Document:

Exhibit
4.6

 

RIGHTS
AGREEMENT

 

Agreement
made as of _____, 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-[_____] (“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 11,500,000 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 387,500 Units, and in connection therewith, will
issue and deliver up to an aggregate of 387,500 rights (“Private Rights”) upon consummation of such Private Offering;
and

 

WHEREAS,
the Company has entered into that certain Unit Purchase Option, dated as of ______, 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 500,000 Units, including 500,000 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:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	CONTINENTAL STOCK TRANSFER
	 	& TRUST COMPANY
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:Exhibit 10.1

 

____________ __, 2017 

 

Black Ridge Acquisition Corp. 

c/o Black Ridge Oil & Gas, Inc. 

110 North 5th Street, Suite 410 

Minneapolis, Minnesota 55403 

 

EarlyBirdCapital,
Inc. 

366
Madison Avenue, 8th Floor 

New
York, New York 10017 

 

 Re:   Initial
Public Offering 

 

Gentlemen: 

 

 This letter is being delivered to
you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and
between Black Ridge Acquisition Corp., a Delaware corporation (the “Company”), and EarlyBirdCapital,
Inc. as representative (the “Representative”) of the several Underwriters named in Schedule I thereto
(the “Underwriters”), relating to an underwritten initial public offering (the “IPO”)
of the Company’s units (the “Units”), each comprised of one share of the Company’s common
stock, par value $0.0001 per share (the “Common Stock”), one right to receive one-tenth of one share
of Common Stock (each, a “Right”) and one 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
beneficially owned by him, whether acquired before, in or after the IPO, in favor of such Business Combination. 

 

    	 

     

    

 

2.       In
the event that the Company fails to consummate a Business Combination within the time period set forth in the Company’s
Certificate of Incorporation, as the same may be amended from time to time, the undersigned will, as promptly as possible, 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 100% of the Common Stock sold as part of the Units in the IPO (the “Offering
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 not previously released to the Company to pay its income and other taxes, divided by the
number of then outstanding public 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. The undersigned hereby waives any and all right, title,
interest or claim of any kind in or to any distribution of the Trust Account and any remaining net assets of the Company as a
result of such liquidation with respect to his shares of Founders’ Common Stock (“Claim”) 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 or Rights, all rights of which will terminate on the
Company’s liquidation. 

 

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
entity that commonly renders valuation opinions on the type of target business the Company is seeking to acquire, that such Business
Combination is fair to the Company’s unaffiliated stockholders from a financial point of view. 

 

4.       Neither
the undersigned, any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive
and will not accept any compensation or other cash payment 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.” Notwithstanding
the foregoing, the undersigned and any affiliate of the undersigned shall be entitled to reimbursement from the Company for their
out-of-pocket expenses incurred in connection with identifying, investigating and consummating a Business Combination. 

 

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

 

    	2 

     

    

 

6.       The
undersigned will place into escrow all of his shares of Founders’ Common Stock, if any, pursuant to the terms of a Stock
Escrow Agreement which the Company will enter into with the undersigned and an escrow agent. 

 

 7.       (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 target business that has a fair market value
of at least 80% of the assets held in the Trust Account (excluding deferred underwriting commissions and taxes payable on the
income accrued on the Trust Account), subject to any pre-existing fiduciary or contractual obligations the undersigned might have. 

 

(b)     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. 

 

8.       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, does not omit any material information with respect to the undersigned’s
background and contains all of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under
the Securities Act of 1933. The undersigned’s FINRA Questionnaire previously furnished to the Company and the Representative
is true and accurate in all respects. The undersigned represents and warrants that: 

 

		(a)	he is not subject to, or a respondent in, any legal action for, any injunction, cease-and-desist
order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction;

 

		(b)	he has never been convicted of or pleaded guilty to any crime (i) involving any fraud or (ii) relating
to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and
he is not currently a defendant in any such criminal proceeding; and

 

		(c)	he has never been suspended or expelled from membership in any securities or commodities exchange
or association or had a securities or commodities license or registration denied, suspended or revoked.

 

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

 

    	3 

     

    

 

10.       The
undersigned hereby waives his 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 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). 

 

11.       The
undersigned hereby agrees to not propose, or vote in favor of, an amendment to the Company’s Amended and Restated Certificate
of Incorporation that would affect the ability of holders of IPO Shares to convert or sell their shares to the Company in connection
with a Business Combination or affect the substance or timing of the Company’s obligation to redeem 100% of the IPO Shares
if the Company does not complete a Business Combination within the time period set forth in the Company’s Amended and Restated
Certificate of Incorporation unless the Company provides public stockholders with the opportunity to convert their IPO Shares
upon such approval in accordance with the charter. 

 

12.       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 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. 

 

13.       As
used herein, (i) a “Business Combination” shall mean a merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization or other similar business combination with one or more businesses or entities; (ii) “Insiders”
shall mean all officers, directors and sponsors of the Company immediately prior to the IPO; (iii) “Founders’ Common
Stock” shall mean all of the shares of Common Stock of the Company acquired by an Insider prior to the IPO; (iv) “IPO
Shares” shall mean the shares of Common Stock issued in the Company’s IPO; (v) “Private Units” shall mean
the units that are being sold privately by the Company simultaneously with the consummation of the IPO; (vi) “Trust Account”
shall mean the trust account into which a portion of the net proceeds of the Company’s IPO will be deposited; and (vii)
“Registration Statement” means the Company’s registration statement on Form S-1 (SEC File No. 333-220516) filed
with the Securities and Exchange Commission. 

 

    	4 

     

    

 

14.       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. 

 

15.       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. 

 

16.       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 consummation of a Business Combination 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]

 

    	5 

     

    

 

	 	 	Print Name of Insider	 
	 	 	 	 
	 	 	Signature	 
	 	 	 	 
	 	 	Acknowledged and Agreed:	 
	 	 	 	 
	 	 	Black Ridge Acquisition Corp.	 
	 	 	 	 
	 	By: 	 	 
	 	 	Name:	 
	 	 	Title:	 

 

    	6 

     

    

____________
__, 2017

 

Black
Ridge Acquisition Corp.

c/o
Black Ridge Oil & Gas, Inc.

110
North 5th Street, Suite 410

Minneapolis,
Minnesota 55403

 

EarlyBirdCapital,
Inc.

366
Madison Avenue, 8th Floor

New
York, New York 10017

 

Re:       Initial
Public Offering

 

Gentlemen:

 

This
letter is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”)
entered into by and between Black Ridge Acquisition Corp., a Delaware corporation (the “Company”), and
EarlyBirdCapital, Inc. as representative (the “Representative”) of the several Underwriters named in
Schedule I thereto (the “Underwriters”), relating to an underwritten initial public offering (the “IPO”)
of the Company’s units (the “Units”), each comprised of one share of the Company’s common
stock, par value $0.0001 per share (the “Common Stock”), one right to receive one-tenth of one share
of Common Stock (each, a “Right”) and one warrant, each whole warrant exercisable for one share of Common
Stock (each, a “Warrant”). Certain capitalized terms used herein are defined in paragraph 14 hereof.

 

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

 

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

 

    

     

    

 

2.            In
the event that the Company fails to consummate a Business Combination within the time period set forth in the Company’s
Certificate of Incorporation, as the same may be amended from time to time, each of the undersigned will, as promptly as possible,
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 100% of the Common Stock sold as part of the Units in the IPO (the “Offering
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 not previously released to the Company to pay its income and other taxes, divided by the
number of then outstanding public 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. Each of the undersigned hereby waives any and all right,
title, interest or claim of any kind in or to any distribution of the Trust Account and any remaining net assets of the Company
as a result of such liquidation with respect to the shares of Founders’ Common Stock owned by the undersigned (“Claim”)
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. In the event of the liquidation
of the Trust Account, Black Ridge Oil & Gas, Inc. agrees to indemnify and hold harmless the Company for any debts and obligations
to target businesses or vendors or other entities that are owed money by the Company for services rendered or contracted for or
products sold to the Company, but only to the extent necessary to ensure that such debt or obligation does not reduce the amount
of funds in the Trust Account below $10.05 per share; provided that such indemnity shall not apply (i) if such vendor or prospective
target business executed an agreement waiving any right, title, interest or claim of any kind they may have in or to any monies
held in the Trust Account, or (ii) as to any claims under the Company’s obligation to indemnify the Underwriters against
certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Each
of the undersigned acknowledges and agrees that there will be no distribution from the Trust Account with respect to any Warrants
or Rights, all rights of which will terminate on the Company’s liquidation.

 

3.            Each
of 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
entity that commonly renders valuation opinions on the type of target business the Company is seeking to acquire, that such Business
Combination is fair to the Company’s unaffiliated stockholders from a financial point of view.

 

4.            Neither
of the undersigned, any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive
and will not accept any compensation or other cash payment 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.”

 

    2

     

    

 

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

 

6.            (a)            Black
Ridge Oil & Gas, Inc. will place into escrow all shares of Founders’ Common Stock, portions of which shall be subject
to forfeiture in the event the Underwriters do not exercise their over-allotment option in full, pursuant to the terms of a Stock
Escrow Agreement which the Company will enter into with Black Ridge Oil & Gas, Inc. and an escrow agent.

 

(b)            Black
Ridge Oil & Gas, Inc. agrees that until after the Company consummates a Business Combination, the undersigned’s Private
Units (and underlying securities) will be subject to the transfer restrictions described in the subscription agreement relating
to the undersigned’s Private Unit purchase.

 

7.            (a)            In
order to minimize potential conflicts of interest that may arise from multiple corporate affiliations, each of 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)            Each
of the undersigned agrees not to participate in the formation of, or become an officer or director of, any blank check company
until the Company has entered into a definitive agreement regarding its initial Business Combination or the Company has failed
to complete an initial Business Combination within the time period set forth in the Company’s Certificate of Incorporation
as the same may be amended from time to time.

 

8.            Ken
DeCubellis agrees to be the Chairman of the Board and Chief Executive Officer of the Company until the earlier of the consummation
by the Company of a Business Combination or the liquidation of the Company. Mr. DeCubellis’ biographical information previously
furnished to the Company and the Representative is true and accurate in all respects, does not omit any material information with
respect to the undersigned’s background and contains all of the information required to be disclosed pursuant to Item 401
of Regulation S-K, promulgated under the Securities Act. Mr. DeCubellis’ FINRA Questionnaire previously furnished to the
Company and the Representative is true and accurate in all respects. Mr. DeCubellis represents and warrants that:

 

		(a)	he
is not subject to, or a respondent in, any legal action for, any injunction, cease-and-desist order or order or stipulation to
desist or refrain from any act or practice relating to the offering of securities in any jurisdiction;

 

    3

     

    

 

		(b)	he
has never been convicted of or pleaded guilty to any crime (i) involving any fraud or (ii) relating to any financial transaction
or handling of funds of another person, or (iii) pertaining to any dealings in any securities and he is not currently a defendant
in any such criminal proceeding; and

 

		(c)	he
has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities
or commodities license or registration denied, suspended or revoked.

 

9.            Each
of the undersigned has full right and power, without violating any agreement by which he or it is bound, to enter into this letter
agreement and with respect to Mr. DeCubellis, to serve as an officer of the Company.

 

10.          Each
of 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 each agrees not to 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).

 

11.          Each
of the undersigned hereby agrees to not propose, or vote in favor of, an amendment to the Company’s Amended and
Restated Certificate of Incorporation that would affect the ability of holders of IPO Shares to convert or sell their shares
to the Company in connection with a Business Combination or affect the substance or timing of the Company’s obligation
to redeem 100% of the IPO Shares if the Company does not complete a Business Combination within the time period set forth in
the Company’s Amended and Restated Certificate of Incorporation unless the Company provides public stockholders with
the opportunity to convert their IPO Shares upon such approval in accordance with the charter.

 

12.          In
the event that the Company does not consummate a Business Combination and must liquidate and its remaining net assets are insufficient
to complete such liquidation, Black Ridge Oil & Gas, Inc. agrees to advance such funds necessary to complete such liquidation
and agrees not to seek repayment for such expenses.

 

13.          This
letter agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
Each of 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 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.

 

    4

     

    

 

14.          As
used herein, (i) a “Business Combination” shall mean a merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization or other similar business combination with one or more businesses or entities; (ii) “Insiders”
shall mean all officers, directors and sponsor of the Company immediately prior to the IPO; (iii) “Founders’ Common
Stock” shall mean all of the shares of Common Stock of the Company acquired by an Insider prior to the IPO; (iv) “IPO
Shares” shall mean the shares of Common Stock issued in the Company’s IPO; (v) “Private Units” shall mean
the units that are being sold privately by the Company simultaneously with the consummation of the IPO; (vi) “Trust Account”
shall mean the trust account into which a portion of the net proceeds of the IPO will be deposited; and (vii) “Registration
Statement” means the Company’s registration statement on Form S-1 (SEC File No. 333-220516) filed with the Securities
and Exchange Commission.

 

15.          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.

 

16.          Each
of 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.

 

17.          Each
of the undersigned acknowledges and agrees that (a) each of the Underwriters and the Company would be irreparably injured in the
event of a breach by the undersigned of its obligations in this letter agreement, (b) monetary damages may not be an adequate
remedy for such breach and (c) 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.

 

    5

     

    

 

17.          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 consummation of a Business Combination 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

     

    

	 	 	 
	 	 	Ken DeCubellis
	 	 	Print Name of Insider
	 	 	 
	 	 	Signature
	 	 	 
	 	 	Black Ridge Oil & Gas, Inc.
	 	 	Print Name of Insider
	 	 	 
	 	By:	 
	 	 	 
	 	 	Signature
	 	 	 
	 	 	Acknowledged and Agreed:
	 	 	 
	 	 	Black Ridge Acquisition Corp.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	EarlyBirdCapital, Inc.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    7

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