Administrative Services Agreement between the Company and RLMG Investments, LLC

Contract Categories: Business Operations - Services Agreements

Exhibit 10.3


NEW BEGINNINGS Acquisition Corp.

800 1st Street, Unit 1

 Miami, FL 33139


October 29, 2020


RLMG Investments, LLC

814 First Street

Miami Beach, FL 33139


Re:Administrative Services Agreement


Ladies and Gentlemen:


This letter agreement by and between New Beginnings Acquisition Corp. (the “Company”) and RLMG Investments, LLC (“Provider”), dated as of the date hereof, will confirm our agreement that, commencing on the effective date (the “Effective Date”) of the Registration Statement on Form S-1 filed with the U.S. Securities and Exchange Commission (the “Registration Statement”) for the Company’s initial public offering 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 shall make available, or cause to be made available, to the Company, at 800 1st Street, Unit 1, Miami, FL 33139 (or any successor location of Provider), certain office space and administrative support services as may be reasonably required by the Company. In exchange therefor, the Company shall pay Provider the sum of $10,000 per month on the Effective 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 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 Company’s 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 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.





      Very truly yours,
      New beginnings Acquisition Corp.
      By: /s/ Michael S. Liebowitz
      Name: Michael S. Liebowitz
      Title: Chief Executive Officer
RLMG Investments, LLC      
By: /s/ Michael S. Liebowitz      
Name: Michael S. Liebowitz      
Title: Member      


[Signature Page to Administrative Services Agreement]