Form of Administrative Services Agreement between the Registrant and The Gores Group, LLC
Gores Holdings VII, Inc.
6260 Lookout Road
Boulder, CO 80301
The Gores Group, LLC
6260 Lookout Road
Boulder, CO 80301
Re: Administrative Services Agreement
This letter agreement by and between Gores Holdings VII, Inc. (the Company) and The Gores Group, LLC (The Gores Group), an affiliate of the Companys sponsor, Gores Sponsor VII LLC, 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 Companys liquidation (in each case as described in the Registration Statement) (such earlier date hereinafter referred to as the Termination Date):
(i) The Gores Group shall make available to the Company, at 6260 Lookout Road, Boulder, CO 80301 (or any successor location), certain office space, utilities and secretarial and administrative support as may be reasonably required by the Company. In exchange therefor, the Company shall pay The Gores Group the sum of $20,000 per month on the Listing Date and continuing monthly thereafter until the Termination Date; and
(ii) The Gores Group hereby irrevocably waives any and all right, title, interest, causes of action and claims of any kind as a result of, or arising out of, this letter agreement (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 Companys initial public offering will be deposited (the Trust Account), and hereby irrevocably waives any Claim it may have in the future, 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 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 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 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,|
|GORES HOLDINGS VII, INC.|
|Title:||Chief Financial Officer and Secretary|
|AGREED TO AND ACCEPTED BY:|
|THE GORES GROUP, LLC|
[Signature Page to Administrative Services Agreement]