Exhibit 10.1


 


March 11, 2021


 


FTAC Parnassus Acquisition Corp.


2929 Arch Street, Suite 1703


Philadelphia, PA 19104-2870  


 


Re: Initial Public Offering


 


Ladies and Gentlemen:


 


This letter (“Letter
Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting
Agreement”) entered into, or proposed to be entered into, by and among FTAC Parnassus Acquisition Corp., a Delaware
corporation (the “Company”), and Cantor Fitzgerald & Co., as the representative of the
underwriters (the “Underwriters”), relating to an underwritten initial public offering (the “Offering”),
of up to 25,300,000 of the Company’s units (the “Units”), each comprised of one share of the Company’s
Class A common stock, par value $0.0001 per share (the “Common Stock”), and one fourth of one warrant,
each whole warrant exercisable for one share of Common Stock (each, a “Warrant”). The Units sold in the
Offering will be registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant
to a registration statement on Form S-1 and prospectus (the “Prospectus”) filed by the Company with the
Securities and Exchange Commission (the “Commission”). The Company expects that the Units will be listed
for trading on the Nasdaq Capital Market. Certain capitalized terms used herein are defined in paragraph 16 hereof.


 


The Insiders signatory
hereto hereby agree with the Company as follows:


 


1.  Each
Insider agrees that, if the Company seeks stockholder approval of (a) a proposed initial Business Combination or (b) a proposed
amendment to the Company’s amended and restated certificate of incorporation (as may be amended from time to time, the “Charter”)
to modify the substance or timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company does not
complete its initial Business Combination within 24 months from the completion of the Offering, then in connection with such proposed
initial Business Combination or amendment to the Charter, such person shall vote, as applicable, all Founder Shares, Placement
Shares and any shares acquired by such person in the Offering or in the secondary public market in favor of such proposed initial
Business Combination or such amendment to the Charter, as applicable.


 


2. (a)  Each Insider hereby
agrees that, if the Company fails to consummate a Business Combination within 24 months from the consummation of the Offering,
such person 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 ten business days thereafter, redeem the Offering Shares at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including any amounts representing
interest earned on the Trust Account, less interest previously released to, or reserved for use by, the Company in an amount up
to $100,000 to pay dissolution expenses and less any other interest released to, or reserved for use by, the Company to pay franchise
and income taxes, divided by the number of Offering Shares then outstanding, which redemption will completely extinguish the holder’s
rights as a stockholder with respect to his, her or its Offering Shares (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 stockholders and the Company’s board of directors (the “Board”),
dissolve and liquidate, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Delaware law to
provide for claims of creditors and other requirements of applicable law.


 


(b)  Each
Insider agrees to not propose any amendment to the Charter that would affect the substance or timing of the Company’s obligation
to redeem 100% of the Offering Shares if the Company does not consummate a Business Combination within 24 months from the completion
of the Offering, unless the Company provides the holders of Offering Shares with the opportunity to redeem their Offering Shares
upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the
trust account, including any amounts representing interest earned on the Trust Account, less any interest released to, or reserved
for use by, the Company to pay franchise and income taxes, divided by the number of then outstanding Offering Shares.


 






     


     


    

 


(c)  Each
Insider acknowledges and agrees that Founder Shares or Placement Shares held by him, her or it are not entitled to, and have no
right, interest or claim of any kind in or to, any monies held in the Trust Account or distributed as a result of any liquidation
of the Trust Account.


 


(d)  Each
Insider waives, with respect to any Founder Shares or Placement Shares held by such undersigned party, any redemption rights he,
she or it may have (i) in connection with the consummation of an initial Business Combination, (ii) if the Company fails to consummate
its initial Business Combination or liquidates within 24 months from the completion of the Offering or (iii) if the Company seeks
an amendment to its Charter that would affect the substance or timing of the Company’s obligation to redeem 100% of the Offering
Shares as described above. If any of the Insiders should acquire Offering Shares in or after the Offering, each Insider hereby
waives with respect to such Offering Shares held by such undersigned party any redemption rights such party may have in connection
with the consummation of a Business Combination or a stockholder vote to amend the Charter to modify the substance or timing of
the Company’s obligation to redeem 100% of the Offering Shares if the Company does not complete its initial Business Combination
within 24 months from the completion of the Offering; provided, however, that the Insiders will be entitled to redemption
rights with respect to such Offering Shares held by them if the Company fails to consummate a Business Combination or liquidates
within 24 months from completion of the Offering.


 


3.  (a)  To the extent that
the Underwriters do not exercise in full their over-allotment option to purchase an additional 3,300,000 Units (as described in
the Prospectus), the Initial Holders shall return to the Company for cancellation, at no cost, an aggregate number of Founder
Shares determined by multiplying 1,100,000 by a fraction: (i) the numerator of which is 3,300,000 minus the number of shares of
the Common Stock purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which
is 3,300,000. The Initial Holders further agree that, if the Company effects a stock split, stock dividend, reverse
stock split, contribution back to capital or otherwise in connection with any increase or decrease in the size of the Offering,
to the extent that the Underwriters do not exercise their over-allotment option in full, the aggregate number of shares that the
Initial Holders will be required to return to the Company as set forth in the immediately preceding sentence shall be adjusted
so that the Founder Shares held by the Initial Holders and their Permitted Transferees represent 25% of the Company’s issued
and outstanding shares of Common Stock immediately following such forfeiture. The number of Founder Shares to be returned by each
Initial Holder, if any, pursuant to this Section 3(a) shall be determined on a pro-rata basis based on the percentage of outstanding
Founder Shares held by each Initial Holder at the time of such forfeiture.


 


(b)  Subject
to paragraph 3(d), the Founder Shares owned by the Insiders shall not be transferable or salable (x)(a) with respect to 25% of
such shares, until consummation of a Business Combination, (b) with respect to 25% of such shares, when the closing price of the
Common Stock exceeds $12.00 for any 20 trading days within a 30-trading day period following the consummation of a Business Combination,
(c) with respect to 25% of such shares, when the closing price of the Common Stock exceeds $13.50 for any 20 trading days within
a 30-trading day period following the consummation of a Business Combination, and (d) with respect to 25% of such shares, when
the closing price of the Common Stock exceeds $17.00 for any 20 trading days within a 30-trading day period following the consummation
of a Business Combination or earlier, in any case, if, following a Business Combination (y) the Company completes a liquidation,
merger, stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to
exchange their shares of Common Stock for cash, securities or other property (such applicable period being the “Founder
Lock-Up Period”).  During the Founder Lock-Up Period, the Insiders shall not, except as described in the Prospectus,
(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 (the “Exchange Act”), with respect to the Founder Shares then
subject to the Founder Lock-Up Period, (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 of the Founder Shares then subject to the Founder Lock-Up Period, whether
any such transaction is to be settled by delivery of the Common Stock or such other securities, in cash or otherwise, or (III)
publicly announce any intention to effect any transaction specified in clause (b)(I) or (b)(II). 


 


(c)  Until
30 days after the consummation of the initial Business Combination (“Placement Unit Lock-Up Period”),
the Sponsor shall not, except as described in the Prospectus, (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 Exchange
Act with respect to the Placement Units, Placement Shares, Placement Warrants, or shares of Common Stock underlying the Placement
Warrants, (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 of the Placement Units, Placement Shares, Placement Warrants, or shares of Common Stock underlying the Placement
Warrants, whether any such transaction is to be settled by delivery of the Common Stock or such other securities, in cash or otherwise,
or (iii) publicly announce any intention to effect any transaction specified in clause (c)(i) or (c)(ii).


 






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(d)  Notwithstanding
the provisions contained in paragraphs 3(b) and 3(c) hereof, any Insider may transfer, as applicable, the Founder Shares and/or
Placement Units, Placement Shares, Placement Warrants, or shares of Common Stock underlying the Placement Warrants (1) 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 agreement applicable to Insiders (other than paragraph 1 and the second sentence of paragraph 2(d)); and (2)
(a) to the Company’s officers, the Company’s directors, the Initial Holders, or other Insiders, (b) to an affiliate
or immediate family member of any of the Company’s officers and directors, Initial Holders, or other Insiders, (c) to any
member, officer or director of the Sponsor, or any immediate family member, partner, affiliate or employee of a member of the Sponsor,
(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 officers, the Company’s
directors, the Initial Holders, or members of the Sponsor, (f) pursuant to a qualified domestic relations order, (g) in the event
of the Company’s liquidation prior to consummation of its initial Business Combination, (h) by virtue of the laws of Delaware,
the Sponsor’s limited liability company agreement upon dissolution of the Sponsor, (i) subsequent to the Company’s
consummation of its initial Business Combination, in the event of a liquidation, merger, stock exchange or other similar transaction
which results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities
or other property, (j) subsequent to the Company’s consummation of its initial Business Combination, in the event of a consolidation,
merger or other similar transaction in which the Company is the surviving entity that results in the directors and officers of
the Company ceasing to comprise a majority of the Board (in the case of directors) or management (in the case of officers) of the
surviving entity or (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 Company’s initial Business Combination at prices no greater than the price
at which the Founder Shares, Placement Shares or Placement Warrants were originally purchased (each, a “Permitted Transferee”);
provided, however, that, in the case of subclauses (a) through (f), (h) and (k), these transferees enter into
a written agreement with the Company agreeing to be bound by the transfer restrictions set forth herein. For the avoidance of doubt,
for the purposes of this Agreement, a managed account managed by the same investment manager of any member of the Sponsor shall
be deemed an affiliate of such member.


 


(e)  Further,
each Insider agrees that after the Founder Lock-Up Period or the Placement Unit Lock-Up Period, as applicable, has elapsed, the
Founder Shares and/or Placement Units, Placement Shares, Placement Warrants, or shares of Common Stock underlying the Placement
Warrants owned by such Insider shall only be transferable or saleable pursuant to a sale registered under the Securities Act
or pursuant to an available exemption from registration under the Securities Act. The Company and each Insider acknowledges that
pursuant to that certain registration rights agreement to be entered into among the Company and certain security holders of the
Company, parties to the agreement may request that a registration statement relating to the Founder Shares and/or Placement Units,
Placement Shares, Placement Warrants, or shares of Common Stock underlying the Placement Warrants be filed by the Company with
the Commission prior to the end of the Founder Lock-Up Period or the Placement Unit Lock-Up Period, as the case may be;  provided, however,
that such registration statement does not become effective prior to the end of the Founder Lock-Up Period or the Placement Unit
Lock-Up Period, as applicable.


 


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


 


(g)  During
the Founder Lock-Up Period and Placement Unit Lock-Up Period, all dividends payable in cash with respect to such securities shall
be paid, as applicable, to each security holder, but all dividends payable in Common Stock or other non-cash property shall become
subject to the applicable lock-up period as described herein and shall only be released from such lock-up in accordance with the
provisions of this paragraph 3.


 






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4.  Without
limiting the provisions of paragraph 3(d) hereof, during the period commencing on the effective date of the Underwriting Agreement
and ending 180 days after such date, each of the undersigned shall not (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 Exchange
Act with respect to any Units, Placement Units, shares of Common Stock, Warrants, Placement Shares, Placement Warrants or any securities
convertible into, or exercisable, or exchangeable for, shares of Common Stock owned by an undersigned party, (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, Placement Units, shares of Common Stock, Warrants, Placement Shares, Placement Warrants or any securities convertible into,
or exercisable, or exchangeable for, shares of Common Stock owned by the undersigned, 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); provided, however, that the restrictions of this Section 4 shall not apply to any distributions
by the Sponsor to its members of Units, Placement Units, shares of Common Stock, Warrants, Placement Shares, Placement Warrants
or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock.


 


5. (a)  In the event of the
liquidation of the Trust Account without the consummation of a Business Combination, the Sponsor (the “Indemnitor”)
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) any prospective target business (a “Target”)
as described in the Prospectus; provided,  however, that such indemnification of the Company by the Indemnitor
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 $10.00 (regardless of whether or not the
Underwriters exercise any portion of their overallotment option) per Offering Share and only if such third party or Target
has not executed an agreement waiving claims against any and all rights to seek access to the Trust Account, regardless of whether
such agreement is enforceable. In the event that any such executed waiver is deemed to be unenforceable against such third party,
the Indemnitor shall not be responsible for any liability as a result of any such third party claims. Notwithstanding any of the
foregoing, indemnification of the Company by the Indemnitor pursuant to this paragraph 5 shall not apply as to any claims arising
from the Company’s obligation pursuant to the Underwriting Agreement to indemnify the Underwriters.


 


(b)  If
the Company is liquidated within 24 months following completion of the Offering, to the extent that interest income on the balance
of the Trust Account (net of any taxes payable) released to the Company in an amount up to $100,000 to pay dissolution expenses
and any other interest released to, or reserved for use by, the Company to pay franchise and income taxes and loans from the Sponsor
(each as described in the Prospectus) are insufficient to fund the costs and expenses of liquidation, the Indemnitor agrees to
pay the balance of the amount necessary to complete the liquidation of the Company. 


 


6.  The
Company agrees that the Company will not engage any third party to render services, agree to purchase any products from such third
party, or enter into any discussion or any acquisition agreement with a Target unless (i) such third party or Target has agreed
to execute a waiver against any right, title, interest or claim of any kind in or to any monies held in the Trust Account or any
proceeds from the Trust Account, that is acceptable to the Board or (ii) the Board and the Sponsor have each consented in writing
to dispense with such waiver with respect to such services, product, discussions or acquisition agreement, in each case with the
written consent of the Indemnitor as part of the consent of the Board. In addition the Company shall endeavor, together with the
officers and directors of any acquisition target for its initial Business Combination, to obtain waivers of claims to the monies
held in the Trust Account from creditors of such acquisition target (which, for the avoidance of doubt, shall include creditors
existing prior to the initial Business Combination as well as after completion of the initial Business Combination).


 


7.  In
order to minimize potential conflicts of interest that may arise from multiple corporate affiliations, each officer and director
of the Company who is signatory to this Agreement agrees that until the earliest of the Company’s initial Business Combination,
liquidation or the time at which such person ceases to be an officer or director of the Company, such person shall present to the
Company for its consideration, prior to presentation to any other entity, any suitable Business Combination opportunities of which
such person (or companies or entities which such person manages or controls) becomes aware, subject to any current or future fiduciary
or contractual obligations of such person that such person discloses to the Company.


 






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8.  Each
officer and director signatory hereto represents and warrants that the biographical information furnished to the Company by him
or her is true and accurate in all material respects and does not omit any material information with respect to such person’s
background. Each of the answers of such person to the items in questionnaires furnished to the Company by such officer
and director is true and accurate in all material respects.


 


9.  Each
of the undersigned represents and warrants that her, she or it:


 


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


 


(b) 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 the undersigned is not currently a defendant
in any such criminal proceeding; and


 


(c)  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.


 


10.  Each
Insider agrees that he, she or it shall receive no finder’s fees, consulting fees or other similar compensation from the
Company prior to, or for any services they render in order to effectuate, the consummation of the initial Business Combination,
other than the following:


 


(a)  repayment
of loans made to the Company by the Sponsor or its affiliate prior to completion of the Offering in connection with organizational
expenses and the preparation, filing and consummation of the Offering;


 


(b) payments to
the Sponsor or its affiliate of a total of $20,000 per month for office space, administrative and shared personnel support services,
pursuant to an Administrative Services Agreement; 


 


(c)  repayment
of loans, if any, and on such terms as to be determined by the Company from time to time, made by the Sponsor or one of its affiliates
to finance transaction costs in connection with an intended initial Business Combination, provided, that, if the Company
does not consummate an initial Business Combination, a portion of the working capital held outside the Trust Account may be used
by the Company to repay such loaned amounts. Up to $1,500,000 of such loans may be convertible into units at a price of $10.00
per unit at the option of the lender. Such units would be identical to the Placement Units;


 


(d) payment
of certain consulting fees to persons engaged by an entity affiliated with certain Insiders;


 


(e)  at
the closing of an initial Business Combination, a customary advisory fee to affiliates of the Sponsor, in an amount that constitutes
a market standard advisory fee for comparable transactions and services provided; and


 


(f)  reimbursement
for any out-of-pocket expenses related to identifying, investigating and consummating an initial Business Combination, provided
that no proceeds of the Offering placed in the Trust Account may be applied to the payment of such expenses prior to the consummation
of an initial Business Combination.


 


11.  Each
of the undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations,
and warranties set forth herein in proceeding with the Offering.


 


12.  Each
of the undersigned authorizes any employer, financial institution, or consumer credit reporting agency to release to the Underwriters
and their legal representatives or agents (including any investigative search firm retained by the Underwriters) any information
they may have about such undersigned party’s background and finances (“Information”), purely for
the purposes of performing required due diligence examinations in connection with the Offering (provided that the Underwriters
agree to hold such Information in confidence). Each of the undersigned agrees that neither the Underwriters nor their agents shall
be violating such undersigned party’s right of privacy by requesting and obtaining the Information in accordance with this
Section 12.


 






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13.  Each
of the undersigned acknowledges and agrees that the Company will not consummate any initial Business Combination that involves
a company which is affiliated with such undersigned party unless the Company obtains an opinion from an independent investment
banking firm that is a member of the Financial Industry Regulatory Authority that the Business Combination is fair to the Company’s
stockholders from a financial perspective.


 


14.  Each
officer and director signatory hereto represents and warrants that he or she has full right and power, without violating any agreement
to which such person 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 to serve as an officer of the Company or as a director on the Board,
as applicable, and hereby consents to being named in the Prospectus as an officer and/or as a director of the Company, as applicable.


 


15.  As
used in this Letter Agreement, (i) “Business Combination” shall mean a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or similar Business Combination, involving the Company and one or more businesses;
(ii) “Founder Shares” shall mean the 8,663,333 shares of Class B common stock of the Company, par value
$0.0001 per share, acquired by the Sponsor and the other Initial Holders for an aggregate purchase price of $25,000 prior to the
consummation of the Offering; (iii) “Initial Holders” shall mean FTAC Parnassus Sponsor, LLC and FTAC
Parnassus Advisors, LLC; (iii) “Offering Shares” shall mean the shares of Common Stock included in the
units sold in the Offering; (iv) “Placement Shares” shall mean the shares of Common Stock sold as part
of the Placement Units; (v) “Placement Warrants” shall mean the Warrants to purchase up to an aggregate
of 172,500 shares of the Common Stock that are included in the Placement Units; (vi) “Placement Units”
shall mean the aggregate of 690,000 Units of the Company (each Placement Unit consists of one-fourth of a Placement Warrant and
one Placement Share) sold in the Private Placement for an aggregate purchase price of $6,900,000; (vii) “Trust Account”
shall mean the trust account into which net proceeds of the Offering and the Private Placement will be deposited; (viii) “Prospectus”
shall mean the prospectus included in the registration statement filed by the Company in connection with the Offering, as supplemented
or amended from time to time; (ix) “Private Placement” shall mean that certain private placement transaction
occurring simultaneously with the closing of the Offering pursuant to which the Company has agreed to sell an aggregate of 690,000
Placement Units to FTAC Parnassus Sponsor, LLC, a Delaware limited liability company, and certain funds and accounts managed by
subsidiaries of Millennium Management LLC; (x) “Sponsor” shall mean, collectively, FTAC Parnassus Sponsor,
LLC, a Delaware limited liability company, and FTAC Parnassus Advisors, LLC, a Delaware limited liability company, (xi) “Insiders”
shall mean the Sponsor, any holders of Founder Shares, any person who receives Placement Units, Founder Shares or their respective
underlying securities as a Permitted Transferee and each officer and director of the Company; and (y) references to completion
of the Offering shall exclude any exercise of the Underwriters’ over-allotment option.


 


16.  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 the parties hereto.


 


17. No
party 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 paragraph 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 each undersigned party and each of such undersigned party’s, as applicable, heirs, personal representatives, successors
and assigns.


 


18.  This
Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable
to contracts entered into within the borders of such state and without giving effect to conflicts of law principles that would
result in the application of the substantive laws of another jurisdiction. The parties (i) 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 federal or state
courts in the borough of Manhattan in the City of New York, and irrevocably submits 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.


 


19.  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,
electronic or facsimile transmission.


 


20.  This
Letter Agreement shall terminate in the event that the Offering is not completed by June 30, 2021; and, provided, further,
that paragraph 5 of this Letter Agreement shall survive any liquidation of the Company.


 


[Signature page follows]


 




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	 	Sincerely,
	 	 
	 	FTAC PARNASSUS ACQUISITION CORP.   
	 	a Delaware corporation
	 	 
	 	By: 	/s/ Ryan M. Gilbert
	 	Name: 	Ryan M. Gilbert
	 	Title:	President and Chief Executive Officer



 


	 	FTAC PARNASSUS SPONSOR, LLC, a Delaware limited liability company  
	 	 
	 	By: 	/s/ Daniel G. Cohen
	 	Name: 	Daniel G. Cohen
	 	Title:	Manager



 


	 	FTAC PARNASSUS ADVISORS, LLC, a Delaware limited liability company  
	 	 
	 	By: 	/s/ Daniel G. Cohen
	 	Name: 	Daniel G. Cohen
	 	Title:	Manager



 


[Signature Page to Letter Agreement]


 




     


     


    

 


	 	/s/ Daniel G. Cohen
	 	Daniel G. Cohen, individually
	 	 
	 	/s/ Ryan M. Gilbert
	 	Ryan M. Gilbert, individually
	 	 
	 	/s/ Joseph W. Pooler, Jr.
	 	Joseph W. Pooler, Jr., individually
	 	 
	 	/s/ Lesley Goldwasser
	 	Lesley Goldwasser, individually
	 	 
	 	/s/ Jan Hopkins Trachtman
	 	Jan Hopkins Trachtman, individually
	 	 
	 	/s/ Walter C. Jones
	 	Walter C. Jones, individually
	 	 
	 	/s/ Ellen F. Warren
	 	Ellen F. Warren, individually


 


[Signature Page to Letter Agreement]