Exhibit 10.2


 


[ ], 2021


 


Macondray Capital Acquisition Corp. I

707 Menlo Ave, Suite 110

Menlo Park, CA 94025


 


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 Macondray Capital Acquisition Corp. I, a Cayman Islands exempted company (the “Company”), and B.
Riley Securities, Inc., 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 28,750,000 of the Company’s units (including up to 3,750,000 units that may be purchased to cover over-allotments, if any)
(the “Units”), each comprised of one of the Company’s Class A ordinary shares, of $0.0001 par value per
share (the “Ordinary Shares”), and one-third of one warrant. Each whole warrant (each, a “Warrant”)
entitles the holder thereof to purchase 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. 333-256171) 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 15 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, Macondray, LLC (the “Sponsor”) and
the undersigned individuals, each of whom is a member of the Company’s board of directors and/or management team or a
non-voting board advisor (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 $100,000
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 Cayman 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.


 


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 4 or Section 8 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.


 






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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) $10.10
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.


 


5.             To
the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 3,750,000 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 and on a
pro rata basis, a number of Founder Shares in the aggregate equal to 937,500 multiplied by a fraction, (i) the numerator of which
is 3,750,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the
denominator of which is 3,750,000.


 






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6.             The
parties hereto hereby agree and acknowledge that: (i) the Underwriters, the Sponsor and the Company would be irreparably injured
in the event of a breach by the applicable parties hereto of its, his or her obligations under Sections 1, 2, 3, 4, 5, 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 any Founder Shares (or Ordinary Shares issuable upon conversion
thereof) until the earlier of (A) one year after the completion of the Company’s initial Business Combination or (B) subsequent
to the Business Combination, (x) if the last sale price of the Ordinary Shares equals or exceeds $12.00 per share (as adjusted for
share sub-divisions, share dividends, rights issuances, consolidations, reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination or (y) the
date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that 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 4, 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 (a) to the Company’s
officers or directors, any affiliates or family members of any of the Company’s officers or directors, any affiliates of the Sponsor,
or any members of the Sponsor or any of their affiliates; (b) in the case of an individual, transfers by gift to a member of the
individual’s immediate family, to a trust, the beneficiary of which is a member of the individual’s immediate family or an
affiliate of such person, or to a charitable organization; (c) in the case of an individual, transfers by virtue of laws of descent
and distribution upon death of the individual; (d) in the case of an individual, transfers pursuant to a qualified domestic relations
order; (e) transfers by private sales or transfers made in connection with any forward purchase agreement or similar arrangements
or in connection with the consummation of a Business Combination at prices no greater than the price at which the securities were originally
purchased; (f) transfers in the event of the Company’s liquidation prior to the completion of an initial Business Combination;
and (g) transfers by virtue of the laws of Delaware or the Sponsor’s organizational documents upon dissolution of the Sponsor;
provided, however, that in the case of clauses (a) through (e) or (g), these permitted transferees must enter into a written
agreement agreeing to be bound by the restrictions herein.


 






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8.             Each
of the Insiders agrees to be a director, board advisor 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, board advisor 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.


 


9.             Subject
to Section 1, 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 the Sponsor, any of the officers, board advisors and directors of the Company or their affiliates or related
entities, 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, board advisor
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, board advisor and/or director on the board of directors of the Company and hereby consents to being named in the Prospectus as
an officer, board advisor and/or director of the Company.


 






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13.           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 7,187,500 of the Company’s Class B ordinary
shares, of $0.0001 par value per share, initially issued to the Sponsor for an aggregate purchase price of $25,000 prior to the
consummation of the Public Offering (up to 937,500 Shares of which are subject to complete or partial forfeiture by the Sponsor if
the over-allotment option is not exercised by the Underwriters); (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 6,666,667 Ordinary Shares of the Company (or 7,416,667 if the over-allotment option is exercised in full) which
the Sponsor and certain funds and accounts managed by subsidiaries of BlackRock Inc. have agreed to purchase for an aggregate
purchase price of $10,000,000 (or $11,125,000 if the over-allotment option is exercised in full), or $1.50 per 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.


 


14.           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.


 


15.           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.


 


16.           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.


 






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17.           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.


 


18.           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.


 


19.           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.


 


20.           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.


 


21.           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 [●], 2021; provided further that Section 5 of this Letter Agreement shall survive such liquidation.


 


22.           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.


 


[Signature Page Follows]


 






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	 	Sincerely,
	 	 	 
	 	MACONDRAY, LLC
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:



 


	 	By:	 
			Robert Grady Burnett



 


	 	By:	 
			William Lance Conn



 


	 	By:	 
			Gretchen Howard



 


	 	By:	 
			Andy Sheehan



 


	 	By:	 
			Claire Johnson
	 	 	 
	 	By:	 
	 	 	Obinna Onyeagoro



 


	 	By:	 
			Gokul Rajaram
	 	 	 
	 	By:	 
	 	 	Howard Andrew Fisher


 


	 	By:	 
	 	 	Stacy Brown-Philpot


 


and Agreed:

MACONDRAY CAPITAL ACQUISITION CORP. I


 


Name:

Title:


 


[Signature Page to Letter Agreement]