Document:

Exhibit 10.1

 

[DATE],
2019

 

LGL
Systems Acquisition Corp.

165
W. Liberty St., Suite 220

Reno,
NV 89501

 

Jefferies
LLC

520
Madison Avenue, 2nd Floor

New
York, New York 10022

 

	 	Re:	Initial
    Public Offering

 

Ladies
and Gentlemen:

 

This
letter (this “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement
(the “Underwriting Agreement”) entered into by and between LGL Systems Acquisition Corp., a Delaware
corporation (the “Company”), and Jefferies LLC as representative (the “Representative”)
of the several underwriters named in Schedule A thereto (the “Underwriters”), relating to an underwritten
initial public offering (the “IPO”) of the Company’s units (the “Units”),
each unit comprised of one share of the Company’s Class A common stock, par value $0.0001 per share (the “Common
Stock”), and one-half of one redeemable warrant, each whole warrant exercisable for one share of Common Stock (each,
a “Warrant”). Certain capitalized terms used herein are defined in paragraph 13 hereof.

 

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

 

1.
If the Company solicits approval of its stockholders of a Business Combination, the undersigned will vote all shares of Common
Stock (including shares of Founders’ Common Stock and those shares of Common Stock that may be issued to it upon conversion
of Class B common stock) beneficially owned by it, him or her, whether acquired before, in, or after the IPO, in favor of
such Business Combination.

 

2.
(a) In the event that the Company fails to consummate a Business Combination within the time period set forth in the Company’s
Amended and Restated Certificate of Incorporation, as the same may be further amended from time to time (the “Charter”),
the undersigned will, as promptly as possible, take all necessary actions to cause the Company to (i) cease all operations
except for the purpose of winding up, (ii) as promptly as reasonably possible, but not more than 10 business days thereafter,
redeem the IPO Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust
Account, including interest earned on the Trust Account (less up to $50,000 of interest to pay liquidation expenses and which
interest shall be net of taxes payable), divided by the number of then outstanding IPO Shares, which redemption will completely
extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation distributions,
if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s
remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in the cases of clauses (ii) and
(iii) to the Company’s obligations under Delaware law to provide for claims of creditors and other requirements of applicable
law.

 

(b)
The undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Account
(“Claim”) with respect to the shares of Founders’ Common Stock owned by the undersigned and hereby
waives any Claim the undersigned may have in the future as a result of, or arising out of, any contracts or agreements with the
Company and will not seek recourse against the Trust Account for any reason whatsoever. The undersigned acknowledges and agrees
that there will be no distribution from the Trust Account with respect to any Warrants, all of which will terminate on the Company’s
liquidation.

 

     

     

    

 

[(c)
In the event of the liquidation of the Trust Account, undersigned agrees to be liable to the Company if and to the extent any
claims by a third party (other than the Company’s independent public accountants) for services rendered or products sold
to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality
or other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser
of (i) $10.00 per public share and (ii) the actual amount per share held in the Trust Account as of the date of the liquidation
of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided
that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any
and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims
under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the
Securities Act of 1933, as amended (the “Securities Act”).][For sponsor letter only]

 

3.
The undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated
with any Insiders of the Company or their affiliates, such transaction must be approved by a majority of the Company’s disinterested
independent directors and the Company must obtain an opinion from an independent investment banking firm, or another independent
valuation or appraisal firm that commonly renders valuation opinions, that such Business Combination is fair to the Company from
a financial point of view.

 

4.
Neither the undersigned, the Company’s special advisors, nor any affiliate of the foregoing will be entitled to receive,
and will not accept, any finder’s fees, reimbursements, compensation or other cash payments prior to, or for services rendered
in order to effectuate, the consummation of the Business Combination; provided that the Company shall be allowed to make the payments
set forth in the Registration Statement under the caption “Prospectus Summary – The Offering – Limited payments
to insiders,” none of which will be made from the proceeds of the IPO held in the Trust Account prior to the completion
of the Business Combination.

 

5.
(a) In order to minimize potential conflicts of interest that may arise from multiple corporate affiliations, the undersigned
hereby agrees that until the earliest of the Company’s initial Business Combination or liquidation, the undersigned shall
present to the Company for its consideration, prior to presentation to any other entity, any suitable target business, subject
to any pre-existing fiduciary or contractual obligations the undersigned might have.

 

(b)
The undersigned officers and directors of the Company hereby agree not to become an officer or director of any other special purpose
acquisition company with a class of securities intended to be registered under the Securities Exchange Act of 1934, as amended,
which has publicly filed a registration statement with the SEC until the Company has entered into a definitive agreement regarding
an initial Business Combination or the Company has failed to complete an initial Business Combination within the time period required
by the Charter.

 

(c)
The undersigned hereby agrees and acknowledges that (i) each of the Underwriters and the Company may be irreparably injured
in the event of a breach of any of the obligations contained in this letter, (ii) monetary damages may not be an adequate
remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any
other remedy that such party may have in law or in equity, in the event of such breach.

 

6.
(a) The undersigned agrees that the shares of Founders’ Common Stock may not be transferred, assigned or sold (except (a)
to the Company’s officers or directors, any affiliate or family member of any of the Company’s officers or directors,
any affiliate of the Company’s sponsor or to any member of the sponsor or any of their affiliates, (b) in the case of an
individual, as a gift to such person’s immediate family or to a trust, the beneficiary of which is a member of such person’s
immediate family, an affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of
laws of descent and distribution upon death of such person; (d) in the case of an individual, pursuant to a qualified domestic
relations order; (e) by private sales or transfers made in connection with any forward purchase agreement or similar arrangement
or in connection with the consummation of a Business Combination at prices no greater than the price at which the shares were
originally purchased; (f) by virtue of the laws of the State of Delaware or the Company’s sponsor’s limited liability
company agreement upon dissolution of the sponsor, (g) in the event of the Company’s liquidation prior to the consummation
of an initial Business Combination; or (h) in the event that, subsequent to the consummation of an initial Business Combination,
the Company completes a liquidation, merger, share exchange or other similar transaction which results in all stockholders having
the right to exchange their Class A common stock for cash, securities or other property) until the earlier to occur of: (1) one
year after the consummation of a Business Combination and (2) the date following the completion of the Company’s initial
Business Combination on which the Company completes a liquidation, merger, share exchange or other similar transaction that results
in all of its shareholders having the right to exchange their shares of Common Stock for cash, securities or other property. Notwithstanding
the foregoing, if the closing price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock
dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period
commencing at least 150 days after the Company’s initial Business Combination, the shares of Founders’ Common Stock
will be released from these transfer restrictions.

 

    2

     

    

 

(b)
The undersigned will not, without the prior written consent of the Representative, offer, sell, contract to sell, hypothecate,
pledge, hedge, grant any option to purchase or otherwise dispose of or agree to dispose of (or enter into any transaction that
is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic
disposition due to cash settlement or otherwise) by the undersigned or any affiliate of the undersigned or any person in privity
with the undersigned or any affiliate of the undersigned), directly or indirectly, including the filing (or participation in the
filing) of a registration statement with the Securities and Exchange Commission in respect of, or establish or increase a put
equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder
with respect to, any Units, Common Stock, Founder’s Common Stock, Warrants or any securities convertible into, or exercisable,
or exchangeable for, Common Stock or publicly announce an intention to effect any such transaction, for a period of 180 days after
the date of the Underwriting Agreement. Each of the undersigned acknowledges and agrees that, prior to the effective date of any
release or waiver, of the restrictions set forth in section 6 hereof, the Company shall announce the impending release or waiver
by press release through a major news service at least two business days before the effective date of the release or waiver. Any
release or waiver granted shall only be effective two business days after the publication date of such press release. The provisions
of this paragraph will not apply if the release or waiver is effected solely to permit a transfer not for consideration and the
transferee has agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration
that such terms remain in effect at the time of the transfer.

 

(c)
The undersigned agrees that the Private Placement Warrants (including the shares of Common Stock issuable upon exercise of the
Private Placement Warrants) will not be transferable, assignable or salable (except to the same permitted transferees as described
above with respect to the shares of Founders’ Common Stock) until 30 days after the completion of the Company’s initial
Business Combination.

 

7.
The undersigned agrees to be an officer and/or director of the Company until the earlier of the consummation by the Company of
a Business Combination or the liquidation of the Company. The undersigned’s biographical information previously furnished
to the Company and the Representative is true and accurate in all respects and does not omit any material information with respect
to the undersigned’s background. The undersigned’s FINRA Questionnaire previously furnished to the Company and the
Representative is true and accurate in all respects. The undersigned represents and warrants that:

 

	 	(a)	he/she
    has never had a petition under the federal bankruptcy laws or any state insolvency law been filed by or against (i) him/her
    or any partnership in which he/she was a general partner at or within two years before the time of filing; or (ii) any
    corporation or business association of which he/she was an executive officer at or within two years before the time of such
    filing;

 

	 	(b)	he/she
    has never had a receiver, fiscal agent or similar officer been appointed by a court for his/her business or property, or any
    such partnership;

 

	 	(c)	he/she
    has never been convicted of fraud in a civil or criminal proceeding;

 

	 	(d)	he/she
    has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding traffic
    violations and minor offenses);

 

    3

     

    

 

	 	(e)	he/she
    has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court
    of competent jurisdiction, permanently or temporarily enjoining or otherwise limiting him/her from (i) acting as a futures
    commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction
    merchant, any other person regulated by the Commodity Futures Trading Commission (“CFTC”) or an
    associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as
    an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company,
    or from engaging in or continuing any conduct or practice in connection with any such activity; or (ii) engaging in any
    type of business practice; or (iii) engaging in any activity in connection with the purchase or sale of any security
    or commodity or in connection with any violation of federal or state securities or federal commodities laws;

 

	 	(f)	he/she
    has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal
    or state authority barring, suspending or otherwise limiting for more than 60 days your right to engage in any activity described
    in 9(e)(i) above, or to be associated with persons engaged in any such activity;

 

	 	(g)	he/she
    has never been found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal or
    state securities law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended
    or vacated;

 

	 	(h)	he/she
    has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal commodities
    law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or vacated;

 

	 	(i)	he/she
    has never been the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree or finding,
    not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal or State securities
    or commodities law or regulation, (ii) any law or regulation respecting financial institutions or insurance companies
    including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty
    or temporary or permanent cease-and desist order, or removal or prohibition order or (iii) any law or regulation
    prohibiting mail or wire fraud or fraud in connection with any business entity;

 

	 	(j)	he/she
    has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated, or any
    self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that
    has disciplinary authority over its members or persons associated with a member;

 

	 	(k)	he/she
    has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security; (ii) involving
    the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker,
    dealer, municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;

 

	 	(l)	he/she
    was never subject to a final order of a state securities commission (or an agency of officer of a state performing like functions);
    a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission
    (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the Commodity Futures
    Trading Commission; or the National Credit Union Administration that is based on a violation of any law or regulation that
    prohibits fraudulent, manipulative, or deceptive conduct;

 

	 	(m)	he/she
    has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at the time of such
    sale, restrained or enjoined him/her from engaging or continuing to engage in any conduct or practice: (i) in connection
    with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising
    out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid
    solicitor of purchasers of securities;

 

	 	(n)	he/she
    has never been subject to any order of the SEC that orders him/her to cease and desist from committing or causing a future
    violation of: (i) any scienter-based anti-fraud provision of the federal securities laws, including, but not limited
    to, Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder,
    and Section 206(1) of the Advisers Act or any other rule or regulation thereunder; or (ii) Section 5 of the
    Securities Act;

 

    4

     

    

 

	 	(o)	he/she
    has never been named as an underwriter in any registration statement or Regulation A offering statement filed with the SEC
    that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently, the
    subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued;

 

	 	(p)	he/she
    has never been subject to a United States Postal Service false representation order, or is currently subject to a temporary
    restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute
    a scheme or device for obtaining money or property through the mail by means of false representations;

 

	 	(q)	he/she
    is not subject to a final order of a state securities commission (or an agency of officer of a state performing like functions);
    a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission
    (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the Commodity Futures
    Trading Commission; or the National Credit Union Administration that bars the undersigned from: (i) association with
    an entity regulated by such commission, authority, agency or officer; (ii) engaging in the business of securities, insurance
    or banking; or (iii) engaging in savings association or credit union activities;

 

	 	(r)	he/she
    is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Exchange Act or section 203(e) or
    203(f) of the Investment Advisers Act of 1940 that: (i) suspends or revokes the undersigned’s registration as a
    broker, dealer, municipal securities dealer or investment adviser; (ii) places limitations on the activities, functions
    or operations of, or imposes civil money penalties on, such person; or (iii) bars the undersigned from being associated
    with any entity or from participating in the offering of any penny stock; and

 

	 	(s)	he/she
    has never been suspended or expelled from membership in, or suspended or barred from association with a member of, a securities
    self-regulatory organization (e.g., a registered national securities exchange or a registered national or affiliated securities
    association) for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade.

 

8.
The undersigned has full right and power, without violating any agreement by which he or she is bound, to enter into this letter
agreement and to serve as an officer and/or director of the Company.

 

9.
The undersigned hereby waives any right to exercise conversion rights with respect to any shares of the Company’s common
stock owned or to be owned by the undersigned, directly or indirectly (or to sell such shares to the Company in a tender offer),
whether such shares be part of the Founders’ Common Stock or shares purchased by the undersigned in the IPO or in the aftermarket,
and agrees that he/she will not seek conversion with respect to such shares in connection with any vote to approve a Business
Combination (or sell such shares to the Company in a tender offer in connection with such a Business Combination).

 

10.
The undersigned hereby agrees to not propose, or vote in favor of, an amendment to the Charter to modify the ability of holders
of IPO Shares to convert or sell their shares to the Company in connection with a Business Combination, modify the substance or
timing of the Company’s obligation to redeem 100% of the IPO Shares if the Company does not complete a Business Combination
within the time period required by the Charter or with respect to any other material provisions relating to stockholders’
rights or pre-initial business combination activity unless the Company provides public stockholders with the opportunity to convert
their IPO Shares upon such approval in accordance with the Charter.

 

11.
This letter agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
The undersigned hereby (i) agrees that any action, proceeding or claim against him arising out of or relating in any way
to this letter agreement (a “Proceeding”) shall be brought and enforced in the courts of the State of
New York of the United States of America for the Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive, (ii) waives any objection to such exclusive jurisdiction and that such courts represent
an inconvenient forum and (iii) irrevocably agrees to appoint Graubard Miller as agent for the service of process in the
State of New York to receive, for the undersigned and on his/her behalf, service of process in any Proceeding. If for any reason
such agent is unable to act as such, the undersigned will promptly notify the Company and the Representative and appoint a substitute
agent acceptable to each of the Company and the Representative within 30 days and nothing in this letter will affect the right
of either party to serve process in any other manner permitted by law.

 

    5

     

    

 

12.
To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 1,875,000 Units
within 45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit, at
no cost, a number of Founder Shares in the aggregate equal to 468,750 multiplied by a fraction, (i) the numerator of which is
1,875,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the
denominator of which is 1,875,000. The forfeiture will be adjusted to the extent that the over-allotment option is not exercised
in full by the Underwriters so that the Sponsor and any Insider that holds Founders’ Common Stock will own an aggregate
of 20.0% of the Company’s issued and outstanding shares of Common Stock after the Public Offering.

 

13.
As used herein, (i) a “Business Combination” means a merger, share exchange, asset acquisition,
stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities;
(ii) “Insiders” means all officers, directors and sponsors of the Company immediately prior to the IPO;
(iii) “Founders’ Common Stock” means the shares of Class B common stock of the Company, par value
$0.0001 per share; (iv) “IPO Shares” means the shares of Common Stock issued in the Company’s
IPO; (v) “Trust Account” means the trust account into which a portion of the net proceeds of the Company’s
IPO will be deposited; (vi) “Registration Statement” means the Company’s registration statement
on Form S-1 (SEC File No. 333-234124) filed with the Securities and Exchange Commission; and (vii) “Private
Placement Warrants” means the Warrants being sold in a private placement simultaneously with the IPO.

 

13.
This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter
hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral,
to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement
may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision,
except by a written instrument executed by all parties hereto.

 

14.
The undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations
and warranties set forth herein in proceeding with the IPO. Nothing contained herein shall be deemed to render the Underwriters
a representative of, or a fiduciary with respect to, the Company, its stockholders or any creditor or vendor of the Company with
respect to the subject matter hereof.

 

15.
This letter agreement shall be binding on the undersigned and such person’s respective successors, heirs, personal representatives
and assigns. This letter agreement shall terminate on the earlier of (i) the expiration of the transfer restrictions on the Founders’
Common Stock contained in Section 6 hereof and (ii) the liquidation of the Company; provided, that such termination
shall not relieve the undersigned from liability for any breach of this agreement prior to its termination.

 

[Signature
Page Follows]

 

    6

     

    

 

	 	 
	 	
    Print Name of Insider
	 	 
	 	 
	 	Signature
	 	 
	 	Acknowledged
    and Agreed:
	 	 
	 	LGL
    Systems Acquisition Corp.
	 	 	 
	 	By:	 
	 	 	Name:
    
	 	 	Title:

 

 

7Exhibit 10.2

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Agreement is made as of [DATE], 2019 by and between LGL Systems Acquisition Corp. (the “Company”) and Continental
Stock Transfer & Trust Company (“Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1, No. 333-234124 (“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,
Jefferies LLC (the “Representative”) is acting as the representative of the several 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,
$125,000,000 ($143,750,000 if the over-allotment option is exercised in full) of the proceeds from the IPO and a simultaneous
private placement of warrants will be delivered to the Trustee to be deposited and held in a segregated trust account located
at all times in the United States (the “Trust Account”) for the benefit of the Company and the holders of the Company’s
Class A common stock, par value $0.0001 per share (“Common Stock”), issued in the IPO as hereinafter provided
(the proceeds to be delivered to the Trustee and any interest subsequently earned thereon will be referred to herein as the “Property”;
the stockholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Stockholders,”
and the Public Stockholders and the Company will be referred to together as the “Beneficiaries”); and

 

WHEREAS,
a portion of the Property equal to $4,375,000, or $5,031,250 if the underwriters’ over-allotment option is exercised in
full, is attributable to deferred underwriting discounts and commissions (the “Deferred Discount”) that shall become
payable by the Company to the underwriters upon the consummation of an initial business combination (as described in the Registration
Statement, a “Business Combination”); 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 the Trust Account established
by the Trustee in the United States at J.P. Morgan Chase Bank, N.A. and/or 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;

 

(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)
Promptly notify the Company and the Representative 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;

 

    1

    

    

 

(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 and, in the case of a Termination Letter in a form substantially similar to that attached hereto
as Exhibit A, jointly acknowledged and agreed to by the Representative, 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 (the “Last Date”) provided in the Company’s Amended and Restated Certificate of Incorporation, as the
same may be amended from time to time (the “Certificate of Incorporation”), 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)
Upon receipt of a letter (an “Amendment Notification Letter”) in the form of Exhibit C, signed on behalf of the Company,
distribute to Public Stockholders who exercised their conversion rights in connection with an amendment to Article Sixth of the
Certificate of Incorporation (an “Amendment”) 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. The provisions
of this Section 1(j) may not be modified, amended or deleted under any circumstances.

 

2.
Limited Distributions of Income from Trust Account.

 

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

 

(b)
The limited distributions referred to in Section 2(a) above shall be made only from income collected on the Property. Except
as provided in Section 2(a) 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 the Representative with a copy of any Termination Letter, Amendment Notification Letter, 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 agrees and covenants to:

 

(a)
Give all instructions to the Trustee hereunder in writing, signed by its Chief Executive Officer or Chief Financial Officer of
the Company. In addition, except with respect to its duties under Sections 1(i), 1(j) and 2(a) 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 and with
reasonable care believes to be given by any one of the persons authorized above to give written instructions, provided that the
Company shall promptly confirm such instructions in writing;

 

(b)
Subject to the provisions of Section 5 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 losses suffered by the Trustee in connection with
any claim, potential claim, action, suit, or other proceeding brought against the Trustee 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, fraud or willful misconduct. Promptly after
the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit, or proceeding, pursuant to which
the Trustee intends to seek indemnification under this 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;

 

    2

    

    

 

(c)
Pay the Trustee an initial acceptance fee, an annual fee, and a transaction processing fee for each disbursement made pursuant
to Section 2(a) 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 unless such payment is in connection with
the consummation of a Business Combination. 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;

 

(f)
If the Company’s stockholders approve an Amendment, provide the Trustee with an Amendment Notification Letter in the form
of Exhibit C providing instructions for the distribution of funds to Public Stockholders who exercise their conversion option
in connection with such Amendment; and

 

(g)
Within five business days after the Representative, on behalf of the underwriters in the IPO, exercises the over-allotment option
(or any unexercised portion thereof) or such over-allotment option expires, provide the Trustee with a notice in writing (with
a copy to the Representative) of the total amount of the Deferred Discount, which shall in no event be less than $4,375,000.

 

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, fraud or willful misconduct;

 

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

 

(c)
Change the investment of any Property, other than in compliance with 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, fraud or willful misconduct.
The Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion, or advice
of counsel (including counsel chosen by the Trustee), 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 and with reasonable care, to be genuine and to be signed or
presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification,
termination, or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to
the Trustee signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give
its prior written consent thereto;

 

(g)
Verify the correctness of the information set forth in the Registration Statement or to confirm or assure that any business combination
consummated 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
or deliver payee statements to 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);

 

    3

    

    

 

(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 Sections 1(i), 1 (j) or 2(a)
above.

 

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

 

6.
Termination. This Agreement shall terminate as follows:

 

(a)
If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee during which time the Trustee shall act in accordance with this Agreement. At such time
that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject
to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including
but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement
shall terminate; provided, however, that, in the event that the Company does not locate a successor trustee within ninety (90) days
of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with
any court in the State of New York or with the United States District Court for the Southern District of New York and upon such
deposit, the Trustee shall be immune from any liability whatsoever; or

 

(b)
At such time that the Trustee has completed the liquidation of the Trust Account 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) and Section 5.

 

(c)
If the Offering is not consummated within ten business days of the date of this Agreement, in which case any funds received by
the Trustee from the Company or its sponsor, as applicable, shall be returned promptly following the receipt by the Trustee of
written instructions from the Company.

 

7.
Miscellaneous.

 

(a)
The Company and the Trustee will each restrict access to confidential information relating to funds being transferred to or from
the Trust Account 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. Except for any liability arising
out of the Trustee’s gross negligence or willful misconduct, the Trustee shall not be liable for any loss, liability, or
expense resulting from any error in the information supplied to it or funds transferred based on such information.

 

(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. 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. As to any claim, cross-claim, or counterclaim in any way relating
to this Agreement, each party waives the right to trial by jury.

 

(c)
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.

 

(d)
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 the Representative. The Trustee may require from Company
counsel an opinion as to the propriety of any proposed amendment.

 

    4

    

    

 

(e)
This Agreement or any provision hereof may only be changed, amended or modified pursuant to Section 7(d) hereof with the Consent
of the Stockholders. For purposes of this Section 7(e), the “Consent of the Stockholders” means receipt by the Trustee
of a certificate from the inspector of elections of the stockholder meeting certifying that the Company’s stockholders of
record as of a record date established in accordance with Section 213(a) of the Delaware General Corporation Law, as amended (“DGCL”)
(or any successor rule), who hold sixty-five percent (65%) or more of all then outstanding shares of the Common Stock and Class
B common stock, par value $0.0001 per share, of the Company voting together as a single class, have voted in favor of such change,
amendment or modification. No such amendment will affect any Public Stockholder who has otherwise indicated his election to redeem
his shares of Common Stock in connection with a stockholder vote sought to amend this Agreement to modify the substance or timing
of the Company’s obligation to redeem 100% of the Common Stock if the Company does not complete its initial Business Combination
within the time frame specified in the Company’s amended and restated certificate of incorporation. Except for any liability
arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee may rely conclusively on the certification
from the inspector or elections referenced above and shall be relieved of all liability to any party for executing the proposed
amendment in reliance thereon.

 

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

Email:
fwolf@continentalstock.com 

Email:
cgonzalez@continentalstock.com

 

if
to the Company, to:

 

LGL
Systems Acquisition Corp. 

165
W. Liberty St., Suite 220, 

Reno,
NV 89501 

Attn:
Marc Gabelli 

Email:
mg@gabelli.com

 

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

 

Jefferies
LLC 

520
Madison Avenue 

New
York, New York 10022 

Attn:
General Counsel

 

and

 

Graubard
Miller 

The
Chrysler Building 

405
Lexington Avenue 

New
York, New York 10174 

Attn:
David Alan Miller, Esq. 

Email:
dmiller@graubard.com

 

and

 

Winston
& Strawn LLP 

200
Park Avenue 

New
York, New York 10166 

Attn:
Joel L. Rubinstein, Esq. 

Email:
JRubinstein@winston.com

 

    5

    

    

 

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

 

(h)
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.

 

(i)
Each of the Company and the Trustee hereby acknowledges that the Representative, on behalf of the several underwriters, is a third
party beneficiary of this Agreement (including Section 7(d)) and the Trustee’s obligations under this Agreement with
respect thereto with the same right and power to enforce these provisions as either of the parties hereto.

 

[Signature
Page Follows]

 

 

    6

    

    

 

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

 

	 	CONTINENTAL
STOCK TRANSFER & TRUST COMPANY, as Trustee

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	LGL Systems Acquisition Corp.
	 	 	 
	 	By:	 
	 	 	Name:
    
	 	 	Title:
    

 

    7

    

    

 

SCHEDULE
A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,500.00	 
	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	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Section 2	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 2	 	$	250.00	 
	Paying Agent services as required pursuant to section 1(i) and 1(j)	 	Billed to Company upon delivery of service pursuant to section 1(i) and 1(j)	 	 	 Prevailing rates	 

 

    8

    

    

 

EXHIBIT
A

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company 

1
State Street, 30th floor 

New
York, New York 10004 

Attn:
Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust
    Account No. [●] - Termination Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between LGL Systems Acquisition Corp. (“Company”)
and Continental Stock Transfer & Trust Company, dated as of [●], 2019 (“Trust Agreement”), this is
to advise you that the Company has entered into an agreement with [●] to consummate a business combination (“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 and to transfer
the proceeds to the above-referenced account at J.P Morgan Chase Bank, N.A to the effect that, on the Consummation Date, all of
funds held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct
on the Consummation Date. It is acknowledged and agreed that while the funds are on deposit in the trust 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 the Representative 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, (x) to the underwriters in an amount equal to
the Deferred Discount as directed by the Representative and (y) the remainder 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.

 

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 you 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,
	 	 
	 	LGL
    SYSTEMS ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name:
    
	 	 	Title:
    
	 	 	 
		By:	 

	 	 	Name:
    
	 	 	Title:
    

 

	AGREED
    TO AND ACKNOWLEDGED BY:	 
	 	 
	Jefferies
    LLC	 
	 	 
	By:	                                    	 
	 	Name:	 
	 	Title:	 

 

    9

    

    

 

EXHIBIT
B

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company 

1
State Street, 30th floor 

New
York, New York 10004 

Attn:
Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust
    Account No. [●] - Termination Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between LGL Systems Acquisition Corp. (“Company”)
and Continental Stock Transfer & Trust Company, dated as of [●], 2019 (“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 and to
transfer the total proceeds to the Trust Operating Account at J.P. Morgan Chase, N.A. to await distribution to the Public Stockholders.
The Company has selected [                    ,
20    ] as the date for when the Public Stockholders will be 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,
	 	 
	 	LGL
    SYSTEMS ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name:
    
	 	 	Title:
    

 

cc:
Jefferies LLC

 

    10

    

    

 

EXHIBIT
C

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company 

1
State Street, 30th floor 

New
York, New York 10004 

Attn:
Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust
    Account No. [●] – Amendment Notification Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Reference
is made to the Investment Management Trust Agreement between LGL Systems Acquisition Corp. (“Company”) and Continental
Stock Transfer & Trust Company, dated as of [●], 2019 (“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 a sufficient portion of the Trust Account and to transfer
$             of the proceeds of the Trust to the account at JPMorgan
Chase Bank, N.A. 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,
	 	 
	 	LGL
    SYSTEMS ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name:
    
	 	 	Title:
    

 

cc:
Jefferies LLC

 

    11

    

    

 

EXHIBIT
D

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company 

1
State Street, 30th floor 

New
York, New York 10004 

Attn:
Francis Wolf and Celeste Gonzalez

 

	 	Re:	Trust
    Account No. [●]

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 2(a) of the Investment Management Trust Agreement between LGL Systems Acquisition Corp. (“Company”)
and Continental Stock Transfer & Trust Company, dated as of [●], 2019 (“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][dissolution
and liquidation expenses, which expenses will not exceed $50,000]. 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]

 

		
		LGL
    SYSTEMS ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name:
    
	 	 	Title:
    

 

cc:
Jefferies LLC

 

 

12

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