Document:

Exhibit 10.1(b)

 

		, 2017

 

Forum
Merger Corporation 

c/o
Forum Investors I, LLC 

135
East 57th Street, 8th Floor 

New
York, NY 10022

 

EarlyBirdCapital,
Inc. 

366
Madison Avenue 

New
York, New York 10017

 

Re:
Initial Public Offering

 

Gentlemen:

 

This
letter is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”)
entered into by and between Forum Merger Corporation, a Delaware corporation (the “Company”), and EarlyBirdCapital,
Inc. as representative (the “Representative”) of the several Underwriters named in Schedule I thereto
(the “Underwriters”), relating to an underwritten initial public offering (the “IPO”)
of the Company’s units (the “Units”), each comprised of one share of the Company’s Class
A common stock, par value $0.0001 per share (the “Common Stock”), one right entitling the holder to
one-tenth of one share of Common Stock (each, a “Right”), and one half of one warrant, each whole warrant
exercisable for one share of Common Stock (each, a “Warrant”). Certain capitalized terms used herein
are defined in paragraph 13 hereof.

 

In
order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in
recognition of the benefit that such IPO will confer upon the undersigned, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows:

 

1.
If the Company solicits approval of its stockholders of a Business Combination, the undersigned will vote all shares of Common
Stock beneficially owned by him, whether acquired before, in or after the IPO, in favor of such Business Combination.

 

2.
In the event that the Company fails to consummate a Business Combination within the time period set forth in the
Company’s Certificate of Incorporation, as the same may be amended from time to time, the undersigned will, as promptly
as possible, 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 the Common Stock sold as part of the Units in the
IPO (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 net of interest that may be used by the Company to pay
its franchise and income taxes payable and up to $600,000 of interest that may be released to us to pay dissolution expenses
or for other working capital 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) to the Company’s obligations under Delaware law to provide for claims of creditors and
other requirements of applicable law. The undersigned hereby waives any and all right, title, interest or claim of any kind
the undersigned may have in the future in or to any distribution of the Trust Account and any remaining net assets of the
Company as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against
the Trust Account for any reason whatsoever. The undersigned acknowledges and agrees that there will be no distribution from
the Trust Account with respect to any Warrants or Rights, all rights of which will terminate on the Company’s
liquidation.

 

     

     

    

 

3.
The undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated
with any Insiders of the Company or their affiliates, such transaction must be approved by a majority of the Company’s disinterested
independent directors and the Company must obtain an opinion from an independent investment banking firm, or another independent
entity that commonly renders valuation opinions on the type of target business the Company is seeking to acquire, that such Business
Combination is fair to the Company’s unaffiliated stockholders from a financial point of view.

 

4.
Neither the undersigned nor any affiliate of the undersigned will be entitled to receive and will not accept any compensation
or other cash payment prior to, or for services rendered in order to effectuate, the consummation of the Business Combination;
provided that the Company shall be allowed to make the payments set forth in the Registration Statement under the caption “Prospectus
Summary – The Offering – Limited payments to insiders.” Notwithstanding the foregoing, the undersigned and any
affiliate of the undersigned shall be entitled to reimbursement from the Company for their out-of-pocket expenses incurred in
connection with identifying, investigating and consummating a Business Combination.

 

5.
Neither the undersigned nor any affiliate of the undersigned will be entitled to receive or accept a finder’s fee or any
other compensation in the event the undersigned, any member of the family of the undersigned or any affiliate of the undersigned
originates a Business Combination.

 

6.
The undersigned will not, without the prior written consent of the Representative pursuant to the Underwriting Agreement, offer,
sell, contract to sell, pledge, hedge, or otherwise dispose of, (or enter into any transaction which is designed to, or might
reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash
settlement or otherwise) by the undersigned or any affiliate of the undersigned or any person in privity with the undersigned
or any affiliate of the undersigned), directly or indirectly, including the filing (or participation in the filing) of a registration
statement with the Securities and Exchange Commission in respect of, 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 (the
“Exchange Act”), and the rules and regulations of the Securities and Exchange Commission promulgated
thereunder with respect to, any Units, shares of Common Stock, Warrants of the Company or any securities convertible into, or
exercisable or exchangeable for shares of Common Stock, or publicly announce an intention to effect any such transaction, for
a period of 180 days after the date of the Underwriting Agreement.

 

7.
(a) In order to minimize potential conflicts of interest that may arise from multiple corporate affiliations, the undersigned
hereby agrees that until the earliest of the Company’s initial Business Combination or liquidation, the undersigned shall
present to the Company for its consideration, prior to presentation to any other entity, any target business that has a fair market
value of at least 80% of the assets held in the Trust Account (excluding deferred underwriting commissions and taxes payable on
the income accrued on the Trust Account), subject to any pre-existing fiduciary or contractual obligations the undersigned might
have.

 

(b)
The undersigned has agreed not to participate in the formation of, or become an officer or director of, any blank check company
with a class of securities registered under the Exchange Act until the Company has entered into a definitive agreement regarding
its initial Business Combination or the Company has failed to complete an initial Business Combination within the time period
set forth in the Company’s Certificate of Incorporation as the same may be amended from time to time.

 

(c)
The undersigned hereby agrees and acknowledges that (i) each of the Underwriters and the Company may be irreparably injured in
the event of a breach of any of the obligations contained in this letter, (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.

 

    	 	2	 

     

    

 

8.
The undersigned agrees to be an Officer and/or Director of the Company until the earlier of the consummation by the Company of
a Business Combination or the liquidation of the Company. The undersigned’s biographical information previously furnished
to the Company and the Representative is true and accurate in all respects, does not omit any material information with respect
to the undersigned’s background and contains all of the information required to be disclosed pursuant to Item 401 of Regulation
S-K, promulgated under the Securities Act of 1933. The undersigned’s FINRA Questionnaire previously furnished to the Company
and the Representative is true and accurate in all respects. The undersigned represents and warrants that:

 

	 	(a)	he
    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; 

 

	 	(b)	he
    has never been convicted of or pleaded guilty to any crime (i) involving any fraud or (ii) relating to any financial transaction
    or handling of funds of another person, or (iii) pertaining to any dealings in any securities and he is not currently a defendant
    in any such criminal proceeding; and 

 

	 	(c)	he
    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. 

 

9.
The undersigned has full right and power, without violating any agreement by which he is bound, to enter into this letter agreement
and to serve as an Officer and/or Director of the Company.

 

10.
The undersigned hereby waives his right to exercise conversion rights with respect to any shares of the Company’s common
stock owned or to be owned by the undersigned, directly or indirectly, whether such shares are purchased by the undersigned in
the IPO or in the aftermarket, and agrees that he will not seek conversion with respect to such shares in connection with any
vote to approve a Business Combination.

 

11.
The undersigned hereby agrees to not propose, or vote in favor of, an amendment to Article Sixth or Seventh of the Company’s
Amended and Restated Certificate of Incorporation prior to the consummation of a Business Combination unless the Company provides
public stockholders with the opportunity to convert their shares of Common Stock upon such approval in accordance with such Article
Sixth thereof.

 

12.
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 undersigned hereby (i) agrees that any action, proceeding or claim against him arising out of or relating in any way to this
letter agreement (a “Proceeding”) shall be brought and enforced in the courts of the State of New York of the United
States of America for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall
be exclusive, (ii) waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum and
(iii) irrevocably agrees to appoint Ellenoff Grossman & Schole LLP as agent for the service of process in the State of New
York to receive, for the undersigned and on his behalf, service of process in any Proceeding. If for any reason such agent is
unable to act as such, the undersigned will promptly notify the Company and the Representative and appoint a substitute agent
acceptable to each of the Company and the Representative within 30 days and nothing in this letter will affect the right of either
party to serve process in any other manner permitted by law.

 

13.
As used herein, (i) a “Business Combination” shall mean a merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization or other similar business combination with one or more businesses or entities; (ii) “Insiders”
shall mean all officers, directors and sponsors of the Company immediately prior to the IPO; and (iii) “Trust Account”
shall mean the trust account into which a portion of the net proceeds of the Company’s IPO will be deposited.

 

14.
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.

 

15.
The undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations
and warranties set forth herein in proceeding with the IPO. Nothing contained herein shall be deemed to render the Underwriters
a representative of, or a fiduciary with respect to, the Company, its stockholders or any creditor or vendor of the Company with
respect to the subject matter hereof.

 

16.
This letter agreement shall be binding on the undersigned and such person’s respective successors, heirs, personal representatives
and assigns. This letter agreement shall terminate on the earlier of (i) the consummation of a Business Combination and (ii) the
liquidation of the Company; provided, that such termination shall not relieve the undersigned from liability for any breach
of this agreement prior to its termination.

 

[Signature
Page Follows]

 

    	 	3	 

     

    

 

	 	 
	 	Print
    Name of Insider

 

	 	 
	 	Signature
	 	 
	 	Acknowledged
        and Agreed:
	 	 
	 	Forum Merger Corporation

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	

        EarlyBirdCapital,
        Inc.

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

4Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Agreement is made as of [             ],
2017 by and between Forum Merger Corporation (the “Company”) and Continental Stock Transfer & Trust Company (“Trustee”).

 

WHEREAS, the Company’s registration statement
on Form S-1, No. 333-216842 (“Registration Statement”), for its initial public offering of securities (“IPO”)
has been declared effective as of the date hereof (“Effective Date”) by the Securities and Exchange Commission (capitalized
terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement); and

 

WHEREAS, EarlyBirdCapital, Inc. (the “Representative”)
is acting as the representative of the underwriters in the IPO pursuant to an underwriting agreement between the Company and the
underwriter (“Underwriting Agreement”); and

 

WHEREAS, simultaneously with the IPO, the Company’s
sponsor will be purchasing an aggregate of 480,000 units (“Founders’ Units”) from the Company for an aggregate
purchase price of $4,800,000 (or additional amounts of Founders’ Units from the Company if the underwriters exercise their
over-allotment option, up to an aggregate of 536,250 Founders’ Units for an aggregate purchase price of $5,362,500 if the
underwriters’ over-allotment option is exercised in full); and

 

WHEREAS, as described in the Registration Statement,
and in accordance with the Company’s Amended and Restated Certificate of Incorporation, $126,250,000 of the gross proceeds
of the IPO and sale of the Founders’ Units ($145,187,500 if the underwriters’ over-allotment option is exercised in
full) will be delivered to the Trustee to be deposited and held in a trust account for the benefit of the Company and the holders
of the Company’s Class A common stock, par value $0.0001 per share, issued in the IPO as hereinafter provided (the amount
to be delivered to the Trustee will be referred to herein as the “Property”; the stockholders for whose benefit the
Trustee shall hold the Property will be referred to as the “Public Stockholders,” and the Public Stockholders and the
Company will be referred to together as the “Beneficiaries”); and

 

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

 

NOW, THEREFORE, IT IS AGREED:

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

2. Limited Distributions of Income from Trust Account.

 

(a) Upon written request from the Company, which may
be given from time to time in a form substantially similar to that attached hereto as Exhibit C, the Trustee shall distribute to
the Company the amount of interest income earned on the Property and requested by the Company to cover any income or franchise
tax obligation owed by the Company and for working capital purposes; provided, however, that the aggregate amount of all such distributions
for working capital purposes, together with amounts released pursuant to Section 2(b), shall not exceed $600,000;

 

(b) Upon written request from the Company following
the Last Date, which may be given in a form substantially similar to that attached hereto as Exhibit D, signed on behalf of the
Company by two of the Company’s executive officers, the Trustee shall distribute to the Company the amount of interest income
earned on the Property and requested by the Company to cover expenses related to the Company’s liquidation; provided, however,
that the Company will not be allowed to withdraw interest income earned on the trust account for working capital purposes pursuant
to Section 2(a) or otherwise pursuant to this Section 2(b) unless there are sufficient funds available to pay the Company’s
tax obligations on such interest income or otherwise then due at that time; and

 

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

 

(d) In all cases, the Company shall provide the Representative
with a copy of any Termination Letters and/or any other correspondence that it issues to the Trustee with respect to any proposed
withdrawal from the Trust Account at the same time as such issuance.

 

    	 	2	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	3	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

6. Termination. This Agreement shall terminate as follows:

 

(a) If the Trustee gives written notice to the Company
that it desires to resign under this Agreement, the Company shall use its reasonable efforts to locate a successor trustee during
which time the Trustee shall act in accordance with this Agreement. At such time that the Company notifies the Trustee that a successor
trustee has been appointed by the Company and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer
the management of the Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports
and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however, that, in the event that
the Company does not locate a successor trustee within ninety (90) days of receipt of the resignation notice from the Trustee,
the Trustee may submit an application to have the Property deposited with any court in the State of New York or with the United
States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability
whatsoever; or

 

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

 

    	 	4	 

     

    

7. Miscellaneous.

 

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

 

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

 

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

 

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

 

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

 

if to the Trustee, to:

 

Continental Stock Transfer

& Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven G. Nelson and Sharmin Carter

Fax No.: (212) 509-5150

 

if to the Company, to:

 

Forum Merger Corporation

c/o Forum Investors I, LLC

135 East 57th Street

8th Floor

New York, New York 10022

Attn: Chief Executive Officer

 

in either case with a copy to:

 

EarlyBirdCapital, Inc.

275 Madison Avenue, 27th Floor

New York, New York 10016

Attn: Steven Levine, Chief Executive Officer

Fax No.: (212) 661-4936

 

with a copy to:

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas

New York, New York 10105

Attn: Stuart Neuhauser, Esq.

 

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

 

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

 

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

 

[signature page follows]

    	 	5	 

     

    

 

IN WITNESS WHEREOF, the parties have duly executed
this Investment Management Trust Agreement as of the date first written above.

 

	 	CONTINENTAL STOCK TRANSFER &

 TRUST COMPANY, as Trustee
	 	 	 
	 	By:	                                        
	 	Name: 	 
	 	Title:	 
	 	 
	 	FORUM MERGER CORPORATION
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	6	 

     

    

 

SCHEDULE A

 

	Fee
    Item	 	Time
    and method of payment	 	Amount	 
	Initial
    acceptance fee	 	Initial
    closing of IPO by wire transfer	 	$	2,000	 
	 	 	 	 	 	 	 
	Annual
                                         fee
	 	First
                                         year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective
                                         date of the IPO by wire transfer or check
	 	$	10,000	 
	Transaction
                                         processing fee for disbursements to Company under Section 2
	 	Deduction
                                         by Trustee from accumulated income following disbursement made to Company under Section
                                         2
	 	$	250	 

 

     

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer 

& Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven Nelson and Sharmin Carter

 

	 	Re:	Trust Account No. [            ] Termination Letter

 

Gentlemen:

 

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

 

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

 

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

 

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

 

[signature page follows]

 

     

     

    

 

	 	Very truly yours,
	 	 
	 	FORUM MERGER CORPORATION
	 	 	 
	 	By:	 
	 	Name: 	Marshall Kiev
	 	Title:	Co-Chief Executive Officer and President
	 	 	 
	 	By:	 
	 	Name:	David Boris
	 	Title:	Co-Chief Executive Officer and Chief Financial Officer

 

	AGREED AND ACKNOWLEDGED BY:
	 
	EARLYBIRDCAPITAL, INC.
	 	 
	By:	                  	 

 

     

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

& Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven Nelson and Sharmin Carter

 

	 	Re:	Trust Account No. [            ] Termination Letter

 

Gentlemen:

 

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

 

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

 

	 	Very truly yours,
	 	 
	 	FORUM MERGER CORPORATION
	 	 	 
	 	By:	 
	 	Name: 	Marshall Kiev
	 	Title:	Co-Chief Executive Officer and President
	 	 	 
	 	By:	 
	 	Name: 	David Boris
	 	Title:	Co-Chief Executive Officer and Chief Financial Officer

 

	cc:	EarlyBirdCapital, Inc.

 

     

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

& Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven Nelson and Sharmin Carter

 

	 	Re:	Trust Account No. [            ]

 

Gentlemen:

 

Pursuant to Section 2(a) of the Investment Management
Trust Agreement between Forum Merger Corporation (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”),
dated as of [            ], 2017 (“Trust Agreement”),
the Company hereby requests that you deliver to the Company $[            ]
of the interest income earned on the Property as of the date hereof, [which does not exceed, in the aggregate with all such prior
disbursements for working capital purposes pursuant to Section 2(a) or otherwise pursuant to Section 2(b), if any, the maximum
amount set forth in Section 2(a)]. The Company needs such funds [to pay its tax obligations / for working capital purposes]. 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]

 

	 	FORUM MERGER CORPORATION
	 	 	 
	 	By:	 
	 	Name: 	Marshall Kiev
	 	Title:	Co-Chief Executive Officer and President
	 	 	 
	 	By:	 
	 	Name: 	David Boris
	 	Title:	Co-Chief Executive Officer and Chief Financial Officer

 

	cc:	EarlyBirdCapital, Inc.

 

     

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

& Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven Nelson and Sharmin Carter

 

	 	Re:	Trust Account No. [            ]

 

Gentlemen:

 

Pursuant to Section 2(b) of the Investment Management
Trust Agreement between Forum Merger Corporation (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”),
dated as of [          ], 2017 (“Trust Agreement”), the Company hereby requests
that you deliver to the Company $[          ] of the interest income earned on the Property
as of the date hereof, which does not exceed, in the aggregate with all such prior disbursements for working capital purposes
pursuant to Section 2(a) or otherwise pursuant to Section 2(b), if any, the maximum amount set forth in Section 2(a). The Company
needs such funds to pay its expenses relating to its liquidation. 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,
	 	 
	 	FORUM MERGER CORPORATION
	 	 	 
	 	By:	 
	 	Name: 	Marshall Kiev
	 	Title:	co- Chief Executive Officer and President 
	 	 	 
	 	By:	 
	 	Name: 	David Boris
	 	Title:	co- Chief Executive Officer and Chief Financial Officer

 

	cc:	EarlyBirdCapital, Inc.

 

     

     

    

 

EXHIBIT E

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

& Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven Nelson and Sharmin Carter

 

	 	Re:	Trust Account No. [            ]

 

Gentlemen:

 

Reference is made to the Investment Management Trust
Agreement between Forum Merger Corporation (“Company”) and Continental Stock Transfer & Trust Company, dated as
of ________, 2017 (“Trust Agreement”). Capitalized words used herein and not otherwise defined shall have the meanings
ascribed to them in the Trust Agreement.

 

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

 

	 	Very truly yours,
	 	 
	 	FORUM MERGER CORPORATION
	 	 	 
	 	By:	 
	 	Name: 	Marshall Kiev
	 	Title:	co- Chief Executive Officer and President 
	 	 	 
	 	By:	 
	 	Name:	David Boris
	 	Title:	co- Chief Executive Officer and Chief Financial Officer

 

	cc:	EarlyBirdCapital, Inc.

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