Document:

Exhibit 10.2

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

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

 

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

 

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

 

WHEREAS,
as described in the Registration Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation,
$100,500,000 ($115,575,000 if the over-allotment option is exercised in full) of the proceeds from the IPO and a simultaneous
private placement of units will be delivered to the Trustee to be deposited and held in a trust account for the benefit of the
Company and the holders of the Company’s common stock, par value $.0001 per share (“Common Stock”), issued in
the IPO as hereinafter provided (the proceeds to be delivered to the Trustee will be referred to herein as the “Property”;
the stockholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Stockholders,”
and the Public Stockholders and the Company will be referred to together as the “Beneficiaries”); and

 

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

 

IT
IS AGREED:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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2.       Limited
Distributions of Income from Trust Account.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

6.       Termination.
This Agreement shall terminate as follows:

 

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

 

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

 

7.       Miscellaneous.

 

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

 

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

 

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

 

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

 

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

 

if
to the Trustee, to:

 

Continental
Stock Transfer & Trust Company

1
State Street Plaza

New
York, New York 10004

Attn:
Fran Wolf and Sharmin Carter

Fax
No.: (212) 509-5150

 

    7 

     

    

 

if
to the Company, to:

 

Black
Ridge Acquisition Corp.

c/o
Black Ridge Oil & Gas, Inc.

110
North 5th Street, Suite 410

Minneapolis,
Minnesota 55403

Attn:
Ken DeCubellis, Chief Executive Officer

Fax
No.: (___) ___-____

 

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

 

EarlyBirdCapital,
Inc.

366
Madison Avenue

New
York, New York 10017

Attn:
General Counsel and Investment Banking Department

Facsimile:
(___) ___-____

 

and

 

Graubard
Miller

The
Chrysler Building

405
Lexington Avenue

New
York, New York 10174

Attn:
David Alan Miller, Esq.

Fax
No.: (212) 818-8881

 

and

 

Stinson
Leonard Street LLP

150
South Fifth Street, Suite 2300

Minneapolis,
MN 55402

Attn:
Jill R. Radloff

Fax
No.: (612) 335-1657

 

and

 

Greenberg
Traurig, LLP

MetLife
Building

200
Park Avenue

New
York, New York 10166

Attn:
Alan I. Annex, Esq.

Fax
No.: (212) 801-9200

 

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

 

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

 

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

 

[Signature
Page Follows]

 

    9 

     

    

 

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

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 	 	 
	 	By: 	 	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	BLACK RIDGE ACQUISITION CORP.
	 	 	 	 
	 	By: 	 	 
	 	 	Name:	 
	 	 	Title:	 

 

    10 

     

    

 

SCHEDULE
A

 

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

         

 

    11 

     

    

 

EXHIBIT
A

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer

&
Trust Company

1
State Street Plaza

New
York, New York 10004

Attn:
Fran Wolf and Sharmin Carter

 

Re:       Trust
Account No.                                 - Termination Letter

 

Gentlemen:

 

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

 

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

 

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

 

    12 

     

    

 

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

 

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

 

AGREED
TO AND

ACKNOWLEDGED
BY

 

EARLYBIRDCAPITAL,
INC.

 

	By: 	 	 

 

    13 

     

    

 

EXHIBIT
B

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer

&
Trust Company

1
State Street Plaza

New
York, New York 10004

Attn:
Fran Wolf and Sharmin Carter

 

Re:       Trust
Account No.                     - Termination Letter

 

Gentlemen:

 

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

 

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

 

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

 

cc:
EarlyBirdCapital, Inc.

 

    14 

     

    

 

EXHIBIT
C

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer

&
Trust Company

1
State Street Plaza

New
York, New York 10004

Attn:
Fran Wolf and Sharmin Carter

 

Re:       Trust
Account No. 

 

Gentlemen:

 

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

 

[WIRE
INSTRUCTION INFORMATION]

 

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

 

cc:
EarlyBirdCapital, Inc.

 

    15 

     

    

 

EXHIBIT
D

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer

&
Trust Company

1
State Street Plaza

New
York, New York 10004

Attn:
Fran Wolf and Sharmin Carter

 

Re:       Trust
Account No. 

 

Gentlemen:

 

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

 

[WIRE
INSTRUCTION INFORMATION]

 

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

 

cc:
EarlyBirdCapital, Inc.

 

    16 

     

    

 

EXHIBIT
E

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer

&
Trust Company

1
State Street Plaza

New
York, New York 10004

Attn:
Fran Wolf and Sharmin Carter

 

Re:       Trust
Account No.                                 - Termination Letter

 

Gentlemen:

 

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

 

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

 

Very
truly yours,

 

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

 

cc:
EarlyBirdCapital, Inc.

 

    17Exhibit
10.3

 

STOCK
ESCROW AGREEMENT

 

STOCK
ESCROW AGREEMENT, dated as of [_____], 2017 (“Agreement”), by and among BLACK RIDGE ACQUISITION CORP., a Delaware
corporation (“Company”), BLACK RIDGE OIL & GAS, INC., a Nevada corporation (the “Sponsor” and any
permitted transferee of the Sponsor after the date hereof in accordance with the terms hereof being referred to as 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 [_____], 2017 (“Underwriting Agreement”), with EarlyBirdCapital,
Inc. (the “Representative”) acting as representative of the several underwriters (collectively, the “Underwriters”),
pursuant to which, among other matters, the Underwriters have agreed to purchase 10,000,000 units (“Units”) of the
Company, plus an additional 1,500,000 Units if the Representative exercises the over-allotment option in full. Each Unit consists
of one share of the Company’s common stock, par value $.0001 per share (“Common Stock”), one right to receive
one-tenth of one share of Common Stock upon the consummation by the Company of a merger, share exchange, asset acquisition, stock
purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (“Business
Combination”), and one half of one Warrant, each whole Warrant to purchase one share of Common Stock, in the Company’s
initial public offering (the “IPO”), all as more fully described in the Company’s final Prospectus, dated [_____],
2017 (“Prospectus”) comprising part of the Company’s Registration Statement on Form S-1 (File No. 333-_________)
under the Securities Act of 1933, as amended (“Registration Statement”), declared effective on [_____], 2017 (“Effective
Date”).

 

WHEREAS,
the Sponsor has agreed as a condition of the sale of the Units to deposit its 2,875,000 shares of Common Stock of the Company
in escrow as hereinafter provided.

 

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

 

IT
IS AGREED:

 

1.             Appointment
of Escrow Agent. The Company and the Sponsor 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 Shares. On or before the Effective Date, the Sponsor shall have delivered to the Escrow Agent a certificate representing
such Sponsor’s shares, to be held and disbursed subject to the terms and conditions of this Agreement. The Sponsor acknowledges
that the certificate representing such Sponsor’s shares is legended to reflect the deposit of such shares under this Agreement.

 

3.             Disbursement
of the Escrow Shares.

 

3.1       If
the Underwriters do not exercise in full their over-allotment option to purchase up to an additional 1,500,000 Units of the Company
within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Sponsor agrees that the Escrow
Agent shall return to the Company for cancellation, at no cost, a number of shares determined by multiplying 375,000 by a fraction,
(i) the numerator of which is 1,500,000 minus the number of shares of Common Stock, if any, purchased by the Underwriters upon
the exercise of their over-allotment option, and (ii) the denominator of which is 1,500,000. 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.

 

     

     

    

 

3.2       Except
as otherwise set forth herein, the Escrow Agent shall hold the shares remaining after any cancellation required pursuant to Section
3.1 above (such remaining shares to be referred to herein as the “Escrow Shares”) until (i) with respect to 50% of
the Escrow Shares, on the earlier of (x) one year after the date of the consummation of the Company’s initial Business Combination
and (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 initial Business Combination and (ii) with respect to the remaining 50% of the Escrow Shares,
one year after the date of the consummation of an initial Business Combination (the “Escrow Period”). The Company
shall promptly provide notice of the consummation of a Business Combination to the Escrow Agent. Upon completion of the Escrow
Period, the Escrow Agent shall disburse such amount of each Initial Stockholder’s Escrow Shares (and any applicable share
power) to such Initial Stockholder; provided, however, that if the Escrow Agent is notified by the Company pursuant to Section
6.7 hereof that the Company is being liquidated because it failed to consummate a Business Combination within the time period
specified in the Prospectus, then the Escrow Agent shall promptly destroy the certificates representing the Escrow Shares; provided
further, however, that if, within one year after the Company consummates a Business Combination, the Company (or the surviving
entity) subsequently consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the
stockholders of such entity having the right to exchange their shares of Common Stock for cash, securities or other property,
then the Escrow Agent will, upon receipt of a notice executed by the Chairman of the Board, Chief Executive Officer or other authorized
officer of the Company, in form reasonably acceptable to the Escrow Agent, certifying that such transaction is then being consummated
or such conditions have been achieved, as applicable, release the Escrow Shares to the Initial Stockholders. The Escrow Agent
shall have no further duties hereunder after the disbursement or destruction of the Escrow Shares in accordance with this Section
3.

 

4.            Rights
of Initial Stockholder in Escrow Shares.

 

4.1       Voting
Rights as a Stockholder. Subject to the terms of the Insider Letters described in Section 4.4 hereof and except as herein
provided, the Initial Stockholders shall retain all of their rights as stockholders of the Company as long as any shares are held
in escrow pursuant to this Agreement, including, without limitation, the right to vote such shares.

 

4.2       Dividends
and Other Distributions in Respect of the Escrow Shares. For as long as any shares are held in escrow pursuant to this Agreement,
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.

 

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4.3       Restrictions
on Transfer. During the Escrow Period, the only permitted transfers of the Escrow Shares will be (i) to the Initial Stockholders’
or the Company’s officers, directors, employees, consultants or their affiliates, (ii) to an Initial Stockholders’
officers, directors, employees or members upon the Initial Stockholders’ liquidation, in each case if the Initial Stockholder
is an entity, (iii) by bona fide gift to a member of the Initial Stockholders’ immediate family or to a trust, the beneficiary
of which is the Initial Stockholder or a member of the Initial Stockholders’ 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)
to the Company for no value for cancellation in connection with the consummation of a Business Combination or (vii) in connection
with the consummation of an initial Business Combination, by private sales of the Escrow Shares at prices no greater than the
price at which the Escrow Shares were originally purchased; provided, however, that except for clause (vi) or with the Company’s
prior written consent, such permissive 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 signed by the Sponsor transferring the shares.

 

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

 

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 reasonable 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 reasonable compensation from the Company for all services rendered by it hereunder. 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.

 

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5.4       Further
Assurances. From time to time on and after the date hereof, the Company and the Sponsor 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 and approved by the Representative,
which approval will not be unreasonably withheld, conditioned or delayed, 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 in the State of New York.

 

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, fraud or 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.

 

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. Each of the parties 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 personal jurisdiction, which jurisdiction
shall be exclusive. Each of the parties hereby waives any objection to such exclusive jurisdiction and that such courts represent
an inconvenient forum.

 

6.2       Third
Party Beneficiaries. The Sponsor hereby acknowledges that the Underwriters are third party beneficiaries of this Agreement.

 

6.3       Entire
Agreement. This Agreement and each Insider Letter contain 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 be 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.

 

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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, four business days after the date of mailing, as follows:

 

	 	If to the Company, to:
	 	 	 
	 	 	Black Ridge Acquisition Corp.
	 	 	c/o Black Ridge Oil & Gas, Inc.
	 	 	110 North 5th Street, Suite 410,
	 	 	Minneapolis, Minnesota 55403
	 	 	Attn: Ken DeCubellis
	 	 	 
	 	If to the Sponsor, to its address
    set forth in Exhibit A.
	 	 	 
	 	and if to the Escrow Agent, to:
	 	 	 
	 	 	Continental Stock Transfer & Trust Company
	 	 	1 State Street Plaza
	 	 	New York, New York 10004
	 	 	Attn: Chairman
	 	 	 
	 	A copy of any notice sent hereunder
    shall be sent to:
	 	 	 
	 	 	EarlyBirdCapital, Inc.
	 	 	366 Madison Avenue
	 	 	5th Floor
	 	 	New York, New York 10017
	 	 	Attn: General Counsel and Investment Banking
    Department
	 	 	Facsimile: (212) 661-0200
	 	 	 
	 	with a copy to:
	 	 	 
	 	 	Graubard Miller
	 	 	The Chrysler Building
	 	 	405 Lexington Avenue
	 	 	New York, New York 10174
	 	 	Attn: David Alan Miller, Esq.

 

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	 	and:
	 	 	 
	 	 	Greenberg Traurig, LLP
	 	 	Met Life Building
	 	 	200 Park Avenue
	 	 	New York, New York 10166
	 	 	Attn: Alan I. Annex, Esq.
	 	 	 
	 	and:
	 	 	 
	 	 	Stinson Leonard Street LLP
	 	 	150 South Fifth Street, Suite 2300
	 	 	Minneapolis, MN 55402
	 	 	Attn: Jill R. Radloff

 

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.

 

6.8       Counterparts.
This Agreement may be executed in several counterparts, each one of which shall constitute an original and may be delivered by
facsimile transmission and together shall constitute one instrument.

 

 

[Signature
Page Follows]

 

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

 

	 	 	BLACK RIDGE ACQUISITION CORP.	 
	 	 	 	 	 
	 	By:	 	 	 	 	 
	 	 	 	 	 
	 	 	SPONSOR:	 
	 	 	 	 	 
	 	 	BLACK RIDGE OIL & GAS, INC.	 
	 	 	 	 	 
	 	By:	 	 	 	 
	 	 	Name: Ken DeCubellis	 
	 	 	Title: Chief Executive Officer	 
	 	 	 	 	 
	 	 	CONTINENTAL STOCK TRANSFER 

& TRUST COMPANY	 
	 	 	 	 	 
	 	 	By: 		 	 
	 	 	 	Name: 	 
	 	 	 	Title: 	 

 

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EXHIBIT
A

 

	 

        

        Name
        and Address 
	 	Number

        

        of
        Shares 
	 	Stock 

        Certificate
        Number

        
	 	Date
of 

        Insider
Letter 

	 	 	 	 	 	 	 
	Black
                                         Ridge Oil & Gas, Inc.

        

        110
        North 5th Street, Suite 410,

        

        Minneapolis,
        Minnesota 55403

        
	 	2,875,000	 	1	 	[_____]

 

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