Administrative Services Agreement dated November 8, 2021, between the Company and the Sponsor

Contract Categories: Business Operations - Services Agreements
EX-10.5 11 ex10-5.htm


Exhibit 10.5



The White House,

20 Genesis Close, George Town

Grand Cayman KY1 1208,

Cayman Islands


November 8, 2021


Finnovate Sponsor L.P.

1007 N. Orange St.,

10th Floor, Wilmington,

Delaware 19801


Ladies and Gentlemen:


This letter will confirm our agreement that, commencing on the effective date (the “Effective Date”) of the registration statement (the “Registration Statement”) for the initial public offering (the “IPO”) of the securities of Finnovate Acquisition Corp. (the “Company”) and continuing until the earlier of (i) the consummation by the Company of an initial business combination or (ii) the Company’s liquidation (in each case as described in the Registration Statement) (such earlier date hereinafter referred to as the “Termination Date”), Finnovate Sponsor l.P. (the “Sponsor”) shall make available, or cause to be made available, to the Company certain office space, utilities and administrative support as may be reasonably required by the Company from time to time, at 1007 N. Orange St., 10th Floor, Wilmington, DE 19801 (or any successor location). In exchange therefor, the Company shall pay the Sponsor the sum of $3,000 per month on the Effective Date and continuing monthly thereafter until the Termination Date. The Sponsor hereby agrees that it does not have any right, title, interest, cause of action or claim of any kind (each, a “Claim”) in or to any monies that may be set aside in a trust account (the “Trust Account”) to be established upon the consummation of the IPO for the benefit of the public stockholders of the Company and hereby waives any Claim it may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with the Company and will not seek recourse against the Trust Account for any reason whatsoever.


This letter agreement constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter 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 amended, modified or waived as to any particular provision, except by a written instrument executed by all 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 constitutes 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 State of New York, without giving effect to its choice of laws principles.


[Signature Page Follows]




  Very truly yours,
  By: /s/ Ron Golan
  Name: Ron Golan
  Title: Director and Chief Executive Officer




through its General Partner,




/s/ David Gershon

Name: David Gershon  
Title: General Manager  


[Signature Page to Administrative Services Agreement]