Exhibit 10.2


 


	 	[____], 2017


 


Atlantic Acquisition Corp.


1250 Broadway, 36th Floor


New York, NY 10001


 


Chardan Capital Markets, LLC


17 State Street, Suite 1600


New York, NY 10004


 


		Re:	Initial Public Offering



 


Gentlemen:


 


This letter is being
delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered
into by and between Atlantic Acquisition Corp., a Delaware corporation (the “Company”), and Chardan Capital
Markets, LLC, as Representative (the “Representative”) of the several Underwriters named in Schedule
I thereto (the “Underwriters”), relating to an underwritten initial public offering (the “IPO”)
of the Company’s units (the “Units”), each comprised of one share of Common Stock of the Company,
par value $0.0001 per share (the “Common Stock”), and one right to receive one-tenth (1/10) of a share
of Common Stock (the “Rights”). Certain capitalized terms used herein are defined in paragraph 14 hereof.


 


In order to induce the
Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit
that such IPO will confer upon the undersigned as a shareholder of the Company, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows:


 


1.           If
the Company solicits approval of its shareholders of a Business Combination, the undersigned will vote all shares of Common Stock
beneficially owned by him, whether acquired before, in or after the IPO, in favor of such Business Combination.


 


2.           (a)     In the event that the Company fails to consummate a Business Combination within 18 months from the closing of the Company’s
IPO (or, in the event that the Company extended the period of time to consummate a business combination up to two times, each by
an additional three months, within 24 months) from the closing of the Company’s IPO, the undersigned shall take all reasonable
steps to (i) cause the Trust Fund to be liquidated and distributed to the holders of IPO Shares and (ii) cause the Company to liquidate
as soon as reasonably practicable.


 




    	 	 	 



     


    

 


(b)     The
undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund and
any remaining net assets of the Company as a result of such liquidation with respect to his Insider Shares including any shares
underlying the Private Units (“Claim”) and hereby waives any Claim the undersigned 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. The undersigned acknowledges and agrees that there will be no distribution from the Trust Fund with
respect to any Rights underlying the Private Units, all of which will terminate on the Company’s liquidation.


 


(c)     [In
the event of the liquidation of the Trust Fund, the undersigned agrees to indemnify and hold harmless the Company against any and
all loss, liability, claims, 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) which the Company may become subject as a result of any claim by any vendor or other person who is owed money by the
Company for services rendered or products sold or contracted for, but only to the extent necessary to ensure that such loss, liability,
claim, damage or expense does not reduce the amount of funds in the Trust Fund; provided that such indemnity shall not apply
if such vendor or other person has executed an agreement waiving any claims against the Trust Fund.]1


 


(d)     [In
the event that the Company does not consummate a Business Combination and must liquidate and its remaining net assets are insufficient
to complete such liquidation, the undersigned agrees to advance such funds necessary to complete such liquidation and agrees not
to seek repayment for such expenses.]2


 


3.           The
undersigned will escrow all of his Insider Shares pursuant to the terms of a Stock Escrow Agreement which the Company will enter
into with the undersigned and an escrow agent acceptable to the Company.


 


4.           The
undersigned agrees that until the Company consummates a Business Combination, the undersigned’s Private Units will be subject
to the transfer restrictions described in the Subscription Agreement relating to the undersigned’s Private Units.


 


5.           In
order to minimize potential conflicts of interest which may arise from multiple affiliations, the undersigned agrees to present
to the Company for its consideration, prior to presentation to any other person or entity, any suitable opportunity to acquire
a target business, until the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company,
subject to any pre-existing fiduciary and contractual obligations the undersigned might have.


 


 



1 Only applicable for Wai Fun Cheng, Ren Hua Zheng,
Richard Xu and Tom W. Su.


2 Only applicable for Wai Fun Cheng, Ren Hua Zheng,
Richard Xu and Tom W. Su.



 




    	 	 	 



     


    

 


6.           The
undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated
with any Insiders of the Company or their affiliates, including any company that is a portfolio company of, or otherwise affiliated
with, or has received financial investment from, an entity with which any Insider or their affiliates is affiliated, such transaction
must be approved by a majority of the Company’s disinterested independent directors and the Company must obtain an opinion
from an independent investment banking firm that such Business Combination is fair to the Company’s unaffiliated shareholders
from a financial point of view.


 


7.           Neither
the undersigned, any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive
and will not accept any compensation or other cash payment prior to, or for services rendered in connection with, the consummation
of the Business Combination; provided that the Company shall be allowed to repay working capital loans made by the undersigned
to the Company in cash upon consummation of the Business Combination. Notwithstanding the foregoing, the undersigned and any affiliate
of the undersigned shall be entitled to reimbursement from the Company for their out-of-pocket expenses incurred in connection
with identifying, investigating and consummating a Business Combination.


 


8.           Neither
the undersigned, any member of the family of the undersigned, nor any affiliate of the undersigned will be entitled to receive
or accept a finder’s fee or any other compensation in the event the undersigned, any member of the family of the undersigned
or any affiliate of the undersigned originates a Business Combination.


 


9.           The
undersigned agrees to be a Director of the Company until the earlier of the consummation by the Company of a Business Combination
or the liquidation of the Company. The undersigned’s biographical information previously furnished to the Company and the
Representative is true and accurate in all material respects, does not omit any material information with respect to the undersigned’s
biography and contains all of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under
the Securities Act of 1933. The undersigned’s FINRA Questionnaire previously furnished to the Company and the Representative
is true and accurate in all material respects. The undersigned represents and warrants that:


 


		(a)	he has never had a petition under the federal bankruptcy
laws or any state insolvency law been filed by or against (i) him or any partnership in which he was a general partner at or within
two years before the time of filing; or (ii) any corporation or business association of which he was an executive officer at or
within two years before the time of such filing;



 


		(b)	he has never had a receiver, fiscal agent or similar officer
been appointed by a court for his business or property, or any such partnership;



 




    	 	 	 



     


    

 


		(c)	he has never been convicted of fraud in a civil or criminal
proceeding;



 


		(d)	he has never been convicted in a criminal proceeding or
named the subject of a pending criminal proceeding (excluding traffic violations and minor offenses);



 


		(e)	he has never been the subject of any order, judgment or
decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining
or otherwise limiting him from (i) acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity
pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission
(“CFTC”) or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer
in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association
or insurance company, or from engaging in or continuing any conduct or practice in connection with any such activity; or (ii)
engaging in any type of business practice; or (iii) engaging in any activity in connection with the purchase or sale of any
security or commodity or in connection with any violation of federal or state securities or federal commodities laws;



 


		(f)	he has never been the subject of any order, judgment or
decree, not subsequently reversed, suspended or vacated, of any federal or state authority barring, suspending or otherwise limiting
for more than 60 days his right to engage in any activity described in 9(e)(i) above, or to be associated with persons engaged
in any such activity;



 


		(g)	he has never been found by a court of competent jurisdiction
in a civil action or by the SEC to have violated any federal or state securities law, where the judgment in such civil action
or finding by the SEC has not been subsequently reversed, suspended or vacated;



 


		(h)	he has never been found by a court of competent jurisdiction
in a civil action or by the CFTC to have violated any federal commodities law, where the judgment in such civil action or finding
by the CFTC has not been subsequently reversed, suspended or vacated;



 




    	 	 	 



     


    

 


		(i)	he has never been the subject of, or a party to, any Federal
or State judicial or administrative order, judgment, decree or finding, not subsequently reversed, suspended or vacated, relating
to an alleged violation of (i) any Federal or State securities or commodities law or regulation, (ii) any law or regulation respecting
financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement
or restitution, civil money penalty or temporary or permanent cease-and desist order, or removal or prohibition order or (iii)
any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity;



 


		(j)	he has never been the subject of, or party to, any sanction
or order, not subsequently reversed, suspended or vacated, or any self-regulatory organization, any registered entity, or any
equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated
with a member;



 


		(k)	he has never been convicted of any felony or misdemeanor:
(i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii)
arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment advisor
or paid solicitor of purchasers of securities;



 


		(l)	he was never subject to a final order of a state securities
commission (or an agency of officer of a state performing like functions); a state authority that supervises or examines banks,
savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions);
an appropriate federal banking agency; the CFTC; or the National Credit Union Administration that is based on a violation of any
law or regulation that prohibits fraudulent, manipulative, or deceptive conduct;



 


		(m)	he has never been subject to any order, judgment or decree
of any court of competent jurisdiction, that, at the time of such sale, restrained or enjoined him from engaging or continuing
to engage in any conduct or practice: (i) in connection with the purchase or sale of any security; (ii) involving the making of
any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal
securities dealer, investment adviser or paid solicitor of purchasers of securities;



 




    	 	 	 



     


    

 


		(n)	he has never been subject to any order of the SEC that
orders him to cease and desist from committing or causing a future violation of: (i) any scienter-based anti-fraud provision of
the federal securities laws, including, but not limited to, Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange
Act and Rule 10b-5 thereunder, and Section 206(1) of the Advisers Act or any other rule or regulation thereunder; or (ii) Section
5 of the Securities Act;



 


		(o)	he has never been named as an underwriter in any registration
statement or Regulation A offering statement filed with the SEC that was the subject of a refusal order, stop order, or order
suspending the Regulation A exemption, or is, currently, the subject of an investigation or proceeding to determine whether a
stop order or suspension order should be issued;



 


		(p)	he has never been subject to a United States Postal Service
false representation order, or is currently subject to a temporary restraining order or preliminary injunction with respect to
conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the
mail by means of false representations;



 


		(q)	he is not subject to a final order of a state securities
commission (or an agency of officer of a state performing like functions); a state authority that supervises or examines banks,
savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions);
an appropriate federal banking agency; the CFTC; or the National Credit Union Administration that bars the undersigned from: (i)
association with an entity regulated by such commission, authority, agency or officer; (ii) engaging in the business of securities,
insurance or banking; or (iii) engaging in savings association or credit union activities;



 


		(r)	he is not subject to an order of the SEC entered pursuant
to section 15(b) or 15B(c) of the Securities Exchange Act of 1934 (the “Exchange Act”) or section 203(e) or 203(f)
of the Investment Advisers Act of 1940 (the “Advisers Act”) that: (i) suspends or revokes the undersigned’s
registration as a broker, dealer, municipal securities dealer or investment adviser; (ii) places limitations on the activities,
functions or operations of, or imposes civil money penalties on, such person; or (iii) bars the undersigned from being associated
with any entity or from participating in the offering of any penny stock; and



 


		(s)	he has never been suspended or expelled from membership
in, or suspended or barred from association with a member of, a securities self-regulatory organization (e.g., a registered national
securities exchange or a registered national or affiliated securities association) for any act or omission to act constituting
conduct inconsistent with just and equitable principles of trade.



 




    	 	 	 



     


    

 


10.         The
undersigned has full right and power, without violating any agreement by which he is bound, to enter into this letter agreement[
and to serve as a [Director] [and officer] of the Company].


 


11.         The
undersigned hereby waives his right to exercise conversion rights with respect to any shares of Common Stock owned or to be owned
by the undersigned, directly or indirectly, whether purchased by the undersigned prior to the IPO, in the IPO or in the aftermarket,
and agrees that he will not seek conversion with respect to or otherwise sell, such shares in connection with any vote to approve
a Business Combination with respect thereto, a vote to amend the provisions of the Company’s Amended and Restated Certificate
of Incorporation, or a tender offer by the Company prior to a Business Combination.


 


12.         The
undersigned hereby agrees to not propose, or vote in favor of, an amendment to the Company’s Amended and Restated Certificate
of Incorporation with respect to the Company’s pre-Business Combination activities prior to the consummation of a Business
Combination unless the Company offers holders of IPO Shares the right to receive their pro rata portion of the funds then held
in the Trust Fund.


 


13.         In
connection with Section 5-1401 of the General Obligations Law of the State of New York, this letter agreement shall be governed
by, and construed in accordance with, the laws of the State of New York without regard to principles of conflicts of law that would
result in the application of the substantive law of another jurisdiction. The parties hereto agree that any action, proceeding
or claim arising out of or relating in any way to this letter agreement shall be resolved through final and binding arbitration
in accordance with the International Arbitration Rules of the American Arbitration Association (“AAA”). The arbitration
shall be brought before the AAA International Center for Dispute Resolution’s offices in New York City, New York, will be
conducted in English and will be decided by a panel of three arbitrators selected from the AAA Commercial Disputes Panel and that
the arbitrator panel’s decision shall be final and enforceable by any court having jurisdiction over the party from whom
enforcement is sought. The cost of such arbitrators and arbitration services, together with the prevailing party’s legal
fees and expenses, shall be borne by the non-prevailing party or as otherwise directed by the arbitrators.


 


14.         As
used herein, (i) a “Business Combination” shall mean a merger, share exchange, asset acquisition, stock
purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities; (ii)
“Insiders” shall mean all officers, directors and shareholders of the Company immediately prior to the
IPO; (iii) “Insider Shares” shall mean all of the shares of Common Stock of the Company acquired by an
Insider prior to the IPO and any shares of Common Stock underlying the Private Units; (iv) “IPO Shares”
shall mean the shares of Common Stock issued in the Company’s IPO; (v) “Private Units” shall mean
(x) the Units purchased in the private placement taking place simultaneously with the consummation of the Company’s IPO and
(y) the additional Units that may be purchased in connection with the exercise of the over-allotment option by the underwriters
in the IPO as described in the Registration Statement; (vi) “Registration Statement” means the registration
statement on Form S-1 filed by the Company with respect to the IPO; and (vii) “Trust Fund” shall mean
the trust fund into which a portion of the net proceeds of the Company’s IPO will be deposited.


 




    	 	 	 



     


    

 


15.         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.


 


If to the Representative:


 


Chardan Capital Markets, LLC


17 State Street, Suite 1600


New York, NY 10004


Attn: George Kaufman


Facsimile: (646) 465-9039


 


If to the Company:


 


Atlantic Acquisition Corp.


1250 Broadway, 36th Floor


New York, NY 10001


Attn: Richard Xu, Chief Executive Officer


 


with a copy (which copy shall not constitute
notice) to:


 


Loeb & Loeb LLP


345 Park Avenue


New York, NY 10154


Attn: Giovanni Caruso, Esq.


Facsimile: (212) 504-3013


 


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 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 the
parties hereto and any successors and assigns thereof.


 


17.         The
undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations and
warranties set forth herein in proceeding with the IPO.


 


	 	 
	 	Print Name of Insider
	 	 
	 	 
	 	Signature