IB Acquisition Corp.
Exhibit 10.6
0000 X Xxxxxxxx Xxxxx, Xxxxx 000-X
Boca Raton FL 33431
October 1, 2023
Re: Administrative Services Agreement
Ladies and Gentlemen:
This letter agreement by and between IB Acquisition Corp. (the “Company”) and Xxxxxxx Xxx (“Chief Financial Officer”), dated as of the date hereof, will confirm our agreement that, commencing on October 1, 2023 and continuing until the earlier of (i) the consummation by the Company of an initial business combination and (ii) the Company’s liquidation (in each case as described in the Registration Statement) (such earlier date hereinafter referred to as the “Termination Date”):
(i) Chief Financial Officer shall make available, or cause to be made available, to the Company, at 0000 X Xxxxxxxx Xxxxx, Xxxxx 000-X, Xxxx Xxxxx XX 00000 (or any successor location of the Company), certain office space, utilities, secretarial support and other administrative and consulting services as may be reasonably required by the Company. In exchange therefor, the Company shall pay to the Chief Financial Officer the sum of $5,000 per month commencing on October 1, 2023 and continuing monthly thereafter until the Termination Date; and
(ii) Chief Financial Officer 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”) as a result of, or arising out of, this letter agreement, 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 Nevada, without giving effect to its choice of law principles.
[Signature Page Follows]
| Very truly yours, | ||
| IB ACQUISITION CORP. | ||
| By: | /s/ Xx Xxxxx | |
| Name: | Xx Xxxxx | |
| Title: | Chief Executive Officer | |
| AGREED TO AND ACCEPTED BY: | ||
| Xxxxxxx Xxx | ||
| By: | /s/ Wexuan Luo | |
| Name: | Xxxxxxx Xxx | |
| Title: | Chief Financial Officer | |
[Signature Page to Administrative Services Agreement]
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