Document:

Exhibit 10.2(b)

 

________, 2015

 

Atlantic Alliance Partnership Corp.

c/o Mark D. Klein

590 Madison Avenue

New York, New York 10022

 

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 Atlantic Alliance Partnership Corp., a business company incorporated under
the laws of the British Virgin Islands with limited liability (the “Company”), and Citigroup Global Markets
Inc., (the “Underwriter”), relating to an underwritten initial public offering (the “Public Offering”),
of 7,500,000 of the Company’s ordinary shares, no par value (the “Ordinary Shares”).  The
Ordinary Shares shall be sold in the Public Offering pursuant to the registration statement on Form S-1 No. 333- 202235
and prospectus (the “Prospectus”) filed by the Company with the Securities and Exchange Commission (the
“Commission”) and the Company shall apply to have the Ordinary Shares listed on the NASDAQ Capital
Market.  Certain capitalized terms used herein are defined in paragraph 10 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, each of the undersigned hereby agrees with the Company as follows:

 

1.         Each
of the
undersigned agrees that if the Company seeks shareholder approval of a proposed Business Combination, then in connection with such
proposed Business Combination, he shall vote all Founder Shares and Placement Shares held by him and any shares acquired by him
in the Public Offering or the secondary public market in favor of such proposed Business Combination.

 

2.         Each
of the undersigned hereby agrees that in the event that the Company fails to consummate a Business Combination (as described in
the Underwriting Agreement) within 18 months from the closing of the Public Offering, or such later period approved by the Company’s
shareholders in accordance with the Company’s amended and restated memorandum and articles of association, each of the undersigned
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 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 not previously released to the Company to pay its tax obligations
(less up to $100,000 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), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption,
subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, commence a voluntary
liquidation and thereby a formal dissolution, subject in each case to the Company’s obligations under the laws of the British
Virgin Islands, to provide for claims of creditors and requirements of applicable law.  Each of the undersigned agrees to
not propose any amendment to the Company’s amended and restated memorandum and articles of association that would affect
the substance or timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company does not complete
a Business Combination within 18 months from the closing of the Public Offering, 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 funds held in the Trust Account
and not previously released to the Company to pay its tax obligations, divided by the number of then outstanding public shares.

 

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Each of the undersigned 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 or Placement Shares.  Each of the undersigned
hereby further waives, with respect to any Ordinary 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 in the context of a tender offer made by the Company to purchase Ordinary Shares (although
each of the undersigned shall be entitled to redemption and liquidation rights with respect to any Ordinary Shares (other than
the Founder Shares and Placement Shares) he holds if the Company fails to consummate a Business Combination within 18 months from
the date of the closing of the Public Offering).

 

3.         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 Securities Exchange Act of 1934, as amended, and the rules and
regulations of the Commission promulgated thereunder, with respect to any Ordinary Shares, or any securities convertible into,
or exercisable, or exchangeable for, Ordinary Shares owned by him, (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 Ordinary Shares, or any securities convertible
into, or exercisable, or exchangeable for, Ordinary Shares owned by him, 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). 

 

4.        
[intentionally omitted]

 

5.         (a) Each
of the undersigned hereby 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 18 months after the closing of the Public Offering.

 

(b)       Each
of the undersigned hereby agrees and acknowledges that:  (i) each of the Underwriters and the Company would be irreparably
injured in the event of a breach by him of his obligations under paragraph 5(a), (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.

 

6.        
(a) Subject to certain limited exceptions, each of the undersigned agrees not to sell, assign, transfer or dispose of
the Founder Shares until one year after the completion of an initial Business Combination or earlier if, subsequent to an
initial Business Combination, (x) the last sale price of the Ordinary Shares equals or exceeds $12.00 per share (as adjusted
for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30 trading
day period commencing at least 150 days after an initial Business Combination, or (y) the date on which the Company completes
a liquidation, merger, stock exchange or other similar transaction after an initial Business Combination that results in all
of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or
other property.

 

(b)       Each
of the undersigned agrees that he shall not effectuate any Transfer of Placement Shares, until 30 days after the completion of
a Business Combination. The restrictions contained in paragraphs 6(a) and 6(b) hereof are collectively the “Lock-up”.

 

(c)       Notwithstanding
the provisions set forth in paragraphs 6(a) and (b), in the event of (i) the Company’s liquidation prior to the
completion of an initial Business Combination or (ii) the completion of a liquidation, merger, stock 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 Company’s completion of an initial Business
Combination, the lockup period shall terminate. Transfers of the Founder Shares and Placement Shares are further permitted as
set forth in clauses (i) through (vi) below, provided that any transferees enter into a written agreement agreeing to be
bound by the Lock-up. Permitted transfers include: (i) transfers to the Company’s officers or directors, any affiliates
or family members of any of the Company’s officers or directors, any equity holders of AAP Sponsor (PTC) Corp (the
“Sponsor”) or their affiliates, or the  affiliates of the  Sponsor, (ii) transfers by gift to an
equity holder of the Sponsor’s immediate family or to a trust, the beneficiary of which is a member of an equity holder
of the Sponsor’s immediate family, an affiliate of the Sponsor or to a charitable organization; (iii) transfers by
virtue of laws of descent and distribution upon death of one of the equity holders of the Sponsor or an officer or director;
(iv) transfers pursuant to a qualified domestic relations order; (v) transfers by virtue of the laws of the British Virgin
Islands or the Sponsor’s memorandum and articles of association or the rights attaching to the equity interests in the
Sponsor upon dissolution of the Sponsor; and (vi) transfers by private sales or transfers made in connection with the
consummation of an initial Business Combination at prices no greater than the price at which such shares were
originally purchased.

 

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7.         Each
of the undersigned’s biographical information furnished to the Company that is included in the Prospectus is true and accurate
in all respects and does not omit any material information with respect to such undersigned’s background.  Each of the
undersigned’s questionnaire furnished to the Company is true and accurate in all respects with respect to such undersigned. 
Each of the undersigned represents and warrants that:  he is not subject to or a respondent in any legal action for, any injunction,
cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities
in any jurisdiction; he 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 is not currently a defendant in any such criminal proceeding; and 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.

 

8.         Except
as disclosed in the Prospectus, none of the undersigned nor any affiliate of any of the undersigned shall receive
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), other than the following:  repayment of
a loan of up to a total of $100,000 made to the Company by an affiliate of its Chairman, Chief Executive Officer and
President, pursuant to a Promissory Note dated January 16, 2015; reimbursement for any out-of-pocket expenses related to
identifying, investigating and consummating an initial Business Combination; payment to Lepe Partners LLP, an entity
affiliated with the Company’s Chairman, President and Chief Executive Officer, of a fee for financial advisory services
rendered in connection with the identification, negotiation and consummation of an initial Business Combination, the amount
of which will be based upon the prevailing market for similar services for such transactions at such time, and will be
subject to the review of the Company’s audit committee pursuant to the audit committee’s policies and procedures
relating to transactions that may present conflicts of interest, so long as no proceeds of the Public Offering held in the
Trust Account may be applied to the payment of such expenses prior to the consummation of a Business Combination; and
repayment of loans, if any, and on such terms as to be determined by the Company from time to time, made by the Sponsor or an
affiliate of the Sponsor or certain of the Company’s officers and directors to finance transaction costs in connection
with an intended initial Business Combination, provided, that, if the Company does not consummate an initial Business
Combination, a portion of the working capital held outside the Trust Account may be used by the Company to repay such loaned
amounts so long as no proceeds from the Trust Account are used for such repayment.

 

9.         Each
of the undersigned 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 Letter Agreement and
to serve as a director on the board of directors of the Company, and hereby consents to being named in the Prospectus as a director
of the Company, as applicable.

 

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10.       As
used herein, (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 Ordinary Shares of the Company held by the Sponsor prior to the consummation of the Public
Offering; (iii) “Placement Shares “ shall mean the 762,500 Ordinary Shares that are acquired
by the Sponsor for an aggregate purchase price of $7,625,000 (or the 858,125 Ordinary Shares for an aggregate purchase price of
$8,581,250 if the underwriter’s over-allotment option is exercised in full), or $10.00 per share, in a private placement
that shall occur simultaneously with the consummation of the Public Offering; (iv) “Public Shareholders”
shall mean the holders of securities issued in the Public Offering; (v) “Trust Account” shall mean
the trust fund into which a portion of the net proceeds of the Public Offering shall be deposited; and (vi) “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).

 

11.       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.

 

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

 

13.       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 submits
to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waives any objection to such exclusive
jurisdiction and venue or that such courts represent an inconvenient forum.

 

14.       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.

 

15.       This
Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up or (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 December
31, 2015.

 

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	 	Sincerely,	 
	 	 	 
	 	 
	 	Name:	Waheed Alli 
	 	 	 
	 	 
	 	Name:	Iain Abrahams 
	 	 	 
	 	 
	 	Name:	John Service
	 	 	 
	 	 
	 	Name:	Joh Bernbach
	 	 	 
	 	 
	 	Name:	Daniel Winston

 

	Acknowledged and Agreed:    	 
	 	 
	ATLANTIC
ALLIANCE PARTNERSHIP CORP. 	 
	 	 
	By:	 	 
	 	Name:	Jonathan Goodwin	 
	 	Title:	President and Chief Executive Officer	 

 

[Signature Page to Letter Agreement
– Independent Director]

 

 

 5Exhibit
10.3

 

FORM
OF INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This
Investment Management Trust Agreement (this “Agreement”) is made effective as of ______, 2015 by and
between Atlantic Alliance Partnership Corp., a British Virgin Islands company (the “Company”), and Continental
Stock Transfer & Trust Company, a New York corporation (the “Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1, No. 333-202235 (the “Registration Statement”)
and prospectus (the “Prospectus”) for the initial public offering of the Company’s ordinary shares,
no par value (the “Ordinary Shares”; such initial public offering hereinafter referred to as the “Offering”),
has been declared effective as of the date hereof by the U.S. Securities and Exchange Commission; and

 

WHEREAS,
the Company has entered into an Underwriting Agreement (the “Underwriting Agreement”) with Citigroup
Global Markets Inc. (the “Underwriter”); and

 

WHEREAS,
as described in the Registration Statement, $78,750,000 of the gross proceeds of the Offering and sale of the Placement Shares
(as defined in the Underwriting Agreement) (or $90,562,500 if the Underwriter’s over-allotment option is exercised in full)
will be delivered to the Trustee to be deposited and held in a segregated trust account located at all times in the United States
(the “Trust Account”) for the benefit of the Company and the holders of the Ordinary Shares issued in
the Offering as hereinafter provided (the amount to be delivered to the Trustee (and any interest subsequently earned thereon)
is referred to herein as the “Property,” the shareholders for whose benefit the Trustee shall
hold the Property will be referred to as the “Public Shareholders,” and the Public Shareholders and
the Company will be referred to together as the “Beneficiaries”); and

 

WHEREAS,
pursuant to the Underwriting Agreement, a portion of the Property equal to $2,625,000, or $3,018,750 if the Underwriters’
over-allotment option is exercised in full is attributable to deferred underwriting discounts and commissions that may be payable
to the Underwriter upon the consummation of the Business Combination (as defined below) (the “Deferred Discount”);
and

 

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

 

NOW
THEREFORE, IT IS AGREED:

 

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

 

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

 

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

 

(c)          
In a timely manner, upon the written instruction of the Company, invest and reinvest the Property in United States government
securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a
maturity of 180 days or less, or in money market funds meeting the conditions of paragraphs (c)(2), (c)(3), (c)(4) and (c)(5) of
Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, which invest only in direct U.S. government treasury
obligations, as determined by the Company; the Trustee may not invest in any other securities or assets, it being understood that
the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder;

 

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

 

    	 

    	 

    

 

(e)          
Promptly notify the Company of all communications received by the Trustee relating to the withdrawal of principal;

 

(f)           
Supply any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with
the Company’s preparation of the tax returns relating to assets held in the Trust Account;

 

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

 

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

 

(i)           
Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the
terms of a letter from the Company (“Termination Letter”) in a form substantially similar to that attached
hereto as either Exhibit A or Exhibit B signed on behalf of the Company by its Chief Executive
Officer, Chief Financial Officer or Chairman of the board of directors (the “Board”) or other authorized
officer of the Company, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including
interest not previously released to the Company to pay its taxes (less up to $100,000 of interest that may be released to the
Company to pay dissolution expenses in the case of Exhibit B), only as directed in the Termination Letter and the other documents
referred to therein, or (y) ______ 2016, if a Termination Letter has not been received by the Trustee prior to such date,
in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached
as Exhibit B and the Property in the Trust Account including interest not previously released to the Company
to pay its taxes (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses) shall be distributed
to the Public Shareholders of record as of such date; provided, however, that in the event the Trustee
receives a Termination Letter in a form substantially similar to Exhibit B hereto, or if the Trustee begins
to liquidate the Property because it has received no such Termination Letter by ______ 2016, the Trustee shall keep the Trust
Account open until twelve (12) months following the date the Property has been distributed to the Public Shareholders; the provisions
of this paragraph 1(i) notwithstanding, it is agreed that the Trustee shall have no obligation to monitor, calculate or insure
that the Company has reserved funds to meet its income tax obligations;

 

(j)           
Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit C (a “Tax Payment Withdrawal Instruction”), withdraw from the Trust
Account and distribute to the Company the amount of interest earned on the Property requested by the Company to cover any tax
obligation owed by the Company as a result of assets of the Company or interest or other income earned on the Property, which
amount shall be delivered directly to the Company by electronic funds transfer or other method of prompt payment, and the Company
shall forward such payment to the relevant taxing authority; provided, however, that to the extent there
is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets held in the Trust
Account as shall be designated by the Company in writing to make such distribution so long as there is no reduction in the principal
amount initially deposited in the Trust Account.  The written request of the Company referenced above shall constitute presumptive
evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request;

 

(k)          
Not make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i) or (j) above;
and

 

(l)           
Within four (4) business days after the Underwriters exercise the over-allotment option (or any unexercised portion thereof)
or such over-allotment expires, provide the Trustee with a notice in writing of the total amount of the Deferred Discount, which
shall in no event be less than $2,625,000.

 

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

 

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

 

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(b)          
Subject to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and
all expenses, including reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any action
taken by it hereunder and in connection with any action, suit or other proceeding brought against the Trustee involving any claim,
or in connection with any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee
hereunder, or the Property or any interest earned on the Property, except for expenses and losses resulting from the Trustee’s
gross negligence, fraud or willful misconduct.  Promptly after the receipt by the Trustee of notice of demand or claim or
the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this Section 2(b),
it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). 
The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim; provided that
the Trustee shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably
withheld.  The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which
such consent shall not be unreasonably withheld.  The Company may participate in such action with its own counsel;

 

(c)          
Pay the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration
fee, and transaction processing fee which fees shall be subject to modification by the parties from time to time.  It is
expressly understood that the Property shall not be used to pay such fees unless and until it is distributed to the Company pursuant
to Section 1(i) hereof.  The Company shall pay the Trustee the initial acceptance fee and the first monthly
fee at the consummation of the Offering.  The Trustee shall refund to the Company the monthly fee (on a pro rata basis) with
respect to any period after the liquidation of the Trust Account.  The Company shall not be responsible for any other fees
or charges of the Trustee except as set forth in this Section 2(c), Schedule A and as may be provided in Section 2(b) hereof;

 

(d)          
In connection with any vote of the Company’s shareholders regarding a share exchange, share reconstruction and amalgamation,
contractual control arrangement with, purchase of all or substantially all of the assets of, or engaging in any other similar
business combination with one or more businesses or entities (the “Business Combination”), provide to
the Trustee an affidavit or certificate of the inspector of elections for the shareholder meeting verifying the vote of such shareholders
regarding such Business Combination;

 

(e)          
Provide Citigroup Global Markets Inc. with a copy of any Termination Letter(s) and/or any other correspondence that is sent
to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after it issues the same; and

 

(f)           
Instruct the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the
Trustee to make any distributions that are not permitted under this Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(g)          
Verify the accuracy of the information contained in the Registration Statement;

 

(h)          
Provide any assurance that any Business Combination entered into by the Company or any other action taken by the Company is as
contemplated by the Registration Statement;

 

(i)           
File information returns with respect to the Trust Account with any local, state or federal taxing authority or provide periodic
written statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned
on the Property;

 

(j)           
Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by,
and activities relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company,
including, but not limited to, income tax obligations, except pursuant to Section 1(j) hereof; or

 

(k)          
Verify calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections
1(i) and 1(j) hereof.

 

4.            Trust
Account Waiver.  The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future.  In the event the Trustee has any Claim against the Company under this Agreement,
including, without limitation, under Section 2(b) or Section 2(c) hereof, the Trustee
shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the Property or any
monies in the Trust Account.

 

5.            Termination. 
This Agreement shall terminate as follows:

 

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

 

    	4

    	 

    

 

(b)          
At such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with the provisions
of Section 1(i) hereof (which section may not be amended under any circumstances other than in connection
with an extension of the date set forth therein and then only with the Consent of the Shareholders in accordance with Section
6(d) below) and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall
terminate except with respect to Section 2(b).

 

6.            Miscellaneous.

 

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

 

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

 

(c)          
This Agreement contains the entire agreement and understanding of the parties hereto with
respect to the subject matter hereof. Except for Section 1(i) hereof (which section may not be amended
under any circumstances other than in connection with an extension of the date set forth therein, and then only with the Consent
of the Shareholders in accordance with Section 6(d) below), this Agreement or any
provision hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing signed by
each of the parties hereto.

 

(d)          
This Agreement or any provision hereof may only be changed, amended or modified pursuant to Section 6(c) hereof
with the Consent of the Shareholders; provided, however, that no such change, amendment or modification
may be made to Section 1(i) hereof (which section may not be amended under any circumstances other than in connection
with an extension of the date set forth therein, and then only with the Consent of the Shareholders), it being the specific intention
of the parties hereto that each of the Public Shareholders is, and shall be, a third party beneficiary of this Section 6(d) with
the same right and power to enforce this Section 6(d) as the other parties hereto.  For purposes of
this Section 6(d), the “Consent of the Shareholders” means receipt by the Trustee of
a certificate from the inspector of elections of the shareholder meeting certifying the affirmative vote of at least 65% of the
then outstanding Ordinary Shares attending and voting on such change, amendment or modification at a meeting of shareholders of
the Company; provided that no such amendment will affect any Public Shareholder who has otherwise indicated his election to redeem
his Ordinary Shares in connection with a shareholder vote sought to amend this Agreement to extend to the time he would be entitled
to a return of his pro rata amount in the Trust Account.  Except for any liability arising out of the Trustee’s gross
negligence, fraud or willful misconduct, the Trustee may rely conclusively on the certification from the inspector or elections
referenced above and shall be relieved of all liability to any party for executing the proposes amendment in reliance thereon.

        

(e)          
The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State
of New York, for purposes of resolving any disputes hereunder.  AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING
TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

 

    	5

    	 

    

 

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

 

if
to the Trustee, to:

 

Continental
Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn:  Steven G. Nelson or Frank Di Paolo

Fax No.:  (212) 509-5150

 

if
to the Company, to:

 

Atlantic
Alliance Partnership Corp.

c/o Mark D. Klein

590 Madison Avenue 

New York, New York 10022

Attn:  Jonathan Goodwin

Fax No.: 

 

in
each case, with copies to:

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas

New
York, NY 10105

Attn: 
Douglas Ellenoff, Esq. 

Fax
No.:  (212) 370-7889

and

 

Citigroup
Global Markets Inc.

388 Greenwich Street

New York, NY 10013

Attn.:  Eric Wooley

Fax No.:  (212) 816-7912

 

and

 

Citigroup
Global Markets Inc.

388 Greenwich Street

New York, NY 10013

Attn.:  General Counsel

Fax No.:  (212) 816-7912

 

and

 

Weil,
Gotshal & Manges LLP

767
Fifth Avenue

New
York, NY 10153

Attn: 
Jennifer Bensch, Esq.

Fax No.:  (212) 310-8007

 

(g)          
Each of the Company and the Trustee hereby represents that it has the full right and power and has been duly authorized to enter
into this Agreement and to perform its respective obligations as contemplated hereunder.  The Trustee acknowledges and agrees
that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled
to any funds in the Trust Account under any circumstance.

 

    	6

    	 

    

 

(h)          
Each of the Company and the Trustee hereby acknowledges and agrees that Citigroup Global Markets Inc., on behalf of the Underwriters,
is a third party beneficiary of this Agreement.

 

(i)           
Except as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other
person or entity.

 

[Signature
Page Follows]

 

    	 

    	 

    

 

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

 

	 	Continental
    Stock Transfer & Trust Company, as Trustee
	 	 	 
	 	By:	 
	 	 	Name:
    Frank Di Paolo
	 	 	Title:
    Vice President
	 	 	 
	 	Atlantic
    Alliance Partnership Corp.
	 	 	 
	 	By:	 
	 	 	Name:
    Jonathan Goodwin
	 	 	Title:
      President and Chief Executive Officer

 

[Signature
Page to Investment Management Trust Agreement]

 

    	 

    	 

    

 

SCHEDULE
A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	 	 	 	 	 	 
	Investment Management Trust Set-up fee	 	Payable at initial closing of Offering prior to the funding of the Trust account	 	$	2,000	 
	 	 	 	 	 	 	 
	Trustee administration fee	 	Payable annually. First year fee payable, at  initial closing of Offering by wire transfer, thereafter by wire transfer or check.	 	$	10,000	 
	 	 	 	 	 	 	 
	Transaction processing fee for  disbursements to Company under Sections  1(i) and 1(j)	 	Deduction by Trustee from accumulated income following disbursement made to Company  under Section 1	 	$	250	 
	 	 	 	 	 	 	 
	Paying Agent services as required pursuant  to Section 1(i)	 	Billed to Company upon delivery of service  pursuant to Section 1(i)	 	Prevailing rates	 

 

    	 

    	 

    

 

EXHIBIT A

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn:  Steven G. Nelson or Frank Di Paolo

 

Re:            Trust
Account No.        Termination Letter

 

Gentlemen:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Atlantic Alliance Partnership Corp.
(the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”),
dated as of ________, 2015 (the “Trust Agreement”), this is to advise you that the Company has entered
into an agreement with                       
(the “Target Business”) to consummate a business combination with Target Business (the “Business
Combination”) on or about [insert date].  The Company shall notify you at least forty-eight (48)
hours in advance of the actual date of the consummation of the Business Combination (the “Consummation Date”). 
Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust
Account on [insert date], and to transfer the proceeds into the trust checking account at JP Morgan Chase Bank, N.A.
to the effect that, on the Consummation Date, all of funds held in the Trust Account will be immediately available for transfer
to the account or accounts that the Company and Citigroup Global Markets, Inc. (“Citi”) shall direct
on the Consummation Date.  It is acknowledged and agreed that while the funds are on deposit in the trust checking account
at JP Morgan Chase Bank, N.A. awaiting distribution, the Company will not earn any interest or dividends.

 

On
the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination
has been consummated, or will be consummated concurrently with your transfer of funds to the accounts as directed by the Company
and Citi (the “Notification”) and (ii) the Company shall deliver to you (a) [an affidavit]
[a certificate] of the Chief Executive Officer, which verifies that the Business Combination has been approved by a vote of the
Company’s shareholders, if a vote is held and (b) joint written instruction signed by the Company and Citi with respect
to the transfer of the funds held in the Trust Account, including payment of the Deferred Discount from the Trust Account directly
to the account or accounts specified by Citi therein (the “Instruction Letter”).  You are hereby
directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the Notification and
the Instruction Letter, in accordance with the terms of the Instruction Letter.  In the event that certain deposits held
in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify the Company in writing of
the same and the Company shall direct you as to whether such funds should remain in the Trust Account and be distributed after
the Consummation Date to the Company; provided, that the full amount of the Deferred Discount shall be transferred on the Consummation
Date as set forth above.  Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed
expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

    	 

    	 

    

  

In
the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have
not notified you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written
instructions from the Company, the funds held in the Trust Account shall be reinvested as provided in Section 1(c) of
the Trust Agreement on the business day immediately following the Consummation Date as set forth in the notice as soon thereafter
as possible.

 

	 	Very truly yours,
	 	 
	 	Atlantic Alliance Partnership Corp.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc:
Citigroup Global Markets Inc.

 

    	 

    	 

    

 

EXHIBIT B

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn:  Steven G. Nelson or Frank Di Paolo

 

Re:            Trust
Account No.         Termination Letter

 

Gentlemen:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Atlantic Alliance Partnership Corp.
(the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”),
dated as of ________, 2015 (the “Trust Agreement”), this is to advise you that the Company has been
unable to effect a business combination with a Target Business (the “Business Combination”) within the
time frame specified in the Company’s Amended and Restated Memorandum and Articles of Association, as described in the Company’s
Prospectus relating to the Offering.  Capitalized terms used but not defined herein shall have the meanings set forth in
the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account
on                         ,
20       and to transfer the total proceeds into the trust checking account at JP Morgan Chase Bank,
N.A. to await distribution to the Public Shareholders.  The Company has selected [                  ](1) as
the record date for the purpose of determining the Public Shareholders entitled to receive their share of the liquidation proceeds. 
You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute said funds directly
to the Company’s Public Shareholders in accordance with the terms of the Trust Agreement and the Amended and Restated Memorandum
and Articles of Association of the Company.  Upon the distribution of all the funds, your obligations under the Trust Agreement
shall be terminated, except to the extent otherwise provided in Section 1(j) of the Trust Agreement.

 

	 	Very
    truly yours,
	 	 	 
	 	Atlantic
    Alliance Partnership Corp.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc:
Citigroup Global Markets Inc.

 

 

(1) 
18 months from the closing of the Offering.

 

    	 

    	 

    

 

EXHIBIT C

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

17 Battery Place

New York, New York  10004

Attn:  [Accounting Department: Frank Di Paolo and Cynthia Jordan]

 

Re::            Trust
Account No.         Tax Payment Withdrawal Instruction

 

Gentlemen:

 

Pursuant
to Section 1(j) of the Investment Management Trust Agreement between Atlantic Alliance Partnership Corp.
(the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”),
dated as of ________, 2015 (the “Trust Agreement”), the Company hereby requests that you deliver
to the Company $               of the interest income earned
on the Property as of the date hereof.  Capitalized terms used but not defined herein shall have the meanings set forth in
the Trust Agreement.

 

The
Company needs such funds to pay for the tax obligations as set forth on the attached tax return or tax statement.  In accordance
with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly
upon your receipt of this letter to the Company’s operating account at:

 

[WIRE
INSTRUCTION INFORMATION]

 

	 	Very
    truly yours,
	 	 	 
	 	Atlantic
    Alliance Partnership Corp.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc:
Citigroup Global Markets Inc.

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