Exhibit 10.1


 


[________], 2020


 


Bull Horn Holdings Corp.


801 S. Pointe Drive, Suite TH-1


Miami Beach, Florida 33139


 


Re: Initial Public Offering


 


Gentlemen:


 


This letter
(this “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement
(the “Underwriting Agreement”) to be entered into by and among Bull Horn Holdings Corp., a British
Virgin Islands business company (the “Company”), and Imperial Capital, 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 8,625,000 of the Company’s units (including up to 1,125,000
units that may be purchased to cover over-allotments, if any) (the “Units”), each comprised of one
of the Company’s ordinary shares, no par value per share (the “Ordinary Shares”), and one
warrant. Each whole Warrant (each, a “Warrant”) entitles the holder thereof to purchase one-half of
one Ordinary Share at a price of $11.50 per share, subject to adjustment. The Units shall be sold in the Public Offering
pursuant to a registration statement on Form S-1 (File No. 333-248940) and prospectus (the
“Prospectus”) filed by the Company with the Securities and Exchange Commission (the
“Commission”) and the Company shall apply to have the Units listed on The Nasdaq Capital Market.
Certain capitalized terms used herein are defined in Section 14 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, Bull Horn Holdings Sponsor LLC (the
“Sponsor”) and the undersigned individuals, each of whom is a member of the Company’s board of
directors and/or management team (each, an “Insider” and collectively, the “Insiders”),
hereby agree with the Company as follows:


 


1. The Sponsor
and each Insider agrees that (A) if the Company seeks shareholder approval of a proposed Business Combination, then in connection
with such proposed Business Combination, it, he or she shall (i) vote any Shares owned by it, him or her in favor of any proposed
Business Combination and (ii) not redeem any Shares owned by it, him or her in connection with such shareholder approval,
(B) if the Company engages in a tender offer in connection with any proposed Business Combination, it, he or she shall not sell
any Shares to the Company in connection therewith and (C) if the Company seeks shareholder approval of any proposed amendment to
the Charter prior to the consummation of a Business Combination, it, he or she shall not redeem any Shares owned by it, him or
her in connection with such shareholder approval.


 


2. The Sponsor
and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination within the time period
set forth in the Charter, the Sponsor and each Insider shall take all reasonable steps to cause the Company to (i) cease all
operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than 10 business days
thereafter, subject to lawfully available funds therefor, redeem 100% of the Ordinary Shares 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, including interest earned on the funds held in the Trust Account and not previously
released to the Company to pay any taxes (less up to $50,000 of interest to pay dissolution expenses), divided by the number of
then issued outstanding Offering Shares, which redemption will completely extinguish all Public Shareholders’ rights as shareholders
(including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly
as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the
Company’s board of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii) above to the Company’s
obligations under British Virgin Islands law to provide for claims of creditors and other requirements of applicable law. The Sponsor
and each Insider agrees to not propose any amendment to the Charter (i) that would affect the substance or timing of the Company’s
obligation to allow redemption in connection with the Business Combination or to redeem 100% of the Offering Shares if the Company
does not complete a Business Combination within the time period described in the Prospectus or (ii) with respect to any other provision
relating to shareholders’ rights or pre-Business Combination activity, unless the Company provides its public shareholders
with the opportunity to redeem their Ordinary 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 any taxes, divided by the number of then issued and outstanding
Offering Shares.


 




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The 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 Sponsor and each Insider hereby further waives any claim such Sponsor or Insider may have in the future
as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust Fund
for any reason whatsoever except in each case with respect to the Insider’s right to a pro rata interest in the proceeds
held in the Trust Fund for any Offering Shares such Sponsor or Insider may hold.


 


3. During the
period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each
Insider shall not, without the prior written consent of the Representative, (i) sell, offer to sell, contract or agree to
sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly,
or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations
of the Commission promulgated thereunder, with respect to any Units, Ordinary Shares, Founder Shares, Warrants or any securities
convertible into, or exercisable, or exchangeable for, Ordinary Shares owned by it, him or her, (ii) enter into any swap or
other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Units, Ordinary
Shares, Founder Shares, Warrants or any securities convertible into, or exercisable, or exchangeable for, Ordinary Shares owned
by it, him or her, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly
announce any intention to effect any transaction specified in clause (i) or (ii). Each of the Insiders and the Sponsor acknowledges
and agrees that, prior to the effective date of any release or waiver, of the restrictions set forth in this Section 3 or
Section 7 below, the Company shall announce the impending release or waiver by press release through a major news service
at least two business days before the effective date of the release or waiver. Any release or waiver granted shall only be effective
two business days after the publication date of such press release. The provisions of this Section will not apply if the release
or waiver is effected solely to permit a transfer not for consideration and the transferee has agreed in writing to be bound by
the same terms described in this Letter Agreement to the extent and for the duration that such terms remain in effect at the time
of the transfer.


 


4. In the event
of the liquidation of the Trust Account, the Sponsor (which for purposes of clarification shall not extend to any other shareholders,
members or managers of the Sponsor) agrees to indemnify and hold harmless the Company against any and all loss, liability, claim,
damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating,
preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever) 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) a
prospective target business with which the Company has entered into a letter of intent, confidentiality or other similar agreement
or a Business Combination agreement (a “Target”); provided, however, that such
indemnification of the Company by the Sponsor shall apply only to the extent necessary to ensure that such claims by a third party
for services rendered (other than the Company’s independent public accountants) or products sold to the Company or a Target
do not reduce the amount of funds in the Trust Account to below (i) $10.00 per share of the Offering Shares or (ii) such
lesser amount per share of the Offering Shares held in the Trust Account due to reductions in the value of the trust assets as
of the date of the liquidation of the Trust Account, in each case, net of the amount of interest earned on the property in the
Trust Account which may be withdrawn to pay taxes, except as to any claims by a third party (including a Target) who executed a
waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity
of the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended. In the event
that any such executed waiver is deemed to be unenforceable against such third party, the Sponsor shall not be responsible to the
extent of any liability for such third party claims. The Sponsor shall have the right to defend against any such claim with counsel
of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the
Sponsor, the Sponsor notifies the Company in writing that it shall undertake such defense.


 




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5. To the extent
that the Underwriters do not exercise their over-allotment option to purchase up to an additional 1,125,000 Units within 45 days
from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit, at no cost, a number
of Founder Shares in the aggregate equal to 281,250 multiplied by a fraction, (i) the numerator of which is 1,125,000 minus
the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator
of which is 1,125,000.


 


6. Each officer
of the Company hereby agrees not to become an officer of any other any other special purpose acquisition company with a class of
securities registered under the Exchange Act until the Company has entered into a definitive agreement regarding an initial Business
Combination or unless the Company has failed to complete a Business Combination within the time period set forth in the Charter.


 


The Sponsor and each
Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably injured in the event
of a breach by such Sponsor or an Insider of its, his or her obligations under Sections 1, 2, 3, 4,
5, 6(a), 7(a), 7(b), 8, 9 and 10, 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 injunctive
relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach.


 


7. (a) The
Sponsor and each Insider agrees that it, he or she shall not Transfer 50% of their Founder Shares until the earlier of (i) six
months after the date of the consummation of the Company’s initial Business Combination or (ii) the date on which the closing
price of our ordinary shares equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations
and recapitalizations) for any 20 trading days within any 30-trading day period commencing after the Company’s initial
Business Combination, and the remaining 50% of the Founder Shares may not be transferred, assigned or sold until six months after
the date of the consummation of the initial Business Combination, or earlier, in either case, if, subsequent to the Company’s
initial Business Combination, the Company consummates a subsequent 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 “Founder Shares Lock-up Period”).


 


(b) The Sponsor
and each Insider agrees that it, he or she shall not Transfer any Private Placement Warrants (or Ordinary Shares issued or issuable
upon the conversion of the Private Placement Warrants), until 30 days after the completion of a Business Combination (the “Private
Placement Warrants Lock-up Period”, together with the Founder Shares Lock-up Period, the “Lock-up Periods”).


 


(c) Notwithstanding
the provisions set forth in Sections 7(a) and (b), Transfers of the Founder Shares, Private Placement Warrants
and Ordinary Shares issued or issuable upon the exercise or conversion of the Private Placement Warrants or the Founder Shares
and that are held by the Sponsor, any Insider or any of their permitted transferees (that have complied with this Section 7(c)),
are permitted (1) to any persons (including their affiliates and shareholders) participating in the private placement of the Private
Placement Warrants, and officers, directors, shareholders, employees and members of the Sponsor and its affiliates, (2) amongst
Initial Shareholders or to Insiders and Company employees, (3) if a holder is an entity, as a distribution to its, partners, shareholders
or members upon its liquidation, (4) by bona fide gift to a member of the holder’s immediate family or to a trust, the beneficiary
of which is a holder or a member of a holder’s immediate family, for estate planning purposes, (5) by virtue of the laws
of descent and distribution upon death, (6) pursuant to a qualified domestic relations order, (7) by certain pledges
to secure obligations incurred in connection with purchases of the Company’s securities, (8) by private sales at prices no
greater than the price at which the applicable securities were originally purchased or (9) to the Company for no value for cancellation
in connection with the consummation of the initial Business Combination, in each case (except for clause 9) where the transferee
agrees to the terms of this Letter Agreement with respect to such securities (including provisions relating to voting, the trust
account and liquidation distributions described elsewhere in the Prospectus). 


 


8. Each of the Insiders
agrees to be a director or officer of the Company, as applicable, until the earlier of the consummation by the Company of an initial
Business Combination, the liquidation of the Company, or his or her removal, death or incapacity. In the event of the removal or
resignation of an Insider as a director or officer (as applicable), each Insider agrees that he or she will not, prior to the consummation
of the Business Combination, without the prior express written consent of the Company, (i) use for the benefit of the undersigned
or to the detriment of the Company or (ii) disclose to any third party (unless required by law or governmental authority), any
information regarding a potential target of the Company that is not generally known by persons outside of the Company, the Sponsor,
or their respective affiliates.


 




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9. The undersigned
acknowledges and agrees that prior to entering into a definitive agreement for a Business Combination with a target business that
is affiliated with any of the Insiders of the Company or their affiliates, such transaction must be approved by a majority of the
Company’s disinterested directors and the Company must obtain an opinion from an independent investment banking firm or another
independent entity that commonly renders valuation opinions for the type of company the Company is seeking to acquire that such
Business Combination is fair to the Company’s unaffiliated shareholders from a financial point of view.


 


10. The 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 Insider’s questionnaire furnished to the Company is true and accurate in all respects. 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 or
he 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 or he is not currently
a defendant in any such criminal proceeding.


 


11. Except as
disclosed in the Prospectus, neither the Sponsor nor any Insider nor any affiliate of the Sponsor or any Insider, nor any director
or officer of the Company, shall receive from the Company any finder’s fee, reimbursement or cash payments 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 amounts described in the Prospectus under the heading “Summary
– The Offering – Limited Payments to Insiders.”


 


12. The 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.


 


13. Commencing
on the effective date of the Prospectus for the Public Offering and continuing until the earlier of (i) the consummation by the
Company of a Business Combination or (ii) the Company’s liquidation as described in the Prospectus, the Sponsor shall make
available to the Company, at no charge, certain office space as may be required by the Company from time to time, situated at 801
S. Pointe Drive, Suite TH-1, Miami Beach, Florida 33139 (or any successor locations).


 


14. As used herein,
(i) “Business Combination” shall mean a merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Shares”
shall mean, collectively, the Ordinary Shares and the Founder Shares; (iii) “Founder Shares” shall
mean (a) the 2,156,250 of the Company’s Ordinary Shares initially issued to the Sponsor (up to 2,156,250 Shares of which
are subject to complete or partial forfeiture by the Sponsor if the over-allotment option is not exercised by the Underwriters)
for an aggregate purchase price of $25,000 prior to the consummation of the Public Offering; (iv) “Initial Shareholders”
shall mean the Sponsor and any Insider that holds Founder Shares; (v) “Private Placement Warrants”
shall mean the Warrants to purchase up to 3,000,000 (or 3,225,000 if the over-allotment is exercised in full) Ordinary Shares of
the Company which the Sponsor has agreed to purchase for an aggregate purchase price of $3,000,000 (or $3,225,000 if the over-allotment
is exercised in full), or $1.00 per whole Private Placement Warrant, in a private placement that shall occur simultaneously with
the consummation of the Public Offering; (vi) “Public Shareholders” shall mean the holders of securities
issued in the Public Offering; (vii) “Trust Account” shall mean the trust fund located in the United
States into which a portion of the net proceeds of the Public Offering shall be deposited; (viii) “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); and (ix) “Charter”
shall mean the Company’s memorandum and articles of association, as the same may be amended from time to time.


 




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15. 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.


 


16. 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 party. Any purported assignment in violation of this Section shall be void and ineffectual and shall not operate
to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the Sponsor and
each Insider and their respective successors, heirs and assigns and permitted transferees.


 


17. 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.


 


18. 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.


 


19. 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.


 


20. This Letter
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The
parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this
Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit
to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive
jurisdiction and venue or that such courts represent an inconvenient forum.


 


21. 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.


 


22. This Letter
Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods 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 October 31, 2020; provided further that Section 4 of this Letter Agreement shall survive such
liquidation.


 


23. The Company, the
Sponsor and each Insider hereby acknowledges and agrees that the Representative on behalf of the Underwriters is a third party
beneficiary of this Letter Agreement.


 




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	 	Sincerely,
	 	 
	 	BULL HORN HOLDINGS SPONSOR LLC
	 	 	 
	 	By:	 
	 	 	
        Name: Robert Striar

        Title: Managing Member

	 	 	 
	 	By:	 
	 	 	
        Name: Christopher Calise

        Title: Managing Member

        



 


	
        Acknowledged and Agreed:

         

        BULL HORN HOLDINGS CORP.
	 
	           	 
	Name:  	           	 
	Title:	 	 


 


[Signature Page to Letter Agreement]


 


 


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