
agree that they shall not Transfer any Founder Shares (the “Founder Shares Lock-up”) until the earlier
of (A) one year after the completion of an initial Business Combination and (B) the date following the completion of a Business
Combination on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all
of the Company’s shareholders having the right to exchange their Public Shares for cash, securities or other property (the
“Founder Shares Lock-up Period”). Notwithstanding the foregoing, if, subsequent to a Business Combination,
the closing price of the Public Shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150
days after our initial business combination, the Founder Shares shall be released from the Founder Shares Lock-up.

 

(b) The Sponsor and Founders
agree that they shall not effectuate any Transfer of Private Placement Warrants or Public Shares underlying such warrants, until
30 days after the completion of a Business Combination.

 

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(c) Notwithstanding the
provisions set forth in paragraphs 5(a) and (b), Transfers of the Founder Shares, Private Placement Warrants and Public Shares
underlying the Private Placement Warrants are permitted: (a) to the Company’s officers or directors, any affiliate or family
member of any of the Company’s officers or directors or any affiliate of the Sponsor or to any member(s) of the Sponsor or
any of their affiliates; (b) in the case of an individual, as a gift to such person’s immediate family or to a trust, the
beneficiary of which is a member of such person’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 such person; (d) in the case of an
individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with any forward
purchase agreement or similar arrangement or in connection with the consummation of a Business Combination at prices no greater
than the price at which the shares or warrants were originally purchased; (f) by virtue of the laws of the State of Delaware or
our Sponsor’s limited liability company agreement upon dissolution of our Sponsor; (g) in the event of the Company’s
liquidation prior to the completion of a Business Combination; or (h) in the event that, subsequent to the consummation of a Business
Combination, the Company consummates a liquidation, merger, share exchange or other similar transaction that results in all of
the Company’s shareholders having the right to exchange their Public Shares for cash, securities or other property; provided,
however, that in the case of clauses (a) through (f), these transferees must enter into a written agreement with the Company
agreeing to be bound by the transfer restrictions in this Letter Agreement.

 

(d) During the period
commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and the Founders
shall not, without the prior written consent of the Representative, Transfer any Units, Public Shares, Warrants or any securities
convertible into, or exercisable, or exchangeable for, Public Shares owned by it or him, as applicable. The Sponsor and the Founders
acknowledge and agree that, prior to the effective date of any release or waiver of the restrictions set forth in this paragraph
5, 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 the release or waiver is effected
solely to permit a transfer not for consideration and 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.

 

6. Remedies.
The Sponsor and each of the Founders hereby agree and acknowledge that (i) each of the Underwriters and the Company would be irreparably
injured in the event of a breach by the Sponsor or such Founder of its or his obligations, as applicable under paragraphs 3, 4,
5, 7, 10, 11 and 12, (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall
be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of
such breach.

  

7. Payments by the
Company. Except as disclosed in the Prospectus, neither the Sponsor, nor any affiliate of the Sponsor, nor any director or
officer of the Company, shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect
of any repayment of a loan or other compensation prior to, or in connection with any services rendered in order to effectuate the
consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is).

 

8. Director and
Officer Liability Insurance. The Company will maintain an insurance policy or policies providing directors’ and officers’
liability insurance, and the Founders shall be covered by such policy or policies, in accordance with its or their terms, to the
maximum extent of the coverage available for any of the Company’s directors or officers.

 

9. Termination.
This Letter Agreement shall terminate on the earlier of (i) the expiration of the Founder Shares Lock-up Period and (ii) the liquidation
of the Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public
Offering is not consummated and closed by December 31, 2016.

  

10. Indemnification.
In the event of the liquidation of the Trust Account upon the failure of the Company to consummate its initial Business Combination
within the time period set forth in the Charter, 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) to which the Company may become subject as a result of any claim by (i) any third party (other than the
Company’s independent public accountants) for services rendered or products sold to the Company or (ii) any prospective target
business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or Business
Combination agreement (a “Target”); provided, however, that such indemnification of the
Company by the Indemnitor shall (x) apply only to the extent necessary to ensure that such claims by a third party or a Target
do not reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Offering Share and (ii) the actual
amount per Offering Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00
per Offering Share is then held in the Trust Account due to reductions in the value of the trust assets, less taxes payable, (y)
shall not apply to any claims by a third party or a Target which executed a waiver of any and all rights to the monies held in
the Trust Account (whether or not such waiver is enforceable) and (z) shall not apply to any claims under the Company’s indemnity
of the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended. 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.

 

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11. Forfeiture of
Founder Shares by Sponsor. To the extent that the Underwriters do not exercise their over-allotment option to purchase up to
an additional 7,200,000 Public Shares within 45 days from the date of the Prospectus (as further described in the Prospectus),
the Sponsor agrees that it shall automatically surrender to the Company for no consideration, for cancellation at no cost, an aggregate
number of Founder Shares equal to 1,800,000 multiplied by a fraction, (i) the numerator of which is 7,200,000 minus the number
of Public Shares purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which
is 7,200,000. The surrender for no consideration will be adjusted to the extent that the over-allotment option is not exercised
in full by the Underwriters so that the initial shareholders (as such term is defined in the Prospectus) will own an aggregate
of 20.0% of the Company’s issued and outstanding Capital Shares after the Public Offering. The Sponsor and Founders further
agree that to the extent that the size of the Public Offering is increased or decreased, the Company will purchase or sell Public
Shares or effect a share repurchase or share capitalization, as applicable, immediately prior to the consummation of the Public
Offering in such amount as to maintain the ownership of the initial shareholders prior to the Public Offering at 20.0% of its issued
and outstanding Capital Shares upon the consummation of the Public Offering. In connection with such increase or decrease in the
size of the Public Offering, then (A) the references to 7,200,000 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 Public Shares included in the Units issued
in the Public Offering and (B) the reference to 1,800,000 in the formula set forth in the first sentence of this paragraph shall
be adjusted to such number of Founder Shares that the Sponsor would have to return to the Company in order for the initial shareholders
to hold an aggregate of 20.0% of the Company’s issued and outstanding Capital Shares after the Public Offering.

 

12. Involvement
in Future Blank Check Companies. The Sponsor and each Founder agrees not to participate in the formation of, or become an officer
or director of, any other blank check company (excluding existing affiliations), 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 Charter.

 

13. Entire Agreement.
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.

 

14. Assignment.
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 paragraph shall be void and ineffectual and
shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding
on the Sponsor, each of the Founders and each of their respective successors, heirs, personal representatives and assigns and permitted
transferees.

 

15. Persons Having
Rights under this Agreement. Nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or
corporation other than the parties hereto any right, remedy or claim under or by reason of this Letter Agreement or of any covenant,
condition, stipulation, promise or agreement hereof. All covenants, conditions, stipulations, promises and agreements contained
in this Letter Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors, heirs, personal
representatives and assigns and permitted transferees.

 

16. Counterparts.
This Letter 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.

 

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

 

18. Severability.
This Letter 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 Letter 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 Letter
Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

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19. Governing Law.
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 submit
to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive
jurisdiction and venue or that such courts represent an inconvenient forum.

 

20. Notices.
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.

 

[Signature Page Follows]

 

    	 	5	 

     

    

  

	 	Sincerely,
	 	 
	 	GTY INVESTORS, LLC
	 	 
	 	By:	 /s/ Harry L. You
	 	Name: Harry L. You
	 	Title: Manager
	 	 
	 	 /s/ William D. Green
	 	William D. Green
	 	 
	 	 /s/ Joseph M. Tucci
	 	Joseph M. Tucci
	 	 
	 	 /s/ Harry L. You
	 	Harry L. You
	 	 
	 	 /s/ Randy Cowen
	 	Randy Cowen
	 	 
	 	 /s/ Paul Dacier
	 	Paul Dacier
	 	 
	 	 /s/ Stephen Rohleder
	 	Stephen Rohleder
	 	 
	 	 /s/ Charles Wert
	 	Charles Wert

 

	Acknowledged and Agreed:	 
	 	 
	GTY TECHNOLOGY HOLDINGS INC.	 
	
        
	 
	By:	 /s/ Harry L. You	 
	 	Name: Harry L. You	 
	 	Title: President & CFO	 
	 	 

 

[Signature Page to
Letter Agreement]Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management
Trust Agreement (this “Agreement”) is made effective as of October 26, 2016 by and between GTY Technology
Holdings Inc., a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer &
Trust Company, a New York corporation (the “Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, File No. 333-213809 (the “Registration Statement”) and prospectus
(the “Prospectus”) for the initial public offering of the Company’s units (the “Units”),
each of which consists of one of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Ordinary
Shares”), and one-third of one warrant, each whole warrant entitling the holder thereof to purchase one Ordinary
Share (such initial public offering hereinafter referred to as the “Offering”), has been declared effective
as of the date hereof by the U.S. Securities and Exchange Commission; and

 

WHEREAS, the Company has
entered into an Underwriting Agreement (the “Underwriting Agreement”) with Citigroup Global Markets Inc.,
as representative (the “Representative”) of the several underwriters (the “Underwriters”)
named therein; and

 

WHEREAS, as described in
the Prospectus, $480,000,000 of the gross proceeds of the Offering and sale of the Private Placement Warrants (as defined in the
Underwriting Agreement) (or $552,000,000 if the Underwriters’ over-allotment option is exercised in full) will be delivered
to the Trustee to be deposited and held in a segregated trust account located in the United States (the “Trust Account”)
for the benefit of the Company and the holders of the Ordinary Shares included in the Units issued in the Offering as hereinafter
provided (the amount to be delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein as the
“Property,” the shareholders for whose benefit the Trustee shall hold the Property will be referred
to as the “Public Shareholders,” and the Public Shareholders and the Company will be referred to together
as the “Beneficiaries”); and

 

WHEREAS, pursuant to the
Underwriting Agreement, a portion of the Property equal to $16,800,000, or $19,320,000 if the Underwriters’ over-allotment
option is exercised in full is attributable to deferred underwriting discounts and commissions that will be payable by the Company
to the Underwriters upon and concurrently with the consummation of the Business Combination (as defined below) (the “Deferred
Discount”); and

 

WHEREAS, the Company and
the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold
the Property.

 

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 the Trust Account established by
the Trustee in the United States 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, 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, having a maturity of 180 days or less,
or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under
the Investment Company Act of 1940, as amended (or any successor rule), which invest only
in direct U.S. government treasury obligations, as determined by the Company; 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 interest or other income arising from the Property, which shall become part of the “Property,”
as such term is used herein;

 

    	 		 

     

    

 

(e)          Promptly
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 (or its authorized agents) in connection with the Company’s
preparation of the tax returns relating to assets held in the Trust Account;

 

(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 (x) receipt of, and only in accordance with, the terms of a letter
from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as either
Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive Officer or a Co-Chief
Executive Officer, President, Chief Financial Officer or Co-Chairman of the Board of Directors (the “Board”)
or other authorized officer of the Company, and complete the liquidation of the Trust Account and distribute the Property in the
Trust Account, including any amounts representing interest earned on the Trust Account (less up to $100,000 to pay dissolution
expenses and net of taxes payable), only as directed in the Termination Letter and the other documents referred to therein, or
(y) upon the date which is the later of (1) 24 months after the closing of the Offering and (2) such later date as may be
approved by the Company’s shareholders in accordance with the Company’s amended and restated memorandum and articles
of association, if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account
shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the
Property in the Trust Account, including any amounts representing interest earned on the Trust Account (less up to $100,000 to
pay dissolution expenses and net of taxes payable, it being understood that the Trustee has no obligation to monitor or question
the Company’s position that an allocation has been made for taxes payable), shall be distributed to the Public Shareholders
of record as of such date; provided, however, that in the event the Trustee receives a Termination Letter in a form substantially
similar to Exhibit B hereto, or if the Trustee begins to liquidate the Property because it has received no such Termination
Letter by the date specified in clause (y) of this Section 1(i), the Trustee shall keep the Trust Account open until
twelve (12) months following the date the Property has been distributed to the Public Shareholders;

  

(j)          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 (a “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account and distribute
to the Company the amount of interest earned on the Property requested by the Company to cover any income tax obligation owed by
the Company as a result of assets of the Company or interest or other income earned on the Property, which amount shall be delivered
directly to the Company by electronic funds transfer or other method of prompt payment, and the Company shall forward such payment
to the relevant taxing authority so long as there is no reduction in the principal amount initially deposited in the Trust Account; provided,
however, that to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall
liquidate such assets held in the Trust Account as shall be designated by the Company in writing to make such distribution (it
being acknowledged and agreed that any such amount in excess of interest income earned on the Property shall not be payable from
the Trust Account). The written request of the Company referenced above shall constitute presumptive evidence that the Company
is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request; and

 

(k)       Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit D (a “Shareholder Redemption Withdrawal Instruction”), the Trustee shall distribute
to the Company the amount requested by the Company to be used to redeem Ordinary Shares from Public Shareholders properly submitted
in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and articles
of association that would affect the substance or timing of the Company’s obligation to redeem 100% of its public Ordinary
Shares if the Company has not consummated an initial Business Combination within such time as is described in the Company’s
amended and restated memorandum and articles of association. The written request of the Company referenced above shall constitute
presumptive evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said
request; and

 

    		2	 

     

    

 

(l) Not make any
withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j) or (k) above.

 

2.          Agreements
and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a)          Give
all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman or a Co-Chairman of the Board, President,
Chief Executive Officer or a Co-Chief Executive Officer or Chief Financial Officer. In addition, except with respect to its duties
under Sections 1(i), (j) or (k)hereof, 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 Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all expenses, including
reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder
and in connection with any 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 interest earned on 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 Section 2(b),
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 such
consent shall not be unreasonably withheld. The Company may participate in such action with its own counsel;

 

(c)          Pay
the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration fee, and
transaction processing fee 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 unless and until it is distributed to the Company pursuant to Sections
1(i) through 1(j) hereof. The Company shall pay the Trustee the initial acceptance fee and the first
annual administration fee at the consummation of the Offering. The Trustee shall refund to the Company the annual administration
fee (on a pro rata basis) with respect to any period after the liquidation of the Trust Account. The Company shall not be responsible
for any other fees or charges of the Trustee except as set forth in this Section 2(c) and as may be provided in Section
2(b) hereof;

 

(d)          In
connection with any vote of the Company’s shareholders regarding a merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination involving the Company and one or more businesses (the “Business Combination”),
provide to the Trustee an affidavit or certificate of the inspector of elections for the shareholder meeting verifying the vote
of such shareholders regarding such Business Combination;

 

(e)          Provide
the Representative with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee with respect
to any proposed withdrawal from the Trust Account promptly after it issues the same;

 

(f)          Unless
otherwise agreed between the Company and the Representative, ensure that any Instruction Letter (as defined in Exhibit A)
delivered in connection with a Termination Letter in the form of Exhibit A expressly provides that the Deferred Discount
is paid directly to the account or accounts directed by the Representative on behalf of the Underwriters prior to any transfer
of the funds held in the Trust Account to the Company or any other person;

 

(g)          Instruct
the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the Trustee
to make any distributions that are not permitted under this Agreement; and

 

    		3	 

     

    

 

(h)          Within
four (4) business days after the Underwriters exercise the over-allotment option (or any unexercised portion thereof) or such over-allotment
option expires, provide the Trustee with a notice in writing of the total amount of the Deferred Discount, which, unless otherwise
agreed between the Company and the Representative, shall in no event be less than $16,800,000.

 

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

 

(a)            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;

 

(b)           Take
any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have no liability
to any third party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct;

 

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

 

(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 Trustee’s best judgment, except for the Trustee’s 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, which counsel may be the Company’s counsel), 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 the Trustee believes, 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 accuracy of the information contained in the Registration Statement;

 

(h)          Provide
any assurance that any Business Combination entered into by the Company or any other action taken by the Company is as contemplated
by the Registration Statement;

 

(i)          File
information returns with respect to the Trust Account with any local, state or federal taxing authority or provide periodic written
statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned on the Property;

 

(j)          Prepare,
execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by, and activities
relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but not
limited to, income tax obligations, except pursuant to Section 1(j) hereof; or

 

(k)          Verify
calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections 1(i),
1(j) or 1(k) hereof.

 

    		4	 

     

    

  

4.          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 2(b) or Section 2(c) hereof, the Trustee shall pursue such
Claim solely against the Company and its assets outside the Trust Account and not against the Property or any monies in the Trust
Account.

 

5.          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, pending which the Trustee shall continue to act in accordance with this Agreement. At such
time that the Company notifies the Trustee that a successor trustee has been appointed 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 and its obligations in accordance with the provisions
of Section 1(i) hereof (which section may not be amended under any circumstances) and distributed the Property in accordance
with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 2(b).

 

6.          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 confidential information, or of any change in its authorized personnel. In
executing funds transfers, the Trustee shall 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 funds.

 

(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), 1(j) and 1(k) hereof (which sections may not be modified, amended or deleted without
the affirmative vote of sixty-five percent (65%) of the then outstanding Ordinary Shares and Class B ordinary shares, par value
$0.0001 per share, of the Company, voting together as a single class; provided that no such amendment will affect any Public Shareholder
who has properly elected to redeem his Ordinary Shares in connection with a shareholder vote to amend this Agreement that would
affect the substance or timing of the Company’s obligation to redeem 100% of its Ordinary Shares if the Company does not
complete its initial Business Combination within the time frame specified in the Company’s Amended and Restated Memorandum
and Articles of Association), this Agreement or any provision hereof may only be changed, amended or modified (other than to correct
a typographical error) by a writing signed by each of the parties hereto.

 

(d)          The
parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State of New
York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS
AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

 

    		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 electronic mail:

 

	 	if to the Trustee, to:
	 	 
	 	Continental Stock Transfer & Trust Company
	 	17 Battery Place
	 	New York, New York 10004
	 	Attn: Steven G. Nelson and Sharmin Carter
	 	 
	 	if to the Company, to:
	 	GTY Technology Holdings Inc.
	 	1180 North Town Center Drive, Suite 100
	 	Las Vegas, Nevada 89144
	 	Attn: Harry L. You
	 	 
	 	in each case, with copies to:
	 	 
	 	Winston & Strawn LLP
	 	200 Park Avenue
	 	New York, New York 10166
	 	Attn: Joel L. Rubinstein
	 	Jrubinstein@winston.com
	 	 
	 	and
	 	 
	 	Citigroup Global Markets Inc.
	 	388 Greenwich St, 
	 	New York, NY 10013 
	 	Attn.: Neil Shah
	 	Neil.shah@citi.com
	 	 
	 	and
	 	 
	 	Weil, Gotshal & Manges LLP  
	 	767 Fifth Avenue
	 	New York, NY 10153
	 	Attn.: Jennifer A. Bensch
	 	Jennifer.Bensch@weil.com

 

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

 

(h)          Each
of the Company and the Trustee hereby acknowledges and agrees that the Representative on behalf of the Underwriters is a third-party
beneficiary of this Agreement.

 

    		6	 

     

    

 

(i)          Except
as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other person
or entity.

 

[Signature Page Follows]

 

    		7	 

     

    

 

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:	/s/ Francis E. Wolf Jr.
	 	 	Name: Francis E. Wolf Jr.
	 	 	Title: Vice President
	 	 
	 	GTY TECHNOLOGY HOLDINGS INC.
	 	 
	 	By:	/s/ Harry L. You
	 	 	Name: Harry L. You
	 	 	Title:  President & CFO

 

[Signature Page to
Investment Management Trust Agreement]

 

     

     

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial set-up fee.	 	Initial closing of Offering by wire transfer.	 	$	2,000.00	 
	 	 	 	 	 	 	 
	Trustee administration fee	 	Payable annually. First year fee payable, at initial closing of Offering by wire transfer, thereafter by wire transfer or check.	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Section 1	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 1	 	$	250.00	 
	Paying Agent services as required pursuant to Section 1(i)	 	Billed to Company upon delivery of service pursuant to Section 1(i)	 	 	Prevailing rates	 

 

     

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

	Continental Stock Transfer & Trust Company
	17 Battery Place
	New York, New York 10004
	Attn: _____________________________

 

		Re:	Trust
Account No.       Termination Letter

 

Gentlemen:

 

Pursuant to Section
1(i) of the Investment Management Trust Agreement between GTY Technology Holdings Inc. (the “Company”)
and Continental Stock Transfer & Trust Company (“Trustee”), dated as of __________ (the “Trust
Agreement”), this is to advise you that the Company has entered into an agreement with ___________ (the “Target
Business”) to consummate a business combination with Target Business (the “Business Combination”)
on or about [insert date]. The Company shall notify you at least forty-eight (48) hours in advance of the actual date
of the consummation of the Business Combination (the “Consummation Date”). Capitalized
terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the
terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account on [insert date],
and to transfer the proceeds into the trust checking account in the United States 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 (including as directed to it by the Representative on behalf
of the Underwriters (with respect to the Deferred Discount)). It is acknowledged and agreed that the aforementioned trust checking
account is a non-interest bearing account and that while the funds are on deposit in said trust checking account awaiting distribution,
no interest will be earned.

 

On the Consummation Date
(i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated, or will
be consummated concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”)
and (ii) the Company shall deliver to you (a) a certificate of the Chief Executive Officer or a Co-Chief Executive Officer, which
verifies that the Business Combination has been approved by a vote of the Company’s shareholders, if a vote is held and (b)
written instruction signed by the Company with respect to the transfer of the funds held in the Trust Account, including payment
of amounts owed to public shareholders who have properly exercised their redemption rights and payment of the Deferred Discount
to the Representative from the Trust Account (the “Instruction Letter”). You are hereby directed and
authorized to transfer the funds held in the Trust Account immediately upon your receipt of the Notification 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 in writing of the same and the Company
shall direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to
the Company. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related
to liquidating the Trust Account, your obligations under 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 Section 1(c) of the Trust Agreement on the business day
immediately following the Consummation Date as set forth in the notice as soon thereafter as possible.

 

     

     

    

 

	 	Very truly yours,
	 	 
	 	GTY Technology Holdings Inc.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	cc: Citigroup Global Markets Inc. 	 

 

     

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

	Continental Stock Transfer & Trust Company
	17 Battery Place
	New York, New York 10004
	Attn: ________________________________

 

	 	Re:	Trust Account No.       Termination Letter

  

Gentlemen:

 

Pursuant to Section
1(i) of the Investment Management Trust Agreement between GTY Technology Holdings Inc. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of __________ (the
“Trust Agreement”), this is to advise you that the Company has been unable to effect a business combination
with a Target Business (the “Business Combination”) within the time frame specified in the Company’s
Amended and Restated Memorandum and Articles of Association, as described in the Company’s Prospectus relating to the Offering.
Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the
terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account on ____________, 20___
and to transfer the total proceeds into the trust checking account in the United States at J.P. Morgan Chase Bank, N.A. to await
distribution to the Public Shareholders. The Company has selected __________ as the record date for the purpose of determining
the Public Shareholders entitled to receive their share of the liquidation proceeds. You agree to be the Paying Agent of record
and, in your separate capacity as Paying Agent, agree to distribute said funds directly to the Company’s Public Shareholders
in accordance with the terms of the Trust Agreement and the Amended and Restated Memorandum and Articles of Association of the
Company. It is acknowledged and agreed that the aforementioned trust checking account is a non-interest bearing account and that
while the funds are on deposit in said trust checking account awaiting distribution, no interest will be earned. Upon the distribution
of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account,
your obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(j)
of the Trust Agreement.

 

	 	Very truly yours,
	 	 
	 	GTY Technology Holdings Inc.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	cc:  Citigroup Global Markets Inc. 	 

 

     

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

	Continental Stock Transfer & Trust Company
	17 Battery Place
	New York, New York 10004
	Attn: ________________________________

 

	 	Re:	Trust Account No.        Tax Payment Withdrawal Instruction

 

Gentlemen:

 

Pursuant to Section
1(j) of the Investment Management Trust Agreement between GTY Technology Holdings Inc. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of __________ (the
“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. Capitalized terms used but not defined herein shall have the
meanings set forth in the Trust Agreement.

 

The Company needs such
funds to pay for the tax obligations as set forth on the attached tax return or tax statement. In accordance with the terms of
the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt
of this letter to the Company’s operating account at:

 

	 [WIRE INSTRUCTION INFORMATION]
	 
	 	Very truly yours,
	 	 
	 	GTY Technology Holdings Inc.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	cc:  Citigroup Global Markets Inc.	 

 

     

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

	Continental Stock Transfer & Trust Company
	17 Battery Place
	New York, New York 10004
	Attn: ________________________________

 

	 	Re:	Trust Account No.       Shareholder Redemption Withdrawal Instruction

 

Gentlemen:

 

Pursuant to Section
1(k) of the Investment Management Trust Agreement between GTY Technology Holdings Inc. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of __________ (the
“Trust Agreement”), the Company hereby requests that you deliver to the Company $___________   of
the principal and interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall
have the meanings set forth in the Trust Agreement.

 

The Company needs such
funds to pay its public shareholders who have properly elected to have their Ordinary Shares redeemed by the Company in connection
with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and articles of association
that would affect the substance or timing of the Company’s obligation to redeem 100% of its public Ordinary Shares if the
Company has not consummated an initial Business Combination within such time as is described in the Company’s amended and
restated memorandum and articles of association. As such, you are hereby directed and authorized to transfer (via wire transfer)
such funds promptly upon your receipt of this letter to the Company’s operating account at:

  

	[WIRE INSTRUCTION INFORMATION]
	 
	 	Very truly yours,
	 	 
	 	GTY Technology Holdings Inc.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	cc:  Citigroup Global Markets Inc.

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