November 23, 2021
Exhibit 10.1
November 23, 2021
000 Xxxxxxx Xxxxxx
Attention: Xxxxx Xxxxxxxxxx
Dear Xx. Xxxxx Xxxxxxxxxx:
This letter agreement confirms the basis upon which Infinite Acquisition Corp. (“Client”) has engaged LionTree Advisors LLC (“LionTree Advisors”) to provide financial consulting services,
consisting of a review of deal structure and terms and related structuring advice in connection with the transaction described in paragraph 1 below (the “Engagement”).
1. Fee. The Client proposes to offer and sell an aggregate of 24,000,000 units (the “Units”) of the Company, consisting of one-half of one warrant and one Class A ordinary share and, at the option of Credit Suisse Securities (USA) LLC, as underwriter, up to an additional 3,600,000 units (the “Optional Units”) in an initial public offering (the “Transaction”). The Client was created for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or
entities (the “Business Combination”) after the consummation of the initial issuance of the Units in the Transaction (the “Closing”).
In connection with the Transaction, Client shall pay LionTree Advisors a fee of (i) $1,920,000 (the “Upfront Base Fee”), and up to an additional $288,000 if
the underwriter’s option to purchase Optional Units is exercised in full (the “Additional Upfront Fee” and, together with the
Upfront Base Fee, the “Upfront Fees”), which will be payable upon the Closing, and (ii) $3,360,000 (the “Deferred Base
Fee”), and up to an additional $504,000 if the underwriter’s option to purchase Optional Units is exercised in full (the “Additional
Deferred Fee” and, together with the Upfront Base Fee, the “Fees”), which will be payable upon the closing of the
Business Combination. The maximum amount of the Additional Upfront Fee and the Additional Deferred Fee shall be reduced on a pro rata basis to the extent that the underwriter’s option to purchase the Optional Units is not exercised in full. The
Additional Upfront Fee shall be payable by the Client and due to LionTree Advisors upon the consummation of each issuance of Optional Units in connection with the Transaction (an “Optional Units Closing”). If an Optional Units Closing does not occur during the Term, then no Additional Upfront Fee and Additional Deferred Fee shall be payable to LionTree Advisors. The Fees
described in this paragraph 1 are compensation for the Engagement, which consists of work directly related to the Transaction. Any work that is outside of the scope of the Engagement shall be subject to additional compensation as separately agreed by
the parties hereto.
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2. Term of Engagement. This Agreement shall remain in force until the closing of the Business Combination or the dissolution of the Client, whichever occurs earlier, and may be extended
upon mutual agreement of the parties hereto (including any renewal thereof, the “Term”). The Term may be terminated by the
Client at any time prior to the closing of the Transaction. Expiration or termination of this Agreement shall not affect LionTree Advisors’ right to indemnification or contribution or payment of the Fees in accordance with the terms of this
Agreement. Without limiting the foregoing, notwithstanding the expiration or termination of this Agreement, the provisions of this Agreement shall survive and remain operative in accordance with their respective terms.
3. Scope of Liability. None of LionTree Advisors or any of its affiliates or their respective control persons, members, managers, directors, officers, employees or agents shall have any
liability (whether direct or indirect, in contract or tort or otherwise) to the Client or to any other person for any error of judgment or for any claim, loss, damage, liability or expense suffered by the Client or any such other person in
connection with, related to or arising out of the matters to which the Engagement relates except to the extent that any such claim, loss, damage, liability or expense is found in a final non-appealable judgment to constitute willful misconduct or
gross negligence on the part of LionTree Advisors.
4. Indemnity and Contribution. Recognizing that transactions of the type contemplated by the Engagement sometimes result in litigation and that LionTree Advisors’ role is limited to acting
in the capacities described herein, the Client agrees to indemnify LionTree Advisors and its affiliates and their respective control persons, members, managers, directors, officers, employees and agents (each, including LionTree Advisors, an “Indemnified Person”) to the full extent lawful against any and all claims, losses, damages, liabilities and expenses as incurred (including all reasonable fees and
disbursements of each such Indemnified Person’s counsel and all reasonable travel and other out-of-pocket expenses incurred by each such Indemnified Person in connection with investigation of and preparation for any such pending or threatened
claims and any litigation or other proceedings arising therefrom) arising out of any actual or proposed Transaction or the Engagement; provided; however, there shall be excluded from such indemnification any such claim, loss or expense that arises primarily out of or is based primarily upon any action or
failure to act by any Indemnified Person, other than an action or failure to act undertaken at the request or with the consent of the Client, that is found in a final non-appealable judgment to constitute willful misconduct or gross negligence on
the part of any Indemnified Person.
The Client shall be notified in writing by LionTree Advisors if any action, suit or investigation (an “Action”) is commenced against LionTree Advisors or, so long as LionTree Advisors has actual knowledge of such Action, any other Indemnified Person, within a reasonable time after LionTree Advisors or any other
Indemnified Person shall have been served with a summons or other first legal process, but failure so to notify the Client shall not relieve the Client from any liability that it may have hereunder, except to the extent that such failure so to notify
the Client materially prejudices the Client’s rights. The Client may assume, at its own expense, the defense of any Action exercisable upon written notice to LionTree Advisors and any such Indemnified Person(s), if applicable, within 30 days of
notice by LionTree Advisors or such Indemnified Person provided pursuant to the preceding sentence and the Client will have no liability for any legal costs of such Indemnified Person subsequently incurred except as set forth below, and such defense
shall be conducted by counsel chosen by the Client and reasonably satisfactory to LionTree Advisors and such Indemnified Person(s), if applicable. The Indemnified Person shall have the right to participate in the defense of any Action with counsel
selected by it subject to the Client’s right to control the defense thereof. The fees and disbursements of such counsel shall be at the expense of the Indemnified Person, provided, that if in the reasonable discretion of counsel to the Indemnified Person, (a) there are legal defenses available to an Indemnified Person that are different from or additional to those available to the Client;
or (b) there exists an actual conflict of interest between the Client and the Indemnified Person that cannot be waived, the Client shall be liable for the reasonable fees and expenses of counsel to the Indemnified Person in each jurisdiction for
which the Indemnified Person determines counsel is required. If the Client elects not to compromise or defend such Action, fails to promptly notify the Indemnified Person in writing of its election to defend as provided in this Agreement, or fails to
diligently prosecute the defense of such Action, the Indemnified Person may, subject to the next paragraph, pay, compromise, defend such Action and seek indemnification for any and all damages, expenses, liabilities and losses based upon, arising
from or relating to such Action. The parties hereto and their affiliates shall cooperate with each other in all reasonable respects in connection with the defense of any Action.
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Notwithstanding any other provision of this Agreement, the Client shall not enter into settlement of any Action without the prior written consent of the
Indemnified Person except as provided in this paragraph. If a firm offer is made to settle an Action without permitting or leading to further claims, losses, damages, liability or expense or the creation of a financial or other obligation on the part
of the Indemnified Person and provides, in customary form, for the unconditional release of each Indemnified Person from all liabilities and obligations in connection with such Action and the Client desires to accept and agree to such offer, the
Client shall give written notice to that effect to the Indemnified Person. If the Indemnified Person fails to consent to such firm offer within ten (10) days after its receipt of such notice, the Indemnified Person may continue to contest or defend
such Action and in such event, the maximum liability of the Client as to such Action shall not exceed the amount of such settlement offer plus the Indemnified Person’s costs and expenses (including reasonable fees and disbursements of counsel and
other out-of-pocket expenses) through the end of such ten (10) day period. If the Indemnified Person fails to consent to such firm offer and also fails to assume defense of such Action, the Client may settle the Action upon the terms set forth in
such firm offer to settle such Action. If the Indemnified Person has assumed the defense pursuant to the previous paragraph, it shall not agree to any settlement without the written consent of the Client.
In the event that the foregoing indemnity is unavailable or insufficient to hold such Indemnified Person(s) harmless, then the Client shall contribute to
amounts paid or payable by such Indemnified Person(s) in respect of such claims, losses and expenses in such proportion as appropriately reflects the relative benefits received by, and fault of, the Client and such Indemnified Person(s) in connection
with the matters as to which such claims, losses and expenses relate and other equitable considerations.
5. Information Provided to LionTree Advisors. In performing the services described above, the Client agrees to furnish or cause to be furnished to LionTree Advisors such information as
LionTree Advisors reasonably believes appropriate to permit LionTree Advisors to provide the services contemplated by this Agreement to or for the Client (all such information so furnished being the “Information”). The Client recognizes and confirms that LionTree Advisors (a) will use and rely primarily on the Information and on information available from
generally recognized public sources in performing the services contemplated hereby without having independently verified any of the same, (b) does not assume responsibility for the accuracy or completeness of the Information and such other
information, and (c) will not make any appraisal of any of the assets or liabilities of the Client.
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6. Confidentiality. In the event of the consummation and public disclosure of any Transaction, LionTree Advisors shall have the right, to disclose its participation in the Transaction by
listing the client name and logo on its website and in its marketing materials.
Except as required by law or regulation, or pursuant to order of a court of competent jurisdiction, no analysis, information or advice, whether communicated
in written, electronic, oral or other form, provided by LionTree Advisors to Client or to its Client Representatives (as such term is defined below) or its affiliates in connection with the Engagement (the “LionTree Advisors Information”) shall be disclosed by the Client or such Client Representatives, in whole or in part, to any third party, or circulated or referred to
publicly, or used for any purpose other than in connection with the Engagement and the Transaction without the prior written consent of LionTree Advisors. Except as required by law or regulation, or pursuant to order of a court of competent
jurisdiction, neither party may disclose to any third party the existence or terms of this Agreement without the prior written consent of the other party. Notwithstanding anything herein to the contrary, the fact of LionTree Advisors’ Engagement may
be disclosed by the Client to its affiliates and its directors, officers, accountants, legal advisors and employees (the “Client
Representatives”) to the extent required for the exclusive purpose of the Engagement or as required by law, rule or regulation. For avoidance of doubt, LionTree Advisors’ Engagement may be disclosed in the Client’s registration statement,
preliminary prospectus, prospectus and each amendment or supplement to any of them, as filed with the Securities and Exchange Commission. The Client shall cause and hereby represents that each of its Client Representatives to whom the LionTree
Advisors Information is disclosed is legally bound to keep such LionTree Advisors Information confidential as provided by this Section 6. The Client shall be responsible for any damages to LionTree Advisors to the extent caused by breaches of this
Section 6 by any of its Client Representatives.
LionTree Advisors agrees to keep confidential all material nonpublic information provided to it by the Client (the “Client Information”). Notwithstanding any provision herein to the contrary, LionTree Advisors may disclose Client Information to its affiliates and their respective
members, directors, officers, accountants, agents, legal advisors and employees (the “LionTree Advisors Representatives”) to
the extent required for the exclusive purpose of the Engagement. LionTree Advisors shall cause and hereby represents that each of its LionTree Advisors Representatives to whom the Client Information is disclosed is legally bound to keep such Client
Information confidential as provided by this Section 6. LionTree Advisors shall be responsible for any damages to the Client to the extent caused by breaches of this Section 6 by any of its LionTree Advisors Representatives.
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LionTree Advisors Information shall be considered public and not protected by this Agreement if (a) it is or becomes generally available to the public other
than as a result of a disclosure by the Client or a Client Representatives in breach of the terms of this Section 6, (b) it becomes available to the Client on a non-confidential basis from a source (other than LionTree Advisors or a LionTree Advisors
Representative) not known by the Client to be under a duty of confidentiality to LionTree Advisors, or (c) if it is already known to the Client at the time of disclosure.
Nothing in this Agreement shall obligate either party to refrain from disclosure of LionTree Advisors Information or the Client Information (as the case may
be, “Confidential Information”) hereunder to the extent such disclosure is required by law, regulation (including rules of any
self-regulatory organization) or judicial process or at the request of a regulatory authority (including any self-regulatory organization). In the event that any Confidential Information is required to be disclosed by law, including without
limitation, pursuant to the terms of a subpoena or similar document or in connection with litigation or other legal proceedings, the receiving party of such information hereby agrees, to the extent permitted by applicable law or regulation, to notify
the disclosing party promptly of the existence, terms and circumstances surrounding such request. To the extent permitted by applicable law or regulation (including rules of any self-regulatory organization), the receiving party shall allow the
disclosing party, in its sole discretion and at its sole expense, to contest the disclosure of Confidential Information on the disclosing party’s behalf, and the receiving party will reasonably cooperate with the disclosing party in such efforts to
contest such disclosure at disclosing party’s expense.
Each party hereto acknowledges and agrees that irreparable damage would occur to the other and their respective affiliates in the event any of the provisions
of this Section 6 were not performed in accordance with their specific terms or were otherwise breached and monetary damages would not be a sufficient remedy for any such non-performance or breach. Accordingly, each party shall be entitled to
specific performance of the terms of this Section 6, including, without limitation, an injunction or injunctions to prevent breaches of the provisions of this Section 6 and to enforce specifically the terms and provisions hereof in any court of
competent jurisdiction in New York, New York or the Federal District Court for the Southern District of New York in addition to any other remedy to which such party may be entitled at law or in equity.
The parties hereto agree that the provisions of this Section 6 will survive the expiration or termination of this Agreement for two (2) years after such
expiration or termination.
7. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York (including, without limitation, provisions concerning limitations
of actions), without reference to the conflicts of laws rules of that or any other jurisdiction, except that Federal law shall also apply to the extent relevant.
To the full extent lawful, each of the Client and
LionTree Advisors hereby consents irrevocably to the exclusive jurisdiction of the courts of the State of New York located in the Borough of Manhattan, New York as having proper subject matter jurisdiction, or the Federal District Court for the
Southern District of New York. Any suit involving any dispute or matter arising under this Agreement may only be brought before a judge in the courts of the State of New York located in the Borough of Manhattan, New York or the Federal District Court
for the Southern District of New York, and each of the Client and LionTree Advisors consents to the exercise of personal jurisdiction by any such court with respect to such proceeding.
EACH OF THE CLIENT AND LIONTREE ADVISORS HEREBY IRREVOCABLY WAIVES TRIAL BY JURY.
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8. Miscellaneous.
(a) The parties understand that
LionTree Advisors is being engaged hereunder as an independent contractor to provide the services described above solely to the Client, and that LionTree Advisors is not acting as a fiduciary of the Client, the security holders or creditors of the
Client or any other persons in connection with the Engagement.
(b) The Client understands and
acknowledges that LionTree Advisors and its members and affiliates, engage in providing a range of consulting activities and financial services to a variety of institutions and individuals. In the ordinary course of business, LionTree Advisors and
certain of its members, officers and employees, as well as investment funds in which they may have financial interests, may acquire, hold or sell, long or short positions, or trade or otherwise effect transactions, in debt, equity, and other
securities and financial instruments (including bank loans and other obligations) of, or investments in, a party that may be involved in the matters contemplated by this Agreement. With respect to any such securities, financial instruments and/or
investments, all rights in respect of such securities, financial instruments and investments, including any voting rights, will be exercised by the holder of the rights, in its sole discretion. In addition, LionTree Advisors may currently, and may
in the future, have relationships with parties other than the Client, including parties that may have interests with respect to the Client, the Transaction or other parties involved in the Transaction, from which conflicting interests or duties may
arise. Although LionTree Advisors in the course of such other activities and relationships may acquire information about the Client, the Transaction or such other parties, LionTree Advisors shall have no obligation to, and may not be contractually
permitted to, disclose such information, or the fact that LionTree Advisors is in possession of such information, to the Client or to use such information on the Client’s behalf.
(c) This Agreement incorporates
the entire agreement, and supersedes all prior agreements, arrangements or understandings (whether oral or written), between the parties with respect to the subject matter hereof, and may not be amended or modified except in writing signed by each
party hereto.
(d) This Agreement may be
executed in one or more counterparts, each of which will be deemed to be an original and all of which together will be deemed to be one and the same document.
(e) LionTree Advisors agrees
that it shall have no right, title, interest or claim of any kind (each, a “Claim”) in or to any monies held in the trust
account established in connection with the Client’s initial public offering for the benefit of the Client and holders of shares issued in such offering, and hereby waives any Claim it may have in the future as a result of, or arising out of, any
services provided to the Client and will not seek recourse against such trust account for any reason whatsoever.
If you are in agreement with the foregoing, please sign and return the attached copy of this Agreement, whereupon this Agreement shall become effective as of
the date hereof.
[Signature Page Follows]
November 23, 2021
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Very truly yours,
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LionTree Advisors LLC
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By:
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/s/ Xxxxx Xxxxxx Xxxxxx
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Name: Xxxxx Xxxxxx Xxxxxx
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Title: General Counsel
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Acknowledged and Agreed on
this 23rd day of November, 2021:
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By:
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/s/ Xxxxx Xxxxxxxxxx
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Name: Xxxxx Xxxxxxxxxx
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Title: Chief Financial Officer
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