Exhibit
10.7


 


Globis
Acquisition Corp 


 


 December 7,
 2020


 


Up
and Up Capital, LLC


17
State Street, 21st Floor


New
York, NY 10004


 


RE:
Subscription Agreement for Founder Shares


 


Ladies
and Gentlemen:


 


We
are pleased to accept the offer Up and Up Capital, LLC (the “Subscriber” or “you”)
has made to purchase 172,500 shares (“Founder Shares”) of the common stock, $0.0001 par value per share
(“Common Stock”), of Globis Acquisition Corp., a Delaware corporation (the “Company”),
up to 22,500 of which are subject to forfeiture by you if the underwriters of the proposed initial public offering (“IPO”)
of the Company pursuant to the registration statement on Form S-1 expected to be filed by the Company in connection with the IPO
(the “Registration Statement”) do not fully exercise their over-allotment option (the “Over-allotment
Option”) as described below. The terms (this “Agreement”) on which the Company is willing
to sell the Founder Shares to the Subscriber, and the Company and the Subscriber’s agreements regarding such Founder Shares,
are as follows:


 


1.
Purchase of Founder Shares. For the sum of $1,500.00 (the “Purchase Price”), which the Company
acknowledges receiving in cash, the Company hereby sells and issues the Founder Shares to the Subscriber, and the Subscriber hereby
purchases the Founder Shares from the Company, subject to the forfeiture provisions of Section 3 below, on the terms and
subject to the conditions set forth in this Agreement. Concurrently with the Subscriber’s execution of this Agreement, the
Company shall, at its option, deliver to the Subscriber a certificate registered in the Subscriber’s name representing the
Founder Shares, or effect such delivery in book-entry form. Upon the effective date of the registration statement for the initial
public offering of the Company, the Company is authorized to and shall deposit the Founder Shares into escrow pursuant to the
Escrow Agreement to be entered between the Company and the Company’s transfer agent (the “Escrow Agreement”).


 


2.
Representations, Warranties and Agreements.


 


2.1.
The Subscriber’s Representations, Warranties and Agreements. To induce the Company to issue the Founder Shares to
the Subscriber, the Subscriber hereby represents and warrants to the Company and agrees with the Company as follows:


 


2.1.1.
No Government Recommendation or Approval. The Subscriber understands that no federal or state agency has passed upon or
made any recommendation or endorsement of the offering of the Founder Shares.


 


2.1.2.
No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and governing documents
of the Subscriber, (ii) any agreement, indenture or instrument to which the Subscriber is a party, (iii) any law, statute,
rule or regulation to which the Subscriber is subject, or (iv) any agreement, order, judgment or decree to which the Subscriber
is subject.


 


2.1.3.
Organization and Authority. The Subscriber is a Delaware1 limited liability company, validly existing and
in good standing under the laws of Delaware and possesses all requisite power and authority necessary to carry out the transactions
contemplated by this Agreement. Upon execution and delivery by you, this Agreement will be a legal, valid and binding agreement
of the Subscriber, enforceable against the Subscriber in accordance with its terms, except as such enforceability may be limited
by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights
generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in
equity).










 




    	 



     


    

 


2.1.4.
Experience, Financial Capability and Suitability. The Subscriber is: (i) sophisticated in financial matters and is
able to evaluate the risks and benefits of the investment in the Founder Shares and (ii) able to bear the economic risk of
its investment in the Founder Shares for an indefinite period of time because the Founder Shares have not been registered under
the Securities Act (as defined below) and therefore cannot be resold unless such transaction is registered under the Securities
Act or an exemption from such registration is available. The Subscriber is capable of evaluating the merits and risks of its investment
in the Company and has the capacity to protect its own interests. The Subscriber must bear the economic risk of this investment
until the Founder Shares are sold pursuant to: (x) an effective registration statement under the Securities Act or (y) an
exemption from registration available with respect to such sale. The Subscriber is able to bear the economic risks of an investment
in the Founder Shares and to afford a complete loss of the Subscriber’s investment in the Founder Shares.


 


2.1.5.
Access to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the
opportunity to ask questions of and receive answers from representatives of the Company concerning an investment in the Company,
as well as the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information
to verify the accuracy of all information so obtained. In determining whether to make this investment, the Subscriber has relied
solely on the Subscriber’s own knowledge and understanding of the Company and its business based upon the Subscriber’s
own due diligence investigation and the information furnished pursuant to this paragraph. The Subscriber understands that no person
has been authorized to give any information or to make any representations which were not furnished pursuant to this Section 2,
and the Subscriber has not relied on any other representations or information in making its investment decision, whether written
or oral, relating to the Company, its operations or its prospects.


 


2.1.6.
Regulation D Offering. The Subscriber represents that it is an “accredited investor” as such term is defined
in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”),
and acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption applicable to “accredited
investors” within the meaning of Rule 501(a) of Regulation D promulgated under the Securities Act or similar exemptions
under federal and state law. The Subscriber has not experienced a disqualifying event as enumerated pursuant to Rule 506(d) of
Regulation D promulgated under the Securities Act.


 


2.1.7.
Investment Purposes. The Subscriber is purchasing the Founder Shares solely for investment purposes, for the Subscriber’s
own account and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination
thereof. The Subscriber did not enter into this Agreement as a result of any general solicitation or general advertising within
the meaning of Rule 502 of Regulation D under the Securities Act.


 


2.1.8.
Restrictions on Transfer; Shell Company. The Subscriber understands the Founder Shares are being offered in a transaction
not involving a public offering within the meaning of the Securities Act. The Subscriber understands the Founder Shares will be
“restricted securities” as defined in Rule 144(a)(3) under the Securities Act and the Subscriber understands that
any certificate or book entries representing the Founder Shares will contain a legend in respect of such restrictions. If in the
future the Subscriber decides to offer, resell, pledge or otherwise transfer the Founder Shares, such Founder Shares may be offered,
resold, pledged or otherwise transferred only in accordance with the provisions of Section 5 hereof. The Subscriber agrees
that if any transfer of its Founder Shares or any interest therein is proposed to be made, as a condition precedent to any such
transfer, the Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration
under the Securities Act or an exemption therefrom, the Subscriber agrees not to resell the Founder Shares. The Subscriber further
acknowledges that because the Company is a shell company, Rule 144 may not be available to the Subscriber for the resale of the
Founder Shares until at least one year following consummation of the initial business combination of the Company, despite technical
compliance with the certain requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.


 




    	 



     


    

 


2.1.9.
No Governmental Consents. No governmental, administrative or other third party consents or approvals are required, necessary
or appropriate on the part of the Subscriber in connection with the transactions contemplated by this Agreement.


 


 2.1.10.
FINRA. Subscriber acknowledges and agrees that the Founder Shares and the related registration rights will be deemed compensation
by the Financial Industry Regulatory Authority (“FINRA”) and will therefore, pursuant to Rule 5110(g) of the FINRA
Manual, be subject to lock-up for a period of 180 days immediately following the date of commencement of sales in the IPO, subject
to FINRA Rule 5110(e)(1). Additionally, the Founder Shares and the related registration rights may not be sold, transferred, assigned,
pledged or hypothecated during the foregoing 180 day period following the effective date of the Registration Statement except
to any underwriter or selected dealer participating in the IPO and the bona fide officers or partners of the undersigned and any
such participating underwriter or selected dealer. Additionally, the Founder Shares and the related registration rights will not
be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of
such securities by any person for a period of 180 days immediately following the date of commencement of sales in the IPO. Additionally,
the undersigned may not exercise demand or piggyback rights with respect to the Founder Shares after five (5) and seven (7) years,
respectively, from the effective date of the Registration Statement and may not exercise demand rights on more than one occasion. 


 


2.2.
Company’s Representations, Warranties and Agreements. To induce the Subscriber to purchase the Founder Shares, the
Company hereby represents and warrants to the Subscriber and agrees with the Subscriber as follows:


 


2.2.1.
Organization and Corporate Power. The Company is a Delaware corporation and is qualified to do business in every jurisdiction
in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition,
operating results or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry
out the transactions contemplated by this Agreement.


 


2.2.2.
No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the Certificate of Incorporation or Bylaws
of the Company, (ii) any agreement, indenture or instrument to which the Company is a party, (iii) any law, statute,
rule or regulation to which the Company is subject, or (iv) any agreement, order, judgment or decree to which the Company
is subject.


 


2.2.3.
Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Founder Shares will
be duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms
hereof the Subscriber will have or receive good title to the Founder Shares, free and clear of all liens, claims and encumbrances
of any kind, other than (a) transfer restrictions hereunder and other agreements to which the Founder Shares may be subject
which have been notified to the Subscriber in writing, (b) transfer restrictions under federal and state securities laws,
and (c) liens, claims or encumbrances imposed due to the actions of the Subscriber.


 


2.2.4.
No Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting
the Company which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated
by this Agreement or (ii) question the validity or legality of any transactions or seek to recover damages or to obtain other
relief in connection with any transactions.


 


3.
Forfeiture of Founder Shares.


 


3.1.
Partial or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the underwriters
of the IPO is not exercised in full, the Subscriber acknowledges and agrees that it (and, if applicable, any transferee of Shares)
shall automatically forfeit at the time such Over-allotment Option expires (or earlier if the underwriters of the IPO waive their
ability to exercise such Over-allotment Option) any and all rights to such number of Founder Shares (up to an aggregate of 22,500
Founder Shares and pro rata based upon the percentage of the Over-allotment Option exercised) determined by multiplying (a) 22,500
by (b) a fraction, (i) the numerator of which is 1,500,000 minus the number of shares of Common Stock included in the Units purchased
by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is 1,500,000.


 




    	 



     


    

 


3.2.
Termination of Rights as Stockholder. If any of the Founder Shares are forfeited in accordance with this Section 3,
then after such time the Subscriber (or its successor in interest), shall no longer have any rights as a holder of such forfeited
Founder Shares, and the Company shall take such action as is appropriate to cancel such forfeited Founder Shares.


 


3.3.
Share Certificates. In the event an adjustment to any certificate representing the Founder Shares purchased pursuant hereto
is required pursuant to this Section 3, then the Subscriber shall return such certificate to the Company or its designated
agent as soon as practicable upon its receipt of notice from the Company advising the Subscriber of such adjustment, following
which a new certificate shall be issued in such amount representing the adjusted number of Founder Shares held by the Subscriber.
Such new certificate, if any, shall be returned to the Subscriber as soon as practicable. Any such adjustment for any uncertificated
securities held by the Subscriber shall be made in book-entry form.


 


4.
Waiver of Liquidation Distributions; Redemption Rights. In connection with the Founder Shares purchased pursuant to this
Agreement, the Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions by
the Company from the trust account which will be established for the benefit of the Company’s public stockholders and into
which substantially all of the proceeds of the IPO will be deposited (the “Trust Account”), in the event
of a liquidation of the Company upon the Company’s failure to timely complete an initial business combination. For purposes
of clarity, in the event the Subscriber purchases securities in the IPO or securities of the Company issued in the IPO in the
aftermarket, any additional Common Stock so purchased shall be eligible to receive any liquidating distributions from the Trust
Account by the Company. However, in no event will the Subscriber have the right to redeem any shares of Common Stock into funds
held in the Trust Account upon the successful completion of an initial business combination.


 


5.
Restrictions on Transfer.


 


5.1.
Securities Law Restrictions. The Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all
or any part of the Founder Shares unless, prior thereto (a) a registration statement on the appropriate form under the Securities
Act and applicable state securities laws with respect to the Founder Shares proposed to be transferred shall then be effective
or (b) the Company has received an opinion from counsel reasonably satisfactory to the Company, that such registration is
not required because such transaction is exempt from registration under the Securities Act and the rules promulgated by the Securities
and Exchange Commission thereunder and with all applicable state securities laws.


 


5.2.
Reserved.


 


5.3.
Restrictive Legends. All certificates representing the Founder Shares shall have endorsed thereon legends substantially
as follows:


 


“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS
AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND
SUCH LAWS WHICH, IN THE OPINION OF COUNSEL (IF THE COMPANY SO REQUESTS), IS AVAILABLE.”


 


“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO FORFEITURE PURSUANT TO THE SUBSCRIPTION AGREEMENT FOR FOUNDER SHARES
DATED [ ], 2020.”


 




    	 



     


    

 


5.4.
Additional Founder Shares or Substituted Securities. In the event of the declaration of a stock dividend, the declaration
of a special dividend payable in a form other than Common Stock, a spin-off, a stock split, an adjustment in conversion ratio,
a recapitalization or a similar transaction affecting the Company’s outstanding Common Stock without receipt of consideration,
any new, substituted or additional securities or other property which are by reason of such transaction distributed with respect
to any Founder Shares subject to this Section 5 or into which such Founder Shares thereby become convertible shall immediately
be subject to this Section 5 and Section 3. Appropriate adjustments to reflect the distribution of such securities or
property shall be made to the number or class of Founder Shares subject to this Section 5 and Section 3.


 


5.5.
Registration Rights. The Subscriber acknowledges that the Founder Shares are being purchased pursuant to an exemption from
the registration requirements of the Securities Act and will become freely tradable only after certain conditions are met or they
are registered pursuant to a registration rights agreement to be entered into with the Company prior to the closing of the IPO
(the “Registration Rights Agreement”).


 


6.
Other Agreements.


 


6.1.
Further Assurances. The Subscriber agrees to execute such further instruments and to take such further action as may reasonably
be necessary to carry out the intent of this Agreement.


 


6.2.
Notices. All notices, statements or other documents which are required or contemplated by this Agreement shall be in writing
and delivered: (i) personally or sent by first class registered or certified mail, overnight courier service or electronic
transmission to the address designated in writing, or (ii) by electronic mail, to the electronic mail address most recently provided
to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication
so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following
receipt of written confirmation, if sent by electronic transmission, one (1) business day after delivery to an overnight
courier service or five (5) days after mailing if sent by mail.


 


6.3.
Entire Agreement. This Agreement, together with that certain Escrow Agreement to be entered into between the Subscriber
and the Company and the Registration Rights Agreement, each substantially in the form to be filed as an exhibit to the Registration
Statement, embodies the entire agreement and understanding between the Subscriber and the Company with respect to the subject
matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No
statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect,
or be used to interpret, change or restrict, the express terms and provisions of this Agreement.


 


6.4.
Modifications and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement
executed by all parties hereto.


 


6.5.
Waivers and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom
granted, only by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or
consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement,
whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which
it was given, and shall not constitute a continuing waiver or consent.


 


6.6.
Assignment. The rights and obligations under this Agreement may not be assigned by either party hereto without the prior
written consent of the other party.


 


6.7.
Benefit. All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the
parties hereto and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing
in this Agreement shall be construed to create any rights or obligations except among the parties hereto, and no person or entity
shall be regarded as a third-party beneficiary of this Agreement.


 




    	 



     


    

 


6.8.
Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance
with and governed by the laws of Delaware applicable to contracts wholly performed within the borders of such state.


 


6.9.
Severability. In the event that any court of competent jurisdiction shall determine that any provision, or any portion
thereof, contained in this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed
limited to the extent that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect.
In the event that such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions
of this Agreement shall nevertheless remain in full force and effect.


 


6.10.
No Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy
under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power
or remedy of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor
any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other
or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party
hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand on
a party not expressly required under this Agreement shall entitle the party receiving such notice or demand to any other or further
notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand
to any other or further action in any circumstances without such notice or demand.


 


6.11.
Survival of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement
or in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery
hereof and any investigations made by or on behalf of the parties.


 


6.12.
No Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as
to create any liability on the other. Each of the parties hereto agrees to indemnify and hold the other harmless from any claim
or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been
employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.


 


6.13.
Headings and Captions. The headings and captions of the various sections of this Agreement are for convenience of reference
only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.


 


6.14.
Counterparts. This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered
by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page
were an original thereof.


 




    	 



     


    

 


6.15.
Construction. The words “include,” “includes,” and “including”
will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders
will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice
versa, unless the context otherwise requires. The words “this Agreement,” “herein,” “hereof,”
“hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and
not to any particular section unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant
contained herein will have independent significance. If any party hereto has breached any representation, warranty, or covenant
contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same
subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from
or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.


 


6.16.
Mutual Drafting. This Agreement is the joint product of the Subscriber and the Company and each provision hereof has been
subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party
hereto.


 


7.
Voting and Redemption of Founder Shares. The Subscriber agrees to vote the Founder Shares in favor of an initial business
combination that the Company negotiates and submits for approval to the Company’s stockholders.


 


8.
Indemnification. Each party shall indemnify the other against any loss, cost or damages (including reasonable attorneys’
fees and expenses) incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in
this Agreement.


 


[Signature
Page Follows]


 




    	 



     


    

 


If
the foregoing accurately sets forth our understanding and agreement, please sign the enclosed copy of this Agreement and return
it to us.


 


	 	Very truly yours,
	 	 
	 	GLOBIS ACQUISITION CORP.
	 	 
	 	 /s/ Paul Packer 
	 	Paul Packer
	 	Chief Executive Officer, Chief Financial Officer
    and Secretary



 


Accepted and agreed this 7th day of December, 2020.


 


	Up
    and Up Capital, LLC	 
	 	 
	 /s/ Steven Urbach 	 
	Name:
    Steven Urbach 	 
	Title:
    Chief Executive Officer 	 



 


Signature
Page to Subscription Agreement for Founder Shares