Exhibit 10.2


 




[     ], 2021


 


Global SPAC Partners
Co.


2093 Philadelphia
Pike #1968


Claymont, DE 19703


Re: Initial Public Offering


 


Ladies and Gentlemen:


 


This letter (this
“Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting
Agreement”) to be entered into by and among Global SPAC Partners Co., a Cayman Islands exempted company (the “Company”),
and I-Bankers Securities, Inc., as representative (the “Representative”) of the several underwriters
(each, an “Underwriter” and collectively, the “Underwriters”), relating to
an underwritten initial public offering (the “Public Offering”), of up to 23,000,000 of the Company’s
units (including up to 3,000,000 units that may be purchased to cover over-allotments, if any) (the “Units”),
each comprised of (i) one subunit (consisting of one Class A ordinary share of the Company, par value $0.0001 per share (the
“Ordinary Shares”) and one-quarter of one warrant) (the “Subunits”) and (ii)
one-half of one warrant. Each whole warrant (each, a “Warrant”) entitles the holder thereof to purchase
one Ordinary Share. The Units shall be sold in the Public Offering pursuant to a registration statement on Form S-1 (File
No. 333-249465) and prospectus (the “Prospectus”) filed by the Company with the Securities and Exchange
Commission (the “Commission”) and the Company shall apply to have the Units listed on the Nasdaq Capital
Market. Certain capitalized terms used herein are defined in Section 11 hereof.


 


In order to induce
the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Global SPAC Sponsors LLC (the “Sponsor”),
the Representative and the undersigned individuals, each of whom is a member of the Company’s board of directors and/or management
team, hereby agree with the Company as follows:


 


1. The Sponsor
and each Insider agrees that (A) if the Company seeks shareholder approval of a proposed Business Combination, then in connection
with such proposed Business Combination, it, he or she shall (i) vote any Shares owned by it, him or her in favor of any proposed
Business Combination and (ii) not redeem any Subunits owned by it, him or her in connection with such shareholder approval,
(B) if the Company engages in a tender offer in connection with any proposed Business Combination, it, he or she shall not sell
any Subunits to the Company in connection therewith and (C) if the Company seeks shareholder approval of any proposed amendment
to the Charter prior to the consummation of a Business Combination, it, he or she shall not redeem any Subunits owned by it, him
or her in connection with such shareholder approval.


 


2.
(a) The Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination
within the time period set forth in the Charter, the Sponsor and each Insider shall take all reasonable steps to cause the
Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible
but not more than 10 business days thereafter, subject to lawfully available funds therefor, redeem 100% of the Subunits sold
as part of the Units in the Public Offering (the “Offering Subunits”), at
a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including
interest earned on the funds held in the Trust Account and not previously released to the Company to pay any taxes (less up
to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Offering Subunits, which
redemption will completely extinguish all Public Shareholders’ rights as shareholders (including the right to receive
further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible
following such redemption, subject to the approval of the Company’s remaining shareholders and the
Company’s board of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii) above to the
Company’s obligations under Cayman Islands law to provide for claims of creditors and other requirements of applicable
law. The Sponsor and each Insider agrees to not propose any amendment to the Charter (i) that would affect the substance or
timing of the Company’s obligation to redeem 100% of the Offering Subunits if the Company does not complete a Business
Combination within the time period described in the Prospectus or (ii) with respect to any other provision relating to
shareholders’ rights or pre-Business Combination activity, unless the Company provides its public shareholders with the
opportunity to redeem their Offering Subunits upon approval of any such amendment at a per-subunit price, payable
in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in
the Trust Account and not previously released to the Company to pay any taxes, divided by the number of then outstanding
Offering Subunits.


 






     


     


    

 


(b) Each Insider
who is a member of the Company’s board of directors hereby agrees that in the event of such Insider’s resignation or
removal from the Company’s board of directors prior to the Company’s consummation of the initial Business Combination,
the Insider shall Transfer any Founder Shares that they hold to the Sponsor, as directed by the Company. The Sponsor that would
otherwise receive such Founder Shares has the sole and absolute discretion to waive this requirement.


 


The Sponsor and each
Insider acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies held in the Trust
Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares held
by it, him or her. The Sponsor and each Insider hereby further waives any claim such Sponsor or Insider may have in the future
as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust Fund
for any reason whatsoever except in each case with respect to the Sponsor’s or the Insider’s right to a pro rata interest
in the proceeds held in the Trust Fund for any Offering Subunits such Sponsor or Insider may hold.


 


3. During the
period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each
Insider shall not, without the prior written consent of the Representative, (i) sell, offer to sell, contract or agree to
sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly,
or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16
of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder,
with respect to any Units, Subunits, Ordinary Shares, Founder Shares, Warrants or any securities convertible into, or exercisable,
or exchangeable for, Ordinary Shares owned by it, him or her, (ii) enter into any swap or other arrangement that transfers
to another, in whole or in part, any of the economic consequences of ownership of any Units, Subunits, Ordinary Shares, Founder
Shares, Warrants or any securities convertible into, or exercisable, or exchangeable for, Ordinary Shares owned by it, him or her,
whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly announce
any intention to effect any transaction specified in clause (i) or (ii). Each of the Insiders and the Sponsor acknowledges
and agrees that, prior to the effective date of any release or waiver of the restrictions set forth in this Section 3, the Company
shall announce the impending release or waiver by press release through a major news service at least two business days before
the effective date of the release or waiver. Any release or waiver granted shall only be effective two business days after the
publication date of such press release. The provisions of this Section will not apply if the release or waiver is effected solely
to permit a transfer not for consideration and the transferee has agreed in writing to be bound by the same terms described in
this Letter Agreement to the extent and for the duration that such terms remain in effect at the time of the transfer.


 


4. In the event
of the liquidation of the Trust Account, the Sponsor (which for purposes of clarification shall not extend to any other shareholders,
members or managers of the Sponsor) agrees to indemnify and hold harmless the Company against any and all loss, liability, claim,
damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating,
preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever) to which the Company may
become subject as a result of any claim by (i) any third party for services rendered or products sold to the Company or (ii) a
prospective target business with which the Company has entered into a letter of intent, confidentiality or other similar agreement
or a Business Combination agreement (a “Target”); provided, however, that such
indemnification of the Company by the Sponsor shall apply only to the extent necessary to ensure that such claims by a third party
for services rendered or products sold to the Company or a Target do not reduce the amount of funds in the Trust Account to below
(i) $10.00 per subunit of the Offering Subunits or (ii) such lesser amount per subunit of the Offering Subunits held
in the Trust Account due to reductions in the value of the trust assets as of the date of the liquidation of the Trust Account,
in each case, net of the amount of interest earned on the property in the Trust Account which may be withdrawn to pay taxes, except
as to any claims by a third party (including a Target) who executed a waiver of any and all rights to seek access to the Trust
Account and except as to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including
liabilities under the Securities Act of 1933, as amended. In the event that any such executed waiver is deemed to be unenforceable
against such third party, the Sponsor shall not be responsible to the extent of any liability for such third party claims. The
Sponsor shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company.


 






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5. To the extent
that the Underwriters do not exercise their over-allotment option to purchase up to an additional 3,000,000 Units within 45 days
from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to surrender, at no cost, a number
of Founder Shares in the aggregate equal to 750,000 multiplied by a fraction, (i) the numerator of which is 3,000,000 minus
the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator
of which is 3,000,000.


 


6. The Sponsor
and each Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably injured in
the event of a breach by such Sponsor or an Insider of its, his or her obligations under Sections 1, 2, 3, 4, 5, 7(a), 7(b), and
9, as applicable, of this Letter Agreement (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party
shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event
of such breach.


 


7. (a) Subject
to Section 7(c), the Sponsor and each Insider agrees that it, he or she shall not Transfer any Founder Shares (or Ordinary Shares
issuable upon conversion thereof) until the earlier of (A) six months after the completion of the Company’s initial Business
Combination or (B) subsequent to the Business Combination, (x) if the last sale price of the Ordinary Shares equals or exceeds
$12.50 per share (as adjusted for sub-division, stock capitalization, reorganizations, recapitalizations and the like) for any
20 trading days within any 30-trading day period following the consummation of the Company’s initial Business Combination
or (y) or earlier, in any case, if, following the initial Business Combination, the Company completes a liquidation, merger, share
exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right
to exchange their Ordinary Shares for cash, securities or other property (the “Founder Shares Lock-up Period”).
For the avoidance of doubt, the satisfaction of any of the conditions of clauses (x), (y) and (z) shall permit the termination
of the transfer prohibition with respect to all Founder Shares included within that pricing level or any lower pricing level.


 


(b) Subject
to Section 7(c), the Sponsor, the Representative and each Insider agrees that it, he or she shall not Transfer any Placement Units,
Placement Subunits, Placement Shares, Placement Warrants (or Ordinary Shares issued or issuable upon the conversion or exercise
of Placement Warrants), until 30 days after the completion of a Business Combination (the “Placement Unit Lock-up Period”).


 


(c) Notwithstanding
the provisions set forth in Sections 7(a) and (b), Transfers of the Founder Shares, Placement Units, Placement Subunits, Placement
Shares, Placement Warrants and Ordinary Shares issued or issuable upon the exercise or conversion of Placement Warrants or the
Founder Shares and that are held by the Sponsor, the Representative, any Insider or any of their permitted transferees (that have
complied with this Section 7(c)), are permitted (1) (a) to the Company’s or the Representative’s officers and
directors, the Initial Holders, and other Insiders, (b) to an affiliate or immediate family member of any of the Company’s
or the Representative’s officers, directors, Initial Holders and other Insiders, (c) to any member, partner, officer
or director of the Sponsor or the Representative, or any immediate family member, partner, affiliate or employee of a member of
the Sponsor or the Representative, (d) by gift to any permitted transferee under any of the immediately preceding subsections
(a) through (c), a trust, the beneficiaries of which are one or more permitted transferees under any of the immediately preceding
subsections (a) through (c), or a charitable organization, (e) by virtue of laws of descent and distribution upon death
of any of the Company’s or the Representative’s officers, directors, Initial Holders or members of the Sponsor or the
Representative, (f) pursuant to a qualified domestic relations order, (g) in the event of the Company’s liquidation
prior to consummation of the initial Business Combination, (h) by virtue of the laws of the Cayman Islands or the Sponsor’s
or the Representative’s organizational documents upon dissolution of the Sponsor or the Representative, (i) subsequent
to the initial Business Combination, upon and in connection with a liquidation, merger, share exchange or other similar transaction
which results in all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities
or other property, (j) subsequent to the initial Business Combination, in the event of a consolidation merger, share exchange
or similar transaction in which the Company is the surviving entity that results in a change in the majority of its board of directors
or management team and (k) through private sales or transfers made in connection with any forward purchase agreement or similar
arrangement or in connection with the consummation of the initial Business Combination at prices no greater than the price at which
the securities were originally purchased; provided, however, that in the case of clauses (a) through (f), (h) and (k) these
permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions, and (2) in connection
with an initial Business Combination with the consent of the Company to any third party that agrees in writing to be bound by the
provisions of this Letter Agreement applicable to Insiders (other than paragraph 1). For the avoidance of doubt, for the purposes
of this Letter Agreement, a managed account managed by the same investment manager of any member of the Sponsor shall be deemed
an affiliate of such member.


 


(d) The Representative
acknowledges that the Representative’s Shares, the Placement Units
(including their component parts) held by the Representative and the related registration rights have been deemed compensation
by the Financial Industry Regulatory Authority (“FINRA”) and are therefore subject to a lock-up period
of 180 days immediately following the date of the effectiveness of the registration statement of which the Prospectus forms
a part pursuant to Rule 5110(g)(1) of the FINRA Manual (the “Representative’s Securities Lock-up Period”
and, together with the Founder Shares Lock-up Period and the Placement Units Lock-up Period, the “Lock-up Periods”).
Pursuant to FINRA Rule 5110(g)(1), the Representative agrees that Representative’s Shares and the Placement Units (including
their component parts) held by the Representative will not be sold during the offering, or sold, transferred, assigned, pledged,
or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic
disposition of the securities by any person during the Representative’s Securities Lock-up Period or commencement of sales
of the public offering, except to any Underwriter and selected dealer participating in the offering and their bona fide officers
or partners, provided that all securities so transferred remain subject to the lockup restriction above for the remainder of the
time period.


 






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(e) Subject to the
limitations described herein, each Insider shall retain all of such Insider’s rights as a security holder during, as applicable,
the Lock-Up Periods including, without limitation, the right to vote, as the case may be, the Founder Shares and/or Placement Shares.


 


8. The Sponsor
and each Insider represents and warrants that it, he or she has never been suspended or expelled from membership in any securities
or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked.
Each Insider’s biographical information furnished to the Company (including any such information included in the Prospectus)
is true and accurate in all respects and does not omit any material information with respect to the Insider’s background.
Each Insider’s questionnaire furnished to the Company is true and accurate in all respects. Each Insider represents and warrants
that: it, he or she is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order
or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction; it or
he has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction
or handling of funds of another person, or (iii) pertaining to any dealings in any securities and it or he is not currently
a defendant in any such criminal proceeding.


 


9. Except as disclosed
in the Prospectus, neither the Sponsor nor any Insider nor any affiliate of the Sponsor or any Insider, nor any director or officer
of the Company, shall receive from the Company any finder’s fee, reimbursement or cash payments prior to, or in connection
with any services rendered in order to effectuate the consummation of the Company’s initial Business Combination (regardless
of the type of transaction that it is), other than the amounts described in the Prospectus under the heading “Summary –
The Offering – Limited Payments to Insiders.”


 


10. The Sponsor
and each Insider has full right and power, without violating any agreement to which it is bound (including, without limitation,
any non-competition or non-solicitation agreement with any employer or former employer), to enter into this
Letter Agreement and, as applicable, to serve as an officer and/or director on the board of directors of the Company and hereby
consents to being named in the Prospectus as an officer and/or director of the Company.


 


11. As used herein,
(i) “Business Combination” shall mean a merger, share exchange, asset acquisition, stock purchase,
reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Shares”
shall mean, collectively, the Ordinary Shares and the Founder Shares; (iii) “Founder Shares” shall
mean (a) the 5,750,000 Class B ordinary shares of the Company, par value $0.0001 per share, initially issued to the Sponsor
(up to 750,000 Shares of which are subject to complete or partial surrender by the Sponsor if the over-allotment option is not
exercised by the Underwriters) for an aggregate purchase price of $25,000, or approximately $0.0043 per share, prior to the consummation
of the Public Offering; (iv) “Initial Holders” shall mean the Sponsor and any Insider that holds
Founder Shares; (v) “Insiders” shall mean the Sponsor and its members, any holders of Founder Shares
or Representative’s Shares, any person who receives Placement Units, Founder Shares, Representative’s Shares or their
respective underlying securities as a Permitted Transferee and each officer and director of the Company; (vi) “Placement
Shares” shall mean the Ordinary Shares sold as part of the Placement Units; (vii) “Placement Warrants”
shall mean the Warrants to purchase up to an aggregate of 596,250 Ordinary Shares (or Warrants to purchase up to an aggregate of
663,750 Ordinary Shares if the underwriters’ over-allotment option is exercised in full) that are included in the Placement
Units and the Placement Subunits; (viii) “Placement Units” shall mean the aggregate of 795,000 Units
(or 885,000 Units if the underwriters’ over-allotment option is exercised in full) of the Company (each Placement Unit consists
of one-half of a Placement Warrant and one Subunit, consisting of one Placement Share and one-quarter of one Placement Warrant
(the “Placement Subunits”)) sold in the Private Placement to the Sponsor for an aggregate purchase price
of $7,950,000 (or $8,850,000 if the underwriters’ over-allotment option is exercised in full); (ix) “Private
Placement” shall mean that certain private placement transaction occurring simultaneously with the closing of the
Public Offering pursuant to which the Company has agreed to sell up to an aggregate of 885,000 Placement Units to the Sponsor and
the Representative; (x) “Public Shareholders” shall mean the holders of securities issued in the
Public Offering; (xi) “Representative’s Shares” shall mean the 100,000 Class B ordinary shares
of the Company, par value $0.0001 per share, issued to the Representative simultaneously with the closing of the Public Offering;
(xii) “Trust Account” shall mean the trust fund into which a portion of the net proceeds of the
Public Offering shall be deposited; (xiii) “Transfer” shall mean the (a) sale of, offer to
sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement
to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to
or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended,
and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into
any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of
any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public
announcement of any intention to effect any transaction specified in clause (a) or (b); and (xiv) “Charter”
shall mean the Company’s memorandum and articles of association, as the same may be amended from time to time.


 






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


 


13. No party hereto
may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior written consent
of the other party. Any purported assignment in violation of this Section shall be void and ineffectual and shall not operate to
transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the Sponsor and each
Insider and their respective successors, heirs and assigns and permitted transferees.


 


14. Nothing in
this Letter Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto any
right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise or agreement
hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall be for the sole
and exclusive benefit of the parties hereto and their successors, heirs, personal representatives and assigns and permitted transferees.


 


15. This Letter
Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.


 


16. This Letter
Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the
validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such
invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Letter Agreement
a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.


 


17. This Letter
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The
parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this
Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit
to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive
jurisdiction and venue or that such courts represent an inconvenient forum.


 


18. Any notice,
consent or request to be given in connection with any of the terms or provisions of this Letter 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 facsimile transmission.


 


19. This Letter
Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation
of the Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is
not consummated and closed by June 30, 2021; provided further that Section 4 of this Letter Agreement shall survive such liquidation.


 


 


[Signature Page Follows]


 






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	 	Sincerely,
	 	 
	 	GLOBAL SPAC PARTNERS CO.
	 	 
	 	By: 	 
	 	Name: 	 
	 	Title:	 
	 	 
	 	 
	 	GLOBAL SPAC SPONSORS LLC
	 	 
	 	By: 	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	 	 
	 	I-BANKERS SECURITIES, INC.
	 	 
	 	By: 	 
	 	Name: 	 
	 	Title:	 
	 	 
	 	 
	 	Name:	 
	 	 	 
	 	 
	 	Name: 	 
	 	 	 
	 	 
	 	Name: 	 
	 	 	 
	 	 
	 	Name: 	 
	 	 	 
	 	 
	 	Name: 	 
	 	 	 
	 	 
	 	Name:	 
	 	 	 
	 	 
	 	Name: 	 


 


 


[Signature Page to Letter Agreement]


 



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