Document:

Exhibit 4.2

 

RIGHTS AGREEMENT

 

Agreement made as of October 4, 2017 between
Black Ridge Acquisition Corp., a Delaware corporation, with offices at 110 North 5th Street, Suite 410, Minneapolis, Minnesota
55403 (“Company”), and Continental Stock Transfer & Trust Company, a New York corporation, with offices at 1 State
Street, New York, New York 10004 (“Right Agent”).

 

WHEREAS, the Company is engaged in a public
offering (“Public Offering”) and has filed with the Securities and Exchange Commission (the “SEC”) a Registration
Statement on Form S-1, No. 333-220516 (“Registration Statement”), for the registration, under the Securities Act of
1933, as amended (“Act”) of its units, with each unit (“Unit”) containing one right to receive one-tenth
of one share of common stock, par value $0.0001 per share, of the Company (“Common Stock”) upon the happening of the
triggering event described herein and, in connection therewith, will issue and deliver up to 13,800,000 rights (“Public Rights”)
to the investors in the Public Offering; and

 

WHEREAS, the Company has received a binding
commitment from its initial stockholder (the “Initial Stockholder”) to purchase in a private placement (“Private
Offering”) up to an aggregate of 445,000 Units, and in connection therewith, will issue and deliver up to an aggregate of
445,000 rights (“Private Rights”) upon consummation of such Private Offering; and

 

WHEREAS, the Company has entered into that
certain Unit Purchase Option, dated as of October 4, 2017, pursuant to which the Company will issue and deliver to EarlyBirdCapital,
Inc. (the “Representative”), as representative of the underwriters of the Public Offering (and/or its designees), an
aggregate of 600,000 Units, including 600,000 rights underlying such Units (the “Purchase Option Rights” and, together
with the Public Rights and the Private Rights, the “Rights”); and

 

WHEREAS, the Company may issue up to an
additional 150,000 Rights in consideration of certain working capital loans that may be made by the Company’s Initial Stockholder,
officers, directors or their affiliates; and

 

     

     

    

 

WHEREAS, the Company desires the Right Agent
to act on behalf of the Company, and the Right Agent is willing to so act, in connection with the issuance, registration, transfer
and exchange of the Rights; and

 

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

 

WHEREAS, all acts and things have been done
and performed which are necessary to make the Rights, when executed on behalf of the Company and countersigned by or on behalf
of the Right 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
Right Agent. The Company hereby appoints the Right Agent to act as agent for the Company for the Rights, and the Right Agent
hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

2.           Rights.

 

2.1.          Form
of Right. Each Right 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, President
or Chief Executive Officer and 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 Right shall have ceased to serve in the capacity
in which such person signed the Right before such Right 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 Right Agent pursuant to this Agreement, a Right shall be invalid
and of no effect and may not be exchanged for Common Stock.

 

2.3.         Registration.

 

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

 

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

 

2.4.         Detachability
of Rights. The securities comprising the Units, including the Rights, will not be separately transferable until the ninetieth
(90th) day after the date hereof unless EarlyBirdCapital, Inc. 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 including the proceeds received by the Company from the exercise of the over-allotment option, if the over-allotment
option is exercised on the date hereof, and (ii) the Company issues a press release and files a Current Report on Form 8-K announcing
when such separate trading shall begin.

 

3.           Terms and Exchange
of Rights

 

3.1.         Rights.
Each Right shall entitle the holder thereof to receive one-tenth of one share of Common Stock upon the happening of an Exchange
Event (described below). No additional consideration shall be paid by a holder of Rights in order to receive his, her or its shares
of Common Stock upon an Exchange Event as the purchase price for such Common Stock has been included in the purchase price for
the Units. In no event will the Company be required to net cash settle the Rights. The provisions of this Section 3.1 may not be
modified, amended or deleted without the prior written consent of the Representative.

 

     

     

    

 

3.2.         Exchange
Event. An Exchange Event shall occur upon the Company’s consummation of an initial Business Combination (as defined in
the Company’s Amended and Restated Certificate of Incorporation).

 

3.3.         Exchange
of Rights.

 

3.3.1.          Issuance
of Certificates. As soon as practicable upon the occurrence of an Exchange Event, the Company shall direct holders of the Rights
to return their Rights certificates to the Right Agent. Upon receipt of a valid Rights certificate, the Company shall issue to
the registered holder of such Right(s) a certificate or certificates for the full number of 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. Notwithstanding the foregoing, or
any provision contained in this Rights Agreement to the contrary, in no event will the Company be required to net cash settle the
Rights. The Company shall not issue fractional shares upon exchange of Rights. At the time of an Exchange Event, the Company will
either instruct the Rights Agent to round up to the nearest whole share of Common Stock or otherwise inform it how fractional shares
will be addressed, in accordance with Section 155 of the Delaware General Corporation Law. Each holder of a Right will be required
to affirmatively convert his, her or its Rights in order to receive the one-tenth of a share underlying each Right (without paying
any additional consideration) upon consummation of the Exchange Event. Each holder of a Right will be required to indicate his,
her or its election to convert the Rights into the underlying shares as well as to return the original certificates evidencing
the Rights to the Company.

 

3.3.2.          Valid
Issuance. All shares of Common Stock issued upon an Exchange Event in conformity with this Agreement, and registered on the
Company’s register of members, shall be validly issued, fully paid and nonassessable.

 

     

     

    

 

3.3.3.          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 that he is registered on the Company’s register of
members.

 

3.3.4          Company
Not Surviving Following Exchange Event. Upon an Exchange Event in which the Company does not continue as the publicly held
reporting entity, the definitive agreement with the target business for a Business Combination will provide for the holders of
Rights to receive the same per share consideration the holders of the shares of Common Stock will receive in such transaction,
for the number of shares such holder is entitled to pursuant to Section 3.3.1 above.

 

3.5         Duration
of Rights. If an Exchange Event does not occur within the time period set forth in the Company’s Amended and Restated
Certificate of Incorporation, as the same may be amended from time to time, the Rights shall expire and shall be worthless.

 

4.           Transfer and
Exchange of Rights.

 

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

 

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

 

     

     

    

 

4.3.          Fractional
Rights. The Right Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance
of a Right certificate for a fraction of a Right.

 

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

 

4.5.          Adjustments
to Conversion Ratios. The number of shares of Common Stock that the holders of Rights are entitled to receive as a result of
the occurrence of an Exchange Event shall be equitably adjusted to reflect appropriately the effect of any share split, reverse
share split, share dividend, reorganization, recapitalization, reclassification, combination, exchange of shares or other like
change with respect to the shares of Common Stock occurring on or after the date hereof and prior to the Exchange Event.

 

4.6          Right
Execution and Countersignature. The Right Agent is hereby authorized to countersign and to deliver, in accordance with the
terms of this Agreement, the Rights required to be issued pursuant to the provisions of this Section 4, and the Company, whenever
required by the Right Agent, will supply the Right Agent with Rights duly executed on behalf of the Company for such purpose.

 

5.           Other Provisions
Relating to Rights of Holders of Rights.

 

5.1.          No
Rights as Shareholder. Until exchange of a Right for shares of Common Stock as provided for herein, a Right 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.

 

5.2.          Lost,
Stolen, Mutilated, or Destroyed Right Certificate(s). If any Right certificate(s) is lost, stolen, mutilated, or destroyed,
the Company and the Right 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 Right certificate, include the surrender thereof), issue a new Right certificate of like denomination,
tenor, and date as the Right certificate so lost, stolen, mutilated, or destroyed. Any such new Right certificate shall constitute
a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Right certificate
shall be at any time enforceable by anyone.

 

     

     

    

 

5.3.         Reservation
of Shares. 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 exchange of all outstanding Rights issued pursuant to this Agreement.

 

6.           Concerning the
Right Agent and Other Matters.

 

6.1.         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
Right Agent in respect of the issuance or delivery of shares of Common Stock upon the exchange of Rights, but the Company shall
not be obligated to pay any transfer taxes in respect of the Rights or such shares.

 

6.2.         Resignation,
Consolidation, or Merger of Right Agent.

 

6.2.1.          Appointment
of Successor Right Agent. The Right 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 Right Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing
a successor Right Agent in place of the Right Agent. If the Company shall fail to make such appointment within a period of 30 days
after it has been notified in writing of such resignation or incapacity by the Right Agent or by the holder of the Right (who shall,
with such notice, submit his, her or its Right for inspection by the Company), then the holder of any Right may apply to the Supreme
Court of the State of New York for the County of New York for the appointment of a successor Right Agent at the Company’s
cost. Any successor Right 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 Right Agent shall be vested with all the authority, powers, rights,
immunities, duties, and obligations of its predecessor Right Agent with like effect as if originally named as Right Agent hereunder,
without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Right Agent shall execute
and deliver, at the expense of the Company, an instrument transferring to such successor Right Agent all the authority, powers,
and rights of such predecessor Right Agent hereunder; and upon request of any successor Right 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
Right Agent all such authority, powers, rights, immunities, duties, and obligations.

 

     

     

    

 

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

 

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

 

6.3.         Fees
and Expenses of Right Agent.

 

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

 

6.3.2.          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 Right Agent for
the carrying out or performing of the provisions of this Agreement.

 

     

     

    

 

6.4.         Liability
of Right Agent.

 

6.4.1.          Reliance
on Company Statement. Whenever in the performance of its duties under this Right Agreement, the Right 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 President, Chief Executive Officer or Chief Financial Officer and delivered
to the Right Agent. The Right Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant
to the provisions of this Agreement.

 

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

 

6.4.3.          Exclusions.
The Right Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or
execution of any Right (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 Right; 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
Right or as to whether any shares of Common Stock will when issued be valid and fully paid and nonassessable.

 

6.5.         Acceptance
of Agency. The Right Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the
terms and conditions herein set forth.

 

6.6         Waiver.
The Right 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 Right 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.

 

     

     

    

 

7.           Miscellaneous
Provisions.

 

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

 

7.2.          Notices.
Any notice, statement or demand authorized by this Right Agreement to be given or made by the Right Agent or by the holder of any
Right 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 Right Agent), as follows:

 

Black
Ridge Acquisition Corp.

c/o
Black Ridge Oil & Gas, Inc.

110
North 5th Street, Suite 410

Minneapolis,
Minnesota 55403

Attn: Chief Executive Officer

 

Any notice, statement or demand authorized by this Agreement
to be given or made by the holder of any Right or by the Company to or on the Right 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 Right Agent with the Company), as follows:

 

Continental Stock Transfer & Trust Company

1 State Street Plaza

New York, New York 10004

Attn: Steve Nelson

 

     

     

    

 

with a copy (which shall not constitute notice) in each case
to:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

 

and

 

Greenberg Traurig, LLP

Met Life Building

200 Park Avenue

New York, NY 10166

Attn: Alan I. Annex, Esq.

 

and

 

EarlyBirdCapital, Inc.

366 Madison Avenue

8th Floor

New York, New York 10017

Attn: General Counsel and Investment Banking Department

Facsimile: 212-661-0200

 

7.3.          Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Rights 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 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.

 

     

     

    

 

7.4.          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 Rights and, for the purposes of Sections 3, 7.4 and 7.8 hereof, the Representative, any right,
remedy, or claim under or by reason of this Right Agreement or of any covenant, condition, stipulation, promise, or agreement hereof.
The Representative shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 3, 7.4 and 7.8 hereof.
All covenants, conditions, stipulations, promises, and agreements contained in this Right Agreement shall be for the sole and exclusive
benefit of the parties hereto (and the Representative with respect to the Sections 3, 7.4 and 7.8 hereof) and their successors
and assigns and of the registered holders of the Rights. The provisions of this Section 7.4 may not be modified, amended or deleted
without the prior written consent of the Representative.

 

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

 

7.6.          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.

 

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

 

     

     

    

 

7.8          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 shall require the
written consent or vote of the registered holders of a majority of the then outstanding Rights. The provisions of this Section
7.8 may not be modified, amended or deleted without the prior written consent of the Representative.

 

7.9          Severability.
This Right 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 Right 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 Right
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]

 

     

     

    

 

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

 

	 	BLACK RIDGE ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Ken DeCubellis
	 	 	     Name:  Ken DeCubellis
	 	 	     Title:    Chief Executive Officer
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	By:	/s/ Kevin Jennings
	 	 	     Name:  Kevin Jennings
	 	 	     Title:    Vice PresidentExhibit
10.1 

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Agreement is made as of October 4, 2017
by and between Black Ridge Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (“Trustee”).

 

WHEREAS, the Company’s registration
statement on Form S-1, No. 333-220516 (“Registration Statement”) for its initial public offering of securities (“IPO”)
has been declared effective as of the date hereof (“Effective Date”) by the Securities and Exchange Commission (capitalized
terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement); and

 

WHEREAS, EarlyBirdCapital, Inc. (“EarlyBirdCapital”)
is acting as the representative of the underwriters in the IPO; and

 

WHEREAS, as described in the Registration
Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation, $120,600,000 ($138,690,000
if the over-allotment option is exercised in full) of the proceeds from the IPO and a simultaneous private placement of units will
be delivered to the Trustee to be deposited and held in a trust account for the benefit of the Company and the holders of the Company’s
common stock, par value $.0001 per share (“Common Stock”), issued in the IPO as hereinafter provided (the proceeds
to be delivered to the Trustee will be referred to herein as the “Property”; the stockholders for whose benefit the
Trustee shall hold the Property will be referred to as the “Public Stockholders,” and the Public Stockholders and the
Company will be referred to together as the “Beneficiaries”); and

 

WHEREAS, the Company and the Trustee desire
to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property;

 

IT IS AGREED:

 

1.       Agreements and
Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(a)       Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in a segregated trust account (“Trust
Account”) established by the Trustee at JP Morgan Chase Bank, NA in the United States, maintained by Trustee, and at a brokerage
institution selected by the Trustee that is reasonably satisfactory to the Company;

 

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

 

(c)       In
a timely manner, upon the written instruction of the Company, invest and reinvest the Property in United States “government
securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment
Company Act”), having a maturity of 180 days or less, and/or in any open ended investment company registered under the Investment
Company Act that holds itself out as a money market fund selected by the Company meeting the conditions of paragraph (d) of Rule
2a-7 promulgated under the Investment Company Act, which invest only in direct U.S. government treasury obligations; it being understood
that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder
and the Trustee may earn bank credits or other consideration during such periods;

 

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

 

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

 

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

 

(g)       Participate
in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed
by the Company to do so;

 

(h)       Render
to the Company monthly written statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements
of the Trust Account;

 

(i)      
 Commence liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the
terms of a letter (“Termination Letter”), in a form substantially similar to that attached hereto as either
Exhibit A or Exhibit B, signed on behalf of the Company by its President, Chief Executive Officer or Vice President and
Secretary or Assistant Secretary, affirmed by counsel for the Company and, in the case of a Termination Letter in a form
substantially similar to that attached hereto as Exhibit A, acknowledged and agreed to by EarlyBirdCapital, and complete the
liquidation of the Trust Account and distribute the Property in the Trust Account only as directed in the Termination Letter
and the other documents referred to therein; provided, however, that in the event that a Termination Letter has not been
received by the Trustee within the period of time provided in the Company’s Amended and Restated Certificate of
Incorporation, as the same may be amended from time to time (“Last Date”), the Trust Account shall be liquidated
in accordance with the procedures set forth in the Termination Letter attached as Exhibit B hereto and distributed to the
Public Stockholders as of the Last Date. The provisions of this Section 1(i) may not be modified, amended or deleted
under any circumstances; and

 

(j)       Distribute
upon receipt of an Amendment Notification Letter (defined below), to Public Stockholders who exercised their conversion rights
in connection with an Amendment (defined below) an amount equal to the pro rata share of the Property relating to the Common Stock
for which such Public Stockholders have exercised conversion rights in connection with such Amendment.

 

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2.       Limited Distributions
of Income from Trust Account.

 

(a)       Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit C, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested by
the Company to cover any income or other tax obligation owed by the Company as a result of such interest income.

 

(b)       Upon
written request from the Company, which may be given in connection with the Company’s liquidation and dissolution in a form
substantially similar to that attached hereto as Exhibit D, the Trustee shall distribute to the Company the amount of interest
income earned on the Trust Account requested by the Company to cover such liquidation and dissolution expenses up to $50,000; provided,
however, that the Company will not be allowed to withdraw interest income earned on the Trust Account
unless there is an amount of interest income available in the Trust Account sufficient to pay the Company’s tax obligations
on such interest income.

 

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

 

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

 

3.       Agreements and
Covenants of the Company. The Company hereby agrees and covenants to:

 

(a)       Give
all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board, Vice Chairman of the
Board, Chief Executive Officer, President or Chief Financial Officer. In addition, except with respect to its duties under Sections
1(i), 1(j), 2(a) and 2(b) above, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or
telephonic advice or instruction which it in good faith believes to be given by any one of the persons authorized above to give
written instructions, provided that the Company shall promptly confirm such instructions in writing;

 

(b)       Subject
to the provisions of Sections 5 and 7(g) of this Agreement, hold the Trustee harmless and indemnify the Trustee from and against,
any and all expenses, including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection with any
claim, potential claim, action, suit or other proceeding brought against the Trustee involving any claim, or in connection with
any claim or demand which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the
Property or any income earned from investment of the Property, except for expenses and losses resulting from the Trustee’s
gross negligence or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement
of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this paragraph, it shall
notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall
have the right to conduct and manage the defense against such Indemnified Claim, provided, that the Trustee shall obtain the consent
of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not
agree to settle any Indemnified Claim without the prior written consent of the Company, which consent shall not be unreasonably
withheld. The Company may participate in such action with its own counsel;

 

    3 

     

    

 

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

 

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

 

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

 

(f)       If
the Company seeks to amend any provisions of Article Sixth of its amended and restated certificate of incorporation (in each case,
an “Amendment”), provide the Trustee with a letter (an “Amendment Notification Letter”) in the form of
Exhibit E providing instructions for the distribution of funds to Public Stockholders who exercise their conversion option in connection
with such Amendment.

 

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

 

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

 

(b)       Institute
any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of
any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided
herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto;

 

    4 

     

    

 

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

 

(d)       Refund
any depreciation in principal of any Property;

 

(e)       Assume
that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided
otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;

 

(f)     
  The other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to
be taken or omitted, in good faith and in the exercise of its own best judgment, except for its gross negligence or willful
misconduct. The Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate,
opinion or advice of counsel (including counsel chosen by the Trustee), statement, instrument, report or other paper or
document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and
acceptability of any information therein contained) which is believed by the Trustee, in good faith, to be genuine and to be
signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver,
modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written
instrument delivered to the Trustee signed by the proper party or parties and, if the duties or rights of the Trustee are
affected, unless it shall give its prior written consent thereto;

 

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

 

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

 

(i)    
   Pay any taxes on behalf of the Trust Account (it being expressly understood that the Property shall not be
used to pay any such taxes and that such taxes, if any, shall be paid by the Company from funds not held in the Trust Account
or released to it under Section 2(a) hereof);

 

(j)    
   Imply obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or
document other than this agreement and that which is expressly set forth herein; or

 

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

 

    5 

     

    

 

5.       Trust Account
Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or
to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it
may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including, without
limitation, under Section 3(b) or Section 3(c) hereof, the Trustee shall pursue such Claim solely against the Company and its assets
outside the Trust Account and not against the Property or any monies in the Trust Account.

 

6.       Termination.
This Agreement shall terminate as follows:

 

(a)       If
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee during which time the Trustee shall act in accordance with this Agreement. At such time that
the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to
the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including
but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement
shall terminate; provided, however, that, in the event that the Company does not locate a successor trustee within ninety days
of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with
any court in the State of New York or with the United States District Court for the Southern District of New York and upon such
deposit, the Trustee shall be immune from any liability whatsoever; or

 

(b)       At
such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of Section 1(i)
hereof, and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate
except with respect to Section 3(b).

 

7.       Miscellaneous.

 

(a)       The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds
transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating
to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe
unauthorized persons may have obtained access to such information, or of any change in its authorized personnel. In executing funds
transfers, the Trustee will rely upon all information supplied to it by the Company, including account names, account numbers and
all other identifying information relating to a beneficiary, beneficiary’s bank or intermediary bank. The Trustee shall not
be liable for any loss, liability or expense resulting from any error in the information or transmission of the wire.

 

(b)       This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. This
Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together
shall constitute but one instrument.

 

    6 

     

    

 

(c)       This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for Sections 1(i) and 1(j) (which may not be amended under any circumstances), this Agreement or any provision hereof may only
be changed, amended or modified by a writing signed by each of the parties hereto; provided, however, that no such change, amendment
or modification may be made without the prior written consent of EarlyBirdCapital. As to any claim, cross-claim or counterclaim
in any way relating to this Agreement, each party waives the right to trial by jury. The Trustee may require from Company counsel
an opinion as to the propriety of any proposed amendment.

 

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

 

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

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust
Company

1 State Street, 30th floor

New York, New York 10004

Attn: Sharmin Carter

Email: scarter@continentalstock.com

Fax No.: (212) 509-5150

 

    7 

     

    

 

if to the Company, to:

 

Black Ridge Acquisition Corp.

c/o Black Ridge Oil & Gas, Inc. 

110 North 5th Street,
Suite 410

Minneapolis, Minnesota 55403 

Attn: Ken DeCubellis, Chief Executive
Officer

Fax No.: (___) ___-____

 

in either case with a copy (which copy shall
not constitute notice) to:

 

EarlyBirdCapital, Inc.

366 Madison Avenue 

New York, New York 10017

Attn: General Counsel and Investment Banking
Department 

Facsimile: (___) ___-____

 

and

 

Graubard Miller

The Chrysler Building 

405 Lexington Avenue

New York, New York 10174 

Attn: David Alan Miller, Esq.

Fax No.: (212) 818-8881

 

and

 

Stinson Leonard Street LLP

150 South Fifth Street, Suite 2300 

Minneapolis, MN 55402

Attn: Jill R. Radloff 

Fax No.: (612) 335-1657

 

and

 

Greenberg Traurig, LLP

MetLife Building 

200 Park Avenue

New York, New York 10166 

Attn: Alan I. Annex, Esq.

Fax No.: (212) 801-9200

 

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

 

    8 

     

    

 

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

 

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

 

[Signature Page Follows]

 

    9 

     

    

 

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

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 	 
	 	By:	/s/ Francis E. Wolf Jr.
	 	 	Name: Francis E. Wolf Jr.
	 	 	Title: Vice President 
	 	 	 
	 	BLACK RIDGE ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Ken DeCubellis
	 	 	Name: Ken DeCubellis
	 	 	Title: Chief Executive Officer

  

    10 

     

    

 

SCHEDULE A

 

	Fee Item	Time and method of payment 	Amount
	Initial acceptance fee	Initial closing of IPO by wire transfer 	$2,000
	Annual fee	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	$10,000
	Transaction processing fee for disbursements to Company under Section 2	Deduction by Trustee from accumulated income following disbursement made to Company under Section 2	$250
	Paying Agent services as required pursuant to section 1(i) 	Billed to Company upon delivery of service pursuant to section 1(i) 	
        Prevailing rates

         

 

    11 

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

                     [Insert date]

 

Continental Stock Transfer

& Trust Company 

1 State Street, 30th floor

New York, New York 10004 

Attn: Fran Wolf and Sharmin Carter

 

Re:      Trust
Account No. XXX-XXXXXX - Termination Letter

 

Gentlemen:

 

Pursuant to Section 1(i)
of the Investment Management Trust Agreement between Black Ridge Acquisition Corp. (“Company”) and Continental Stock
Transfer & Trust Company (“Trustee”), dated as of October 4, 2017 (“Trust Agreement”), this is to advise
you that the Company has entered into an agreement with [__________________] (“Target Business”) to consummate a business
combination with Target Business (“Business Combination”) on or about [insert date]. The Company shall notify
you at least 48 hours in advance of the actual date of the consummation of the Business Combination (“Consummation Date”).
Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In accordance with the
terms of the Trust Agreement, we hereby authorize you to liquidate the Trust Account investments on [__________] and to transfer
the proceeds to the above-referenced account at [ ] to the effect that, on the Consummation Date, all of funds held in the
Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct on the Consummation
Date. It is acknowledged and agreed that while the funds are on deposit in the trust account awaiting distribution, the Company
will not earn any interest or dividends.

 

On the Consummation Date
(i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated and (ii)
the Company shall deliver to you (a) [an affidavit] [a certificate] of [__________________], which verifies the vote of the Company’s
stockholders in connection with the Business Combination if a vote is held and (b) joint written instructions from the Company
and EarlyBirdCapital, Inc. with respect to the transfer of the funds held in the Trust Account (“Instruction Letter”).
You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the counsel’s
letter and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held
in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify the Company of the same and
the Company shall direct you as to whether such funds should remain in the Trust Account and distributed after the Consummation
Date to the Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement
shall be terminated.

 

    12 

     

    

 

In the event that the
Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified you on
or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from
the Company, the funds held in the Trust Account shall be reinvested as provided in the Trust Agreement on the business day immediately
following the Consummation Date as set forth in the notice.

 

	 	Very truly yours,
	 	 	 
	 	BLACK RIDGE ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Ken DeCubellis, Chief Executive Officer
	 	 	 
	 	By:	 
	 	 	James Moe, Chief Financial Officer

  

	AGREED TO AND	 
	ACKNOWLEDGED BY	 
	 	 	 
	EARLYBIRDCAPITAL, INC.	 
	 	 	 
	By:	 	 

 

    13 

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

           
         [Insert date]

 

Continental Stock Transfer

& Trust Company 

1 State Street, 30th floor

New York, New York 10004 

Attn: Fran Wolf and Sharmin Carter

 

Re:      Trust
Account No. XXX-XXXXXX - Termination Letter

 

Gentlemen:

 

Pursuant to Section 1(i)
of the Investment Management Trust Agreement between Black Ridge Acquisition Corp. (“Company”) and Continental Stock
Transfer & Trust Company (“Trustee”), dated as of October 4, 2017 (“Trust Agreement”), this is to advise
you that the Company has been unable to effect a Business Combination with a Target Company within the time frame specified in
the Company’s Amended and Restated Certificate of Incorporation, as described in the Company’s prospectus relating
to its IPO. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In accordance with the
terms of the Trust Agreement, we hereby authorize you to liquidate all the Trust Account investments on [______________] and to
transfer the total proceeds to the Trust Checking Account at [ ] to await distribution to the Public Stockholders. The Company
has selected [____________, 20__] as the record date for the purpose of determining the Public Stockholders entitled to receive
their share of the liquidation proceeds. It is acknowledged that no interest will be earned by the Company on the liquidation proceeds
while on deposit in the Trust Checking Account. You agree to be the Paying Agent of record and in your separate capacity as Paying
Agent, to distribute said funds directly to the Public Stockholders in accordance with the terms of the Trust Agreement and the
Amended and Restated Certificate of Incorporation of the Company. Upon the distribution of all the funds in the Trust Account,
your obligations under the Trust Agreement shall be terminated.

 

	 	Very truly yours,
	 	 	 
	 	BLACK RIDGE ACQUISITION CORP.
	 	 	 
	 	By:	
	 	Ken DeCubellis, Chief Executive Officer
	 	 	 
	 	By:	 
	 	 	James Moe, Chief Financial Officer

 

cc: EarlyBirdCapital, Inc.

 

    14 

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

               
     [Insert date]

 

Continental Stock Transfer

& Trust Company 

1 State Street, 30th floor

New York, New York 10004 

Attn: Fran Wolf and Sharmin Carter

 

Re:      Trust
Account No. XXX-XXXXXX 

 

Gentlemen:

 

Pursuant to Section 2(a)
of the Investment Management Trust Agreement between Black Ridge Acquisition Corp. (“Company”) and Continental Stock
Transfer & Trust Company (“Trustee”), dated as of October 4, 2017 (“Trust Agreement”), the Company
hereby requests that you deliver to the Company [$_______] of the interest income earned on the Property as of the date hereof.
The Company needs such funds to pay for its tax obligations as a result of such interest income. In accordance with the terms of
the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt
of this letter to the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	BLACK RIDGE ACQUISITION CORP.
	 	 	 
	 	By:	
	 	Ken DeCubellis, Chief Executive Officer
	 	 	 
	 	By:	 
	 	 	James Moe, Chief Financial Officer
	 	 	 

 

cc: EarlyBirdCapital, Inc.

 

    15 

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

                  
   [Insert date]

 

Continental Stock Transfer

& Trust Company 

1 State Street, 30th floor

New York, New York 10004 

Attn: Fran Wolf and Sharmin Carter

 

Re:      Trust
Account No. XXX-XXXXXX 

 

Gentlemen:

 

Pursuant to Section 2(b)
of the Investment Management Trust Agreement between Black Ridge Acquisition Corp. (“Company”) and Continental Stock
Transfer & Trust Company (“Trustee”), dated as of October 4, 2017 (“Trust Agreement”), the Company
hereby requests that you deliver to the Company [$_______] of the interest income earned on the Property as of the date hereof.
The Company needs such funds to cover its liquidation and dissolution expenses. In accordance with the terms of the Trust Agreement,
you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to
the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 	 
	 	BLACK RIDGE ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	Ken DeCubellis, Chief Executive Officer
	 	 	 
	 	By:	 
	 	 	James Moe, Chief Financial Officer
	 	 	 

 

cc: EarlyBirdCapital, Inc.

 

    16 

     

    

 

EXHIBIT E

 

 

[Letterhead of Company]

 

              
       [Insert date]

 

Continental Stock Transfer

& Trust Company 

1 State Street, 30th floor

New York, New York 10004 

Attn: Fran Wolf and Sharmin Carter

 

Re:      Trust
Account No. XXX-XXXXXX - Termination Letter

 

Gentlemen:

 

Reference is made to
the Investment Management Trust Agreement between Black Ridge Acquisition Corp. (“Company”) and Continental Stock Transfer
& Trust Company, dated as of October 4, 2017 (“Trust Agreement”). Capitalized words used herein and not otherwise
defined shall have the meanings ascribed to them in the Trust Agreement.

 

Pursuant to Section 1(j)
of the Trust Agreement, this is to advise you that the Company has sought an Amendment. Accordingly, in accordance with the terms
of the Trust Agreement, we hereby authorize you to liquidate the Trust Account on [ ] and to transfer $_____ of the proceeds of
the Trust to the checking account at [ ] for distribution to the stockholders that have requested conversion of their shares in
connection with such Amendment. The remaining funds shall be reinvested by you as previously instructed.

 

Very truly yours,

 

	 	BLACK RIDGE ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	Ken DeCubellis, Chief Executive Officer
	 	 	 
	 	By:	 
	 	 	James Moe, Chief Financial Officer
	 	 	 
	 	 	 

 

cc: EarlyBirdCapital, Inc.

 

    17

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