EX-10.3





 Exhibit 10.3 

December 2, 2020 
 Far Peak Acquisition
Corporation 
 480 6th Ave #342 
 New York, New York 10011 

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”) entered into by and among Far Peak Acquisition Corporation, a Cayman Islands
exempted company (the “Company”), Wells Fargo Securities, LLC, as the representative of several underwriters (the “Underwriters”), relating to an underwritten initial public offering (the
“Public Offering”) of 63,250,000 of the Company’s units (including 8,250,000 units that may be purchased pursuant to the Underwriters’ option to purchase additional units, the “Units”), each
comprising of one of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Ordinary Shares”), and one-third of one redeemable warrant (each whole warrant, a
“Warrant”). Each Warrant entitles the holder thereof to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment. The Units will be sold in the Public Offering pursuant to a registration statement on
Form S-l and a prospectus (the “Prospectus”) filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”). Certain capitalized terms
used herein are defined in paragraph 1 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, Far Peak LLC (the “Sponsor”) and each of the undersigned (each, an
“Insider” and, collectively, the “Insiders”) hereby agree with the Company as follows: 

1.    Definitions. As used herein, (i) “Business Combination” shall mean a
merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities; (ii) “Founder Shares” shall mean the 9,750,000 Class B ordinary shares of
the Company, par value $0.0001 per share, outstanding prior to the consummation of the Public Offering; (iii) “Private Placement Warrants” shall mean the warrants to purchase Ordinary Shares of the Company that will be
acquired (a) by the Sponsor and certain funds and accounts managed by BlackRock, Inc. (the “Anchor Investor”), for an aggregate purchase price of $10,500,000 or $1.50 per Warrant, in a private placement (among the
private placement warrants, 3,500,000 warrants will be purchased by our Sponsor and 3,500,000 warrants will be purchased by our Anchor Investor) that shall close simultaneously with the consummation of the Public Offering (b) by the Sponsor, or
an affiliate of the sponsor or any of the Insiders, if they extend loans to the Company, of which up to $1,500,000 of such loans may be convertible into private placement warrants at a price of $1.50 per warrant at the option of the lender, or
(c) without duplication, by the Sponsor or the Anchor Investor in the 












 
circumstances described in paragraph 5 below; (iv) “Public Shareholders” shall mean the holders of Ordinary Shares included in the Units issued in the Public
Offering; (v) “Public Shares” shall mean the Ordinary Shares included in the Units issued in the Public Offering; (vi) “Trust Account” shall mean the trust account into which a portion of the net
proceeds of the Public Offering and the sale of the Private Placement Warrants shall be deposited; (vii) “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 (viii) “Charter” shall mean the Company’s Amended and Restated Memorandum and Articles of Association, as the same may be amended from time to time. 

2.          Representations and Warranties. 

(a)    The Sponsor and each Insider, with respect to itself, herself or himself, represent and warrant to the Company that
it, she or he has the full right and power, without violating any agreement to which it, she or he is bound (including, without limitation, any non-competition or
non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement, as applicable, and to serve as an officer of the Company and/or a director on the Company’s Board of
Directors (the “Board”), as applicable, and each Insider hereby consents to being named in the Prospectus, road show and any other materials as an officer and/or director of the Company, as applicable. 

(b)    Each Insider represents and warrants, with respect to herself or himself, that such Insider’s biographical
information furnished to the Company (including any such information included in the Prospectus) is true and accurate in all material respects and does not omit any material information with respect to such Insider’s background. The
Insider’s questionnaire furnished to the Company is true and accurate in all material respects. Each Insider represents and warrants that such Insider 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; such Insider 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 such Insider is not
currently a defendant in any such criminal proceeding; and such Insider 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. 
 3.          Business Combination Vote. It is
acknowledged and agreed that the Company shall not enter into a definitive agreement regarding a proposed Business Combination without the prior consent of the Sponsor. The Sponsor and each Insider, with respect to itself, herself or


  
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himself, agrees that if the Company seeks shareholder approval of a proposed initial Business Combination, then in connection with such proposed initial Business Combination, it, she or he, as
applicable, shall vote all Founder Shares and any Public Shares held by it, her or him, as applicable, in favor of such proposed initial Business Combination (including any proposals recommended by the Board in connection with such Business
Combination) and not redeem any Public Shares held by it, her or him, as applicable, in connection with such shareholder approval. 

4.          Failure to Consummate a Business Combination; Trust Account
Waiver. 
 (a)    The Sponsor and each Insider hereby agree, with respect to itself, herself or himself, that in
the event that the Company fails to consummate its initial 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, redeem 100% of the Public Shares, 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 income taxes (less up to $100,000 of interest to pay dissolution
expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and
(iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Board, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to the
Company’s obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law. The Sponsor and each Insider agree not to propose any amendment to the Charter (i) that
would modify the substance or timing of the Company’s obligation to provide holders of the Public Shares the right to have their shares redeemed in connection with an initial Business Combination or to redeem 100% of the Public Shares if the
Company does not complete an initial Business Combination within the required time period set forth in the Charter or (ii) with respect to any provision relating to the rights of holders of Public Shares, unless the Company provides its Public
Shareholders with the opportunity to redeem their Public 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 interest earned on the funds held in the Trust Account and not previously released to the Company to pay taxes, if any, divided by the number of then-outstanding Public Shares. 

(b)    The Sponsor and each Insider, with respect to itself, herself or himself, acknowledges that it, she or he 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, her or him, if any. The Sponsor
and each of the Insiders hereby further waive, with respect to any Founder Shares and Public Shares held by it, her or him, as applicable, any redemption rights it, she or he may have in connection with the consummation of a Business Combination,
including, without limitation, any such rights available in the context of a shareholder vote to approve such Business Combination or a shareholder vote to approve an amendment to the Charter (i) that would modify the substance or timing of the
Company’s obligation to provide holders of the Public Shares the right to have their shares redeemed in connection with an initial Business Combination or to redeem 

  
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100% of the Public Shares if the Company has not consummated an initial Business Combination within the time period set forth in the Charter or (ii) with respect to any provision relating to
the rights of holders of Public Shares (although the Sponsor and the Insiders shall be entitled to liquidation rights with respect to any Public Shares they hold if the Company fails to consummate a Business Combination within the required time
period set forth in the Charter). 
 5.          Funding
Transactions.  
 (a)    At any time after the Public Offering and prior to the completion of the
Company’s initial Business Combination, if (i) the Board determines that it is necessary for the Company to obtain additional working capital in respect of Company obligations, including with respect to outside advisors to the Company or
the Board, that absent such additional working capital, would otherwise remain unfulfilled, and (ii) the Company provides the Sponsor and the Anchor Investor with notice of the Board’s determination, the amount of additional working
capital that the Board has determined is necessary, and the purposes thereof, then the Sponsor hereby agrees that it shall be obligated to fund up to $1,000,000 of such working capital needs through the purchase of additional Private Placement
Warrants at a price of $1.50 per Private Placement Warrant, or in lieu thereof, a loan as described in paragraph 5(b) below (a “Funding Transaction”). In connection with any Funding Transaction, Sponsor and Company
will cooperate with each other in complying with all notice and other related requirements of the subscription agreements by and among the Company, Sponsor and Anchor Investor dated November 12, 2020 (the “Anchor Investor
Subscription Agreements”). 
 (b)    In such event, the Sponsor shall instruct the Anchor Investor to
participate in a Funding Transaction pursuant to the terms of the Anchor Investor Subscription Agreements by purchasing its pro rata portion (based on relative number of Private Placement Warrants held) of Private Placement Warrants, and the
Sponsor’s obligation pursuant to paragraph 5(a) shall be reduced dollar for dollar by the amount so funded by the Anchor Investor. In addition, the Sponsor may at its election satisfy any portion of its obligation to fund its portion of
a Funding Transaction by making a loan to the Company and such loan may subsequently at the holder’s election be converted into Private Placement Warrants at a price of $1.50 per Private Placement Warrant. 

(c)    After the Sponsor’s obligation pursuant to paragraph 5(a) has been met, the Company may continue to
request Funding Transactions (each, “Elective Funding Transaction”), and if the Sponsor elects, in its sole discretion, it alone or with the Anchor Investor may purchase up to a further 1,000,000 Private Placement Warrants in
such an Elective Funding Transaction, or alternatively, the Sponsor may choose to provide additional working capital in an Elective Funding Transaction through a loan either from itself and/or other Insiders and such loans may subsequently at the
holder’s election be converted into Private Placement Warrants at a price of $1.50 per Private Placement Warrant; provided that in no event shall more than 1,000,000 Private Placement Warrants be issued pursuant to all Elective Funding
Transactions. 

  
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 6.          Lock-up; Transfer Restrictions. 
 (a)    The Sponsor and the Insiders agree
that they shall not Transfer any Founder Shares (the “Founder Shares Lock-up”) until the earliest of (A) one year after the completion of an initial Business Combination and
(B) following the completion of an initial Business Combination, the date on which the Company completes a liquidation, merger, share exchange 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”). Notwithstanding the foregoing, if, subsequent to a Business Combination,
the closing price of the Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, share consolidations, reorganizations, recapitalizations and the like)
for any 20 trading days within a 30-trading day period commencing at least 150 days after the Company’s initial Business Combination, the Founder Shares shall be released from the Founder Shares Lock-up. 
 (b)    The Sponsor and Insiders agree that they shall not effectuate any
Transfer of Private Placement Warrants or Ordinary Shares underlying such warrants until 30 days after the completion of an initial Business Combination. 

(c)    Notwithstanding the provisions set forth in paragraphs 6(a) and (b), Transfers of the Founder Shares,
Private Placement Warrants and Ordinary Shares underlying the Private Placement Warrants are permitted (a) to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors, any
members or partners of the Sponsor or their affiliates, any affiliates of the Sponsor, or any employees of such affiliates; (b) in the case of an individual, by gift to a member of one of the individual’s immediate family or to a trust,
the beneficiary of which is a member of the individual’s immediate family, an affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of the
individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with any forward purchase agreement or similar arrangement or in connection with the
consummation of a Business Combination at prices no greater than the price at which the Founder Shares, Private Placement Warrants or Ordinary Shares, as applicable, were originally purchased; (f) by virtue of the Sponsor’s organizational
documents upon liquidation or dissolution of the Sponsor; (g) to the Company for no value for cancellation in connection with the consummation of an initial Business Combination, (h) in the event of the Company’s liquidation prior to
the completion of a Business Combination; (i) in the event of the Company’s liquidation, merger, share exchange or other similar transaction which results in all of the Company’s Public Shareholders having the right to exchange their
Ordinary Shares for cash, securities or other property subsequent to the completion of an initial Business Combination; or (j) from the Sponsor to the Anchor Investor upon the consummation of a Business Combination, in an aggregate amount of
1,950,000 Found Shares; provided, however, that in the case of clauses (a) through (f) these permitted transferees must enter into a written agreement agreeing to be bound by these transfer restrictions. 

(d)    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 Underwriters, Transfer any Units, Ordinary Shares, Warrants or 

  
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any other securities convertible into, or exercisable or exchangeable for, Ordinary Shares held by it, her or him, as applicable, subject to certain exceptions enumerated in Section 4(m) of
the Underwriting Agreement. 
 7.          Remedies. The Sponsor and
each of the Insiders hereby agree and acknowledge that (i) each of the Underwriters and the Company would be irreparably injured in the event of a breach by the Sponsor or such Insider of its, her or his obligations, as applicable under
paragraphs 3, 4, 6, 8, and 11, (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. 

8.          Payments by the Company. Except as disclosed in the
Prospectus, neither the Sponsor nor any affiliate of the Sponsor nor any director or officer of the Company nor any affiliate of the officers shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of
any payment of a loan or other compensation 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). 

9.          Director and Officer Liability Insurance. The Company will
maintain an insurance policy or policies providing directors’ and officers’ liability insurance, and the Insiders shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage
available for any of the Company’s directors or officers. 

10.          Termination. This Letter Agreement shall terminate on the
earlier of (i) the expiration of the Founder Shares Lock-up Period and (ii) the liquidation of the Company, other than paragraph 5, which will terminate upon the consummation of the
Company’s initial Business Combination. 

11.          Indemnification. In the event of the liquidation of the
Trust Account upon the failure of the Company to consummate its initial Business Combination within the time period set forth in the Charter, 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) 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 (except for the Company’s independent auditors) or (ii) any prospective target
business with which the Company has discussed entering into a transaction agreement (a “Target”); provided, however, that such indemnification of the Company by the Indemnitor (x) 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 the lesser of (i) $10.00 per Public Share and
(ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.00 per Public Share due to reductions in the value of the trust assets, in each case net of interest that
may be withdrawn to pay the Company’s tax obligations, (y) shall not apply to any claims by a third party or Target who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is
enforceable) and (z) shall not apply to any claims under the Company’s indemnity of the 

  
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Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended. The Indemnitor shall have the right to defend against any such claim with counsel of
its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the Indemnitor, the Indemnitor notifies the Company in writing that it shall undertake such defense. 

12.          Entire Agreement. 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 affected thereby, including in the case of Section 6(d) a written instrument executed by the Underwriters. 

13.          Assignment. 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 parties. 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 the Sponsor, each of the Insiders and each of their respective successors, heirs, personal representatives and assigns and permitted transferees. 

14.          Counterparts. This Letter Agreement may be executed in any
number of 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. Delivery of a signed counterpart of this Letter Agreement
by e-mail or facsimile transmission shall constitute valid and sufficient delivery thereof. 

15.          Effect of Headings. The paragraph headings herein are for
convenience only and are not part of this Letter Agreement and shall not affect the interpretation thereof. 

16.          Severability. 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.          Governing Law. 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. 

  
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 18.          Notices.
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, by e-mail or facsimile transmission, to the addresses maintained in the records of the Company for the Insiders, or to 480 6th
Ave #342, New York, New York 10011 for the Sponsor. 
 19.          No Third
Party Beneficiaries. This Letter Agreement shall not confer any rights or benefits on any persons that are not parties hereto, except as set forth above with respect to the Underwriters in respect of any amendment to Section 6(d). 

[Signature Page Follows] 

  
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	Sincerely,
	
	FAR PEAK LLC
	By: Far Peak Holdings LLC
		
	By:	 	 /s/ Thomas W. Farley

	Name:	 	Thomas W. Farley
	Title:	 	Manager


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	/s/ Thomas W. Farley
	  

	Thomas W. Farley


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	 /s/ David W. Bonanno

	David W. Bonanno



  
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Insider Letter Agreement] 













 
	
	 /s/ Stanley A. McChrystal

	Stanley A. McChrystal



  
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Insider Letter Agreement] 













 
	
	 /s/ Nicole Seligman

	Nicole Seligman



  
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Insider Letter Agreement] 













 
	
	 /s/ Charles Vice

	Charles Vice



  
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Insider Letter Agreement] 













 Acknowledged and Agreed: 

FAR PEAK ACQUISITION CORPORATION 
  

			
	By:	 	 /s/ Thomas W. Farley

	Name:	 	Thomas W. Farley
	Title: 	 	Chief Executive Officer, President and Chairman of the Board