Exhibit 10.6


 


STOCK ESCROW AGREEMENT


 


STOCK ESCROW AGREEMENT, dated
as of [______], 2021 (“Agreement”), by and among Gesher I Acquisition Corp., a Cayman Islands exempted company (“Company”),
the shareholder of the Company listed on Exhibit A hereto (the “Sponsor”) and Continental Stock Transfer & Trust Company,
a New York limited purpose trust company (“Escrow Agent”).


 


WHEREAS, the Company was formed
for the purpose of completing a merger, stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar
business combination (a “Business Combination”) with one or more businesses or entities.


 


WHEREAS, the Sponsor purchased
an aggregate of 2,875,000 ordinary shares of the Company, par value $0.0001 per share (“Ordinary Shares”) in a private placement;


 


WHEREAS, the Company has entered
into an Underwriting Agreement, dated [____], 2021 (“Underwriting Agreement”), with EarlyBirdCapital, Inc. (the
“Representative”) acting as representative of the several underwriters (collectively, the “Underwriters”), pursuant
to which, among other matters, the Underwriters have agreed to purchase 10,000,000 units (“Units”) of the Company, plus up
to an additional 1,500,000 Units if the Representative exercises the over-allotment option in full. Each Unit consists of one Ordinary
Share and one-half of one warrant (“Warrant”), each whole Warrant to purchase one Ordinary Share, all as more fully described
in the Company’s final Prospectus, dated [____], 2021 (“Prospectus”) comprising part of the Company’s Registration
Statement on Form S-1 (File No. 333-_______) under the Securities Act of 1933, as amended (“Registration Statement”), declared
effective on [_____], 2021 (“Effective Date”).


 


WHEREAS, the Sponsor has agreed
as a condition of the sale of the Units to deposit its Ordinary Shares of the Company in escrow as hereinafter provided.


 


WHEREAS, the Company and the
Sponsor desire that the Escrow Agent accept the Ordinary Shares, in escrow, to be held and disbursed as hereinafter provided.


 


IT IS AGREED:


 


1. Appointment of
Escrow Agent. The Company and the Sponsor hereby appoint the Escrow Agent to act in accordance with and subject to the terms of this
Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to such terms.


 


2. Deposit of Shares.
On or before the Effective Date, the Sponsor’s Ordinary Shares set forth on Exhibit A hereto shall be deposited in escrow, to be
held and disbursed subject to the terms and conditions of this Agreement. The Sponsor acknowledges that the shares deposited in escrow
will be legended to reflect the deposit of such shares under this Agreement.


 


3. Disbursement of
the Escrow Shares.


 


3.1 If the over-allotment option
to purchase all or a portion of the additional 1,500,000 Units of the Company is not exercised in full within 45 days of the date of the
Prospectus (as described in the Underwriting Agreement), the Sponsor agrees that the Escrow Agent shall return to the Company for cancellation,
at no cost, the number of Ordinary Shares determined by multiplying 375,000 by a fraction, (i) the numerator of which is 1,500,000 minus
the number of Ordinary Shares included in the Units purchased by the Underwriters upon the exercise of the over-allotment option, and
(ii) the denominator of which is 1,500,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or termination
of the over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof.


 



     


     


    




 


3.2 Except as otherwise set
forth herein, the Escrow Agent shall hold the shares remaining after any cancellation required pursuant to Section 3.1 above (such remaining
shares to be referred to herein as the “Escrow Shares”) until 180 days after the consummation of the Company’s initial
Business Combination or earlier if, subsequent to the initial Business Combination, the Company consummates a liquidation, merger, stock
exchange or other similar transaction which results in all of the Company’s shareholders having the right to exchange their Ordinary
Shares for cash, securities or other property (such period of time during which the Escrow Shares are held in escrow, the “Escrow
Period”). Upon the achievement of any of the conditions set forth above, the Company shall promptly provide notice to the Escrow
Agent, in form reasonably acceptable to the Escrow Agent. Upon completion of the Escrow Period, the Escrow Agent shall disburse such amount
of each Sponsor’s Escrow Shares to the Sponsor. The Escrow Agent shall have no further duties hereunder after the disbursement of
the Escrow Shares in accordance with this Section 3.2.


 


3.3 Notwithstanding the
provisions of Section 3.2, if the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company’s Trust
Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between the Company and
the Escrow Agent as trustee thereunder) is being liquidated, then the Escrow Agent shall deliver the certificates representing the Escrow
Shares to the Sponsor promptly after the public shareholders are paid the liquidating distributions and shall have no further duties hereunder.


 


4. Rights of Sponsor
in Escrow Shares.


 


4.1 Voting Rights as
a Stockholder. Subject to the terms of the Insider Letter described in Section 4.4 hereof and except as herein provided, the Sponsor
shall retain all of its rights as a shareholder of the Company as long as any shares are held in escrow pursuant to this Agreement, including,
without limitation, the right to vote such shares.


 


4.2 Dividends and Other
Distributions in Respect of the Escrow Shares. For as long as any shares are held in escrow pursuant to this Agreement, all dividends
payable in cash with respect to the Escrow Shares shall be paid to the Sponsor, but all dividends payable in stock or other non-cash property
(“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used herein,
the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed thereon, if any.


 


4.3 Restrictions on
Transfer. During the Escrow Period, the Escrow Shares will not be transferred, assigned, sold, or released from escrow (subject to
certain limited exceptions set forth below) (i) with respect to 50% of such Escrow Shares, for a period ending on the earlier of the one-year
anniversary of the date of the consummation of the Company’s Business Combination and the date on which the closing price of the
Company’s Ordinary Shares equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations, and
recapitalizations) for any 20 trading days within a 30-trading day period following the consummation of the Company’s Business Combination
and (ii) with respect to the remaining 50% of such Escrow Shares, for a period ending on the one-year anniversary of the date of the consummation
of the Company’s Business Combination, or earlier, in either case, if, subsequent to the Company’s Business Combination, the
Company consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s shareholders
having the right to exchange their Ordinary Shares for cash, securities, or other property. The limited exceptions include transfers,
assignments, or sales (i) to the Company or the Company’s initial shareholders’ officers, directors, consultants, or affiliates,
(ii) to an entity’s members upon its liquidation, (iii) to relatives and trusts for estate planning purposes, (iv) by virtue of
the laws of descent and distribution upon death, (v) pursuant to a qualified domestic relations order, (vi) to the Company for no value
for cancellation in connection with the consummation of a Business Combination, or (vii) in connection with the consummation of a Business
Combination at prices no greater than the price at which the shares were originally purchased, in each case (except for clause (vi) or
with the Company’s prior consent) where the transferee agrees to the terms of this Escrow Agreement and to be bound by the transfer
restrictions.


 


4.4 Insider Letter.
The Sponsor has executed a letter agreement with the Company and the Representative, dated as of the date hereto, the form of which is
filed as an exhibit to the Registration Statement (“Insider Letter”), respecting the rights and obligations of the Sponsor
in certain events, including, but not limited to, the liquidation of the Company.


 



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5. Concerning the
Escrow Agent.


 


5.1 Good Faith Reliance.
The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its own best judgment,
and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including
counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only as to its due execution and the
validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is
believed by the Escrow Agent in good faith to be genuine and to be signed or presented by the proper person or persons. The Escrow Agent
shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement unless evidenced
by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are
affected, unless it shall have given its prior written consent thereto.


 


5.2 Indemnification.
Subject to Section 5.8 below, the Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses, including
reasonable counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding
involving any claim which in any way, directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent
hereunder, or the Escrow Shares held by it hereunder, other than expenses or losses arising from the gross negligence, fraud or willful
misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of
any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such
notice, the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in an appropriate court to determine
ownership or disposition of the Escrow Shares or it may deposit the Escrow Shares with the clerk of any appropriate court or it may retain
the Escrow Shares pending receipt of a final, non-appealable order of a court having jurisdiction over all of the parties hereto directing
to whom and under what circumstances the Escrow Shares are to be disbursed and delivered. The provisions of this Section 5.2 shall survive
in the event the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below.


 


5.3 Compensation.
Subject to Section 5.8 below, the Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered
by it hereunder. The Escrow Agent shall also be entitled to reimbursement from the Company for all reasonable expenses paid or incurred
by it in the administration of its duties hereunder including, but not limited to, all counsel, advisors’ and agents’ fees
and disbursements and all taxes or other governmental charges.


 


5.4 Further Assurances.
From time to time on and after the date hereof, the Company and the Sponsor shall deliver or cause to be delivered to the Escrow Agent
such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably request
to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself that
it is protected in acting hereunder.


 


5.5 Resignation.
The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties hereto
written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective at such time
that the Escrow Agent shall turn the Escrow Shares over to a successor escrow agent appointed by the Company and approved by the Representative,
which approval will not be unreasonably withheld, conditioned or delayed. If no new escrow agent is so appointed within the 60-day period
following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Shares with any court it reasonably deems
appropriate in the State of New York.


 


5.6 Discharge of Escrow
Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested in writing at any
time by all of the other parties hereto; provided, however, that such resignation shall become effective only upon the appointment of
a successor escrow agent selected by the Company and approved by the Representative, which approval will not be unreasonably withheld,
conditioned or delayed.


 


5.7 Liability. Notwithstanding
anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross negligence, fraud or
willful misconduct.


 



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5.8 Waiver. The
Escrow Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or
to any distribution of, the Trust Account and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim
against the Trust Account for any reason whatsoever.


 


6. Miscellaneous.


 


6.1 Governing Law.
This 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
consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough of Manhattan, for purposes
of resolving any disputes hereunder. As to any claim, cross-claim, or counterclaim in any way relating to this Agreement, each party waives
the right to trial by jury.


 


6.2 Third Party Beneficiaries.
Each of the parties to this Agreement hereby acknowledges that the Representative is a third party beneficiary of this Agreement.


 


6.3 Entire Agreement.
This Agreement contains the entire agreement of the parties hereto with respect to the subject matter hereof and, except as expressly
provided herein, may only be changed, amended, or modified by a writing signed by each of the parties hereto.


 


6.4 Headings. The
headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation thereof.


 


6.5 Binding Effect.
This Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives, successors
and assigns.


 


6.6 Notices. Any
notice, consent or request to be given in connection with any of the terms or provisions of this 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 email or
by facsimile transmission:


 


If to the Company, to:


 


Gesher I Acquisition Corp.


Hagag Towers


North Tower, Floor 24


Haarba 28


Tel Aviv, Israel


Attn:


E-mail:


 


If to the Sponsor, to its address
set forth in Exhibit A.


 


and if to the Escrow Agent,
to:


 


Continental Stock Transfer&
Trust Company


1 State Street, 30th
Floor


New York, New York 10004


Attn: Client Administration
Dept.


Email: accountadmin@continentalstock.com


 


A copy of any notice sent hereunder
shall be sent to:


 


EarlyBirdCapital,
Inc.


366 Madison Ave 8th
Floor


New York, NY 10017


Attn: Steven Levine


Email: slevine@ebccap.com


 



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with a copy to:


 


Graubard Miller


The Chrysler Building


405 Lexington Avenue


New York, New York 10174


Attn: David Alan Miller, Esq. / Jeffrey
M. Gallant, Esq.


Email: dmiller@graubard.com / jgallant@graubard.com


 


and:


 


Loeb & Loeb LLP


345 Park Avenue


New York, New York 10154


Attn:


E-mail:


 


The parties may change the persons
and addresses to which the notices or other communications are to be sent by giving written notice to any such change in the manner provided
herein for giving notice.


 


6.7 Liquidation of the
Trust Account. The Company shall give the Escrow Agent written notification of the liquidation of the Trust Account in the event that
the Company fails to consummate a Business Combination within the time period specified in the Company’s Amended and Restated Memorandum
and Articles of Association, as the same may be amended from time to time.


 


6.8 Counterparts.
This Agreement may be executed in several counterparts, each one of which shall constitute an original and may be delivered by facsimile
transmission and together shall constitute one instrument.


 


[Signature Page Follows]


 



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WITNESS the execution of this
Agreement as of the date first above written.


 


	 	GESHER I ACQUISITION CORP.
	 	 
	 	By:	 
	 	Name:	                          
	 	Title:	 
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	SPONSOR:
	 	 
	 	GESHER I SPONSOR LLC
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 


 


[Signature Page to Stock Escrow Agreement]


 



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EXHIBIT A


 


	Name and Address of Sponsor	 	Number of Shares	 
	 	 	 	 
	
    Gesher I Sponsor LLC

    Hagag Towers

    North Tower, Floor 24

    Haarba 28

    Tel Aviv, Israel
	 	 	2,875,000	 
	 	 	 	 	 
	TOTAL	 	 	2,875,000