Document:

Exhibit 10.6

 

NON QUALIFIED STOCK OPTION AGREEMENT

(non-employee director of the Corporation)

 

NON QUALIFIED STOCK OPTION AGREEMENT
made this ____ day of _____________, 2016 between PSYCHEMEDICS CORPORATION, a Delaware corporation (hereinafter called the
Corporation), and ____________________, a non-employee director of the Corporation (hereinafter called the Optionee).

 

The Corporation desires, by affording the Optionee
an opportunity to purchase shares of its Common Stock, $.005 par value (hereinafter called the Common Stock), as hereinafter provided,
to carry out the purpose of the Corporation's 2006 Incentive Plan, as amended (the Plan).

 

NOW, THEREFORE, in consideration of the mutual
covenants hereinafter set forth and for other good and valuable consideration, the parties hereto have agreed, and do hereby agree
as follows:

 

1.  Grant of Option. The Corporation hereby
irrevocably grants to the Optionee the right and option (hereinafter called the Option) to purchase all or any part of an aggregate
of __________ shares of the Common Stock (such number being subject to adjustment as provided in paragraph 7 hereof) on the terms
and conditions herein set forth. The Option is not intended by the parties hereto to be, and shall not be treated as, an incentive
stock option (as such term is defined under Section 422 of the Internal Revenue Code of 1986 (hereinafter called the Code)).

 

2.  Purchase Price. The purchase price
of the shares of the Common Stock covered by the Option shall be $__________ per share.

 

     

     

    

 

3.  Term of Option; Exercisability. The
term of the Option shall be for a period of ten (10) years from the date hereof, subject to earlier termination as provided in
paragraph 6 hereof. Except as otherwise provided in paragraph 6 hereof, the Option shall become exercisable with respect to 50%
of the total number of shares subject to the Option on April 30, 2017, and with respect to the balance of 50% of such total number
of shares on April 30, 2018, provided however, that the Option shall immediately become exercisable in full immediately prior to
a Change in Control (as defined below) transaction. The purchase price of the shares as to which the Option shall be exercised
shall be paid at the time of exercise as provided in paragraph 8 hereof. For purposes of this Agreement, a Change in Control shall
mean (i ) the consummation of a reorganization, merger or consolidation or sale or disposition of all or substantially all of the
assets of the Corporation (a “Business Combination”), unless, in each case following such Business Combination, (A)
all or substantially all of the individuals and entities who were the beneficial owners of the Common Stock of the Corporation
immediately before the consummation of such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively,
the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to
vote generally in the election of directors, as the case may be, of the entity resulting from such Business Combination (including,
without limitation, an entity that as a result of the transaction owns the Corporation or all or substantially all of the assets
of the Corporation either directly or indirectly through one or more subsidiaries); and (B) no person or group (as defined in Section
13(d) or 14(d)(2) of the Securities Exchange Act of 1934) of the Corporation or the entity resulting from the Business Combination)
beneficially owns, directly or indirectly, more than 30% of the then outstanding shares of the common stock of the entity resulting
from the Business Combination; (ii) Individuals who, as of the date of this Agreement, constitute the Board of Directors of the
Corporation (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors
of the Corporation, provided, however, that any individual's becoming a director after the date of this Agreement whose election,
or nomination for election by the stockholders of the Corporation, was approved by a vote of at least a majority of the directors
then comprising the Incumbent Board will be considered as though the individual were a member of the Incumbent Board, but excluding,
for this purpose, any individual whose initial assumption of office occurs as a result of an actual or threatened election contest
with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on
behalf of a Person other than the Board; or (iii) any person (as defined in Section 13(d) or 14(d)(2) of the Securities Exchange
Act of 1934) shall become at any time or in any manner the beneficial owner of capital stock of the Corporation representing more
than 30% of the voting power of the Corporation.

 

4.  Non-transferability. The Option shall
not be transferable otherwise than by will or the laws of descent and distribution, or pursuant to a qualified domestic relations
order as defined in the Code, or Title I of the Employee Retirement Income Security Act of 1974, as amended or the regulations
thereunder. Subject to the foregoing, the Option may be exercised, during the lifetime of the Optionee, only by him. More particularly
(but without limiting the generality of the foregoing), the Option may not be assigned, transferred (except as provided above),
pledged, or hypothecated in any way, shall not be assignable by operation of law and shall not be subject to execution, attachment,
or similar process. Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the Option contrary to the
provisions hereof, and the levy of any execution, attachment, or similar process upon the Option shall be null and void and without
effect.

 

5.  Registration of Shares. The Corporation
may, in its discretion, require as conditions to the right to exercise this Option that (a) a registration statement under the
Securities Act of 1933, as amended, shall be in effect and current with respect to the shares issuable upon exercise of this Option,
or (b) the Optionee has given to the Corporation prior to the purchase of any shares pursuant hereto, assurances satisfactory to
it that such shares are being purchased for the purpose of investment and not with a view to or for sale in connection with any
distribution thereof, including without limitation, a written agreement of the Optionee that the shares will not be transferred
unless registered under the Securities Act of 1933, as amended, or unless counsel for the Corporation gives a written opinion that
such transfer is permissible under Federal and State law without registration.

 

    	 	2	 

     

    

 

6.  Termination of Business Relationship.
Except as otherwise provided in this paragraph, the Option shall terminate and be canceled on the first to occur of the expiration
date of this Option as set forth in paragraph 3 hereof or the date which is three (3) months following the date on which the Optionee
ceases to be an employee, director or independent contractor of the Corporation or one or more of its Subsidiaries (the “Business
Relationship”). The Option shall be exercisable during such three month period to the extent it was exercisable on the date
of such termination. In the event that the Business Relationship shall be terminated on account of the Optionee's death or permanent
disability (as such term is defined in Section 22(e)(3) of the Code), the Option may be exercised by the Optionee or, by his heirs,
legatees, or legal representatives, as the case may be, during its specified term prior to one (1) year after the date of death
or permanent disability, but in any event not later than ten (10) years from the date hereof, with respect to such number of shares
as were exercisable on the date of death or the date of such permanent disability, in each case, plus such number of shares as
to which the Option would have become exercisable during such following one (1) year period but for such termination on account
of death or permanent disability. So long as the Business Relationship shall continue, the Option shall not be affected by any
change of duties or position. Nothing in this Option Agreement shall confer upon the Optionee any right to continue the Business
Relationship or interfere in any way with the right of the Corporation or any such Subsidiary to terminate the Business Relationship
at any time.

 

7.  Changes in Capital Structure. Adjustments
and other matters relating to stock dividends, stock splits, recapitalizations, reorganizations, Corporate Events and the like
shall be made and determined in accordance with Section 7 of the Plan, as in effect on the date of this Agreement.

 

8.  Method of Exercising Option. Subject
to the terms and conditions of this Option Agreement, the Option may be exercised by written notice to the Corporation at its principal
business address attention of the Secretary. Such notice shall state the election to exercise the Option and the number of shares
in respect of which it is being exercised, and shall be signed by the person or persons so exercising the Option. At that time,
this Option Agreement shall be turned in to the Corporation for action by the Corporation to reduce the number of shares to which
it applies. Such notice shall be accompanied by payment in cash or by check, or by shares of the Common Stock, or by a combination
of these methods of payment. Payment may also be made by delivery of a notice of “net exercise” to the Corporation,
pursuant to which the Optionee shall receive the number of shares of Stock underlying the Option so exercised reduced by the number
of shares of Stock equal to the aggregate exercise price of the Option divided by the Fair Market Value on the date of exercise,
or by delivery (including delivery by facsimile transmission) to the Corporation or its designated agent of an executed irrevocable
option exercise form together with irrevocable instructions to a broker-dealer to sell a sufficient portion of the shares and deliver
the sale proceeds directly to the Corporation to pay for the exercise price. In the event that payment is made in shares of the
Common Stock, the per share value of the Common Stock shall be the Fair Market Value of such stock on the date of exercise. The
certificate or certificates for the shares as to which the Option shall have been so exercised shall be registered in the name
of the person or persons so exercising the Option, (or, if the Option shall be exercised by the Optionee and if the Optionee shall
so request in the notice exercising the Option, the certificate or certificates shall be registered in the name of the Optionee
and another person jointly, with the right of survivorship) and shall be delivered as provided above to or upon the written order
of the person or persons exercising the Option. In the event the Option shall be exercised by any person or persons other than
the Optionee (to the extent permitted under this Non-Qualified Stock Option Agreement), such notice shall be accompanied by appropriate
proof of the right of such person or persons to exercise the Option.

 

    	 	3	 

     

    

 

9.  General. The Corporation shall at
all times during the term of the Option reserve and keep available such number of shares of Common Stock as will be sufficient
to satisfy the requirements of this Non-Qualified Stock Option Agreement, shall pay all original issue taxes with respect to the
issue of shares pursuant hereto and all other fees and expenses necessarily incurred by the Corporation in connection therewith,
and will from time to time use its best efforts to comply with all laws and regulations which, in the opinion of counsel for the
Corporation, shall be applicable thereto. The Corporation makes no representation or warranty that this Option or shares issued
pursuant hereto qualify under any Federal or State law for any special tax treatment. This Option, and the rights granted to the
Optionee hereunder shall be subject to forfeiture to the Corporation in accordance with any policy that may hereafter be promulgated
by the Corporation to comply with the requirements of Section 10D(b)(2) of the Securities Exchange Act of 1934, as amended.
The terms of this Option Agreement shall be construed to conform with, and shall be governed by the provisions of the Plan, as
amended, and in the event of any inconsistency between the provisions of this Non-Qualified Stock Option Agreement and the Plan,
the provisions of the Plan shall control. Any term used herein and not defined in this Agreement but defined in the Plan, shall
have the meaning set forth in the Plan.

 

10.  Subsidiary. As used herein, the
term “Subsidiary” shall mean any present or future corporation which would be a “subsidiary corporation”
of the Corporation, as the term is defined in Section 424 of the Code.

 

11.  Section 409A of the Code. This
Agreement is intended to comply with the provisions of Section 409A of the Code to the extent they are applicable, and shall
be administered in a manner consistent with this intent. Without limiting the foregoing, any requirements imposed under the Treasury
Regulations promulgated under said Section 409A as finally adopted, in order for the Option granted hereunder to remain in
compliance with said Section 409A, are hereby incorporated by reference into this Agreement. The parties agree that this Agreement
may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code
and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost
to either party. The Corporation makes no representation or warranty and shall have no liability to the Optionee or any other person
if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but
do not satisfy an exemption from, or the conditions of, such Section.

 

12.  Withholding Taxes. If the Corporation
in its discretion determines that it is obligated to withhold any tax in connection with the exercise of this Option, or in connection
with the transfer of, or the lapse of restrictions on, any Common Stock or other property acquired pursuant to this Option, the
Optionee hereby agrees that the Corporation may withhold from the Optionee’s remuneration the appropriate amount of tax.
At the discretion of the Corporation, the amount required to be withheld may be withheld in cash from such remuneration or in kind
from the Common Stock or other property otherwise deliverable to the Optionee on exercise of this Option. The Optionee further
agrees that, if the Corporation does not withhold an amount from the Optionee’s remuneration sufficient to satisfy the withholding
obligation of the Corporation, the Optionee will make reimbursement on demand, in cash, for the amount underwithheld.

 

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IN WITNESS WHEREOF, the Corporation has
caused this Non-Qualified Stock Option Agreement to be duly executed by its officer thereunto duly authorized, and the Optionee
has hereunto set his hand and seal all on the day and year first above written.

 

	 	PSYCHEMEDICS CORPORATION
	 	 
	 	By:	 
	 	Name:  Raymond C. Kubacki
	 	  Title:  President and Chief Executive Officer
	 	 
	 	 
	 	[name of Optionee]
	 	 
	 	 
	 	Address
	 	 
	 	 

 

    	 	5Exhibit 10.2

 

 

[_________], 2016

 

M III Acquisition Corp.

3 Columbus Circle, 15th Floor

New York, NY 10019

Attn: Mohsin Y. Meghji

 

Cantor Fitzgerald & Co.

499 Park Avenue

New York, New York 10022

 

	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 M III Acquisition Corp., a Delaware corporation (the “Company”),
and Cantor Fitzgerald & Co. as representative (the “Representative”) of the several underwriters
named therein (the “Underwriters”), relating to an underwritten initial public offering (the “Public
Offering”), of 17,500,000 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”), 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 $5.75 per half 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, M III Sponsor I LLC and M III Sponsor
I LP (collectively, 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,
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, 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, Mohsin Y. Meghji (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 (other than the Company’s independent public accountants) or products sold to the Company
or a Target do not reduce the amount of funds in the Trust Account to below (i) $10.00 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.

 

     

     

    

  

5. To the extent that
the Underwriters do not exercise their over-allotment option in full to purchase an additional 2,625,000 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 656,250 multiplied by a fraction, (i) the numerator of which is 2,625,000
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 2,625,000. 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. 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. In connection with such increase or decrease in the size of
the Public Offering, then (A) the references to 2,625,000 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 656,250 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.

 

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 Warrants or Common Stock issued or issuable
upon the exercise of the Private Placement Warrants, 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
Warrants and shares of Common Stock issued or issuable upon the exercise of the Private Placement Warrants 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 of the Sponsor, or any affiliates of the Sponsor or any of its members; (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 Sponsor’s operating agreement; provided, however, that in the case of clauses (a) through (e)
these permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions. Any Transfer
made in contravention of this Letter Agreement shall be null and void.

 

     

     

    

  

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, M-III Partners, LLC 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 3 Columbus Circle, 15th Floor, New York, NY 10019 (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 5,031,250 shares (up to 656,250 of which are subject to forfeiture,
if the underwriters’ over-allotment option is not exercised in full) of Common Stock of the Company (giving effect to the
cancellation of certain shares on December 31, 2015) 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” and “Private
Placement Warrants” shall mean the shares of Common Stock and Warrants, underlying the 430,000 Units that will be
purchased by the Sponsor for an aggregate purchase price of $4,300,000 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).

 

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]

 

     

     

    

  

Sincerely,

 

M III SPONSOR I, LLC

 

By: M III ACQUISITION PARTNERS I, LLC, its managing
member

 

	By:	 	 
	 	Name: Mohsin Y. Meghji	 
	 	Title: Managing Member	 

 

M III SPONSOR I, LP

 

By: M III ACQUISITION PARTNERS I CORP., its general
partner

 

	By:	 	 
	 	Name: Mohsin Y. Meghji	 
	 	Title: Chief Executive Officer	 

 

	 	 
	Mohsin Y. Meghji	 
	 	 
	Suleman E. Lunat	 
	 	 
	Brian Griffith	 
	 	 
	Andrew L. Farkas	 
	 	 
	Osbert Hood	 
	 	 
	Philip Marber	 

 

[Signature Page to Insider Letter Agreement]

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