Progress Acquisition Corp.
Exhibit 10.7
00 Xxxx Xxxxxx, 16th Floor
Boston, MA 02109
[___], 2021
Progress Capital I LLC
00 Xxxx Xxxxxx, 16th 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 00 Xxxx Xxxxxx, 00xx Xxxxx, Xxxxxx, XX 00000 (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. xxxxxx 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,
| |||
| By: | |||
| Name: | |||
| Title: | |||
| AGREED TO AND ACCEPTED BY: | ||
| PROGRESS PARTNERS IB, INC. | ||
| By: | ||
| Name: | ||
| Title: | ||
[Signature Page to Administrative Services Agreement]
