Document:

Exhibit 10.1

 

____________ __, 2015

 

Barington/Hilco Acquisition Corp

888 Seventh Avenue, 17th Floor

New York, New York 10019

 

EarlyBirdCapital,
Inc.

366 Madison
Avenue, 8th Floor

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 Barington/Hilco Acquisition Corp., 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 common
stock, par value $0.0001 per share (the “Common Stock”), one right (“Right”)
to receive one-tenth of one share of Common Stock upon consummation of the Company’s initial Business Combination and one
warrant (“Warrant”) entitling the holder to purchase one-half (1/2) of one share of Common Stock. Certain
capitalized terms used herein are defined in paragraph 15 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 as a stockholder of the Company, 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, her or it, whether acquired before, in or after the IPO, in favor of such Business Combination.

 

    	 

    	 

    

 

2.          (a)
In the event that the Company fails to consummate a Business Combination within the time period required by the Company’s
Certificate of Incorporation, the undersigned shall take all reasonable steps to (i) cause the Company to cease all operations
except for the purpose of winding up, (ii) as promptly as reasonably possible, but no more than ten business days after the expiration
of such period, cause the Trust Fund to be liquidated and distributed to the holders of IPO Shares and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of the Company’s remaining holders of Common Stock and the Board
of Directors, cause the Company to dissolve and liquidate, subject (in the case of (ii) and (iii) above) to the Company’s
obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

 

(b) The undersigned hereby
waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund and any remaining net
assets of the Company as a result of such liquidation with respect to his, her or its Insider Shares or Private Units (and the
underlying shares of Common Stock) (“Claim”) and hereby waives any Claim the undersigned 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. The undersigned acknowledges and agrees that there will be no distribution from the Trust
Fund with respect to any Rights or Warrants underlying the Private Units, all rights of which will terminate on the Company’s
liquidation.

 

[(c) In the event of
the liquidation of the Trust Fund, the undersigned agrees to indemnify and hold harmless the Company against any loss, cost and
expense which the Company may incur as a result of any claim by any vendor or other person who is owed money by the Company for
services rendered or products sold or contracted for, but only to the extent necessary to ensure that such loss, cost or expense
does not reduce the amount of funds in the Trust Fund; provided that such indemnity shall not apply if such vendor or other
person has executed an agreement waiving claims against the Trust Fund.]1

 

3.          The
undersigned will escrow all of his, her or its Insider Shares pursuant to the terms of a Stock Escrow Agreement which the Company
will enter into with the undersigned and an escrow agent acceptable to the Company.

 

4.          The
undersigned agrees that until the Company consummates a Business Combination, the undersigned’s Private Units will be subject
to the transfer restrictions described in the Subscription Agreement relating to the undersigned’s Private Units.

 

 

1
To be included for Barington and Hilco Letters only.

 

    	2

    	 

    

 

5.          In
order to minimize potential conflicts of interest which may arise from multiple affiliations, the undersigned agrees to present
to the Company for its consideration, prior to presentation to any other person or entity, any suitable opportunity to acquire
a target business, until the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company,
subject to any pre-existing fiduciary and contractual obligations the undersigned might have.

 

6.          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, including any company that is a portfolio company of, or otherwise affiliated
with, or has received financial investment from, an entity with which any Insider or their affiliates is affiliated, 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 that such Business Combination is fair to the Company’s unaffiliated stockholders
from a financial point of view.

 

7.          Neither
the undersigned, any member of the family of 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 repay one or more non-interest bearing loans
up to an aggregate amount of $125,000 made to the Company by the undersigned to cover IPO and related expenses; provided
further that the Company shall be allowed to pay $7,500 per month to Barington Capital Group, L.P., an affiliate of the
undersigned, for general and administrative services including, without limitation, office space, utilities and administrative
support]2; provided [further] that the Company shall be allowed to repay working capital loans made
by the undersigned to the Company in cash upon consummation of the Business Combination or, at the undersigned’s discretion,
with respect to up to an aggregate of $500,000 of working capital loans from all lenders, by converting such loans into units at
a price of $10.00 per unit, as more fully described in the Registration Statement. 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.

 

8.          Neither
the undersigned, any member of the family of 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.

 

 

2
To be included for Mitarotonda letter only.

 

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9.          The
undersigned agrees to be the _________ 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 material respects, does not omit any material information with respect to the undersigned’s
biography and, to the best of the undersigned’s knowledge, contains all of the information required to be disclosed pursuant
to Item 401 of Regulation S-K, promulgated under the Securities Act of 1933, as amended. The undersigned’s FINRA Questionnaire
previously furnished to the Company and the Representative is true and accurate in all material respects. The undersigned represents
and warrants that:

 

		(a)	he/she/it has never had a petition under the federal bankruptcy laws or any state insolvency law been filed by or against (i)
him/her/it or any partnership in which he/she/it was a general partner at or within two years before the time of filing; or (ii)
any corporation or business association of which he/she/it was an executive officer at or within two years before the time of such
filing;

 

		(b)	he/she/it has never had a receiver, fiscal agent or similar officer been appointed by a court for his/her/its business or property,
or any such partnership;

 

		(c)	he/she/it has never been convicted of fraud in a civil or criminal proceeding;

 

		(d)	he/she/it/ has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding
traffic violations and minor offenses);

 

		(e)	he/she/it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of
any court of competent jurisdiction, permanently or temporarily enjoining or otherwise limiting him/her/it from (i) acting as a
futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction
merchant, any other person regulated by the Commodity Futures Trading Commission (“CFTC”) or an associated person of
any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director
or employee of any investment company, bank, savings and loan association or insurance company, or from engaging in or continuing
any conduct or practice in connection with any such activity; or (ii) engaging in any type of business practice; or (iii) engaging
in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal
or state securities or federal commodities laws;

 

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		(f)	he/she/it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of
any federal or state authority barring, suspending or otherwise limiting for more than 60 days your right to engage in any activity
described in 9(e)(i) above, or to be associated with persons engaged in any such activity;

 

		(g)	he/she/it has never been found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal
or state securities law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended
or vacated;

 

		(h)	he/she/it has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal
commodities law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or
vacated;

 

		(i)	he/she/it has never been the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree
or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal or State securities
or commodities law or regulation, (ii) any law or regulation respecting financial institutions or insurance companies including,
but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary
or permanent cease-and desist order, or removal or prohibition order or (iii) any law or regulation prohibiting mail or wire fraud
or fraud in connection with any business entity;

 

		(j)	he/she/it has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated,
or any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that
has disciplinary authority over its members or persons associated with a member;

 

		(k)	he/she/it has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security;
(ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter,
broker, dealer, municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;

 

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		(l)	he/she/it was never subject to a final order of a state securities commission (or an agency of officer of a state performing
like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance
commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the Commodity
Futures Trading Commission; or the National Credit Union Administration that is based on a violation of any law or regulation that
prohibits fraudulent, manipulative, or deceptive conduct;

 

		(m)	he/she/it has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at the time
of such sale, restrained or enjoined him/her/it from engaging or continuing to engage in any conduct or practice: (i) in connection
with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of
the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor
of purchasers of securities;

 

		(n)	he/she/it has never been subject to any order of the SEC that orders him/her/it to cease and desist from committing or causing
a future violation of: (i) any scienter-based anti-fraud provision of the federal securities laws, including, but not limited to,
Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Section 206(1) of the
Advisers Act or any other rule or regulation thereunder; or (ii) Section 5 of the Securities Act;

 

		(o)	he/she/it has never been named as an underwriter in any registration statement or Regulation A offering statement filed with
the SEC that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently,
the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued;

 

		(p)	he/she/it has never been subject to a United States Postal Service false representation order, or is currently subject to a
temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute
a scheme or device for obtaining money or property through the mail by means of false representations;

 

		(q)	he/she/it is not subject to a final order of a state securities commission (or an agency of officer of a state performing like
functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission
(or an agency or officer of a state performing like functions); an appropriate federal banking agency; the Commodity Futures Trading
Commission; or the National Credit Union Administration that bars the undersigned from: (i) association with an entity regulated
by such commission, authority, agency or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging
in savings association or credit union activities;

 

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		(r)	he/she/it is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Securities Exchange Act
of 1934 (the “Exchange Act”) or section 203(e) or 203(f) of the Investment Advisers Act of 1940 (the “Advisers
Act”) that: (i) suspends or revokes the undersigned’s registration as a broker, dealer, municipal securities dealer
or investment adviser; (ii) places limitations on the activities, functions or operations of, or imposes civil money penalties
on, such person; or (iii) bars the undersigned from being associated with any entity or from participating in the offering of any
penny stock; and

 

		(s)	he/she/it has never been suspended or expelled from membership in, or suspended or barred from association with a member of,
a securities self-regulatory organization (e.g., a registered national securities exchange or a registered national or affiliated
securities association) for any act or omission to act constituting conduct inconsistent with just and equitable principles of
trade.

 

10.         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 _________ of the Company.

 

11.         The
undersigned hereby waives his, her or its right to exercise conversion rights with respect to any shares of the Common Stock owned
or to be owned by the undersigned, directly or indirectly, whether purchased by the undersigned prior to the IPO, in the IPO or
in the aftermarket, and agrees that he, she or it will not seek conversion with respect to or otherwise sell, such shares in connection
with any vote to approve a Business Combination with respect thereto.

 

12.         The
undersigned hereby agrees to not propose, or vote in favor of, an amendment to Article Sixth of the Company’s Amended and
Restated Certificate of Incorporation prior to the consummation of a Business Combination unless the Company offers dissenting
holders the right to have their shares converted into a pro rata portion of the monies held in the Trust Fund.

 

[13.         In
the event that the Company does not consummate a Business Combination and must liquidate and its remaining net assets are insufficient
to complete such liquidation, the undersigned agrees to advance such funds in an amount not to exceed $7,500 to complete such liquidation
and agrees not to seek repayment for such expenses.]3

 

 

3
To be included for Barington and Hilco letters only, with each responsible for half.

 

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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 undersigned hereby (i) agrees that any action, proceeding or claim against him, her or it 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 Kramer Levin Naftalis & Frankel LLP as agent for the service
of process in the State of New York to receive, for the undersigned and on his, her or its behalf, service of process in any Proceeding.

 

15.         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 stockholders of the Company immediately prior to the
IPO; (iii) “Insider Shares” shall mean all of the shares of Common Stock of the Company acquired by an
Insider prior to the IPO; (iv) “IPO Shares” shall mean the shares of Common Stock issued in the Company’s
IPO; (v) “Private Units” shall mean the Units purchased in the private placement taking place simultaneously
with the consummation of the Company’s IPO; (vi) “Registration Statement” means the registration
statement on Form S-1 filed by the Company with respect to the IPO; and (vii) “Trust Fund” shall mean
the trust fund into which a portion of the net proceeds of the Company’s IPO will be deposited.

 

16.         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.

 

17.         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 party. 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
parties hereto and any successors and assigns thereof.

 

18.         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.

 

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	 	Print Name of Insider
	 	 
	 	 
	 	Signature

 

    	9Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Agreement is made as of _______, 2015
(this “Agreement”) by and between Barington/Hilco Acquisition Corp., a Delaware corporation, with offices at 888
Seventh Avenue, 17th Floor, New York, New York 10019 (the “Company”), and Continental Stock Transfer
& Trust Company, a New York corporation, with offices at 17 Battery Place, New York, New York 10004 (the “Trustee”).

 

WHEREAS, the Company’s registration
statement on Form S-1, No. 333-200180 (the “Registration Statement”) for its initial public offering of securities
(the “IPO”) has been declared effective as of the date hereof (the “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. (“EBC”)
is acting as the representative of the underwriters in the IPO; and

 

WHEREAS, simultaneously with the IPO, the
Company’s sponsors and EBC will be purchasing an aggregate of 295,000 units (the “Private Units”) from the Company
for an aggregate purchase price of $2,950,000; and

 

WHEREAS, as described in the Registration
Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation, $40,800,000 of the gross
proceeds of the IPO and sale of the Private Units ($46,620,000 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 common stock, par value $.0001 per share (the “Common Stock”), 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 (the “Trust
Account”) established by the Trustee at JP 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 instruction of the Company, invest and reinvest the Property (i) in United States government treasury
bills, notes or bonds having a maturity of 180 days or less and/or (ii) in money market funds meeting certain conditions under
Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, and that invest solely in U.S. treasuries, as determined
by the Company;

 

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

 

(e)          Notify
the Company and EBC of all communications received by the Trustee with respect to any withdrawals of principal initially deposited
in the Trust Account;

 

(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

 

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(i)          Commence
liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter (the
“Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit
B, signed on behalf of the Company by its Chief Executive Officer or Chairman of the Board and Secretary, 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 EBC, 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
Certificate of Incorporation (the “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 Public Stockholders as of the Last
Date. The provisions of this Section 1(i) may not be modified, amended or deleted under any circumstances.

 

		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 Trust Account requested
by the Company to cover any income or other tax obligation owed by the Company as a result of such interest income.

 

(b)          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, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested by
the Company to cover expenses related to investigating and selecting a target business and other working capital requirements;
provided, however, that the Company will not be allowed to withdraw interest income earned on the Trust Account unless there is
an amount of interest income available in the Trust Account sufficient to pay the Company’s tax obligations on such interest
income.

 

(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 Section 2(a) and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance
with Section 1(i) hereof.

 

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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 the Company’s Chairman of the Board, Chief Executive Officer
or Secretary. In addition, except with respect to its duties under Sections 1(i), 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 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 7(g) 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 bad faith,
gross negligence 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 3(b), it shall
promptly notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”), it being
understood that the Trustee’s failure to promptly notify the Company shall not limit its right to indemnification hereunder
except to the extent that the Company is prejudiced thereby. 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;

 

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(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, upon notice to the Company, be deducted by the Trustee from the disbursements made to the Company pursuant to
Section 1(i) solely in connection with the consummation of a Business Combination, or pursuant to 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 verifying
the vote of the Company’s stockholders regarding such Business Combination;

 

(e)         In addition to the requirements of Sections 1(e) and
1(i) above, and in all cases, the Company shall provide EBC 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 promptly after such issuance; and

 

(f)         In
the event that the Company directs the Trustee to commence liquidation of the Trust Account pursuant to Section 1(i), the Company
agrees that it will not direct the Trustee to make any payments that are not specifically authorized by this Agreement.

 

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 bad faith, gross negligence 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 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;

 

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(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 bad faith, gross negligence 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, 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; and

 

(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.

 

    	6

    	 

    

 

(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 or released to it under Section
2(a) hereof).

 

(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.

 

(k)         Verify
calculations, qualify or otherwise approve Company requests for distributions pursuant to Section 1(i), 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) OR 3(C) HEREOF, THE TRUSTEE SHALL PURSUE SUCH CLAIM SOLELY AGAINST THE COMPANY’S ASSETS
OUTSIDE THE TRUST ACCOUNT 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
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

 

    	7

    	 

    

 

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

 

7.          Miscellaneous
Provisions.

 

(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.  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.  It
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; provided, however, that no such change, amendment or modification
may be made without the prior written consent of EBC.  As to any claim, cross-claim or counterclaim in any way relating
to this Agreement, each party waives the right to trial by jury.  The Trustee may require from the Company’s counsel
an opinion as to the propriety of any proposed amendment.

 

    	8

    	 

    

 

(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, Chairman

Frank A. DiPaolo, CFO

 

if to the Company, to:

 

Barington/Hilco Acquisition Corp.

888 Seventh Avenue, 17th Floor

New York, New York 10019

Attn: Chief Executive Officer

 

with a copy in each case to:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

 

and

 

Kramer Levin Naftalis & Frankel LLP

1177 Avenue of the Americas

New York, New York 10036

Attn: Christopher S. Auguste, Esq.

 

and

 

EarlyBirdCapital, Inc.

275 Madison Avenue, 27th Floor

New York, New York 10016

Attn: David M. Nussbaum, Chairman

 

    	9

    	 

    

 

(f)          This
Agreement may not be assigned by the Trustee without the prior consent of the Company.

 

(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. 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 whatsoever. In the event that the Trustee has a claim against the Company under this
Agreement, the Trustee will pursue such claim solely against the Company and not against the Property held in the Trust Account.

 

(h)          Each
of the Company and the Trustee hereby acknowledge that EBC is a third party beneficiary of this Agreement.

 

[Signature Page Follows]

 

 

    	10

    	 

    

  

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

 

	 	BARINGTON/HILCO ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	CONTINENTAL STOCK TRANSFER
	 	 & TRUST COMPANY, as Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:  

 

[Signature Page to Trust Agreement]

  

    	11

    	 

    

 

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, upon notice to Company, from accumulated income following disbursement made to Company under Section 2	 	$	250	 
	Paying Agent Services as required pursuant to Section 1(i)	 	Billed to Company upon delivery of service pursuant to Section 1(i)	 	 	Prevailing rates	 

 

    	12

    	 

    

 

Exhibit A

[Letterhead of Company]

[Date]

 

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn:  Steven Nelson and Frank DiPaolo

 

Re:           Trust
Account No.     -           Termination Letter

 

Gentlemen:

 

Pursuant to paragraph 1(i) of the Investment Management Trust
Agreement between Barington/Hilco Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company
(“Trustee”), dated as of _________, 2015 (“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”).  Capitalized terms used herein and not otherwise defined 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 the Trust Account investments on __________ and to transfer the proceeds to the above-referenced account
at JP Morgan Chase Bank 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 and (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 if a vote is held and (b) joint written instructions from it 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.

 

    	13

    	 

    

 

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.

 

	 	Very truly yours,
	 	 
	 	
        BARINGTON/HILCO ACQUISTION

        CORP.

	 	 
	 	By:	 
	 	 	James A. Mitarotonda, Chairman of the

Board
	 	 	 
	 	By:	 
	 	 	Jared L. Landaw, Secretary

 

AGREED TO AND

ACKNOWLEDGED BY

 

EARLYBIRDCAPITAL, INC.

 

	By:	 	 

 

    	14

    	 

    

 

Exhibit B

[Letterhead of Company]

[Date]

 

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn:  Steven Nelson and Frank DiPaolo

 

Re:          Trust
Account No.     -           Termination Letter

 

Gentlemen:

 

Pursuant to paragraph 1(i) of the Investment Management Trust
Agreement between Barington/Hilco Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company
(“Trustee”), dated as of ________, 2015 (“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 IPO.  Capitalized
terms used herein and not otherwise defined 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 the Trust Account investments on ______________ and to transfer the total proceeds to the Trust
Checking Account at JP Morgan Chase Bank to await distribution to the Public Stockholders. The Company has selected ____________,
20__ as the record date for the purpose of determining the Public 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 Checking Account. You agree to be the Paying Agent of record and in your separate capacity as Paying Agent, to distribute
said funds directly to the Public 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,
	 	 
	 	BARINGTON/HILCO ACQUISTION CORP.
	 	 
	 	By:	 
	 	 	James A. Mitarotonda, Chairman of the Board
	 	 	 
	 	By:	 
	 	 	Jared L. Landaw, Secretary

 

cc: EarlyBirdCapital, Inc.

 

    	15

    	 

    

 

Exhibit C

[Letterhead of Company]

[Date]

 

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn:  Frank DiPaolo and Cynthia Jordan

 

Re:          Trust
Account No.

 

Gentlemen:

 

Pursuant to paragraph 2(a) of the Investment Management Trust
Agreement between Barington/Hilco Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company
(“Trustee”), dated as of ___________, 2015 (“Trust Agreement”), the Company hereby requests that you deliver
to the Company $_______ of the interest income earned on the Property as of the date hereof.  The Company needs such
funds to pay for its tax obligations.  In accordance with the terms of the Trust Agreement, you are hereby directed and
authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating
account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 
	 	BARINGTON/HILCO ACQUISTION CORP.
	 	 
	 	By:	 
	 	 	James A. Mitarotonda, Chairman of the Board
	 	 	 
	 	By:	 
	 	 	Jared L. Landaw, Secretary

 

cc: EarlyBirdCapital, Inc.

 

    	16

    	 

    

 

Exhibit D

[Letterhead of Company]

[Date]

 

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn:  Frank DiPaolo and Cynthia Jordan

 

Re:         Trust
Account No.

 

Gentlemen:

 

Pursuant to paragraph 2(b) of the Investment Management Trust
Agreement between Barington/Hilco Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust Company
(“Trustee”), dated as of __________, 2015 (“Trust Agreement”), the Company hereby requests that you deliver
to the Company $_______ of the interest income earned on the Property as of the date hereof.  The Company needs such
funds to cover its expenses relating to investigating and selecting a target business and other working capital requirements.  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,
	 	 
	 	BARINGTON/HILCO ACQUISTION CORP.
	 	 
	 	By:	 
	 	 	James A. Mitarotonda, Chairman of the Board
	 	 	 
	 	By:	 
	 	 	Jared L. Landaw, Secretary

 

cc: EarlyBirdCapital, Inc.

 

    	17

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