Document:

Exhibit
4.5

 

WARRANT AGREEMENT

 

This Warrant Agreement
(this “Agreement”) is made as of [_________], 2015 between Jensyn Acquisition Corp., a Delaware corporation, with
offices at 800 West Main Street, Freehold New Jersey 07728 (the “Company”), and Continental Stock Transfer & Trust
Company, a New York corporation, with offices at 17 Battery Place, New York, New York 10004 (the “Warrant Agent”).

 

WHEREAS, the Company
has received a binding commitment from Jensyn Capital, LLC (“Jensyn Capital”) to purchase (i) up to an aggregate of
238,400 units, each unit (“Unit”) comprised of one share of the Company’s common stock, par value $.0001 per
share (“Common Stock”), one right to receive one-tenth of one share of Common Stock and one warrant to purchase one-half
of one share of Common Stock for $11.50 per full share, subject to adjustment as described herein, and, in connection therewith,
will issue and deliver up to an aggregate of 202,5000 warrants underlying such units (the “Private Warrants”) and
(ii) 732,000 warrants to purchase one share of Common Stock for $15.00 per share (“$15 Exercise Price Sponsor Warrants”);
and

 

WHEREAS, the Company
is engaged in a public offering (“Public Offering”) of Units and, in connection therewith, will issue and deliver
up to (i) 5,750,000 warrants (“Public Warrants”) to investors in the Public Offering and (ii) 500,000 warrants (underlying
unit purchase options) to Chardan Capital Markets, LLC. (“Chardan”) or its designees (“Chardan Warrants”
and, together with the Private Warrants, $15 Exercise Price Sponsor Warrants and Public Warrants, the “Warrants”);
and

 

WHEREAS, the Company
has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, No. 333-____________
(“Registration Statement”), for the registration, under the Securities Act of 1933, as amended (the “Act”)
of, among other securities, the Public Warrants; and

 

WHEREAS, the Company
desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the
issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and

 

WHEREAS, the Company
desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the
respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all acts
and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned
by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize
the execution and delivery of this Agreement.

 

NOW, THEREFORE, in
consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

	 	1.	Appointment of Warrant Agent. The Company hereby
    appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts such appointment
    and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

	 	2.	Warrants.

 

	 	2.1.	Form of Warrant. Each Warrant shall be issued
    in registered form only, shall be in substantially the form of Exhibit A hereto, the provisions of which are incorporated
    herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board or Chief Executive Officer, Treasurer,
    Secretary or Assistant Secretary of the Company and shall bear a facsimile of the Company’s seal. In the event the person
    whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person
    signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to
    be such at the date of issuance.

 

    	 

    	 

    

 

	 	2.2.	Effect of Countersignature. Unless and until
    countersigned by the Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be
    exercised by the holder thereof.

 

	 	2.3.	Registration.

 

	 	2.3.1.	Warrant Register. The Warrant Agent shall maintain
    books (“Warrant Register”) for the registration of original issuance and the registration of transfer of the Warrants.
    Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants in the names of the respective
    holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the
    Company.

 

	 	2.3.2.	Registered Holder. Prior to due presentment
    for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name
    such Warrant shall be registered upon the Warrant Register (“registered holder”) as the absolute owner of such
    Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on the Warrant
    Certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for
    all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

	 	2.4.	Detachability of Warrants. The securities comprising
    the Units will not be separately transferable until the ninetieth (90th) day after the date hereof unless EBC informs
    the Company of its decision to allow earlier separate trading, but in no event will separate trading of the securities comprising
    the Units begin until (i) the Company files a Current Report on Form 8-K which includes an audited balance sheet reflecting
    the receipt by the Company of the gross proceeds of the Public Offering and (ii) the Company issues a press release and files
    a Current Report on Form 8-K announcing when such separate trading shall begin.

 

	 	2.5.	Warrant Attributes.

 

	 	2.5.1.	Private Warrants. The Private Warrants will
    be issued in the same form as the Public Warrants except that (i) they will be exercisable either for cash or on a cashless
    basis at the holder’s option pursuant to Section 3.3.1(c) and (ii) they will not be redeemable by the Company, in either
    case as long as the Private Warrants are held by the initial purchasers or any of their permitted transferees (as prescribed
    in Section 5.6 hereof).

 

	 	2.5.2.	Chardan Warrants. The Chardan Warrants shall
    have the same terms and be in the same form as the Public Warrants.

 

	 	2.5.3.	$15 Exercise Price Sponsor Warrants. The $15
    Exercise Price Sponsor Warrants will be issued in the same form as the Public Warrants except that (i) each $15 Exercise Price
    Sponsor Warrant shall be exercisable to purchase one full share of Common Stock; (ii) the exercise price of the $15 Exercise
    Price Sponsor Warrants shall be $15.00 per share; (iii) the $15 Exercise Price Sponsor Warrants shall not be redeemable by
    the Company as long as they are held by the initial purchasers or any of their permitted transferees (as prescribed in Section
    5.6 hereof); and (iv) the $15 Exercise Price Sponsor Warrants shall expire seven years after the completion of the Company’s
    Business Combination (as defined below), at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

	 	2.5.4.	Necessary Consent. The provisions of this Section
    2.5 may not be modified, amended or deleted without the prior written consent of Chardan.

 

	 	3.	Terms and Exercise of Warrants.

 

	 	3.1.	Warrant Price. Each Warrant shall, when countersigned
    by the Warrant Agent, entitle the registered holder thereof, subject to the provisions of such Warrant and of this Warrant
    Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the price of $11.50 per whole
    share (or, in the case of the $15 Exercise Price Sponsor Warrants, at the price of $15.00 per whole share), subject to the
    adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant Price”
    as used in this Warrant Agreement refers to the price per share at which shares of Common Stock may be purchased at the time
    a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration
    Date (as defined below) for a period of not less than 10 business days; provided, however, that the Company shall provide
    at least 10 business days prior written notice of such reduction to registered holders of the Warrants; provided, further,
    however, that any such reduction shall be applied consistently to all of the Warrants.

 

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	 	3.2.	Duration of Warrants. A Warrant may be exercised
    only during the period (“Exercise Period”) commencing on the later of 30 days after the consummation by the Company
    of a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business
    combination involving the Company and one or more businesses or entities (“Business Combination”) (as described
    more fully in the Registration Statement) and [___________], 2016 [one year after the closing of the Public Offering], and
    terminating at 5:00 p.m., New York City time on the earlier to occur of (i) five years from the consummation of a Business
    Combination (or, in the case of the $15 Exercise Price Sponsor Warrants, seven years after the completion of a Business Combination),
    (ii) the liquidation of the Company, and (iii) except in the case of the Private Warrants and $15 Exercise Price Sponsor Warrants,
    the Redemption Date as provided in Section 6.2 of this Agreement (“Expiration Date”); provided, however, that
    the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in Section 7.4
    below. Except with respect to the right to receive the Redemption Price (as set forth in Section 6 hereunder), each Warrant
    not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof
    under this Agreement shall cease at the close of business on the Expiration Date. The Company in its sole discretion may extend
    the duration of the Warrants by delaying the Expiration Date; provided, however, that the Company will provide written notice
    to registered holders of the Warrants of such extension of not less than 20 days.

 

	 	3.3.	Exercise of Warrants.

 

	 	3.3.1.	Payment. Subject to the provisions of the Warrant
    and this Warrant Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the registered holder
    thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the
    Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant, duly executed,
    and by paying in full the Warrant Price for each full share of Common Stock as to which the Warrant is exercised and any and
    all applicable taxes due in connection with the exercise of the Warrant, as follows:

 

	 	(a)	in cash, good certified check or good bank draft payable to the order of
    the Company (or as otherwise agreed to by the Company); or

 

	 	(b)	in the event of redemption pursuant to Section 6 hereof in which the Company’s
    management has elected to require all holders of Public Warrants to exercise such Public Warrants on a “cashless basis,”
    by surrendering the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the
    product of the number of shares of Common Stock underlying the Warrants, multiplied by the difference between the Warrant
    Price and the “Fair Market Value” (defined below) by (y) the Fair Market Value. Solely for purposes of this Section
    3.3.1(b), the “Fair Market Value” shall mean the average reported closing price of the Common Stock for the 10
    trading days ending on the third trading day prior to the date on which the notice of redemption is sent to holders of Warrants
    pursuant to Section 6 hereof; or

 

	 	(c)	with respect to any Private Warrants, so long as such Private Warrants are
    held by the initial purchasers or their permitted transferees (as prescribed in Section 5.6 hereof), by surrendering such
    Private Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the
    number of shares of Common Stock underlying the Warrants, multiplied by the difference between the exercise price of the Warrants
    and the “Fair Market Value” by (y) the Fair Market Value; provided, however, that no cashless exercise shall be
    permitted unless the Fair Market Value is higher than the exercise price. Solely for purposes of this Section 3.3.1(c), the
    “Fair Market Value” shall mean the average reported closing price of the Common Stock for the 10 trading days
    ending on the day prior to the Company’s receipt of the applicable exercise notice; or

 

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	 	(d)	in the event the registration statement required by Section 7.4 hereof is
    not effective and current, then during the period beginning on the 61st day after the closing of the Business Combination
    and ending upon the effectiveness of such registration statement, and during any other period after such date of effectiveness
    when the Company shall fail to have maintained an effective registration statement covering the shares of Common Stock issuable
    upon exercise of the Warrants, by surrendering Warrants for that number of shares of Common Stock equal to the quotient obtained
    by dividing (x) the product of the number of shares of Common Stock underlying such Warrants, multiplied by the difference
    between the exercise price of the Warrants or and the “Fair Market Value” by (y) the Fair Market Value; provided,
    however, that no cashless exercise shall be permitted unless the Fair Market Value is higher than the exercise price. Solely
    for purposes of this Section 3.3.1(d), the “Fair Market Value” shall mean the average reported closing
    price of the shares of Common Stock for the 10 trading days ending on the day prior to the date of exercise.

 

	 	3.3.2.	Issuance of Certificates. As soon as practicable
    after the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price (if any), the Company shall
    issue to the registered holder of such Warrant a certificate or certificates for the number of full shares of Common Stock
    to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant
    shall not have been exercised in full, a new countersigned Warrant for the number of shares as to which such Warrant shall
    not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any shares of Common
    Stock pursuant to the exercise of a Public Warrant and shall have no obligation to settle such Public Warrant exercise unless
    a registration statement under the Act with respect to the shares of Common Stock underlying the Public Warrants is then effective
    and a prospectus relating thereto is current, subject to the Company’s satisfying its obligations under Section
    7.4. No Warrant shall be exercisable and the Company shall not be obligated to issue shares of Common Stock upon exercise
    of a Warrant unless the Common Stock issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt
    under the securities laws of the state of residence of the registered holder of the Warrants. In no event will the Company
    be required to net cash settle the Warrant exercise. If, by reason of any exercise of warrants on a “cashless basis”,
    the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share,
    the Company shall round down to the nearest whole number, the number of shares to be issued to such holder. Warrants may not
    be exercised by, or securities issued to, any registered holder in any state in which such exercise would be unlawful.

 

	 	3.3.3.	Valid Issuance. All shares of Common Stock
    issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully paid and nonassessable.

 

	 	3.3.4.	Date of Issuance. Each person in whose name
    any such certificate for shares of Common Stock is issued shall for all purposes be deemed to have become the holder of record
    of such shares on the date on which the Warrant was surrendered and payment of the Warrant Price was made, irrespective of
    the date of delivery of such certificate, except that, if the date of such surrender and payment is a date when the share
    transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at the close
    of business on the next succeeding date on which the share transfer books are open.

 

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	 	3.3.5.	Maximum Percentage. A holder of a Warrant may
    notify the Company in writing in the event he, she or it elects to be subject to the provisions contained in this subsection
    3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election.
    If the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such
    holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person
    (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess
    of 9.8% (the “Maximum Percentage”) of the shares of Common Stock outstanding immediately after giving effect to
    such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by
    such person and its affiliates shall include the number of shares of Common Stock issuable upon exercise of the Warrant with
    respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock that would be
    issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its
    affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company
    beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible
    preferred shares or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein.
    Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in
    accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes
    of the Warrant, in determining the number of outstanding shares of Common Stock, the holder may rely on the number of outstanding
    shares of Common Stock as reflected in (1) the Company’s most recent annual report on Form 10-K, quarterly report on
    Form 10-Q, current report on Form 8-K or other public filing with the Commission as the case may be, (2) a more recent public
    announcement by the Company or (3) any other notice by the Company or the Transfer Agent setting forth the number of shares
    of Common Stock outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company
    shall, within two (2) business days, confirm orally and in writing to such holder the number of shares of Common Stock then
    outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the
    conversion or exercise of equity securities of the Company by the holder and its affiliates since the date as of which such
    number of outstanding shares of Common Stock was reported. By written notice to the Company, the holder of a Warrant may from
    time to time increase or decrease the Maximum Percentage applicable to such holder to any other percentage specified in such
    notice; provided, however, that any such increase shall not be effective until the sixty-first (61st) day after such notice
    is delivered to the Company.

 

	 	4.	Adjustments.

 

	 	4.1.	Stock Dividends - Split Ups. If after the date
    hereof, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock,
    or by a split up of the Common Stock, or other similar event, then, on the effective date of such stock dividend, split up
    or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion
    to such increase in outstanding shares of Common Stock. A rights offering to all holders of the shares of Common Stock entitling
    holders to purchase shares of Common Stock at a price less than the “Fair Market Value” (as defined below) shall
    be deemed a stock dividend of a number of shares of Common Stock equal to the product of (i) the number of shares of Common
    Stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that
    are convertible into or exercisable for the shares of Common Stock) multiplied by (ii) one (1) minus the quotient of (x) the
    price per share of Common Stock paid in such rights offering divided by (y) the Fair Market Value. For purposes of this subsection
    4.1, (i) if the rights offering is for securities convertible into or exercisable for shares of Common Stock, in determining
    the price payable for the shares of Common Stock, there shall be taken into account any consideration received for such rights,
    as well as any additional amount payable upon exercise or conversion and (ii) “Fair Market Value” means the volume
    weighted average price of the shares of Common Stock as reported during the ten (10) trading day period ending on the trading
    day prior to the first date on which the shares of Common Stock trade on the applicable exchange or in the applicable market,
    regular way, with the right to receive such rights.

 

	 	4.2.	Aggregation of Shares. If after the date hereof,
    the number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse share split or reclassification
    of the Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse share
    split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall
    be decreased in proportion to such decrease in outstanding Common Stock.

 

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	 	4.3.	Extraordinary Dividends. If the Company, at
    any time while the Warrants (or rights to purchase the Warrants) are outstanding and unexpired, shall pay a dividend or make
    a distribution in cash, securities or other assets to the holders of the Common Stock on account of such Common Stock (or
    other shares of the Company’s capital stock into which the Warrants are convertible), other than (a) as described in
    subsection 4.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the conversion rights of the holders
    of the Common Stock in connection with a proposed initial Business Combination, (d) as a result of the repurchase of Common
    Stock by the Company in connection with an initial Business Combination or as otherwise permitted by the Investment Management
    Trust Agreement between the Company and the Warrant Agent dated of even date herewith or (e) in connection with the Company’s
    liquidation and the distribution of its assets upon its failure to consummate a Business Combination (any such non-excluded
    event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective
    immediately after the effective date of such Extraordinary Dividend, by the amount of cash and the fair market value (as determined
    by the Company’s board of directors, in good faith) of any securities or other assets paid on each share of Common Stock
    in respect of such Extraordinary Dividend. For purposes of this subsection 4.3, “Ordinary Cash Dividends” means
    any cash dividend or cash distribution which, when combined on a per share basis with the per share amounts of all other cash
    dividends and cash distributions paid on the Common Stock during the 365-day period ending on the date of declaration of such
    dividend or distribution (as adjusted to appropriately reflect any of the events referred to in other subsections of this
    Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the
    number of shares of Common Stock issuable on exercise of each Warrant) does not exceed $0.50 (being 5% of the offering price
    of the Units in the Offering).

 

	 	4.4.	Adjustments in Exercise Price. Whenever the
    number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in Section 4.1 and
    4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to
    such adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable upon the
    exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares
    of Common Stock so purchasable immediately thereafter.

 

	 	4.5.	Replacement of Securities upon Reorganization,
    etc. In case of any reclassification or reorganization of the outstanding shares of Common Stock (other than a change
    covered by Section 4.1 or 4.2 hereof or that solely affects the par value of such shares of Common Stock), or in the case
    of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which
    the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding
    Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of
    the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Warrant
    holders shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified
    in the Warrants and in lieu of the shares of Common Stock immediately theretofore purchasable and receivable upon the exercise
    of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash)
    receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale
    or transfer, that the Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately
    prior to such event; and if any reclassification also results in a change in shares of Common Stock covered by Section 4.1
    or 4.2, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.4 and this Section 4.5. The provisions of this
    Section 4.5 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other
    transfers.

 

	 	4.6.	Notices of Changes in Warrant. Upon every adjustment
    of the Warrant Price or the number of shares of Common Stock issuable upon exercise of a Warrant, the Company shall give written
    notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase
    or decrease, if any, in the number of shares of Common Stock purchasable at such price upon the exercise of a Warrant, setting
    forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence
    of any event specified in Sections 4.1, 4.2, 4.3, 4.4 or 4.5, then, in any such event, the Company shall give written notice
    to each Warrant holder, at the last address set forth for such holder in the warrant register, of the record date or the effective
    date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

 

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	 	4.7.	No Fractional Shares. Notwithstanding any provision
    contained in this Warrant Agreement to the contrary, the Company shall not issue fractional shares upon exercise of Warrants.
    If the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share,
    the Company shall, upon such exercise, round down to the nearest whole number the number of the shares of Common Stock to
    be issued to the Warrant holder.

 

	 	4.8.	Form of Warrant. The form of Warrant need not
    be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same
    Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Agreement; provided,
    however, that the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may
    deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether
    in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 

	 	4.9.	Other Events. In case any event shall occur
    affecting the Company as to which none of the provisions of preceding subsections of this Section 4 are strictly applicable,
    but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on the Warrants
    and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall appoint a firm of
    independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall give
    its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent
    and purpose of this Section 4 and, if such firm determines that an adjustment is necessary, the terms of such adjustment.
    The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such
    opinion.

 

	 	5.	Transfer and Exchange of Warrants.

 

	 	5.1.	Registration of Transfer. The Warrant Agent
    shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register, upon surrender of such
    Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for
    transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the
    old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent to
    the Company from time to time upon request.

 

	 	5.2.	Procedure for Surrender of Warrants. Warrants
    may be surrendered to the Warrant Agent, together with a written request for exchange or transfer, and thereupon the Warrant
    Agent shall issue in exchange therefor one or more new Warrants as requested by the registered holder of the Warrants so surrendered,
    representing an equal aggregate number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer
    bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange therefor until
    the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating
    whether the new Warrants must also bear a restrictive legend.

 

	 	5.3.	Fractional Warrants. The Warrant Agent shall
    not be required to effect any registration of transfer or exchange which will result in the issuance of a warrant certificate
    for a fraction of a warrant.

 

	 	5.4.	Service Charges. No service charge shall be
    made for any exchange or registration of transfer of Warrants.

 

	 	5.5.	Warrant Execution and Countersignature. The
    Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Warrants
    required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent,
    will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

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	 	5.6.	Private Warrants and $15 Exercise Price Sponsor
    Warrants. The Warrant Agent shall not register any transfer of Private Warrants or $15 Exercise Price Sponsor Warrants
    until after the consummation by the Company of a Business Combination, except for transfers made in accordance with (a) in
    the case of Private Warrants, the Private Units Purchase Agreement between the Company and 1347 Investors (the “Private
    Units Purchase Agreement”) and (b) in the case of the $15 Exercise Price Sponsor Warrants, the $15 Exercise Price Sponsor
    Warrants Purchase Agreement between the Company and 1347 Investors (the “$15 Exercise Price Sponsor Warrants Purchase
    Agreement”), in each case on the condition that prior to such registration for transfer, the Warrant Agent shall be
    presented with written documentation pursuant to which each transferee or the trustee or legal guardian for such transferee
    agrees to be bound by the terms of the Private Units Purchase Agreement (in the case of the Private Warrants) or the $15 Exercise
    Price Sponsor Warrants Purchase Agreement (in the case of the $15 Exercise Price Sponsor Warrants).

 

	 	6.	Redemption.

 

	 	6.1.	Redemption. Subject to Section 6.4 hereof,
    not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time while they are exercisable
    and prior to their expiration, at the office of the Warrant Agent, upon the notice referred to in Section 6.2, at the price
    of $.01 per Warrant (“Redemption Price”), provided that the last sale price of the Common Stock has been at least
    $24.00 per share (subject to adjustment in accordance with Section 4 hereof), on each of twenty (20) trading days within any
    thirty (30) trading day period (“30-Day Trading Period”) ending on the third business day prior to the date on
    which notice of redemption is given and provided further that there is a current registration statement in effect with respect
    to the shares of Common Stock underlying the Warrants for each day in the 30-Day Trading Period and continuing each day thereafter
    until the Redemption Date (defined below).

 

	 	6.2.	Date Fixed for, and Notice of, Redemption.
    In the event the Company shall elect to redeem all of the Warrants, the Company shall fix a date for the redemption (the “Redemption
    Date”). Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than 30 days
    prior to the Redemption Date to the registered holders of the Warrants to be redeemed at their last addresses as they shall
    appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been
    duly given whether or not the registered holder received such notice.

 

	 	6.3.	Exercise After Notice of Redemption. The Warrants
    may be exercised, for cash (or on a “cashless basis” in accordance with Section 3 of this Agreement) at any time
    after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior to the Redemption
    Date. In the event the Company determines to require holders of Public Warrants to exercise their Public Warrants on a “cashless
    basis” pursuant to Section 3.3.1(b), the notice of redemption will contain the information necessary to calculate the
    number of shares of Common Stock to be received upon exercise of the Public Warrants, including the “Fair Market Value”
    in such case. On and after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive,
    upon surrender of the Warrants, the Redemption Price.

 

	 	6.4.	Exclusion of Certain Warrants. The Company
    understands that the redemption rights provided for by this Section 6 apply only to outstanding Warrants. To the extent a
    person holds rights to purchase Warrants, such purchase rights shall not be extinguished by redemption. However, once such
    purchase rights are exercised, the Company may redeem the Warrants issued upon such exercise provided that the criteria for
    redemption is met. Additionally, any of the Private Warrants or $15 Exercise Price Sponsor Warrants shall not be redeemable
    by the Company as long as such Private Warrants or $15 Exercise Price Sponsor Warrants continue to be held by the initial
    purchasers or their permitted transferees (as prescribed in Section 5.6 hereof). However, once such Private Warrants or $15
    Exercise Price Sponsor Warrants are no longer held by the initial purchasers or their permitted transferees, such Private
    Warrants or $15 Exercise Price Sponsor Warrants shall then be redeemable by the Company pursuant to Section 6 hereof. The
    provisions of this Section 6.4 may not be modified, amended or deleted without the prior written consent of Chardan.

 

    	8

    	 

    

 

	 	7.	Other Provisions Relating to Rights of Holders
    of Warrants.

 

	 	7.1.	No Rights as Shareholder. A Warrant does not
    entitle the registered holder thereof to any of the rights of a shareholder of the Company, including, without limitation,
    the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive
    notice as shareholders in respect of the meetings of shareholders or the election of directors of the Company or any other
    matter.

 

	 	7.2.	Lost, Stolen, Mutilated, or Destroyed Warrants.
    If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on such terms as to indemnity
    or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender
    thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed.
    Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost,
    stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.

 

	 	7.3.	Reservation of Shares of Common Stock. The
    Company shall at all times reserve and keep available a number of its authorized but unissued shares of Common Stock that
    will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

 

	 	7.4.	Registration of Shares of Common Stock. The
    Company agrees that as soon as practicable, but in no event later than fifteen (15) business days after the closing of a Business
    Combination, it shall use its best efforts to file with the SEC a registration statement for the registration under the Act
    of the shares of Common Stock issuable upon exercise of the Warrants, and to cause the same to become effective and to maintain
    the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the Warrants
    in accordance with the provisions of this Agreement. In addition, the Company agrees to use its best efforts to register the
    shares of Common Stock issuable upon exercise of the Warrants under state blue sky laws, to the extent an exemption is not
    available. If any such registration statement has not been declared effective by the 60th business day following
    the closing of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the
    61st day after the closing of the Business Combination and ending upon such registration statement being declared effective
    by the SEC, and during any other period after such date of effectiveness when the Company shall fail to have maintained an
    effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants, to exercise such
    Warrants on a “cashless basis” as determined in accordance with Section 3.3.1(d). The Company shall provide the
    Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience)
    stating that (i) the issuance of shares of Common Stock upon exercise of the Warrants on a cashless basis in accordance with
    this Section 7.4 is not required to be registered under the Act and (ii) the shares of Common Stock issued upon such exercise
    will be freely tradable under U.S. federal securities laws by anyone who is not an affiliate (as such term is defined in Rule
    144 under the Act) of the Company and, accordingly, will not be required to bear a restrictive legend. For the avoidance of
    any doubt, unless and until all of the Warrants have been exercised on a cashless basis, the Company shall continue to be
    obligated to comply with its registration obligations with respect to those Warrants under the first three sentences of this
    Section 7.4. The provisions of this Section 7.4 may not be modified, amended or deleted without the prior written consent
    of Chardan.

 

	 	8.	Concerning the Warrant Agent and Other Matters.

 

	 	8.1.	Payment of Taxes. The Company will from time
    to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance
    or delivery of shares of Common Stock upon the exercise of Warrants, but the Company shall not be obligated to pay any transfer
    taxes in respect of the Warrants or such shares.

 

    	9

    	 

    

 

	 	8.2.	Resignation, Consolidation, or Merger
    of Warrant Agent.

 

	 	8.2.1.	Appointment of Successor Warrant Agent. The
    Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further duties
    and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant
    Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant
    Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days
    after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of the Warrant
    (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply
    to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent
    at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation
    organized and existing under the laws of the State of New York, in good standing and having its principal office in the Borough
    of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to
    supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with
    all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as
    if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary
    or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring
    to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon
    request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in
    writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers,
    rights, immunities, duties, and obligations.

 

	 	8.2.2.	Notice of Successor Warrant Agent. In the event
    a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and the
    transfer agent for the Common Stock not later than the effective date of any such appointment.

 

	 	8.2.3.	Merger or Consolidation of Warrant Agent. Any
    corporation into which the Warrant Agent may be merged or with which it may be consolidated or any corporation resulting from
    any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement
    without any further act.

 

	 	8.3.	Fees and Expenses of Warrant Agent.

 

	 	8.3.1.	Remuneration. The Company agrees to pay the
    Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and will reimburse the Warrant Agent
    upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

 

	 	8.3.2.	Further Assurances. The Company agrees to perform,
    execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such further and other
    acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of
    the provisions of this Agreement.

 

	 	8.4.	Liability of Warrant Agent.

 

	 	8.4.1.	Reliance on Company Statement. Whenever in
    the performance of its duties under this Warrant Agreement, the Warrant Agent shall deem it necessary or desirable that any
    fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter
    (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established
    by a statement signed by the Chief Executive Officer or Chairman of the Board of the Company and delivered to the Warrant
    Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the
    provisions of this Agreement.

 

	 	8.4.2.	Indemnity. The Warrant Agent shall be liable
    hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant
    Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything
    done or omitted by the Warrant Agent in the execution of this Agreement except as a result of the Warrant Agent’s gross
    negligence, willful misconduct, or bad faith.

 

    	10

    	 

    

 

	 	8.4.3.	Exclusions. The Warrant Agent shall have no
    responsibility with respect to the validity of this Agreement or with respect to the validity or execution of any Warrant
    (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition
    contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required under the provisions
    of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence
    of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or
    warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any
    Warrant or as to whether any shares of Common Stock will, when issued, be valid and fully paid and nonassessable.

 

	 	8.5.	Acceptance of Agency. The Warrant Agent hereby
    accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth
    and, among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account
    for, and pay to the Company, all moneys received by the Warrant Agent for the purchase of shares of Common Stock through the
    exercise of Warrants.

 

	 	8.6.	Waiver. The Warrant Agent hereby waives any
    right of set-off or any other right, title, interest or claim of any kind (“Claim”) in or to any distribution
    of the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and
    between the Company and the Warrant Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment
    or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

	 	9.	Miscellaneous Provisions.

 

	 	9.1.	Successors. All the covenants and provisions
    of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective
    successors and assigns.

 

	 	9.2.	Notices. Any notice, statement or demand authorized
    by this Warrant Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall
    be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service
    within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the
    Company with the Warrant Agent), as follows:

 

Jensyn
Acquisition Corp.

800 West
Main Street, Suite 204

Freehold,
New jersey 07728

Attn: Jeffrey
J. Raymond

 

Any notice, statement or demand
authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall
be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service
within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant
Agent with the Company), as follows:

 

Continental Stock Transfer &
Trust Company

17 Battery Place

New York, New York
10004

Attn: Compliance Department

 

with a copy in each
case to:

 

[to be supplied] 

 

and

 

    	11

    	 

    

 

[to be supplied] 

 

and

 

Chardan Capital Markets,
LLC.

17 State Street, Suite 1600

New York,
New York 10004

Attn:
George Kaufmann, Director Investment Banking

 

	 	9.3.	Applicable Law. The validity, interpretation,
    and performance of this Agreement and of the Warrants shall be governed in all respects by 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 Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any
    way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court
    for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
    The Company hereby waives any objection to such exclusive jurisdiction and that any of such courts represent an inconvenient
    forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered
    or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof.
    Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or
    claim.

 

	 	9.4.	Persons Having Rights under this Agreement.
    Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall
    be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered holders
    of the Warrants and, for the purposes of Sections 2.5, 6.4, 7.4, 9.4 and 9.8 hereof, Chardan, any right, remedy, or claim
    under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. Chardan
    shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 2.5, 6.4, 7.4, 9.4 and 9.8 hereof.
    All covenants, conditions, stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole
    and exclusive benefit of the parties hereto (and Chardan with respect to Sections 2.5, 6.4, 7.4, 9.4 and 9.8 hereof) and their
    successors and assigns and of the registered holders of the Warrants.

 

	 	9.5.	Examination of the Warrant Agreement. A copy
    of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in the Borough of Manhattan,
    City and State of New York, for inspection by the registered holder of any Warrant. The Warrant Agent may require any such
    holder to submit his Warrant for inspection by it.

 

	 	9.6.	Counterparts. This Agreement may be executed
    in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an
    original, and all such counterparts shall together constitute but one and the same instrument.

 

	 	9.7.	Effect of Headings. The Section headings herein
    are for convenience only and are not part of this Warrant Agreement and shall not affect the interpretation thereof.

 

	 	9.8.	Amendments. This Agreement may be amended by
    the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity, or of curing, correcting
    or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters
    or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not
    adversely affect the interest of the registered holders. All other modifications or amendments, including any amendment to
    increase the Warrant Price or shorten the Exercise Period, shall require the written consent or vote of the registered holders
    of a majority of the then outstanding Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or
    extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the registered
    holders. The provisions of this Section 9.8 may not be modified, amended or deleted without the prior written consent of Chardan.

 

    	12

    	 

    

 

	 	9.9.	Severability. This Warrant Agreement shall
    be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity
    or enforceability of this Warrant Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
    or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Warrant Agreement
    a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

[Signature page follows]

 

    	13

    	 

    

 

IN WITNESS WHEREOF, this Agreement has
been duly executed by the parties hereto as of the day and year first above written.

 

	 	JENSYN ACQUISITION CORP.	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

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

 

    	14Exhibit 4.6

 

UNIT PURCHASE OPTION

  

THE REGISTERED HOLDER OF THIS PURCHASE
OPTION, BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN PROVIDED,
AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE
OPTION FOR A PERIOD OF ONE YEAR FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER THAN (I) CHARDAN CAPITAL MARKETS,
LLC (“CHARDAN”) OR AN UNDERWRITER OR SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR
PARTNER OF CHARDAN OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER, EXCEPT IN ACCORDANCE WITH FINRA RULE 5110(G)(2).

 

THIS PURCHASE OPTION IS NOT EXERCISABLE
PRIOR TO THE LATER OF THE CONSUMMATION BY JENSYN ACQUISITION CORP. (THE “COMPANY”) OF
a merger, SHARE exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination
involving the COMPANY and one or more businesses or entities (A “BUSINESS COMBINATION”) (AS DESCRIBED
MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT (DEFINED HEREIN)) AND [__________], 2015. VOID AFTER 5:00 P.M. NEW YORK
CITY LOCAL TIME, ON [__________], 2020.

 

UNIT PURCHASE OPTION

FOR THE PURCHASE OF

500,000 UNITS

OF

JENSYN ACQUISITION CORP.

 

		1.	Purchase Option.

 

THIS CERTIFIES THAT, in consideration of
$100 duly paid by or on behalf of [_____________] (the “Holder”), as registered owner of this Purchase
Option, to Jensyn Acquisition Corp. (the “Company”), the Holder is entitled, at any time or from time
to time upon the later of the consummation of a Business Combination or [__________], 2015 (the “Commencement Date”),
and at or before 5:00 p.m., New York City local time, on the five-year anniversary of the effective date (the “Effective
Date”) of the Company’s registration statement on Form S-1 (File No. 333-_____________) (the “Registration
Statement”) pursuant to which Units are offered for sale to the public (the “Offering”),
but not thereafter (the “Expiration Date”), to subscribe for, purchase and receive, in whole or in part,
up to five hundred thousand (500,000) units (“Units”) of the Company, each Unit consisting of one share
of Common Stock of the Company, par value $0.0001 per share (“Common Stock”), one right (a “Right”)
entitling the holder to automatically receive one-tenth (1/10) of a share of Common Stock upon consummation of a Business Combination,
and one warrant (a “Warrant”) entitling the holder thereof to purchase one-half of one share of Common
Stock at a price of $12.00 per full share, as more fully described in the Registration Statement. If the Expiration Date is a day
on which banking institutions are authorized by law to close, then this Purchase Option may be exercised on the next succeeding
day which is not such a day in accordance with the terms herein. During the period ending on the Expiration Date, the Company agrees
not to take any action that would terminate the Purchase Option. This Purchase Option is initially exercisable at one hundred percent
(100%) of the initial public offering price per Unit so purchased; provided, however, that, upon the occurrence of any of the events
specified in Section 6 hereof, the rights granted by this Purchase Option, including the exercise price per Unit and the number
of Units (and Common Stock, Rights and Warrants) to be received upon such exercise, shall be adjusted as therein specified. The
term “Exercise Price” shall mean the initial exercise price or the adjusted exercise price, depending on the context.

 

    	 

    	 

    

 

		2.	Exercise.

 

		2.1.	Exercise Form. In order to exercise this Purchase Option, the exercise form, in substantially
the form attached hereto as Exhibit A (the “Exercise Form”) must be duly executed and completed and delivered
to the Company, together with this Purchase Option and payment of the Exercise Price for the Units being purchased payable in cash
or by certified check or official bank check. If the subscription rights represented hereby shall not be exercised at or before
5:00 p.m., New York City local time, on the Expiration Date, this Purchase Option shall become and be void without further force
or effect, and all rights represented hereby shall cease and expire.

 

		2.2.	Legend. Each certificate for the securities purchased under this Purchase Option shall bear
a legend as follows, unless such securities have been registered under the Securities Act of 1933, as amended (the “Act”):

 

“The securities represented
by this certificate have not been registered under the Securities Act of 1933, as amended (“Act”) or applicable state
law. The securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement
under the Act, or pursuant to an exemption from registration under the Act and applicable state law.”

 

		2.3.	Cashless Exercise.

 

		2.3.1.	Determination of Amount. In lieu of the payment of the Exercise Price multiplied by the
number of Units for which this Purchase Option is exercisable (and in lieu of being entitled to receive Common Stock, Rights and
Warrants) in the manner required by Section 2.1, the Holder shall have the right (but not the obligation) to convert any exercisable
but unexercised portion of this Purchase Option into Units (“Cashless Exercise Right”) as follows: upon
exercise of the Cashless Exercise Right, the Company shall deliver to the Holder (without payment by the Holder of any of the Exercise
Price in cash) that number of Units (or that number of shares of Common Stock, Rights and Warrants comprising that number of Units)
equal to the quotient obtained by dividing (x) the “Value” (as defined below) of the portion of the Purchase Option
being converted by (y) the Current Market Value (as defined below). The “Value” of the portion of the Purchase Option
being converted shall equal the remainder derived from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of
Units underlying the portion of this Purchase Option being converted from (b) the Current Market Value of a Unit multiplied by
the number of Units underlying the portion of the Purchase Option being converted. As used herein, the term “Current Market
Value” per Unit at any date means: (A) in the event that neither the Units, Rights nor Warrants are still trading, (i) the
Current Market Price of the Common Stock multiplied by (ii) the number of shares of Common Stock underlying one Unit, which shall
include (x) the one-tenth (1/10) of a share of Common Stock the holder of a Unit will automatically receive in connection with
the Right included in each such Unit and (y) the one-half (1/2) of a share of Common Stock underlying the Warrant included in each
such Unit; (B) in the event that the Units, Common Stock, Rights and Warrants are still trading, (i) if the Units are listed on
a national securities exchange, the average reported last sale price of the Units in the principal trading market for the Units
as reported by the exchange for the five trading days preceding the date in question; or (ii) if the Units are not listed on a
national securities exchange, but are quoted on the residual over-the-counter market, the average reported last sale price for
Units on the five trading days preceding the date in question for which such quotations are reported by the OTC Markets or similar
publisher of such quotations; and (C) in the event that the Units are not still trading but the Common Stock, Rights and Warrants
are still trading, the Current Market Price of the Common Stock plus (i) the product of (x) the Current Market Price of the Rights
and (y) the number of shares of Common Stock in the Rights that will automatically convert to Common Stock included in one Unit
and (ii) the product of (x) the Current Market Price of the Warrants and (y) the number of shares of Common Stock in the Warrants
that will be exercisable for Common Stock included in one Unit. The “Current Market Price” shall mean (i) if the Common
Stock, Rights or Warrants (as the case may be) is/are listed on a national securities exchange, the average reported last sale
price of the Common Stock, Rights or Warrants (as the case may be) in the principal trading market for the Common Stock, Rights
or Warrants (as the case may be) as reported by the exchange on the five trading days preceding the date in question; (ii) if the
Common Stock, Rights or Warrants (as the case may be) is/are not listed on a national securities exchange, but is/are traded in
the residual over-the-counter market, the average reported last sale price for the Common Stock, Rights or Warrants (as the case
may be) on the five trading days preceding the date in question for which such quotations are reported by the OTC Markets or similar
publisher of such quotations; and (iii) if the fair market value of the Common Stock cannot be determined pursuant to clause (i)
or (ii) above, such price as the Board of Directors of the Company shall determine, in good faith.

 

    	2

    	 

    

 

		2.3.2.	Mechanics of Cashless Exercise. The Cashless Exercise Right may be exercised by the Holder
on any business day on or after the Commencement Date and not later than the Expiration Date by delivering the Purchase Option
with the duly executed Exercise Form with the cashless exercise section completed to the Company, exercising the Cashless Exercise
Right and specifying the total number of Units the Holder will purchase pursuant to such Cashless Exercise Right.

 

		2.4.	No Obligation to Net Cash Settle. Notwithstanding anything to the contrary contained in
this Purchase Option, in no event will the Company be required to net cash settle the exercise of the Purchase Option or the Rights
or Warrants underlying the Purchase Option. The holder of the Purchase Option will not be entitled to exercise the Purchase Option
unless it exercises such Purchase Option pursuant to the Cashless Exercise Right or a registration statement is effective, or an
exemption from the registration requirements is available at such time and, if the holder is not able to exercise the Purchase
Option, the Purchase Option will expire worthless.

 

		3.	Transfer.

 

		3.1.	General Restrictions. The registered Holder of this Purchase Option, by its acceptance hereof,
agrees that it will not sell, transfer, assign, pledge or hypothecate this Purchase Option (or the Common Stock, Rights and Warrants
underlying this Purchase Option) for a period of one year (including a period of 180 days pursuant to Rule 5110(g)(1) of the Conduct
Rules of the Financial Industry Regulatory Authority (“FINRA”) following the Effective Date to anyone
other than (i) Chardan or an underwriter or selected dealer in connection with the Offering, or (ii) a bona fide officer or partner
of Chardan or of any such underwriter or selected dealer. On and after the first anniversary of the Effective Date, transfers to
others may be made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment,
the Holder must deliver to the Company the assignment form in substantially the form attached hereto as Exhibit B (the “Assignment
Form”), duly executed and completed, together with the Purchase Option and payment of all transfer taxes, if any,
payable in connection therewith. The Company shall within five business days transfer this Purchase Option on the books of the
Company and shall execute and deliver a new Purchase Option or Purchase Options of like tenor to the appropriate assignee(s) expressly
evidencing the right to purchase the aggregate number of Units purchasable hereunder or such portion of such number as shall be
contemplated by any such assignment.

 

		3.2.	Restrictions Imposed by the Act. The securities evidenced by this Purchase Option shall
not be transferred unless and until (i) the Company has received the opinion of counsel for the Holder that the securities may
be transferred pursuant to an exemption from registration under the Act and applicable state securities laws, the availability
of which is established to the reasonable satisfaction of the Company (the Company hereby agreeing that the opinion of Graubard
Miller shall be deemed satisfactory evidence of the availability of an exemption), or (ii) a registration statement or a post-effective
amendment to the Registration Statement relating to such securities has been filed by the Company and declared effective by the
Securities and Exchange Commission (the “Commission”) and compliance with applicable state securities
law has been established.

 

		4.	New Purchase Options to be Issued.

 

		4.1.	Partial Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase
Option may be exercised or assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender
of this Purchase Option for cancellation, together with the duly executed Exercise Form or Assignment Form and funds sufficient
to pay any Exercise Price and/or transfer tax, the Company shall cause to be delivered to the Holder without charge a new Purchase
Option of like tenor to this Purchase Option in the name of the Holder evidencing the right of the Holder to purchase the number
of Units purchasable hereunder as to which this Purchase Option has not been exercised or assigned.

 

    	3

    	 

    

 

		4.2.	Lost Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss,
theft, destruction or mutilation of this Purchase Option and of reasonably satisfactory indemnification or the posting of a bond,
the Company shall execute and deliver a new Purchase Option of like tenor and date. Any such new Purchase Option executed and delivered
as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of
the Company.

 

		5.	Registration Rights.

 

		5.1.	Demand Registration.

 

		5.1.1.	Grant of Right. The Company, upon written demand (“Initial Demand Notice”)
of the Holder(s) of at least 51% of the Purchase Options and/or the underlying Units and/or the underlying securities (“Majority
Holders”), agrees to use its best efforts to register (the “Demand Registration”) under
the Act on one occasion, all or any portion of the Purchase Options requested by the Majority Holders in the Initial Demand Notice
and all of the securities underlying such Purchase Options, including the Units, Common Stock, the Rights, the Warrants and the
Common Stock included in the Rights and Warrants (collectively, the “Registrable Securities”). On such
occasion, the Company will use its best efforts to file a registration statement or a post-effective amendment to the Registration
Statement covering the Registrable Securities within sixty days after receipt of the Initial Demand Notice and use its best efforts
to have such registration statement or post-effective amendment declared effective as soon as possible thereafter. The demand for
registration may be made at any time during a period of five years beginning on the Effective Date. The Initial Demand Notice shall
specify the number of shares of Registrable Securities proposed to be sold and the intended method(s) of distribution thereof.
The Company will notify all holders of the Purchase Options and/or Registrable Securities of the demand within ten days from the
date of the receipt of any such Initial Demand Notice. Each holder of Registrable Securities who wishes to include all or a portion
of such holder’s Registrable Securities in the Demand Registration (each such holder including shares of Registrable Securities
in such registration, a “Demanding Holder”) shall so notify the Company within fifteen (15) days after
the receipt by the holder of the notice from the Company. Upon any such request, the Demanding Holders shall be entitled to have
their Registrable Securities included in the Demand Registration, subject to Section 5.1.4. The Company shall not be obligated
to effect more than one (1) Demand Registrations under this Section 5.1 in respect of all Registrable Securities.

 

		5.1.2.	Effective Registration. A registration will not count as a Demand Registration until the
registration statement filed with the Commission with respect to such Demand Registration has been declared effective and the Company
has complied with all of its obligations under this Agreement with respect thereto.

 

		5.1.3.	Underwritten Offering. If the Majority Holders so elect and such holders so advise the Company
as part of the Initial Demand Notice, the offering of such Registrable Securities pursuant to such Demand Registration shall be
in the form of an underwritten offering. In such event, the right of any holder to include its Registrable Securities in such registration
shall be conditioned upon such holder’s participation in such underwriting and the inclusion of such holder’s Registrable
Securities in the underwriting to the extent provided herein. All Demanding Holders proposing to distribute their securities through
such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for
such underwriting by the Majority Holders.

 

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		5.1.4.	Reduction of Offering. If the managing underwriter or underwriters for a Demand Registration
that is to be an underwritten offering advises the Company and the Demanding Holders in writing that the dollar amount or number
of shares of Registrable Securities which the Demanding Holders desire to sell, taken together with all other shares of Common
Stock or other securities which the Company desires to sell and the shares of Common Stock, if any, as to which registration has
been requested pursuant to written contractual piggy-back registration rights held by other stockholders of the Company who desire
to sell, exceeds the maximum dollar amount or maximum number of shares that can be sold in such offering without adversely affecting
the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum
dollar amount or maximum number of shares, as applicable, the “Maximum Number of Shares”), then the Company
shall include in such registration: (i) first, the Registrable Securities as to which Demand Registration has been requested by
the Demanding Holders (pro rata in accordance with the number of shares that each such Person has requested be included in such
registration, regardless of the number of shares held by each such Person (such proportion is referred to herein as “Pro
Rata”)) that can be sold without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum
Number of Shares has not been reached under the foregoing clause (i), the Common Stock or other securities that the Company desires
to sell that can be sold without exceeding the Maximum Number of Shares; (iii) third, to the extent that the Maximum Number of
Shares has not been reached under the foregoing clauses (i) and (ii), the Common Stock or other securities registrable pursuant
to the terms of the Registration Rights Agreement between the Company and the initial investors in the Company, dated as of [__________],
2015 (the “Registration Rights Agreement” and such registrable securities, the “Investor
Securities”) as to which “piggy-back” registration has been requested by the holders thereof, Pro Rata,
that can be sold without exceeding the Maximum Number of Shares; and (iv) fourth, to the extent that the Maximum Number of Shares
have not been reached under the foregoing clauses (i), (ii), and (iii), the Common Stock or other securities for the account of
other persons that the Company is obligated to register pursuant to written contractual arrangements with such persons and that
can be sold without exceeding the Maximum Number of Shares.

 

		5.1.5.	Withdrawal. If a majority-in-interest of the Demanding Holders disapprove of the terms of
any underwriting or are not entitled to include all of their Registrable Securities in any offering, such majority-in-interest
of the Demanding Holders may elect to withdraw from such offering by giving written notice to the Company and the underwriter or
underwriters of their request to withdraw prior to the effectiveness of the registration statement filed with the Commission with
respect to such Demand Registration. If the majority-in-interest of the Demanding Holders withdraws from a proposed offering relating
to a Demand Registration, then the Company does not have to continue its obligations under this Section 5.1 with respect to such
proposed offering.

 

		5.1.6.	Terms. The Company shall bear all fees and expenses attendant to registering the Registrable
Securities, including the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of
the Registrable Securities, but the Holders shall pay any and all underwriting commissions. The Company agrees to use its reasonable
best efforts to qualify or register the Registrable Securities in such states as are reasonably requested by the Majority Holder(s);
provided, however, that in no event shall the Company be required to register the Registrable Securities in a state in which such
registration would cause (i) the Company to be obligated to qualify to do business in such state, or would subject the Company
to taxation as a foreign corporation doing business in such jurisdiction or (ii) the principal stockholders of the Company to be
obligated to escrow their shares of capital stock of the Company. The Company shall use its best efforts to cause any registration
statement or post-effective amendment filed pursuant to the demand rights granted under Section 5.1.1 to remain effective for a
period of nine consecutive months from the effective date of such registration statement or post-effective amendment.

 

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		5.2.	Piggy-Back Registration.

 

		5.2.1.	Piggy-Back Rights. If at any time during the seven-year period commencing on the Effective
Date the Company proposes to file a registration statement under the Act with respect to an offering of equity securities, or securities
or other obligations exercisable or exchangeable for, or convertible into, equity securities, by the Company for its own account
or for stockholders of the Company for their account (or by the Company and by stockholders of the Company including, without limitation,
pursuant to Section 5.1), other than a registration statement (i) filed in connection with any employee stock option or other benefit
plan, (ii) for an exchange offer or offering of securities solely to the Company’s existing stockholders, (iii) for an offering
of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall
(x) give written notice of such proposed filing to the holders of Registrable Securities as soon as practicable but in no event
less than ten (10) days before the anticipated filing date, which notice shall describe the amount and type of securities to be
included in such offering, the intended method(s) of distribution, and the name of the proposed managing underwriter or underwriters,
if any, of the offering, and (y) offer to the holders of Registrable Securities in such notice the opportunity to register the
sale of such number of shares of Registrable Securities as such holders may request in writing within five (5) days following receipt
of such notice (a “Piggy-Back Registration”). The Company shall cause such Registrable Securities to
be included in such registration and shall use its best efforts to cause the managing underwriter or underwriters of a proposed
underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration on the same terms
and conditions as any similar securities of the Company and to permit the sale or other disposition of such Registrable Securities
in accordance with the intended method(s) of distribution thereof. All holders of Registrable Securities proposing to distribute
their securities through a Piggy-Back Registration that involves an underwriter or underwriters shall enter into an underwriting
agreement in customary form with the underwriter or underwriters selected for such Piggy-Back Registration.

 

		5.2.2.	Reduction of Offering. If the managing underwriter or underwriters for a Piggy-Back Registration
that is to be an underwritten offering advises the Company and the holders of Registrable Securities in writing that the dollar
amount or number of shares of Common Stock which the Company desires to sell, taken together with shares of Common Stock, if any,
as to which registration has been demanded pursuant to written contractual arrangements with persons other than the holders of
Registrable Securities hereunder, the Registrable Securities as to which registration has been requested under this Section 5.2,
and the shares of Common Stock, if any, as to which registration has been requested pursuant to the written contractual piggy-back
registration rights of other stockholders of the Company, exceeds the Maximum Number of Shares, then the Company shall include
in any such registration:

 

(a) If the registration is undertaken
for the Company’s account: (A) first, the Common Stock or other securities that the Company desires to sell that can be sold
without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached
under the foregoing clause (A), the Common Stock or other securities, if any, comprised of Registrable Securities and Investor
Securities, as to which registration has been requested pursuant to the applicable written contractual piggy-back registration
rights of such security holders, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (C) third, to the
extent that the Maximum Number of shares has not been reached under the foregoing clauses (A) and (B), the Common Stock or other
securities for the account of other persons that the Company is obligated to register pursuant to written contractual piggy-back
registration rights with such persons and that can be sold without exceeding the Maximum Number of Shares;

 

(b) If the registration is a “demand”
registration undertaken at the demand of holders of Investor Securities, (A) first, the Common Stock or other securities for the
account of the demanding persons, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; (B) second, to the
extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), the Common Stock or other securities
that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (C) third, to the extent that
the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the shares of Registrable Securities,
Pro Rata, as to which registration has been requested pursuant to the terms hereof, that can be sold without exceeding the Maximum
Number of Shares; and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses
(A), (B) and (C), the Common Stock or other securities for the account of other persons that the Company is obligated to register
pursuant to written contractual arrangements with such persons, that can be sold without exceeding the Maximum Number of Shares;
and

 

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(c) If the registration is a “demand”
registration undertaken at the demand of persons other than either the holders of Registrable Securities or of Investor Securities,
(A) first, the Common Stock or other securities for the account of the demanding persons that can be sold without exceeding the
Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clause (A), the Common Stock or other securities that the Company desires to sell that can be sold without exceeding the Maximum
Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A)
and (B), collectively, the Common Stock or other securities comprised of Registrable Securities and Investor Securities, Pro Rata,
as to which registration has been requested pursuant to the terms hereof and of the Registration Rights Agreement, as applicable,
that can be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clauses (A), (B) and (C), the Common Stock or other securities for the account of other
persons that the Company is obligated to register pursuant to written contractual arrangements with such persons, that can be sold
without exceeding the Maximum Number of Shares.

 

		5.2.3.	Withdrawal. Any holder of Registrable Securities may elect to withdraw such holder’s
request for inclusion of Registrable Securities in any Piggy-Back Registration by giving written notice to the Company of such
request to withdraw prior to the effectiveness of the registration statement. The Company (whether on its own determination or
as the result of a withdrawal by persons making a demand pursuant to written contractual obligations) may withdraw a registration
statement at any time prior to the effectiveness of the registration statement. Notwithstanding any such withdrawal, the Company
shall pay all expenses incurred by the holders of Registrable Securities in connection with such Piggy-Back Registration as provided
in Section 5.2.4.

 

		5.2.4.	Terms. The Company shall bear all fees and expenses attendant to registering the Registrable
Securities, including the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of
the Registrable Securities, but the Holders shall pay any and all underwriting commissions related to the Registrable Securities.
In the event of such a proposed registration, the Company shall furnish the then Holders of outstanding Registrable Securities
with not less than fifteen days written notice prior to the proposed date of filing of such registration statement. Such notice
to the Holders shall continue to be given for each applicable registration statement filed (during the period in which the Purchase
Option is exercisable) by the Company until such time as all of the Registrable Securities have been registered and sold. The Holders
of the Registrable Securities shall exercise the “piggy-back” rights provided for herein by giving written notice,
within ten days of the receipt of the Company’s notice of its intention to file a registration statement. The Company shall
use its best efforts to cause any registration statement filed pursuant to the above “piggyback” rights to remain effective
for at least nine months from the date that the Holders of the Registrable Securities are first given the opportunity to sell all
of such securities.

 

		5.3.	General Terms.

 

		5.3.1.	Indemnification. The Company shall indemnify the Holder(s) of the Registrable Securities
to be sold pursuant to any registration statement hereunder and each person, if any, who controls such Holders within the meaning
of Section 15 of the Act or Section 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably
incurred in investigating, preparing or defending against litigation, commenced or threatened, or any claim whatsoever whether
arising out of any action between the underwriter and the Company or between the underwriter and any third party or otherwise)
to which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such registration statement
but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify the
underwriters contained in Section 5 of the Underwriting Agreement between the Company, Chardan and the other underwriters named
therein dated the Effective Date. The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement,
and their successors and assigns, shall severally, and not jointly, indemnify the Company, its officers and directors and each
person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, against
all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred
in investigating, preparing or defending against any claim whatsoever) to which they may become subject under the Act, the Exchange
Act or otherwise, arising from information furnished by or on behalf of such Holders, or their successors or assigns, in writing,
for specific inclusion in such registration statement to the same extent and with the same effect as the provisions contained in
Section 5 of the Underwriting Agreement pursuant to which the underwriters have agreed to indemnify the Company.

 

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		5.3.2.	Exercise of Purchase Options. Nothing contained in this Purchase Option shall be construed
as requiring the Holder(s) to exercise their Purchase Options prior to or after the initial filing of any registration statement
or the effectiveness thereof.

 

		5.3.3.	Documents Delivered to Holders. The Company shall furnish Chardan, as representative of
the Holders participating in any of the foregoing offerings, a signed counterpart, addressed to the participating Holders, of (i)
an opinion of counsel to the Company, dated the effective date of such registration statement (and, if such registration includes
an underwritten public offering, an opinion dated the date of the closing under any underwriting agreement related thereto), and
(ii) a “cold comfort” letter, dated the effective date of such registration statement (and, if such registration includes
an underwritten public offering, a letter dated the date of the closing under the underwriting agreement), signed by the independent
public accountants who have issued a report on the Company’s financial statements included in such registration statement,
in each case covering substantially the same matters with respect to such registration statement (and the prospectus included therein)
and, in the case of such accountants’ letter, with respect to events subsequent to the date of such financial statements,
as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to underwriters in
underwritten public offerings of securities. The Company shall also deliver promptly to Chardan, as representative of the Holders
participating in the offering, the correspondence and memoranda described below and copies of all correspondence between the Commission
and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission or its staff with respect
to the registration statement and permit Chardan, as representative of the Holders, to do such investigation, upon reasonable advance
notice, with respect to information contained in or omitted from the registration statement as it deems reasonably necessary to
comply with applicable securities laws or rules of FINRA. Such investigation shall include access to books, records and properties
and opportunities to discuss the business of the Company with its officers and independent auditors, all to such reasonable extent
and at such reasonable times and as often as Chardan, as representative of the Holders, shall reasonably request. The Company shall
not be required to disclose any confidential information or other records to Chardan, as representative of the Holders, or to any
other person, until and unless such persons shall have entered into reasonable confidentiality agreements (in form and substance
reasonably satisfactory to the Company), with the Company with respect thereto.

 

		5.3.4.	Underwriting Agreement. The Company shall enter into an underwriting agreement with the
managing underwriter(s), if any, selected by any Holders whose Registrable Securities are being registered pursuant to this Section
5, which managing underwriter shall be reasonably acceptable to the Company. Such agreement shall be reasonably satisfactory in
form and substance to the Company, each Holder and such managing underwriters, and shall contain such representations, warranties
and covenants by the Company and such other terms as are customarily contained in agreements of that type used by the managing
underwriter. The Holders shall be parties to any underwriting agreement relating to an underwritten sale of their Registrable Securities
and may, at their option, require that any or all the representations, warranties and covenants of the Company to or for the benefit
of such underwriters shall also be made to and for the benefit of such Holders. Such Holders shall not be required to make any
representations or warranties to or agreements with the Company or the underwriters except as they may relate to such Holders and
their intended methods of distribution. Such Holders, however, shall agree to such covenants and indemnification and contribution
obligations for selling stockholders as are customarily contained in agreements of that type used by the managing underwriter.
Further, such Holders shall execute appropriate custody agreements and otherwise cooperate fully in the preparation of the registration
statement and other documents relating to any offering in which they include securities pursuant to this Section 5. Each Holder
shall also furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method
of disposition of such securities as shall be reasonably required to effect the registration of the Registrable Securities.

 

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		5.3.5.	Rule 144 Sale. Notwithstanding anything contained in this Section 5 to the contrary, the
Company shall have no obligation pursuant to Sections 5.1 or 5.2 to use its best efforts to obtain the registration of Registrable
Securities held by any Holder (i) where such Holder would then be entitled to sell under Rule 144 within any three-month period
(or such other period prescribed under Rule 144 as may be provided by amendment thereof) all of the Registrable Securities then
held by such Holder, and (ii) where the number of Registrable Securities held by such Holder is within the volume limitations under
paragraph (e) of Rule 144 (calculated as if such Holder were an affiliate within the meaning of Rule 144).

 

		5.3.6.	Supplemental Prospectus. Each Holder agrees, that upon receipt of any notice from the Company
of the happening of any event as a result of which the prospectus included in the registration statement, as then in effect, includes
an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances then existing, such Holder will immediately discontinue disposition
of Registrable Securities pursuant to the registration statement covering such Registrable Securities until such Holder’s
receipt of the copies of a supplemental or amended prospectus, and, if so desired by the Company, such Holder shall deliver to
the Company (at the expense of the Company) or destroy (and deliver to the Company a certificate of such destruction) all copies,
other than permanent file copies then in such Holder’s possession, of the prospectus covering such Registrable Securities
current at the time of receipt of such notice.

 

		6.	Adjustments.

 

		6.1.	Adjustments to Exercise Price and Number of Securities. The Exercise Price and the number
of Units underlying the Purchase Option shall be subject to adjustment from time to time as hereinafter set forth:

 

		6.1.1.	Stock Dividends - Split-Ups. If after the date hereof, and subject to the provisions of
Section 6.3 below, the number of shares of outstanding Common Stock is increased by a stock dividend payable in Common Stock or
by a split-up of Common Stock or other similar event, then, on the effective date thereof, the number of shares of Common Stock
underlying each of the Units purchasable hereunder shall be increased in proportion to such increase in outstanding shares. In
such case, the number of shares of Common Stock included in the Right and the Warrant included in each of the Units purchasable
hereunder shall be adjusted in accordance with the terms of the Rights and the Warrants.

 

		6.1.2.	Aggregation of Shares. If, after the date hereof, and subject to the provisions of Section
6.3, the number of shares of outstanding Common Stock is decreased by a consolidation, combination or reclassification of Common
Stock or other similar event, then, on the effective date thereof, the number of shares of Common Stock underlying each of the
Units purchasable hereunder shall be decreased in proportion to such decrease in outstanding shares. In such case, the number of
shares of Common Stock included in the Right and the Warrant included in each of the Units purchasable hereunder shall be adjusted
in accordance with the terms of the Rights and the Warrants.

 

		6.1.3.	Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization
of the outstanding Common Stock other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value
of such Common Stock, or in the case of any merger or consolidation of the Company with or into another corporation (other than
a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or
reorganization of the outstanding Common Stock), or in the case of any sale or conveyance to another corporation or entity of the
property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder
of this Purchase Option shall have the right thereafter (until the expiration of the right of exercise of this Purchase Option)
to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the
kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or, upon a dissolution following any such sale or transfer, by a Holder of the number of shares of Common
Stock (including the shares of Common Stock included in the Rights and the Warrants) of the Company obtainable upon exercise of
this Purchase Option immediately prior to such event; and if any reclassification also results in a change in Common Stock covered
by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions
of this Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales
or other transfers.

 

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		6.1.4.	Changes in Form of Purchase Option. This form of Purchase Option need not be changed because
of any change pursuant to this Section, and Purchase Options issued after such change may state the same Exercise Price and the
same number of Units as are stated in the Purchase Option initially issued pursuant to this Agreement. The acceptance by any Holder
of the issuance of new Purchase Options reflecting a required or permissive change shall not be deemed to waive any rights to an
adjustment occurring after the Commencement Date or the computation thereof.

 

		6.2.	Substitute Purchase Option. In case of any consolidation of the Company with, or merger
of the Company with, or merger of the Company into, another corporation (other than a consolidation or merger which does not result
in any reclassification or change of the outstanding Common Stock), the corporation formed by such consolidation or merger shall
execute and deliver to the Holder a supplemental Purchase Option providing that the holder of each Purchase Option then outstanding
or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Option) to receive, upon exercise
of such Purchase Option, the kind and amount of shares of stock and other securities and property receivable upon such consolidation
or merger, by a holder of the number of shares of Common Stock of the Company for which such Purchase Option might have been exercised
immediately prior to such consolidation, merger, sale or transfer. Such supplemental Purchase Option shall provide for adjustments
which shall be identical to the adjustments provided in Section 6. The above provision of this Section shall similarly apply to
successive consolidations or mergers.

 

		6.3.	Elimination of Fractional Interests. The Company shall not be required to issue certificates
representing fractions of shares of Common Stock upon the exercise of the Purchase Option, nor shall it be required to issue scrip
or pay cash in lieu of any fractional interests, it being the intent of the parties that all fractional interests shall be eliminated
by rounding any fraction down to the nearest whole number of Common Stock or other securities, properties, Rights or Warrants.

 

		7.	Reservation and Listing. The Company shall at all times reserve and keep available out of
its authorized Common Stock, solely for the purpose of issuance upon exercise of the Purchase Options or the Rights or Warrants
included in the Purchase Option, such number of shares of Common Stock or other securities, properties or rights as shall be issuable
upon the conversion thereof. The Company covenants and agrees that, upon exercise of the Purchase Options and payment of the Exercise
Price therefor, all Common Stock and other securities issuable upon such exercise (including the Common Stock included in the Rights
and the Warrants) shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any stockholder.
As long as the Purchase Options shall be outstanding, the Company shall use its best efforts to cause all (i) Units and Common
Stock issuable upon exercise of the Purchase Options, (ii) Rights issuable upon exercise of the Purchase Options, (iii) Warrants
issuable upon exercise of the Purchase Options, (iv) Common Stock issuable upon conversion of the Rights included in the Units
issuable upon exercise of the Purchase Options and (v) Common Stock issuable upon exercise of the Warrants included in the Units
issuable upon exercise of the Purchase Options to be listed (subject to official notice of issuance) on all securities exchanges
on which the Units, the Common Stock, the Rights or the Warrants issued to the public in connection herewith may then be listed
and/or quoted.

 

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		8.	Certain Notice Requirements.

 

		8.1.	Holder’s Right to Receive Notice. Nothing herein shall be construed as conferring
upon the Holders the right to vote or consent as a stockholder for the election of directors or any other matter, or as having
any rights whatsoever as a stockholder of the Company. If, however, at any time prior to the expiration of the Purchase Options
and their exercise, any of the events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall
give written notice of such event at least fifteen days prior to the date fixed as a record date or the date of closing the transfer
books for the determination of the stockholders entitled to such dividend, distribution, conversion or exchange of securities or
subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify
such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company
shall deliver to each Holder a copy of each notice given to the other stockholders of the Company at the same time and in the same
manner that such notice is given to the stockholders.

 

		8.2.	Events Requiring Notice. The Company shall be required to give the notice described in this
Section 8 upon one or more of the following events: (i) if the Company shall take a record of the holders of its Common Stock for
the purpose of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution
payable otherwise than out of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the
books of the Company, or (ii) the Company shall offer to all the holders of its Common Stock any additional shares of capital stock
of the Company or securities convertible into or exchangeable for shares of capital stock of the Company, or any option, right
or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up of the Company (other than in connection with
a consolidation or merger) or a sale of all or substantially all of its property, assets and business shall be proposed.

 

		8.3.	Notice of Change in Exercise Price. The Company shall, promptly after an event requiring
a change in the Exercise Price pursuant to Section 6 hereof, send notice to the Holders of such event and change (a “Price
Notice”). The Price Notice shall describe the event causing the change and the method of calculating same and shall
be certified as being true and accurate by the Company’s President and Chief Financial Officer.

 

		8.4.	Transmittal of Notices. All notices, requests, consents and other communications under this
Purchase Option shall be in writing and shall be deemed to have been duly made when hand delivered, or mailed by express mail or
private courier service: (i) if to the registered Holder of the Purchase Option, to the address of such Holder as shown on the
books of the Company, or (ii) if to the Company, to the following address or to such other address as the Company may designate
by notice to the Holders:

 

Jensyn Acquisition Corp.

800 Main Street, Suite 204

Freehold, New Jersey 07728

Fax No.: ( ) 303-6947

Attn: Jeffrey J. Raymond

Email: jeff.raymond@jensyn.com

 

		9.	Miscellaneous.

 

		9.1.	Amendments. The Company and Chardan may from time to time supplement or amend this Purchase
Option without the approval of any of the Holders in order to cure any ambiguity, to correct or supplement any provision contained
herein that may be defective or inconsistent with any other provisions herein, or to make any other provisions in regard to matters
or questions arising hereunder that the Company and Chardan may deem necessary or desirable and that the Company and Chardan deem
shall not adversely affect the interest of the Holders. All other modifications or amendments shall require the written consent
of and be signed by the party against whom enforcement of the modification or amendment is sought.

 

		9.2.	Headings. The headings contained herein are for the sole purpose of convenience of reference,
and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Purchase Option.

 

		9.3.	Entire Agreement. This Purchase Option (together with the other agreements and documents
being delivered pursuant to or in connection with this Purchase Option) constitutes the entire agreement of the parties hereto
with respect to the subject matter hereof, and supersedes all prior agreements and understandings of the parties, oral and written,
with respect to the subject matter hereof.

 

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		9.4.	Binding Effect. This Purchase Option shall inure solely to the benefit of, and shall be
binding upon, the Holder and the Company and their permitted assignees, respective successors, legal representative and assigns,
and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or
by virtue of this Purchase Option or any provisions herein contained.

 

		9.5.	Governing Law. 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.

 

		9.6.	Waiver, Etc. The failure of the Company or the Holder to at any time enforce any of the
provisions of this Purchase Option shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect
the validity of this Purchase Option or any provision hereof or the right of the Company or any Holder to thereafter enforce each
and every provision of this Purchase Option. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions
of this Purchase Option shall be effective unless set forth in a written instrument executed by the party or parties against whom
or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed
or deemed to be a waiver of any other or subsequent breach or non-compliance.

 

		9.7.	Execution in Counterparts. This Purchase Option may be executed in one or more counterparts,
and by the different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which
taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts has been signed
by each of the parties hereto and delivered to each of the other parties hereto.

 

		9.8.	Exchange Agreement. As a condition of the Holder’s receipt and acceptance of this
Purchase Option, Holder agrees that, at any time prior to the complete exercise of this Purchase Option by Holder, if the Company
and Chardan enter into an agreement (an “Exchange Agreement”) pursuant to which they agree that all outstanding
Purchase Options will be exchanged for securities or cash or a combination of both, then Holder shall agree to such exchange and
become a party to the Exchange Agreement.

 

    	12

    	 

    

 

IN WITNESS WHEREOF, the Company has caused
this Purchase Option to be signed by its duly authorized officer as of the [____] day of [___________], 2015.

 

	 	Jensyn Acquisition CORP.	 
	 	 	 	 
	 	By:	 	 
	 	 	Name: 	 
	 	 	Title: 	 

 

    	13

    	 

    

 

EXHIBIT A

 

Exercise Form - to be used to exercise Purchase Option:

 

Jensyn Acquisition Corp.

800 Main Street, Suite 204

Freehold, New Jersey 07728

 

Fax No.: (___) 303-6947

Attn: Jeffrey J. Raymond

Email:  jeff.raymond@jensyn.com

Date:_________________, 20___

 

The undersigned hereby
elects irrevocably to exercise all or a portion of the within Purchase Option and to purchase ____ Units of Jensyn Acquisition
Corp. and hereby makes payment of $____________ (at the rate of $_________ per Unit) in payment of the Exercise Price pursuant
thereto. Please issue the securities as to which this Purchase Option is exercised in accordance with the instructions given below.

 

or

 

The undersigned hereby
elects irrevocably to convert its right to purchase _________ Units purchasable under the within Purchase Option by surrender of
the unexercised portion of the attached Purchase Option (with a “Value” based of $_______ based on a “Market
Price” of $_______). Please issue the securities comprising the Units as to which this Purchase Option is exercised in accordance
with the instructions given below.

 

	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the purchase option in every particular, without alteration or enlargement or any change whatever.

 

Signature(s) Guaranteed:

  

THE SIGNATURE(S) SHOULD BE GUARANTEED BY
AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED
SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

	Name 	 
	(Print in Block Letters)
	 	 
	Address	 
	 	 

 

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EXHIBIT B

 

Assignment Form - to be used to assign Purchase Option:

 

ASSIGNMENT

 

(To be executed by the registered Holder
to effect a transfer of the within Purchase Option):

 

FOR VALUE RECEIVED,______________________________________________
does hereby sell, assign and transfer unto___________________________________________ the right to purchase __________ Units of
Jensyn Acquisition Corp. (the “Company”) evidenced by the within Purchase Option and does hereby authorize
the Company to transfer such right on the books of the Company.

 

Dated: ___________________, 20__

	 	Signature
	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the purchase option in every particular, without alteration or enlargement or any change whatever.

 

Signature(s) Guaranteed:

 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY
AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED
SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

 

    	15

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