Document:

Exhibit
10.3

 

 [ ], 2021

G&P Acquisition
Corp.

222 Bellevue Avenue

Newport, Rhode Island 02840

 

Re: Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter
Agreement”) is being delivered to you in accordance with that certain underwriting agreement (the “Underwriting
Agreement”) entered into or proposed to be entered into by and between G&P Acquisition Corp., a Delaware corporation
(the “Company”), and BMO Capital Markets Corp., as underwriter (the “Underwriter”
), relating to an underwritten initial public offering (the “Public Offering”), of 23,000,000 of the
Company’s units (including up to 3,000,000 units that may be purchased to cover the Underwriter’s option to purchase
additional units, if any) (the “Units”), each comprised of one share of Class A common stock of the Company,
par value $0.0001 per share (“Class A Common Stock”), and one-half of one redeemable warrant (each whole
warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one share of Class A Common
Stock at a price of $11.50 per share, subject to adjustment, as described in the Prospectus (as defined below). The Units will
be sold in the Public Offering pursuant to a registration statement on Form S-1 and a prospectus (the “Prospectus”)
filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”) and the Company
has applied to have the Units listed on the New York Stock Exchange. Certain capitalized terms used herein are defined in Section
11.

 

In order to induce
the Company and the Underwriter 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, G&P Sponsor, LLC, a Delaware
limited liability company (the “Sponsor”), and the other undersigned persons (each such other undersigned
persons, an “Insider” and, collectively, the “Insiders”), each hereby agrees,
severally but not jointly, with the Company as follows:

 

1.        The
Sponsor and each Insider agrees that, if the Company seeks stockholder approval of a proposed Business Combination, then in connection
with such proposed Business Combination, it, he or she shall (i) vote any shares of Capital Stock owned by it, him or her in favor
of such proposed Business Combination (including any proposals recommended by the Company’s board of directors in connection
with such proposed Business Combination) and (ii) not redeem any shares of Capital Stock owned by it, him or her in connection
with such stockholder approval. If the Company seeks to consummate a proposed Business Combination by engaging in a tender offer,
the Sponsor and each Insider agrees that it, he or she will not sell or tender any shares of Capital Stock owned by it, him or
her to the Company in connection therewith.

 

2.        The
Sponsor and each Insider hereby agrees that, in the event that the Company fails to consummate a Business Combination within twenty
(20) months from the closing of the Public Offering, or twenty-four (24) months from the closing of the Public Offering if the
Company has executed a letter of intent, agreement in principle or definitive agreement for an initial business combination
within twenty (20) months from the closing of the Public Offering (the “Completion Window”), or such
later period approved by the Company’s stockholders in accordance with the Company’s second amended and restated
certificate of incorporation (as further amended, supplemented or otherwise modified from time to time, the “Certificate
of Incorporation”), 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 ten (10) business
days thereafter, subject to lawfully available funds therefor, redeem 100% of the Class A Common Stock 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 (which interest shall be net of taxes payable (“Permitted
Withdrawals”) and less up to $100,000 of interest to pay dissolution expenses), divided by the number of the then
outstanding Offering Shares, which redemption will completely extinguish all of the Public Stockholders’ rights as stockholders
(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 stockholders and the Company’s
board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide
for claims of creditors and any other requirements of applicable law. The Sponsor and each Insider agrees to not propose any amendment
to the Certificate of Incorporation (A) to modify the substance or timing of the Company’s obligation to allow redemptions
in connection with the Company’s initial Business Combination or to redeem 100% of the Offering Shares if the Company does
not complete its initial Business Combination within the Completion Window or (B) with respect to any other provision relating
to stockholders’ rights or pre-initial Business Combination activity, unless the Company provides the Public Stockholders
with the opportunity to redeem their Offering 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 (which interest shall be net of Permitted
Withdrawals), divided by the number of the then outstanding Offering Shares.

 

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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 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, with respect to any shares of Capital Stock held by it, him or her, if any, any redemption
rights it, he or she may have in connection with (x) a Business Combination, including, without limitation, any such rights available
in the context of a stockholder vote to approve such Business Combination or in the context of a tender offer made by the Company
to purchase shares of Class A Common Stock and (y) a stockholder vote to approve an amendment to the Certificate of Incorporation
(A) to modify the substance or timing of the Company’s obligation to allow redemptions in connection with the Company’s
initial Business Combination or to redeem 100% of the Offering Shares if the Company has not consummated its initial Business Combination
within the Completion Window or (B) with respect to any other provision relating to stockholders’ rights or pre-initial Business
Combination activity (although the Sponsor and each Insider shall be entitled to redemption and liquidation rights with respect
to any Offering Shares it, he or she holds if the Company fails to consummate a Business Combination within the Completion Window).

 

3.       Notwithstanding
the provisions set forth in Sections 7(a) and (b), during the period commencing on the effective date of the Underwriting
Agreement and ending one-hundred-eighty (180) days after such date, the Sponsor and each Insider shall not, without the prior
written consent of the Underwriter, (i) offer, sell, contract to sell, pledge or grant any option to purchase 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)), 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, and the rules and regulations of the Commission promulgated thereunder (the “Exchange
Act”), with respect to any Units, shares of Class A Common Stock, Warrants or any securities convertible into, or
exercisable or exchangeable for, shares of Class A Common Stock, (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, shares of Class A Common Stock, Warrants
or any securities convertible into, or exercisable or exchangeable for, shares of Class A Common Stock 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) or publicly announce
an intention to effect any such transaction specified in clause (i) or clause (ii); provided, however, that the
foregoing does not apply to the forfeiture of any Founder Shares pursuant to their terms or any transfer of any Founder Shares
to any current or future independent director of the company (as long as such current or future independent director transferee
is subject to this Letter Agreement or executes an agreement substantially identical to the terms of this Letter Agreement, as
applicable to directors and officers at the time of such transfer and as long as, to the extent any reporting obligation pursuant
to Section 16 of the Exchange Act is triggered as a result of such transfer, any related filing includes a practical explanation
as to the nature of the transfer). The Sponsor and each Insider acknowledge and agree that, prior to the effective date of any
release or waiver of the restrictions set forth in this Section 3 or Section 7, the Company shall announce the impending
release or waiver by press release through a major news service at least two (2) business days before the effective date of the
release or waiver. Any such release or waiver granted shall only be effective two (2) business days after the publication date
of such press release. The provisions of this Section 3 will not apply if (i) the release or waiver is effected solely
to permit a transfer of securities that is not for consideration and (ii) 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
holder of limited liability company interests or any members or managers of the Sponsor or to any other Insider) agrees to indemnify
and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including, without limitation,
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 (other than the Company’s independent registered public accounting firm) for services rendered or products sold to
the Company or (ii) a prospective target business with which the Company has discussed entering into an agreement for a Business
Combination (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 registered public accounting firm) 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 Offering Share or (ii) such lesser amount per Offering Share
held in the Trust Account as of the date of the liquidation of 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 Permitted Withdrawals, except as to any claims
by a third party 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 Underwriter 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 fifteen (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. For the avoidance of doubt, none of the Company’s officers or directors will indemnify the Company for claims by
third parties, including, without limitation, claims by vendors or any Target.

 

5.        To
the extent that the Underwriter does not exercise its over-allotment option up to an additional 3,000,000 Units within forty-five
(45) days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees that it shall forfeit,
at no cost, an aggregate number of the Founder Shares in the aggregate equal to the product of (a) 750,000 multiplied by a fraction,
(i) the numerator of which is 3,000,000 minus the number of Units purchased by the Underwriter upon the exercise of its option
to purchase additional Units, and (ii) the denominator of which is 3,000,000. All references in this Letter Agreement to any Founder
Shares of the Company being forfeited shall take effect as a contribution of such Founder Shares to the Company’s capital
as a matter of Delaware law. The forfeiture will be adjusted to the extent that the over-allotment option is not exercised in full
by the Underwriter so that the number of the Founder Shares will equal an aggregate of 20.0% of the Company’s issued and
outstanding shares of Capital Stock after the Public Offering. The Sponsor and each Insider further agree that, to the extent that
the size of the Public Offering is increased or decreased, the Company will effect a capitalization, stock repurchase or redemption
or stock split, reverse stock split or other appropriate mechanism, as applicable, immediately prior to the consummation of the
Public Offering in such amount as to maintain the number of the Founder Shares at 20.0% of the Company’s issued and outstanding
shares of Capital Stock upon the consummation of the Public Offering. In connection with such increase or decrease in the size
of the Public Offering, then (A) the references to 3,000,000 in the numerator and denominator of the formula set forth in the first
sentence of this Section 5 shall be changed to a number equal to 15.0% of the number of shares of Class A Common Stock included
in the Units issued in the Public Offering and (B) the reference to 750,000 in the formula set forth in the first sentence of this
Section 5 shall be adjusted to such number of the Founder Shares that the Sponsor would have to return to the Company in
order for the number of the Founder Shares to equal an aggregate of 20.0% of the Company’s issued and outstanding shares
of Capital Stock after the Public Offering.

 

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6.       The
Sponsor and each Insider hereby agrees and acknowledges that (i) the Underwriter and the Company would be irreparably injured in
the event of a breach by the Sponsor or such Insider of its, his or her obligations under Sections 1, 2, 3,
4, 5, 7(a), 7(b) and 9, 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 seek 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)
         Subject to the exceptions set forth herein, the Sponsor
and each Insider agree that it, he or she shall not Transfer (as defined below) any Founder Shares (or shares of Class A Common
Stock issuable upon conversion thereof) until the earlier of (A) one (1) year after the completion of the Company’s
initial Business Combination and (B) subsequent to the Business Combination, (x) if the last reported sale price of the Class
A Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any twenty (20) trading days within any thirty (30)-trading day period commencing at least one-hundred-fifty
(150) days after the Company’s initial Business Combination or (y) the date on which the Company completes a liquidation,
merger, stock exchange, reorganization or other similar transaction that results in all of the Public Stockholders having the
right to exchange their shares of Class A Common Stock for cash, securities or other property (the “Founder Shares
Lock-Up Period”).

 

(b)        Subject
to the exceptions set forth herein, the Sponsor and each Insider agree that it, he or she shall not Transfer any Private Placement
Warrants or Working Capital Warrants (as defined below) (or shares of Class A Common Stock issued or issuable upon the conversion
or exercise of the Private Placement Warrants or Working Capital Warrants), until thirty (30) days after the completion of the
Company’s initial Business Combination (the “Private Placement Warrants Lock-Up Period” and, together
with the Founder Shares Lock-Up Period, the “Lock-Up Periods”).

 

(c)
        Notwithstanding the provisions set forth in Sections 3, 7(a) and (b),
Transfers of the Founder Shares, Private Placement Warrants, Working Capital Warrants and shares of Class A Common Stock issued
or issuable upon the exercise or conversion of the Private Placement Warrants, the Working Capital Warrants or the Founder Shares
and that are held by the Sponsor or any Insider or any of their respective 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 direct or indirect members, partners or shareholders of the Sponsor or any employee
or partner of any such member, partner or shareholder, or any Affiliates of the Sponsor, (b) in the case of an individual, transfers
by gift to a member of the individual’s immediate family, to a trust, the beneficiaries of which are one or more 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 such individual, (d) in the case of an individual,
transfers pursuant to a qualified domestic relations order, (e) transfers by virtue of law or the Sponsor’s operating agreement
upon dissolution of a person other than an individual, (f) transfers by private transfers or sales and transfers made in connection
with the consummation of the Company’s initial Business Combination at prices no greater than the price at which the securities
were originally purchased, (g) to an entity that is an Affiliate of such holder, (h) transfers in the event of the Company’s
liquidation prior to the completion of the Company’s initial Business Combination, (i) in the event of the Company’s
completion of a liquidation, merger, stock exchange, reorganization or other similar transaction which results in all of the Company’s
stockholders having the right to exchange their shares of Common Stock for cash, securities or other property subsequent to the
completion of the Company’s initial Business Combination, (j) to a nominee or custodian of a person or entity to whom a
disposition or transfer would be permissible under clauses (a) through (h) above; provided, however, that, in the
case of clauses (a) through (d), (f) and (i), these transferees must enter into a written agreement with the Company agreeing
to be bound by the transfer restrictions in this Letter Agreement. “Affiliate” means, with respect
to any holder any other person who, directly or indirectly (including through one or more intermediaries), controls, is controlled
by, or is under common control with, such person. For purposes of this definition, “control,” when used
with respect to any specified person, shall mean the power, direct or indirect, to direct or cause the direction of the management
and policies of such person, whether through ownership of voting securities or partnership or other ownership interests, by contract
or otherwise, and the terms “controlling” and “controlled” shall have correlative
meanings.

 

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8.        The
Sponsor and each Insider represent and warrant with respect to such Insider 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 represents and warrants with respect to such Insider that such Insider’s
biographical information furnished to the Company, if any (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 such Insider’s background. The Sponsor
and each Insider’s questionnaires furnished to the Company, if any, are true and accurate in all respects. The Sponsor and
each Insider represent and warrant with respect to such Insider that it, he or she (a) 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) 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 (c) is not currently a defendant in any such criminal proceeding.

 

9.         Except
as disclosed in, or as expressly contemplated by, the Prospectus, neither the Sponsor nor any Insider nor any affiliate of the
Sponsor or any Insider, nor any director or officer of the Company, shall receive from the Company any finder’s fee, reimbursement,
consulting fee, monies in respect of any repayment 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), other than the following, none of which will be made from the proceeds held in the Trust Account prior
to the completion of the Company’s initial Business Combination: (i) repayment of a loan and advances of up to $300,000 made
to the Company by the Sponsors to cover expenses related to the organization of the Company and the Public Offering; (ii) reimbursement
for any reasonable out-of-pocket expenses related to identifying, investigating and consummating an initial Business Combination;
and (iii) repayment of loans, if any, and on such terms as to be determined by the Company from time to time, made by the Sponsor
or certain of the Company’s officers and directors to finance transaction costs in connection with the Company’s initial
Business Combination; provided, however, that, if the Company does not consummate an initial Business Combination,
a portion of the working capital held outside the Trust Account may be used by the Company to repay such loaned amounts so long
as no proceeds from the Trust Account are used for such repayment. Up to $2,000,000 of such loans may be convertible into warrants
(the “Working Capital Warrants”) of the post Business Combination entity at a price of $1.00 per warrant
at the option of the lender. Such warrants would be identical to the Private Placement Warrants, including as to the exercise price,
exercisability and exercise period.

 

10.       The
Sponsor and each Insider has full right and power, without violating any agreement by 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 and/or a director on the board of directors of the Company and hereby consents to being named
in the Prospectus as an officer and/or a director of the Company.

 

11.       As
used herein, (i) “Business Combination” shall mean a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Capital
Stock” shall mean, collectively, the Class A Common Stock and the Founder Shares; (iii) “Founder Shares”
shall mean the 5,750,000 shares of Class B common stock, par value $0.0001 per share, issued and outstanding immediately prior
to the consummation of the Public Offering; (iv) “Private Placement Warrants” shall mean the Warrants
to purchase up to an aggregate of 8,000,000 shares of Class A Common Stock of the Company (or 8,900,000 shares of Class A Common
Stock if the over-allotment option is exercised in full) that the Sponsor has agreed to purchase for an aggregate purchase price
of $8,000,000 (or $8,900,000 if the over-allotment option is exercised in full), or $1.00 per Warrant, in a private placement that
shall occur simultaneously with the consummation of the Public Offering; (v) “Public Stockholders” shall
mean the holders of securities issued in the Public Offering; (vi) “Trust Account” shall mean the trust
fund into which a portion of the net proceeds of the Public Offering and the sale of the Private Placement Warrants shall be deposited;
and (vii) “Transfer” shall mean the (a) sale or assignment of, offer to sell, contract or agreement to
sell, hypothecate or 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 the Exchange Act 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) above.

 

12.     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 (1) each Insider that is the subject of any such change, amendment modification or waiver and
(2) the Sponsor.

 

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13.      Except
as otherwise provided herein, 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 Section 13
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.

 

14.      Nothing
in this Letter Agreement shall be construed to confer upon, or give to, any person or entity 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.

 

15.     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.

 

16.     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.

 

17.      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.      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 or other electronic transmission.

 

19.      Each
party hereto shall not be liable for any breaches or misrepresentations contained in this Letter Agreement by any other party to
this Letter Agreement (including, for the avoidance of doubt, any Insider with respect to any other Insider), and no party shall
be liable or responsible for the obligations of another party, including, without limitation, indemnification obligations and notice
obligations.

 

20.     This
Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-Up Periods and (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 4 shall survive such liquidation.

 

[Signature Pages Follow]

 

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	 	Sincerely,
	 	 
	 	G&P SPONSOR, LLC
	 	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name: [Insider]

 

	Acknowledged and Agreed:	 
	 	 
	G&P ACQUISITION CORP.	 
	 	 	 
	By:  	 	 
	 	Name: 	 
	 	Title: 	 
	 	 	 

 

[Signature Page to Letter Agreement—G&P
Acquisition Corp.]Exhibit 10.4

 

FORM OF INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This
Investment Management Trust Agreement is made effective as of [             ], 2021 (as amended, supplemented or otherwise modified
from time to time, this “Agreement”), by and between G&P Acquisition Corp., a Delaware corporation
(the “Company”), and Continental Stock Transfer & Trust Company, a New York limited purpose
trust company (the “Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, File No. 333-253089 (the “Registration Statement”) and prospectus
(the “Prospectus”) for the initial public offering of the Company’s units (the “Units”),
each of which consists of one share of the Company’s Class A common stock, par value $0.0001 per share (the “Common
Stock”), and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one
share of Common Stock (such initial public offering, the “Offering”), has been declared effective as
of the date hereof by the U.S. Securities and Exchange Commission;

 

WHEREAS, the Company
has entered into that certain Underwriting Agreement, dated the date hereof (as amended, supplemented or otherwise modified from
time to time, the “Underwriting Agreement”), with BMO Capital Markets Corp., as the underwriter (the
 “Underwriter”);

 

WHEREAS, as described
in the Registration Statement, an aggregate of $202,000,000 from the gross proceeds of the Offering and sale of the Private Placement
Warrants (as defined in the Underwriting Agreement) (or $232,300,000 if the Underwriter’s over-allotment option is exercised
in full) will be delivered to the Trustee to be deposited and held in a segregated trust account located at all times in the United
States (the “Trust Account”) for the benefit of the Company and the holders of the Common Stock included
in the Units issued in the Offering as hereinafter provided (the amount to be delivered to the Trustee (and any interest subsequently
earned thereon) is referred to as the “Property,” the stockholders for whose benefit the Trustee shall
hold the Property are referred to as the “Public Stockholders,” and the Public Stockholders and the Company
are referred to together as the “Beneficiaries”);

 

WHEREAS, pursuant to
the Underwriting Agreement, a portion of the Property equal to $7,000,000, or $8,050,000 if the Underwriter’s over-allotment
option is exercised in full, is attributable to deferred underwriting discounts and commissions that will be payable by the Company
to the Underwriter upon and concurrently with the consummation of the Business Combination (as defined below) (the “Deferred
Discount”); and

 

WHEREAS, the Company
and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold
the Property.

 

NOW THEREFORE, IT IS AGREED:

 

     

     

    

 

 

1.            Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(a)           Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established
by the Trustee in the United States at JPMorgan Chase Bank, N.A. (or at another U.S.-chartered commercial bank with consolidated
assets of $100 billion or more) and at a brokerage institution selected by the Trustee that is reasonably satisfactory to the Company;

 

(b)           Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

(c)          In a timely manner, upon the written instruction of the Company, invest and reinvest the Property in solely U.S. government
securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of
185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7
promulgated under the Investment Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government
treasury obligations, as determined by the Company, and the Trustee may not invest in any other securities or assets, it being
understood that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions
hereunder and the Trustee may earn bank credits or other consideration;

 

(d)          Collect and receive, when due, all interest or other income arising from the Property, which shall become part of the “Property,”
as such term is used herein;

 

(e)          Promptly notify the Company and the Underwriter of all communications received by the Trustee with respect to the Property
requiring action by the Company;

 

(f)           Supply any necessary information or documents as may be requested by the Company (or its authorized agents) in connection
with the Company’s preparation of the tax returns relating to assets held in the Trust Account or in connection with the
preparation or completion of the audit of the Company’s financial statements by the Company’s auditors;

 

(g)          Participate in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as
and when instructed by the Company to do so;

 

(h)          Render to the Company monthly written statements of the activities of, and amounts in, the Trust Account reflecting all
receipts and disbursements of the Trust Account;

 

    2

     

    

 

(i)           Commence
liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of
a letter from the Company (the “Termination Letter”) in a form substantially similar to that
attached hereto as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by
the Chief Executive Officer, President, Chief Financial Officer, Secretary or chairman of the board of directors of the
Company (the “Board”) or another authorized officer of the Company and, in the case of Exhibit A,
acknowledged and agreed to by the Underwriter and complete the liquidation of the Trust Account and distribute the Property
in the Trust Account, including interest earned on the funds held in the Trust Account (net of amounts withdrawn in
accordance with this Agreement and less up to $100,000 of interest that may be released to the Company to pay dissolution
expenses), only as directed in the Termination Letter and the other documents referred to therein, or (y) upon the date
which is the later of (i) twenty (20) months after the closing of the Offering (or twenty-four (24) months after the
closing of the Offering if the Company has executed a letter of intent, agreement in principle or definitive agreement
for an initial Business Combination within twenty (20) months from the closing of the Offering) and (ii) such later date
as may be approved by the Company’s stockholders in accordance with the Company’s second amended and restated
certificate of incorporation (as further amended, supplemented or otherwise modified from time to time, the
 “Certificate of Incorporation”), if the Termination Letter has not been received by the Trustee
prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the
Termination Letter attached hereto as Exhibit B and the Property in the Trust Account, including interest earned
on the funds held in the Trust Account (net of amounts withdrawn in accordance with this Agreement and less up to $100,000 of
interest that may be released to the Company to pay dissolution expenses) shall be distributed to the Public Stockholders of
record as of such date;

 

(j)           Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached
hereto as Exhibit C (a “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account
and distribute to the Company the amount of interest earned on the Property requested by the Company to cover any tax obligation
owed by the Company as a result of assets of the Company or interest or other income earned on the Property, which amount shall
be delivered directly to the Company, the Company shall forward such amount to the relevant taxing authority; provided,
however, that, to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall
liquidate such assets held in the Trust Account as shall be designated by the Company in writing to make such distribution, so
long as there is no reduction in the principal amount per share initially deposited in the Trust account; provided, further,
that, if the tax to be paid is a franchise tax, the written request by the Company to make such distribution shall be accompanied
by a copy of the franchise tax bill from the relevant taxing authority for the Company. The written request of the Company referenced
above shall constitute presumptive evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility
to look beyond said request;

 

(k)          [Reserved]; 

 

(l)          Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached
hereto as Exhibit D (a “Stockholder Redemption Withdrawal Instruction”), the Trustee shall
distribute to the Public Stockholders on behalf of the Company the amount requested by the Company to be used to redeem shares
of Common Stock from the Public Stockholders properly submitted in connection with a stockholder vote to approve an amendment to
the Certificate of Incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of
its public shares of Common Stock if the Company has not consummated an initial Business Combination within such time as is described
in the Certificate of Incorporation or with respect to any other provisions relating to stockholders’ rights or pre-initial
Business Combination activity. The written request of the Company referenced above shall constitute presumptive evidence that the
Company is entitled to distribute said funds, and the Trustee shall have no responsibility to look beyond said request; and

 

(m)         Not make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j)
or (l) above.

 

    3

     

    

 

2.            Agreements and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a)         Give all instructions to the Trustee hereunder in writing, signed on behalf of the Company by the Chief Executive Officer,
President, Chief Financial Officer, Secretary or chairman of the Board. In addition, except with respect to its duties under Sections 1(i),
1(j) and 1(l), the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic
advice or instruction which it, in good faith and with reasonable care, believes to be given by any one of the persons authorized
above to give written instructions; provided, however, that the Company shall promptly confirm such instructions
in writing;

 

(b)         Subject to Section 4, hold the Trustee harmless and indemnify the Trustee from and against any and all reasonable
and documented out-of-pocket expenses, including reasonable outside counsel fees and disbursements, or losses suffered by the Trustee
in connection with any action taken by it hereunder and in connection with any action, suit or other proceeding brought against
the Trustee involving any claim, or in connection with any claim or demand, which arises out of or relates to this Agreement, the
services of the Trustee hereunder, or the Property or any interest earned on the Property, except for expenses and losses resulting
from the Trustee’s or its representatives’ gross negligence, fraud or willful misconduct. Promptly after the receipt
by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee
intends to seek indemnification under this Section 2(b), it shall notify the Company in writing of such claim (the
 “Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense against such
Indemnified Claim; provided, however, that the Trustee shall obtain the consent of the Company with respect to the
selection of counsel; provided, further, that the Company may conduct and manage the defense against any Indemnified
Claim if the Trustee does not promptly take reasonable steps to mount such a defense. The Trustee may not agree to settle any Indemnified
Claim without the prior written consent of the Company. The Company may participate in any such action with its own counsel;

 

(c)          Pay the Trustee the fees set forth on Schedule A hereto, including an initial set-up fee, annual administration
fee and transaction processing fee, which fees shall be subject to modification by the parties from time to time. It is expressly
understood that the Property shall not be used to pay such fees unless and until the property is distributed to the Company pursuant
to Sections 1(i). The Company shall pay the Trustee the initial set-up fee and the first annual administration fee
at the consummation of the Offering. The Trustee shall refund to the Company the annual administration fee (on a pro rata basis)
with respect to any period after the liquidation of the Trust Account. The Company shall not be responsible for any other fees
or charges of the Trustee except as set forth in this Section 2(c), Schedule A and as may be provided in
Section 2(b);

 

(d)         In
connection with any vote of the Company’s stockholders regarding a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination involving the Company and one or more businesses (the
 “Business Combination”), provide to the Trustee an affidavit or certificate of the inspector of
elections for the stockholder meeting verifying the vote of such stockholders regarding such Business Combination;

 

    4

     

    

 

(e)          Provide the Underwriter with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee
with respect to any proposed withdrawal from the Trust Account promptly after it issues the same;

 

(f)          Unless otherwise agreed between the Company and the Underwriter, ensure that any Instruction Letter delivered in connection
with a Termination Letter substantially in the form attached hereto as Exhibit A expressly provides that the Deferred
Discount is paid directly to the account(s) as directed by the Underwriter prior to any transfer of the funds held in the Trust
Account to the Company or any other person;

 

(g)          Instruct the Trustee to make only those distributions that are permitted under this Agreement and refrain from instructing
the Trustee to make any distributions that are not permitted under this Agreement; and

 

(h)         Within four (4) business days after the Underwriter exercises the over-allotment option (or any unexercised portion
thereof) or such over-allotment expires, provide the Trustee with a notice in writing of the total amount of the Deferred Discount,
which shall in no event be less than $7,000,000, or $8,050,000 if the Underwriter’s overallotment option is exercised in
full.

 

3.             Limitations of Liability. The Trustee shall have no responsibility or liability to:

 

(a)          Imply obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other
than this Agreement and that which is expressly set forth herein;

 

(b)          Take any action with respect to the Property, other than as directed in Section 1, and the Trustee shall have
no liability to any third party except for liability arising out of the Trustee’s or its representatives’ gross negligence,
fraud or willful misconduct;

 

(c)          Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or defend
any proceeding of any kind with respect to, any of the Property unless and until it shall have received instructions from the Company
given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any reasonably
incurred expenses incident thereto;

 

(d)          Refund any depreciation in principal of any Property;

 

(e)          Assume that the authority of any person designated by the Company to give instructions hereunder shall not be continuing
unless provided otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority
to the Trustee;

 

    5

     

    

 

(f)          The
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or
omitted, in good faith and in the Trustee’s best judgment, except for the Trustee’s or its representatives’
gross negligence, fraud or willful misconduct. The Trustee 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 Trustee, which counsel may
be the Company’s counsel), 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 the Trustee believes, in good faith and with reasonable care, to be genuine and to be signed or presented by
the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification,
termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to
the Trustee, signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall
give its prior written consent thereto;

 

(g)          Verify the accuracy of the information contained in the Registration Statement;

 

(h)          Provide any assurance that any Business Combination entered into by the Company or any other action taken by the Company
is as contemplated by the Registration Statement;

 

(i)           File information returns with respect to the Trust Account with any local, state or federal taxing authority or provide
periodic written statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income
earned on the Property;

 

(j)           Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated
by, and activities relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company,
including, without limitation, franchise and income tax obligations, except pursuant to Section 1(j); or

 

(k)          Verify calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections 1(i),
1(j) and 1(l).

 

4.             Trust Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (a “Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including,
without limitation, under Section 2(b) or 2(c), the Trustee shall pursue such Claim solely against the Company
and its assets outside the Trust Account and not against the Property or any monies in the Trust Account.

 

    6

     

    

 

5.             Termination and Replacement of Trustee. This Agreement shall terminate as follows:

 

(a)          If
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its
reasonable efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this
Agreement. At such time that the Company notifies the Trustee that a successor trustee has been appointed and has agreed to
become subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the
successor trustee, including, without limitation, the transfer of copies of the reports and statements relating to the Trust
Account and any other reasonable transfer requests that the Company may make, whereupon this Agreement shall terminate; provided, however,
that, in the event that the Company does not locate a successor trustee within ninety (90) days of receipt of the resignation
notice from the Trustee, the Trustee may submit an application to have the Property deposited with any court in the State of
New York or with the United States District Court for the Southern District of New York and upon such deposit, the
Trustee shall be immune from any liability whatsoever.

 

(b)          At such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with
the provisions of Section 1(i) and distributed the Property in accordance with the provisions of the Termination Letter,
this Agreement shall terminate except with respect to Section 2(b).

 

(c)          If the Offering is not consummated within ten (10) business days of the date of this Agreement, in which case any funds
received by the Trustee from the Company or G&P Sponsor, LLC, as applicable, shall be returned promptly following the receipt
by the Trustee of written instructions from the Company.

 

6.             Miscellaneous.

 

(a)          The Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect
to funds transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information
relating to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason
to believe unauthorized persons may have obtained access to such confidential information or of any change in its authorized personnel.
In executing funds transfers, the Trustee shall rely upon all information supplied to it by the Company, including, account names,
account numbers and all other identifying information relating to a Beneficiary, Beneficiary’s bank or intermediary bank.
Except for any liability arising out of the Trustee’s or its representatives’ gross negligence, fraud or willful misconduct,
the Trustee shall not be liable for any loss, liability or out-of-pocket expense resulting from any error in the information or
transmission of the funds.

 

(b)          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.

 

(c)          This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter
hereof. This Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical
error) by a writing signed by each of the parties hereto.

 

    7

     

    

 

(d)          Sections 1(i) and 1(j)
may only be changed, amended or modified pursuant to Section 6(c) with the Consent of the Stockholders, it being
the specific intention of the parties hereto that each of the Company’s stockholders is, and shall be, a third party
beneficiary of this Section 6(d) with the same right and power to enforce this Section 6(d) as the
other parties hereto. For purposes of this Section 6(d), the “Consent of the
Stockholders” means receipt by the Trustee of a certificate from the inspector of elections of the stockholder
meeting certifying that either (i) the Company’s stockholders of record as of a record date established in
accordance with Section 213(a) of the Delaware General Corporation Law, as amended (the
 “DGCL”) (or any successor rule), who hold sixty-five percent (65%) or more of all then outstanding
shares of the Common Stock and Class B common stock, par value $0.0001 per share, of the Company voting together as a single
class, have voted in favor of such change, amendment or modification, or (ii) the Company’s stockholders of record
as of the record date who hold sixty-five percent (65%) or more of all then outstanding shares of the Common Stock and Class
B common stock, par value $0.0001 per share, of the Company voting together as a single class, have delivered to such entity
a signed writing approving such change, amendment or modification. No such amendment shall affect any Public Stockholder who
has otherwise indicated his, her or its election to redeem his, her or its shares of Common Stock in connection with a
stockholder vote sought to amend the Certificate of Incorporation. Except for any liability arising out of the
Trustee’s or its representatives’ gross negligence, fraud or willful misconduct, the Trustee may rely
conclusively on the certification from the inspector or elections referenced above and shall be relieved of all liability to
any party for executing the proposed amendment in reliance thereon.

 

(e)          The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York,
County of New York and State of New York, 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.

 

(f)           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 or by facsimile or email transmission:

 

	 	if to the Trustee, to:
	 	 
	 	Continental Stock Transfer & Trust Company
	 	1 State Street
	 	30th Floor
	 	New York, New York 10004
	 	Attention: Francis Wolf and Celeste Gonzalez
	 	E-mail: fwolf@continentalstock.com
	 	            cgonzalez@continentalstock.com

 

	 	if to the Company, to:
	 	 
	 	G&P Acquisition Corp.
	 	222 Bellevue Avenue
	 	Newport, Rhode Island 02840
	 	Attention: Michael R. Anderson
 Email: manderson@ar-global.com

 

    8

     

    

 

	 	in each case, with copies to:
	 	 
	 	Paul, Weiss, Rifkind, Wharton & Garrison LLP
	 	1285 Avenue of the Americas
	 	New York, New York 10019
	 	Attention: Raphael R. Russo
	 	E-mail: rrusso@paulweiss.com

 

	 	and
	 	 
	 	BMO Capital Markets Corp.
	 	3 Times Square
	 	New York, New York 10036
	 	Attention: Eric Benedict
	 	E-mail: eric.benedict@bmo.com
	 	 
	 	in each case, with copies to:
	 	 
	 	White & Case LLP
	 	1221 Avenue of the Americas
	 	New York, New York 10020
	 	Attention: Joel Rubinstein
	 	E-mail: joel.rubinstein@whitecase.com

 

(g)            This Agreement may not be assigned by the Trustee without the prior consent of the Company.

 

(h)            Each of the Company and the Trustee hereby represents that it has the full right and power and has been duly authorized
to enter into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and
agrees that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled
to any funds in the Trust Account under any circumstance.

 

(i)            Each of the Company and the Trustee hereby acknowledges and agrees that the Underwriter is a third party beneficiary of
this Agreement.

 

(j)            The Trustee shall perform its duties under this Agreement in compliance with all applicable laws, including those relating
to privacy, data protection and information security, shall keep confidential all information (including personally identifiable
information and personal data) relating to this Agreement and, except as required by applicable law, shall not use such information
for any purpose other than the performance of the Trustee’s obligations under this Agreement.

 

(k)            Except as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any
other person or entity.

 

    9

     

    

 

(l)            Notwithstanding
anything to the contrary in this Agreement, for purposes of all services provided pursuant to this Agreement (the
 “Services”), the Trustee shall continuously maintain business continuity and disaster recovery
plans (including regular updates) that are consistent with then current industry standards applicable to similarly situated
providers of services comparable to the Services. Without limiting the generality of the foregoing, the business continuity
and/or disaster recovery plans will cover the computer software, computer hardware, telecommunications capabilities and other
similar or related items of automated, computerized, software system(s) and network(s) or system(s) and will be designed,
among other things, to permit the ongoing operation and functionality of the Services on a continuous basis and/or to
facilitate the continuation and/or resumption of, the Services. In the event of the disruption in the Services for any reason
including the occurrence of a force majeure event that causes the Trustee to be required to allocate limited resources
between or among the Trustee’s affected customers, the Trustee shall not do so in a manner that is intended to treat
the Company less favorably than other similarly situated affected customers generally. In addition, in the event the Trustee
has knowledge that there is, or has been, an incident affecting the integrity or availability of the Trustee’s business
continuity and disaster recovery system, the Trustee shall endeavor to notify the Company in writing, as promptly as
practicable, of the incident.

 

(m)            This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original
but all of which together shall constitute one and the same agreement. Only one counterpart signed by the party against whom enforceability
is sought needs to be produced to evidence the existence of this Agreement.

 

[Signature Page Follows]

 

    10

     

    

 

IN
WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the date first written
above.

 

	 	Continental
                                         Stock Transfer & 

                                         Trust Company, as
                                         Trustee

                                                                      

	 	By:  	 
	 	 	Name:
	 	 	Title:

 

	 	G&P
    Acquisition Corp.
	 	 
	 	By:  	 
	 	 	Name: Joseph Marnikovic
	 	 	Title: Chief Financial Officer and Treasurer
	 	 

 

 

[Signature Page to Investment Management
Trust Agreement—G&P Acquisition Corp.]

 

     

     

    

 

SCHEDULE A

 

Trustee’s
Fees

 

	Fee Item	Time and Method of Payment	Amount
	Initial set-up fee	Initial closing of the Offering by wire transfer	$3,500.00
	Annual administration fee	First year, initial closing of the Offering by wire transfer; thereafter on the anniversary of the closing date of the Offering by wire transfer or check	$10,000.00
	Transaction processing fee for disbursements to the Company pursuant to Sections 1(i), (j) and (l)	Billed by the Trustee to the Company pursuant to Section 1	$250.00
	Paying Agent services as required pursuant to Sections 1(i) and (l)	Billed to the Company upon delivery of service pursuant to Sections 1(i) and (l)	Prevailing rates 

 

    Sch. A-1

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attention: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i)
of the Investment Management Trust Agreement, dated as of [             ], 2021 (as amended, supplemented or otherwise modified from time
to time, the “Trust Agreement”), by and between G&P Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), this is to advise you that the Company
has entered into an agreement with [Target] (the “Target Business”) to consummate a business combination
with the Target Business (the “Business Combination”) on or about [Date]. The Company shall notify
you at least seventy-two (72) hours in advance of the actual date of the consummation of the Business Combination (the “Consummation
Date”). Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the
terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account, and to transfer
the proceeds into the trust operating account at JPMorgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of
the funds held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall
direct on the Consummation Date (including as directed to it by the Underwriter) (with respect to the Deferred Discount). It is
acknowledged and agreed that, while the funds are on deposit in the trust operating account at JPMorgan Chase Bank, N.A., awaiting
distribution, the Company will not earn any interest or dividends.

 

    Ex. A-1

     

    

 

On the Consummation
Date, (i) counsel for the Company shall deliver to you written notification that the Business Combination has been
consummated, or will be consummated substantially concurrently with your transfer of funds to the accounts as directed by the
Company (the “Notification”) and (ii) the Company shall deliver to you (a) [an
affidavit][a certificate] of the Chief Executive Officer of the Company, which verifies that the Business Combination has
been approved by a vote of the Company’s stockholders, if a vote is held and (b) a joint written instruction
signed by the Company and the Underwriter with respect to the transfer of the funds held in the Trust Account, including
payment of amounts owed to public stockholders who have properly exercised their redemptions rights and payment of amounts of
the Deferred Discount to the underwriter from the Trust Account directly to the account or accounts directed by the
Underwriter (the “Instruction Letter”). You are hereby directed and authorized to transfer the
funds held in the Trust Account immediately upon your receipt of the Notification and the Instruction Letter in accordance
with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not be liquidated
by the Consummation Date without penalty, you will notify the Company in writing of the same and the Company shall direct you
as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the Company.
Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to
liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

In the event that the
Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified you on
or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from
the Company, the funds held in the Trust Account shall be reinvested as provided in Section 1(c) of the Trust Agreement on the
business day immediately following the Consummation Date as set forth in such written instructions as soon thereafter as possible.

 

	 	Very truly yours,
	 	 
	 	G&P
    Acquisition Corp.
	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title:

 

 

	Acknowledged:
	 
	BMO Capital Markets Corp.
	 
	By:  	 	 
	 	Name:	 
	 	Title:	 

 

    Ex. A-2

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attention: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account - Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i)
of the Investment Management Trust Agreement, dated as of [            ], 2021 (as amended, supplemented or otherwise modified from time
to time, the “Trust Agreement”), by and between G&P Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company, this is to advise you that the Company has been unable to effect a Business
Combination with a target business within the time frame specified in the Certificate of Incorporation, as described in the Company’s
Prospectus relating to the Offering. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust
Agreement.

 

In accordance with the
terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and to transfer the total
proceeds into a segregated account held by you on behalf of the Beneficiaries to await distribution to the Public Stockholders.
The Company has selected [insert completion deadline] as the effective date for the purpose of determining when the Public
Stockholders will be entitled to receive their share of the liquidation proceeds. You agree to be the paying agent of record and,
in your separate capacity as paying agent, agree to distribute said funds directly to the Public Stockholders in accordance with
the terms of the Trust Agreement and the Certificate of Incorporation of the Company. Upon the distribution of all the funds, net
of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under
the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(i) of the Trust Agreement.

 

	 	Very truly yours,
	 	 
	 	G&P
    Acquisition Corp.
	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title:

 

		cc:	BMO Capital Markets Corp.

 

    Ex. B-1

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attention: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account - Tax Payment Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(j)
of the Investment Management Trust Agreement, dated as of [          ], 2021 (as amended, supplemented or otherwise modified from time
to time, the “Trust Agreement”), by and between G&P Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company, the Company hereby requests that you deliver to the Company $___________ of
the interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the
meanings set forth in the Trust Agreement.

 

The Company needs such
funds to pay for the tax obligations as set forth on the attached tax return or tax statement. In accordance with the terms of
the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt
of this letter to the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 
	 	G&P
    Acquisition Corp.
	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title:

 

		cc:	BMO Capital Markets Corp.

 

    Ex. C-1

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attention: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account - Stockholder Redemption Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(l)
of the Investment Management Trust Agreement, dated as of [         ], 2021 (as amended, supplemented or otherwise modified from time
to time, the “Trust Agreement”), by and between G&P Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company, the Company hereby requests that you deliver to the redeeming Public Stockholders
of the Company $__________ of the principal and interest income earned on the Property as of the date hereof into a segregated
account held by you on behalf of the Beneficiaries for distribution to the Public Stockholders who have requested redemption of
their shares. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The Company needs such
funds to pay the Public Stockholders who have properly elected to have their shares of Common Stock redeemed by the Company in
connection with a stockholder vote to approve an amendment to the Certificate of Incorporation. As such, you are hereby directed
and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter.

 

	 	G&P
    Acquisition Corp.
	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title:

 

		cc:	BMO Capital Markets Corp.

 

    Ex. D-2

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