FORM OF INVESTMENT MANAGEMENT TRUST AGREEMENT
Exhibit 10.3
FORM OF INVESTMENT MANAGEMENT TRUST AGREEMENT
This Investment Management Trust Agreement (this Agreement) is made effective as of , 2017, by and between Modern Media Acquisition Corp., a Delaware corporation (the Corporation), and Continental Stock Transfer & Trust Company, a New York corporation (the Trustee).
WHEREAS, the Corporations registration statement on Form S-1, Registration Statement No. 377-01475 (the Registration Statement) and related prospectus (the Prospectus) for the initial public offering of the Corporations units (the Units), each of which consists of one share of the Corporations Common Stock, par value $0.0001 per share (the Common Stock), and one-half of one warrant, each whole warrant entitling the holder thereof to purchase one share of Common Stock (only whole warrants are exercisable) (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;
WHEREAS, the Corporation has entered into an Underwriting Agreement (the Underwriting Agreement) with Macquarie Capital (USA) Inc., as representative of the several underwriters name in Schedule 1 thereto (together, the Underwriters);
WHEREAS, as described in the Prospectus, at the closing of the Offering, an aggregate of $250,000,000 of proceeds from the Offering and the sale of the Private Placement Warrants (as defined in the Underwriting Agreement) (or $287,500,000 if the Underwriters over-allotment option with regards to the Units 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 Corporation and the holders of shares of Common Stock included in the Units (the amount to be delivered to the Trustee (and any interest subsequently earned thereon) will be 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 Corporation will be referred to together as the Beneficiaries);
WHEREAS, pursuant to the Underwriting Agreement, a portion of the Property equal to $8,750,000 (or $10,812,500 if the Underwriters over-allotment option with regards to the Units is exercised in full) is or will be attributable to deferred underwriting discounts and commissions that may be payable by the Corporation to the Underwriter upon the consummation of the Business Combination (as defined below) (the Deferred Discount); and
WHEREAS, the Corporation 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 a branch office of JPMorgan Chase Bank, N.A. located in the United States and at a brokerage institution selected by the Trustee that is reasonably satisfactory to the Corporation;
(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 Corporation, 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 (d)(1), (d)(2), (d)(3) and (d)(4) 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 Corporation; it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the Corporations 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 Corporation and the Underwriters of all communications received by the Trustee with respect to any Property requiring action by the Corporation;
(f) Supply any necessary information or documents as may be requested by the Corporation (or its authorized agents) in connection with the Corporations preparation of tax returns relating to assets held in the Trust Account or in connection with the preparation or completion of an audit of the Corporations financial statements by the Corporations auditors;
(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 Corporation to do so;
(h) Render to the Corporation 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 (x) after and promptly after receipt of, and only in accordance with, the terms of a letter from the Corporation (Termination Letter) in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B signed on behalf of the Corporation by its Chief Executive Officer, President, Chief Financial Officer, General Counsel, Secretary or Chairman of the board of directors (the Board) or other authorized officer of the Corporation, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest earned on the trust account deposits (which interest shall be net of taxes payable and any amounts released to the Corporation to fund working capital requirements, and less up to $50,000 to the Corporation to pay dissolution expenses, it being understood that the Trustee has no obligation to monitor or question the Corporations position that an allocation has been made for taxes payable), only as directed in the Termination Letter and the other documents referred to therein or (y) upon the date which is 24 months after the closing of the Offering, if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest earned on the trust account deposits (which interest shall be net of any taxes payable and any amounts released to the Corporation to fund working capital requirements, and less up to $50,000 to the Corporation to pay dissolution expenses), 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 the date which is 24 months after the closing of the Offering, 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 Corporation, 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 Corporation the amount of interest earned on the Property requested by the Corporation to cover any tax obligation owed by the Corporation as a result of assets of the Corporation or interest or other income earned on the Property, or to cover working capital requirements, which amount shall be delivered directly to the Corporation by electronic funds transfer or other method of prompt payment, and the Corporation 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 Corporation in writing to make such distribution; so long as there is no reduction in the principal amount initially deposited in the Trust Account; provided, however, that if the tax to be paid is a franchise tax, the written request by the Corporation to make such distribution shall be accompanied by a copy of the franchise tax bill for the Corporation and a written statement from the principal financial officer of the Corporation setting forth the actual amount payable (it being acknowledged and agreed that any such amount in excess of interest income earned on the Property shall not be payable from the Trust Account). The written request of the Corporation referenced above shall constitute presumptive evidence that the Corporation is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request; and
(k) Not make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i) or (j) above.
2. Agreements and Covenants of the Corporation. The Corporation hereby agrees and covenants to:
(a) Give all instructions to the Trustee hereunder in writing, signed by the Corporations Chairman of the Board, Chief Executive Officer, President, Chief Financial Officer, General Counsel or Secretary, or other authorized officer of the Corporation. 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 Corporation 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 and actually incurred 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 (including counsel fees and disbursements) and losses resulting from the Trustees 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 Corporation 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 Corporation with respect to the selection of counsel, which consent shall not be unreasonably withheld; and provided further that the Corporation shall not be obligated to pay or reimburse more than one separate counsel. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Corporation, which such consent shall not be unreasonably withheld. The Corporation may participate in such action with its own counsel;
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(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 Corporation pursuant to Sections 1(i) through 1(j) hereof. The Corporation shall pay the Trustee the initial acceptance fee and the first annual administration fee at the consummation of the Offering. The Trustee shall refund to the Corporation the monthly fee (on a pro rata basis) with respect to any period after the liquidation of the Trust Account. The Corporation 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 Corporations stockholders regarding a merger, share exchange, asset acquisition, stock purchase, reorganization, recapitalization or other similar business combination involving the Corporation and one or more businesses (a 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 the Underwriters 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;
(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; and
(g) Within four (4) business days after an exercise of the Underwriters over-allotment option or such over-allotment option 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 $8,750,000 (and shall be $10,812,500 if the Underwriters over-allotment option is exercised in full).
3. Limitations of Liability. The Trustee shall have no responsibility or liability to:
(a) Imply obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this agreement and that which is expressly set forth herein;
(b) Take any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have no liability to any party except for liability arising out of the Trustees gross negligence, fraud, bad faith 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 Corporation given as provided herein to do so and the Corporation 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 Corporation to give instructions hereunder shall not be continuing unless provided otherwise in such designation, or unless the Corporation shall have delivered a written revocation of such authority to the Trustee;
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(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 Trustees best judgment, except for the Trustees gross negligence, fraud, bad faith 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 with written notification to the Corporation, which counsel may be the Corporations 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 Corporation or any other action taken by the Corporation 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 Corporation documenting the taxes payable by the Corporation, 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 Corporation, including, but not limited to, franchise and income tax obligations, except pursuant to Section 1(j) hereof; or
(k) Verify calculations, qualify or otherwise approve the Corporations written requests for distributions pursuant to Sections 1(i) and 1(j) hereof.
4. Trust Account Waiver. The Trustee shall have 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 Corporation under this Agreement, including, without limitation, under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely against the Corporation 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 Corporation that it desires to resign under this Agreement, the Corporation 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 Corporation 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 Corporation 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
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(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 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 Corporation 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 Corporation 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 Corporation, including, account names, account numbers, and all other identifying information relating to a Beneficiary, Beneficiarys bank or intermediary bank. Except for any liability arising out of the Trustees gross negligence, fraud, bad faith 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.
(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 may not be modified, amended or deleted without the affirmative vote of sixty five percent (65%) of the then outstanding shares of Common Stock; provided that no such amendment will affect any Public Stockholder who has otherwise indicated his election to redeem his shares of Common Stock in connection with a stockholder vote sought to amend this Agreement), 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) 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.
(e) 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 electronic or facsimile transmission:
if to the Trustee, to:
Continental Stock Transfer & Trust Company
17 Battery Place
New York, New York 10004
Attn: Steven Nelson and Sharmin Carter
Fax No.: (212)  ###-###-####
Email: ***@***
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if to the Corporation, to:
Modern Media Acquisition Corp.
1180 Peachtree Street, N.E., Suite 2400
Atlanta, GA 30309
Attn: Lewis W. Dickey, Jr.
Fax No.:
Email:
in each case, with copies to:
Jones Day
1420 Peachtree Street, N.E.
Suite 800
Atlanta, GA 30309
Attn: Mark Hanson, Esq.
Fax No.: (404)  ###-###-####
Email: ***@***
and
Macquarie Capital (USA) Inc.
125 West 55th Street, Level 22
New York, NY 10019
Attn: Jin Chun
Fax No.: (212)  ###-###-####
Email: ***@***
and
Greenberg Traurig, LLP
MetLife Building
200 Park Avenue
New York, NY 10166
Attn: Alan Annex, Esq.
Fax No.: (212)  ###-###-####
Email: ***@***
(f) This Agreement may not be assigned by the Trustee without the prior consent of the Corporation.
(g) Each of the Corporation 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.
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(h) This Agreement is the joint product of the Trustee and the Corporation and each provision hereof has been subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.
(i) This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic transmission shall constitute valid and sufficient delivery thereof.
(j) Each of the Corporation and the Trustee hereby acknowledges and agrees that the Underwriters are third party beneficiaries of this Agreement.
(k) Except as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other person or entity.
[Signature Page Follows]
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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: |
| |||
Name: | ||||
Title: | ||||
Modern Media Acquisition Corp. | ||||
By: |
| |||
Name: | Lewis W. Dickey, Jr. | |||
Title: | President and Chief Executive Officer |
SCHEDULE A
Fee Item | Time and method of payment | Amount | ||||
Initial acceptance fee | Initial closing of the Offering by wire transfer. | $ | 2,000.00 | |||
Annual fee | First year fee payable at initial closing of the Offering by wire transfer and thereafter on the anniversary of the effective date of the Offering by wire transfer or check. | $ | 10,000.00 | |||
Transaction processing fee for disbursements to Corporation under Sections 1(i) and 1(j) | Deduction by Trustee from accumulated income following disbursement made to Corporation under Section 1. | $ | 250.00 | |||
Paying Agent services as required pursuant to Section 1(i) | Billed to Corporation upon delivery of service pursuant to Section 1(i). | | Prevailing rates | |
EXHIBIT A
[Letterhead of Corporation]
[Insert date]
Continental Stock Transfer & Trust Company
17 Battery Place
New York, New York 10004
Attn: Steven Nelson and Sharmin Carter
Re: | Trust Account No. Termination Letter |
Gentlemen:
Pursuant to Section 1(i) of the Investment Management Trust Agreement between Modern Media Acquisition Corp. (the Corporation) and Continental Stock Transfer & Trust Company (the Trustee), dated as of , 2017 (the Trust Agreement), this is to advise you that the Corporation has entered into an agreement with (the Target Business) to consummate a business combination with the Target Business (the Business Combination) on or about , . The Corporation shall notify you at least forty-eight (48) hours in advance of the actual date (or such shorter time period as you may agree) of the consummation of the Business Combination (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 , and to transfer the proceeds into the above-referenced trust checking account at JPMorgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of the funds held in the Trust Account will be immediately available for transfer to the account or accounts that Macquarie Capital (USA) Inc. (with respect to the Deferred Discount) and the Corporation shall direct on the Consummation Date. It is acknowledged and agreed that while the funds are on deposit in the trust checking account at JPMorgan Chase Bank, N.A. awaiting distribution, neither the Corporation nor the Underwiters will earn any interest or dividends.
On the Consummation Date (i) counsel for the Corporation shall deliver to you written notification that the Business Combination has been consummated, or will be consummated substantially concurrently with your transfer of funds to the accounts as directed by the Corporation (the Notification) and (ii) the Corporation shall deliver to you (a) [an affidavit] [a certificate] of the Chief Executive Officer, President, Chief Financial Officer, General Counsel, Secretary, or other authorized officer of the Corporation, which verifies that the Business Combination has been approved by a vote of the Corporations stockholders, if a vote is held and (b) joint written instruction signed by the Corporation and the Underwriters 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 Corporation in writing of the same and the Corporation shall direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the Corporation. Upon the distribution of all the funds, net of any payments necessary for reasonable and actually incurred unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated.
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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 Corporation, 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 or as soon thereafter as possible.
Very truly yours, | ||
Modern Media Acquisition Corp. Inc. | ||
By: | ||
Name: | ||
Title: |
cc: | Macquarie Capital (USA) Inc. |
A-2
EXHIBIT B
[Letterhead of Corporation]
[Insert date]
Continental Stock Transfer & Trust Company
17 Battery Place
New York, New York 10004
Attn: Steven Nelson and Sharmin Carter
Re: | Trust Account No. Termination Letter |
Gentlemen:
Pursuant to Section 1(i) of the Investment Management Trust Agreement between Modern Media Acquisition Corp. (the Corporation) and Continental Stock Transfer & Trust Company (the Trustee), dated as of , 2017 (the Trust Agreement), this is to advise you that the Corporation has been unable to effect a business combination with a Target Business (the Business Combination) within the time frame specified in the Corporations Second Amended and Restated Certificate of Incorporation (as may be amended, modified or restated) and as described in the Corporations Registration Statement and related Prospectus with regards 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 , 2019 and to transfer the total proceeds into the trust checking account at JPMorgan Chase Bank, N.A. to await distribution to the Public Stockholders. The Corporation has selected , 2019, 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 Corporations Public Stockholders in accordance with the terms of the Trust Agreement and the Corporations Second Amended and Restated Certificate of Incorporation. Upon the distribution of all the funds, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(j) of the Trust Agreement.
Very truly yours, | ||
Modern Media Acquisition Corp. Inc. | ||
By: | ||
Name: | ||
Title: |
cc: | Macquarie Capital (USA) Inc. |
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EXHIBIT C
[Letterhead of Corporation]
[Insert date]
Continental Stock Transfer & Trust Company
17 Battery Place
New York, New York 10004
Attn: Sharmin Carter and Fran Wolf
Re: | Trust Account No. Tax Payment Withdrawal Instruction |
Gentlemen:
Pursuant to Section 1(j) of the Investment Management Trust Agreement between Modern Media Acquisition Corp. (the Corporation) and Continental Stock Transfer & Trust Company (the Trustee), dated as of , 2017 (the Trust Agreement), the Corporation hereby requests that you deliver to the Corporation $ of the interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.
The Corporation requests such funds [to pay for the tax obligations as set forth on the attached tax return or tax statement] [for working capital purposes]. 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 Corporations operating account at:
[WIRE INSTRUCTION INFORMATION]
Very truly yours, | ||
Modern Media Acquisition Corp. Inc. | ||
By: | ||
Name: | ||
Title: |
cc: | Macquarie Capital (USA) Inc. |
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