Exhibit
10.1


 


[Date]


 


Globis
Acquisition Corp.


805
Third Avenue, 15th floor


New
York, New York 10022


 


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 Globis Acquisition Corp., a Delaware corporation (the “Company”), and
Chardan Capital Markets LLC, 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 11,500,000 of the Company’s units (including up to 1,500,000 units that may be purchased to cover over-allotments,
if any) (the “Units”), each comprised of one share of the Company’s common stock, par value $0.0001 per share
(the “Common Stock”), and one redeemable warrant to purchase one share of Common Stock (each, a “Warrant”).
Each Warrant entitles the holder thereof to purchase one share of Common Stock at a price of $11.50 per share, subject to adjustment
as described in the Prospectus (as defined below). The Units will be sold in the Public Offering pursuant to a registration statement
on Form S-1 and prospectus (the “Prospectus”) filed by the Company with the U.S. Securities and Exchange Commission
(the “Commission”) and the Company has applied to have the Units listed on The Nasdaq Capital Market. Certain capitalized
terms used herein are defined in paragraph 10 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, each of Globis SPAC
LLC and Up and Up Capital, LLC (each, a “Sponsor” and together, the “Sponsors”), the undersigned individuals,
each of whom is a member of the Company’s board of directors and/or management team or a designee of Globis SPAC LLC (each
of the undersigned individuals, an “Insider” and collectively, the “Insiders”) and the Representative
(solely with respect to the Equity Participation Shares), hereby agrees with the Company as follows:


 


		1.	The
                                         Representative, each Sponsor and each Insider agrees that if the Company seeks stockholder
                                         approval of a proposed Business Combination, then in connection with such proposed Business
                                         Combination, it, he or she shall (i) vote any shares of Common Stock owned or controlled
                                         directly or indirectly by it, him or her in favor of any proposed Business Combination
                                         and (ii) not redeem any shares of Common Stock owned by it, him or her in connection
                                         with such stockholder approval. If the Company seeks to consummate a proposed Business
                                         Combination by engaging in a tender offer, the Representative, each Sponsor and each
                                         Insider agrees that it, he or she will not sell or tender any shares of Common Stock
                                         owned by it, him or her in connection therewith.



 




    	 



     


    

 


		2.	Each
                                         Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate
                                         a Business Combination within 12 months (or up to 18 months from the closing of the Public
                                         Offering if the Company extends the period of time to consummate a Business Combination,
                                         as described in more detail in the Prospectus) from the closing of the Public Offering,
                                         or such later period approved by the Company’s stockholders in accordance with
                                         the Company’s amended and restated certificate of incorporation (as it may be amended
                                         from time to time, the “Charter”), each 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 ten
                                         business days thereafter, redeem 100% of the shares of Common Stock sold as part of the
                                         Units in the Public Offering (the “Offering Shares”), at a per-share price,
                                         payable in cash, equal to the aggregate amount then on deposit in the Trust Account (as
                                         defined below), including interest earned on the funds held in the Trust Account (excluding
                                         up to $100,000 of interest to pay dissolution expenses) and not previously released to
                                         the Company to pay the Company’s income tax or other tax obligations, divided by
                                         the number of then outstanding Offering Shares, which redemption will completely extinguish
                                         all Public Stockholders’ (as defined below) rights as stockholders (including the
                                         right to receive further liquidating distributions, if any), 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, liquidate and dissolve,
                                         subject in each case to the Company’s obligations under Delaware law to provide
                                         for claims of creditors and other requirements of applicable law. Each Sponsor and each
                                         Insider agrees to not propose any amendment to 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 a Business Combination within the required time period set
                                         forth in the Charter or with respect to any other material provisions relating to stockholders’
                                         rights or pre-initial business combination activity, unless the Company provides its
                                         Public Stockholders 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 interest earned on the funds held in
                                         the Trust Account and not previously released to the Company to pay the Company’s
                                         income tax or other tax obligations, divided by the number of then outstanding Offering
                                         Shares.
	 	 	 
	 	 	Each
                                         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 Representative, each Sponsor and each Insider hereby
                                         further waives, with respect to any shares of Common Stock held by it, him or her, if
                                         any, any redemption rights it, he or she may have in connection with (A) the consummation
                                         of a Business Combination, including, without limitation, any such rights available in
                                         the context of a stockholder vote to approve such Business Combination, or (B) a stockholder
                                         vote to approve an amendment to the Charter to modify the substance or timing of the
                                         Company’s obligation to redeem 100% of the Offering Shares if the Company has not
                                         consummated a Business Combination within the time period set forth in the Charter or
                                         with respect to any other material provisions relating to stockholders’ rights
                                         or pre-initial business combination activity or in the context of a tender offer made
                                         by the Company to purchase Offering Shares (although the Representative, the Sponsors,
                                         the Insiders and their respective affiliates shall be entitled to redemption and liquidation
                                         rights with respect to any Offering Shares it or they hold if the Company fails to consummate
                                         a Business Combination within the time period set forth in the Charter).



 




    	 



     


    

 


		3.	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 Sponsors (the “Indemnitors”) agree 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 or (ii) any prospective target business with
                                         which the Company has entered into a written letter of intent, confidentiality or other
                                         similar agreement or Business Combination agreement (a “Target”); provided,
                                         however, that such indemnification of the Company by the Indemnitors (x) shall apply
                                         only to the extent necessary to ensure that such claims by a third party or a Target
                                         do not reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00
                                         per Offering Share and (ii) the actual amount per Offering Share held in the Trust Account
                                         as of the date of the liquidation of the Trust Account, if less than $10.00 per Offering
                                         Share, is then held in the Trust Account due to reductions in the value of the trust
                                         assets, less taxes payable, (y) shall not apply to any claims by a third party or a Target
                                         which 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 Underwriters against certain liabilities, including
                                         liabilities under the Securities Act of 1933, as amended. The Indemnitors shall have
                                         the right to defend against any such claim with counsel of their choice reasonably satisfactory
                                         to the Company if, within 15 days following written receipt of notice of the claim to
                                         the Indemnitors, the Indemnitors notify the Company in writing that they shall undertake
                                         such defense.



 


		4.	Each
                                         Sponsor, each Insider and the Representative hereby agrees and acknowledges that: (i)
                                         the Underwriters and the Company would be irreparably injured in the event of a breach
                                         by such Sponsors or an Insider of its, his or her obligations under paragraphs 1, 2,
                                         3 and 5(b), 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 seek injunctive relief, in addition to any other remedy that such party may have in
                                         law or in equity, in the event of such breach.



 


		5.	(a)
                                         Each Sponsor and each Insider agrees that it shall not Transfer (defined below) any Sponsor/Insider
                                         Securities (defined below) until the completion of a Business Combination (the “Lock-up
                                         Period”).
	 	 	 
	 	 	(b)
                                         Notwithstanding the provisions set forth in paragraphs 5(a), Transfers of any Sponsor/Insider
                                         Securities that are held by each Sponsor, any Insider or any of their permitted transferees
                                         (that have complied with this paragraph 5(b)), are permitted (i) to the Company or its
                                         officers or directors, any affiliate or family member of any of the Company’s officers
                                         or directors, any affiliate of the Sponsors or to any members of the Sponsors or any
                                         of their affiliates or family members; (ii) in the case of an individual, by gift to
                                         a member of such individual’s immediate family or to a trust, the beneficiary of
                                         which is a member of such individual’s immediate family, an affiliate of such individual;
                                         (iii) in the case of an individual, by virtue of laws of descent and distribution upon
                                         death of such individual; (iv) in the case of an individual, pursuant to a qualified
                                         domestic relations order; (v) by private sales or transfers made in connection with any
                                         forward purchase agreement or similar arrangement or in connection with the consummation
                                         of an initial Business Combination at prices no greater than the price at which the securities
                                         were originally purchased; (vi) in the event of the Company’s liquidation prior
                                         to the completion of an initial Business Combination; (vii) by virtue of the laws of
                                         the State of Delaware or the either Sponsor’s limited liability company agreement
                                         upon dissolution of such Sponsor; or (viii) in the event of the Company’s liquidation,
                                         merger, capital 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 subsequent to the Company’s completion of
                                         an initial Business Combination; provided, however, that in the case of clauses (i) through
                                         (v) or (vii), these permitted transferees must enter into a written agreement with the
                                         Company agreeing to be bound by the transfer restrictions herein and the other restrictions
                                         contained in this Letter Agreement (including provisions relating to voting, the Trust
                                         Account and liquidating distributions).



 




    	 



     


    

 


		6.	Each
                                         Insider agrees to offer all suitable business combination opportunities to the Company
                                         before any other person or entity until the consummation of the initial Business Combination,
                                         subject to any pre-existing contractual or fiduciary obligations such Insider may have;
                                         provided, that each Insider shall not be limited with respect to his or her individual
                                         activity as a sponsor or independent director of a separate special purpose acquisition
                                         vehicle that does not conflict or compete with the Company.



 


		7.	Each
                                         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 Sponsor and each Insider’s questionnaire furnished to the Company is true
                                         and accurate in all respects. Each Sponsor and 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, he or she 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, he or she is not currently a defendant in any
                                         such criminal proceeding.



 


		8.	Except
                                         as disclosed in the Prospectus, neither the Sponsors nor any officer, nor any affiliate
                                         of the Sponsors or any officer, nor any director of the Company, shall receive from the
                                         Company any finder’s fee, reimbursement, consulting fee, non-cash payments, monies
                                         in respect of any repayment 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), other
                                         than the following, none of which will be made from the proceeds held in the Trust Account
                                         prior to the completion of the initial Business Combination: payments to an affiliate
                                         of one of the Sponsors for certain administrative services as may be reasonably required
                                         by the Company of $10,000 per month; reimbursement for any reasonable out-of-pocket expenses
                                         related to identifying, investigating, negotiating and completing an initial Business
                                         Combination, and repayment of loans, if any, and on such terms as to be determined by
                                         the Company from time to time, made by the Sponsors or affiliates of the Sponsors or
                                         any of the Company’s officers or directors 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 so long as
                                         no proceeds from the Trust Account are used for such repayment. Such loans may be convertible
                                         into warrants at a price of $0.75 per warrant at the option of the lender. Such warrants
                                         would be identical to the Private Placement Warrants purchased by Globis SPAC LLC, including
                                         as to exercise price, exercisability and exercise period.



 




    	 



     


    

 


		9.	The
                                         Representative, each 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.



 


		10.	As
                                         used herein, (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) “Equity Participation Shares”
                                         shall mean 350,000 shares of Common Stock (or 402,500 shares if the Underwriters’
                                         over-allotment option is exercised in full) to be issued to the Representative as compensation
                                         upon closing of the Public Offering; (iii) “Founder Shares” shall mean the
                                         3,047,500 shares of Common Stock issued and outstanding (up to 397,500 shares of which
                                         are subject to complete or partial forfeiture if the over-allotment option is not exercised
                                         by the Underwriters); (iv) “Private Placement Warrants” shall mean the 4,055,556
                                         warrants (or 4,188,889 warrants if the over-allotment option is exercised in full), each
                                         warrant one warrant to purchase one share of Common Stock that the Sponsors and/or certain
                                         designees of Globis SPAC LLC have agreed to purchase for an aggregate purchase price
                                         of $3,041,667 (or $3,141,667 if the over-allotment option is exercised in full) in a
                                         private placement that shall occur simultaneously with the consummation of the Public
                                         Offering; (v) “Private Placement Units” shall mean the 95,833 Units (or 100,833
                                         Units if the over-allotment option is exercised in full), each comprised of one share
                                         of Common Stock and one warrant to purchase one share of Common Stock, that Up and Up
                                         Capital, LLC has agreed to purchase for an aggregate purchase price of $958,333 (or $1,008,333
                                         if the over-allotment option is exercised in full) in a private placement that shall
                                         occur simultaneously with the consummation of the Public Offering; (vi) “Sponsor/Insider
                                         Securities” shall mean (a) the Private Placement Units, (b) the shares of Common
                                         Stock or Warrants underlying the Private Placement Units, (c) the shares of Common Stock
                                         issued or issuable upon the exercise of Warrants underlying the Private Placement Units,
                                         (d) the Private Placement Warrants, (e) the shares of Common Stock issued or issuable
                                         upon the exercise of the Private Placement Warrants and (f) the Founder Shares; (vii)
                                         “Public Stockholders” shall mean the holders of securities issued in the
                                         Public Offering; (viii) “Trust Account” shall mean the trust fund into which
                                         a portion of the net proceeds of the Public Offering and the sale of the Private Placement
                                         Warrants and Private Placement Units shall be deposited; and (ix) “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 Exchange Act, 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).



 




    	 



     


    

 


		11.	The
                                         Company will maintain an insurance policy or policies providing directors’ and
                                         officers’ liability insurance, and each Director 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.



 


		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 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 each 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. 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
                                         Period 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 December 31, 2021; provided further that paragraph 3 of this Letter Agreement
                                         shall survive such liquidation.



 


[Signature
Page Follows]


 




    	 



     


    

 


	 	Sincerely,
	 	 
	 	Globis
    SPAC LLC
	 	 
	 	By:	 
	 	Name:	Paul
    Packer
	 	Title:	Manager
	 	 
	 	Up
    and Up Capital, LLC
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	 
	 	Paul
    Packer
	 	 
	 	 
	 	Claude
    Benitah
	 	 
	 	 
	 	Michael
    A. Ferguson
	 	 
	 	
	 	John
    M. Horne
	 	 	 
	 	Chardan
    Capital Markets, LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 



  


	Acknowledged
    and Agreed:	 
	 	 
	Globis
    acquisition corp.	 
	 	 
	By:	 

	 
	Name:	Paul
    Packer	 
	Title:	Chief
    Executive Officer, Chief Financial Officer and Secretary	 


 


 


[Signature
Page to Letter Agreement]