Document:

Exhibit 10.3

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

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

 

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

 

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

 

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

 

WHEREAS, in the event
CCM exercises its over-allotment option in full or in part, the Insiders will purchase up to an aggregate of an additional 25,000
units (the “Over-Allotment Private Units” and, together with the Initial Private Units, the “Private Units”)
for an aggregate purchase price of up to $250,000; and

 

WHEREAS, as described
in the Registration Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation, $50,000,000
of the gross proceeds of the IPO, the sale of the Private Units and the sale of the $15 Exercise Price Sponsor Warrants ($57,500,000
if the underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held
in a trust account for the benefit of the Company and the holders of the Company’s common stock, par value $.0001 per share
(“Common Stock”), issued in the IPO as hereinafter provided (the amount to be delivered to the Trustee will be referred
to herein as the “Property,” the stockholders for whose benefit the Trustee shall hold the Property will be referred
to as the “Public Stockholders,” and the Public Stockholders and the Company will be referred to together as the “Beneficiaries”);
and

 

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

 

IT IS AGREED:

 

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

 

(a) Hold the Property in trust
for the Beneficiaries in accordance with the terms of this Agreement in a segregated trust account (“Trust Account”)
established by the Trustee at Morgan Stanley Bank, N. A. and at a brokerage institution selected by the Trustee that is satisfactory
to the Company;

 

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

 

(c) In a timely manner, upon
the instruction of the Company, invest and reinvest the Property (i) in United States government treasury bills, notes or bonds
having a maturity of 180 days or less and/or (ii) in money market funds meeting certain conditions under Rule 2a-7 promulgated
under the Investment Company Act of 1940, as amended, and that invest solely in U.S. treasuries, as determined by the Company;

 

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

 

    	 

    	 

    

 

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

 

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

 

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

 

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

 

(i) Commence liquidation of
the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter (“Termination
Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, signed on behalf of the
Company by its Chief Executive Officer or Chairman of the Board and Secretary or Assistant Secretary, affirmed by counsel for the
Company and, in the case of a Termination Letter in a form substantially similar to that attached hereto as Exhibit A, acknowledged
and agreed to by CCM, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account only as
directed in the Termination Letter and the other documents referred to therein; provided, however, that in the event that a Termination
Letter has not been received by the Trustee by the 18-month anniversary of the closing of the IPO (“Closing”) or, in
the event that a letter of intent or definitive agreement for a Business Combination has been executed on or prior to the 18-month
anniversary of the Closing but the Business Combination has not been consummated by the 18-month anniversary of the Closing, the
24-month anniversary of the Closing, (“Last Date”), the Trust Account shall be liquidated in accordance with the procedures
set forth in the Termination Letter attached as Exhibit B hereto and distributed to the Public Stockholders as of the Last Date.
The provisions of this Section 1(i) may not be modified, amended or deleted under any circumstances.

 

		2.	Limited Distributions of Income from Trust Account.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		6.	Termination. This Agreement shall terminate as follows:

 

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

 

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

 

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		7.	Miscellaneous.

 

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

 

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

 

(c) This Agreement contains
the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for Section 1(i)
(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 CCM. As to any claim, cross-claim or counterclaim in any way relating to this Agreement, each
party waives the right to trial by jury. The Trustee may require from Company counsel an opinion as to the propriety of any proposed
amendment.

 

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

 

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

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: ____________________

Fax No.: (___) ___-____

 

if to the Company, to:

 

Jensyn Acquisition Corp.

800 West Main Street, Suite 204

Freehold, NJ 07728

Attn: Jeffrey J. Raymond

Fax No.: (732) 303-6947

 

in either case with a copy to:

 

Chardan Capital Markets, LLC

17 State Street, Suite 1600

New York, New York 10004

Attn: George Kaufmann, Director Investment Banking

Fax No.: (646) 465-9039

 

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

 

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

 

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

 

[Signature Page Follows]

 

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

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 	 
	 	By: 	 
	 	 	Name: 
	 	 	Title: Trust Officer
	 	 	 
	 	Jensyn Acquisition Corp.
	 	 	 
	 	By: 	 
	 	 	Name: Jeffrey J. Raymond
	 	 	Title: President, Chief Executive Officer and Director

 

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

 

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SCHEDULE A

 

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

 

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EXHIBIT A

 

[Letterhead of Company]

 

	 	[Insert date]

 

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: __________

 

Re: Trust Account No. - Termination Letter

 

Gentlemen:

 

Pursuant to paragraph 1(i) of the Investment
Management Trust Agreement between Jensyn Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust
Company (“Trustee”), dated as of _________ ___, 2015 (“Trust Agreement”), this is to advise you that the
Company has entered into an agreement (“Business Agreement”) with __________________ (“Target Business”)
to consummate a business combination with Target Business (“Business Combination”) on or about [insert date].
The Company shall notify you at least 48 hours in advance of the actual date of the consummation of the Business Combination (“Consummation
Date”). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

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

 

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

 

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

 

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

 

	 	By: 	 
	 	 	Rebecca Irish, Chief Financial Officer

 

AGREED TO AND

ACKNOWLEDGED BY

 

CHARDAN CAPITAL MARKETS, LLC

 

	By:	 	 	 	 

 

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EXHIBIT B

 

[Letterhead of Company]

 

	 	[Insert date]

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: ____________________

 

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

 

Gentlemen:

 

Pursuant to paragraph 1(i) of the Investment
Management Trust Agreement between Jensyn Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust
Company (“Trustee”), dated as of _____________, 2015 (“Trust Agreement”), this is to advise you that the
Company has been unable to effect a Business Combination with a Target Company within the time frame specified in the Company’s
Amended and Restated Certificate of Incorporation, as described in the Company’s prospectus relating to its IPO. Capitalized
terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

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

 

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

 

cc: Chardan Capital Markets, LLC

 

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EXHIBIT C

[Letterhead of Company]

 

	 	[Insert date]

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: ____________________

 

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

 

Dear __________________:

 

Pursuant to paragraph 2(a) of the Investment
Management Trust Agreement between Jensyn Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust
Company (“Trustee”), dated as of ____________, 2015 (“Trust Agreement”), the Company hereby requests that
you deliver to the Company $_______ of the interest income earned on the Property as of the date hereof. The Company needs such
funds to pay its income or other tax obligations. In accordance with the terms of the Trust Agreement, you are hereby directed
and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating
account at:

 

[WIRE INSTRUCTION INFORMATION]

 

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

 

cc: Chardan Capital Markets, LLC

 

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EXHIBIT D

[Letterhead of Company]

 

	 	[Insert date]

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: ___________________

 

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

 

Dear _______________:

 

Pursuant to paragraph 2(b) of the Investment
Management Trust Agreement between Jensyn Acquisition Corp. (“Company”) and Continental Stock Transfer & Trust
Company (“Trustee”), dated as of ____________, 2015 (“Trust Agreement”), the Company hereby requests that
you deliver to the Company $_______ of the interest income earned on the Property as of the date hereof. The Company needs such
funds to cover its expenses relating to investigating and selecting a target business and other working capital requirements. In
accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds
promptly upon your receipt of this letter to the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

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

 

cc: Chardan Capital Markets, LLC

 

    	13Exhibit 10.4

 

STOCK ESCROW AGREEMENT

 

This STOCK ESCROW AGREEMENT,
dated as of [__________], 2015 (this “Agreement”), is made by and among Jensyn Acquisition Corp., a Delaware corporation
(“Company”), Jensyn Capital LLC, a Delaware limited liability company, Jeffrey J. Raymond, Rebecca Irish, Joseph Raymond
and Peter Underwood (the “Initial Stockholders” and each an “Initial Stockholder”), and CONTINENTAL STOCK
TRANSFER & TRUST COMPANY, a New York corporation (“Escrow Agent”).

 

WHEREAS, the Company
has entered into an Underwriting Agreement, dated as of [__________], 2015 (the “Underwriting Agreement”), with Chardan
Capital Markets, LLC (“CCM”) acting as representative of the several underwriters (collectively, the “Underwriters”),
pursuant to which, among other matters, the Underwriters have agreed to purchase 5,000,000 units (“Units”) of the Company,
plus an additional 750,000 Units if the Underwriters exercise their over-allotment option in full. Each Unit consists of one share
of common stock of the Company, par value $0.0001 per share (“Common Stock”), one right (a “Right”) to
receive one-tenth of one share of Common Stock upon the Company’s initial business combination and one warrant (a “Warrant”)
to purchase one-half of one share of Common Stock, all as more fully described in the Company’s final Prospectus, dated [__________],
2015 (the “Prospectus”), comprising part of the Company’s Registration Statement on Form S-1 (File No. 333-______)
under the Securities Act of 1933, as amended (the “Registration Statement”), declared effective on [_________], 2015
(the “Effective Date”);

 

WHEREAS, the Initial
Stockholders have agreed as a condition of the sale of the Units to deposit the aggregate 1,437,500 shares of Common Stock held
by the Initial Stockholders prior to the Company’s initial public offering as set forth opposite their respective names in
Exhibit A attached hereto (the “Escrow Shares”) in escrow as hereinafter provided; and

 

WHEREAS, the Company
and the Initial Stockholders desire that the Escrow Agent accept the Escrow Shares, in escrow, to be held and disbursed as hereinafter
provided.

 

IT IS AGREED:

 

		1.	Appointment of Escrow Agent. The Company and each of the Initial Stockholders hereby appoint
the Escrow Agent to act in accordance with and subject to the terms of this Agreement and the Escrow Agent hereby accepts such
appointment and agrees to act in accordance with and subject to such terms.

 

		2.	Deposit of Escrow Shares. On or before the Effective Date, each of the Initial Stockholders
shall deliver to the Escrow Agent certificates representing the Escrow Shares, together with applicable stock powers, to be held
and disbursed subject to the terms and conditions of this Agreement. Each of the Initial Stockholder acknowledges that the certificate
representing the Escrow Shares is legended to reflect the deposit of such Escrow Shares under this Agreement.

 

		3.	Disbursement of the Escrow Shares.

 

		3.1.	The Escrow Agent shall hold the Escrow Shares during the period (the “Escrow Period”)
commencing on the date hereof and (i) for 50% of the Escrow Shares, ending on the earlier of (x) one year after the date of the
consummation of the Company’s initial business combination (as described in the Registration Statement, hereinafter a “Business
Combination”), (y) the date on which the closing price of the Company’s Common Stock equals or exceeds $12.50 per share
(as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading
day period commencing after the Company’s Business Combination and (z) the date of consummation of a Sale Transaction, and
(ii) for the remaining 50% of the Escrow Shares, ending on the earlier of (x) one year after the date of the consummation of a
Business Combination and (y) the date of consummation of a Sale Transaction. For purposes hereof, a “Sale Transaction”
means a liquidation, merger, stock exchange or other similar transaction subsequent to the Company’s initial Business Combination
which results in all of the stockholders of the Company or such other entity surviving the Business Combination having the right
to exchange their shares of Common Stock for cash, securities or other property. The Company shall promptly provide notice of the
consummation of a Business Combination or a Sale Transaction to the Escrow Agent. Upon completion of the Escrow Period, the Escrow
Agent shall disburse the applicable amount of each of the Initial Stockholder’s Escrow Shares (and any applicable stock power)
to such Initial Stockholder. In addition, if the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the
Company is being liquidated at any time during the Escrow Period, then the Escrow Agent shall destroy the certificates representing
the Escrow Shares. The Escrow Agent shall have no further duties hereunder after the disbursement of the Escrow Shares in accordance
with this Section 3.

 

    	 

    	 

    

 

		3.2.	Notwithstanding Section 3.1, if the Underwriters do not exercise in full their over-allotment option
to purchase an additional 750,000 Units of the Company within 45 days of the date of the Prospectus (as described in the Underwriting
Agreement), each of the Initial Stockholders agrees that the Escrow Agent shall return to the Company for cancellation, at no cost,
the number of Escrow Shares held by such holder determined by multiplying 46,875 by a fraction, (i) the numerator of which is 750,000
minus the number of shares of Common Stock purchased by the Underwriters upon the exercise of their over-allotment option, and
(ii) the denominator of which is 750,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination
of the Underwriters’ over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with
their exercise thereof.

 

		4.	Rights of Initial Stockholders in Escrow Shares.

 

		4.1.	Voting Rights as a Stockholder. Subject to the terms of the Insider Letter described in
Section 4.4 hereof and except as herein provided, each of the Initial Stockholders shall retain all of such Initial Stockholders’
rights as a stockholder of the Company during the Escrow Period, including, without limitation, the right to vote such shares.

 

		4.2.	Dividends and Other Distributions in Respect of the Escrow Shares. During the Escrow Period,
all dividends payable in cash with respect to the Escrow Shares shall be paid to the Initial Stockholders, but all dividends payable
in stock or other non-cash property (“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance
with the terms hereof. As used herein, the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed
thereon, if any.

 

		4.3.	Restrictions on Transfer. During the Escrow Period, the only permitted transfers of the
Escrow Shares will be (i) to the Company’s officers, directors, advisors and employees, (ii) as a distribution to partners,
members or stockholders of an Initial Stockholder upon the liquidation and dissolution of the Initial Stockholder, (iii) by bona
fide gift to a member of an Initial Stockholder’s immediate family or to a trust, the beneficiary of which is such Initial
Stockholder or a member of such Initial Stockholder’s immediate family for estate planning purposes, (iv) by virtue of the
laws of descent and distribution upon death, (v) pursuant to a qualified domestic relations order, (vi) by private sales at prices
no greater than the price at which the Escrow Shares were originally purchased or (vii) to the Company for cancellation as set
forth in Section 3.2 hereof or in connection with the consummation of a Business Combination, in each case, except for clause (vii),
on the condition that such transfers may be implemented only upon the respective transferee’s written agreement to be bound
by the terms and conditions of this Agreement and of the Insider Letter (as defined below) signed by the Initial Stockholder transferring
the Escrow Shares.

 

		4.4.	Insider Letters. Each of the Initial Stockholders has executed a letter agreement with the
Company, dated as indicated on Exhibit A hereto, and the form of which is filed as an exhibit to the Registration Statement (the
“Insider Letter”), respecting the rights and obligations of such Initial Stockholder in certain events, including but
not limited to the liquidation of the Company.

 

    	2

    	 

    

 

		5.	Concerning the Escrow Agent.

 

		5.1.	Good Faith Reliance. The Escrow Agent shall not be liable for any action taken or omitted
by it in good faith and in the exercise of its own best judgment, and 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 Escrow Agent), 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 Escrow Agent to be genuine
and to be signed or presented by the proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or
any waiver, modification, termination or rescission of this Agreement unless evidenced by a writing delivered to the Escrow Agent
signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall have given
its prior written consent thereto.

 

		5.2.	Indemnification. The Escrow Agent shall be indemnified and held harmless by the Company
from and against any expenses, including counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with
any action, suit or other proceeding involving any claim which in any way, directly or indirectly, arises out of or relates to
this Agreement, the services of the Escrow Agent hereunder, or the Escrow Shares held by it hereunder, other than expenses or losses
arising from the gross negligence or willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of
notice of any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall notify the other parties
hereto in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action
in the nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow Shares or it may deposit
the Escrow Shares with the clerk of any appropriate court or it may retain the Escrow Shares pending receipt of a final, non-appealable
order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances the Escrow Shares
are to be disbursed and delivered. The provisions of this Section 5.2 shall survive in the event the Escrow Agent resigns or is
discharged pursuant to Sections 5.5 or 5.6 below.

 

		5.3.	Compensation. The Escrow Agent shall be entitled to compensation from the Company for all
services rendered by it hereunder as set forth in Exhibit B. The Escrow Agent shall also be entitled to reimbursement from the
Company for all reasonable expenses paid or incurred by it in the administration of its duties hereunder including, but not limited
to, all counsel, advisors’ and agents’ fees and disbursements and all taxes or other governmental charges.

 

		5.4.	Further Assurances. From time to time on and after the date hereof, the Company and each
of the Initial Stockholders shall deliver or cause to be delivered to the Escrow Agent such further documents and instruments and
shall do or cause to be done such further acts as the Escrow Agent shall reasonably request to carry out more effectively the provisions
and purposes of this Agreement, to evidence compliance herewith or to assure itself that it is protected in acting hereunder.

 

		5.5.	Resignation. The Escrow Agent may resign at any time and be discharged from its duties as
escrow agent hereunder by its giving the other parties hereto written notice, and such resignation shall become effective as hereinafter
provided. Such resignation shall become effective at such time that the Escrow Agent shall turn over, to a successor escrow agent
appointed by the Company, the Escrow Shares held hereunder. If no new escrow agent is so appointed within the 60-day period following
the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Shares with any court it reasonably deems appropriate.

 

		5.6.	Discharge of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties
as escrow agent hereunder if so requested in writing at any time by the other parties hereto, jointly, provided, however, that
such resignation shall become effective only upon acceptance of appointment by a successor escrow agent as provided in Section
5.5.

 

		5.7.	Liability. Notwithstanding anything herein to the contrary, the Escrow Agent shall not be
relieved from liability hereunder for its own gross negligence or its own willful misconduct.

 

		5.8.	Waiver. The Escrow 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 Escrow 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.

 

    	3

    	 

    

 

		6.	Miscellaneous.

 

		6.1.	Governing Law. This Agreement shall for all purposes be deemed to be made under and shall
be construed 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.

 

		6.2.	Third Party Beneficiaries. Each of the Initial Stockholders hereby acknowledges that the
Underwriters are third party beneficiaries of this Agreement and that this Agreement may not be modified or changed without the
prior written consent of CCM.

 

		6.3.	Entire Agreement. This Agreement contains the entire agreement of the parties hereto with
respect to the subject matter hereof and, except as expressly provided herein, may not be changed or modified except by an instrument
in writing signed by the party to the charged.

 

		6.4.	Headings. The headings contained in this Agreement are for reference purposes only and shall
not affect in any way the meaning or interpretation thereof.

 

		6.5.	Binding Effect. This Agreement shall be binding upon and inure to the benefit of the respective
parties hereto and their legal representatives, successors and assigns.

 

		6.6.	Notices. Any notice or other communication required or which may be given hereunder shall
be in writing and either be delivered personally or be mailed, certified or registered mail, or by private national courier service,
return receipt requested, postage prepaid, and shall be deemed given when so delivered personally or, if mailed, two days after
the date of mailing, as follows:

 

If to the Company, to:

 

Jensyn Acquisition Corp.

800 West Main Street, Suite 204

Freehold, New Jersey 07728

Attn: Jeffrey J. Raymond, Chief Financial Officer
and Secretary

  

If to an Initial Stockholder, to such Initial Stockholder’s
address set forth on Exhibit A.

 

and if to the Escrow Agent, to:

 

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Chairman

 

A copy of any notice sent hereunder shall be sent
to:

 

Chardan Capital Markets, LLC

17 State Street, Suite 1600

New York, New York 10004

Attn: George Kaufman, Director Investment
Banking

 

and:

 

Loeb & Loeb LLP

35 Park Avenue

New York, New York 10154

Attn: Giovanni Caruso

 

    	4

    	 

    

 

The parties may change the persons
and addresses to which the notices or other communications are to be sent by giving written notice to any such change in the manner
provided herein for giving notice.

 

		6.7.	Liquidation of the Company. The Company shall give the Escrow Agent written notification
of the liquidation and dissolution of the Company in the event that the Company fails to consummate a Business Combination within
the time period specified in the Prospectus.

 

[Signature Page Follows]

 

    	5

    	 

    

 

WITNESS the execution of this Agreement
as of the date first above written.

 

	 	COMPANY:
	 	 
	 	Jensyn Acquisition Corp.
	 	 
	 	By: 	 
	 	Name: Jeffrey J. Raymond
	 	Title: President, Chief Executive Officer and Director
	 	 
	 	INITIAL STOCKHOLDERS:
	 	 
	 	Jensyn Capital LLC
	 	 
	 	By:	 
	 	Name: Jeffrey J. Raymond
	 	Title: Managing Member
	 	 
	 	ESCROW AGENT:
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	By:	 
	 	Name:
	 	Title:

 

EXHIBIT A

 

	
        Name and Address of

        Initial Stockholders
	 	
        Number

        of Shares
	 	
        Stock

        Certificate

        Number
	 	
        Date of

        Insider Letter

	
        Jensyn Capital LLC

        800 West Main Street, Suite 204

        Freehold, New Jersey 07728
	 	[_________]	 	[__]	 	[_______],

2015
	 	 	 	 	 	 	 
	
        Jeffrey J. Raymond

        [Address]
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Rebecca Irish	 	 	 	 	 	 
	[Address]	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Joseph Raymond	 	 	 	 	 	 
	[Address]	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Peter Underwood	 	 	 	 	 	 
	Address	 	 	 	 	 	 

 

    	6

    	 

    

 

EXHIBIT B

 

ESCROW AGENT FEES

 

$_____ escrow agent fee per month.

 

    	7

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