Document:

Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management
Trust Agreement (this “Agreement”) is made effective as of July 25, 2013 by and between Silver Eagle
Acquisition Corp., a Delaware corporation (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. 333-189498 (the “Registration Statement”) and prospectus (the
“Prospectus”) for the initial public offering of the Company’s units (the “Units”),
each of which consists of one share of the Company’s common stock, par value $0.0001 per share (the “Common Stock”),
and one warrant, each warrant entitling the holder thereof to purchase one-half of one share
of Common Stock (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 Deutsche Bank Securities
Inc. as representative of the several underwriters (the “Underwriters”) named therein; and

 

WHEREAS, as described
in the Registration Statement, $300,000,000 of the gross proceeds of the Offering and sale of the Private Placement Warrants (as
defined in the Underwriting Agreement) (or $345,000,000 if the Underwriters’ over-allotment option is exercised in full)
will be delivered to the Trustee to be deposited and held in a segregated trust account located in the United States (the “Trust
Account”) for the benefit of the Company and the holders of the Common Stock included in the Units 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 stockholders for whose benefit the Trustee shall hold the Property
will be referred to as the “Public Stockholders,” and the Public Stockholders 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 $10,750,000, or $13,225,000 if the Underwriters’ over-allotment
option is exercised in full is attributable to deferred Underwriting discounts and commissions that may be payable by the Company
to the Underwriters 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 JP Morgan Chase Bank, N.A. and at a brokerage institution selected by the Trustee that is reasonably satisfactory
to the Company;

 

[Signature
Page to Investment Management Trust Agreement]

 

    	 

    	 

    

 

(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; 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 and Deutsche Bank Securities Inc. 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 (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 (less up to $100,000 of interest that may
be released to the Company to pay dissolution expenses) less franchise and income tax payable, only as directed in the Termination
Letter and the other documents referred to therein, or (y) April 30, 2015, or July 30, 2015 if the Company has executed a
letter of intent, agreement in principle or definitive agreement for an initial business combination before April 30,
2015, 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 (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses) less franchise
and income tax payable, shall be distributed to the Public Stockholders 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 April 30, 2015, or July 30, 2015
if the Company has executed a letter of intent, agreement in principle or definitive agreement for an initial business combination
before April 30, 2015, the Trustee shall keep the Trust Account open until twelve (12) months following the date the
Property has been distributed to the Public Stockholders.

 

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(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 requested by the Company to cover any income or franchise 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; provided, further, that if the tax to be paid is a franchise tax, the written request
by the Company to make such distribution shall be accompanied by a copy of the franchise tax bill from the State of Delaware for
the Company and a written statement from the principal financial officer of the Company setting forth the actual amount payable.
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 overallotment 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 $10,750,000.

 

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 Sections
1(i) through 1(j) 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) and as may be provided in Section 2(b) hereof;

 

(d)          In
connection with any vote of the Company’s stockholders regarding a merger, capital stock exchange, asset acquisition, stock
purchase, reorganization or similar business combination involving the Company and one or more businesses (the “Business
Combination”), provide to the Trustee an affidavit or certificate of the inspector of elections for the stockholder
meeting verifying the vote of such stockholders regarding such Business Combination;

 

(e)          Provide
Deutsche Bank Securities 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;

 

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(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;

 

(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

 

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(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

 

(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, 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.

 

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(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), 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 Stockholders; 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), it being the specific intention of the parties hereto
that each of the Company’s stockholders 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 Stockholders” means receipt by the Trustee of a certificate from the inspector of
elections of the stockholder meeting certifying that either (i) the Company’s stockholders of record as of a record date
established in accordance with Section 213(a) of the Delaware General Corporation Law, as amended (“DGCL”),
who hold sixty-five percent (65%) or more of all then outstanding shares of the Common Stock, have voted in favor of such change,
amendment or modification, or (ii) the Company’s stockholders of record as of the record date who hold sixty-five percent
(65%) or more of all then outstanding shares of the 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.

 

(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.

 

(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

 

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Attn: Steven G. Nelson or Frank Di Paolo

Fax No.: (212) 509-5150

 

if to the Company, to:

 

Silver Eagle Acquisition Corp.

1450 2nd Street, Suite 247

Santa Monica, California 90401

Attn: James A. Graf

Fax No.: (866) 249-5848

 

in each case, with copies to:

 

McDermott Will & Emery LLP

340 Madison Avenue

New York, New York 10173

Attn: Joel L. Rubinstein

Fax No.: (212) 547-5444

 

and

 

Deutsche Bank Securities Inc.

60 Wall Street

New York, NY 10005

Attn.: Ravi Raghunathan and Gordon Glogau

Fax No.: (646) 666-3375

 

and

 

Akin Gump Strauss Hauer & Feld LLP

One Bryant Park

New York, New York 10036

Attn: Bruce S. Mendelsohn, Esq.

Fax No.: (212) 872-1002 

 

(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.

 

(h)          Each
of the Company and the Trustee hereby acknowledges and agrees that Deutsche Bank Securities 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.

 

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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:	/s/ Frank Di Paolo
	 	 	Name: Frank Di Paolo
	 	 	Title: Vice President

 

	 	Silver Eagle Acquisition Corp.
	 	 
	 	By:	/s/ James A. Graf
	 	 	Name: James A. Graf
	 	 	Title:	Vice President, Chief Financial Officer,
	 	 	 	Treasurer and Secretary

 

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SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial set-up fee.	 	Initial closing of Offering by wire transfer.	 	$	1,500	 
	 	 	 	 	 	 	 
	Trustee administration fee	 	Payable annually. First year fee payable, at initial closing of Offering by wire transfer, thereafter by wire transfer or check.	 	$	8,000	 
	 	 	 	 	 	 	 
	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 Silver Eagle Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of July 25, 2013 (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 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 (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 stockholders, if a vote is held and (b) joint written
instruction signed by the Company and Deutsche Bank Securities Inc. with respect to the transfer of the funds held in the Trust
Account, including payment of the Deferred Discount from the Trust Account (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. 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,
	 	 
	 	Silver Eagle Acquisition Corp.
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	cc: Deutsche Bank Securities 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 Silver Eagle Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of July 25, 2013 (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 Certificate of Incorporation, 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 Stockholders. The Company has selected April 30, 2015, or July 30, 2015 if the Company has executed a letter of
intent, agreement in principle or definitive agreement for an initial business combination before April 30, 2015, as
the record date for the purpose of determining the Public Stockholders 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 Stockholders in accordance with the terms of the Trust Agreement and the Amended and Restated Certificate
of Incorporation of 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, except to the
extent otherwise provided in Section 1(j) of the Trust Agreement.

 

	 	Very truly yours,
	 	 
	 	Silver Eagle Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	cc: Deutsche Bank Securities Inc.	 	 

 

    	 

    	 

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

	
        Continental Stock Transfer & Trust
        Company

        17 Battery Place

	New York, New York 10004
	Attn: Cynthia Jordan, Vice President

 

Re:         Trust Account No.       Tax
Payment Withdrawal Instruction

 

Gentlemen:

 

Pursuant to Section
1(j) of the Investment Management Trust Agreement between Silver Eagle Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of July 25, 2013 (the
“Trust Agreement”), the Company hereby requests that you deliver to the Company $ ___________
  of the principal and 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,
	 	 
	 	Silver Eagle Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	cc: Deutsche Bank Securities Inc.Exhibit 10.3

 

CONSULTING AGREEMENT

 

This Consulting Agreement (this “Agreement”),
effective as of July 25, 2013 is entered into by and between Silver Eagle Acquisition Corp. (the “Company”)
and James A. Graf (the “Consultant”).

 

WHEREAS, the Consultant has experience providing
financial advisory services and the Company wishes to retain the Consultant to provide financial advisory services to the Company
on the terms and conditions set forth in this Agreement;

 

NOW, THEREFORE, in consideration of the
mutual promises herein made, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged
and agreed, IT IS HEREBY AGREED AS FOLLOWS:

 

1.           Engagement. The Company hereby
engages the Consultant, and the Consultant hereby agrees to serve the Company to the best of his ability to provide financial advisory
services to the Company during the Term (as defined below) as and when requested by the Company (the “Consulting Obligations”).
The Consultant shall devote his attention, skill, energy and efforts to faithfully and effectively perform his duties hereunder.

 

2.          Term. The Consultant’s
obligation to perform the Consulting Obligations and the Company’s obligations to compensate the Consultant hereunder shall
terminate on the earlier of (i) the date which is 30 days from the date one party sends written notice to the other party with
respect to the termination of this Agreement, which a party can exercise at any time and (ii) the closing date of the Company’s
initial business combination as such term is used in the Company’s Registration Statement (No. 333-189498) on Form S-1, as
amended, (the “Term”) and upon which date this Agreement other than the provisions of Sections 5 through 11
applicable thereto shall terminate.

 

3.          Fees. During the Term, in consideration
for the Consultant’s services to be performed hereunder, the Company shall pay the Consultant a consulting fee, monthly in
arrears, at the rate of $15,000 per month for each month (or portion thereof) that the Company engages the Consultant to perform
consulting services plus, in the event that the Consultant is no longer receiving medical insurance from an employer, an additional
amount per month to reimburse the Consultant for the purchase of such insurance.

 

4.          Expenses. During the Term,
the Company shall reimburse the Consultant for the Consultant’s reasonable and documented travel expenses incurred at the
request of the Company. The Consultant shall not be entitled to any other benefits from the Company or its affiliates.

 

5.          Covenants of the Consultant.

 

(A)       Confidential Information. “Confidential
Information” means all information (whether written or oral) and materials concerning the Company or any business or
assets that the Company may target for acquisition which the Company and/or its affiliates or their employees or representatives
has furnished or may hereafter furnish to the Consultant or which the Consultant learns in connection with the performance of his
duties hereunder. Confidential Information specifically includes, but is not limited to, pricing, costs, other financial information,
drawings, artwork, designs, formulations, processes, patent applications, research procedures, models, prototypes, samples, specifications,
test results, analyses, software, forecasts and studies. Notwithstanding the foregoing, Confidential Information does not include
any information or materials which the Consultant can clearly demonstrate (a) is or becomes generally available to the public other
than as a result of an unauthorized disclosure by the Consultant, (b) is or becomes available to the Consultant from a third party,
other than on a confidential basis from the Company or its affiliates, which third party represents to the Consultant that it is
entitled to disclose such information, (c) was known to the Consultant prior to receipt thereof by the Consultant from the Company
or its affiliates, or (d) is approved for release by the express prior written authorization of Company or its affiliates and then
only after such approval and only for the purpose specified.

 

    	 

    	 

    

  

(B)       Confidentiality and Non-Use.
The Consultant shall keep or cause to be kept in strict confidence all Confidential Information and shall not use it or disclose
it to anyone except in connection with the fulfillment of the Consulting Obligations (and, in the case of disclosure to a third
party, only if the third party to whom it is disclosed agrees to keep it confidential in accordance with this Agreement). If the
Consultant makes any copies of the Confidential Information or any abstracts or summaries thereof or references thereto in any
other document, he will keep a record in each such instance. Upon the Company’s written request, the Consultant will either
destroy or return to the Company all Confidential Information which is in tangible form, including any copies thereof which the
Consultant may have made, and the Consultant will destroy all abstracts and summaries thereof and destroy or delete all references
thereto in his documents, and certify to the Company that he has done so. If the Company notifies the Consultant in writing as
to any of the Confidential Information which it does not wish copied, the Consultant shall so comply and upon the Company’s
written request shall certify such compliance to the Company in writing.

 

(C)       Legal Requirement to Disclose.
In the event that the Consultant or to the Consultant’s knowledge anyone to whom the Consultant transmits the Confidential
Information pursuant to this Agreement becomes legally compelled to disclose any of the Confidential Information, the Consultant
will provide the Company with prompt notice, if lawful, so that the Company may seek a protective order or other appropriate remedy
or waive compliance with the provisions of this Agreement. If such protective order or other remedy is not obtained, or if the
Company waives compliance with the provisions of this Agreement, the Consultant will furnish only that portion of the Confidential
Information which the Consultant is advised by its counsel is legally required to be furnished.

 

(D)       Conduct. The Consultant agrees
that he will not, directly or indirectly, individually or in concert with others, engage in any conduct or make any statement calculated
or likely to have the effect of undermining, disparaging or otherwise reflecting poorly upon the Company or its affiliates or their
good will, products or business opportunities, or in any manner detrimental to the Company, its successors and assigns, and its
affiliates, their shareholders, officers, directors, or employees, past, present and future. The foregoing shall apply (but not
be limited to) oral, written or other communications with former, existing and potential employees, officers, directors, customers
and suppliers.

 

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(E)        Remedies/Specific Performance.
In the event of a breach or a threatened breach of any of the provisions of this Section 5, the Company and its affiliates, in
addition and supplementary to other rights and remedies existing in its favor, may apply to any court of law or equity of competent
jurisdiction for specific performance and/or injunctive or other relief in order to enforce or prevent any violations of the provisions
hereof (without posting a bond or other security).

 

6.          Benefits, etc. The Consultant
shall be responsible for all personal income and other payroll taxes payable with respect to compensation received hereunder and
accepts exclusive liability for all contributions required under social security laws and unemployment compensation laws or other
payments under any laws of similar character for the Consultant. The Consultant shall not be entitled to receive any benefits under
any employee benefit plan or program of any kind maintained by the Company.

 

7.          Entire Agreement. This Agreement
constitutes the entire agreement between the Consultant and the Company with respect to its subject matter and supersedes all prior
discussions and agreements relating to its subject matter.

 

8.          Enforceability. Any term or
provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect the validity
or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision
in any other situation or in any other jurisdiction. If any provision of this Agreement shall, in whole or in part, become or be
held invalid or unenforceable, all other provisions of this Agreement shall remain in full force and effect. The parties undertake
to replace such invalid or unenforceable provisions with such valid and enforceable provisions, which accomplish as far as possible
the purpose and intent of the parties with respect to the invalid or unenforceable provision. The same shall apply accordingly
to any situation not contemplated under or covered by this Agreement.

 

9.          Counterparts; Assignment; Notices.
This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall
constitute one and the same instrument. The rights and obligations of this Agreement shall bind and inure to the benefit of the
parties and their respective successors and assigns. Except as expressly provided herein or therein, the rights and obligations
of this Agreement may not be assigned by the Consultant without the prior written consent of Company. All notices, requests, demands,
claims, and other communications hereunder shall be in writing.

 

10.         Amendments and Waivers. This
Agreement may not be modified, amended, supplemented, canceled or discharged, except by written instrument executed by the Company
and the Consultant. No failure to exercise, and no delay in exercising, any right, power or privilege under this Agreement shall
operate as a waiver, nor shall any single or partial exercise of any right, power or privilege hereunder preclude the exercise
of any other right, power or privilege. No waiver of any breach of any provision shall be deemed to be a waiver of any preceding
or succeeding breach of the same or any other provision, nor shall any waiver be implied from any course of dealing between the
parties.

  

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11.         Governing Law and Arbitration.
All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed
by, and construed in accordance with, the laws of the State of California, without giving effect to any choice of law or conflict
of law rules or provisions (whether of the State of California or any other jurisdiction) that would cause the application of the
laws of any jurisdiction other than the State of California. The parties agree that all disputes, legal actions, suits and proceedings
arising out of or relating to this Agreement shall, in lieu of a jury or other civil trial, be settled by final and binding arbitration
before a single arbitrator in Los Angeles, California and shall be conducted in accordance with then-current rules of the American
Arbitration Association. This agreement to arbitrate includes all claims whether arising in tort or contract and whether arising
under statute or common law. The obligation to arbitrate such claims shall continue forever, and the arbitrator shall have jurisdiction
to determine the arbitrability of any claim. The arbitrator shall have the power to award any remedies, including attorneys’
fees and costs, available under applicable law. The arbitrator shall not have the authority to add to, subtract from or modify
any of the terms of this Agreement. Judgment on any award rendered by the arbitrator may be entered and enforced by any court having
jurisdiction thereof. The costs of the arbitration, including the arbitrator’s fees, shall be borne equally by the parties
to the arbitration, unless the arbitrator orders otherwise, and each party shall be responsible for paying its own other costs
for the arbitration, including, but not limited to, attorneys’ fees, witness fees, transcript fees, or other litigation expenses
that such party would otherwise be required to bear in a court action, unless the arbitrator orders otherwise. Notwithstanding
the foregoing, the Company shall be entitled to apply to any court of law or equity of competent jurisdiction for the relief specified
in Section 5(E) hereof.

 

[SIGNATURE PAGE FOLLOWS]

  

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IN WITNESS WHEREOF, the Consultant and the Company have executed
this Agreement effective as of the date first written above.

 

	 	 	Silver Eagle Acquisition Corp.
	 	 	 	 
	/s/ James A. Graf	 	By:	/s/ Jeff Sagansky
	James A. Graf	 	 	Name: Jeff Sagansky
	 	 	 	Title: President

 

 

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