Exhibit 10.4

   

  December 8, 2021

   

  Emerging Markets Horizon Corp. 

  30 Ekaterinis Kornarou street, 3rd floor 

  Stovolos 2024

  Nicosia, Cyprus

   

  Re:        Initial Public Offering

   

  Ladies and Gentlemen:

   

  This letter (this “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”)
        entered into by and among Emerging Markets Horizon Corp., a Cayman Islands exempted company (the “Company”) and Citigroup Global Markets Inc. and VTB Capital plc, as representatives (the “Representatives”)
    of the several underwriters (the “Underwriters”), relating to an underwritten initial public offering (the “Public Offering”) of 28,750,000 of the Company’s units (including up to 3,750,000 units that may be
    purchased pursuant to the Underwriters’ option to purchase additional units, the “Units”), each comprising of one of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Ordinary Shares”),
    and one-half of one redeemable warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment. The Units will be sold in the
    Public Offering pursuant to a registration statement on Form S-l (file number 333-258393) and a prospectus (the “Prospectus”) filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”).
     Certain capitalized terms used herein are defined in paragraph 1 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, EM Horizon Investments (the “Sponsor”) and each of the undersigned (each, an “Insider” and, collectively, the “Insiders”)
    hereby agree with the Company as follows:

   

  1.        Definitions. As used herein, (i) “Business Combination” shall mean a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination
      with one or more businesses or entities; (ii) “Founder Shares” shall mean the 7,187,500 Class B ordinary shares of the Company,
      par value $0.0001 per share, outstanding prior to the consummation of the Public Offering; (iii) “Private Placement Warrants”
      shall mean the warrants to purchase Ordinary Shares of the Company that will be acquired by the Sponsor for an aggregate purchase price of $12,000,000 (or up to $13,500,000 if the Underwriters exercise their option to purchase additional units), or
      $1.50 per Warrant, in a private placement that shall close simultaneously with the consummation of the Public Offering (including Ordinary Shares issuable upon conversion thereof); (iv) “Public
          Shareholders” shall mean the holders of Ordinary Shares included
      in the Units issued in the Public Offering; (v) “Public Shares” shall mean the Ordinary Shares included in the Units issued in the
      Public Offering; (vi) “Trust Account” shall mean the trust account into which a portion of the net proceeds of the Public Offering
      and the sale of the Private Placement Warrants shall be deposited; (vii) “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 Securities Exchange Act of 1934, as amended, 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 (viii) “Charter” shall mean the
      Company’s Amended and Restated Memorandum and Articles of Association, as the same may be amended from time to time.

   

  
     

    
      

    

  

   

  2.           Representation and Warranties.

    

  (a)       The Sponsor and each Insider, with respect to itself, herself or himself, represent and warrant to the Company that it, she or he has the full right and power,
    without violating any agreement to which it, she or he is bound (including, without limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement, as applicable, and to serve as
    an officer of the Company and/or a director on the Company’s Board of Director (the “Board”), as applicable, and each Insider hereby consents to being named in the Prospectus, road show and any other materials as an officer and/or
    director of the Company, as applicable.

   

  (b)       Each Insider represents and warrants, with respect to herself or himself, that such Insider’s biographical information furnished to the Company (including any
    such information included in the Prospectus) is true and accurate in all material respects and does not omit any material information with respect to such Insider’s background. The Insider’s questionnaire furnished to the Company is true and accurate
    in all material respects. Each Insider represents and warrants that such Insider 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; such Insider 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 such Insider is not currently a defendant in any such criminal proceeding; and such Insider 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.

   

  3.           Business Combination Vote. It is acknowledged and agreed that the Company shall not enter into a
    definitive agreement regarding a proposed Business Combination without the prior consent of the Sponsor. The Sponsor and each Insider, with respect to itself or herself or himself, agrees that if the Company seeks shareholder approval of a proposed
    initial Business Combination, then in connection with such proposed initial Business Combination, it, she or he, as applicable, shall vote all Founder Shares and any Public Shares held by it, her or him, as applicable, in favor of such proposed initial
    Business Combination (including any proposals recommended by the Board in connection with such Business Combination) and not redeem any Public Shares held by it, her or him, as applicable, in connection with such shareholder approval.

   

  
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  4.           Failure to Consummate a Business Combination: Trust Account Waiver.

   

  (a)       The Sponsor and each Insider hereby agree, with respect to itself, herself or himself, that in the event that the Company fails to consummate its initial
    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, redeem 100% of the Public 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 income taxes (less up to $100,000 of interest to pay winding up and dissolution expenses), divided by the number of then-outstanding Public Shares, which redemption will completely
    extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s
    remaining shareholders and the Board, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of
    applicable law. The Sponsor and each Insider agree not to propose any amendment to the Charter (i) that would modify the substance or timing of the Company’s obligation to provide holders of the Public Shares the right to have their shares redeemed in
    connection with an initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete an initial Business Combination within the required time period set forth in the Charter or (ii) with respect to any provision
    relating to the rights of holders of Public Shares unless the Company provides its Public Shareholders with the opportunity to redeem their Public 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 taxes, if any, divided by the number of then-outstanding Public Shares.

   

  (b)       The Sponsor and each Insider, with respect to itself, herself or himself, acknowledges that it, she or he 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, her or him, if any. The Sponsor and each of the
      Insiders hereby further waive, with respect to any Founder Shares and Public Shares held by it, her or him, as applicable, any redemption rights it, she or he may have in connection with the consummation of a Business Combination, including,
    without limitation, any such rights available in the context of a shareholder vote to approve such Business Combination or a shareholder vote to approve an amendment to the Charter (i) that would modify the substance or timing of the Company’s
    obligation to provide holders of the Public Shares the right to have their shares redeemed in connection with an initial Business Combination or to redeem 100% of the Public Shares if the Company has not consummated an initial Business Combination
    within the time period set forth in the Charter or (ii) with respect to any provision relating to the rights of holders of Public Shares (although the Sponsor and the Insiders shall be entitled to liquidation rights with respect to any Public Shares
    they hold if the Company fails to consummate a Business Combination within the required time period set forth in the Charter).

   

  
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  5.           Lock-up: Transfer Restrictions.

   

  (a)       The Sponsor and the Insiders agree that they shall not Transfer any Founder Shares (the “Founder Shares Lock-up”) until the earliest of
    (A) one year after the completion of an initial Business Combination and (B) the date following the completion of an initial Business Combination on which the Company completes a liquidation, merger, share exchange 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”).  Notwithstanding
    the foregoing, if, subsequent to a Business Combination, the closing price of the Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, share consolidations, reorganizations, recapitalizations
    and the like) for any 20 trading days within a 30-trading day period commencing at least 150 days after the Company’s initial Business Combination, the Founder Shares shall be released from the Founder Shares Lock-up.

   

  (b)       The Sponsor and Insiders agree that they shall not effectuate any Transfer of Private Placement Warrants or Ordinary Shares underlying such warrants until 30
    days after the completion of an initial Business Combination.

   

  (c)       Notwithstanding the provisions set forth in paragraphs 5(a) and (b), Transfers of the Founder Shares, Private Placement Warrants and Ordinary
    Shares underlying the Private Placement Warrants are permitted (a) to the Company’s officers or directors, any affiliate or family member of any of the Company’s officers or directors, any members or partners of the Sponsor or their affiliates, any
    affiliates of the Sponsor, or any employees of such affiliates; (b) in the case of an individual, by gift to a member of one of the individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s immediate family,
    an affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations
    order; (e) by private sales or transfers made in connection with the consummation of a Business Combination at prices no greater than the price at which the Founder Shares, Private Placement Warrants or Ordinary Shares, as applicable, were originally
    purchased; (f) by virtue of the Sponsor’s organizational documents upon liquidation or dissolution of the Sponsor; (g) to the Company for no value for cancellation in connection with the consummation of an initial Business Combination, (h) in the event
    of the Company’s liquidation prior to the completion of a Business Combination; or (i) in the event of completion of a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s Public Shareholders having the
    right to exchange their Ordinary Shares for cash, securities or other property subsequent to the completion of an initial Business Combination; provided, however, that in the case of clauses (a) through (f) these permitted transferees
    must enter into a written agreement agreeing to be bound by these transfer restrictions.

   

  (d)      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 Representatives, Transfer any Units, Ordinary Shares, Warrants or any other securities convertible into, or exercisable or exchangeable for, Ordinary Shares held by it, her or him, as applicable, subject to
    certain exceptions enumerated in Section 5(g) of the Underwriting Agreement.

   

  
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  6.           Remedies. The Sponsor and each of the Insiders
      hereby agree and acknowledge that (i) each of the Underwriters and the Company would be irreparably injured in the event of a breach by the Sponsor or such Insider of its, her or his obligations, as applicable under paragraphs 3, 4,
    5, 7, 10 and 11. (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.           Payments by the Company. Except as disclosed in
      the Prospectus, neither the Sponsor nor any affiliate of the Sponsor nor any director or officer of the Company nor any affiliate of the officers shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of any
      payment of a loan or other compensation 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).

   

  8.           Director and Officer Liability Insurance. The
      Company will maintain an insurance policy or policies providing directors’ and officers’ liability insurance, and the Insiders shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage
      available for any of the Company’s directors or officers.

   

  9.           Termination. This Letter Agreement shall
      terminate on the earlier of (i) the expiration of the Founder Shares Lock-up Period and (ii) the liquidation of the Company.

   

  10.         Indemnification. In the event of the liquidation
      of the Trust Account upon the failure of the Company to consummate its initial Business Combination within the time period set forth in the Charter, the Sponsor (the “Indemnitor”) 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) 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
      (except for the Company’s independent auditors) or (ii) any prospective target business with which the Company has discussed entering into a transaction agreement (a “Target”), provided, however, that such indemnification of the Company by the Indemnitor (x) shall apply only to the extent necessary to ensure that such claims by a third party for services rendered or products sold to the Company or
      a Target do not reduce the amount of funds in the Trust Account to below the lesser of (i) $10.20 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account if less
      than $10.20 per Public Share due to reductions in the value of the trust assets, in each case net of interest that may be withdrawn to pay the Company’s tax obligations, (y) shall not apply to any claims by a third party or Target who executed a
      waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) and (z) shall not apply to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including
      liabilities under the Securities Act of 1933, as amended. The Indemnitor 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 Indemnitor, the Indemnitor notifies the Company in writing that it shall undertake such defense.

   

  
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  11.         Forfeiture of Founder Shares. To the extent that
      the Underwriters do not exercise their option to purchase additional Units within 45 days from the date of the Prospectus in full (as further described in the Prospectus), the Sponsor agrees to automatically surrender to the Company for no
      consideration, for cancellation at no cost, an aggregate number of Founder Shares so that the number of Founder Shares will equal of 20% of the sum of the total number of Ordinary Shares and Founder Shares outstanding at such time.  The Sponsor and
      Insiders further agree that to the extent that the size of the Public Offering is increased or decreased, the Company will effect a share capitalization or a share repurchase or other appropriate mechanism, as applicable, with respect to the Founder
      Shares immediately prior to the consummation of the Public Offering in such amount as to maintain the number of Founder Shares at 20% of the sum of the total number of Ordinary Shares and Founder Shares outstanding at such time.

   

  12.         Entire Agreement. 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.

   

  13.         Assignment. 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 parties. 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 Sponsor, each of the Insiders and each of their respective successors, heirs, personal representatives and assigns and permitted transferees.

   

  14.         Counterparts. 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.

   

  15.         Effect of Headings. The paragraph headings herein
      are for convenience only and are not part of this Letter Agreement and shall not affect the interpretation thereof.

   

  16.         Severability. 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.

   

  
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  17.         Governing
        Law. 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.

   

  18.         Notices. 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.

   

   

  

  [Signature Page Follows]

  
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  Sincerely,

   

  EM Horizon Investments

   

  	
           

        	
          By:

        	
          /s/ Riccardo Orcel

        
	
           

        	
           

        	
          Name: Riccardo Orcel           

            Title: Managing Member

        


   

   

  

  Signature Page to Insider Letter

  
     

    
      

    

  

   

  	
           

        	
          /s/ Riccardo Orcel

        
	
           

        	
          Riccardo Orcel

        


   

   

  

  Signature Page to Insider Letter

  
     

    
      

    

  

   

  	
           

        	
          /s/ Bernard Abdelmalak

        
	
           

        	
          Bernard Abdelmalak

        


   

   

  

  Signature Page to Insider Letter

  
     

    
      

    

  

   

  	
           

        	
          /s/ Enrique Fernández Aisa

        
	
           

        	
          Enrique Fernández Aisa

        


   

   

  

  Signature Page to Insider Letter

  
     

    
      

    

  

   

  	
           

        	
          /s/ Konrad Kozik

        
	
           

        	
          Konrad Kozik

        


   

   

  

  Signature Page to Insider Letter

  
     

    
      

    

  

   

  	
           

        	
          /s/ Herbert Stepic

        
	
           

        	
          Herbert Stepic

        


   

   

  

  Signature Page to Insider Letter

  
     

    
      

    

  

   

  Acknowledged and Agreed:

   

  Emerging Markets Horizon Corp. 

   

  	
          By:

        	
          /s/ Riccardo Orcel

        	
           

        
	
           

        	
          Name: Riccardo Orcel

            Title:   CEO

        	
           

        


     

   

    

  Signature Page to Insider Letter