Document:

Exhibit 10.7

 

[__], 2021

 

Glenfarne Merger Corp.

292 Madison Avenue, 19th Floor

New York, NY 10017

 

Mizuho Securities USA LLC

1271 Avenue of the Americas

New York, NY 10020

  

Re:  Initial
Public Offering

 

Ladies and Gentlemen:

 

This letter (the “Letter Agreement”)
is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”)
entered into by and between Glenfarne Merger Corp., a Delaware corporation (the “Company”) and Mizuho
Securities USA LLC, as representative (the “Representative”) of the several underwriters named in Schedule
A thereto (the “Underwriters”), relating to an underwritten initial public offering (the “IPO”)
of the Company’s units (the “Units”), each unit comprised of one share of the Company’s Class
A common stock, par value $0.0001 per share (the “Common Stock”), and one-third of one redeemable warrant,
each whole warrant exercisable for one share of Common Stock (each, a “Warrant”). Certain capitalized
terms used herein are defined in paragraph 12 hereof.

 

In order to induce the Company and the Underwriters to enter
into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit that such IPO will confer upon the
undersigned as a stockholder of the Company, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the undersigned hereby agrees with the Company as follows:

 

		1.	If the Company solicits approval of its stockholders of a Business Combination, the undersigned will vote all shares of Common
Stock beneficially owned by it, whether acquired before, in or after the IPO, in favor of such Business Combination.

 

		2.	In the event that the Company does not complete a Business Combination within the time period set forth in the Company’s
amended and restated certificate of incorporation, as the same may be further amended from time to time (the “Charter”),
the undersigned will, as promptly as possible, take all necessary actions to cause the Company to (i) cease all operations except
for the purpose of winding up, (ii) as promptly as reasonably possible, but not more than 10 business days thereafter, redeem the
IPO Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including
interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations, if
any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of the then outstanding IPO Shares, which
redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further
liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval
of the Company’s remaining stockholders and the Company’s board of directors, liquidate and dissolve, subject in each
case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable
law. The undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust
Account and any remaining net assets of the Company as a result of such liquidation with respect to the Founder Shares owned by
the undersigned. However, if the undersigned has acquired IPO Shares in or after the IPO, it will be entitled to liquidating distributions
from the Trust Account with respect to such IPO Shares in the event that the Company does not complete a Business Combination within
the time period set forth in the Charter. In the event of the liquidation of the Trust Account, the undersigned agrees that it
will be liable to the Company if and to the extent any claims by a third party (other than the Company’s independent registered
public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the
Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser
of (i) $10.00 per IPO Share and (ii) the actual amount per IPO Share held in the Trust Account as of the date of the liquidation
of the Trust Account, if less than $10.00 per IPO Share due to reductions in the value of the assets in the Trust Account, in each
case less interest that may be withdrawn to pay the Company’s tax obligations, if any; provided that such liability
will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the
monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s
obligation to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as
amended, pursuant to the Underwriting Agreement. The undersigned acknowledges and agrees that there will be no distribution from
the Trust Account with respect to any Warrants, all rights of which will terminate on the Company’s liquidation.

 

     

     

    

 

		3.	The undersigned acknowledges and agrees that prior to entering into a definitive agreement for a Business Combination with
a target business that is affiliated with the undersigned or any other Insiders of the Company or their affiliates, such transaction
must be approved by a majority of the Company’s disinterested independent directors and the Company must obtain an opinion
from an independent investment banking firm, which is a member of the Financial Industry Regulatory Authority, or an independent
accounting firm that such Business Combination is fair to the Company’s unaffiliated stockholders from a financial point
of view.

 

		4.	Neither the undersigned nor any affiliate of the undersigned will be entitled to receive and will not accept any compensation
or other cash payment from the Company prior to, or for services rendered in order to effectuate, the completion of the Business
Combination; provided that the Company shall be allowed to make the payments set forth in the Registration Statement adjacent
to the caption “Prospectus Summary—The Offering—Limited payments to insiders.”

 

		5.	(a) The undersigned agrees not to Transfer the Founder Shares (or any shares of Common Stock issuable upon conversion
                                                                thereof) (except to certain permitted transferees as described in the Registration Statement or herein) (the
                                                                “Lockup”) until the earlier to occur of: (1) one year after the completion of the Company’s
                                                                initial Business Combination or (2) subsequent to the Company’s initial Business Combination, (x) if the last reported
                                                                sale price of Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock capitalizations
                                                                reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least
                                                                150 days after the Company’s initial Business Combination or (y) the date on which the Company completes a liquidation,
                                                                merger, capital stock exchange or other similar transaction that results in all of the Company’s stockholders having
                                                                the right to exchange their shares of common stock for cash, securities or other property.

 

(b) Notwithstanding the provisions set forth in
paragraphs 5(a) and 5(c), during the period commencing on the effective date of the Underwriting Agreement and ending 180
days after such date, the undersigned will not, without the prior written consent of the Representative pursuant to the
Underwriting Agreement, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, hedge or otherwise dispose
of or agree to dispose of (or enter into any transaction that is designed to, or might reasonably be expected to, result in
the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the
undersigned or any affiliate of the undersigned or any person in privity with the undersigned or any affiliate of the
undersigned), directly or indirectly, including the filing (or participation in the filing) of a registration statement with
the Securities and Exchange Commission (the “SEC”) in respect of, or establish or increase a put
equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities
Exchange Act of 1934, as amended, (the “Exchange Act”) and the rules and regulations of the SEC
promulgated thereunder with respect to, any Units, shares of Common Stock, Founder Shares or Warrants or any securities
convertible into, or exercisable, or exchangeable for, shares of Common Stock owned by it, him or her, (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 Common Stock, Founder Shares, Warrants or any securities convertible into, or exercisable, or
exchangeable for, shares of 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) publicly announce any intention to effect any transaction, including the
filing of a registration statement, specified in clause (i) or (ii). The provisions of this paragraph will not apply (i) to
the transfer of Founder Shares to any independent director appointed or elected to the Company’s board of directors
before or after the IPO; (ii) the transfer of Founder Shares or Private Placement Units to the Representative in connection
with the Sponsor’s debt financing obligations, or (iii) if the release or waiver is effected solely to permit a transfer not for consideration
and, in each case 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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(c) The undersigned
agrees not to Transfer any Private Placement Units (including the underlying shares of Common Stock and Private Placement Warrants,
and including those shares of Common Stock issued or issuable upon the exercise of such Private Placement Warrants), until 30 days
after the completion of the Company’s initial Business Combination.

 

(d) Notwithstanding
the provisions set forth in paragraphs 5(a) and (c), Transfers by the undersigned of the Founder Shares, Private Placement Units
(including the underlying shares of Common Stock and Private Placement Warrants, and including those shares of Common Stock issued
or issuable upon the exercise of such Private Placement Warrants) or conversion of the Founder Shares are permitted (i) to the
Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors, any
members of the undersigned or their affiliates, any affiliates of the undersigned, or any employees of such affiliates; (ii) in
the case of an individual, by gift to a member of the individual’s immediate family or to a trust, the beneficiary of which
is a member of one of the individual’s immediate family, an affiliate of such person or to a charitable organization; (iii)
in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (iv) in the case of an
individual, pursuant to a qualified domestic relations order; (v) by private sales or transfers made in connection with the completion
of the Business Combination at prices no greater than the price at which the Founder Shares, Private Placement Units or shares
of Common Stock, as applicable, were originally purchased; (vi) by virtue of the undersigned’s organizational documents upon
liquidation or dissolution of the undersigned; (vii) to the Company for no value for cancellation in connection with the completion
of the Business Combination; (viii) in the event of the Company’s liquidation prior to the completion of a Business Combination;
or (ix) in the event of completion of a liquidation, merger, share exchange 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 a Business Combination; provided, however, that in the case of clauses (i) through
(vi) these permitted transferees must enter into a written agreement agreeing to be bound by the restrictions herein. For the avoidance
of doubt, the transfers of Founder Shares, Private Placement Units (including the underlying shares of Common Stock and Private
Placement Warrants, and including those shares of Common Stock issued or issuable upon the exercise of such Private Placement Warrants)
or conversion of the Founder Shares shall be permitted regardless of whether a filing under Section 16(a) of the Exchange Act shall
be required or shall be voluntarily made with respect to such transfers.

 

		6.	The Sponsor hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably injured in the event
of a breach by the Sponsor of its obligations under paragraphs 1, 2, 3, 4, 5, 8, 9 and 10 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.	The undersigned has full right and power, without violating any agreement by which it is bound, to enter into this Letter Agreement.
Notwithstanding anything herein to the contrary, the Company hereby agrees and acknowledges that any obligations of the Sponsor
with respect to corporate opportunities shall apply only with respect to a corporate opportunity that was offered to the Sponsor
in its capacity as a representative of the Company and (i) such opportunity is one the Company is legally and contractually permitted
to undertake and would otherwise be reasonable for the Company to pursue and (ii) the Sponsor is permitted to refer that opportunity
to the Company without violating any legal obligation; however, the Company renounces its interest in any business combination
or other corporate opportunity where a majority of the projected stabilized earnings before interest, taxes, depreciation and amortization
related to such opportunity would be reasonably expected to be generated by power plants, power storage facilities, grid stability
assets and other infrastructure assets ancillary to or associated with such plants, facilities and assets within any country in
Latin America that has an “investment grade” rating from at least two major credit rating agencies.

 

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		8.	To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 3,750,000 Units
within 45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit, at
no cost, a number of Founder Shares in the aggregate equal to 937,500 multiplied by a fraction, (i) the numerator of which is 3,750,000
minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator
of which is 3,750,000. The forfeiture will be adjusted to the extent that the over-allotment option is not exercised in full by
the Underwriters so that the Initial Stockholders will own an aggregate of 20% of the Company’s issued and outstanding shares
of Common Stock after the IPO (assuming the Initial Stockholders do not purchase any Units in the IPO).

 

		9.	The undersigned hereby waives any right to exercise redemption rights with respect to any of the Company’s shares of
Common Stock owned or to be owned by the undersigned, directly or indirectly, whether such shares be part of the Founder Shares
or IPO Shares, and agrees not to seek redemption with respect to such shares (or sell such shares to the Company in any tender
offer) in connection with any stockholder vote to approve (x) a Business Combination or (y) an amendment to the Charter that would
affect the substance or timing of the Company’s obligation to allow redemption in connection with the Business Combination
or to redeem 100% of the shares of Common Stock if the Company has not completed a Business Combination within 24 months from the
closing of the IPO.

 

		10.	The undersigned hereby agrees to not propose, or vote in favor of, an amendment to Section 9.2(d) of the Charter prior to the
completion of a Business Combination unless the Company provides public stockholders with the opportunity to redeem their shares
of Common Stock upon such approval in accordance with such Section 9.2(d) thereof.

 

		11.	This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York,
without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
The undersigned hereby (i) agrees that any action, proceeding or claim against him arising out of or relating in any way to this
Letter Agreement shall be brought and enforced in the courts of the State of New York of the United States of America for the Southern
District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive and (ii) waives any objection
to such exclusive jurisdiction and that such courts represent an inconvenient forum.

 

		12.	As used herein, (i) a “Business Combination” shall mean a merger, stock exchange, asset acquisition,
stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities;
(ii) “Insiders” shall mean all officers, directors and sponsors of the Company immediately prior to the
IPO; (iii) “Founder Shares” shall mean all of the Class B common stock of the Company, par value $0.0001
per share, acquired by an Insider prior to the IPO; (iv) “IPO Shares” shall mean the shares of Common
Stock issued in the Company’s IPO; (v) “Private Placement Units” shall mean the units that are
being sold privately by the Company simultaneously with the consummation of the IPO; (vi) “Private Placement Warrants”
shall mean the warrants underlying the Private Placement Units; (vii) “Prospectus” shall mean the final
prospectus relating to the IPO, in the form filed with the SEC; (viii) “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 Exchange Act, and the rules and
regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such
transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention
to effect any transaction specified in clause (a) or (b); (ix) “Trust Account” shall mean the
trust account into which the net proceeds of the Company’s IPO and a portion of the proceeds from the sale of the Private
Placement Units will be deposited; and (x) “Registration Statement” means the Company’s registration
statement on Form S-1 (SEC File No. [_________]) filed with the SEC, as amended.

 

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		13.	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.

 

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

 

		15.	This Letter Agreement shall be binding on the undersigned and such person’s respective successors, heirs, personal representatives
and assigns. This Letter Agreement shall terminate on the earlier of (i) the completion of a Business Combination and (ii) the
liquidation of the Company; provided, that such termination shall not relieve the undersigned from liability for any breach
of this agreement prior to its termination. The parties hereto may not assign either this Letter Agreement or any of their rights,
interests, or obligations hereunder without the prior written consent of the other party. Any purported assignment in violation
of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported
assignee.

 

[Signature Page Follows]

 

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	 	GLENFARNE SPONSOR, LLC
	 	 	                
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	Acknowledged and Agreed:
	 	 
	 	GLENFARNE MERGER CORP.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

6Exhibit 10.8

 

[          ], 2021

 

 

Glenfarne Merger Corp.

292 Madison Avenue, 19th Floor

New York, NY 10017

 

Mizuho Securities USA LLC

1271 Avenue of the Americas

New York, NY 10020 

 

Re:          Initial
Public Offering

 

Ladies and Gentlemen:

 

This letter (the “Letter Agreement”)
is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”)
entered into by and between Glenfarne Merger Corp., a Delaware corporation (the “Company”) and Mizuho
Securities USA LLC, as representative (the “Representative”) of the several underwriters named in Schedule
A thereto (the “Underwriters”), relating to an underwritten initial public offering (the “IPO”)
of the Company’s units (the “Units”), each unit comprised of one share of the Company’s Class
A common stock, par value $0.0001 per share (the “Common Stock”), and one-third of one redeemable warrant,
each whole warrant exercisable for one share of Common Stock (each, a “Warrant”). Certain capitalized
terms used herein are defined in paragraph 12 hereof.

 

In order to induce the Company and the Underwriters to enter
into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit that such IPO will confer upon the
undersigned, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned
hereby agrees with the Company as follows:

 

		1.	If the Company solicits approval of its stockholders of a Business Combination, the undersigned will vote all shares of Common
Stock beneficially owned by him or her, whether acquired before, in or after the IPO, in favor of such Business Combination.

 

		2.	In the event that the Company does not complete a Business Combination within the time period set forth in the Company’s
amended and restated certificate of incorporation, as the same may be further amended from time to time (the “Charter”),
the undersigned will, as promptly as possible, take all necessary actions to cause the Company to (i) cease all operations except
for the purpose of winding up, (ii) as promptly as reasonably possible, but not more than 10 business days thereafter, redeem the
IPO Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including
interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations, if
any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of the then outstanding IPO Shares, which
redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further
liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval
of the Company’s remaining stockholders and the Company’s board of directors, liquidate and dissolve, subject in each
case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable
law. The undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust
Account and any remaining net assets of the Company as a result of such liquidation with respect to the Founder Shares owned by
the undersigned. However, if any of the undersigned have acquired IPO Shares in or after the IPO, they will be entitled to liquidating
distributions from the Trust Account with respect to such IPO Shares in the event that the Company does not complete a Business
Combination within the time period set forth in the Charter. The undersigned acknowledges and agrees that there will be no distribution
from the Trust Account with respect to any Warrants, all rights of which will terminate on the Company’s liquidation.

 

     

     

    

 

		3.	The undersigned acknowledges and agrees that prior to entering into a definitive agreement for a Business Combination with
a target business that is affiliated with the undersigned or any other Insiders of the Company or their affiliates, such transaction
must be approved by a majority of the Company’s disinterested independent directors and the Company must obtain an opinion
from an independent investment banking firm, which is a member of the Financial Industry Regulatory Authority, or an independent
accounting firm that such Business Combination is fair to the Company’s unaffiliated stockholders from a financial point
of view.

 

		4.	None of the undersigned, any member of the family of any of the undersigned, or any affiliate of the undersigned will be entitled
to receive and will not accept any compensation or other cash payment from the Company prior to, or for services rendered in order
to effectuate, the completion of the Business Combination; provided that the Company shall be allowed to make the payments set
forth in the Registration Statement adjacent to the caption “Prospectus Summary—The Offering—Limited payments
to insiders.”

 

		5.	(a) The undersigned agrees not to Transfer the Founder Shares (or any shares of Common Stock issuable upon conversion
                                                                therof) (except to certain permitted transferees as described in the Registration Statement or herein) (the
                                                                “Lockup”) until the earlier to occur of: (1) one year after the completion of the Company’s
                                                                initial Business Combination or (2) subsequent to the Company’s initial Business Combination, (x) if the last reported
                                                                sale price of Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock capitalizations,
                                                                reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least
                                                                150 days after the Company’s initial Business Combination or (y) the date on which the Company completes a liquidation,
                                                                merger, capital stock exchange or other similar transaction that results in all of the Company’s stockholders having
                                                                the right to exchange their shares of common stock for cash, securities or other property.

 

(b) Notwithstanding
the provisions set forth in paragraphs 5(a) and 5(c), during the period commencing on the effective date of the Underwriting Agreement
and ending 180 days after such date, the undersigned will not, without the prior written consent of the Representative pursuant
to the Underwriting Agreement, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, hedge or otherwise dispose
of or agree to dispose of (or enter into any transaction that is designed to, or might reasonably be expected to, result in the
disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the undersigned
or any affiliate of the undersigned or any person in privity with the undersigned or any affiliate of the undersigned), directly
or indirectly, including the filing (or participation in the filing) of a registration statement with the Securities and Exchange
Commission (the “SEC”) in respect of, or establish or increase a put equivalent position or liquidate
or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, (the
“Exchange Act”) and the rules and regulations of the SEC promulgated thereunder with respect to, any
Units, shares of Common Stock, Founder Shares or Warrants or any securities convertible into, or exercisable, or exchangeable for,
shares of Common Stock owned by it, him or her, (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 Common Stock, Founder Shares, Warrants or any
securities convertible into, or exercisable, or exchangeable for, shares of 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) publicly announce any intention to
effect any transaction, including the filing of a registration statement, specified in clause (i) or (ii). The provisions of this
paragraph will not apply (i) to the transfer of Founder Shares to any independent director appointed or elected to the Company’s
board of directors before or after the IPO; (ii) the transfer of Founder Shares or Private Placement Units to the Representative
in connection with the Sponsor’s debt financing obligations; or (iii) if the release or waiver is effected solely to permit a transfer not for consideration and,
in each case 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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(c) The undersigned
agrees not to Transfer any Private Placement Units (including the underlying shares of Common Stock and Private Placement Warrants,
and including those shares of Common Stock issued or issuable upon the exercise of such Private Placement Warrants), until 30 days
after the completion of the Company’s initial Business Combination.

 

(d) Notwithstanding
the provisions set forth in paragraphs 5(a) and (c), Transfers by the undersigned of the Founder Shares, Private Placement Units
(including the underlying shares of Common Stock and Private Placement Warrants, and including those shares of Common Stock issued
or issuable upon the exercise of such Private Placement Warrants) or conversion of the Founder Shares are permitted (i) to the
Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors, to
Glenfarne Sponsor, LLC, a Delaware limited liability company (the “Sponsor”), any members of the Sponsor
or their affiliates, any affiliates of the Sponsor, or any employees of such affiliates; (ii) in the case of an individual, by
gift to a member of the individual’s immediate family or to a trust, the beneficiary of which is a member of one of the individual’s
immediate family, an affiliate of such person or to a charitable organization; (iii) in the case of an individual, by virtue of
laws of descent and distribution upon death of the individual; (iv) in the case of an individual, pursuant to a qualified domestic
relations order; (v) by private sales or transfers made in connection with the completion of the Business Combination at prices
no greater than the price at which the Founder Shares, Private Placement Units or shares of Common Stock, as applicable, were originally
purchased; (vi) by virtue of the Sponsor’s organizational documents upon liquidation or dissolution of the Sponsor; (vii)
to the Company for no value for cancellation in connection with the completion of the Business Combination; (viii) in the event
of the Company’s liquidation prior to the completion of a Business Combination; or (ix) in the event of completion of a liquidation,
merger, share exchange 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 a Business Combination;
provided, however, that in the case of clauses (i) through (vi) these permitted transferees must enter into a written
agreement agreeing to be bound by the restrictions herein. For the avoidance of doubt, the transfers of Founder Shares, Private
Placement Units (including the underlying shares of Common Stock and Private Placement Warrants, and including those shares of
Common Stock issued or issuable upon the exercise of such Private Placement Warrants) or conversion of the Founder Shares shall
be permitted regardless of whether a filing under Section 16(a) of the Exchange Act shall be required or shall be voluntarily made
with respect to such transfers.

 

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

 

		6.	Each Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably injured in the
event of a breach by such Insider of his or her obligations under paragraphs 1, 2, 3, 4, 5, 7, 10 and 11 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.	In order to minimize potential conflicts of interest that may arise from multiple corporate affiliations, the undersigned hereby
agrees that until the earliest of the Company’s initial Business Combination or liquidation, the undersigned shall present
to the Company for its consideration, prior to presentation to any other entity, any target business that has a fair market value
of at least 80% of the assets held in the Trust Account (excluding the amount of deferred underwriting discounts held in trust
and taxes payable on the interest earned on the trust account), subject to any existing or future fiduciary or contractual obligations
the undersigned might have. Notwithstanding anything herein to the contrary, the Company hereby agrees and acknowledges that any
obligations of the undersigned with respect to corporate opportunities shall apply only with respect to a corporate opportunity
that was offered to the undersigned in the undersigned’s capacity as a representative of the Company and (i) such opportunity
is one the Company is legally and contractually permitted to undertake and would otherwise be reasonable for the Company to pursue
and (ii) the undersigned is permitted to refer that opportunity to the Company without violating any legal obligation; however,
the Company renounces its interest in any business combination or other corporate opportunity where a majority of the projected
stabilized earnings before interest, taxes, depreciation and amortization related to such opportunity would be reasonably expected
to be generated by power plants, power storage facilities, grid stability assets and other infrastructure assets ancillary to or
associated with such plants, facilities and assets within any country in Latin America that has an “investment grade”
rating from at least two major credit rating agencies.

 

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		8.	The undersigned agrees to be a director or officer of the Company, as applicable, until the earlier of the completion by the
Company of an initial Business Combination, the liquidation of the Company, or his or her removal, death or incapacity. In the
event of the removal or resignation of the undersigned as a director or officer (as applicable), the undersigned agrees that he
or she will not, prior to the completion of the Business Combination, without the prior express written consent of the Company,
(i) use for the benefit of the undersigned or to the detriment of the Company or (ii) disclose to any third party (unless required
by law or governmental authority), any information regarding a potential target of the Company that is not generally known by persons
outside of the Company, the Sponsor, or their respective affiliates. The undersigned’s biographical information previously
furnished to the Company and the Representative is true and accurate in all material respects, does not omit any material information
with respect to the undersigned’s background and contains all of the information required to be disclosed pursuant to Item
401 of Regulation S-K, promulgated under the Securities Act of 1933, as amended. The undersigned’s FINRA Questionnaire previously
furnished to the Company and the Representative is true and accurate in all material respects. The undersigned represents and warrants
that:

 

(a) He or
she is not subject to, or a respondent in, any legal action for, any injunction, cease-and-desist order or order or stipulation
to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction;

 

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

 

(c) He or
she has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities
or commodities license or registration denied, suspended or revoked.

 

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

 

		10.	The undersigned hereby waives his or her right to exercise redemption rights with respect to any of the Company’s shares
of Common Stock owned or to be owned by the undersigned, directly or indirectly, whether such shares be part of the Founder Shares
or IPO Shares, and agrees that he or she will not seek redemption with respect to such shares (or sell such shares to the Company
in any tender offer) in connection with any stockholder vote to approve (x) a Business Combination or (y) an amendment to the Charter
that would affect the substance or timing of the Company’s obligation to allow redemption in connection with the Business
Combination or to redeem 100% of the shares of Common Stock if the Company has not completed a Business Combination within 24 months
from the closing of the IPO.

 

		11.	The undersigned hereby agrees to not propose, or vote in favor of, an amendment to Section 9.2(d) of the Charter prior to the
completion of a Business Combination unless the Company provides public stockholders with the opportunity to redeem their shares
of Common Stock upon such approval in accordance with such Section 9.2(d) thereof.

 

		12.	This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York,
without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
The undersigned hereby (i) agrees that any action, proceeding or claim against him arising out of or relating in any way to this
Letter Agreement shall be brought and enforced in the courts of the State of New York of the United States of America for the Southern
District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive and (ii) waives any objection
to such exclusive jurisdiction and that such courts represent an inconvenient forum.

 

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		13.	As used herein, (i) a “Business Combination” shall mean a merger, stock exchange, asset acquisition,
stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities;
(ii) “Insiders” shall mean all officers, directors and sponsors of the Company immediately prior to the
IPO; (iii) “Founder Shares” shall mean all of the Class B common stock of the Company, par value $0.0001
per share, acquired by an Insider prior to the IPO; (iv) “IPO Shares” shall mean the shares of Common
Stock issued in the Company’s IPO; (v) “Private Placement Units” shall mean the units that are
being sold privately by the Company simultaneously with the consummation of the IPO; (vi) “Private Placement Warrants”
shall mean the warrants underlying the Private Placement Units; (vii) “Transfer” shall mean the (a) sale
of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of
or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with
respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act, and the rules and
regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such
transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention
to effect any transaction specified in clause (a) or (b); (viii) “Trust Account” shall mean
the trust account into which the net proceeds of the Company’s IPO and a portion of the proceeds from the sale of the Private
Placement Units will be deposited; and (ix) “Registration Statement” means the Company’s registration
statement on Form S-1 (SEC File No. [_________]) filed with the SEC, as amended.

 

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

 

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

 

		16.	This Letter Agreement shall be binding on the undersigned and such person’s respective successors, heirs, personal representatives
and assigns. This Letter Agreement shall terminate on the earlier of (i) the completion of a Business Combination and (ii) the
liquidation of the Company; provided, that such termination shall not relieve the undersigned from liability for any breach of
this agreement prior to its termination. The parties hereto may not assign either this Letter Agreement or any of their rights,
interests, or obligations hereunder without the prior written consent of the other party. Any purported assignment in violation
of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported
assignee.

 

[Signature Page Follows]

 

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	 	Sincerely,
	 	 	            
	 	By:	 
	 	 
	 	Name of Insider:

 

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	 	Acknowledged and Agreed:
	 	 
	 	GLENFARNE MERGER CORP.
	 	 	                    
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

7

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