Document:

Exhibit 10.5

 

LOCK-UP
AGREEMENT

 

[●],
2019

 

ChaSerg
Technology Acquisition Corp.

533 Airport Blvd, Suite 400

Burlingame,
CA 94010

 

Ladies
and Gentlemen:

 

The
undersigned signatory of this lock-up agreement (this “Letter Agreement”) understands that ChaSerg Technology
Acquisition Corp., a Delaware corporation (“ChaSerg”), is entering into an Agreement and Plan of Merger
(as the same may be amended from time to time, the “Merger Agreement”), dated as of the date hereof,
with CS Merger Sub 1 Inc., a California corporation and a wholly-owned subsidiary of ChaSerg (“Merger Sub 1”),
CS Merger Sub 2 LLC, a Delaware limited liability company and a wholly-owned subsidiary of ChaSerg (“Merger Sub 2”),
Grid Dynamics International, Inc., a California corporation (the “Company”), and Automated Systems Holdings
Limited, a company incorporated in Bermuda with limited liability, pursuant to which, among other things, (i) Merger Sub 1 will
merge with and into the Company, with the Company continuing as the initial surviving entity (the “Initial Merger”),
and (ii) the Company will then merge with and into Merger Sub 2, with Merger Sub 2 continuing as the surviving entity (the “Second
Step Merger” and, together with the Initial Merger, the “Mergers”) and a wholly-owned
subsidiary of ChaSerg, upon the terms and subject to the conditions set forth in the Merger Agreement and in accordance with the
applicable provisions of the CGCL, the DGCL and the DLLCA. Capitalized terms used and not otherwise defined in this Letter Agreement
shall have the meanings ascribed to such terms in the Merger Agreement.

 

As
a material inducement to the parties to enter into the Merger Agreement and to consummate the Mergers and the other transactions
contemplated by the Merger Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the undersigned hereby agrees that, subject to the exceptions set forth herein, without the prior written consent
of ChaSerg, the undersigned will not Transfer (as defined below) any of the Undersigned’s Shares (as defined below) during
the period commencing upon the Effective Time and ending on the date that is the earlier of (A) one year after the Effective Time
or (B) subsequent to the Effective Time, (x) the date on which the last sale price of ChaSerg’s common stock, par value
$0.0001 per share (the “ChaSerg Common Stock”), equals or exceeds $12.00 per share (as adjusted for
stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading
day period commencing at least 150 days after the Effective Time or (y) the date on which ChaSerg completes a liquidation, merger,
capital stock exchange, reorganization or other similar transaction that results in all of ChaSerg’s stockholders having
the right to exchange their shares of ChaSerg Common Stock for cash, securities or other property (the “Lock-up Period”).
As used herein, (i) the “Undersigned’s Shares” shall mean any ChaSerg Common Stock or any securities
convertible, exercisable or exchangeable for ChaSerg Common Stock, including without limitation (a) ChaSerg Common Stock or such
other securities of ChaSerg which may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations
of the U.S. Securities and Exchange Commission (the “Commission”), (b) securities of ChaSerg which may
be issued upon exercise of a stock option, warrant or convertible security and (c) ChaSerg Common Stock or such other securities
of ChaSerg to be issued to the undersigned pursuant to the Merger Agreement, in each case that are currently or hereafter owned
of record or beneficially by the undersigned, other than shares of ChaSerg Common Stock acquired on the open market following
the Effective Time; and (ii) “Transfer” shall mean the (a) sale of, offer to sell, contract or agreement
to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or
indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent
position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of
the Commission promulgated thereunder with respect to, any of the Undersigned’s Shares, (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 of the Undersigned’s
Shares, 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).

 

     

     

    

 

Notwithstanding
the restrictions set forth in the preceding paragraph, Transfers of the Undersigned’s Shares, are permitted (a) if the undersigned
is a corporation, partnership or other business entity, to any affiliate of the undersigned; (b) if the undersigned is a natural
person, by gift to a member of the undersigned’s immediate family or to a trust, the beneficiary of which is a member of
the undersigned’s immediate family, an affiliate of such individual or to a charitable organization; (c) if the undersigned
is a natural person, by virtue of laws of descent and distribution upon death of the undersigned; (d) if the undersigned is a
natural person, pursuant to a qualified domestic relations order; or (e) if the undersigned is a corporation, partnership or other
business entity, to a member of the undersigned’s executive team, staff or consultant team, or a member of the undersigned’s
affiliate’s executive team, staff or consultant team; provided, however, that in the case of clauses (a) through
(e), these permitted transferees must enter into a written agreement with ChaSerg agreeing to be bound by the transfer restrictions
herein.

 

The
undersigned hereby represents and warrants that the undersigned has full right and power, without violating any agreement to which
it is bound, to enter into this Letter Agreement.

 

This
Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof
and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the
extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may
not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except
by a written instrument executed by all parties hereto. Notwithstanding the foregoing, the board of directors of ChaSerg may waive
the restrictions contained in this Letter Agreement in its sole discretion.

 

No
party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior
written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and
shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding
on the undersigned and its successors, heirs and assigns and permitted transferees.

 

Nothing
in this Letter Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto
any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise or
agreement hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall be
for the sole and exclusive benefit of the parties hereto and their successors, heirs, personal representatives and assigns and
permitted transferees.

 

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.

 

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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.

 

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.

 

Any
notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in
writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by
hand delivery or facsimile transmission.

 

This
Letter Agreement shall automatically terminate on the earlier of (i) the expiration of the Lock-up Period or (ii) if the Merger
Agreement is terminated for any reason, upon the date of such termination.

 

[Signature
Page Follows]

 

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	 	Sincerely,
	 	 
	 	[COMPANY SHAREHOLDER]
	 	 
	 	By:	     
	 		Name:
	 	 	Title:

 

[Signature Page to Company Lock-Up Agreement]

 

     

     

    

 

	Acknowledged and Agreed:	 
	 	 	 
	Chaserg Technology Acquisition Corp.	 
	 	 	 
	By:	    	 
	 	Name:	 
	
        
 
	Title:	 

 

 

[Signature Page to Company Lock-Up Agreement]Exhibit 10.6

 

ChaSerg Technology Sponsor LLC

7660 Fay Avenue, Suite H, Unit 339

La Jolla, CA 92037

 

November 13, 2019

 

ChaSerg Technology Acquisition Corp.

7660 Fay Avenue, Suite H, Unit 339

La Jolla, CA 92037 

 

Attn:  Lloyd Carney, Chief Executive Officer

 

	 	Re:	Sponsor Share Letter

 

Dear Lloyd:

 

Reference is hereby made to that certain
Agreement and Plan of Merger, dated as of November 13, 2019 (as it may be amended, the “Business Combination Agreement”),
by and among (i) ChaSerg Technology Acquisition Corp. (the “Purchaser” or “Pubco”),
(ii) CS Merger Sub 1, Inc., a California corporation and a wholly-owned subsidiary of the Company, (iii) CS Merger Sub 2, LLC,
a Delaware limited liability company and a wholly-owned subsidiary of the Company, (iv) Grid Dynamics International, Inc., a California
corporation, and (v) Automated Systems Holdings Limited, a company incorporated in Bermuda with limited liability, solely in its
capacity as representative of the Securityholders (as defined in the Business Combination Agreement).  Any capitalized term
used but not defined herein will have the meanings ascribed thereto in the Business Combination Agreement.

 

ChaSerg Technology
Sponsor LLC, a Delaware limited liability company (“Sponsor”), has agreed to enter into this letter agreement
(this “Agreement”) relating to 1,200,000 shares of Class B common stock, par value $0.0001 per share
(including shares of common stock of the Purchaser into which such shares shall convert immediately prior to the Closing, the “Common
Stock”), of Purchaser in accordance with the Business Combination Agreement, (“Founder Shares”)
initially purchased by Sponsor in a private placement prior to Purchaser’s initial public offering, which shares are currently
held by Sponsor.

 

For good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, each of the undersigned parties hereby agrees as follows:

 

	1.	Sponsor hereby agrees that, upon and subject to the Closing, it will not sell, transfer or otherwise dispose of, or hypothecate or otherwise grant any interest in or to, a total of 1,200,000 Founder Shares held by Sponsor (the “Earnout Shares”), unless, until and to the extent that a Release Event (as defined in Section 3 of this Agreement) has occurred with respect to such Earnout Shares.  The share certificates representing the Earnout Shares shall contain a legend relating to transfer restrictions imposed by this Agreement.  Such legend shall be removed upon the request of Sponsor following a Release Event with respect to the applicable Earnout Shares.

 

	2.	Notwithstanding any other provisions of this Agreement, Sponsor shall have full ownership rights to its Earnout Shares, including the right to vote such shares and to receive dividends and distributions thereon.

 

	3.	The Earnout Shares shall vest and no longer be subject to transfer restrictions as follows (each, as applicable to the relevant Earnout Shares, a “Release Event”):

 

	 	(a)	400,000 Earnout Shares shall vest and no longer be subject to  transfer restrictions in this Agreement if the closing price of the Common Stock on the principal exchange on which such securities are then listed or quoted shall have been at or above $12.00 (the “First Price Threshold”) for twenty (20) trading days (which need not be consecutive) over a thirty (30) trading day period at any time;

 

     

     

    

 

	 	(b)	400,000 Earnout Shares shall vest and no longer be subject to transfer restrictions in this Agreement if the closing price of the Common Stock on the principal exchange on which such securities are then listed or quoted shall have been at or above $13.50 (the “Second Price Threshold”) for twenty (20) trading days (which need not be consecutive) over a thirty (30) trading day period at any time;

 

	 	(c)	400,000 Earnout Shares shall vest and no longer be subject to transfer restrictions in this Agreement if the closing price of the Common Stock on the principal exchange on which such securities are then listed or quoted shall have been at or above $15.00 (the “Third Price Threshold”) for twenty (20) trading days (which need not be consecutive) over a thirty (30) trading day period at any time; and

 

	 	(d)	all of the Earnout Shares shall vest and no longer be subject to transfer restrictions in this Agreement upon, and effective immediately prior to, the first of any of the following to occur:

 

	 	(i)	if
    Pubco shall engage in a “going private” transaction pursuant to Rule 13e-3 under the Exchange Act of 1934, as
    amended (the “Exchange Act”), or otherwise cease to be subject to reporting obligations under Sections
    13 or 15(d) of the Exchange Act;

 

	 	(ii)	If the Common Stock shall cease to be listed on a national securities exchange;

 

	 	(iii)	if Pubco is amalgamated, merged, consolidated or reorganized with or into another Person (an “Acquiror”) and as a result of such amalgamation, merger, consolidation or reorganization, fewer than 50.1% (whether by voting or economic rights) of the outstanding equity securities or other capital interests of the Acquiror or surviving or resulting entity is owned in the aggregate by the shareholders of Pubco, directly or indirectly, immediately prior to such amalgamation, merger, consolidation or reorganization, excluding from such computation the interests of the Acquiror or any Affiliate of the Acquiror (the “Pre-Transaction Pubco Equityholders”);

 

	 	(iv)	If Pubco and/or its subsidiaries sell, assign, transfer or otherwise dispose of (including by bulk reinsurance outside of the ordinary course of business consistent with past practice), in one or a series of related transactions, all or substantially all of the assets of Pubco and its subsidiaries, taken as a whole, to an Acquiror, fewer than 50.1% (whether by voting or economic rights) of the outstanding equity securities or other capital interests of which, immediately following such sale, assignment or transfer, are owned in the aggregate by the Pre-Transaction Pubco Equityholders; or

 

	 	(v)	If a Schedule 13D or Schedule 13G report (or any successor schedules, form or report), each as promulgated pursuant to the Exchange Act, is filed with the SEC disclosing that any person or group (as the terms “person” and “group” are used in Section 13(d) or Section 14(d) of the Exchange Act and the rules and regulations promulgated thereunder) has become the beneficial owner (as the term “beneficial owner” is defined in Rule 13d-3 or any successor rule or regulation promulgated under the Exchange Act) of a percentage of shares of the outstanding Pubco Common Shares as shall be greater than the percentage of such shares that, at the date of such filing, is held by any other person or group that held more than 50% of the voting or economic power of Pubco immediately after the Closing.

 

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	 	 	Each Price Threshold set forth in clauses (a) through (c) of Section 3 above and the applicable number of Earnout Shares released for any Release Event shall be subject to equitable adjustment for share splits, share dividends, reorganizations, combinations, recapitalizations and similar transactions affecting the Common Stock after the Closing.  Additionally, each such Price Threshold shall be reduced by the amount of the aggregate cash or the fair market value of any securities or other assets paid or payable by Pubco to the holders of Common Stock, on a per share basis, as an extraordinary dividend or distribution following the Closing; provided that the declaration and payment of any such extraordinary dividend or distribution shall be subject to all applicable Laws.  An “extraordinary dividend or distribution” means any dividend or distribution other than a regularly-scheduled dividend or distribution.

 

	4.	Notwithstanding anything to the contrary herein, at or prior to the Closing, Sponsor may transfer any Earnout Shares to any third-party investor who provides equity or debt financing for the transactions contemplated by the Business Combination Agreement without the consent of any party hereto, and any Earnout Shares so transferred shall reduce the number of Earnout Shares hereunder (with such reduction in Earnout Shares allocated pro rata among each Release Event in clauses (a) through (c) of Section 3).  Unless otherwise agreed in writing by Sponsor and the investor receiving such shares, any such transferred Earnout Shares shall not be subject to the terms and conditions of this Agreement (but shall continue to be subject to the provisions of tthat certain Letter Agreement, dated as of October 4, 2018  by and between the Sponsor, the Purchaser and its officers and directors (the “Insider Letter”)).

 

	5.	Subject to Section 4 above, no party hereto may assign either this Agreement or any of its rights, interests or obligations hereunder without the prior written consent of the other parties; provided, that in the event that Sponsor liquidates and distributes to its members all securities of Pubco that it owns in accordance with its organizational documents, Sponsor may, without obtaining the consent of any other party hereto, transfer the  Earnout Shares and its rights and obligations under this Agreement to its members so long as such members agree in writing to be bound by the terms of this Agreement that apply to Sponsor hereunder.  Any purported assignment in violation of this Section 5 shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee.  This Agreement shall be binding on the undersigned and their respective successors and permitted assigns.

 

	6.	This Agreement (including the Business Combination Agreement to the extent incorporated herein) 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; provided, that for the avoidance of doubt, nothing herein shall affect the terms and conditions of the Insider Letter.

 

	7.	This Agreement may not be changed, amended or modified as to any particular provision, except by a written instrument executed by all parties hereto.  No provision of this Agreement may be waived except in a writing signed by the party against whom enforcement of such waiver is sought.  No failure or delay by a party in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise of any other right hereunder.

 

	8.	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 in the same manner as provided in Section 10.05 of the Business Combination Agreement.  Unless otherwise specified in writing by such party, notices to the Sponsor shall be sent to the address of the Purchaser set forth in the Business Combination Agreement (or such other address as shall be specified in a notice given in accordance with this Section 8 and Section 10.05 of the Business Combination Agreement).

 

	9.	This Agreement shall be construed, interpreted and enforced in a manner consistent with the provisions of the Business Combination Agreement. The provisions set forth in Section 10.13 of the Business Combination Agreement, as in effect as of the date hereof, are hereby incorporated by reference into, and shall be deemed to apply to, this Agreement as if all references to the “Agreement” in such sections were instead references to this Agreement, and the references therein to the “Parties” were instead to the parties to this Agreement.

 

	10.	This Agreement shall terminate at such time, if any, as the Business Combination Agreement is terminated in accordance with its terms prior to the Closing, and upon such termination this Agreement shall be null and void and of no effect whatsoever, and the parties hereto shall have no obligations under this Agreement.

 

{Remainder of Page Left Blank; Signature
Page Follows}

 

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Please indicate your agreement to the foregoing
by signing in the space provided below.

 

	 	CHASERG TECHNOLOGY SPONSOR LLC
	 	 
	 	By:	/s/ Steve Fletcher
	 	Name: 	Steve Fletcher
	 	Title: 	Managing Member
	 	 
	 	By:	/s/
Alex Vieux
	 	Name:	 Alex Vieux
	 	Title:	Managing Member
	 	 
	 	By:	/s/ Lloyd Carney
	 	Name:	Lloyd Carney
	 	Title:	Managing Member

 

Accepted and agreed, effective as of the date first set
forth above:

 

CHASERG TECHNOLOGY ACQUISITION CORP.

 

	By:	/s/ Lloyd Carney	 
	Name:	Lloyd Carney	 
	Title:	Chief Executive Officer	 

 

 

(Signature Page to Sponsor Share Letter)

 

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