Document:

Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Agreement is made as of ___________,
2013 by and between MedWorth 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 (“IPO”)
of shares of its common stock, par value $.0001 per share (“Common Stock”), 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. (“EBC”)
is acting as the representative of the underwriters in the IPO; and

 

WHEREAS, simultaneously with the IPO, the
Company’s initial stockholders will be purchasing an aggregate of 586,250 shares of Common Stock (which amount shall be increased
proportionately to up to 658,250 shares of Common Stock if a portion or all of the over-allotment option in connection with the
Company’s IPO is exercised) (“Sponsors’ Shares”) from the Company for an aggregate purchase price of $4,690,000,
or up to $5,266,000 if the over-allotment option is exercised in full; and

 

WHEREAS, as described in the Registration
Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation, a portion of the gross
proceeds of the IPO and all of the gross proceeds from the sale of the Sponsors’ Shares (a total of $50,160,000, or $57,684,000
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 issued in the IPO as hereinafter
provided (the aggregate 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, pursuant to the terms of a Merger
& Acquisition Agreement entered into between the Company and EBC in connection with the IPO, EBC is entitled to a fee (the
“Investment Banking Fee”) of $1,680,000 for acting as the Company’s investment banker in connection with the
Company’s initial business combination as described in the Registration Statement (“Business Combination”), which
Investment Banking Fee is to be paid upon closing of such Business Combination from the Trust Account (defined below); 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;

 

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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, 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 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;

 

(e)          Notify
the Company within two (2) business days 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 hereto, signed on behalf
of the Company by its President or Chairman of the Board and Secretary or Assistant Secretary and affirmed by counsel for the Company,
and complete the liquidation of the Trust Account and distribute the Property in the Trust Account only as directed in the Termination
Letter (which, in the case of Exhibit A, requires joint instructions from the Company and EBC and will include instructions to
pay the Investment Banking Fee from the Property on closing of the Business Combination) 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 Effective Date (“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 stockholders of record on the record date established
by the Company for such purpose. The Company shall set the record date to be within ten days of the Last Date, or as soon thereafter
as reasonably practicable and legally permissible. The provisions of this Section 1(i) may not be modified, amended or deleted
under any circumstances.

 

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2.          Limited
Distributions of Income on Property.

 

(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 and other income earned on the Property 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 and other income earned on the Property requested
by the Company to cover expenses related to investigating and selecting a target business and other working capital requirements,
including but not limited to costs and expenses associated with the exercise of the over-allotment option, if applicable, and the
cost of the liquidation and dissolution of the Company, if applicable; provided, however, that the Company will not be allowed
to withdraw interest and other income earned on the Property unless there is an amount of interest and other income available in
the Trust Account sufficient to pay the Company’s tax obligations currently due and owing.

 

(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.

 

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 Chief Executive Officer, President, Vice 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;

 

(b)          Subject
to the provisions of Section 6(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 Company shall have the right to
conduct and manage the defense against such Indemnified Claim, provided, that the Company shall obtain the consent of the Trustee
with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Company may not agree to settle
any Indemnified Claim without the prior written consent of the Trustee which consent shall not be unreasonably withheld. The Trustee
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. The Trustee
shall refund to the Company the annual fee (on a pro rata basis) with respect to any period after the liquidation of the Trust
Fund;

 

(d)          In
connection with any vote of the Company’s stockholders regarding an 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)          The
Company shall provide EBC 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; and

 

(f)          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);

 

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(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; and

 

(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.          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).

 

6.          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. Upon receipt of written instructions, the Trustee will confirm such instructions with an Authorized
Individual at an Authorized Telephone Number listed on the attached Exhibit E. 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) and Sections 3(e) and 3(f) and the Company’s obligation
to pay the Investment Banking Fee upon the closing of an Business Combination from the Trust Account (which may not be changed,
amended or modified without the prior written consent of EBC), this Agreement or any provision hereof may only be changed, amended
or modified by a writing signed by each of the parties hereto. 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.

 

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(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: Steven G. Nelson, Chairman, and Frank
A. DiPaolo, CFO

Fax No.: (212) 509-5150

 

if to the Company, to:

 

MedWorth Acquisition Corp.

999 Brickell Avenue, Suite 800

Miami, Florida 33131

Attn: Charles F. Fistel

Fax No.: (305) 395-5219

 

in either case with a copy to:

 

EarlyBirdCapital, Inc.

275 Madison Avenue, 27th
Floor

New York, New York 10016

Attn: Steven Levine

Fax No.: (___) ___-____

 

And

 

Broad and Cassel

2. S. Biscayne Boulevard, Suite 2100

Miami, Florida 33131

Attn: A. Jeffry Robinson

Fax No: (305) __________

 

(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 EBC 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:  Frank A. Di Paolo
	 	 	Title:  Trust Officer
	 	 	 
	 	MEDWORTH ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

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SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	 	 	 	 	 	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,000	 
	 	 	 	 	 	 	 
	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	 

 

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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: Steven Nelson and Frank DiPaolo

 

Re:          Trust Account No.      -       Termination
Letter

 

Gentlemen:

 

Pursuant to paragraph
1(i) of the Investment Management Trust Agreement between MedWorth Acquisition Corp. (“Company”) and Continental Stock
Transfer & Trust Company (“Trustee”), dated as of _________, 2013 (“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 JP Morgan Chase Bank 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,
or will, concurrently with your transfer of funds to the accounts as directed by the Company be consummated, and (ii) the Company
shall deliver to you (a) [an affidavit] [a certificate] of the Chief Executive Officer, which verifies that the Business Combination
has been approved by the vote of the Company’s stockholders, if a vote is held and (b) joint written instructions from it
and EarlyBirdCapital, Inc. with respect to the transfer of the funds held in the Trust Account, including payment of the Investment
Banking Fee from 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 or be distributed immediately
and the penalty incurred. 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,
	 	 	 
	 	MEDWORTH ACQUISITION CORP.
	 	 	 
	 	By:	                  
	 	 	 
	 	By:	 

 

cc: EarlyBirdCapital, Inc.

 

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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: Steven Nelson and Frank DiPaolo

 

Re:          Trust Account No.      -      Termination
Letter

 

Gentlemen:

 

Pursuant to paragraph
1(i) of the Investment Management Trust Agreement between MedWorth Acquisition Corp. (“Company”) and Continental Stock
Transfer & Trust Company (“Trustee”), dated as of ________, 2013 (“Trust Agreement”), this is to advise
you that the Company has been unable to effect a Business Combination 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 or before ______________
and to transfer the total proceeds to the Trust Checking Account at JP Morgan Chase Bank to await distribution to the Company’s
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 Company’s 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,
	 	 	 
	 	MEDWORTH ACQUISITION CORP.
	 	 	 
	 	By:	                  
	 	 	 
	 	By:	 

 

cc: EarlyBirdCapital, Inc.

 

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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: Frank Di Paolo and Cynthia Jordan

 

Re:          Trust Account No.

 

Gentlemen:

 

Pursuant to paragraph
2(a) of the Investment Management Trust Agreement between MedWorth Acquisition Corp. (“Company”) and Continental Stock
Transfer & Trust Company (“Trustee”), dated as of ___________, 2013 (“Trust Agreement”), the Company
hereby requests that you deliver to the Company $_______ of the interest and other income earned on the Property as of the date
hereof. The Company needs such funds to pay its 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]

 

	 	MEDWORTH ACQUISITION CORP.
	 	 	 
	 	By:	                  
	 	 	 
	 	By:	 

 

cc: EarlyBirdCapital, Inc.

 

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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: Frank Di Paolo and Cynthia Jordan

 

Re:          Trust Account No.

 

Gentlemen:

 

Pursuant to paragraph
2(b) of the Investment Management Trust Agreement between MedWorth Acquisition Corp. (“Company”) and Continental Stock
Transfer & Trust Company (“Trustee”), dated as of __________, 2013 (“Trust Agreement”), the Company
hereby requests that you deliver to the Company $_______ of the interest and other 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, including but not limited to expenses relating to the exercise of the over-allotment option, if applicable,
and expenses related to the liquidation and dissolution of the Company, if applicable. 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,
	 	 	 
	 	MEDWORTH ACQUISITION CORP.
	 	 	 
	 	By:	                  
	 	 	 
	 	By:	 

 

cc: EarlyBirdCapital, Inc.

 

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EXHIBIT E

 

Authorized Individuals and Authorized
Telephone Numbers

 

    	16Exhibit 10.3

 

STOCK ESCROW AGREEMENT

 

STOCK ESCROW AGREEMENT, dated as of ___________,
2013 (“Agreement”), by and among MEDWORTH ACQUISITION CORP., a Delaware corporation (“Company”), Charles
F. Fistel (“Fistel”), Stephen B. Cichy (“Cichy”), and Anthony Minnuto (“Minnuto” and together
with Fistel and Cichy, the “Insiders”), ___________ and ________ (collectively with the Insiders, the “Initial
Stockholders”) and CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation (“Escrow Agent”).

 

WHEREAS, the Company has entered into an
Underwriting Agreement, dated __________, 2013 (“Underwriting Agreement”), with EarlyBirdCapital, Inc. (“EBC”)
acting as representative of the several underwriters (collectively, the “Underwriters”), pursuant to which, among other
matters, the Underwriters have agreed to purchase 6,000,000 shares of common stock, par value $0.0001 per share (“Common
Stock”), of the Company, plus an additional 900,000 shares of Common Stock if the Underwriters exercise their over-allotment
option in full, all as more fully described in the Company’s final Prospectus, dated ________, 2013 (“Prospectus”)
comprising part of the Company’s Registration Statement on Form S-1 (SEC File No. 333-_______) under the Securities Act of
1933, as amended (“Registration Statement”), declared effective on __________, 2013 (“Effective Date”).

 

WHEREAS, the Initial Stockholders have agreed
as a condition of the sale of the shares of Common Stock pursuant to the Underwriting Agreement to deposit their shares of Common
Stock of the Company, as set forth opposite their respective names in Exhibit A attached hereto (collectively, the “Escrow
Shares”), in escrow as hereinafter provided.

 

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 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 such Initial Stockholder’s respective Escrow Shares, to be held and disbursed subject to the terms and conditions
of this Agreement. Each Initial Stockholder acknowledges that the certificate representing such Initial Stockholder’s Escrow
Shares is legended to reflect the deposit of such Escrow Shares under this Agreement, it being agreed that such legend shall be
removed upon the disbursement of the Escrow Shares as described in Section 3 below.

 

    	 

    	 

    

 

3.           Disbursement
of the Escrow Shares.

 

3.1           The
Escrow Agent shall hold the Escrow Shares as follows: (i) with respect to half of the Escrow Shares deposited by each Initial Stockholder,
until six months after the consummation by the Company of an initial business combination, (as described in the Prospectus) and
(ii) with respect to the remainder of the Escrow Shares, one year after the consummation of a business combination (collectively,
the “Escrow Period”); on which date it shall, upon written instructions from the Company’s Chief Executive
Officer or President, disburse each of the Initial Stockholder’s Escrow Shares 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 at any
time after the date hereof, then the Escrow Agent shall promptly return the certificates representing the Escrow Shares to the
Initial Stockholders; provided further, however, that the Escrow Agent shall disburse each Initial Stockholder’s Escrow Shares
(and any applicable share power) to such Initial Stockholder, if, during the Escrow Period, 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, 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. The Escrow Agent shall have no further
duties hereunder after the disbursement or destruction of the Escrow Shares in accordance with this Section 3.

 

3.2           Notwithstanding
Section 3.1, if the Underwriters do not exercise their over-allotment option to purchase an additional 900,000 shares of Common
Stock of the Company in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Insiders
agree that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of Escrow Shares held by each
Insider determined by multiplying (a) the product of (i) 225,000, multiplied by (ii) a fraction, (x) the numerator of which is
the number of Escrow Shares held by each Insider, and (y) the denominator of which is the total number of Escrow Shares, by (b)
a fraction (“Overallotment Fraction”), (i) the numerator of which is 900,000 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 900,000. 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 shares of Common Stock, if any, purchased by the Underwriters in connection with their exercise thereof.

 

4.           Rights
of Initial Shareholders 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 during the Escrow Period, including, without
limitation, the right to vote their Escrow 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 held in escrow at the time of the dividend shall be paid to the Initial Stockholders, but all dividends payable
in stock or other non-cash property (“Non-Cash Dividends”) with respect to the Escrow Shares held in escrow at the
time of the dividend 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.

 

    	2

    	 

    

 

4.3           Restrictions
on Transfer. During the Escrow Period, while any Escrow Shares are still held by the Escrow Agent
pursuant to the terms of this Agreement, the only permitted transfers of such Escrow Shares will be (i) to the Initial Stockholders
or to the Company’s officers, directors and employees, (ii) if the Initial Stockholder is an entity, as a distribution to
partners, members, stockholders or affiliates of the Initial Stockholder upon the liquidation and dissolution of the Initial Stockholder,
(iii) by bona fide gifts to members of the Initial Stockholder’s immediate family or to a trust, the beneficiary of which
is the Initial Stockholder and/or members of the Initial Stockholder’s immediate family for estate planning purposes, (iv)
by virtue of the laws of descent and distribution upon death of the Initial Holder, (v) pursuant to a qualified domestic relations
order, (vi) with the Company’s prior written consent, by certain pledges to secure obligations incurred in connection with
purchases of the Company’s securities; (vii) by private sales at prices no greater than the price at which the Escrow Shares
were originally purchased or (viii) to the Company for cancellation in connection with the consummation of a Business Combination,
in each case, except for clause (viii), on the condition that such transfers comply with applicable securities laws, in the opinion
of counsel to the Corporation, and 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 EBC and the Company, dated as indicated on Exhibit
A hereto, and the form of which is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting
the rights and obligations of such Initial Stockholder 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.

 

    	3

    	 

    

 

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 reasonable compensation from the Company for all services rendered by it hereunder, as set
forth on Exhibit B attached hereto. The Escrow Agent shall also be entitled to reimbursement from the Company for all 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 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 sixty (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.

 

    	4

    	 

    

 

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 this Agreement may not be modified or changed without the prior written consent of EBC.

 

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 overnight courier service, return receipt requested, postage
prepaid, and shall be deemed given when so delivered personally or, if sent by private national overnight courier service, on the
next business day, or, if mailed, two days after the date of mailing, as follows:

 

If to the Company, to:

 

MedWorth Acquisition Corp.

999 Brickell Avenue, Suite 800

Miami, Florida 33131

Attn: Charles F. Fistel

Fax No.: (305) 395-5219

 

If to an Initial Stockholder, to his address
set forth in 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:

 

EarlyBirdCapital, Inc.

275 Madison Avenue, 27th
Floor

New York, New York 10016

Attn: Steven Levine

Fax No.: (___) ___-____

 

    	5

    	 

    

 

and:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

 

and:

 

Broad and Cassel

2 South Biscayne Blvd., 21st
Floor

Miami, Florida 33131

Attn: A. Jeffry Robinson, Esq.

 

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 the counterparts shall constitute one and the same instrument.

 

[Signature Page Follows]

 

    	6

    	 

    

 

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

 

	 	 	COMPANY:
	 	 	 
	 	 	MEDWORTH ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	INITIAL STOCKHOLDERS:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	ESCROW AGENT:
	 	 	 
	 	 	CONTINENTAL STOCK TRANSFER
	 	 	& TRUST COMPANY
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	7

    	 

    

 

EXHIBIT A

 

	Name and Address of

    Initial Stockholder	 	Number

    of  Shares	 	Stock

    Certificate

    Number	 	Date of

    Insider Letter
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT B

 

Escrow Agent Fees

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