Exhibit 10.11


 


THIS PROMISSORY NOTE (“NOTE”) HAS
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED
FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE
SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED.


 


PROMISSORY NOTE


 





	Principal Amount: Up to $1,200,000	January 12, 2017




 


Global Partner Acquisition
Corp., a Delaware corporation (the “Maker”), promises to pay to the order of Global Partner Sponsor I LLC or
its registered assigns or successors in interest or order (the “Payee”), the principal sum of up to One Million
and Two Hundred Thousand Dollars ($1,200.000.00) in lawful money of the United States of America, on the terms and conditions described
below. All payments on this Note (unless any principal or accrued interest is converted pursuant to Section 15 below) shall be
made by check or wire transfer of immediately available funds to such account as the Payee may from time to time designate by written
notice in accordance with the provisions of this Note.


 


1.             Principal. The principal balance and accrued interest of this Note shall be payable on the date on which Maker consummates
its initial business combination. The principal balance and accrued interest may not be prepaid without Payee’s written consent.


 


2.             Interest. Simple interest on the principal balance from time-to-time remaining unpaid shall accrue from the date of this Note
at the rate of seven and one half percent (7.5%) per annum. Interest shall be computed on the basis of a 360 day year and a 30
day month.


 


3.             Drawdown Requests. Payee, in its sole discretion, may fund up to One Million and Two Hundred Thousand Dollars ($1,200.000.00)
for costs reasonably related to Maker’s consummation of an initial business combination. The principal of this Note may be
drawn down from time to time until the date on which Maker consummates its initial business combination, upon written request from
Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down, and
must be in multiples of not less than Two Hundred Thousand Dollars ($200,000) unless agreed upon by Maker and Payee. Payee, in
its sole discretion, shall fund each Drawdown Request no later than five (5) business days after receipt of a Drawdown Request;
provided, however, that the maximum amount of drawdowns collectively under this Note shall not exceed One Million and Two Hundred
Thousand Dollars ($1,200.000.00). Once an amount is drawn down under this Note, it shall not be available for future Drawdown Requests
even if prepaid. No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request
by Maker.


 


4.             Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of
any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any
late charges, then to the payment of any accrued interest and finally to the reduction of the unpaid principal balance of this
Note.


 


5.             Events of Default. The following shall constitute an event of default (“Event of Default”):


 


(a)           Failure to Make Required Payments. Failure by Maker to pay the principal amount and accrued interest due pursuant to this
Note within five (5) business days of the date specified above.


 






     


     


    

 


(b)           Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency,
reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a
receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial
part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally
to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the
foregoing.


 


(c)             Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of
Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its
property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed
and in effect for a period of 60 consecutive days.


 


6.             Remedies.


 


(a)             Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this
Note to be due immediately and payable, whereupon the unpaid principal amount of this Note plus accrued interest, and all other
amounts payable thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any
kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary
notwithstanding.


 


(b)            Upon the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note plus
accrued interest, and all other sums payable with regard to this Note, shall automatically and immediately become due and payable,
in all cases without any action on the part of Payee.


 


7.             Waivers. Maker
and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of
dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings
instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or
future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property,
from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or
extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained
by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order
desired by Payee.


 


8.             Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or
enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the
liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver
or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or
modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that
additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting
Maker’s liability hereunder.


 


9.             Notices. All
notices, statements or other documents which are required or contemplated by this Note shall be: (i) in writing and
delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or
electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such
party or such other address or fax number as may be designated in writing by such party and (iii) 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 facsimile or
electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing
if sent by mail.


 


10.           Construction. THIS
NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW
PROVISIONS THEREOF.


 


11.           Severability. Any
provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof,
and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.


 






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12.           Trust
Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any claim in or to any distribution of
or from the trust account (the “Trust Account”) established in connection with the Maker’s initial
public offering (the “IPO”), and hereby agrees not to seek recourse, reimbursement, payment or
satisfaction for any claim against the Trust Account for any reason whatsoever; provided, however, that if the Maker
completes its initial business combination, the Maker shall repay the principal balance plus the accrued interest of this
Note out of the proceeds released to the Maker from the Trust Account.


 


13.           Amendment;
Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of
the Maker and the Payee.


 


14.           Assignment.
No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation
of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the
required consent shall be void; provided, however, that the foregoing shall not apply to an affiliate of the Payee who
agrees to be bound to the terms of this Note.


 


15.           Conversion.


 


(a)            At the Payee’s
option, at any time prior to payment in full of the principal balance and the accrued interest of this Note, the Payee may elect
to convert all or any portion of the unpaid principal balance and/or the accrued interest of this Note into that number of shares
of common stock (the “Conversion Shares”) equal to: (x) the portion of the principal amount and/or the accrued
interest of the Note being converted pursuant to this Section 15, divided by (y) $10.00, rounded up to the nearest whole number.
The Conversion Shares, and any other equity security of Maker issued or issuable with respect to the foregoing by way of a stock
dividend or stock split or in connection with a combination of shares, recapitalization, amalgamation, consolidation or reorganization,
shall be entitled to the registration rights set forth in Section 16 hereof.


 


(b)            Upon any complete
or partial conversion of the principal amount and accrued interest of this Note, (i) such principal amount and accrued interest
shall be so converted and such converted portion of this Note shall become fully paid and satisfied, (ii) the Payee shall surrender
and deliver this Note, duly endorsed, to Maker or such other address which Maker shall designate against delivery of the Conversion
Shares, (iii) Maker shall promptly deliver a new duly executed Note to the Payee in the principal amount and accrued interest that
remains outstanding, if any, after any such conversion and (iv) in exchange for all or any portion of the surrendered Note, Maker
shall, at the direction of the Payee, deliver to Payee (or its members or their respective affiliates) (the “Holders”)
the Conversion Shares, which shall bear such legends as are required, in the opinion of counsel to Maker or by any other agreement
between Maker and the Payee and applicable state and federal securities laws.


 


(c)            The Holders
shall pay any and all issue and other taxes that may be payable with respect to any issue or delivery of the Conversion Shares
upon conversion of this Note pursuant hereto; provided, however, that the Holders shall not be obligated to pay any transfer taxes
resulting from any transfer requested by the Holders in connection with any such conversion.


 


(d)            The Conversion
Shares shall not be issued upon conversion of this Note unless such issuance and such conversion comply with all applicable provisions
of law.


 


16.           Registration
Rights.


 


(a)            Reference is made to
that certain Registration Rights Agreement between the Maker and the parties thereto, dated as of July 29, 2015 (the “Registration
Rights Agreement”). All capitalized terms used in this Section 16 shall have the same meanings ascribed to them in the
Registration Rights Agreement.


 


(b)            The
Holders shall be entitled to one Demand Registration, which shall be subject to the same provisions as set forth in Section 2.1
of the Registration Rights Agreement.


 


(c)            The Holders shall also be entitled to include the Conversion Shares in Piggyback Registrations, which shall be subject to the same
provisions as set forth in Section 2.2 of the Registration Rights Agreement; provided, however, that in the event that an underwriter
advises the Maker that the Maximum Number of Securities has been exceeded with respect to a Piggyback Registration, the Holders
shall not have any priority for inclusion in such Piggyback Registration.


 


(d)            Except
as set forth above, the Holders and the Maker, as applicable, shall have all of the same rights, duties and obligations set forth
in the Registration Rights Agreement.


 


[Signature Page Follows]


 






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IN WITNESS WHEREOF,
Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and
year first above written.


 





	 	GLOBAL PARTNER SPONSOR I LLC.
	 	 	 
	 	By:	/s/ Paul Zepf
	 	Name:	Paul Zepf
	 	Title:	Managing Member


 


 


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