Document:

Exhibit 10.1

 

December [•],
2015

 

GEF Acquisition Corporation

5471 Wisconsin Avenue, Suite 300

Chevy Chase, Maryland 20815

 

Maxim Group LLC

405 Lexington Avenue, 2nd Floor

New York, New York 10174

 

EarlyBirdCapital, Inc.

366 Madison Avenue, 8th Floor

New York, New York 10017

 

Re:   Initial Public
Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter
Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting
Agreement”) entered into by and between GEF Acquisition Corporation, a Cayman Islands exempted company (the “Company”),
Maxim Group LLC and EarlyBirdCapital, Inc., as representatives (the “Representatives”) of the several
underwriters (the “Underwriters”), relating to an underwritten initial public offering (the “Public Offering”),
of 11,500,000 of the Company’s units (including up to 1,500,000 Units that may be purchased to cover over-allotments, if
any, the “Units”), each comprised of one of the Company’s Class A ordinary shares, par value $0.0001
per share (the “Ordinary Shares”), and one-half of one redeemable warrant (each, a “Warrant”).
Each whole Warrant entitles the holder thereof to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment.
The Units shall be sold in the Public Offering pursuant to a registration statement on Form S-1 and prospectus (the “Prospectus”)
filed by the Company with the United States Securities and Exchange Commission (the “Commission”) and
the Company intends to apply to have the Units listed on the Nasdaq Capital Market. Certain capitalized terms used herein
are defined in paragraph 1 hereof.

 

In order to induce the
Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, GECC Holdings II, LLC (the “Sponsor”)
and each of the undersigned (each, a “Founder” and collectively, the “Founders”)
hereby agree with the Company as follows:

 

1.          Definitions.
As used herein, (i) “Business Combination” shall mean a merger, capital share exchange, asset acquisition,
share purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Capital
Shares” shall mean, collectively, the Ordinary Shares and the Founder Shares; (iii) “Founder Shares”
shall mean the 2,875,000 Class F ordinary shares of the Company, par value $0.0001 per share, outstanding prior to the consummation
of the Public Offering (or 2,500,000 Class F ordinary shares if the over-allotment is not exercised by the Underwriters); (iv)
“Private Placement Warrants ” shall mean the Warrants to purchase Ordinary Shares that will be acquired
by the Sponsor for an aggregate purchase price of $4.25 million (or $4.625 million if the over-allotment is exercised by the Underwriters),
or $1.00 per Warrant, in a private placement that shall occur simultaneously with the consummation of the Public Offering; (v)
“Public Shareholders” shall mean the holders of securities issued in the Public Offering; (vi) “Trust
Account” shall mean the trust fund into which a portion of the net proceeds of the Public Offering shall be deposited;
(vii) “Transfer” shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate,
pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment
or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning
of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder
with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any
of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities,
in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b); and
(viii) “Charter” shall mean the Company’s Amended and Restated Memorandum and Articles of Association,
as the same may be amended from time to time.

 

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2.          Representations
and Warranties.

 

(a) The Sponsor and each
Founder have full right and power, without violating any agreement to which he or it is bound (including, without limitation, any
non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement, as applicable,
to serve as a director on the Board, as applicable, and Founder hereby consents to being named in the Prospectus, road show and
other materials as an officer and/or director of the Company.

 

(b) Each Founder’s
biographical information furnished to the Company (including any such information included in the Prospectus) is true and accurate
in all respects and does not omit any material information with respect to such Founder’s background. The Founder’s
questionnaire furnished to the Company is true and accurate in all respects. Each Founder represents and warrants that: such Founder
is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist
or refrain from any act or practice relating to the offering of securities in any jurisdiction; such Founder has never been convicted
of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another
person, or (iii) pertaining to any dealings in any securities and such Founder is not currently a defendant in any such criminal
proceeding; and neither such Founder nor the Sponsor has ever been suspended or expelled from membership in any securities or commodities
exchange or association or had a securities or commodities license or registration denied, suspended or revoked.

 

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

 

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

 

(a)
The Sponsor and Founders hereby agree that in the event that the Company fails to consummate its initial Business Combination within
the time period set forth in the Charter, the Sponsor and each Founder shall take all reasonable steps to cause the Company to
(i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than 10 business
days thereafter, redeem 100% of the Ordinary Shares sold as part of the Units in the Public Offering (the “Offering
Shares”), at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account,
including interest earned on the trust account and not previously released to the Company (less up to $50,000 of interest to pay
dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish Public
Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), and (iii)
as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders
and the Board, dissolve and liquidate, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Cayman
Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law. The Sponsor
and Founders agree not to propose any amendment to the Charter that would affect the substance or timing of the Company’s
obligation to redeem the Offering Shares if the Company does not complete a Business Combination within the required time period
set forth in the Charter unless the Company provides its public shareholders with the opportunity to redeem their Ordinary Shares
upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the
Trust Account, including interest earned on the trust account and not previously released to the Company, divided by the number
of then outstanding public shares.

 

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(b)
Each of the Founders and Sponsor acknowledges that they have no right, title, interest or claim of any kind in or to any monies
held in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder
Shares. The Sponsor and each of the Founders hereby further waives, with respect to any Ordinary Shares and Founder Shares held
by it or him, as applicable, any redemption rights it or he may have in connection with the consummation of a Business Combination,
including, without limitation, any such rights available in the context of a shareholder vote to approve such Business Combination
or a shareholder vote to approve an amendment to the Charter that would affect the substance or timing of the Company’s obligation
to redeem 100% of the Ordinary Shares if the Company has not consummated an initial Business Combination within the time period
set forth in the Charter or in the context of a tender offer made by the Company to purchase Ordinary Shares (although the Sponsor
and the Founders shall be entitled to redemption and liquidation rights with respect to any Ordinary Shares (other than the Founder
Shares) they hold if the Company fails to consummate a Business Combination within the required time period set forth in the Charter).

 

5.          Lock-up;
Transfer Restrictions.

 

(a)
The Sponsor and Founders agree that they shall not Transfer any Founder Shares (the “Founder Shares Lock-up”)
until the earlier of (A) one year after the completion of an initial Business Combination and (B) the date following the completion
of a Business Combination on which the Company completes a liquidation, merger, share exchange or other similar transaction that
results in all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other
property (the “Founder Shares Lock-up Period”). Notwithstanding the foregoing, if, subsequent to a Business
Combination, the closing price of the Ordinary Shares equals or exceeds $12.50 per share (as adjusted for share splits, share capitalizations,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period, 50% of the Founder Shares
shall be released from the Founder Shares Lock-up.

 

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

 

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

 

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(d)
During the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor
and the Founders shall not, without the prior written consent of the Representatives, Transfer any Units, Ordinary Shares, Warrants
or any securities convertible into, or exercisable, or exchangeable for, Ordinary Shares owned by it or him, as applicable. The
Sponsor and the Founders acknowledge and agree that, prior to the effective date of any release or waiver of the restrictions set
forth in this paragraph 5, the Company shall announce the impending release or waiver by press release through a major news service
at least two business days before the effective date of the release or waiver. Any release or waiver granted shall only be effective
two business days after the publication date of such press release. The provisions of this paragraph will not apply if the release
or waiver is effected solely to permit a transfer not for consideration and the transferee has agreed in writing to be bound by
the same terms described in this Letter Agreement to the extent and for the duration that such terms remain in effect at the time
of the transfer.

  

6.          Remedies.
The Sponsor and each of the Founders hereby agree and acknowledge that (i) each of the Underwriters and the Company would be irreparably
injured in the event of a breach by the Sponsor or such Founder of its or his obligations, as applicable under paragraphs 3, 4,
5, 7, 15 and 16, (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be
entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such
breach.

 

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

 

8.          Entire
Agreement. This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the
subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written
or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter
Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision,
except by a written instrument executed by all parties hereto.

 

9.          Assignment.
No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior
written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and
shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding
on the Sponsor, each of the Founders and each of their respective successors, heirs, personal representatives and assigns.

 

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10.         Governing
Law. This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New
York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another
jurisdiction. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any
way to, this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably
submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive
jurisdiction and venue or that such courts represent an inconvenient forum.

 

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

 

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

 

13.         Termination.
This Letter Agreement shall terminate on the earlier of (i) the expiration of the Founder Shares Lock-up Period and (ii) the liquidation
of the Company; provided, however, that this Letter Agreement shall earlier terminate in the event that
the Public Offering is not consummated and closed by March 31, 2016, provided further that paragraph 15 of this Letter Agreement
shall survive such liquidation.

 

14.         Reliance.
The Sponsor and the Founders acknowledge and understand that the Underwriters and the Company will rely upon the agreements, representations
and warranties set forth herein in proceeding with the Public Offering.

 

15.         Indemnification.
In the event of the liquidation of the Trust Account, H. Jeffrey Leonard (the “Indemnitor”) agrees to
indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including, but
not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation,
whether pending or threatened, or any claim whatsoever) to which the Company may become subject as a result of any claim by (i)
any third party for services rendered or products sold to the Company or (ii) a prospective target business with which the Company
has entered into an acquisition agreement (a “Target”); provided, however, that such indemnification
of the Company by the Indemnitor shall apply only to the extent necessary to ensure that such claims by a third party for services
rendered (other than the Company’s independent public accountants) or products sold to the Company or a Target do not reduce
the amount of funds in the Trust Account to below the lesser of (i) $10.00 per share of the Offering Shares and (ii) the actual
amount per share of the Offering Shares held in the Trust Account as of the date of the liquidation of the Trust Account and such
indemnification shall not apply to to any claims by a third party who executed a waiver of any and all rights to seek access to
the Trust Account (whether or not such agreement is enforceable) nor shall it apply to any claims under the Company’s indemnity
of the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended. 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. The Indemnitor shall have the right to defend against any such claim
with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the
claim to the Indemnitor, the Indemnitor notifies the Company in writing that it shall undertake such defense.

 

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16.         Forfeiture
of Founder Shares by Sponsor. To the extent that the Underwriters do not exercise their over-allotment option to purchase up
to an additional 1,500,000 Ordinary Shares within 45 days from the date of the Prospectus (as further described in the Prospectus),
the Sponsor agrees that it shall automatically surrender to the Company for no consideration, for cancellation at no cost, an aggregate
number of Founder Shares equal to 375,000 multiplied by a fraction, (i) the numerator of which is 1,500,000 minus the number of
Ordinary Shares purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which
is 1,500,000. The surrender for no consideration will be adjusted to the extent that the over-allotment option is not exercised
in full by the Underwriters so that the initial shareholders (as such term is defined in the Prospectus) will own an aggregate
of 20.0% of the Company’s issued and outstanding Capital Shares after the Public Offering. The Sponsor and Founders further
agree that to the extent that the size of the Public Offering is increased or decreased, the Company will purchase or sell Ordinary
Shares or effect a share repurchase or share capitalization, as applicable, immediately prior to the consummation of the Public
Offering in such amount as to maintain the ownership of the initial shareholders prior to the Public Offering at 20.0% of its issued
and outstanding Capital Shares upon the consummation of the Public Offering. In connection with such increase or decrease in the
size of the Public Offering, then (A) the references to 1,500,000 in the numerator and denominator of the formula in the first
sentence of this paragraph shall be changed to a number equal to 15% of the number of Ordinary Shares included in the Units
issued in the Public Offering and (B) the reference to 375,000 in the formula set forth in the first sentence of this paragraph
shall be adjusted to such number of Founder Shares that the Sponsor would have to return to the Company in order for the initial
shareholders to hold an aggregate of 20.0% of the Company’s issued and outstanding Capital Shares after the Public Offering.

 

17.         Involvement
in Future Blank Check Companies. Each Founder agrees not to participate in the formation of, or become an officer or director
of, any other blank check company (excluding existing affiliations), until the Company has entered into a definitive agreement
with respect to a Business Combination or the Company has failed to complete a Business Combination within the time period set
forth in the Charter.

 

[Signature Page
Follows]

 

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	 	Sincerely,	 
	 	 	 
	 	GECC HOLDINGS II, LLC	 
	 	 	 
	 	By:  	 	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	 	 
	 	H. Jeffrey Leonard	 
	 	 	 
	 	 	 
	 	Daniel Prawda	 
	 	 	 
	 	 	 
	 	Brian J. Foist	 
	 	 	 
	 	 	 
	 	Stuart Barkoff	 

 

	Acknowledged and Agreed:	 
	 	 
	GEF ACQUISITION CORPORATION	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 
	MAXIM GROUP LLC	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 
	EARLYBIRDCAPITAL, INC.	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

[Signature Page
to Letter Agreement]Exhibit 10.2(a)

 

GEF ACQUISITION
CORPORATION

INDEPENDENT DIRECTOR
AGREEMENT

  

This Independent Director
Agreement (this “Agreement”), dated as of December [•], 2015, is being entered into among GEF Acquisition
Corporation, a Cayman Islands exempted company (the “Company”), GECC Holdings II, LLC, a Delaware limited
liability company (the “Sponsor”), Andreas Y. Gruson (the “Director”), and
Maxim Group LLC and EarlyBirdCapital, Inc., as representatives (the “Representatives”) of the several
underwriters (the “Underwriters”).

 

WHEREAS, the Company
desires that Director serve as a member of the Board of Directors of the Company (the “Board”) for the
benefit of the Company and its shareholders; and

 

WHEREAS, Director
desires to serve on the Board for the period of time and on the terms and subject to the conditions set forth herein; and

 

WHEREAS, the Company
anticipates conducting an underwritten initial public offering (the “Public Offering”),
of 11,500,000 of the Company’s units (including up to 1,500,000 Units that may be purchased to cover over-allotments, if
any, the “Units”), each comprised of one of the Company’s Class A ordinary shares, par value $0.0001
per share (the “Ordinary Shares”), and one-half of one redeemable warrant (each, a “Warrant”),
with each whole Warrant entitling the holder thereof to purchase one Ordinary Share at a price of $11.50 per share, subject
to adjustment and, in connection therewith, entering into an Underwriting Agreement (the “Underwriting Agreement”)
by and between the Company and the Representatives; and

 

WHEREAS, the Units
shall be sold in the Public Offering pursuant to a registration statement on Form S-1 and prospectus (the “Prospectus”)
filed by the Company with the United States Securities and Exchange Commission (the “Commission”) and
the Company intends to apply to have the Units listed on the Nasdaq Capital Market.

 

NOW, THEREFORE,
in consideration of the foregoing, the mutual agreements hereinafter set forth and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Director hereby agrees with the Company and the Sponsor as follows:

 

1.          Definitions.
As used herein, (i) “Business Combination” shall mean a merger, capital share exchange, asset acquisition,
share purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Capital
Shares” shall mean, collectively, the Ordinary Shares and the Founder Shares; (iii) “Founder Shares”
shall mean the 2,875,000 Class F ordinary shares of the Company, par value $0.0001 per share, outstanding prior to the consummation
of the Public Offering (or 2,500,000 Class F ordinary shares if the over-allotment is not exercised by the Underwriters); (iv)
“Private Placement Warrants ” shall mean the Warrants to purchase Ordinary Shares that will be acquired
by the Sponsor for an aggregate purchase price of $4.25 million (or $4.625 million if the over-allotment is exercised by the Underwriters),
or $1.00 per Warrant, in a private placement that shall occur simultaneously with the consummation of the Public Offering; (v)
“Public Shareholders” shall mean the holders of securities issued in the Public Offering; (vi) “Trust
Account” shall mean the trust fund into which a portion of the net proceeds of the Public Offering shall be deposited;
(vii) “Transfer” shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate,
pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment
or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning
of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder
with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any
of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities,
in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b); and
(viii) “Charter” shall mean the Company’s Amended and Restated Memorandum and Articles of Association,
as the same may be amended from time to time.

 

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2.          Director
Services.

 

(a) Director agrees to serve
as a member of the Board until the earlier of (i) his resignation, removal, death or permanent disability or (ii) termination of
this Agreement pursuant to paragraph 15 hereof. Membership on the Board shall require adherence to the policies and procedures
adopted by the Board and enforceable upon all directors.

 

(b) Director shall, for so
long as he remains a member of the Board, fulfill the duties of a director of a Cayman Islands exempted company and, as requested
by the Chairman of the Board, (i) meet with management and/or members of the Board, at dates and times mutually agreeable to Director
and the Company, to discuss any matter involving the Company, the Public Offering or a Business Combination, and cooperate in the
review of such matters, (ii) review and participate in the analysis of all materials regarding a Business Combination that are
provided to the Board by management, (iii) 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 Director might
have, (iv) serve as Chairman of the Strategic Committee, with such duties and responsibilities as set forth in the Strategic Committee
Charter and as may be determined by the Board (the “Strategic Committee Chairman Responsibilities”),
(v) participate in road shows relating to the Public Offering, (vi) attend due diligence meetings relating to potential Business
Combinations, (vii) participate in road shows relating to the Business Combination, and (viii) play an active role in the Public
Offering and the negotiation, due diligence, structuring, closing and all other processes of any potential Business Combination
(collectively, the “Director Responsibilities”).

 

(c) Director agrees not to
participate in the formation of, or become an officer or director of, any other blank check company until the Company has entered
into a definitive agreement with respect to a Business Combination or the Company has failed to complete a Business Combination
within the time period set forth in the Charter.

 

3.          Director
Compensation.

 

(a) As partial compensation
for services provided herein, the Sponsor hereby grants and shall transfer to Director 40,000 Founder Shares (the “Equity
Compensation”), comprised of (i) 10,000 Founder Shares for the first year of services following the consummation
of the Public Offering, which shall be removed from the Forfeiture Obligation (defined below) in equal quarterly installments,
commencing on the date hereof (the “First Year Equity Compensation”); (ii) 20,000 Founder Shares for
the second year of services following the consummation of the Public Offering, which shall be removed from the Forfeiture Obligation
in equal quarterly installments, commencing the 12-month anniversary of the consummation of the Public Offering, (the “Second
Year Equity Compensation”); and (iii) 10,000 Founder Shares, which shall be removed from the Forfeiture Obligation
upon the 24-month anniversary of the consummation of the Public Offering (the “Month 24 Equity Grant”).
Director agrees to forfeit the Equity Compensation back to the Sponsor if required to do so under Section 3(f) (the “Forfeiture
Obligation”).

 

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(b) As partial compensation
for services provided herein, the Company shall pay to Director (i) for the first year following the consummation of the Public
Offering, cash compensation equal to $75,000 per year, paid monthly (the “First Year Cash Compensation”),
and (ii) subject to Section 3(f) below, for the second year following the consummation of the Public Offering, cash compensation
equal to $75,000 per year, paid monthly (the “Second Year Cash Compensation”).

 

(c) Subject to the Company’s
determination in good faith that Director has reasonably fulfilled the provision of the Director Responsibilities, if the Company
completes a Business Combination prior to the two-year anniversary of the consummation of the Public Offering, the Second Year
Cash Compensation will accelerate and be immediately payable by the Company and the Second Year Equity Compensation and Month 24
Equity Grant shall immediately be removed from the Forfeiture Obligation.

 

(d) During the term of this
Agreement, the Company shall reimburse Director on a monthly basis for all reasonable out-of-pocket expenses incurred by Director
in connection with fulfilling the Director Responsibilities; provided, however, that Director complies with the applicable
policies, practices and procedures of the Company and submits proper expense reports, receipts or similar documentation of such
expenses.

 

(e) Director’s status
during the term of this Agreement shall be that of an independent contractor and not, for any purpose, that of an employee. All
payments and other consideration made or provided to Director shall be made or provided without withholding or deduction of any
kind, and Director shall assume sole responsibility for discharging all tax or other obligations associated therewith.

 

(f) If, at the Year One Deadline,
Director has not, in the good faith determination of the Company, reasonably fulfilled his Director Responsibilities or Strategic
Committee Chairman Responsibilities, then the Company shall not be obligated to pay Director the Second Year Cash Compensation,
and the Director shall promptly forfeit to the Sponsor the Second Year Equity Compensation and the Month 24 Equity Grant; provided,
however, that if the Strategic Committee Chairman Responsibilities have not reasonably been fulfilled, but the Company is
conducting advanced discussions with an Appropriate Business (as such term is defined in the Strategic Committee Charter), and,
in the opinion of the Company, it is reasonably foreseeable that a definitive agreement will be executed between such Appropriate
Business and the Company within ninety (90) days following the Year One Deadline, then the determination regarding the Company’s
obligation to pay the Second Year Cash Compensation and the potential forfeiture by Director of the Second Year Equity Compensation
and Month 24 Equity Grant shall be deferred until the 15-month anniversary of the Public Offering; provided, further,
that if, at the end of such period no definitive agreement relating to a Business Combination has been executed between such Appropriate
Business and the Company, then the Company shall not have any obligation to pay the Second Year Cash Compensation (other than the
pro rata portion of the Second Year Cash Compensation earned through such period equaling $18,750) and the Director shall promptly
forfeit to the Sponsor the Second Year Equity Compensation (other than the pro rata portion of the Second Year Equity Compensation
removed from the Forfeiture Restriction at the end of such period equaling 5,000 Founder Shares) and Month 24 Equity Grant, but
if such an agreement has been executed by the end of such period, then Director shall be deemed to have fulfilled his Strategic
Committee Chairman Responsibilities.

 

4.          Director
Representations and Warranties.

 

(a) Director has full right
and power, without violating any agreement to which he is bound (including, without limitation, any non-competition or non-solicitation
agreement with any employer or former employer), to enter into this Agreement, to serve as a director on the Board and Director
hereby consents to being named in the Prospectus, road show and other materials as a director of the Company.

 

    	3

     

    

 

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

 

5.          Business
Combination Vote. Director agrees that if the Company seeks shareholder approval of a proposed initial Business Combination,
then in connection with such proposed initial Business Combination, he shall vote all Founder Shares and any Ordinary Shares paid
to him pursuant to this Agreement or acquired by him in the Public Offering or the secondary public market in favor of such proposed
initial Business Combination.

 

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

 

(a)
Director hereby agrees that in the event that the Company fails to consummate its initial Business Combination within the time
period set forth in the Charter, Director shall take all reasonable steps to cause the Company to (i) cease all operations except
for the purpose of winding up, (ii) as promptly as reasonably possible but not more than 10 business days thereafter, redeem 100%
of the Ordinary Shares sold as part of the Units in the Public Offering (the “Offering Shares”),
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned
on the trust account and not previously released to the Company (less up to $50,000 of interest to pay dissolution expenses), divided
by the number of then outstanding public shares, which redemption will completely extinguish Public Shareholders’ rights
as shareholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Board, dissolve
and liquidate, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands law to provide
for claims of creditors and in all cases subject to the other requirements of applicable law. Director agrees not to propose
any amendment to the Charter that would affect the substance or timing of the Company’s obligation to redeem the Offering
Shares if the Company does not complete a Business Combination within the required time period set forth in the Charter unless
the Company provides its public shareholders with the opportunity to redeem their Ordinary Shares upon approval of any such amendment
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned
on the trust account and not previously released to the Company, divided by the number of then outstanding public shares.

 

(b)
Director acknowledges that he has no right, title, interest or claim of any kind in or to any monies held in the Trust Account
or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares. Director hereby
further waives, with respect to any Ordinary Shares and Founder Shares held by him, any redemption rights he may have in connection
with the consummation of a Business Combination, including, without limitation, any such rights available in the context of a shareholder
vote to approve such Business Combination or a shareholder vote to approve an amendment to the Charter that would affect the substance
or timing of the Company’s obligation to redeem 100% of the Ordinary Shares if the Company has not consummated an initial
Business Combination within the time period set forth in the Charter or in the context of a tender offer made by the Company to
purchase Ordinary Shares (although Director shall be entitled to redemption and liquidation rights with respect to any Ordinary
Shares (other than the Founder Shares) he holds if the Company fails to consummate a Business Combination within the required time
period set forth in the Charter).

 

    	4

     

    

 

7.          Lock-up;
Transfer Restrictions.

 

(a)
Director agrees that he shall not Transfer any Founder Shares (the “Founder Shares Lock-up”) until the
earlier of (A) one year after the completion of an initial Business Combination and (B) the date following the completion of a
Business Combination on which the Company completes a liquidation, merger, share exchange or other similar transaction that results
in all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property
(the “Founder Shares Lock-up Period”). Notwithstanding the foregoing, if, subsequent to a Business Combination,
the closing price of the Ordinary Shares equals or exceeds $12.50 per share (as adjusted for share splits, share capitalizations,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period, 50% of the Founder Shares
shall be released from the Founder Shares Lock-up.

 

(b)
Director agrees that he shall not effectuate any Transfer of Private Placement Warrants or Ordinary Shares underlying such warrants,
until 30 days after the completion of a Business Combination.

 

(c)
Notwithstanding the provisions set forth in paragraphs 7(a) and (b), Transfers of the Founder Shares, Private Placement Warrants
and Ordinary Shares underlying the Private Placement Warrants are permitted (a) to the Company’s officers or directors, any
affiliates or family members of any of the Company’s officers or directors, any members of the Sponsor or their affiliates,
or any affiliates of the Sponsor (b) in the case of an individual, by gift to a member of the individual’s immediate family
or to a trust, the beneficiary of which is a member of one of the individual’s immediate family, an affiliate of such person
or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of
the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales
or transfers made at or prior to the consummation of a Business Combination at prices no greater than the price at which the shares
or warrants were originally purchased; (f) by virtue of the Sponsor’s limited liability company agreement upon dissolution
of the Sponsor; (g) in the event of the Company’s liquidation prior to the completion of a Business Combination; or (h) in
the event of completion of a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s
shareholders having the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the completion
of a Business Combination; provided, however, that in the case of clauses (a) through (f) these permitted
transferees must enter into a written agreement agreeing to be bound by these transfer restrictions.

 

(d)
During the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, Director
shall not, without the prior written consent of the Representatives, Transfer any Units, Ordinary Shares, Warrants or any securities
convertible into, or exercisable, or exchangeable for, Ordinary Shares owned by him. Director acknowledges and agrees that, prior
to the effective date of any release or waiver of the restrictions set forth in this paragraph 7, the Company shall announce the
impending release or waiver by press release through a major news service at least two business days before the effective date
of the release or waiver. Any release or waiver granted shall only be effective two business days after the publication date of
such press release. The provisions of this paragraph will not apply if the release or waiver is effected solely to permit a transfer
not for consideration and the transferee has agreed in writing to be bound by the same terms described in this Agreement to the
extent and for the duration that such terms remain in effect at the time of the transfer.

  

    	5

     

    

 

8.          Remedies.
Director hereby agrees and acknowledges that (i) each of the Underwriters and the Company would be irreparably injured in the event
of a breach by Director of his obligations under paragraphs 2(c), 5, 6, 7 and 9, (ii) monetary damages may not be an adequate remedy
for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that
such party may have in law or in equity, in the event of such breach.

 

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

 

10.         Entire
Agreement. This 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 Agreement
may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except
by a written instrument executed by all parties hereto.

 

11.         Assignment.
No party hereto may assign either this Agreement or any of its rights, interests, or obligations hereunder without the prior written
consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not
operate to transfer or assign any interest or title to the purported assignee. This Agreement shall be binding on Director and
his successors, heirs, personal representatives and assigns.

 

12.         Governing
Law. 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.
The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this
Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such
jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction
and venue or that such courts represent an inconvenient forum.

 

13.         Notices.
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 facsimile transmission.

 

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

 

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

 

    	6

     

    

 

16.         Reliance.
Director acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations and
warranties set forth herein in proceeding with the Public Offering.

 

[Signature Page
Follows]

 

    	7

     

    

 

IN WITNESS WHEREOF, the parties hereto
enter into this Agreement as of the date first set forth above.

 

	 	DIRECTOR	 
	 	 	 
	 	 	 
	 	Andreas Y. Gruson	 

 

	GEF ACQUISITION CORPORATION	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title: 	 
	 	 
	GECC HOLDINGS II, LLC	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title: 	 
	 	 
	MAXIM GROUP LLC	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title: 	 
	 	 
	EARLYBIRDCAPITAL, INC.	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title: 	 

 

[Signature Page
to Independent Director Agreement]

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