Document:

Exhibit 10.3

 

January 12, 2021

 

Gentlemen:

 

LightJump Acquisition
Corporation (“Corporation”), a blank check company formed for the purpose of acquiring one or more businesses
or entities (a “Business Combination”), intends to register its securities under the Securities Act of 1933,
as amended (“Securities Act”), in connection with its initial public offering (“IPO”). The
Corporation currently anticipates selling units in the IPO, each comprised of one share of common stock, par value $0.0001 per
share, of the Corporation (“Common Stock”) and one one warrant (“Public Warrants”), each
to purchase one share of Common Stock.

 

The undersigned hereby
commits to purchase an aggregate of 3,850,000 warrants of the Corporation (“Initial Warrants”) at $1.00 per
Initial Warrant for an aggregate purchase price of $3,850,000 (the “Initial Purchase Price”). Additionally,
if the underwriters in the IPO (“Underwriters”) exercise their over-allotment option in full or part, the undersigned
further commits to purchase up to an additional 360,000 warrants (“Additional Warrants” and together with the
Initial Warrants, the “Private Warrants”) at $1.00 per Additional Warrant, for an aggregate purchase price of up to
$360,000 (the “Over-Allotment Purchase Price” and together with the Initial Purchase Price, the “Purchase
Price”). At least 24 hours prior to the effective date (“Effective Date”) of the Corporation’s
registration statement filed in connection with the IPO (“Registration Statement”), the undersigned will cause
the Purchase Price to be delivered to K&L Gates LLP, counsel for the Corporation (“Counsel”), by wire transfer
as set forth in the instructions attached as Exhibit A hereto to hold in a non-interest bearing account until the Corporation consummates
the IPO. The undersigned agrees that if the size of the IPO is increased or decreased for any reason, the amount of the undersigned’s
investment will be either increased or decreased, as applicable, so that the undersigned’s percentage of the aggregate investment
in Private Warrants made by the undersigned and other investors of the Company remains the same. If the size of the offering is
increased, the undersigned agrees that it will deliver the purchase price for such additional Private Warrants to Counsel as set
forth above or as promptly as is reasonably practicable following the increase if it is on the Effective Date. If the size of the
offering is decreased, the unused portion of the Purchase Price shall be returned to the undersigned.

 

The consummation of the
purchase and issuance of the Initial Warrants and Additional Warrants (if any) shall occur simultaneously with the consummation
of the IPO and over-allotment option, respectively. Simultaneously with the consummation of the IPO, Counsel shall deposit the
Initial Purchase Price, without interest or deduction, into the trust fund (“Trust Fund”) established by the
Corporation for the benefit of the Corporation’s public stockholders as described in the Registration Statement. Simultaneously
with the consummation of all or any part of the over-allotment option, Counsel shall deposit the pro-rata portion of the Over-Allotment
Purchase Price, based upon the amount of the over-allotment option that has been exercised, without interest or deduction, into
the Trust Fund. Upon expiration of the over-allotment option, Counsel shall return any unused portion of the Over-Allotment Purchase
Price to the undersigned. If the Corporation does not complete the IPO within thirty (30) days from the Effective Date, the Purchase
Price (without interest or deduction) will be returned to the undersigned.

 

Each of the Corporation
and the undersigned acknowledges and agrees that Counsel is serving hereunder solely as a convenience to the parties to facilitate
the purchase of the Private Warrants and Counsel’s sole obligation under this letter agreement is to act with respect to
holding and disbursing the Purchase Price for the Private Warrants as described above. Counsel shall not be liable to the Corporation
or the undersigned or any other person or entity in respect of any act or failure to act hereunder or otherwise in connection with
performing its services hereunder unless Counsel has acted in a manner constituting gross negligence or willful misconduct. The
Corporation shall indemnify Counsel against any claim made against it (including reasonable attorney’s fees) by reason of
it acting or failing to act in connection with this letter agreement except as a result of its gross negligence or willful misconduct.
Counsel may rely and shall be protected in acting or refraining from acting upon any written notice, instruction or request furnished
to it hereunder and believed by it to be genuine and to have been signed or presented by the proper party or parties.

 

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The Private Warrants
will be identical to the Warrants to be sold by the Corporation in the IPO, except that:

 

	 	●	the Private Warrants (i) will not be redeemable by the Corporation and (ii) may be exercised for cash or on a cashless basis, as described in the Registration Statement, in each case so long as they are held by the undersigned or any of its permitted transferees;

 

	 	●	the undersigned agrees not to seek conversion, or seek to sell the Private Warrants or the underlying shares of Common Stock in any tender offer, in connection with any amendment to the Corporation’s charter documents or any proposed Business Combination with respect to the Private Warrants or the underlying shares of Common Stock;

 

	 	●	the Private Warrants and underlying shares of Common Stock will not be transferable by the undersigned until the consummation of a Business Combination (subject to certain exceptions as described in the Registration Statement and set forth in the warrant agreement governing the Private Warrants);

 

	 	●	the Private Warrants and underlying shares of Common Stock will be subject to customary registration rights, pursuant to a registration rights agreement on terms agreed upon by the Corporation and the Underwriters to be filed as an exhibit to the Registration Statement;

 

	 	●	the undersigned will not participate in any liquidation distribution with respect to the Private Warrants or the underlying shares of Common Stock (but will participate in liquidation distributions with respect to any units or shares of Common Stock purchased by the undersigned in the IPO or in the open market after the IPO) if the Corporation fails to consummate a Business Combination; and

 

	 	●	the Private Warrants and the underlying shares of Common Stock will include any additional terms or restrictions as is customary in other similarly structured blank check company offerings or as may be reasonably required by the Underwriters in order to consummate the IPO, which terms or restrictions will be described in the Registration Statement.

 

The undersigned acknowledges
and agrees that it will execute agreements in form and substance typical for transactions of this nature necessary to effectuate
the foregoing agreements and obligations prior to the consummation of the IPO as are reasonably acceptable to the undersigned,
including but not limited to (i) an insider letter, (ii) an escrow agreement and (iii) a registration rights agreement.

 

The undersigned hereby
represents and warrants that, as applicable:

 

	 	(a)	it has been advised that the Private Warrants and the underlying shares of Common Stock have not been registered under the Securities Act;

 

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	 	(b)	it is acquiring the Private Warrants and the underlying shares of Common Stock for its account for investment purposes only;

 

	 	(c)	it has no present intention of selling or otherwise disposing of the Private Warrants or the underlying shares of Common Stock in violation of the securities;

 

	 	(d)	it is an “accredited investor” as defined by Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended;

 

	 	(e)	it has had both the opportunity to ask questions and receive answers from the officers and directors of the Corporation and all persons acting on its behalf concerning the terms and conditions of the offer made hereunder;

 

	 	(f)	it is familiar with the proposed business, management, financial condition and affairs of the Corporation;

 

	 	(g)	it has full power, authority and legal capacity to execute and deliver this letter and any documents contemplated herein or needed to consummate the transactions contemplated in this letter; and

 

	 	(h)	this letter constitutes a legal, valid and binding obligation, and is enforceable against it.

 

[Signature Page Follows]

 

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	 	Very truly yours,
	 	 	 
	 	LIGHTJUMP ONE FOUNDERS, LLC
	 	 	 
	 	By:	/s/ Robert M. Bennett
	 	Name: 	Robert M. Bennett

	 	Title:	Manager

 

	 LIGHTJUMP ACQUISITION CORPORATION 

	 
	 	 	 
	By:	/s/ Robert M. Bennett	 
	 	Name: 	Robert M. Bennett
	 
	 	Title: 	Chief Executive Officer	 
	 	 	 
	K&L GATES LLP
	(solely with respect to its obligations to hold and disburse monies for the Private Warrants)	 
	 	 	 
	By:		 
	 	Name: 	Leib Orlanski	 
	 	
        Title: 
	Partner	 

 

[Signature Page to Sponsor Subscription Agreement]

 

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Exhibit A

 

Wire Instructions

 

Wire/ACH Payment Instructions to K&L Gates LLP operating
account:

Bank Name/Address

PNC Bank N.A.

500 First Avenue 92

Pittsburgh, PA 15219

 

Account Name/Address

K&L Gates LLP

210 6th Ave

Pittsburgh, PA 15222-2602

 

Routing (ABA) No.: 043000096

 

Account No: 1077692783

 

SWIFT ID: PNCCUS33

 

 

 

5Exhibit 10.4

 

STOCK ESCROW AGREEMENT

 

STOCK ESCROW AGREEMENT,
dated as of January 12, 2021 (“Agreement”), by and among LIGHTJUMP ACQUISITION CORPORATION, a Delaware corporation
(“Company”), the stockholders of the Company listed on Exhibit A hereto (the “Founders”)
and CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation (“Escrow Agent”).

 

WHEREAS, the Company
was formed for the purpose of completing a merger, stock exchange, asset acquisition, stock purchase, recapitalization, reorganization
or other similar business combination (a “Business Combination”) with one or more businesses or entities.

 

WHEREAS, the Company
has entered into an Underwriting Agreement, dated January 8, 2021 (“Underwriting Agreement”), with EARLYBIRDCAPITAL,
INC. (the “Representative”) acting as representative of the several underwriters (collectively,
the “Underwriters”), pursuant to which, among other matters, the Underwriters have agreed to purchase 12,000,000
units (“Units”) of the Company, plus an additional 1,800,000 Units if the Representative exercises the over-allotment
option in full. Each Unit consists of one share of the Company’s common stock, par value $0.0001 per share (“Common
Stock”), and one warrant (“Warrant”), each to purchase one share of Common Stock, all as more fully
described in the Company’s final Prospectus, dated January 8, 2021 (“Prospectus”) comprising part of the
Company’s Registration Statements on Form S-1 (File Nos. 333-251435 and 333-251960) under the Securities Act of 1933,
as amended (“Registration Statement”), declared effective on January 8, 2021 (“Effective Date”).

 

WHEREAS, the Founders
have agreed as a condition of the sale of the Units to deposit their shares of Common Stock of the Company in escrow as hereinafter
provided.

 

WHEREAS, the Company
and the Founders desire that the Escrow Agent accept the shares of Common Stock, in escrow, to be held and disbursed as hereinafter
provided.

 

IT IS AGREED:

 

Section 1. Appointment
of Escrow Agent. The Company and the Founders hereby appoint the Escrow Agent to act in accordance with and subject to the
terms of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to
such terms.

 

Section 2. Deposit
of Shares. On or before the Effective Date, the Founders’ respective shares of Common Stock set forth on Exhibit A hereto
shall be deposited in escrow, to be held and disbursed subject to the terms and conditions of this Agreement. The Founders acknowledge
that the shares deposited in escrow will be legended to reflect the deposit of such shares under this Agreement.

 

Section 3. Disbursement
of the Escrow Shares.

 

3.1 If the over-allotment
option to purchase all or a portion of the additional 1,800,000 Units of the Company is not exercised in full within 45 days of
the date of the Prospectus (as described in the Underwriting Agreement), the Founders agree that the Escrow Agent shall return
to the Company for cancellation, at no cost, the number of shares of Common Stock determined by multiplying 450,000 by a fraction,
(i) the numerator of which is 1,800,000 minus the number of shares of Common Stock included in the Units purchased by the Underwriters
upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,800,000. The Company shall promptly provide
notice to the Escrow Agent of the expiration or termination of the over-allotment option and the number of Units, if any, purchased
by the Underwriters in connection with the exercise thereof.

 

     

     

    

 

3.2 Except as otherwise
set forth herein, the Escrow Agent shall hold the shares remaining after any cancellation required pursuant to Section 3.1
above (such remaining shares to be referred to herein as the “Escrow Shares”) until (i) with respect to 50%
of the Escrow Shares, the earlier of (x) one year after the date of the consummation of an initial Business Combination and (y)
the date on which the last sale price of the Common Stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock
dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period following the consummation
of the Business Combination and (ii) with respect to the remaining 50% of the Escrow Shares, one year after the date of the consummation
of an initial Business Combination (such period of time during which the Escrow Shares are held in escrow, the “Escrow
Period”). The Company shall promptly provide notice of the consummation of an initial Business Combination to the Escrow
Agent. Upon completion of the Escrow Period, the Escrow Agent shall disburse such amount of each Founder’s Escrow Shares
to the applicable Founder; provided, however, that if, after the consummation of an initial Business Combination and during the
Escrow Period, the Company (or the surviving entity) consummates a liquidation, merger, stock exchange or other similar transaction
which results in all of the stockholders of such entity having the right to exchange their shares of Common Stock for cash, securities
or other property, then the Escrow Agent will, upon receipt of a notice executed by the Chairman of the Board, Chief Executive
Officer or other authorized officer of the Company, in form reasonably acceptable to the Escrow Agent, certifying that such transaction
is then being consummated or such conditions have been achieved, as applicable, release the Escrow Shares to the Founders. The
Escrow Agent shall have no further duties hereunder after the disbursement of the Escrow Shares in accordance with this Section
3.2.

 

3.3 If the Escrow
Agent is notified by the Company pursuant to Section 6.7 hereof that the Company’s Trust Account (as defined in that
certain Investment Management Trust Agreement, dated as of the date hereof, by and between the Company and the Escrow Agent as
trustee thereunder) is being liquidated, then the Escrow Agent shall deliver the certificates representing the Escrow Shares to
the Founders promptly after the public stockholders are paid the liquidating distributions and shall have no further duties hereunder.

 

Section
4. Rights of Founders in Escrow Shares.

 

4.1 Voting
Rights as a Stockholder. Subject to the terms of the Insider Letters described in Section 4.4 hereof and except as herein
provided, the Founders shall retain all of their rights as stockholders of the Company as long as any shares are held in escrow
pursuant to this Agreement, including, without limitation, the right to vote such shares.

 

4.2 Dividends
and Other Distributions in Respect of the Escrow Shares. For as long as any shares are held in escrow pursuant to this Agreement,
all dividends payable in cash with respect to the Escrow Shares shall be paid to the Founders, but all dividends payable in stock
or other non-cash property (“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance
with the terms hereof. As used herein, the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends
distributed thereon, if any.

 

4.3 Restrictions
on Transfer. During the Escrow Period, the only permitted transfers of the Escrow Shares will be (i) to the Founders and the
Company’s officers, directors, consultants or their affiliates, (ii) to a Founder’s stockholders, partners or members
upon such Founder’s liquidation, (iii) by bona fide gift to a member of the Founders’ immediate family or to a trust,
the beneficiary of which is a Founder or a member of a Founder’s immediate family for estate planning purposes, (iv) by virtue
of the laws of descent and distribution upon death of a Founder, (v) pursuant to a qualified domestic relations order binding on
a Founder, (vi) to the Company for no value for cancellation in connection with the consummation of a Business Combination or (vii)
by private sales of the Escrow Shares made at or prior to the consummation of a Business Combination at prices no greater than
the price at which the Escrow Shares were originally purchased; provided, however, that except for clause (vi) or with the Company’s
prior written consent, such permitted transfers may be implemented only upon the respective transferee’s written agreement
to be bound by the terms and conditions of this Agreement and of the Insider Letter signed by the Founder transferring the shares.

 

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4.4 Insider
Letters. The Founders have executed letter agreements with the Company and the Representative, dated as of the date hereto,
the form of which is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting the rights
and obligations of such Founders in certain events, including, but not limited to, the liquidation of the Company.

 

Section
5. Concerning the Escrow Agent.

 

5.1 Good
Faith Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise
of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate,
opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document
(not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability
of any information therein contained) which is believed by the Escrow Agent in good faith to be genuine and to be signed or presented
by the proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination
or rescission of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties
and, if the duties or rights of the Escrow Agent are affected, unless it shall have given its prior written consent thereto.

 

5.2 Indemnification.
Subject to Section 5.8 below, the Escrow Agent shall be indemnified and held harmless by the Company from and against any
expenses, including reasonable counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action,
suit or other proceeding involving any claim which in any way, directly or indirectly, arises out of or relates to this Agreement,
the services of the Escrow Agent hereunder, or the Escrow Shares held by it hereunder, other than expenses or losses arising from
the gross negligence, fraud or willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice
of any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto
in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action in the
nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow Shares or it may deposit the
Escrow Shares with the clerk of any appropriate court or it may retain the Escrow Shares pending receipt of a final, non-appealable
order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances the Escrow Shares
are to be disbursed and delivered. The provisions of this Section 5.2 shall survive in the event the Escrow Agent resigns
or is discharged pursuant to Sections 5.5 or 5.6 below.

 

5.3 Compensation.
Subject to Section 5.8 below, the Escrow Agent shall be entitled to reasonable compensation from the Company for all services
rendered by it hereunder. The Escrow Agent shall also be entitled to reimbursement from the Company for all reasonable expenses
paid or incurred by it in the administration of its duties hereunder including, but not limited to, all counsel, advisors’
and agents’ fees and disbursements and all taxes or other governmental charges.

 

5.4 Further
Assurances. From time to time on and after the date hereof, the Company and the Founders shall deliver or cause to be delivered
to the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent
shall reasonably request to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith
or to assure itself that it is protected in acting hereunder.

 

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5.5 Resignation.
The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties
hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective
at such time that the Escrow Agent shall turn the Escrow Shares over to a successor escrow agent appointed by the Company and approved
by the Representative, which approval will not be unreasonably withheld, conditioned or delayed. If no new escrow agent is so appointed
within the 60-day period following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Shares with
any court it reasonably deems appropriate in the State of New York.

 

5.6 Discharge
of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested
in writing at any time by all of the other parties hereto; provided, however, that such resignation shall become effective only
upon the appointment of a successor escrow agent selected by the Company and approved by the Representative, which approval will
not be unreasonably withheld, conditioned or delayed.

 

5.7 Liability.
Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross
negligence, fraud or willful misconduct.

 

5.8 Waiver.
The Escrow Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”)
in, or to any distribution of, the Trust Account and hereby agrees not to seek recourse, reimbursement, payment or satisfaction
for any Claim against the Trust Account for any reason whatsoever.

 

Section
6. Miscellaneous.

 

6.1 Governing
Law. This 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 consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough
of Manhattan, for purposes of resolving any disputes hereunder. As to any claim, cross-claim, or counterclaim in any way relating
to this Agreement, each party waives the right to trial by jury.

 

6.2 Third
Party Beneficiaries. Each of the parties to this Agreement hereby acknowledges that the Representative is a third party beneficiary
of this Agreement.

 

6.3 Entire
Agreement. This Agreement contains the entire agreement of the parties hereto with respect to the subject matter hereof and,
except as expressly provided herein, may only be changed, amended, or modified by a writing signed by each of the parties
hereto.

 

6.4 Headings.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
thereof.

 

6.5 Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives,
successors and assigns.

 

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6.6 Notices.
Any notice, consent or request to be given in connection with any of the terms or provisions of this 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,
by email or by facsimile transmission:

 

If to the Company, to:

 

LightJump Acquisition Corporation

2735 Sand Hill
Road, Suite 110

Menlo Park,
CA 94025

Email: rbennett@lightjumpcapital.com

 

If to a Founder, to his/her/its
address set forth in Exhibit A.

 

and if to the Escrow
Agent, to:

 

Continental Stock Transfer
& Trust Company

1 State Street

New York, New York
10004

Attn: Chairman

Fax No.:

Email:

 

A copy of any notice
sent hereunder shall be sent to:

 

EarlyBirdCapital,
Inc.

366 Madison
Ave 8th Floor

New York, NY
10017

Attn: Steven
Levine

Fax No.:

Email: slevine@ebccap.com

 

with a copy to:

 

K&L Gates LLP

10100 Santa Monica Boulevard,
8th Floor

Los Angeles, California 90067

Attn: Leib Orlanski, Esq.

Fax No.: (310) 552-5001

Email: leib.orlanski@klgates.com

 

and:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

Fax No.: (212) 818-8881

Email: dmiller@graubard.com

 

The parties may change
the persons and addresses to which the notices or other communications are to be sent by giving written notice to any such change
in the manner provided herein for giving notice.

 

6.7 Liquidation
of the Trust Account. The Company shall give the Escrow Agent written notification of the liquidation of the Trust Account
in the event that the Company fails to consummate a Business Combination within the time period specified in the Company’s
Amended and Restated Certificate of Incorporation, as the same may be amended from time to time.

 

6.8 Counterparts.
This Agreement may be executed in several counterparts, each one of which shall constitute an original and may be delivered by
facsimile transmission and together shall constitute one instrument.

  

[Signature Page Follows]

 

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WITNESS the execution
of this Agreement as of the date first above written.

 

	 	LIGHTJUMP ACQUISITION CORPORATION
	 	 
	 	By:	/s/ Robert M. Bennett
	 	Name:  	Robert M. Bennett

	 	Title:	Chief Executive Officer

	 	 
	 	FOUNDERS:
	 	 
	 	LIGHTJUMP ONE FOUNDERS, LLC
	 	 
	 	By:	/s/ Robert M. Bennett
	 	Name:	Robert M. Bennett
	 	Title:	Manager

	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 
	 	By:	/s/ Ana Grois
	 	Name:	Ana Grois

	 	Title:	President

 

[Signature Page to Stock Escrow Agreement]

 

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EXHIBIT A

 

	Name and Address
    of Founder	 	Number
    of Shares	 
	 	 	 	 	 
	LightJump One Founders, LLC

14755 Preston Road, Suite 520

Dallas, Texas 75254

Attn: Robert Bennett, Manager	 	 	3,450,000	 

 

 

7

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