Administrative Services Agreement between Globis Acquisition Corp. and Globis Capital Management, L.P. (December 10, 2020)
Globis Acquisition Corp. and Globis Capital Management, L.P. have agreed that, starting from the company's IPO registration date until either a business combination is completed or the company is liquidated, Globis Capital Management will provide office space, utilities, and administrative support to Globis Acquisition Corp. in exchange for $10,000 per month. Payment may be delayed if funds are insufficient, with unpaid amounts accruing and potentially convertible into warrants or forgiven if no business combination occurs. Globis Capital Management waives any claim to funds held in the company's IPO trust account.
Exhibit 10.8
Globis Acquisition Corp.
805 Third Avenue, 15th floor
New York, New York 10022
December 10, 2020
Globis Capital Management, L.P.
805 Third Avenue, 15th floor
New York, New York 10022
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 Globis 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”), Globis Capital Management, L.P. (the “Affiliate”) shall make available to the Company certain office space, utilities and secretarial and administrative support as may be required by the Company from time to time, situated at 805 Third Avenue, 15th floor, New York, New York 10022 (or any successor location). In exchange therefor, the Company shall pay the Affiliate the sum of $10,000 per month on the Effective Date and continuing monthly thereafter until the Termination Date; provided, however, that the Company may delay payment of such monthly fee upon a determination by the audit committee of the board of directors of the Company that the Company lacks sufficient funds held outside of the Trust Account (as defined below) to pay actual or anticipated expenses in connection with an initial business combination. Any such unpaid amount shall accrue without interest and either be due and payable no later than the date of the Company’s initial business combination or at the Affiliate’s option, treated as working capital loans and be convertible into warrants on terms identical to the private warrants. If the Company does not consummate an initial business combination, any accrued and unpaid amounts hereunder shall be forgiven. The Affiliate hereby agrees that it does not have any right, title, interest or claim of any kind 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 (the “Claim”) 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.
[Signature Page Follows]
| Very truly yours, | ||
| Globis acquisition corp. | ||
| By: | /s/ Paul Packer | |
| Name: | Paul Packer | |
| Title: | Chief Executive Officer, Chief Financial Officer and Secretary | |
| Acknowledged and Agreed: | ||
| Globis Capital Management, L.P. | ||
| By: | Globis Capital, LLC, its general partner | |
| By: | /s/ Paul Packer | |
| Name: | Paul Packer | |
| Title: | Managing Member | |
[Signature Page to Administrative Services Agreement]
