Administrative Services Agreement between Progress Acquisition Corp. and Progress Partners IB, Inc.

Summary

Progress Acquisition Corp. and Progress Partners IB, Inc. have agreed that, starting from the effective date of Progress Acquisition Corp.'s IPO registration statement and continuing until either a business combination is completed or the company is liquidated, Progress Partners IB, Inc. will provide office space, utilities, and administrative support at a specified Boston address. In return, Progress Acquisition Corp. will pay $10,000 per month. Progress Partners IB, Inc. waives any claim to funds held in the company's IPO trust account and agrees not to seek recourse against those funds.

EX-10.7 13 ea133782ex10-7_progressacq.htm FORM OF ADMINISTRATIVE SERVICES AGREEMENT

Exhibit 10.7

Progress Acquisition Corp.

50 Milk Street, 16^th Floor

Boston, MA 02109

[___], 2021

Progress Capital I LLC

50 Milk Street, 16^th Floor

Boston, MA 02109

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 Progress Acquisition Corp’s (the “Company”) securities 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”), Progress Partners IB, Inc.shall make available to the Company certain office space, utilities, and administrative support as may be required by the Company from time to time, situated at 50 Milk Street, 16^th Floor, Boston, MA 02109 (or any successor location). In exchange therefore, the Company shall pay Progress Partners IB, Inc. the sum of $10,000 per month on the Effective Date and continuing monthly thereafter until the Termination Date. Progress Partners IB, Inc. 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, PROGRESS ACQUISITION CORP.

	By:
		Name:
		Title:

AGREED TO AND ACCEPTED BY:

PROGRESS PARTNERS IB, INC.

By:
	Name:
	Title:

[Signature Page to Administrative Services Agreement]