Global Leisure Partners VWE Retainer Addendum dated September 8, 2023
Exhibit 10.11
| GLOBAL LEISURE PARTNERS LLC Memher FINRA/SIPC www.globalleisurepartners.com |
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September 8, 2023
Kristina Johnston
Vintage Wine Estates, Inc.
937 Tahoe Boulevard, Suite 210
Incline Village, Nevada 89451
United States of America
PRIVATE AND CONFIDENTIAL
Dear Pat
This letter (the “Retainer Addendum”) updates the arrangements under which Vintage Wine Estates, Inc. (“you”, “the “Company” or “VWE”), engaged Global Leisure Partners LLC (“us” or “GLP”) as detailed in our engagement letter dated April 28, 2022 (the “Engagement Letter”). The following amendments are hereby made to the Engagement Letter, effective from April 1st, 2023. All other provisions and terms relating to the Engagement Letter remain unchanged and terms in this Retainer Addendum have the same meaning as defined therein.
Removal of the bold struck through text to clause 2.1:
2.1 Retainer Fee: VWE will pay GLP a Retainer Fee of $50,000 per quarter (the “Retainer Fee”) which shall be payable quarterly in advance and shall accrue daily. The Retainer Fee shall be payable from July 1, 2022 (the “Retainer Fee Start Date”) until the end of the Term of this Agreement. The Retainer Fee is non-refundable and will not be credited against the Success Fee. In the event of termination of the Engagement or this Agreement other than for cause (as referred to in Section 8 below), the Retainer Fee will become immediately due and payable up to the date of termination (and on a pro rata basis in the case of any part month up to the date of termination), plus
Removal of clause 2.2 Success Fee in its entirety.
Please confirm that the foregoing is in accordance with your understanding by signing and returning to us the enclosed duplicate of this Agreement.
Exhibit 10.11
| GLOBAL LEISURE PARTNERS LLC Memher FINRA/SIPC www.globalleisurepartners.com |
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Very truly yours,
GLOBAL LEISURE PARTNERS LLC
By: /s/ Mark Harms
Name: Mark Harms
Title: Chairman and CEO
Accepted and agreed as of the date first written above:
For and on behalf of
VINTAGE WINE ESTATES, INC.
By: /s/ Kristina Johnston
Name: Kristina Johnston
Title: Chief Financial Officer