Document:

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Agreement is made effective as of [___________],
2012 by and between Aquasition Corp. (the “ Company ”) and American Stock Transfer & Trust Company,
LLC (the “ Trustee ”).

 

WHEREAS, the Company’s registration
statement, as amended on Form F-1, No. 333-180571 (the “ Registration Statement ”) and prospectus
(the “ Prospectus ”) for the initial public offering of the Company’s units (the “ Units
“), which consist of one share of the Company’s common stock, par value $0.001 per share (the “ Common
Stock “) and one warrant to purchase one share of the Company’s Common Stock (the “ Warrants
”), (such initial public offering hereinafter referred to as the “ Offering ”) has been declared
effective as of the date hereof (the “ Effective Date ”) by the Securities and Exchange Commission; and

 

WHEREAS, the Company intends to issue units
(the “ Placement Units ”), which are identical to the Units except that the warrants included
in the Placement Units may be exercised on a cashless basis under certain circumstances and are subject to certain transfer restrictions,
in a private placement the immediately prior to the consummation of the Offering; and

 

WHEREAS, the Company has entered into an
Underwriting Agreement with Lazard Capital Markets LLC as representative of the several underwriters (the “ Underwriters
”) named therein (the “ Underwriting Agreement ”); and

 

WHEREAS, as described in the Registration
Statement, $[________] (or $[________] if the Underwriters’ over-allotment option is exercised in full) of the gross proceeds
of the Offering and a portion of the proceeds from the sale of the Placement Units will be delivered to the Trustee to be deposited
and held in a segregated trust account (the “ Trust Account ”) for the benefit of the Company and the
holders of the Company’s shares of Common Stock underlying the Units issued in the Offering as hereinafter provided (the
amount to be delivered to the Trustee will be referred to hereinafter 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 ”)
(capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement); 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.

 

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 Trust Accounts which shall be
established by the Trustee at the London Branch of Barclays, and at a brokerage institution outside of the United States selected
by the Trustee that is reasonably satisfactory to the Company;

 

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

 

(c)          
In a timely manner, upon the instruction of the Company, to invest and reinvest the Property in cash or any “Government Security.”
As used herein, Government Security means any Treasury Bill issued by the United States, having a maturity of 180 days or less;

 

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

 

    	 

    	 

    

 

(e)          
Promptly notify the Company and Lazard Capital Markets LLC of all communications received by the Trustee with respect to any Property
requiring action by the Company;

 

(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 receipt of, and only in accordance with, the terms of a
letter (“ Termination Letter “), in a form substantially similar to that attached hereto as either   
Exhibit A or   Exhibit B   signed on behalf of the Company by its Chief Executive Officer or
Chairman of the board 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 only as directed in the Termination Letter
and the other documents referred to therein. The Trustee understands and agrees that, except as provided in this  Section
1(i), disbursements from the Trust Account shall be made only pursuant to the terms of a duly executed Tax Withdrawal Instruction,
Interest Withdrawal Instruction or Permitted Purchase of Shares Withdrawal Instruction, as set forth in  Sections 1(j),
1(k) and 1(l), respectively, as the case may be; 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 the date that is 18 months (or 24 months pursuant to the automatic period extension)
from the closing of the offering, or on such other date as may be determined in the Company’s Amended and Restated Articles
of Incorporation following the liquidation of the Property, the Trustee shall keep the Trust Account open until twelve (12) months following the date the Property has been distributed to the Public Shareholders;

 

(j)          
If there is any tax obligation relating to the Property in the Trust Account or to fund the working capital of the Company, then,
only at the written instruction of the Company in a form substantially similar to that attached hereto as Exhibit C (a “
Tax Withdrawal Instruction ”), to make available in cash or by check from the Property in the Trust Account
an amount specified by the Company by electronic funds transfer, account debit or other method of payment; provided, however, that
such distributions may only be made if and to the extent that interest has been earned on the amount initially deposited in the
Trust Account sufficient to pay for such distribution (it being expressly understood that the principal of the Property shall not
be used to pay any such distribution);

 

(k)          
Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as   Exhibit D   (an “ Interest Withdrawal Instruction ”), the Trustee shall
distribute to the Company the amount requested by the Company; and

 

    	2

    	 

    

 

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)
through  1(l)   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;

 

(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, an annual fee and a transaction
processing fee for each disbursement made pursuant to  Sections 1(j)  and  1(l), 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  Sections 1(i) through 1(l) hereof.
The Company shall pay the Trustee the initial acceptance fee and the first annual fee at the consummation of the Offering and thereafter
on the anniversary of the Effective Date. The Trustee shall refund to the Company the annual 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)   and as may be provided in  Section 2(b)
  hereof;

 

(d)          
In connection with any vote of the Company’s Public Shareholders regarding a merger, capital stock exchange, asset acquisition,
stock purchase, or similar acquisition transaction involving the Company and one or more operating businesses or assets (an “
Acquisition Transaction ”), provide to the Trustee an affidavit or certificate of the inspector of elections
for the shareholder meeting verifying the vote of the Public Shareholders, if applicable, regarding such Acquisition Transaction;

 

(e)          
Provide Lazard Capital Markets LLC with a copy of any Termination Letter(s) and/or any other correspondence that the Company sends
to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after it issues the same;

 

(f)          
In the event the Company is entitled to receive a tax refund on its income tax obligation, and promptly after the amount of such
refund is determined on a final basis, provide the Trustee with notice in writing (with a copy to Lazard Capital Markets LLC) of
the amount of such income tax refund; and

 

(g)          
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

    	 

    

 

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

 

(a)          
Taking 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;

 

(b)          
Instituting 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;

 

(c)          
Refunding any depreciation in principal of any Property;

 

(d)          
Assuming 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;

 

(e)          
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 whether to the other parties hereto
or anyone else. 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 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) to 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;

 

(f)          
Verifying the accuracy of the information contained in the Registration Statement,

 

(g)          
Providing any assurance on any Acquisition Transaction entered into by the Company or any other action taken by the Company as
contemplated by the Registration Statement;

 

(h)          
Filing information returns on behalf of the Trust Account with any local, state or federal taxing authority or providing periodic
written statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned
on the Property;

 

(i)          
Preparing, executing and filing tax reports, income or other tax returns and paying any taxes with respect to any income earned
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 (it being expressly understood that, as set forth in  Section 1(j)
hereof, if there is any income tax obligation relating to the income of the Property in the Trust Account, then, only at the written
instruction of the Company, the Trustee shall make funds available in cash from the Property in the Trust Account in an amount
specified by the Company as owing to the applicable taxing authority), which amount shall be paid directly to the Company by electronic
funds transfer or other method of prompt payment, and the Company shall forward such payment to the appropriate taxing authority;
and

 

(j)          
Verifying calculations, qualifying or otherwise approving the Company’s written requests for distributions pursuant to  Sections 1(i)
  through  1(l)   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 in the future. In the event the Trustee has any Claim against the Company under this Agreement, including,
without limitation, under  Section 2(b)   hereof, the Trustee shall pursue such Claim solely against the
Company and not against the Property or any monies in the Trust Account.

 

    	4

    	 

    

 

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. At such time that the Company notifies the Trustee that a successor trustee has been appointed
by the Company and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the management of the
Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports and statements relating
to the Trust Account, whereupon this Agreement shall terminate;  provided ,  however , that in the
event that the Company does not locate a successor trustee within ninety (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

 

(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) and distributed the Property in accordance
with the provisions of the Termination Letter, thereafter 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. It
may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together shall
constitute but one instrument.

 

(c)          
This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof.
AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

 

(d)          
This Agreement or any provision hereof may only be changed, amended or modified by a writing signed by each of the parties hereto;
provided, however, that no such change, amendment or modification may be made to  Section 1(i)   hereof
without the consent of each of the parties hereto and the Consent of the Company’s Shareholders, it being the specific intention
of the parties hereto that each holder of shares of Common Stock (collectively, the “ Company 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 either of the parties hereto. For purposes of this  Section 6(d) ,
the “ Consent of the Company Shareholders ” means receipt by the Trustee of a certificate from the inspector
of elections of the shareholder meeting certifying that either (a) the Company Shareholders of record as of a record date
established in accordance with the laws of the Marshall Islands, who hold ninety percent (90%) or more of all then outstanding
shares of Common Stock, have voted in favor of such change, amendment or modification, or (b) the Company Shareholders of record
as of the record date who hold ninety percent (90%) or more of all then outstanding shares of Common Stock, have delivered to such
entity a signed writing approving such change, amendment or modification. 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.

 

    	5

    	 

    
 

(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.

 

(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:

American Stock Transfer & Trust Company, LLC

6201 15 th Avenue

Brooklyn, New York 11219

 

if to the Company, to:

Aquasition Corp.

c/o Seacrest Shipping Co. Ltd.

8 – 10 Paul Street

London EC2A 4JH, England

 

in either case with a copy to:

Lazard Capital Markets LLC

30 Rockefeller Plaza

New York, NY 10020

Attn: [__________]

Fax: [__________]

 

And

Loeb & Loeb LLP

345 Park Avenue

New York, NY 10154

Attn: Mitchell S. Nussbaum, Esq.

Fax: [__________]

 

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

 

(h)          
Each of the Company and the Trustee hereby acknowledge that the Public Shareholders, solely for purposes of Sections 6(c)
  and  6(d)   hereof, are third party beneficiaries of this Agreement.

 

[Signature Page Follows]

 

    	6

    	 

    
 

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

 

	 	American Stock Transfer & Trust Company, LLC, as Trustee
	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	Aquasition Corp.
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    	 

    	 

    

 

SCHEDULE A

 

	
        Fee Item
	 	
        Time and method of

        payment
	 	
        Amount

	Initial acceptance fee.	 	Initial closing of Offering by wire transfer.	 	$	              [___]
	 	 	 	 	 	 
	Annual fee.	 	First year, initial closing of Offering by wire transfer; thereafter on the anniversary of the effective date of the Offering by wire transfer or check.	 	$	              [___]
	 	 	 	 	 	 
	Transaction processing fee for disbursements to Company under Sections 1(i)  and  1(l).	 	Deduction by Trustee from accumulated income following disbursement made to Company under  Section 1.	 	$	                [___]

 

 

    	 

    	 

    
  

 EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

American Stock Transfer & Trust Company, LLC

6201 15 th Avenue

Brooklyn, NY 11219

 

	 	Re:	Trust Account No.      Termination Letter

 

Gentlemen:

 

Pursuant to Section 1(i) of the Investment
Management Trust Agreement between Aquasition Corp. (“   Company   ”) and American
Stock Transfer & Trust Company, LLC (“   Trustee   ”), dated as of                      ,
2012 (“   Trust Agreement   ”), this is to advise you that the Company has entered
into an agreement (“ Business Agreement   ”) with                        (“
  Target Business   ”) to consummate an acquisition transaction with Target Business (“
Acquisition Transaction ”) 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 Acquisition Transaction (“
  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, 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
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, 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 Acquisition Transaction is in the process of being consummated
(the “   Notification   ”) and (ii) the Company shall deliver to you a written instruction
signed by the Company and Lazard Capital Markets LLC with respect to the transfer of the funds held in the Trust Account, (“
  Instruction Letter   ”). You are hereby directed and authorized to transfer the funds
held in the Trust Account immediately upon your receipt of the 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. 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 Acquisition Transaction
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,
	 	 	 
	 	Aquasition Corp.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

 

cc: Lazard Capital Markets LLC

 

    	 

    	 

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

American Stock Transfer & Trust Company, LLC

6201 15 th Avenue

Brooklyn, NY 11219

 

	 	Re:	Trust Account No.       Termination Letter

 

Gentlemen:

 

Pursuant to Section 1(i) of the Investment
Management Trust Agreement between Aquasition Corp. (“   Company   ”) and American
Stock Transfer & Trust Company, LLC (“   Trustee   ”), dated as of                      ,
2012 (“   Trust Agreement   ”), this is to advise you that the Company has been unable
to effect an acquisition transaction with a Target Company (“   Acquisition Transaction   ”)
within the time frame specified in the Company’s 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 [_______________________] to await distribution to the remaining
Public Shareholders. The Company has selected the date that is 18 months (or 24 months pursuant to the automatic period extension)
from the closing of the Offering as the record date for the purpose of determining the remaining Public Shareholders entitled to
receive their share of the liquidation proceeds. 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,
except to the extent otherwise provided in Section 1(i) of the Trust Agreement.

 

	 	Very truly yours,
	 	 	 
	 	Aquasition Corp.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

cc: Lazard Capital Markets LLC

 

    	 

    	 

    
 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

American Stock Transfer & Trust Company, LLC

6201 15 th Avenue

Brooklyn, NY 11219

 

	 	Re:	Trust Account No.

 

Gentlemen:

 

Pursuant to Section 1(j) of the Investment
Management Trust Agreement between Aquasition Corp. (“ Company ”) and American Stock Transfer & Trust
Company, LLC  (“ Trustee ”), dated as of                                          ,
2012 (“ Trust Agreement “), this is to advise you that the Company hereby requests that you deliver to
the Company $                                          
  of the interest, net of franchise and income taxes payable, earned on the Property as of the date hereof, which does
not exceed, in the aggregate with all such prior disbursements pursuant to Section 1(j), if any, the maximum amount set forth
in  Section 1(j).

 

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,
	 	 
	 	Aquasition Corp.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 	 

  

cc: Lazard Capital Markets LLC

 

    	 

    	 

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

American Stock Transfer & Trust Company, LLC

6201 15 th Avenue

Brooklyn, NY 11219

 

	 	Re:	Trust Account No.

 

Gentlemen:

 

Pursuant to Section 1(k) of the Investment
Management Trust Agreement between Aquasition Corp. (“ Company ”) and American Stock Transfer & Trust
Company, LLC  (“ Trustee ”), dated as of                                          ,
2012 (“ Trust Agreement “), this is to advise you that the Company hereby requests that you deliver to
the Company $                                          
  of the interest, net of franchise and income taxes payable, earned on the Property as of the date hereof, which does
not exceed, in the aggregate with all such prior disbursements pursuant to Section 1(k), if any, the maximum amount set forth
in  Section 1(k).

 

The Company needs such funds to cover working
capital requirements. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via
wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 
	 	Aquasition Corp.
	 	 
	 	By:	 
	 	Name:	 	 
	 	Title:	 	 

  

cc: Lazard Capital Markets LLCFORM OF PLACEMENT UNIT PURCHASE AGREEMENT

 

THIS PLACEMENT UNIT PURCHASE AGREEMENT,
dated as of [________], 2012 (as it may from time to time be amended and including all exhibits referenced herein, this “
Agreement ”), is entered into by and between [________], a [________] (each a “ Founder
” and collectively, the “ Founders ”) and Aquasition Corp. (the “ Company
”).

 

WHEREAS, the Company intends to consummate
a public offering (the “ Public Offering ”) of the Company’s units, (the “ Units
”), which consist of one share of the Company’s common stock, par value $0.0001 per share (the “ Common
Stock ”) and one warrant to purchase one share of the Company’s Common Stock (the “ Warrants
”) at an exercise price of $11.50 per Share commencing on the later of: (i) one year from the date of the closing of the
Public Offering and (ii) the consummation of an acquisition of an operating business through a merger, share exchange, asset acquisition,
plan of arrangement, recapitalization, reorganization or similar acquisition transaction (an “ Acquisition Transaction
”); and

 

WHEREAS, the Company intends to sell and
the Founders have agreed to purchase an aggregate of 337,750 units, plus up to an additional 41,250 units, such that the total
amount of the proceeds of the Public Offering and the transactions contemplated by this Agreement placed in the Company’s
trust account will be $10.30 per unit sold in the Public Offering (collectively, the “ Placement Units ”
and together with the underlying Common Stock and Warrants (the “ Placement Warrants ”) and the Common
Stock issuable upon exercise of the Placement Warrants, the “ Securities ”), which are identical to the
Units except that the Placement Warrants may be exercised on a cashless basis under certain circumstances and the Securities subject
to certain transfer restrictions, in a private placement the immediately prior to the consummation of the Public Offering.

 

NOW THEREFORE, in consideration of the mutual
promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:

 

AGREEMENT

 

Section 1. Authorization,
Purchase and Sale; Terms of the Placement Units.

 

A.           
Authorization of the Placement Units and Other Securities . The Company has duly authorized the issuance and sale of the
Placement Units and the other Securities to the Founders.

 

B.           
Purchase and Sale of the Placement Units . At least one business day prior to the effectiveness of the registration statement
relating to the Public Offering, the Founders shall deliver the Purchase Price (as defined below) by certified bank check or wire
transfer of immediately available funds denominated in United States Dollars either: (i) to Loeb & Loeb (US) LLP, which
is hereby irrevocably authorized to deposit such funds at least one business day prior to the closing of the Public Offering to
the trust account which will be established for the benefit of the Company’s public shareholders, managed pursuant to that
certain Investment Management Trust Agreement to be entered into by and between the Company and American Stock Transfer & Trust
Company and into which substantially all of the proceeds of the IPO will be deposited (the “ Trust Account
”) or (ii) directly into the Trust Account. If the Public Offering is not consummated, the Purchase Price shall be returned
to the Founders as soon as practicable by certified bank check or wire transfer of immediately available funds denominated in United
States Dollars. Immediately prior to the consummation of the Public Offering (the “ Closing Date ”),
the Company shall issue and sell to the Founders, and the Founders shall purchase from the Company, the Placement Units at a price
of $10.00 per Placement Unit for an aggregate purchase price of $3,377,500 (or $3,790,000 if the over-allotment option is exercised
in full) (the “ Purchase Price ”). On the Closing Date, upon receipt by the Trust Account of the Purchase
Price, the Company shall deliver a certificate evidencing the Placement Units duly registered in the Founder’s name to the
escrow agent under that certain Securities Escrow Agreement to be entered into among the Company, American Stock Transfer &
Trust Company, the Founders and the other holders to securities of the Company outstanding prior to the consummation of the Public
Offering.

 

    	 

    	 

    

 

C.           
Terms of the Placement Units .

 

(i)          
Each Placement Unit shall consist of one share of Common Stock and one Placement Warrant.

 

(ii)         
Each Placement Warrant shall have the terms set forth in a Warrant Agreement to be entered into by the Company and a warrant agent,
in connection with the Public Offering (a “ Warrant Agreement ”).

 

(iii)        
At the time of the closing of the Public Offering, the Company and the Founders shall enter into a registration rights agreement
(the “ Registration Rights Agreement ”) pursuant to which the Company will grant certain registration
rights to the Founders relating to the Securities.

 

Section 2. Representations
and Warranties of the Company.

 

As a material inducement to the Founders
to enter into this Agreement and purchase the Placement Units, the Company hereby represents and warrants to the Founders (which
representations and warranties shall survive the Closing Date) that:

 

A.           
Organization and Corporate Power . The Company is a limited life exempted company duly organized and validly existing under
the laws of the Marshall Islands and is qualified to do business in every jurisdiction in which the failure to so qualify would
reasonably be expected to have a material adverse effect on the financial condition, operating results or assets of the Company.
The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this
Agreement and the Warrant Agreement.

 

B.           
Authorization; No Breach .

 

(i)          
The execution, delivery and performance of this Agreement and the Placement Units and the other Securities have been duly authorized
by the Company. This Agreement constitutes the valid and binding obligation of the Company, enforceable in accordance with its
terms. Upon issuance in accordance with, and payment pursuant to, the terms of this Agreement, the Placement Units and the other
Securities will constitute valid and binding obligations of the Company, enforceable in accordance with their terms.

 

(ii)         
Neither the execution and delivery of this Agreement and the Placement Units and the other Securities by the Company, nor the consummation
or performance by the Company of any of transactions contemplated hereby, will: (a) with or without notice or lapse of time,
constitute, create or result in a breach or violation of, default under, loss of benefit or right under or acceleration of performance
of any obligation required under any law, order, contract or permit to which the Company is a party or by which it is bound or
any of its assets are subject, or any provision of the Company’s organizational documents as in effect on the Closing Date,
(b) result in the imposition of any lien, claim or encumbrance upon any assets owned by the Company; (c) require any
Consent under any contract or organizational document to which the Company is a party or by which it is bound; or (d) require
any Permit under any law or order other than (i) required filings, if any, with the U.S. Securities and Exchange Commission
and (ii) notifications or other filings with state or federal regulatory agencies after the Closing Date that are necessary
or convenient and do not require approval of the agency as a condition to the validity of the transactions contemplated hereunder;
or (e) trigger any rights of first refusal, preferential purchase or similar rights with respect to any of the Placement Units
and the other Securities.

 

C.           
Title to Securities . Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement,
the Shares and Placement Warrants included in the Placement Units, and the Shares issuable upon exercise of the Placement Warrants
will be duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms
hereof and the Warrant Agreement, the Founders will have good title to the Placement Units, the other Securities and the Shares
issuable upon exercise of the Placement Warrants, free and clear of all liens, claims and encumbrances of any kind, other than
(i) transfer restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions under
federal and state securities laws, (iii) transfer restrictions under that certain Insider Letter to be entered into prior
to the date of the preliminary prospectus related to the Public Offering between the Founders and the Company pursuant to which
the Placement Units and the other Securities shall not be transferable, saleable or assignable until thirty days following the
consummation of an Acquisition Transaction, subject to certain limited exceptions, and (iv) liens, claims or encumbrances
imposed due to the actions of the Founders.

 

    	2

    	 

    

 

D.           
Governmental Consents . No permit, consent, approval or authorization of, or declaration to or filing with, any governmental
authority is required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation
by the Company of any other transactions contemplated hereby.

 

Section 3. Representations
and Warranties of the Founders.

 

As a material inducement to the Company
to enter into this Agreement and issue and sell the Placement Units to the Founders, each Founder hereby represents and warrants
to the Company (which representations and warranties shall survive the Closing Date) that:

 

A.           
Organization and Requisite Authority . [For Entities: the Founder is a [________] duly organized, validly existing and in
good standing under the laws of the [________].] The Founder possesses all requisite power and authority necessary to carry out
the transactions contemplated by this Agreement.

 

B.           
Authorization; No Breach .

 

(i)          
This Agreement constitutes a valid and binding obligation of the Founder, enforceable in accordance with its terms, subject to
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or
affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law).

 

(ii)         
The execution and delivery by the Founder of this Agreement and the fulfillment of and compliance with the terms hereof by the
Founder does not and shall not as of the Closing Date conflict with or result in a breach of the terms, conditions or provisions
of the organizational documents of the Founder or any other agreement, instrument, order, judgment or decree to which the Founder
is subject.

 

C.           
Investment Representations .

 

(i)          
The Founder is acquiring the Securities for its own account, for investment purposes only and not with a view towards, or for resale
in connection with, any public sale or distribution thereof.

 

(ii)         
The Founder is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D.

 

(iii)        
The Founder understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from the
registration requirements of the United States federal and state securities laws and that the Company is relying upon the truth
and accuracy of, and the Founder’s compliance with, the representations and warranties of the Founder set forth herein in
order to determine the availability of such exemptions and the eligibility of the Founder to acquire such Securities.

 

(iv)        
The Founder did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the
meaning of Rule 502(c) under the Securities Act of 1933, as amended (the “ Securities Act ”).

 

(v)         
The Founder has been furnished with all materials relating to the business, finances and operations of the Company and materials
relating to the offer and sale of the Securities which have been requested by the Founder. The Founder has been afforded the opportunity
to ask questions of the executive officers and directors of the Company. The Founder understands that its investment in the Securities
involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary to make an
informed investment decision with respect to the acquisition of the Securities.

 

    	3

    	 

    
 

(vi)        
The Founder understands that no United States federal or state agency or any other government or governmental agency has passed
on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities
by the Founder nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(vii)       
The Founder understands that: (a) the Securities have not been and are not being registered under the Securities Act or any
state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder
or (2) sold in reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights
Agreement, neither the Company nor any other person is under any obligation to register the Securities under the Securities Act
or any state securities laws or to comply with the terms and conditions of any exemption thereunder. In this regard, the Founder
understands that the Securities and Exchange Commission has taken the position that promoters or affiliates of a blank check company
and their transferees, both before and after an Acquisition Transaction, are deemed to be “underwriters” under the
Securities Act when reselling the securities of a blank check company. Based on that position, Rule 144 adopted pursuant to
the Securities Act would not be available for resale transactions of the Securities despite technical compliance with the requirements
of such Rule, and the Securities can be resold only through a registered offering or in reliance upon another exemption from the
registration requirements of the Securities Act.

 

(viii)      
The Founder has such knowledge and experience in financial and business matters, knows of the high degree of risk associated with
investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and
risks of an investment in the Securities and is able to bear the economic risk of an investment in the Securities in the amount
contemplated hereunder for an indefinite period of time. The Founder has adequate means of providing for it or his/her current
financial needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized
by the investment in the Securities. The Founder can afford a complete loss of its or his investment in the Securities.

 

Section 4. Conditions of
the Founders’ Obligations.

 

The obligation of the Founders to purchase
and pay for the Placement Units is subject to the fulfillment, on or before the Closing Date, of each of the following conditions:

 

A.           
Representations and Warranties . The representations and warranties of the Company contained in Section 2 shall be
true and correct at and as of the Closing Date as though then made.

 

B.           
Performance . The Company shall have performed and complied with all agreements, obligations and conditions contained in
this Agreement that are required to be performed or complied with by it on or before the Closing Date.

 

C.           
No Injunction . No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been
enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.

 

D.           
Warrant Agreement . The Company shall have entered into the Warrant Agreement described in the registration statement relating
to the Public Offering.

 

Section 5. Conditions of
the Company’s Obligations.

 

The obligations of the Company to the Founders
under this Agreement are subject to the fulfillment, on or before the Closing Date, of each of the following conditions:

 

    	4

    	 

    
 

A.           
Representations and Warranties . The representations and warranties of the Founders contained in Section 3 shall be
true and correct at and as of the Closing Date as though then made.

 

B.           
Performance . The Founders shall have performed and complied with all agreements, obligations and conditions contained in
this Agreement that are required to be performed or complied with by the Founders on or before the Closing Date.

 

C.           
No Injunction . No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been
enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.

 

D.           
Warrant Agreement . The Company shall have entered into the Warrant Agreement described in the registration statement relating
to the Public Offering.

 

Section 6. Termination.

 

This Agreement may be terminated at any
time after December 31, 2012 upon the election by either the Company and the Founders upon written notice to the other
party if the closing of the Public Offering does not occur prior to such date.

 

Section 7. Survival of Representations
and Warranties.

 

All of the representations and warranties
contained herein shall survive the Closing Date.

 

Section 8. Definitions.

 

Terms used but not otherwise defined in
this Agreement shall have the meaning assigned to such terms in the Registration Statement.

 

Section 9. Miscellaneous.

 

A.           
Successors and Assigns . Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement
by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto
whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this
Agreement, other than assignments by the Founders to affiliates thereof.

 

B.           
Severability . Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable
law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder
of this Agreement.

 

C.           
Counterparts . This Agreement may be executed simultaneously in two or more counterparts, none of which need contain the
signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement.

 

D.           
Descriptive Headings; Interpretation . The descriptive headings of this Agreement are inserted for convenience only and
do not constitute a substantive part of this Agreement. The use of the word “including” in this Agreement shall be
by way of example rather than by limitation.

 

E.           
Governing Law . This Agreement shall be deemed to be a contract made under the laws of the State of New York and for all
purposes shall be construed in accordance with the internal laws of the State of New York.

 

    	5

    	 

    
 

F.           
Amendments . This letter agreement may not be amended, modified or waived as to any particular provision, except by a written
instrument executed by all parties hereto.

 

[SIGNATURE PAGES FOLLOW]

  

    	6

    	 

    
 

IN WITNESS WHEREOF , the parties
hereto have executed this Agreement.

 

	 	COMPANY:
	 	 
	 	AQUASITION CORP.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	FOUNDERS:
	 	 
	 	[________]
	 	 
	 	By:	 
	 	 
	 	By:	 

 

Placement Unit Purchase Agreement Signature
Page

  

    	7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}]]