Document:

Exhibit 10.2

 

	 	[____________ __], 2015

Jensyn Acquistion Corp.

800 West Main Street, Suite 204

Freehold, New Jersey 07728

 

Chardan Capital Markets, LLC

17 State Street, Suite 1600

New York, New York 10004

 

	 	Re:	Initial Public Offering

 

Gentlemen:

 

This letter is being delivered
to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and
between Jensyn Acqusition Corp., a Delaware corporation (the “Company”), and Chardan Capital Markets,
LLC, as Representative (the “Representative”) of the several Underwriters named in Schedule I thereto
(the “Underwriters”), relating to an underwritten initial public offering (the “IPO”)
of the Company’s units (the “Units”), each comprised of one share of the Company’s common
stock, par value $0.0001 per share (the “Common Stock”), one right (“Right”)
to receive one-tenth of one share of Common Stock upon consummation of the Company’s initial Business Combination, and one
warrant to purchase one-half of one share of Common Stock (“Warrant”). Certain capitalized terms used
herein are defined in paragraph 14 hereof. 

 

In order to induce the Company
and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit that
such IPO will confer upon the undersigned as a stockholder of the Company, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows: 

 

	 	1.	If the Company solicits approval of its stockholders of a Business Combination, the undersigned will vote all shares of Common Stock beneficially owned by him, her or it, whether acquired before, in or after the IPO, in favor of such Business Combination.

 

	 	2.	(a) In the event that the Company fails to consummate a Business Combination within 18 months from the closing of the Company’s IPO (or within 24 months if the Company has entered into a letter of intent or definitive agreement with a target business for a Business Combination within 18 months from the closing but such Business Combination has not yet been consummated within such 18-month period), the undersigned shall take all reasonable steps to (i) cause the Company to cease all operations except for the purpose of winding up, (ii) as promptly as possible, but no more than ten business days after the expiration of such period, redeem 100% of the outstanding IPO Shares for a pro rata portion of the funds held in the Trust Account and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining holders of Common Stock and the Board of Directors, cause the Company to dissolve and liquidate, subject (in the case of (ii) and (iii) above) to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

 

(b) The undersigned hereby waives
(i) any and all right, title, interest or claim of any kind in or to any funds in the Trust Account with respect to his, her or
its Insider Shares and shares of Common Stock included in the Private Units if the Company fails to consummate a Business Combination
within the requisite time period or (ii) their conversion rights with respect to shares of Common Stock held by him her or it in
connection with the completion of a Business Combination. The undersigned acknowledges and agrees that there will be no distribution
from the Trust Account with respect to any Rights or Warrants held by the undersigned, all of which will terminate on the Company’s
liquidation.

 

     

     

    

 

(c) In the event of the liquidation
of the Trust Account, each of Jeffrey J. Raymond, Rebecca Irish, Joseph Raymond and Peter Underwood (collectively, the “Insiders”)
jointly and severally agree to indemnify and hold harmless the Company against any and all loss, liability, claims, damage and
expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing
or defending against any litigation, whether pending or threatened, or any claim whatsoever) to which the Company may become subject
as a result of any claim by any vendor for services rendered or products sold to the Company, or by any target business with which
the Company has discussed entering into an agreement for a Business Combination, but only to the extent necessary to ensure that
such loss, liability, claim, damage or expense does not reduce the amount of funds in the Trust Account to below $10.20 per IPO
Share; provided that such indemnity shall not apply if such vendor or prospective target business has executed an agreement
waiving any right, title, interest or claim of any kind they may have in or to any monies held in the Trust Account and to any
claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under
the Securities Act.

 

	 	3.	The undersigned will escrow all of his, her or its Insider Shares pursuant to the terms of a Stock Escrow Agreement which the Company will enter into with the undersigned and an escrow agent acceptable to the Company.

 

	 	4.	[In order to minimize potential conflicts of interest which may arise from multiple affiliations, the undersigned agrees to present to the Company for its consideration, prior to presentation to any other person or entity, any suitable opportunity to acquire a target business, until the earlier of (i) the consummation by the Company of a Business Combination and (ii) 24 months from the date of the prospectus for the IPO.] [NOT FOR INDEPENDENT DIRECTORS]

 

	 	5.	The undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated with any Insiders of the Company or their Affiliates, such transaction must be approved by a majority of the Company’s disinterested independent directors and the Company must obtain an opinion from an independent investment banking firm that such Business Combination is fair to the Company’s unaffiliated stockholders from a financial point of view.

 

	 	6.	Neither the undersigned, any member of the immediate family of the undersigned, nor any Affiliate of the undersigned will be entitled to receive and will not accept any fees, reimbursements or other cash payments prior to, or for services rendered in order to effectuate, the consummation of the Business Combination; provided that the Company shall be allowed (i) to repay at the consummation of a Business Combination  non-interest bearing loan in an aggregate amount of up to $___________ made to the Company by the Insiders to cover the IPO expenses, (ii) to pay $10,000 per month to Jensyn Integration, LLC for office space and related services, subject to adjustment as described in the Registration Statement, (iii) to repay working capital loans made to the Company upon consummation of a Business Combination or, at the discretion of the lender, with respect to up to an aggregate of $700,000 of working capital loans from all lenders, by converting such loans into Private Units at a price of $10.00 per unit, as more fully described in the Registration Statement, and (iv) reimburse the undersigned and any Affiliate of the undersigned for their out-of-pocket expenses incurred in connection with identifying, investigating and consummating a Business Combination.

 

	 	7.	Neither the undersigned, any member of the immediate family of the undersigned, nor any Affiliate of the undersigned will be entitled to receive or accept a finder’s fee or any other compensation in the event the undersigned, any member of the immediate family of the undersigned or any Affiliate of the undersigned originates a Business Combination.

 

	 	8.	The undersigned agrees to serve as [_________] of the Company until the
    earlier of the consummation by the Company of a Business Combination or the liquidation of the Company. The
    undersigned’s biographical information previously furnished to the Company and the Representative is true and accurate
    in all material respects, does not omit any material information with respect to the undersigned’s biography and
    contains all of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the
    Securities Act of 1933. The undersigned’s FINRA Questionnaire and Questionnaire for Directors, Officers, Nominees or
    Appointees for Director or Executive Officer previously furnished to the Company and the Representative are true and
    accurate in all material respects.

 

     

     

    

 

	 	9.	The undersigned has full right and power, without violating any agreement by which he, she or it is bound, to enter into this letter agreement and to serve as [_________] of the Company.

 

	 	10.	The undersigned hereby waives his, her or its right to exercise conversion rights with respect to any shares of Common Stock owned or to be owned by the undersigned, directly or indirectly, whether purchased by the undersigned prior to the IPO, in the IPO or in the aftermarket, and agrees that he will not seek conversion with respect to, or otherwise sell, such shares in connection with any vote to approve a Business Combination with respect thereto.

 

	 	11.	The undersigned hereby agrees to not propose, or vote in favor of, an amendment to Article Sixth of the Company’s Amended and Restated Certificate of Incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of the IPO Shares if the Company does not complete a Business Combination within the requisite time period, unless the Company provides its public stockholders with the opportunity to redeem their IPO Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held therein and not previously released to the Company to pay its franchise and income taxes, divided by the number of then outstanding IPO Shares.

 

	 	12.	[In the event that the Company does not consummate a Business Combination and must liquidate and
    its remaining net assets are insufficient to complete such liquidation, the undersigned agrees to advance such funds
    necessary to complete such liquidation and agrees not to seek repayment for such expenses.] [NOT FOR INDEPENDENT DIRECTORS]

 

	 	13.	This letter agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The undersigned hereby (i) agrees that any action, proceeding or claim against him, her or it arising out of or relating in any way to this letter agreement (a “Proceeding”) shall be brought and enforced in the courts of the State of New York of the United States of America for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive, and (ii) waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

 

	 	14.	As used herein, (i) “Affiliate” shall have the meaning given to such term in Rule 405 under the Securities Act of 1933, as amended, (ii) a “Business Combination” shall mean a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities; (iii) “Insiders” shall mean all officers, directors and stockholders of the Company immediately prior to the IPO; (iv) “Insider Shares” shall mean all of the shares of Common Stock of the Company acquired by an Insider prior to the IPO; (v) “IPO Shares” shall mean the shares of Common Stock issued in the Company’s IPO; (vi) “Private Units” shall mean (x) the Units purchased in the private placement taking place simultaneously with the consummation of the Company’s IPO, (y) the additional Units that will be purchased in a private placement upon the full or partial exercise of the underwriter’s over-allotment option for the Company’s IPO and (z) Units issued upon conversion of up to $700,000 in working capital loans made to the Company by the Insiders; (vii) “Registration Statement” means the registration statement on Form S-1 filed by the Company with respect to the IPO; and (viii) “Trust Account” shall mean the trust account into which a portion of the net proceeds of the Company’s IPO will be deposited.

 

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

 

	 	16.	No party hereto may assign either this letter agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This letter agreement shall be binding on the parties hereto and any successors and assigns thereof.

 

     

     

    

 

	 	17.	The undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations and warranties set forth herein in proceeding with the IPO.

 

	 	Sincerely,
	 	 
	 	 	 
	 	 	[__________] 

 

 

Acknowledged and Agreed:

 

Jensyn Acquisition Corp.

 

	By:	 	 
	Name:	 
	Title:	 

 

[Signature page to Letter Agreement]Exhibit 10.3

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Agreement is made
as of [_____], 2015 by and between Jensyn Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust
Company (“Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, No. 333-__________ (“Registration Statement”) for its initial public offering of
securities (“IPO”) has been declared effective as of the date hereof (“Effective Date”) by the Securities
and Exchange Commission (capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Registration
Statement); and

 

WHEREAS, Chardan Capital
Markets, LLC (“CCM”) is acting as the representative of the underwriters in the IPO; and

 

WHEREAS, simultaneously
with the IPO, the Company’s “insiders” (as defined in the Registration Statement) (the “Insiders”)
will be purchasing (i) an aggregate of 213,400 units (“Initial Private Units”) from the Company for an aggregate purchase
price of $2,134,000 and (ii) an aggregate of 732,000 warrants (“$15 Exercise Price Sponsor Warrants”) for an aggregate
purchase price of $366,000; and

 

WHEREAS, in the event CCM
exercises its over-allotment option in full or in part, the Insiders will purchase up to an aggregate of an additional 30,000 units
(the “Over-Allotment Private Units” and, together with the Initial Private Units, the “Private Units”)
for an aggregate purchase price of up to $300,000; and

 

WHEREAS, as described in
the Registration Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation, $40,800,000
of the gross proceeds of the IPO, the sale of the Private Units and the sale of the $15 Exercise Price Sponsor Warrants ($46,920,000
if the underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held
in a trust account for the benefit of the Company and the holders of the Company’s common stock, par value $.0001 per share
(“Common Stock”), issued in the IPO as hereinafter provided (the amount to be delivered to the Trustee 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 Company will be referred to together as the “Beneficiaries”);
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 a segregated trust account (“Trust Account”) established
by the Trustee at Morgan Stanley Bank, N. A. and at a brokerage institution selected by the Trustee that is 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, invest and reinvest the Property (i) in United States government treasury bills, notes or bonds having
a maturity of 180 days or less and/or (ii) in money market funds meeting certain conditions under Rule 2a-7 promulgated under the
Investment Company Act of 1940, as amended, and that invest solely in U.S. treasuries, as determined by the Company;

 

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

 

     

     

    

 

(e) Notify the Company and CCM of
all communications received by it with respect to any Property requiring action by the Company;

 

(f) Supply any necessary information or documents as
may be requested by the Company in connection with the Company’s preparation of its tax returns;

 

(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; and

 

(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 and Secretary or Assistant Secretary, affirmed by counsel for the
Company and, in the case of a Termination Letter in a form substantially similar to that attached hereto as Exhibit A, acknowledged
and agreed to by CCM, 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; provided, however, that in the event that a Termination
Letter has not been received by the Trustee by (a) the 18-month anniversary of the closing of the IPO (“Closing”) or
(b) in the event that a letter of intent or definitive agreement for a Business Combination has been executed on or prior to the
18-month anniversary of the Closing but the Business Combination has not been consummated by the 18-month anniversary of the Closing,
the 24-month anniversary of the Closing, the Trust Account shall be liquidated in accordance with the procedures set forth in the
Termination Letter attached as Exhibit B hereto and distributed to the Public Stockholders promptly after such date. The provisions
of this Section 1(i) may not be modified, amended or deleted under any circumstances.

 

		2.	Limited Distributions of Income from Trust Account.

 

(a) 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, the Trustee
shall distribute to the Company the amount of interest income earned on the Trust Account requested by the Company to cover any
income or other tax obligation owed by the Company.

 

(b) 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, the Trustee
shall distribute to the Company the amount of interest income earned on the Trust Account requested by the Company to cover expenses
related to investigating and selecting a target business and other working capital requirements; provided, however, that the Company
will not be allowed to withdraw interest income earned on the Trust Account unless there is an amount of interest income available
in the Trust Account sufficient to pay the Company’s tax obligations on such interest income or otherwise then due at that
time.

 

(c) The limited distributions referred
to in Sections 2(a) and 2(b) above shall be made only from income collected on the Property. Except as provided in Section 2(a),
and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance with Section 1(i) hereof.

 

(d) The Company shall provide CCM
with a copy of any Termination Letters and/or any other correspondence that it issues to the Trustee with respect to any proposed
withdrawal from the Trust Account promptly after such issuance.

 

		3.	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, Vice Chairman of the Board, Chief Executive
Officer, President or Chief Financial Officer. In addition, except with respect to its duties under paragraphs 1(i), 2(a) and 2(b)
above, 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 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 the provisions of Sections 5 and 7(g) of this Agreement, hold the Trustee harmless and indemnify the Trustee from and against,
any and all expenses, including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection with any
claim, potential claim, 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 income earned from investment of the Property, except for expenses and losses resulting from the Trustee’s
gross negligence 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 paragraph, 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 consent shall not be unreasonably
withheld. The Company may participate in such action with its own counsel;

 

(c) Pay the Trustee an annual fee
as set forth on Schedule A hereto. It is expressly understood that the Property shall not be used to pay such fees and further
agreed that any fees owed to the Trustee shall be deducted by the Trustee from the disbursements made to the Company pursuant to
Sections 1(i) solely in connection with the consummation of a Business Combination, or pursuant to Section 2(b). The Company shall
pay the Trustee the first year’s annual fee at the consummation of the IPO and thereafter on the anniversary of the Effective
Date;

 

(d) In connection with any vote
of the Company’s stockholders regarding a Business Combination, provide to the Trustee an affidavit or certificate of a firm
regularly engaged in the business of soliciting proxies and/or tabulating stockholder votes verifying the vote of the Company’s
stockholders regarding such Business Combination; and

 

(e) In the event that the Company
directs the Trustee to commence liquidation of the Trust Account pursuant to Section 1(i), the Company agrees that it will not
direct the Trustee to make any payments that are not specifically authorized by this Agreement.

 

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

 

(a) Take any action with respect
to the Property, other than as directed in paragraphs 1 and 2 hereof and the Trustee shall have no liability to any party except
for liability arising out of its own gross negligence or willful misconduct;

 

(b) 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;

 

(c) Change the investment of any
Property, other than in compliance with paragraph 1(c);

 

(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 exercise of its own best judgment, except for its gross negligence 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), 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 is believed by the Trustee, in good faith, 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;

 

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(g) Verify the correctness of the
information set forth in the Registration Statement or to confirm or assure that any acquisition made by the Company or any other
action taken by it is as contemplated by the Registration Statement;

 

(h) File local, state and/or Federal
tax returns or information returns with any taxing authority on behalf of the Trust Account and payee statements with the Company
documenting the taxes, if any, payable by the Company or the Trust Account, relating to the income earned on the Property;

 

(i) Pay any taxes on behalf of the
Trust Account (it being expressly understood that the Property shall not be used to pay any such taxes except as provided in Section
2(a) hereof);

 

(j) 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; or

 

(k) Verify calculations, qualify
or otherwise approve Company requests for distributions pursuant to Section 1(i), 2(a) or 2(b) above.

 

		5.	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 3(b) or
Section 3(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.

 

		6.	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 during which time the Trustee shall act in accordance with this Agreement. 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 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 in accordance with the provisions of paragraph 1(i) hereof, and distributed
the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to
Paragraph 3(b).

 

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		7.	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 information, or of any change in its authorized personnel. In executing funds transfers, the Trustee
will 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. The Trustee shall not be liable for any loss,
liability or expense resulting from any error in the information or transmission of the wire.

 

(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. Except for Sections 1(i), 2(b)
and 2(c) (which may not be amended without the approval of 65% of the shares of Common Stock issued in the IPO), 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 without the prior written consent of CCM. As to any claim, cross-claim
or counterclaim in any way relating to this Agreement, each party waives the right to trial by jury. The Trustee may require from
Company counsel an opinion as to the propriety of any proposed amendment.

 

(d) The parties hereto consent to
the jurisdiction and venue of any state or federal court located in the City of New York, Borough of Manhattan, for purposes of
resolving any disputes hereunder.

 

(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 facsimile transmission:

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: ____________________

Fax No.: (___) ___-____

 

if to the Company, to:

 

Jensyn Acquisition Corp.

800 West Main Street, Suite 204

Freehold, NJ 07728

Attn: Jeffrey J. Raymond

Fax No.: (732) 303-6947

 

in either case with a copy to:

 

Chardan Capital Markets, LLC

17 State Street, Suite 1600

New York, New York 10004

Attn: George Kaufmann, Director Investment Banking

Fax No.: (646) 465-9039

 

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(f) This Agreement may not be assigned
by the Trustee without the prior consent of the Company.

 

(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. In the event that the Trustee has a claim against the Company under this Agreement, the Trustee will pursue
such claim solely against the Company and not against the Property held in the Trust Account.

 

(h) Each of the Company and the
Trustee hereby acknowledge that CCM is a third party beneficiary of this Agreement.

 

[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: Trust Officer
	 	 	 
	 	Jensyn Acquisition Corp.
	 	 	 
	 	By: 	 
	 	 	Name: Jeffrey J. Raymond
	 	 	Title: President, Chief Executive Officer and Director

 

[Signature page to Investment Management Trust
Agreement between Continental Stock Transfer & Trust Company and Jensyn Acquisition Corp.]

 

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SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount
	Initial acceptance fee	 	Waived	 	—
	Annual fee	 	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	—
	Transaction processing fee for disbursements to Company under Section 2	 	Included in annual fee	 	—
	Paying Agent services as required pursuant to section 1(i)	 	Billed to Company upon delivery of service pursuant to section 1(i)	 	Prevailing rates

 

    8 

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

	 	[Insert date]

 

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: __________

 

Re: Trust Account No. - Termination Letter

 

Gentlemen:

 

Pursuant to paragraph 1(i) of the Investment
Management Trust Agreement between Jensyn Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust
Company (“Trustee”), dated as of _________ ___, 2015 (“Trust Agreement”), this is to advise you that the
Company has entered into an agreement (“Business Agreement”) with __________________ (“Target Business”)
to consummate a business combination with Target Business (“Business Combination”) on or about [insert date].
The Company shall notify you at least 48 hours in advance of the actual date of the consummation of the Business Combination (“Consummation
Date”). Capitalized terms used herein and not otherwise defined 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 the Trust Account investments on __________ and to transfer the proceeds to the above-referenced
account at Morgan Stanley Bank 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 the Company shall direct on the Consummation Date. It is acknowledged
and agreed that while the funds are on deposit in the trust account 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 and (ii) the Company shall
deliver to you (a) [an affidavit] [a certificate] of __________________, which verifies the vote of the Company’s stockholders
in connection with the Business Combination if a vote is held and (b) joint written instructions from it and Chardan 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 counsel's letter 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 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 in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be terminated.

 

    9 

     

    

 

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 the Trust Agreement on the business day immediately following the
Consummation Date as set forth in the notice.

 

	 	Very truly yours,
	 	 
	 	Jensyn Acquisition Corp.
	 	 	 
	 	By: 	 
	 	 	Jeffrey J. Raymond, President, Chief Executive Officer and Director

 

	 	By: 	 
	 	 	Rebecca Irish, Chief Financial Officer

 

AGREED TO AND

ACKNOWLEDGED BY

 

CHARDAN CAPITAL MARKETS, LLC

 

	By:	 	 	 	 

 

    10 

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

	 	[Insert date]

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: ____________________

 

Re: Trust Account No. [insert no.]___ - Termination Letter

 

Gentlemen:

 

Pursuant to paragraph 1(i) of the Investment
Management Trust Agreement between Jensyn Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust
Company (“Trustee”), dated as of _____________, 2015 (“Trust Agreement”), this is to advise you that the
Company has been unable to effect a Business Combination with a Target Company within the time frame specified in the Company’s
Amended and Restated Certificate of Incorporation, as described in the Company’s prospectus relating to its IPO. Capitalized
terms used herein and not otherwise defined 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 the Trust Account investments on ______________ and to transfer the total proceeds to
the [Trust Checking Account at Morgan Stanley Bank] to await distribution to the Public Stockholders. The Company has selected
____________, 20__ as the record date for the purpose of determining the Public Stockholders entitled to receive their share of
the liquidation proceeds. It is acknowledged that no interest will be earned by the Company on the liquidation proceeds while on
deposit in the Trust Checking Account. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent,
to distribute said funds directly to the 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 of the funds in the Trust Account, your
obligations under the Trust Agreement shall be terminated.

 

	 	Very truly yours,
	 	 
	 	Jensyn Acquisition Corp. 
	 	 	 
	 	By: 	 
	 	 	Jeffrey J. Raymond, President, Chief Executive Officer and Director
	 	 	 
	 	By: 	 
	 	 	Rebecca Irish, Chief Financial Officer

 

cc: Chardan Capital Markets, LLC

 

    11 

     

    

 

EXHIBIT C

[Letterhead of Company]

 

	 	[Insert date]

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: ____________________

 

Re: Trust Account No. [insert no.]____

 

Dear __________________:

 

Pursuant to paragraph 2(a) of the Investment
Management Trust Agreement between Jensyn Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust
Company (“Trustee”), dated as of ____________, 2015 (“Trust Agreement”), the Company hereby requests that
you deliver to the Company $_______ of the interest income earned on the Property as of the date hereof. The Company needs such
funds to pay its income or other tax obligations. 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]

 

	 	Jensyn Acquisition Corp.
	 	 	 
	 	By: 	 
	 	 	Jeffrey J. Raymond, President, Chief Executive Officer and Director
	 	 	 
	 	By: 	 
	 	 	Rebecca Irish, Chief Financial Officer

 

cc: Chardan Capital Markets, LLC

 

    12 

     

    

 

EXHIBIT D

[Letterhead of Company]

 

	 	[Insert date]

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: ___________________

 

Re: Trust Account No. [insert no.]________

 

Dear _______________:

 

Pursuant to paragraph 2(b) of the Investment
Management Trust Agreement between Jensyn Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust
Company (“Trustee”), dated as of ____________, 2015 (“Trust Agreement”), the Company hereby requests that
you deliver to the Company $_______ of the interest income earned on the Property as of the date hereof. The Company needs such
funds to cover its expenses relating to investigating and selecting a target business and other 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,
	 	 
	 	Jensyn Acquisition Corp.
	 	 	 
	 	By: 	 
	 	 	Jeffrey J. Raymond, President, Chief Executive Officer and Director
	 	 	 
	 	By: 	 
	 	 	Rebecca Irish

 

cc: Chardan Capital Markets, LLC

 

    13

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