Exhibit 10.2


 


[●],
2020


 


Health
Sciences Acquisitions Corporation 2

40 10th Avenue, Floor 7


New
York, NY 10014


 


Chardan
Capital Markets, LLC

17 State Street

New York, NY 10004


 


Re:
Initial Public Offering


 


Ladies
and Gentlemen:


 


This
letter (the “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement
(the “Underwriting Agreement”) entered into by and between Health Sciences Acquisitions Corporation
2, a Cayman Islands exempted company (the “Company”) and Chardan Capital Markets, LLC (the “Representative”),
relating to an underwritten initial public offering (the “IPO”) of the Company’s ordinary shares,
par value $0.0001 per share (the “Ordinary Shares”). Certain capitalized terms used herein are defined
in paragraph 13 hereof.


 


In
order to induce the Company and the Representative 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, 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 beneficially
    owned by him or her, whether acquired before, in or after the IPO, in favor of such Business Combination.


 


	2.	In
    the event that the Company fails to consummate a Business Combination within the time period set forth in the Company’s
    Amended and Restated Memorandum and Articles of Association, as the same may be further amended from time to time (the “Charter”),
    the undersigned will, as promptly as possible, take all necessary actions 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 the IPO 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 Trust Account not previously released to the Company (less taxes payable), divided by the
    number of then outstanding IPO 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 Company’s board of directors,
    dissolve and liquidate, subject in the cases of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands
    law to provide for claims of creditors and other requirements of applicable law. The undersigned hereby waives any and all
    right, title, interest or claim of any kind in or to any distribution of the Trust Account and any remaining net assets of
    the Company as a result of such liquidation with respect to the Insider Shares owned by the undersigned. However, if any of
    the undersigned have acquired IPO Shares in or after the IPO, they will be entitled to liquidating distributions from the
    Trust Account with respect to such IPO Shares in the event that the Company fails to consummate a Business Combination within
    the time period set forth in the Charter.


 






     


     


    

 


	3.	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 undersigned or any other Insiders of the Company or their affiliates, 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, which is a member of the Financial Industry Regulatory Authority, or an independent
    accounting firm that such Business Combination is fair to the Company’s unaffiliated shareholders from a financial point
    of view.


 


	4.	None
    of the undersigned, any member of the family of any of the undersigned, or 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 order to effectuate,
    the consummation of the Business Combination; provided that the Company shall be allowed to make the payments set forth in
    the Registration Statement adjacent to the caption “Prospectus Summary—The Offering—Limited payments to
    insiders.”


 


	5.	[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 target business or 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 target business, vendor or other person has executed an agreement
    waiving any claims against the Trust Fund.]1


 


	 	(a)	The
    undersigned agrees that the Insider Shares may not be transferred, assigned or sold (except to certain permitted transferees
    as described in the Registration Statement or herein) (the “Lockup”) until, with respect to 50%
    of the Insider Shares, the earlier to occur of: (1) six (6) months after the completion of a Business Combination and (2)
    the date on which the closing price of the Ordinary Shares equals or exceeds $12.50 per share (as adjusted for share splits,
    share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day
    period following the consummation of  the Company’s initial Business Combination and, with respect to the remaining
    50% of the Insider Shares, six months after the date of the consummation of the Company’s initial Business Combination,
    or earlier in each case if, subsequent to the Company’s initial Business Combination, the Company completes a liquidation,
    merger, stock exchange or other similar transaction which results in all of the Company’s shareholders having the right
    to exchange their Ordinary Shares for cash, securities or other property.


 


	 	(b)	The
    undersigned will not, without the prior written consent of the Representative pursuant to the Underwriting Agreement, offer,
    sell, contract to sell, pledge, hedge or otherwise dispose of (or enter into any transaction that is designed to, or might
    reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due
    to cash settlement or otherwise) by the undersigned or any affiliate of the undersigned or any person in privity with the
    undersigned or any affiliate of the undersigned), directly or indirectly, including the filing (or participation in the filing)
    of a registration statement with the Securities and Exchange Commission in respect of, 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, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder with respect
    to, any other Ordinary Shares of the Company or any securities convertible into, or exercisable, or exchangeable for, Ordinary
    Shares or publicly announce an intention to effect any such transaction, for a period of 180 days after the date of the Underwriting
    Agreement.


  





 



1 Language
only for HSAC 2 Holdings, LLC Insider Letter


 






    2


     


    

 


	 	(c)	The
    undersigned agrees that until the Company consummates an initial Business Combination, the undersigned’s Private Placement
    Warrants will be subject to the transfer restrictions described in the Private Placement Warrants Purchase Agreement relating
    to the undersigned’s Private Placement Warrants.


 


	 	(d)	Notwithstanding
    the provisions set forth in paragraphs 6(a) and (c), transfers, assignments and sales (a “Transfer”)
    by the undersigned of the Insider Shares, Private Placement Shares, Private Placement Warrants and Ordinary Shares issued
    or issuable upon the exercise of the Private Placement Warrants or conversion of the Insider Shares are permitted if the Transfer
    (i) is among the insiders, to the Company’s officers, directors, advisors or employees; (ii) is to an Insider’s
    affiliates or its members upon liquidation; (iii) is to relatives and trusts for estate planning purposes; (iv) is by virtue
    of the law of descent and distribution upon death; (v) is pursuant to a qualified domestic relations order; (vi) involves
    a private sale made at a price no greater than the price at which the Insider Shares, Private Placement Shares, Private Placement
    Warrants or Ordinary Shares were originally purchased; or (vii) is to the Company for cancellation in connection with the
    consummation of the Business Combination, in each case (except for clause (vii)) where the transferee agrees to the terms
    of the escrow agreement and forfeiture, as the case may be, as well as the other applicable restrictions and agreements of
    the holders of the Insider Shares.


 


	 	(e)	The
    undersigned acknowledges and agrees that if, in order to consummate any Business Combination, the holders of Insider Shares,
    Private Placement Shares or Private Placement Warrants are required to contribute back to the capital of the Company a portion
    of any such securities to be cancelled by the Company or transfer any such securities to third parties, the undersigned will
    contribute back to the capital of the Company or transfer to such third parties, at no cost, a proportionate number of Insider
    Shares, Private Placement Shares or Private Placement Warrants, as applicable, pro rata with the other holders of Insider
    Shares, Private Placement Shares or Private Placement Warrants, as applicable.


 


	6.	 


 


	 	(a)	In
    order to minimize potential conflicts of interest that may arise from multiple corporate affiliations, the undersigned hereby
    agrees that until the earliest of the Company’s initial Business Combination or liquidation, the undersigned shall present
    to the Company for its consideration, prior to presentation to any other entity, any target business that has a fair market
    value of at least 80% of the assets held in the Trust Account (excluding the amount of deferred underwriting discounts held
    in trust and taxes payable on the interest earned on the trust account), subject to any existing or future fiduciary or contractual
    obligations the undersigned might have.


 


	 	(b)	The
    undersigned hereby agrees and acknowledges that (i) the Representative and the Company would be irreparably injured in the
    event of a breach of the obligations under paragraph 6(a) above, (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.


  






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	7.	[The
    undersigned 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 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 background 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, as amended.]2 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
    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;


 


	 	(b)	He
    or she has never been convicted of or pleaded guilty to any crime (i) involving any fraud or (ii) relating to any financial
    transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and he is not currently
    a defendant in any such criminal proceeding; and


 


	 	(c)	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.


 


	8.	The
    undersigned has full right and power, without violating any agreement by which he or she is bound, to enter into this Letter
    Agreement and to serve as a director or officer of the Company, as applicable.


 


	9.	The
    undersigned hereby waives his or her right to exercise redemption rights with respect to any of the Ordinary Shares owned
    or to be owned by the undersigned, directly or indirectly, whether such shares be part of the Insider Shares, Private Placement
    Shares or IPO Shares, and agrees that he or she will not seek redemption with respect to such shares (or sell such shares
    to the Company in any tender offer) in connection with any vote to approve a Business Combination.


 


	10.	The
    undersigned hereby agrees to not propose, or vote in favor of, an amendment to the Company’s Amended and Restated Memorandum
    and Articles of Association 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.


 


	11.	The
    undersigned agrees not to participate in the formation of, or become an officer or director of, any other blank check company
    (excluding existing affiliations), until the Company has entered into a definitive agreement with respect to an initial Business
    Combination or the Company has failed to complete an initial Business Combination within the time period set forth in the
    Charter.


 


	12.	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 undersigned hereby (i) agrees that any action, proceeding or claim against him arising out of or relating in any way to
    this Letter Agreement shall be brought and enforced in the courts of the State of New York of the United States of America
    for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive
    and (ii) waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.


 





 






2 Language
to be removed for HSAC 2 Holdings, LLC Insider Letter.


 






    4


     


    

 


	13.	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 sponsors of the Company immediately prior
    to the IPO; (iii) “Insider Shares” shall mean the 3,593,750 Ordinary Shares of the Company acquired
    by the Sponsor prior to the IPO; (iv) “IPO Shares” shall mean the Ordinary Shares issued in the
    Company’s IPO; (v) “Private Placement Warrants” shall mean the warrants that are being sold
    privately by the Company simultaneously with the consummation of the IPO; (vi) “Private Placement Shares”
    shall mean the Ordinary Shares that are being sold privately by the Company simultaneously with the consummation of the IPO;
    (vii) “Trust Account” shall mean the trust account into which the net proceeds of the Company’s
    IPO and a portion of the proceeds from the sale of the Private Placement Shares and Private Placement Warrants will be deposited;
    and (viii) “Registration Statement” means the Company’s registration statement on Form S-1
    (SEC File No. 333-239922) filed with the Securities and Exchange Commission, as amended.


  


	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.	The
    undersigned acknowledges and understands that the Representative and the Company will rely upon the agreements, representations
    and warranties set forth herein in proceeding with the IPO. Nothing contained herein shall be deemed to render the any Representative
    a representative of, or a fiduciary with respect to, the Company, its shareholders or any creditor or vendor of the Company
    with respect to the subject matter hereof.


 


	16.	This
    Letter Agreement shall be binding on the undersigned and such person’s respective successors, heirs, personal representatives
    and assigns. This Letter Agreement shall terminate on the earlier of (i) the consummation of a Business Combination and (ii)
    the liquidation of the Company; provided that such termination shall not relieve the undersigned from liability for any breach
    of this agreement prior to its termination. The parties hereto may not assign either this Letter Agreement or any of their
    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.


 


[Signature
Page Follows]


  



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	 	Sincerely,
	 	By:	 
	 	 	Name
    of Insider:


 


	 	Acknowledged
    and Agreed:
	 	 
	 	Health
    Sciences Acquisitions Corporation 2
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title: