Administrative Services Agreement, dated February 11, 2021, between the Company and Nokomis ESG Sponsor, LLC

Contract Categories: Business Operations - Services Agreements
EX-10.5 11 ea135661ex10-5_broad.htm ADMINISTRATIVE SERVICES AGREEMENT, DATED FEBRUARY 11, 2021, BETWEEN THE COMPANY AND NOKOMIS ESG SPONSOR, LLC

Exhibit 10.5 

 

BROADSCALE ACQUISITION CORP.

1845 Walnut Street, Suite 1111

Philadelphia, PA 19103

 

February 11, 2021

 

Nokomis ESG Sponsor, LLC

1845 Walnut Street, Suite 1111

Philadelphia, PA 19103

 

Re: Administrative Services Agreement

 

Gentlemen:

 

This letter agreement by and between Broadscale Acquisition Corp. (the “Company”) and Nokomis ESG Sponsor, LLC (“Provider”), dated as of the date hereof, will confirm our agreement that, commencing on the date the securities of the Company are first listed on the Nasdaq Capital Market (the “Listing Date”), pursuant to a Registration Statement on Form S-1 and prospectus filed with the Securities and Exchange Commission (the “Registration Statement”) and continuing until the earlier of the consummation by the Company of an initial business combination or the Company’s liquidation (in each case as described in the Registration Statement) (such earlier date hereinafter referred to as the “Termination Date”):

 

(i) Provider or one of its affiliates shall make available to the Company, at 1845 Walnut Street, Philadelphia, PA (or any successor location of Provider or its affiliates), certain office space, utilities, secretarial support and administrative services as may be reasonably requested by the Company. In exchange therefor, the Company shall pay Provider the sum of $20,000 per month on the Listing Date and continuing monthly thereafter until the Termination Date; and

 

(ii) Provider hereby irrevocably waives any and all right, title, interest, causes of action and claims of any kind (each, a “Claim”) in or to, and any and all right to seek payment of any amounts due to it out of, the trust account established for the benefit of the public stockholders of the Company and into which substantially all of the proceeds of the Company’s initial public offering will be deposited (the “Trust Account”), and hereby irrevocably waives any Claim it may have in the future as a result of, or arising out of, this letter agreement, which Claim would reduce, encumber or otherwise adversely affect the Trust Account or any monies or other assets in the Trust Account, and further agrees not to seek recourse, reimbursement, payment or satisfaction of any Claim against the Trust Account or any monies or other assets in the Trust Account for any reason whatsoever.

 

This letter agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by the parties hereto.

 

No party hereto may assign either this letter agreement or any of its rights, interests, or obligations hereunder without the prior written approval 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.

 

This letter agreement, the entire relationship of the parties hereto, and any litigation between the parties (whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the Commonwealth of Pennsylvania, without giving effect to its choice of laws principles.

 

[Signature pages follows]

 

 

 

 

Very truly yours,  
   
BROADSCALE ACQUISITION CORP.  
   
By: /s/ Andrew L. Shapiro  
  Name: Andrew L. Shapiro  
  Title: Chairman and Chief Executive Officer  

 

[Signature Page to Administrative Services Agreement]

 

 

 

 

AGREED TO AND ACCEPTED BY:

 

Nokomis ESG Sponsor, LLC

 

By: /s/ John Hanna  
  Name: John Hanna  
  Title: Chief Financial Officer  

 

[Signature Page to Administrative Services Agreement]