Document:

Exhibit 10.2

 

THIS PROMISSORY NOTE (“NOTE”)
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THIS NOTE HAS
BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE SALE THEREOF
UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE MAKER DESIGNATED
BELOW THAT SUCH REGISTRATION IS NOT REQUIRED.  

 

PROMISSORY NOTE

 

	Principal Amount:  Up to $125,000 	
         Dated as of July
        25, 2014

        New York, New York

                                                                                  

             Hydra Industries Acquisition Corp., a Delaware corporation and blank check company (the “Maker”), promises
to pay to the order of MIHI LLC or its registered assigns or successors in interest (the
“Payee”), or order, the principal sum of up to One Hundred Twenty Five Thousand Dollars ($125,000) in lawful
money of the United States of America, on the terms and conditions described below.  All payments on this Note shall
be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the
Payee may from time to time designate by written notice in accordance with the provisions of this Note.

 

1.            Principal. The
principal balance of this Note shall be payable by the Maker on the earlier of: (i) March 31, 2015 or (ii) the date on which Maker
consummates an initial public offering of its securities. The principal balance may be prepaid at any time. Under no circumstances
shall any individual, including but not limited to any officer, director, employee or stockholder of the Maker, be obligated personally
for any obligations or liabilities of the Maker hereunder.

 

2.            Interest. No
interest shall accrue on the unpaid principal balance of this Note.

 

3.            Drawdown
Requests. Maker and Payee agree that Maker may request up to One Hundred Twenty Five
Thousand Dollars ($125,000) for costs reasonably related to Maker’s initial public offering of its securities. The
principal of this Note may be drawn down from time to time prior to the earlier of: (i) March 31, 2015 or (ii) the date on which
Maker consummates an initial public offering of its securities, upon written request from Maker to Payee (each, a “Drawdown
Request”). Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than Ten Thousand
Dollars ($10,000). Payee shall fund each Drawdown Request no later than five (5) business days after receipt of a Drawdown Request;
provided, however, that the maximum amount of drawdowns collectively under this Note is One Hundred Twenty Five Thousand Dollars
($125,000) and that an equal amount of principal is drawn down upon under that certain Promissory Note, dated as of the date hereof,
between the Maker and Hydra Industries Sponsor LLC. Once an amount is drawn down under this Note, it shall not be available for
future Drawdown Requests even if prepaid. No fees, payments or other amounts shall be due to Payee in connection with, or as a
result of, any Drawdown Request by Maker. Notwithstanding the foregoing, all payments shall be applied first to payment in full
of any costs incurred in collection of any sum due under this Note, including (without limitation) reasonable attorneys’
fees, and then to the reduction of the unpaid principal balance of this Note.

 

4.            Events
of Default. Each of the following shall constitute an event of default (“Event of Default”):

 

(a)           Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business
days of the date specified in Section 1 above.

 

(b)           Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

    	 

    	 

    

 

(c)           Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker
in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period
of 60 consecutive days.

  

5.            Remedies.

 

(a)           Upon
the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by written notice to Maker, declare this Note
to be due immediately and payable, whereupon the outstanding balance of this Note, and all other amounts payable hereunder, shall
become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)           Upon
the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action
on the part of Payee.

 

6.            Waivers. Maker
and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor and
notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the
terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property,
real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution,
or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any
real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, or any writ of execution issued hereon, may
be sold upon any such writ in whole or in part in any order desired by Payee.

 

7.            Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other
party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted
by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors,
or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

8.            Notices. All
notices, statements or other documents which are required or contemplated by this Agreement shall be made in writing and delivered
(i) personally or sent by first class registered or certified mail, or overnight courier service, to the address most recently
provided to such party or such other address as may be designated in writing by such party, (ii) by facsimile to the number most
recently provided to such party or such other fax number as may be designated in writing by such party or (iii) by electronic mail,
to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated
in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery,
if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission,
one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

    	 

    	 

    

 

9.            Construction. THIS
NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

10.          Severability. Any
provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

11.          Trust
Waiver.  Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest
or claim of any kind (“Claim”) in or to any distribution of or from the trust account to be established in which
the proceeds of the initial public offering (the “IPO”) conducted by the Maker (including the deferred underwriters
discounts and commissions) and the proceeds of the sale of the warrants issued in a private placement to occur prior to the effectiveness
of the IPO are to be deposited, as described in greater detail in the registration statement and prospectus to be filed with the
Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or
satisfaction for any Claim against the trust account for any reason whatsoever; provided, however, the Payee shall not waive any
Claim it may have if the Maker completes its IPO and the Maker fails to repay the outstanding balance due in connection with this
Note pursuant to Section 4(a) hereof.

  

12.          Amendment;
Waiver.  Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent
of the Maker and the Payee.

 

13.          Assignment.  No
assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law
or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent
shall be void.

 

[Signature Page Follows]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, Maker, intending
to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

 

	 	HYDRA INDUSTRIES ACQUISITION CORP.
	 	 
	 	By:	/s/ A. Lorne Weil
	 	 	Name: A. Lorne Weil
	 	 	Title: Chairman and Chief Executive Officer

 

Payee hereby acknowledges and agrees to the foregoing as of
the date first written above.

 

ACKNOWLEDGED AND ACCEPTED

 

	MIHI LLC	 
	 	 
	By:	/s/ Duncan Murdoch	 
	 	Name: Duncan Murdoch	 
	 	Title:   Vice President	 
	 	 	 
	By:	/s/ Eileen Plaza	 
	 	Name: Eileen Plaza	 
	 	Title:   Assistant Secretary	 

 

[Signature Page to Promissory Note (MIHI
LLC)]Exhibit 10.6

 

Hydra Industries Acquisition Corp.

250 West 57th Street, 30th Floor

New York, NY 10107

July 11, 2014

Hydra Industries Sponsor LLC

250 West 57th Street, 30th Floor

New York, NY 10107

 

RE: Securities Subscription Agreement

 

Ladies and Gentlemen:

 

We are pleased to accept the offer Hydra
Industries Sponsor LLC (the “Subscriber” or “you”) has made to purchase 2,220,000 shares
of common stock (the “Shares”), par value $0.0001 per share (the “Common Stock”), up to 243,750
of which are subject to complete or partial forfeiture by you if the underwriters of the initial public offering (“IPO”)
of units of Hydra Industries Acquisition Corp., a Delaware corporation (the “Company”), do not fully exercise
their over-allotment option (the “Over-allotment Option”). The terms (this “Agreement”) on
which the Company is willing to sell the Shares to the Subscriber, and the Company and the Subscriber’s agreements regarding
such Shares, are as follows:

 

1.  Purchase of Common Stock.
For the sum of $19,304.35 (the “Purchase Price”), which the Company acknowledges receiving in cash, the Company
hereby sells and issues the Shares to the Subscriber, and the Subscriber hereby purchases the Shares from the Company, subject
to forfeiture, on the terms and subject to the conditions set forth in this Agreement. Concurrently with the Subscriber’s
execution of this Agreement, the Company is delivering to the Subscriber a certificate registered in the Subscriber’s name
representing the Shares (the “Original Certificate”). The Subscriber hereby acknowledges receipt of the Original
Certificate. Concurrently with the execution and delivery hereof, the Company is entering into an agreement similar to this Agreement
with MIHI LLC (the “Macquarie Sponsor”), pursuant to which the Macquarie Sponsor is subscribing for 655,000
shares of Common Stock (up to 131,250 of which are subject to complete or partial forfeiture by the Macquarie Sponsor if the underwriters
of the Company’s IPO do not fully exercise the Over-allotment Option) (the “Macquarie Shares”).

 

2.  Representations, Warranties
and Agreements.

 

2.1.  Subscriber’s
Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the Subscriber hereby
represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1.  No Government Recommendation
or Approval. The Subscriber understands that no federal or state agency has passed upon or made any recommendation or endorsement
of the offering of the Shares.

 

2.1.2.  No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions contemplated
hereby do not violate, conflict with or constitute a default under (i) the formation and governing documents of the Subscriber,
(ii) any agreement, indenture or instrument to which the Subscriber is a party or (iii) any law, statute, rule or regulation to
which the Subscriber is subject, or any agreement, order, judgment or decree to which the Subscriber is subject.

 

2.1.3.  Organization and Authority.
The Subscriber is a Delaware limited liability company, validly existing and in good standing under the laws of Delaware and possesses
all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. Upon execution and delivery
by you, this Agreement is a legal, valid and binding agreement of Subscriber, enforceable against Subscriber in accordance with
its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar
laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless of
whether enforcement is sought in a proceeding at law or in equity).

 

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2.1.4.  Experience, Financial
Capability and Suitability. Subscriber is: (i) sophisticated in financial matters and is able to evaluate the risks and benefits
of the investment in the Shares and (ii) able to bear the economic risk of its investment in the Shares for an indefinite period
of time because the Shares have not been registered under the Securities Act (as defined below). Subscriber is capable of evaluating
the merits and risks of its investment in the Company and has the capacity to protect its own interests. Subscriber must bear the
economic risk of this investment until the Shares are sold pursuant to: (i) an effective registration statement under the Securities
Act or (ii) an exemption from registration available with respect to such sale. Subscriber is able to afford a complete loss of
Subscriber’s investment in the Shares.

 

2.1.5.  Access to Information;
Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the opportunity to ask questions
of, and receive answers from, representatives of the Company concerning an investment in the Company, as well as the finances,
operations, business and prospects of the Company, and the opportunity to obtain additional information to verify the accuracy
of all information so obtained. In determining whether to make this investment, Subscriber has relied solely on Subscriber’s
own knowledge and understanding of the Company and its business based upon Subscriber’s own due diligence investigation and
the information furnished pursuant to this paragraph. Subscriber understands that no person has been authorized to give any information
or to make any representations which were not furnished pursuant to this Section 2 and Subscriber has not relied on any other representations
or information in making its investment decision, whether written or oral, relating to the Company, its operations and/or its prospects.

 

2.1.6.  Regulation D Offering.
Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D under
the Securities Act of 1933, as amended (the “Securities Act”) and acknowledges the sale contemplated hereby
is being made in reliance on a private placement exemption to “accredited investors” within the meaning of Section
501(a) of Regulation D under the Securities Act or similar exemptions under state law.

 

2.1.7.  Investment Purposes.
The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s own account and not for the
account or benefit of any other person, and not with a view towards the distribution or dissemination thereof. The Subscriber did
not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule
502 under the Securities Act.

 

2.1.8.  Restrictions on Transfer;
Shell Company. Subscriber understands the Shares are being offered in a transaction not involving a public offering within
the meaning of the Securities Act. Subscriber understands the Shares will be “restricted securities” within the meaning
of Rule 144(a)(3) under the Securities Act and Subscriber understands that the certificates representing the Shares will contain
a legend in respect of such restrictions. If in the future the Subscriber decides to offer, resell, pledge or otherwise transfer
the Shares, such Shares may be offered, resold, pledged or otherwise transferred only pursuant to: (i) registration under the Securities
Act, or (ii) an available exemption from registration. Subscriber agrees that if any transfer of its Shares or any interest therein
is proposed to be made, as a condition precedent to any such transfer, Subscriber may be required to deliver to the Company an
opinion of counsel satisfactory to the Company. Absent registration or an exemption thereof, the Subscriber agrees not to resell
the Shares. Subscriber further acknowledges that because the Company is a shell company, Rule 144 may not be available to the Subscriber
for the resale of the Shares until one year following consummation of the initial business combination of the Company (or until
12 months following the filing of “Form 10 information” pursuant to Rule 144(i)(2)), despite the release or waiver
of any contractual transfer restrictions.

 

2.1.9.  No Governmental
Consents. No governmental, administrative or other third party consents or approvals are required, necessary or appropriate
on the part of Subscriber in connection with the transactions contemplated by this Agreement.

 

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2.2.  Company’s Representations,
Warranties and Agreements. To induce the Subscriber to purchase the Shares, the Company hereby represents and warrants to the
Subscriber and agrees with the Subscriber as follows:

 

2.2.1.  Organization and Corporate
Power. The Company is a Delaware corporation. The Company possesses all requisite corporate power and authority necessary to
carry out the transactions contemplated by this Agreement.

 

2.2.2.  No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated
hereby do not violate, conflict with or constitute a default under (i) the Certificate of Incorporation or Bylaws of the Company,
(ii) any agreement, indenture or instrument to which the Company is a party or (iii) any law, statute, rule or regulation to which
the Company is subject, or any agreement, order, judgment or decree to which the Company is subject.

 

2.2.3.  Title to Securities.
Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Shares will be duly and validly issued, fully
paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof the Subscriber will have or
receive good title to the Shares, free and clear of all liens, claims and encumbrances of any kind, other than (a) transfer restrictions
hereunder and other agreements to which the Shares may be subject, (b) transfer restrictions under federal and state securities
laws, and (c) liens, claims or encumbrances imposed due to the actions of the Subscriber.

 

2.2.4.  No Adverse Actions.
There are no actions, suits, investigations or proceedings pending, threatened against or affecting the Company which: (i) seek
to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement or (ii) question
the validity or legality of any transactions or seeks to recover damages or to obtain other relief in connection with any transactions.

 

2.2.5. Capital Stock. Other than
the Shares and the Macquarie Shares, there are no issued and outstanding shares of capital stock of the Company.

 

3.  Forfeiture of Shares.

 

3.1.          Partial
or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the representative of the underwriters
of the Company’s IPO is not exercised in full, the Subscriber acknowledges and agrees that it shall forfeit any and all rights
to such number of Shares (up to an aggregate of 243,750 Shares and pro rata based upon the percentage of the Over-allotment Option
exercised) such that immediately following such forfeiture, the Shares and the Macquarie Shares will represent, in the aggregate,
20% of the shares of Common Stock (not including shares of Common Stock issuable (i) upon the exercise of any warrants or (ii)
pursuant to any share purchase agreement to be entered into between the Company and the Macquarie Sponsor) issued and outstanding
immediately following the IPO.

 

3.2.  Termination of Rights
as Stockholder. If any of the Shares are forfeited in accordance with this Section 3, then after such time the Subscriber (or
successor in interest), shall no longer have any rights as a holder of such Shares, and the Company shall take such action as is
appropriate to cancel such Shares.

 

3.3.  Share Certificates;
Stop Transfer Order. In the event an adjustment to the Original Certificate is required pursuant to this Section 3, then the
Subscriber shall return such Original Certificate to the Company or its designated agent as soon as practicable upon its receipt
of notice from the Company advising Subscriber of such adjustment, following which a new certificate (the “New Certificate”)
shall be issued in such amount representing the adjusted number of Shares held by the Subscriber. The New Certificate shall be
returned to the Subscriber as soon as practicable.

 

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4.  Waiver of Liquidation Distributions;
Redemption Rights. In connection with the Shares purchased pursuant to this Agreement, the Subscriber hereby waives any and
all right, title, interest or claim of any kind in or to any distributions by the Company from the trust account which will be
established for the benefit of the Company’s public stockholders and into which substantially all of the proceeds of the
IPO will be deposited (the “Trust Account”), in the event of a liquidation of the Company upon the Company’s
failure to timely complete an initial business combination. For purposes of clarity, in the event the Subscriber purchases Common
Stock in the IPO or in the aftermarket, any additional Common Stock so purchased shall be eligible to receive liquidating distributions
by the Company. However, in no event will the Subscriber have the right to redeem any Shares in exchange for funds held in the
Trust Account upon the successful completion of an initial business combination.

 

5.  Restrictions on Transfer.

 

5.1.  Securities Law Restrictions.
In addition to any restrictions to be contained in that certain letter agreement (commonly known as an “Insider Letter”)
dated as of the closing of the IPO by and between Subscriber and the Company and subject to the exceptions contained therein, Subscriber
agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares unless, prior thereto (a)
a registration statement on the appropriate form under the Securities Act and applicable state securities laws with respect to
the Shares proposed to be transferred shall then be effective or (b) the Company has received an opinion from counsel reasonably
satisfactory to the Company, that such registration is not required because such transaction is exempt from registration under
the Securities Act and the rules promulgated by the Securities and Exchange Commission thereunder and all applicable state securities
laws.

 

5.2. Lock-up. Subscriber acknowledges
that the Shares will be subject to lock-up provisions (the “Lock-up”) contained in the Insider Letter and
subject to the exceptions contained therein. Pursuant to the Insider Letter, Subscriber will agree not to sell, transfer, pledge,
hypothecate or otherwise dispose of all or any part of the Shares until the earlier to occur of: (A) one year after the completion
of the Company’s initial business combination or (B) the date on which the Company completes a liquidation, merger, stock
exchange or other similar transaction after its initial business combination that results in all of its stockholders having the
right to exchange their shares of common stock for cash, securities or other property. Notwithstanding the foregoing, if the last
sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the
Company’s initial business combination, or (2) if the Company consummates a transaction after its initial business combination
which results in its stockholders having the right to exchange their shares for cash or property, the Shares will be released from
the Lock-up. 

 

5.3.  Restrictive Legends.
All certificates representing the Shares shall have endorsed thereon legends substantially as follows:

 

“THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES
NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER SUCH ACT AND SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF
COUNSEL TO THE COMPANY, IS AVAILABLE.”

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT
TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP EXCEPT PURSUANT
TO ITS TERMS.”

 

5.4.  Additional Shares or
Substituted Securities. In the event of the declaration of a share dividend, the declaration of an extraordinary dividend payable
in a form other than Common Stock, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization or a similar
transaction affecting the Company’s outstanding Common Stock without receipt of consideration, any new, substituted or additional
securities or other property which are by reason of such transaction distributed with respect to any Shares or into which such
Shares thereby become convertible shall immediately be subject to this Section 5 and Section 3. Appropriate adjustments to reflect
the distribution of such securities or property shall be made to the number and/or class of Shares subject to this Agreement.

 

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5.5.  Registration Rights.
Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the registration requirements of the
Securities Act and will become freely tradable only after certain conditions are met or they are registered in accordance with
the terms of the Registration Rights Agreement to be entered into between the Subscriber and the Company prior to the closing of
the IPO.

 

6.  Other Agreements.

 

6.1.  Further Assurances.
Subscriber agrees to execute such further instruments and to take such further action as may reasonably be necessary to carry out
the intent of this Agreement.

 

6.2.  Notices. All notices,
statements or other documents which are required or contemplated by this Agreement shall be made in writing and delivered (i) personally
or sent by first class registered or certified mail, or overnight courier service, to the address most recently provided to such
party or such other address as may be designated in writing by such party, (ii) by facsimile to the number most recently provided
to such party or such other fax number as may be designated in writing by such party or (iii) by electronic mail, to the electronic
mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such
party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered
personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one
(1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

6.3.  Entire Agreement.
This Agreement, together with that certain Insider Letter and that certain Registration Rights Agreement, each to be entered into
between Subscriber and the Company, substantially in the form to be filed as an exhibit to the Registration Statement, embodies
the entire agreement and understanding between the Subscriber and the Company with respect to the subject matter hereof and supersedes
all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty,
covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict,
the express terms and provisions of this Agreement.

 

6.4.  Modifications and Amendments.
The terms and provisions of this Agreement may be modified or amended only by written agreement executed by all parties hereto.

 

6.5.  Waivers and Consents.
The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by a written document
executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or
shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each
such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not
constitute a continuing waiver or consent.

 

6.6.  Assignment. The
rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of the
other party, except to an affiliate of the Subscriber who agrees to be bound to the terms of this Agreement.

 

6.7.  Benefit. All statements,
representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto and shall inure
to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement shall be construed
to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded as a third-party
beneficiary of this Agreement.

 

6.8.  Governing Law.
This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the
laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect to the conflict
of law principles thereof.

 

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6.9.  Severability. In
the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in this
Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent that
such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that such
court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall
nevertheless remain in full force and effect.

 

6.10.  No Waiver of Rights,
Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under this Agreement, and
no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party. No
single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance
of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the
exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver
of the right of such party to pursue other available remedies. No notice to, or demand on, a party not expressly required under
this Agreement shall entitle the party receiving such notice or demand to receive any other or further notice or demand in similar
or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action
in any circumstances without such notice or demand.

 

6.11.  Survival of Representations
and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any other agreement,
certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof and any investigations
made by or on behalf of the parties.

 

6.12.  No Broker or Finder.
Each of the parties hereto represents and warrants to the other that no broker, finder or other financial consultant has acted
on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to create any liability
on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any claim or demand for commission
or other compensation by any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf
of such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

6.13.  Headings and Captions.
The headings and captions of the various subdivisions of this Agreement are for convenience of reference only and shall in no way
modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.14.  Counterparts.
This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

6.15.  Construction.
The words “include,” “includes,” and “including” will be deemed to be
followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include
any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise
requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
“hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision
unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have
independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect,
the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the
relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party
hereto is in breach of the first representation, warranty, or covenant.

 

    	6

    	 

    

 

6.16. Mutual Drafting. This
Agreement is the joint product of the Subscriber and the Company and each provision hereof has been subject to the mutual consultation,
negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

7.  Voting and Tender of Shares.
Subscriber agrees to vote the Shares in favor of an initial business combination that the Company negotiates and submits for approval
to the Company’s stockholders and shall not seek redemption with respect to such Shares. Additionally, the Subscriber agrees
not to tender any Shares in connection with a tender offer presented to the Company’s stockholders in connection with an
initial business combination negotiated by the Company.

 

8.  Indemnification. Each
party shall indemnify the other against any loss, cost or damages (including reasonable attorney’s fees and expenses) incurred
as a result of such party’s breach of any representation, warranty, covenant or agreement in this Agreement.

 

[Signature Page Follows]

 

    	7

    	 

    

 

If the foregoing accurately sets forth our
understanding and agreement, please sign the enclosed copy of this Agreement and return it to us.

 

	 	Very truly yours,
	 	 
	 	HYDRA INDUSTRIES ACQUISITION CORP. 
	 	 
	 	By:	/s/ A. Lorne Weil
	 	 	Name: A. Lorne Weil
	 	 	Title: Chairman and Chief Executive Officer

 

	Accepted and agreed this 11th day of July, 2014	 
	 	 
	HYDRA INDUSTRIES SPONSOR LLC	 
	a Delaware limited liability company	 

 

	 	 
	By:	/s/ A. Lorne Weil	 
	 	Name: A. Lorne Weil	 
	 	Title:   Manager	 
	 

 

    	8

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