Document:

Exhibit 4.5

 

THE REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE
HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER
OF THIS PURCHASE OPTION AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION FOR A PERIOD
OF 180 DAYS IMMEDIATELY FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER THAN (I) CANTOR FITZGERALD & CO. (“CFCO”)
OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF CFCO OR OF ANY SUCH SELECTED DEALER,
EXCEPT IN ACCORDANCE WITH FINRA RULE 5110(G)(2), NOR WILL the Purchase Option (or the units,
Shares of common stock and Warrants underlying this Purchase Option) be the subject of any hedging, short sale, derivative, put
or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately
following the Effective Date AS PROVIDED BY FINRA CONDUCT RULE 5110(G)(1).

 

THIS PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF THE
CONSUMMATION BY JM GLOBAL HOLDING COMPANY (“COMPANY”) OF A MERGER, SHARE EXCHANGE, ASSET ACQUISITION,
SHARE PURCHASE, RECAPITALIZATION, REORGANIZATION OR OTHER SIMILAR BUSINESS COMBINATION WITH ONE OR MORE BUSINESSES OR ENTITIES
(“BUSINESS COMBINATION”) (AS DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT (DEFINED
HEREIN)) AND JULY 23, 2016. VOID AFTER 5:00 P.M. NEW YORK CITY LOCAL TIME, ON THE EXPIRATION DATE (DEFINED HEREIN).

 

UNIT PURCHASE OPTION

 

FOR THE PURCHASE OF

 

400,000 UNITS

 

OF

 

JM GLOBAL HOLDING COMPANY

 

1.             Purchase
Option.

 

THIS CERTIFIES THAT, in consideration of $100.00 duly paid by or
on behalf of Cantor Fitzgerald & Co. (“Holder”), as registered owner of this Purchase Option, to
JM Global Holding Company (“Company”), Holder is entitled, at any time or from time to time upon
the later of the consummation of a Business Combination or July 23, 2016 (“Commencement Date”), and at
or before 5:00 p.m., New York City local time, on the five year anniversary of the effective date (“Effective Date”)
of the Company’s registration statement (“Registration Statement”) pursuant to which Units are
offered for sale to the public (“Offering”), but not thereafter (“Expiration Date”),
to subscribe for, purchase and receive, in whole or in part, up to Four Hundred Thousand (400,000) units (“Units”)
of the Company, each Unit consisting of one share of common stock of the Company, par value $0.0001 per share (“Common
Stock”), and one warrant (“Warrant(s)”), each to purchase one-half (1/2) of a share of
Common Stock.  Each Warrant is the same as the warrant included in the Units being registered for sale to the public
by way of the Registration Statement (“Public Warrants”).  If the Expiration Date is a day
on which banking institutions are authorized by law to close, then this Purchase Option may be exercised on the next succeeding
day which is not such a day in accordance with the terms herein. Notwithstanding anything to the contrary, neither this Purchase
Option nor the Warrants underlying this Purchase Option may be exercisable after the five year anniversary of the Effective Date.
During the period ending on the Expiration Date, the Company agrees not to take any action that would terminate the Purchase Option.
This Purchase Option is initially exercisable at $10.00 per Unit so purchased; provided, however, that upon the occurrence of any
of the events specified in Section 6 hereof, the rights granted by this Purchase Option, including the exercise price per Unit
and the number of Units (and shares of Common Stock and Warrants) to be received upon such exercise, shall be adjusted as therein
specified. The term “Exercise Price” shall mean the initial exercise price or the adjusted exercise price, depending
on the context.

 

    	 

    	 

    

 

2.            Exercise.

 

2.1          Exercise
Form. In order to exercise this Purchase Option, the exercise form attached hereto must be duly executed and completed and
delivered to the Company, together with this Purchase Option and, subject to Section 2.3, payment of the Exercise Price for the
Units being purchased payable in cash or by certified check or official bank check. If the subscription rights represented hereby
shall not be exercised at or before 5:00 p.m., New York City local time, on the Expiration Date this Purchase Option shall become
and be void without further force or effect, and all rights represented hereby shall cease and expire.

 

2.2          Legend.
Each certificate for the securities purchased under this Purchase Option shall bear a legend as follows unless such securities
have been registered under the Securities Act of 1933, as amended (“Act”):

 

“The securities represented by this certificate have not been
registered under the Securities Act of 1933, as amended (“Act”) or applicable state law. The securities may not be
offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant
to an exemption from registration under the Act and applicable state law.”

 

2.3          Cashless
Exercise.

 

2.3.1           Determination
of Amount. In lieu of the payment of the Exercise Price multiplied by the number of Units for which this Purchase Option is
exercisable (and in lieu of being entitled to receive shares of Common Stock and Warrants) in the manner required by Section 2.1,
and subject to Section 6.1 hereof, the Holder shall have the right (but not the obligation) to convert any exercisable but unexercised
portion of this Purchase Option into Units (“Cashless Exercise Right”) as follows:  upon exercise
of the Cashless Exercise Right, the Company shall deliver to the Holder (without payment by the Holder of any of the Exercise Price
in cash) that number of Units (or that number of shares of Common Stock and Warrants comprising that number of Units) equal to
the number of Units to be exercised multiplied by the quotient obtained by dividing (x) the “Value” (as defined below)
of the portion of the Purchase Option being converted by (y) the Current Market Value (as defined below).  The “Value”
of the portion of the Purchase Option being converted shall equal the remainder derived from subtracting (a) (i) the Exercise Price
multiplied by (ii) the number of Units underlying the portion of this Purchase Option being converted from (b) the Current Market
Value of a Unit multiplied by the number of Units underlying the portion of the Purchase Option being converted.  As
used herein, the term “Current Market Value” per Unit at any date means: (A) in the event that the Units, shares of
Common Stock and Public Warrants are still trading, (i) if the Units are listed on a national securities exchange or quoted on
the OTC Bulletin Board (or successor exchange), the average reported last sale price of the Units in the principal trading market
for the Units as reported by the exchange, Nasdaq or the Financial Industry Regulatory Authority (“FINRA”),
as the case may be, for the five trading days preceding the date in question; or (ii) if the Units are not listed on a national
securities exchange or quoted on the OTC Bulletin Board (or successor exchange), but is traded in the residual over-the-counter
market, the average reported last sale price for Units for the five trading days preceding the date in question for which such
quotations are reported by the Pink Sheets, LLC or similar publisher of such quotations; (B) in the event that the Units are not
still trading but the Common Stock and Public Warrants underlying the Units are still trading, the aggregate of (i) the product
of (x) the Current Market Price of the Common Stock and (y) the number of the shares of Common Stock underlying one Unit plus (ii)
the product of (x) the Current Market Price of the Public Warrants and (y) the number of the Warrants included in one Unit; or
(C) in the event that neither the Units nor Public Warrants are still trading, the aggregate of (i) the product of (x) the Current
Market Price of the Common Stock and (y) the number of the shares of Common Stock underlying one Unit plus (ii) the remainder derived
from subtracting (x) the exercise price of the Warrants multiplied by the number of shares of Common Stock issuable upon exercise
of the Warrants underlying one Unit from (y) the product of (aa) the Current Market Price of the shares of Common Stock multiplied
by (bb) the number of shares of Common Stock underlying the Warrants included in each such Unit. The “Current Market
Price” shall mean (i) if the shares of Common Stock (or Public Warrants, as the case may be) are listed on a national
securities exchange or quoted on the OTC Bulletin Board (or successor exchange), the average reported last sale price of the shares
of Common Stock (or Public Warrants) in the principal trading market for the Common Stock (or Public Warrants) as reported by the
exchange, Nasdaq or FINRA, as the case may be, for the five trading days preceding the date in question; (ii) if the shares of
Common Stock (or Public Warrants, as the case may be) are not listed on a national securities exchange or quoted on the OTC Bulletin
Board (or successor exchange), but are traded in the residual over-the-counter market, the average reported last sale price for
the Common Stock (or Public Warrants) on for the five trading days preceding the date in question for which such quotations are
reported by the Pink Sheets, LLC or similar publisher of such quotations; and (iii) if the fair market value of the Common Stock
cannot be determined pursuant to clause (i) or (ii) above, such price as the Board of Directors of the Company shall determine,
in good faith.  In the event the Public Warrants have expired and are no longer exercisable, no “Value” shall
be attributed to the Warrants underlying this Purchase Option.

 

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2.3.2           Mechanics
of Cashless Exercise. The Cashless Exercise Right may be exercised by the Holder on any business day on or after the Commencement
Date and not later than the Expiration Date by delivering the Purchase Option with the duly executed exercise form attached hereto
with the cashless exercise section completed to the Company, exercising the Cashless Exercise Right and specifying the total number
of Units the Holder will purchase pursuant to such Cashless Exercise Right.

 

2.4          No
Obligation to Net Cash Settle. Notwithstanding anything to the contrary contained in this Purchase Option, in no event will
the Company be required to net cash settle the exercise of the Purchase Option or Warrants underlying the Purchase Option. The
holder of the Purchase Option and the Warrants underlying the Purchase Option will not be entitled to exercise the Purchase Option
or the Warrants underlying such Purchase Option unless it exercises such Purchase Option pursuant to the Cashless Exercise Right
or a registration statement is effective, or an exemption from the registration requirements is available at such time and, if
the holder is not able to exercise the Purchase Option or underlying Warrants, the Purchase Option and/or the underlying Warrants,
as applicable, will expire worthless.

 

3.           Transfer.

 

3.1          General
Restrictions. The registered Holder of this Purchase Option, by its acceptance hereof, agrees that it will not sell, transfer,
assign, pledge or hypothecate this Purchase Option (or the shares of Common Stock and Warrants underlying this Purchase Option)
for a period of 180 days pursuant to FINRA Conduct Rule 5110(g)(1) following the Effective Date to anyone other than (i) CFCO
or a selected dealer in connection with the Offering, or (ii) a bona fide officer or partner of CFCO or of any such selected
dealer, nor will the Purchase Option (or the shares of Common Stock and Warrants underlying this Purchase Option) be the subject
of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of the securities
by any person for a period of 180 days immediately following the Effective Date. On and after the 181st day after the Effective
Date, transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In order to make
any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed and completed,
together with the Purchase Option and payment of all transfer taxes, if any, payable in connection therewith. The Company shall
within five business days transfer this Purchase Option on the books of the Company and shall execute and deliver a new Purchase
Option or Purchase Options of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate
number of Units purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

 

3.2          Restrictions
Imposed by the Act. The securities evidenced by this Purchase Option shall not be transferred unless and until (i) the
Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption from
registration under the Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction
of the Company (the Company hereby agreeing that the opinion of Graubard Miller shall be deemed satisfactory evidence of the availability
of an exemption), or (ii) a registration statement or a post-effective amendment to the Registration Statement relating to
such securities has been filed by the Company and declared effective by the Securities and Exchange Commission (the “Commission”)
and compliance with applicable state securities law has been established.

 

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4.           New
Purchase Options to be Issued.

 

4.1          Partial
Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Option may be exercised or assigned in
whole or in part.  In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Option
for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price (except
to the extent that the Holder elects to exercise this Purchase Option by means of a cashless exercise as provided in Section 2.3
above) and/or transfer tax, the Company shall cause to be delivered to the Holder without charge a new Purchase Option of like
tenor to this Purchase Option in the name of the Holder evidencing the right of the Holder to purchase the number of Units purchasable
hereunder as to which this Purchase Option has not been exercised or assigned.

 

4.2          Lost
Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this
Purchase Option and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver
a new Purchase Option of like tenor and date. Any such new Purchase Option executed and delivered as a result of such loss, theft,
mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.

 

5.           Registration
Rights.

 

5.1          Demand
Registration.

 

5.1.1           Grant
of Right. The Company, upon written demand (“Initial Demand Notice”) of the Holder(s) of at least
51% of the Purchase Options and/or the underlying Units and/or the underlying securities (“Majority Holders”),
agrees to use its best efforts to register (the “Demand Registration”) under the Act on one occasion,
all or any portion of the Purchase Options requested by the Majority Holders in the Initial Demand Notice and all of the securities
underlying such Purchase Options, including the Units, shares of Common Stock, the Warrants and the shares of Common Stock underlying
the Warrants (collectively, the “Registrable Securities”). On such occasion, the Company will use its
best efforts to file a registration statement or a post-effective amendment to the Registration Statement covering the Registrable
Securities within sixty days after receipt of the Initial Demand Notice and use its best efforts to have such registration statement
or post-effective amendment declared effective as soon as possible thereafter. The demand for registration may be made at any time
during a period of five years beginning on the Effective Date.  The Initial Demand Notice shall specify the number of
shares of Registrable Securities proposed to be sold and the intended method(s) of distribution thereof. The Company will notify
all holders of the Purchase Options and/or Registrable Securities of the demand within ten days from the date of the receipt of
any such Initial Demand Notice. Each holder of Registrable Securities who wishes to include all or a portion of such holder’s
Registrable Securities in the Demand Registration (each such holder including shares of Registrable Securities in such registration,
a “Demanding Holder”) shall so notify the Company within fifteen (15) days after the receipt by the holder
of the notice from the Company. Upon any such request, the Demanding Holders shall be entitled to have their Registrable Securities
included in the Demand Registration, subject to Section 5.1.4. The Company shall not be obligated to effect more than one (1) Demand
Registration under this Section 5.1 in respect of all Registrable Securities.

 

5.1.2           Effective
Registration. A registration will not count as a Demand Registration until the registration statement filed with the Commission
with respect to such Demand Registration has been declared effective and the Company has complied with all of its obligations under
this Agreement with respect thereto.

 

5.1.3           Underwritten
Offering. If the Majority Holders so elect and such holders so advise the Company as part of the Initial Demand Notice, the
offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of an underwritten offering.
In such event, the right of any holder to include its Registrable Securities in such registration shall be conditioned upon such
holder’s participation in such underwriting and the inclusion of such holder’s Registrable Securities in the underwriting
to the extent provided herein. All Demanding Holders proposing to distribute their securities through such underwriting shall enter
into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Majority
Holders.

 

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5.1.4           Reduction
of Offering. If the managing underwriter or underwriters for a Demand Registration that is to be an underwritten offering advises
the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities which the
Demanding Holders desire to sell, taken together with all other shares of Common Stock or other securities which the Company desires
to sell and the shares of Common Stock, if any, as to which registration has been requested pursuant to written contractual piggy-back
registration rights held by other stockholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum
number of shares that can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution
method, or the probability of success of such offering (such maximum dollar amount or maximum number of shares, as applicable,
the “Maximum Number of Shares”), then the Company shall include in such registration: (i) first,
the Registrable Securities as to which Demand Registration has been requested by the Demanding Holders (pro rata in accordance
with the number of shares that each such Person has requested be included in such registration, regardless of the number of shares
held by each such Person (such proportion is referred to herein as “Pro Rata”)) that can be sold without
exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clause (i), the shares of Common Stock or other securities that the Company desires to sell that can be sold
without exceeding the Maximum Number of Shares; (iii) third, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clauses (i) and (ii), the shares of Common Stock or other securities registrable pursuant to the
terms of the Registration Rights Agreement between the Company and the initial investors in the Company, dated as of July 23, 2015
(the “Registration Rights Agreement” and such registrable securities, the “Investor Securities”)
as to which “piggy-back” registration has been requested by the holders thereof, Pro Rata, that can be sold without
exceeding the Maximum Number of Shares; and (iv) fourth, to the extent that the Maximum Number of Shares have not been reached
under the foregoing clauses (i), (ii), and (iii), the shares of Common Stock or other securities for the account of other
persons that the Company is obligated to register pursuant to written contractual arrangements with such persons and that can be
sold without exceeding the Maximum Number of Shares.

 

5.1.5           Withdrawal.
If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled to include all
of their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw from
such offering by giving written notice to the Company and the underwriter or underwriters of their request to withdraw prior to
the effectiveness of the registration statement filed with the Commission with respect to such Demand Registration. If the majority-in-interest
of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration, then the Company does not have to
continue its obligations under Section 5.1 with respect to such proposed offering.

 

5.1.6           Terms.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the expenses of any
legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities, but the Holders
shall pay any and all underwriting commissions. The Company agrees to use its reasonable best efforts to qualify or register the
Registrable Securities in such states as are reasonably requested by the Majority Holder(s); provided, however, that in no event
shall the Company be required to register the Registrable Securities in a state in which such registration would cause (i) the
Company to be obligated to qualify to do business in such state, or would subject the Company to taxation as a foreign corporation
doing business in such jurisdiction or (ii) the principal stockholders of the Company to be obligated to escrow their shares
of Common Stock of the Company. The Company shall use its best efforts to cause any registration statement or post-effective amendment
filed pursuant to the demand rights granted under Section 5.1.1 to remain effective for a period of nine consecutive months from
the effective date of such registration statement or post-effective amendment.

 

5.2          Piggy-Back
Registration.

 

5.2.1           Piggy-Back
Rights. If at any time during the seven year period commencing on the Effective Date the Company proposes to file a registration
statement under the Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable
for, or convertible into, equity securities, by the Company for its own account or for stockholders of the Company for their account
(or by the Company and by stockholders of the Company including, without limitation, pursuant to Section 5.1), other than a registration
statement (i) filed in connection with any employee share option or other benefit plan, (ii) for an exchange offer or
offering of securities solely to the Company’s existing stockholders, (iii) for an offering of debt that is convertible
into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall (x) give written notice
of such proposed filing to the holders of Registrable Securities as soon as practicable but in no event less than ten (10) days
before the anticipated filing date, which notice shall describe the amount and type of securities to be included in such offering,
the intended method(s) of distribution, and the name of the proposed managing underwriter or underwriters, if any, of the offering,
and (y) offer to the holders of Registrable Securities in such notice the opportunity to register the sale of such number of shares
of Registrable Securities as such holders may request in writing within five (5) days following receipt of such notice (a “Piggy-Back
Registration”). The Company shall cause such Registrable Securities to be included in such registration and shall
use its best efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to permit the Registrable
Securities requested to be included in a Piggy-Back Registration on the same terms and conditions as any similar securities of
the Company and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s)
of distribution thereof. All holders of Registrable Securities proposing to distribute their securities through a Piggy-Back Registration
that involves an underwriter or underwriters shall enter into an underwriting agreement in customary form with the underwriter
or underwriters selected for such Piggy-Back Registration.

 

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5.2.2         Reduction
of Offering. If the managing underwriter or underwriters for a Piggy-Back Registration that is to be an underwritten offering
advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of shares of Common Stock
which the Company desires to sell, taken together with shares of Common Stock, if any, as to which registration has been demanded
pursuant to written contractual arrangements with persons other than the holders of Registrable Securities hereunder, the Registrable
Securities as to which registration has been requested under this Section 5.2, and the shares of Common Stock, if any, as to which
registration has been requested pursuant to the written contractual piggy-back registration rights of other stockholders of the
Company, exceeds the Maximum Number of Shares, then the Company shall include in any such registration:

 

(a)           If
the registration is undertaken for the Company’s account: (A) first, the shares of Common Stock or other securities
that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent
that the Maximum Number of Shares has not been reached under the foregoing clause (A), the shares of Common Stock or other
securities, if any, comprised of  Registrable Securities and Investor Securities, as to which registration has been requested
pursuant to the applicable written contractual piggy-back registration rights of such security holders, Pro Rata, that can be sold
without exceeding the Maximum Number of Shares; and (C) third, to the extent that the Maximum Number of shares has not been
reached under the foregoing clauses (A) and (B), the shares of Common Stock or other securities for the account of other persons
that the Company is obligated to register pursuant to written contractual piggy-back registration rights with such persons and
that can be sold without exceeding the Maximum Number of Shares;

 

(b)           If
the registration is a “demand” registration undertaken at the demand of holders of Investor Securities, (A) first,
the shares of Common Stock or other securities for the account of the demanding persons, Pro Rata, that can be sold without exceeding
the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clause (A), the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clauses (A) and (B), the shares of Registrable Securities, Pro Rata, as to which registration has been requested pursuant
to the terms hereof, that can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the extent that the
Maximum Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), the shares of Common Stock or
other securities for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements
with such persons, that can be sold without exceeding the Maximum Number of Shares; and

 

(c)           If
the registration is a “demand” registration undertaken at the demand of persons other than either the holders of Registrable
Securities or of Investor Securities, (A) first, the shares of Common Stock or other securities for the account of the demanding
persons that can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clause (A), the shares of Common Stock or other securities that the Company desires to
sell that can be sold without exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clauses (A) and (B), collectively the shares of Common Stock or other securities comprised
of Registrable Securities and Investor Securities, Pro Rata, as to which registration has been requested pursuant to the terms
hereof and of the Registration Rights Agreement, as applicable, that can be sold without exceeding the Maximum Number of Shares;
and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B) and (C),
the shares of Common Stock or other securities for the account of other persons that the Company is obligated to register pursuant
to written contractual arrangements with such persons, that can be sold without exceeding the Maximum Number of Shares.

 

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5.2.3        Withdrawal.
Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable Securities
in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness
of the registration statement. The Company (whether on its own determination or as the result of a withdrawal by persons making
a demand pursuant to written contractual obligations) may withdraw a registration statement at any time prior to the effectiveness
of the registration statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders
of Registrable Securities in connection with such Piggy-Back Registration as provided in Section 5.2.4.

 

5.2.4           Terms.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the expenses of any
legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities but the Holders
shall pay any and all underwriting commissions related to the Registrable Securities. In the event of such a proposed registration,
the Company shall furnish the then Holders of outstanding Registrable Securities with not less than fifteen days written notice
prior to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for
each applicable registration statement filed (during the period in which the Purchase Option is exercisable) by the Company until
such time as all of the Registrable Securities have been registered and sold. The Holders of the Registrable Securities shall exercise
the “piggy-back” rights provided for herein by giving written notice, within ten days of the receipt of the Company’s
notice of its intention to file a registration statement. The Company shall use its best efforts to cause any registration statement
filed pursuant to the above “piggyback” rights to remain effective for at least nine months from the date that the
Holders of the Registrable Securities are first given the opportunity to sell all of such securities.

 

5.3          General
Terms.

 

5.3.1           Indemnification.
The Company shall, to the fullest extent permitted by applicable law, indemnify the Holder(s) of the Registrable Securities to
be sold pursuant to any registration statement hereunder and each person, if any, who controls such Holders within the meaning
of Section 15 of the Act or Section 20(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”),
against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably
incurred in investigating, preparing or defending against litigation, commenced or threatened, or any claim whatsoever whether
arising out of any action between the underwriter and the Company or between the underwriter and any third party or otherwise)
to which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such registration statement
but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify CFCO
contained in Section 5 of the Underwriting Agreement between the Company and CFCO dated the Effective Date. The Holder(s) of the
Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns, shall severally, and
not jointly, indemnify the Company, its officers and directors and each person, if any, who controls the Company within the meaning
of Section 15 of the Act or Section 20(a) of the Exchange Act, against all loss, claim, damage, expense or liability (including
all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any
claim whatsoever) to which they may become subject under the Act, the Exchange Act or otherwise, arising from information furnished
by or on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion in such registration statement
to the same extent and with the same effect as the provisions contained in Section 5 of the Underwriting Agreement pursuant to
which CFCO has agreed to indemnify the Company.

 

5.3.2        Exercise
of Purchase Options. Nothing contained in this Purchase Option shall be construed as requiring the Holder(s) to exercise their
Purchase Options or Warrants underlying such Purchase Options prior to or after the initial filing of any registration statement
or the effectiveness thereof.

 

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5.3.3           Documents
Delivered to Holders. The Company shall furnish CFCO, as representative of the Holders participating in any of the foregoing
offerings, a signed counterpart, addressed to the participating Holders, of (i) an opinion of counsel to the Company, dated the
effective date of such registration statement (and, if such registration includes an underwritten public offering, an opinion dated
the date of the closing under any underwriting agreement related thereto), and (ii) if such registration statement is filed in
connection with an underwritten public offering, a “cold comfort” letter dated the effective date of such registration
statement (and, if such registration includes an underwritten public offering, a letter dated the date of the closing under the
underwriting agreement) signed by the independent public accountants who have issued a report on the Company’s financial
statements included in such registration statement, in each case covering substantially the same matters with respect to such registration
statement (and the prospectus included therein) and, in the case of such accountants’ letter, with respect to events subsequent
to the date of such financial statements, as are customarily covered in opinions of issuer’s counsel and in accountants’
letters delivered to underwriters in underwritten public offerings of securities. The Company shall also deliver promptly to CFCO,
as representative of the Holders participating in the offering, the correspondence and memoranda described below and copies of
all correspondence between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with
the Commission or its staff with respect to the registration statement and permit CFCO, as representative of the Holders, to do
such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration statement
as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation shall include
access to books, records and properties and opportunities to discuss the business of the Company with its officers and independent
auditors, all to such reasonable extent and at such reasonable times and as often as CFCO, as representative of the Holders, shall
reasonably request. The Company shall not be required to disclose any confidential information or other records to CFCO, as representative
of the Holders, or to any other person, until and unless such persons shall have entered into reasonable confidentiality agreements
(in form and substance reasonably satisfactory to the Company), with the Company with respect thereto.

 

5.3.4           Underwriting
Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any
Holders whose Registrable Securities are being registered pursuant to this Section 5, which managing underwriter shall be reasonably
acceptable to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and
such managing underwriters, and shall contain such representations, warranties and covenants by the Company and such other terms
as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall be parties to any underwriting
agreement relating to an underwritten sale of their Registrable Securities and may, at their option, require that any or all the
representations, warranties and covenants of the Company to or for the benefit of such underwriters shall also be made to and for
the benefit of such Holders. Such Holders shall not be required to make any representations or warranties to or agreements with
the Company or the underwriters except as they may relate to such Holders and their intended methods of distribution. Such Holders,
however, shall agree to such covenants and indemnification and contribution obligations for selling stockholders as are customarily
contained in agreements of that type used by the managing underwriter. Further, such Holders shall execute appropriate custody
agreements and otherwise cooperate fully in the preparation of the registration statement and other documents relating to any offering
in which they include securities pursuant to this Section 5. Each Holder shall also furnish to the Company such information regarding
itself, the Registrable Securities held by it, and the intended method of disposition of such securities as shall be reasonably
required to effect the registration of the Registrable Securities.

 

5.3.5           Rule
144 Sale. Notwithstanding anything contained in this Section 5 to the contrary, the Company shall have no obligation pursuant
to Sections 5.1 or 5.2 to use its best efforts to obtain the registration of Registrable Securities held by any Holder (i) where
such Holder would then be entitled to sell under Rule 144 within any three-month period (or such other period prescribed under
Rule 144 as may be provided by amendment thereof) all of the Registrable Securities then held by such Holder, and (ii) where the
number of Registrable Securities held by such Holder is within the volume limitations under paragraph (e) of Rule 144 (calculated
as if such Holder were an affiliate within the meaning of Rule 144).

 

    	8

    	 

    

 

5.3.6           Supplemental
Prospectus. Each Holder agrees, that upon receipt of any notice from the Company of the happening of any event as a result
of which the prospectus included in the registration statement, as then in effect, includes an untrue statement of a material fact
or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light
of the circumstances then existing, such Holder will immediately discontinue disposition of Registrable Securities pursuant to
the registration statement covering such Registrable Securities until such Holder’s receipt of the copies of a supplemental
or amended prospectus, and, if so desired by the Company, such Holder shall deliver to the Company (at the expense of the Company)
or destroy (and deliver to the Company a certificate of such destruction) all copies, other than permanent file copies then in
such Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice.

 

6.           Adjustments.

 

6.1         Adjustments
to Exercise Price and Number of Securities. The Exercise Price and the number of Units underlying the Purchase Option shall
be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1           Share
Dividends - Split-Ups. If after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
shares of Common Stock is increased by a share dividend payable in shares of Common Stock or by a split-up of shares of Common
Stock or other similar event, then, on the effective date thereof, the number of shares of Common Stock underlying each of the
Units purchasable hereunder shall be increased in proportion to such increase in outstanding shares. In such case, the number of
shares of Common Stock, and the exercise price applicable thereto, underlying the Warrants underlying each of the Units purchasable
hereunder shall be adjusted in accordance with the terms of the Warrants.

 

6.1.2           Aggregation
of Shares. If after the date hereof, and subject to the provisions of Section 6.3, the number of outstanding shares of Common
Stock is decreased by a consolidation, combination or reclassification of shares of Common Stock or other similar event, then,
on the effective date thereof, the number of shares of Common Stock underlying each of the Units purchasable hereunder shall be
decreased in proportion to such decrease in outstanding shares. In such case, the number of shares of Common Stock, and the exercise
price applicable thereto, underlying the Warrants underlying each of the Units purchasable hereunder shall be adjusted in accordance
with the terms of the Warrants.

 

6.1.3           Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common
Stock other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such shares of Common
Stock, or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation
or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization
of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the property
of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder of
this Purchase Option shall have the right thereafter (until the expiration of the right of exercise of this Purchase Option) to
receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the
kind and amount of shares or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the number of shares of Common
Stock of the Company obtainable upon exercise of this Purchase Option and the underlying Warrants immediately prior to such event;
and if any reclassification also results in a change in shares of Common Stock covered by Section 6.1.1 or 6.1.2, then such adjustment
shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply
to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

 

6.1.4           Changes
in Form of Purchase Option. This form of Purchase Option need not be changed because of any change pursuant to this Section,
and Purchase Options issued after such change may state the same Exercise Price and the same number of Units as are stated in the
Purchase Options initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Options
reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Commencement
Date or the computation thereof.

 

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6.2          Substitute
Purchase Option. In case of any consolidation of the Company with, or merger of the Company with, or merger of the Company
into, another corporation (other than a consolidation or merger which does not result in any reclassification or change of the
outstanding shares of Common Stock), the corporation formed by such consolidation or merger shall execute and deliver to the Holder
a supplemental Purchase Option providing that the holder of each Purchase Option then outstanding or to be outstanding shall have
the right thereafter (until the stated expiration of such Purchase Option) to receive, upon exercise of such Purchase Option, the
kind and amount of shares and other securities and property receivable upon such consolidation or merger, by a holder of the number
of shares of Common Stock of the Company for which such Purchase Option might have been exercised immediately prior to such consolidation,
merger, sale or transfer. Such supplemental Purchase Option shall provide for adjustments which shall be identical to the adjustments
provided in Section 6. The above provision of this Section shall similarly apply to successive consolidations or mergers.

 

6.3          Elimination
of Fractional Interests. The Company shall not be required to issue certificates representing fractions of shares of Common
Stock or Warrants upon the exercise of the Purchase Option, nor shall it be required to issue scrip or pay cash in lieu of any
fractional interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction
up or down to the nearest whole number of Warrants, shares of Common Stock or other securities, properties or rights (or as otherwise
provided pursuant to the Warrant Agreement).

 

7.            Reservation
and Listing. The Company shall at all times reserve and keep available out of its authorized but unissued shares of Common
Stock, solely for the purpose of issuance upon exercise of the Purchase Options or the Warrants underlying the Purchase Option,
such number of shares of Common Stock or other securities, properties or rights as shall be issuable upon the exercise thereof.
The Company covenants and agrees that, upon exercise of the Purchase Options and payment of the Exercise Price therefor, all shares
of Common Stock and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable
and not subject to preemptive rights of any stockholder. The Company further covenants and agrees that upon exercise of the Warrants
underlying the Purchase Options and payment of the respective Warrant exercise price therefor, all shares of Common Stock and other
securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive
rights of any stockholder. As long as the Purchase Options shall be outstanding, the Company shall use its best efforts to cause
all (i) Units and shares of Common Stock issuable upon exercise of the Purchase Options, (ii) Warrants issuable upon exercise of
the Purchase Options and (iii) shares of Common Stock issuable upon exercise of the Warrants included in the Units issuable upon
exercise of the Purchase Option to be listed (subject to official notice of issuance) on all securities exchanges (or, if applicable
on the OTC Bulletin Board or any successor trading market) on which the Units, the shares of Common Stock or the Public Warrants
issued to the public in connection herewith may then be listed and/or quoted.

 

8.           Certain
Notice Requirements.

 

8.1         Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent as a
stockholder for the election of directors or any other matter, or as having any rights whatsoever as a stockholder of the Company.
If, however, at any time prior to the expiration of the Purchase Options and their exercise, any of the events described in Section
8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen days
prior to the date fixed as a record date or the date of closing the transfer books for the determination of the stockholders entitled
to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed
dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer
books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice given
to the other stockholders of the Company at the same time and in the same manner that such notice is given to the stockholders.

 

    	10

    	 

    

 

8.2         Events
Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the following
events: (i) if the Company shall take a record of the holders of its shares of Common Stock for the purpose of entitling them to
receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out
of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company, or
(ii) the Company shall offer to all the holders of its shares of Common Stock any additional shares of the Company or securities
convertible into or exchangeable for shares of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution,
liquidation or winding up of the Company (other than in connection with a consolidation or merger) or a sale of all or substantially
all of its property, assets and business shall be proposed.

 

8.3         Notice
of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to
Section 6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice
shall describe the event causing the change and the method of calculating same and shall be certified as being true and accurate
by the Company’s President and Chief Financial Officer.

 

8.4         Transmittal
of Notices. All notices, requests, consents and other communications under this Purchase Option shall be in writing and shall
be deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered
Holder of the Purchase Option, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to
the following address or to such other address as the Company may designate by notice to the Holders:

 

JM Global Holding Company

1615 South Congress Avenue

Suite 103

Delray Beach, Florida 33445

Attn: Chief Executive Officer

Fax.: [__]

Email: [__]

 

9.            Miscellaneous.

 

9.1         Amendments.
The Company and CFCO may from time to time supplement or amend this Purchase Option without the approval of any of the Holders
in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with
any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company
and CFCO may deem necessary or desirable and that the Company and CFCO deem shall not adversely affect the interest of the Holders.
All other modifications or amendments shall require the written consent of and be signed by the party against whom enforcement
of the modification or amendment is sought.

 

9.2          Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of this Purchase Option.

 

9.3          Entire
Agreement. This Purchase Option (together with the other agreements and documents being delivered pursuant to or in connection
with this Purchase Option) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and
supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4          Binding
Effect. This Purchase Option shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and
their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed
to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Option or any provisions
herein contained.

 

    	11

    	 

    

 

9.5          Governing
Law; Submission to Jurisdiction. This Purchase Option shall be governed by and construed and enforced in accordance with the
laws of the State of New York, without giving effect to conflict of laws. The Company hereby agrees that any action, proceeding
or claim against it arising out of, or relating in any way to this Purchase Option shall be resolved through final and binding
arbitration in accordance with the International Arbitration Rules of the American Arbitration Association (“AAA”).  The
arbitration shall be brought before the AAA International Center for Dispute Resolution’s offices in New York City, New York,
will be conducted in English and will be decided by a panel of three arbitrators selected from the AAA Commercial Disputes Panel
and that the arbitrator panel’s decision shall be final and enforceable by any court having jurisdiction over the party from
whom enforcement is sought.  The cost of such arbitrators and arbitration services, together with the prevailing party’s
legal fees and expenses, shall be borne by the non-prevailing party or as otherwise directed by the arbitrators.  The
Company hereby appoints, without power of revocation, Ellenoff Grossman & Schole LLP, 1345 Avenue of the Americas, New York,
NY 10105, Fax No.: (212) 370-7889 Attn: Stuart Neuhauser, Esq., as agent to accept and acknowledge on its behalf service of any
and all process which may be served in any arbitration, action, proceeding or counterclaim in any way relating to or arising out
of this Purchase Option.

 

9.6         Waiver,
Etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Option shall not
be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Option or any
provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Option.
No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Option shall be effective
unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought;
and no waiver of any such breach, non-compliance or non- fulfillment shall be construed or deemed to be a waiver of any other or
subsequent breach or non-compliance.

 

9.7         Execution
in Counterparts. This Purchase Option may be executed in one or more counterparts, and by the different parties hereto in separate
counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same
agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered
to each of the other parties hereto.

 

    	12

    	 

    

 

IN WITNESS WHEREOF, the Company has caused this
Purchase Option to be signed by its duly authorized officer as of the 29th day of July, 2015.

 

	 	JM GLOBAL HOLDING COMPANY
	 	 	
         

	 	By:	/s/ Tim Richerson
	 	 	Name: Tim Richerson
	 	 	Title: CEO

 

 

    	13

    	 

    

 

Form to be used to exercise Purchase Option:

 

JM Global Holding Company

1615 South Congress Avenue

Suite 103

Delray Beach, Florida 33445

Fax No.: [__]

Attn.: Chief Executive Officer

 

Date:_________________, 20___

 

The undersigned hereby elects irrevocably to
exercise all or a portion of the within Purchase Option and to purchase ____ Units of JM Global Holding Company and hereby makes
payment of $____________ (at the rate of $_________ per Unit) in payment of the Exercise Price pursuant thereto. Please issue the
securities as to which this Purchase Option is exercised in accordance with the instructions given below.

 

or

 

The undersigned hereby elects
irrevocably to convert its right to purchase _________ Units purchasable under the within Purchase Option by surrender of the
unexercised portion of the attached Purchase Option (with a “Value” based of $_______ based on a “Market Price”
of $_______). Please issue the securities comprising the Units as to which this Purchase Option is exercised in accordance with
the instructions given below.

 

	 	 
	 	NOTICE:  The signature to this assignment must correspond with the name as written upon the face of the purchase option in every particular, without alteration or enlargement or any change whatever.

 

Signature(s) Guaranteed:

 

	 
	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

 

    	14

    	 

    

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

Name

 

	 	 
	 	(Print in Block Letters)

 

Address

 

	 	 

 

    	15

    	 

    

 

Form to be used to assign Purchase Option:

 

ASSIGNMENT

 

(To be executed by the registered Holder to
effect a transfer of the within Purchase Option):

 

FOR VALUE
RECEIVED,_________________________________________ does hereby sell, assign and transfer
unto________________________________________ the right to purchase __________ Units of JM Global Holding Company
(“Company”) evidenced by the within Purchase Option and does hereby authorize the Company to
transfer such right on the books of the Company.

 

Dated: ___________________, 20__

 

	 	Signature
	 	 
	 	 
	 	NOTICE:  The signature to this assignment must correspond with the name as written upon the face of the purchase option in every particular, without alteration or enlargement or any change whatever.

 

Signature(s) Guaranteed:

 

	 
	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

 

 

16Exhibit 10.3

 

July 23, 2015

 

JM Global Holding Company

1615 South Congress Avenue

Suite 103

Delray Beach, Florida 33445

 

Cantor Fitzgerald & Co.

499 Park Avenue

New York, New York 10022

 

Re:      Initial
Public Offering

 

Ladies and Gentlemen:

 

  This letter (“Letter
Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting
Agreement”) entered into, or proposed to be entered into, by and between JM Global Holding Company, a Delaware corporation
(the “Company”),  and Cantor Fitzgerald & Co. (“Cantor Fitzgerald”
or the “Underwriter”), relating to an underwritten initial public offering (the “Offering”),
of 5,000,000 of the Company’s units (the “Units”), each comprised of one share of the Company’s
common stock, par value $0.0001 per share (the “ Common Stock ”), and one warrant exercisable for one
half of one share of Common Stock (each, a “Warrant”). The Units sold in the Offering will be registered
under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to a registration statement on Form S-1
and prospectus (the “Prospectus”) filed by the Company with the Securities and Exchange Commission (the
“Commission”). The Company expects that the Units will be listed for trading on the Nasdaq Capital Market.
Certain capitalized terms used herein are defined in paragraph 15 hereof.

 

  The undersigned signatory
hereto hereby agree with the Company as follows:

 

1.                Each
Insider agrees that, if the Company seeks stockholder approval of a proposed initial Business Combination, then in connection with
such proposed initial Business Combination, such person shall vote, as applicable, all Founder Shares, Placement Shares and any
shares acquired by such person in the Offering or in the secondary public market in favor of such proposed initial Business Combination.

 

2.                (a)           Each
Insider hereby agrees that, if the Company fails to consummate a Business Combination within 24 months from the consummation of
the Offering, such person shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose
of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Offering Shares
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including any amounts
representing interest earned on the Trust Account less any interest released to, or reserved for use by, the Company for working
capital purposes, payment of taxes or dissolution expenses, divided by the number of Offering Shares then outstanding, which redemption
will completely extinguish the holder’s rights as a stockholder with respect to his, her or its Offering Shares (including
the right to receive further liquidation distributions, if any), subject to applicable law, 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 (the “Board”), dissolve and liquidate, subject in the case 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.

  

       (b)           Each
Insider agrees to not propose any amendment to the Company’s amended and restated certificate of incorporation that would
affect the substance or timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company does not
consummate a Business Combination within 24 months from the completion of the Offering, unless the Company provides the holders
of Offering Shares with the opportunity to redeem their Offering Shares upon approval of any such amendment at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account, including any amounts representing interest
earned on the Trust Account less any interest released to, or reserved for use by, the Company for working capital purposes or
payment of taxes, divided by the number of then outstanding Offering Shares.

 

    	 

    	 

    

 

       (c)           Each
Insider acknowledges and agrees that Founder Shares or Placement Shares held by him, her or it are not entitled to, and have no
right, interest or claim of any kind in or to, any monies held in the Trust Account or distributed as a result of any liquidation
of the Trust Account.

 

(d)           Each
Insider waives, with respect to any Founder Shares or Placement Shares held by such undersigned party, any redemption rights he,
she or it may have (i) in connection with the consummation of an initial Business Combination, (ii) if the Company fails to consummate
its initial Business Combination or liquidates within 24 months from the completion of the Offering or (iii) if the Company seeks
an amendment to its amended and restated certificate of incorporation that would affect the substance or timing of the Company’s
obligation to redeem 100% of the Offering Shares as described above. If any of the Insiders should acquire Offering Shares in or
after the Offering, each Insider hereby waives with respect to such Offering Shares held by such undersigned party any redemption
rights such party may have in connection with the consummation of a Business Combination; provided, however, that such waiver does
not apply to 2,000,000 of the 3,000,000 Offering Shares which the Sponsor and parties associated with the Sponsor may purchase
in the Offering, and the Sponsor and parties associated with the Sponsor hereby waive the redemption rights any such party may
have in connection with the consummation of a Business Combination only with respect to the remaining 1,000,000 Offering Shares
they may purchase in the Offering; provided, further, that the Insiders will be entitled to redemption rights with respect to such
Offering Shares held by them if the Company fails to consummate a Business Combination or liquidates within 24 months from completion
of the Offering.

 

3.                (a)           To
the extent that the Underwriter does not exercise its over-allotment option to purchase an additional 750,000 Units (as described
in the Prospectus), the Initial Holders shall return to the Company for cancellation, at no cost, an aggregate number of Founder
Shares determined by multiplying 192,188 by a fraction: (i) the numerator of which is 750,000 minus the number of shares of the
Common Stock purchased by the Underwriter upon the exercise of their over-allotment option, and (ii) the denominator of which is
750,000.  The Initial Holders further agree that, if the Company effects a stock split, stock dividend, reverse stock
split, contribution back to capital or otherwise in connection with any increase or decrease in the size of the Offering, to the
extent that the Underwriter does not exercise its over-allotment option in full, the aggregate number of shares that the Initial
Holders will be required to return to the Company as set forth in the immediately preceding sentence shall be adjusted so that
the Founder Shares held by the Initial Holders and their Permitted Transferees represent 20% of the Company’s issued and
outstanding shares of Common Stock (including, without limitation, the Placement Shares) immediately following such forfeiture.
The number of Founder Shares to be returned by each Initial Holder, if any, pursuant to this paragraph 3(a) shall be determined
on a pro-rata basis based on the percentage of outstanding Founder Shares held by each Initial Holder at the time of such forfeiture.

 

(b)           With
respect to Founder Shares owned by the Insiders, such securities shall not be transferable or salable (i) for one year following
the initial Business Combination or (ii) earlier, if the closing price of the Common Stock exceeds $12.00 for any 20 trading days
within a 30-trading day period at least 150 days following the consummation of the initial Business Combination, or earlier, in
any case, if, following a Business Combination, the Company engages in a subsequent transaction (1) resulting in the Company’s
shareholders having the right to exchange their shares for cash or other securities or (2) involving a consolidation, merger or
similar transaction that results in change in the majority of the Company’s board of directors or management team in which
the Company is the surviving entity (such applicable period being the “Founder Lock-Up Period”). 
During the Founder Lock-Up Period, the Insiders shall not, except as described in the Prospectus, (i) sell, offer to sell, contract
or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or
indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning
of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder
(the “Exchange Act”), with respect to the Founder Shares then subject to the Founder Lock-Up Period,
(ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of any of the Founder Shares then subject to the Founder Lock-Up Period, whether any such transaction is to be settled
by delivery of the Common Stock or such other securities, in cash or otherwise, or (iii) publicly announce any intention to effect
any transaction specified in clause (b)(i) or (b)(ii).

 

    	2

    	 

    

 

(c)           Until
30 days after the consummation of the initial Business Combination (“Placement Unit Lock-Up Period”),
the Sponsor shall not, except as described in the Prospectus, (i) sell, offer to sell, contract or agree to sell, hypothecate,
pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase
a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange
Act with respect to the Placement Units, Placement Shares, Placement Warrants, or shares of Common Stock underlying the Placement
Warrants, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of any of the Placement Units, Placement Shares, Placement Warrants, or shares of Common Stock underlying the Placement
Warrants, whether any such transaction is to be settled by delivery of the Common Stock or such other securities, in cash or otherwise,
or (iii) publicly announce any intention to effect any transaction specified in clause (c)(i) or (c)(ii).

 

(d)           Notwithstanding
the provisions contained in paragraphs 3(b) and 3(c) hereof, any Insider may transfer, as applicable, the Founder Shares and/or
Placement Units, Placement Shares, Placement Warrants, or shares of Common Stock underlying the Placement Warrants: (a) to the
Company’s officers, the Company’s directors, the or the Initial Holders, (b) to an affiliate or immediate family member
of any of the Company’s officers, directors and Initial Holders, (c) to any member, officer or director of the Sponsor, or
any immediate family member, partner, affiliate or employee of a member of the Sponsor, (d) by gift to any permitted transferee
under any of the immediately preceding subsections (a) through (c), a trust, the beneficiaries of which are one or more permitted
transferees under any of the immediately preceding subsections (a) through (c), or a charitable organization, (e) by virtue of
laws of descent and distribution upon death of any of the Company’s officers, directors, Initial Holders, members of the
Sponsor, (f) pursuant to a qualified domestic relations order, (g) by private sales or transfers made in connection with the consummation
of a Business Combination at prices no greater than the price at which the securities were originally purchased, (h) in the event
of our liquidation prior to consummation of the initial Business Combination, (i) by virtue of the laws of the Republic of the
Seychelles, the Sponsor’s memorandum and articles of association upon dissolution of the Sponsor, (j) subsequent to the initial
Business Combination, upon and in connection with a liquidation, merger, stock exchange or other similar transaction which results
in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other
property or (k) subsequent to the initial Business Combination, in the event of a consolidation merger, stock exchange or similar
transaction in which the company is the surviving entity that results in a change in the majority of the Company’s board
of directors or management team (“each, a “Permitted Transferee”); provided, however, that, in
the case of clauses (a) through (g), these transferees enter into a written agreement with the Company agreeing to be bound
by the transfer restrictions set forth herein.

 

(e)           Further,
each Insider agrees that after the Founder Lock-Up Period or the Placement Unit Lock-Up Period, as applicable, has elapsed, the
Founder Shares and/or Placement Units, Placement Shares, Placement Warrants, or shares of Common Stock underlying the Placement
Warrants owned by such Insider shall only be transferable or saleable pursuant to a sale registered under the Securities Act
or pursuant to an available exemption from registration under the Securities Act. The Company and each Insider acknowledges that
pursuant to that certain registration rights agreement to be entered into among the Company and certain security holders of the
Company, parties to the agreement may request that a registration statement relating to the Founder Shares and/or Placement Units,
Placement Shares, Placement Warrants, or shares of Common Stock underlying the Placement Warrants be filed by the Company with
the Commission prior to the end of the Founder Lock-Up Period or the Placement Unit Lock-Up Period, as the case may be;  provided, 
however, that such registration statement does not become effective prior to the end of the Founder Lock-Up Period or the Placement
Unit Lock-Up Period, as applicable.

 

(f)           Subject
to the limitations described herein, each Insider shall retain all of such Insider’s rights as a security holder during,
as applicable, the Founder Lock-Up Period and/or Placement Unit Lock-Up Period including, without limitation, the right to vote,
as the case may be, the Founder Shares and/or Placement Shares.

 

(g)           During
the Founder Lock-Up Period and Placement Unit Lock-Up Period, all dividends payable in cash with respect to such securities shall
be paid, as applicable, to each security holder, but all dividends payable in Common Stock or other non-cash property shall become
subject to the applicable lock-up period as described herein and shall only be released from such lock-up in accordance with the
provisions of this paragraph 3.

 

    	3

    	 

    

 

4.                During
the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, each of the undersigned
shall not (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose
of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease
a call equivalent position within the meaning of Section 16 of the Exchange Act with respect to any Units, Placement Units, shares
of Common Stock, Warrants, Placement Shares, Placement Warrants or any securities convertible into, or exercisable, or exchangeable
for, shares of Common Stock owned by an undersigned party, (ii) enter into any swap or other arrangement that transfers to another,
in whole or in part, any of the economic consequences of ownership of any Units, Placement Units, shares of Common Stock, Warrants,
Placement Shares, Placement Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of Common
Stock owned by the undersigned, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise,
or (iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii); provided, however, that the
restrictions of this paragraph 4 shall not apply to any transfers made pursuant to paragraph 3(d) hereof.

 

5.                (a)           In
the event of the liquidation of the Trust Account without the consummation of a Business Combination, Qi (Jacky) Zhang (the “Indemnitor”)
agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including,
but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any
litigation, whether pending or threatened, or any claim whatsoever) to which the Company may become subject as a result of any
claim by (i) any third party for services rendered or products sold to the Company or (ii) any prospective target business (a “Target”)
as described in the Prospectus; provided,  however, that such indemnification of the Company by the Indemnitor shall apply
only to the extent necessary to ensure that such claims by a third party for services rendered or products sold to the Company
or a Target do not reduce the amount of funds in the Trust Account to below $10.00 (regardless of whether or not the Underwriter
exercises any portion of its overallotment option) per Offering Share and only if such third party or Target has not executed
an agreement waiving claims against any and all rights to seek access to the Trust Account, regardless of whether such agreement
is enforceable. In the event that any such executed waiver is deemed to be unenforceable against such third party, the Indemnitor
shall not be responsible for any liability as a result of any such third party claims. Notwithstanding any of the foregoing, indemnification
of the Company by the Indemnitor pursuant to this paragraph 5 shall not apply as to any claims arising from the Company’s
obligation pursuant to the Underwriting Agreement to indemnify the Underwriter.

 

(b)           If
the Company is liquidated within 24 months following completion of the Offering, to the extent that interest income on the balance
of the Trust Account (net of any taxes payable) released to the Company and loans from the Sponsor (each as described in the Prospectus)
are insufficient to fund the costs and expenses of liquidation, the Indemnitor agrees to pay the balance of the amount necessary
to complete the liquidation of the Company. 

  

6.               Each
officer and director of the Company who is signatory to this Agreement agrees that until the earliest of the Company’s initial
Business Combination, liquidation or the time at which such person ceases to be an officer or director of the Company, such person
shall present to the Company for its consideration, prior to presentation to any other entity, any suitable Business Combination
opportunities of which such person (or companies or entities which such person manages or controls) becomes aware, subject to any
current or future fiduciary or contractual obligations of such person that such person discloses to the Company.

 

7.               Each
officer and director signatory hereto represents and warrants that the biographical information furnished to the Company by him
or her is true and accurate in all material respects and does not omit any material information with respect to such person’s
background.  Each of the answers of such person to the items in questionnaires furnished to the Company by such officer
and director is true and accurate in all material respects.

 

8.               Each
of the undersigned represents and warrants that he, she or it:

 

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

 

    	4

    	 

    

 

(c)      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.               Each
Insider agrees that he, she or it shall receive no finder’s fees, consulting fees or compensation of any kind from the Company
prior to, or for any services they render in order to effectuate, the consummation of the initial Business Combination, other than
the following:

 

(a)      repayment
of loans made to the Company by the Sponsor prior to completion of the Offering in connection with organizational expenses and
the preparation, filing and consummation of the Offering;

 

(b)      repayment
of the up to $500,000 in incremental loans that the Sponsor or other Insider may make to the Company to finance transaction costs
in connection with an intended initial Business Combination; provided, that, if the Company does not consummate a Business
Combination, any amounts representing interest earned on the Trust Account may be used by the Company to repay such loaned amounts
so long as no proceeds of the Offering or Private Placement placed in the Trust Account shall be used for such repayment;

 

(c)      reimbursement
for any out-of-pocket expenses related to identifying, investigating and consummating an initial Business Combination, provided
that no proceeds of the Offering or Private Placement placed in the Trust Account may be applied to the payment of such expenses
prior to the consummation of an initial Business Combination; and

 

(d)a monthly fee payment
in the amount $5,000 for general and administrative services including office space, utilities and secretarial support, which fee
may be paid in the future to the Company’s affiliates, affiliates of the Insiders or affiliates of the Sponsor, if such fee
is not paid to any third party.

  

10.             Each
of the undersigned acknowledges and understands that the Underwriter and the Company will rely upon the agreements, representations,
and warranties set forth herein in proceeding with the Offering.

 

11.             Each
of the undersigned authorizes any employer, financial institution, or consumer credit reporting agency to release to the Underwriter
and its legal representatives or agents (including any investigative search firm retained by the Underwriter) any information they
may have about such undersigned party’s background and finances (“Information”), purely for the
purposes of performing required due diligence examinations in connection with the Offering (provided that the Underwriter agrees
to hold such Information in confidence). Each of the undersigned agrees that neither the Underwriter nor its agents shall be violating
such undersigned party’s right of privacy by requesting and obtaining the Information in accordance with this paragraph 11.

 

12.             Until
the earlier of (i) the entry into a definitive agreement by the Company for a Business Combination; (ii) the liquidation of the
Company; or (iii) the termination of such person as an officer or director of the Company, each officer and director of the Company
agrees not to become affiliated as an officer or director of a blank check company similar to the Company.

 

13.             Each
of the undersigned acknowledges and agrees that the Company will not consummate any initial Business Combination that involves
a company which is affiliated with such undersigned party unless the Company obtains an opinion from an independent investment
banking firm that is a member of the Financial Industry Regulatory Authority and reasonably acceptable to Cantor Fitzgerald that
the Business Combination is fair to the Company’s stockholders from a financial perspective.

 

14.             Each
officer and director signatory hereto represents and warrants that he or she has full right and power, without violating any agreement
to which such person is bound (including, without limitation, any non-competition or non-solicitation agreement with any employer
or former employer), to enter into this Letter Agreement and to serve as an officer of the Company or as a director on the Board,
as applicable, and hereby consents to being named in the Prospectus as an officer and/or as a director of the Company, as applicable.

 

    	5

    	 

    

 

15.            As
used in this Letter Agreement, (i) “Business Combination” shall mean a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or similar Business Combination, involving the Company and one or more businesses;
(ii) “Founder Shares” shall mean the 1,504,688 shares of Common Stock acquired by the Sponsor and the
other Initial Holders for an aggregate purchase price of $25,000 prior to the consummation of the Offering; (iii) “Initial
Holders” shall mean Qi (Jacky) Zhang, Tim Richerson, Peter Nathanial, Kurt Jetta, Dongliang Qu and the Sponsor; (iii)
“ Offering Shares ” shall mean the shares of Common Stock included in the units sold in the Offering;
(iv) “ Placement Shares ” shall mean the shares of Common Stock sold as part of the Placement Units;
(v) “Placement Warrants” shall mean the aggregate of 250,000 Warrants to purchase up to an aggregate
of 125,000 shares of the Common Stock that are included in the Placement Units; (vi) “Placement Units”
shall mean the aggregate of 250,000 Units (or 268,750 Units if the Underwriter’s exercise its over-allotment option in full)
of the Company (each Placement Unit consists of one Placement Warrant and one Placement Share) sold in the Private Placement to
the Sponsor and Cantor Fitzgerald for an aggregate purchase price of $2,500,000 (or $2,687,500 if the Underwriter’s exercise
its over-allotment option in full); (vii) “Trust Account” shall mean the trust account into which net
proceeds of the Offering and the Private Placement will be deposited; (viii) “Prospectus” shall mean
the prospectus included in the registration statement filed by the Company in connection with the Offering, as supplemented or
amended from time to time; (ix) “Private Placement” shall mean that certain private placement transaction
occurring simultaneously with the closing of the Offering pursuant to which the Company has agreed to sell an aggregate of 250,000
Placement Units to Zhong Hui Holding Limited, a Republic of Seychelles registered company (the “Sponsor”);
(x) “Insiders” shall mean the Sponsor and its members, any holders of Founder Shares, any person who
receives Placement Units or their underlying securities as a Permitted Transferee or Founder Shares as a Permitted Transferee and
each officer and director of the Company; and (y) references to completion of the Offering shall exclude any exercise of the Underwriter’s
over-allotment option.

 

16.            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 the parties hereto.

 

17.            No
party 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 each undersigned party and each of such undersigned party’s, as applicable, heirs, personal representatives, successors
and assigns.

 

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

 

19.            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,
electronic or facsimile transmission.

 

20.            This
Letter Agreement shall terminate in the event that the Offering is not completed by December 31, 2015.

 

[Signature page follows]

 

    	6

    	 

    

 

	 	Sincerely,
	 	 	 
	 	
        JM GLOBAL HOLDING COMPANY

        a Delaware corporation

	 	 	 
	 	By:	/s/ Tim Richerson
	 	Name:	Tim Richerson
	 	Title:	Chief Executive Officer

 

	 	
        ZHONG HUI HOLDING LIMITED

        a Republic of Seychelles registered company

	 	 	 
	 	By:	/s/ Qi (Jacky) Zhang
	 	Name:	 
	 	Title:	 

  

	 	/s/ Qi (Jacky) Zhang
	 	Qi (Jacky) Zhang  
	 	 
	 	/s/ Tim Richerson
	 	Tim Richerson
	 	 
	 	/s/ Peter Nathanial
	 	Peter Nathanial

 

	 	/s/ Kurt Jetta
	 	Kurt Jetta
	 	 
	 	/s/ Dongliang Qu
	 	Dongliang Qu

 

 

[Signature Page to Letter
Agreement]

 

 

7

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