Exhibit 10.1


 


March 24, 2021


 


Landcadia Holdings IV, Inc.


1510 West Loop South Houston, Texas 77027


Re: Initial Public Offering


 


Ladies and Gentlemen:


 


This letter (this “Letter Agreement”)
is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered
into by and among Landcadia Holdings IV, Inc., a Delaware corporation (the “Company”), and Jefferies LLC,
as representative (the “Representative”) of the several underwriters (each, an “Underwriter”
and collectively, the “Underwriters”), relating to an underwritten initial public offering (the “Public
Offering”), of 50,000,000 of the Company’s units (including up to 7,500,000 units that may be purchased to cover over-allotments,
if any) (the “Units”), each comprised of one share of the Company’s Class A common stock, par value
$0.0001 per share (the “Common Stock”), and one-fourth of one redeemable warrant. Each whole warrant (each,
a “Warrant”) entitles the holder thereof to purchase one share of Common Stock at a price of $11.50 per share,
subject to adjustment as described in the Prospectus (as defined below). The Units will be sold in the Public Offering pursuant to a registration
statement on Form S-1 and prospectus (the “Prospectus”) filed by the Company with the U.S. Securities and
Exchange Commission (the “Commission”) and the Company has applied to have the Units listed on The Nasdaq Capital
Market (“Nasdaq”). Certain capitalized terms used herein are defined in paragraph 12 hereof.


 


In order to induce the Company and the Underwriters
to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, each of TJF, LLC (“TJF”) and Jefferies Financial Group Inc.
(“Jefferies”) (each, a “Sponsor” and collectively, the “Sponsors”)
and the undersigned individuals, each of whom is a member of the Company’s board of directors and/or management team (each, an “Insider”
and collectively, the “Insiders”), hereby agrees with the Company as follows:


 


		1.	Each Sponsor and each Insider agrees that if the Company seeks stockholder approval of a proposed Business
Combination, then in connection with such proposed Business Combination, it, he or she shall (i) vote any shares of Common Stock
owned by it, him or her in favor of any proposed Business Combination and (ii) not redeem any shares of Common Stock owned by it,
him or her in connection with such stockholder approval. If the Company seeks to consummate a proposed Business Combination by engaging
in a tender offer, each Sponsor and each Insider agrees that it, he or she will not seek to sell any shares of Common Stock owned by it,
him or her to the Company in connection therewith.



 


		2.	(a)  Each Sponsor and each Insider hereby agrees that in the event that the Company fails to
consummate a Business Combination within 24 months from the closing of the Public Offering, or such later period approved by the Company’s
stockholders in accordance with the Company’s second amended and restated certificate of incorporation (as it may be amended from
time to time, the “Charter”), each Sponsor and each Insider shall take all reasonable steps to cause the Company
to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than
10 business days thereafter, subject to lawfully available funds therefor, redeem 100% of the Common Stock sold as part of the Units in
the Public Offering (the “Offering Shares”), at a per-share price, payable in cash, equal to the aggregate amount
then on deposit in the Trust Account (as defined below), including interest earned on the funds held in the Trust Account and not previously
released to the Company to pay its taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then
outstanding Offering Shares, which redemption will completely extinguish all Public Stockholders’ rights as stockholders (including
the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible
following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors,
dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors
and other requirements of applicable law. Each Sponsor and each Insider agrees to not propose any amendment to the Charter to modify the
substance or timing of the Company’s obligation (i) to redeem 100% of the Offering Shares if the Company does not complete
a Business Combination by the date set forth in the Charter or (ii) to provide for redemption in connection with a Business Combination,
unless the Company provides its public stockholders with the opportunity to redeem their shares of Common Stock upon approval of any such
amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest
earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes, divided by the number of then
outstanding Offering Shares.



 



    


     


    









			(b) Each Sponsor and each Insider acknowledges that it, he or she has no right, title, interest or
                                                                             claim of any kind in or to any monies held in the Trust Account or any other asset of the Company as a result of any liquidation of
                                                                             the Company with respect to the Founder Shares held by it, him or her. Each Sponsor and each Insider hereby further waives, with
                                                                             respect to any shares of Common Stock held by it, him or her, if any, any redemption rights it, he or she may have in connection
                                                                             with the consummation of a Business Combination, including, without limitation, any such rights available in the context of a
                                                                             stockholder vote to approve such Business Combination or a stockholder vote to approve an amendment to the Charter to modify the
                                                                             substance or timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company has not consummated a
                                                                             Business Combination within the time period set forth in the Charter or in the context of a tender offer made by the Company to
                                                                             purchase shares of Common Stock (although the Sponsors, the Insiders and their respective affiliates shall be entitled to redemption
                                                                             and liquidation rights with respect to any Offering Shares it or they hold if the Company fails to consummate a Business Combination
                                                                             within the time period set forth in the Charter).



 


		3.	During the period commencing on the effective date of the Underwriting Agreement and ending 180 days after
such date, each Sponsor and each Insider shall not, without the prior written consent of the Representative, (i) sell, offer to sell,
contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly
or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning
of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and
regulations of the Commission promulgated thereunder, with respect to any Units, shares of Common Stock (including, but not limited to,
Founder Shares), Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock owned by it,
him or her, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of any Units, shares of Common Stock (including, but not limited to, Founder Shares), Warrants or any securities convertible
into, or exercisable, or exchangeable for, shares of Common Stock owned by it, him or her, whether any such transaction is to be settled
by delivery of such securities, in cash or otherwise, or (iii) publicly announce any intention to effect any transaction specified
in clause (i) or (ii). Each of the Insiders and each Sponsor acknowledges and agrees that, prior to the effective date of any release
or waiver, of the restrictions set forth in this paragraph 3 or paragraph 7 below, the Company shall announce the impending release or
waiver by press release through a major news service at least two business days before the effective date of the release or waiver. Any
release or waiver granted shall only be effective two business days after the publication date of such press release. The provisions of
this paragraph will not apply if the release or waiver is effected solely to permit a transfer not for consideration and the transferee
has agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that such terms
remain in effect at the time of the transfer.



 



    2


     


    







		4.	In the event of the liquidation of the Trust Account upon the failure of the Company to consummate its
initial Business Combination within the time period set forth in the Charter, each Sponsor (together, the “Indemnitors”)
jointly and severally agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense
whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending
against any litigation, whether pending or threatened) to which the Company may become subject as a result of any claim by (i) any
third party for services rendered or products sold to the Company or (ii) any prospective target business with which the Company
has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement (a “Target”);
provided, however, that such indemnification of the Company by the Indemnitors (x) shall apply only to the extent
necessary to ensure that such claims by a third party or a Target do not reduce the amount of funds in the Trust Account to below the
lesser of (i) $10.00 per Offering Share and (ii) the actual amount per Offering Share held in the Trust Account as of the date
of the liquidation of the Trust Account, if less than $10.00 per Offering Share is then held in the Trust Account due to reductions in
the value of the trust assets, less interest earned on the Trust Account which may be withdrawn to pay taxes, (y) shall not apply
to any claims by a third party or a Target which executed a waiver of any and all rights to the monies held in the Trust Account (whether
or not such waiver is enforceable) and (z) shall not apply to any claims under the Company’s indemnity of the Underwriters
against certain liabilities, including liabilities under the Securities Act of 1933, as amended. Each Indemnitor shall have the right
to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written
receipt of notice of the claim to such Indemnitor, such Indemnitor notifies the Company in writing that it shall undertake such defense.



 


		5.	To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional
7,500,000 Units within 45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsors agree to forfeit,
at no cost, a number of Founder Shares in the aggregate equal to 1,875,000 multiplied by a fraction, (i) the numerator of which is
7,500,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the
denominator of which is 7,500,000. The forfeiture will be adjusted to the extent that the over-allotment option is not exercised in full
by the Underwriters so that the Initial Stockholders will own an aggregate of 20.0% of the Company’s issued and outstanding shares
of Common Stock after the Public Offering. The number of Founder Shares to be forfeited by each Sponsor pursuant to this paragraph 5 shall
be on a pro rata basis, 50.0% of such Founder Shares to be forfeited by TJF and 50.0% to be forfeited by Jefferies.



 


		6.	Each Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company
would be irreparably injured in the event of a breach by either Sponsor or an Insider of its, his or her obligations under paragraphs
1, 2, 3, 4, 5, 7(a) and 7(b), as applicable, of this Letter Agreement (ii) monetary damages may not be an adequate remedy for
such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such party
may have in law or in equity, in the event of such breach.



 


		7.	(a)  Each Sponsor and each Insider agrees that it, he or she shall not Transfer any Founder
Shares (or any shares of Common Stock issuable upon conversion thereof) until the earlier of (A) one year after the completion of
the Company’s initial Business Combination or (B) subsequent to the Business Combination, (x) if the last sale price of
the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial
Business Combination or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization
or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of Common
Stock for cash, securities or other property (the “Founder Shares Lock-up Period”).



 



    3


     


    




			(b) Each Sponsor and each Insider agrees that it, he or she shall not Transfer any Private Placement
                                                                             Warrants (or shares of Common Stock issued or issuable upon the exercise of the Private Placement Warrants), until 30 days after the
                                                                             completion of a Business Combination (the “Private Placement Warrants Lock-up Period”, together with the
                                                                             Founder Shares Lock-up Period, the “Lock-up Periods”).



 


			(c) Notwithstanding the provisions set forth in paragraphs 7(a) and (b), Transfers of the
                                                                             Founder Shares, Private Placement Warrants and shares of Common Stock issued or issuable upon the exercise or conversion of the
                                                                             Private Placement Warrants or the Founder Shares and that are held by either Sponsor, any Insider or any of their permitted
                                                                             transferees (that have complied with this paragraph 7(c)), are permitted (a) to the Company’s officers or directors, any
                                                                             affiliates or family members of any of the Company’s officers or directors, any members of the Sponsors or any affiliates of
                                                                             the Sponsors; (b) in the case of an individual, by gift to a member of such individual’s immediate family or to a trust,
                                                                             the beneficiary of which is a member of such individual’s immediate family, an affiliate of such individual or to a charitable
                                                                             organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of such individual;
                                                                             (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made
                                                                             in connection with any forward purchase agreement or similar arrangement or in connection with the consummation of an initial
                                                                             Business Combination at prices no greater than the price at which the shares or warrants were originally purchased; (f) in the
                                                                             event of the Company’s liquidation prior to the completion of an initial Business Combination; or (g) by virtue of the
                                                                             laws of the State of Delaware or the organizational documents of either Sponsor’s upon dissolution of either Sponsor; provided, however,
                                                                             that in the case of clauses (a) through (e) or (g), these permitted transferees must enter into a written agreement with
                                                                             the Company agreeing to be bound by the transfer restrictions herein and the other restrictions contained in this Agreement and by
                                                                             the same agreements entered into by the Sponsors with respect to such securities (including provisions relating to voting, the Trust
                                                                             Account and liquidating distributions).



 


		8.	Each Sponsor and each Insider represents and warrants that it, he or she has never been suspended or expelled
from membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied,
suspended or revoked. Each Insider’s biographical information furnished to the Company (including any such information included
in the Prospectus) is true and accurate in all respects and does not omit any material information with respect to the Insider’s
background. Each Insider’s questionnaire furnished to the Company is true and accurate in all respects. Each Insider represents
and warrants that: it, he or she is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or
order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction; it, he
or she has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction
or handling of funds of another person, or (iii) pertaining to any dealings in any securities and it, he or she is not currently
a defendant in any such criminal proceeding.



 



    4


     


    




		9.	Except as disclosed in the Prospectus, neither the Sponsors nor any officer, nor any affiliate of the
Sponsors or any officer, nor any director of the Company, shall receive from the Company any finder’s fee, reimbursement, consulting
fee, monies in respect of any repayment of a loan or other compensation prior to, or in connection with any services rendered in order
to effectuate, the consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is),
other than the following, none of which will be made from the proceeds held in the Trust Account prior to the completion of the initial
Business Combination: repayment of a loan and advances up to an aggregate of $300,000 made to the Company by the Sponsors; payment to
TJF for certain office space, utilities and secretarial and administrative support as may be reasonably required by the Company for a
total of $20,000 per month; reimbursement for any reasonable out-of-pocket expenses related to identifying, investigating and consummating
an initial Business Combination; payment of a customary financial advisory fee to an affiliate of Jefferies in an amount that constitutes
a market standard financial advisory fee for comparable transactions at the closing of the Company’s initial Business Combination;
provided that no agreement with Jefferies or its affiliates will be entered into, and no fees for such services will be paid to
Jefferies or its affiliates, prior to the date that is 90 days from the date of the Prospectus, unless the Financial Industry Regulatory
Authority, Inc. determines that such payment would not be deemed underwriting compensation in connection with the Public Offering;
and repayment of loans, if any, and on such terms as to be determined by the Company from time to time, made by the Sponsors or any of
the Company’s officers or directors to finance transaction costs in connection with an intended initial Business Combination, provided,
that, if the Company does not consummate an initial Business Combination, a portion of the working capital held outside the Trust Account
may be used by the Company to repay such loaned amounts so long as no proceeds from the Trust Account are used for such repayment. Up
to $1,500,000 of such loans may be convertible into warrants at a price of $1.50 per warrant at the option of the lender. Such warrants
would be identical to the Private Placement Warrants, including as to exercise price, exercisability and exercise period.



 


		10.	Each Sponsor and each Insider has full right and power, without violating any agreement to which it is
bound (including, without limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter
into this Letter Agreement and, as applicable, to serve as an officer and/or director on the board of directors of the Company and hereby
consents to being named in the Prospectus as an officer and/or director of the Company.



 


		11.	As compensation for service on the board of directors of the Company by each Insider serving as an “independent”
member of the board of directors of the Company under Nasdaq listing standards and applicable Commission rules (each, an “Independent
Director”), if the Company consummates its initial Business Combination, the Company shall pay $100,000 to each Independent
Director at the time of the consummation of the initial Business Combination so long as such Independent Director has continuously served
as an Independent Director until such time.



 


		12.	As used herein, (i) “Business Combination” shall mean a merger, capital
stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving the Company and one or more
businesses; (ii) “Capital Stock” shall mean, collectively, the Common Stock and the Founder Shares; (iii) “Founder
Shares” shall mean (a) the 14,375,000 shares of the Company’s Class B common stock, par value $0.0001 per
share, held by the Sponsors (up to 1,875,000 shares of which are subject to complete or partial forfeiture by the Sponsors if the over-allotment
option is not exercised by the Underwriters) prior to the consummation of the Public Offering; (iv) “Initial Stockholders”
shall mean the Sponsors and any Insider that holds Founder Shares; (v) “Private Placement Warrants” shall
mean an aggregate of 8,333,333 Warrants (or 9,333,333 Warrants if the over-allotment option is exercised in full) that the Sponsors have
agreed to purchase for an aggregate purchase price of $12,500,000 (or $14,000,000 if the over-allotment option is exercised in full),
or $1.50 per Warrant, in a private placement that shall occur simultaneously with the consummation of the Public Offering; (vi) “Public
Stockholders” shall mean the holders of securities issued in the Public Offering; (vii) “Trust Account”
shall mean the trust fund into which a portion of the net proceeds of the Public Offering shall be deposited; and (viii) “Transfer”
shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or
otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or
liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act, and the
rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any
such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention
to effect any transaction specified in clause (a) or (b).



 



    5


     


    




		13.	The Company will maintain an insurance policy or policies providing directors’ and officers’
liability insurance, and each Director shall be covered by such policy or policies, in accordance with its or their terms, to the maximum
extent of the coverage available for any of the Company’s directors or officers.



 


		14.	This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect
of the subject matter hereof 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 changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by
a written instrument executed by all parties hereto.



 


		15.	No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations
hereunder without the prior written consent of the other parties. 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 shall
be binding on each Sponsor and each Insider and their respective successors, heirs and assigns and permitted transferees.



 


		16.	Nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or corporation
other than the parties hereto any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation,
promise or agreement hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall
be for the sole and exclusive benefit of the parties hereto and their successors, heirs, personal representatives and assigns and permitted
transferees.



 


		17.	This Letter Agreement may be executed in any number of original or facsimile counterparts and each of
such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and
the same instrument.



 


		18.	This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or
provision hereof shall not affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore,
in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this
Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.



 


		19.	This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the
State of New York. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in
any way to, this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably
submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive
jurisdiction and venue or that such courts represent an inconvenient forum.



 



    6


     


    




		20.	Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter
Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt
requested), by hand delivery or facsimile transmission.



 


		21.	This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods
or (ii) the liquidation of the Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the
Public Offering is not consummated and closed by December 31, 2021; provided further that paragraph 4 of this Letter Agreement shall
survive such liquidation.



 


[Signature Page Follows]


 




    7


     


    




Sincerely,


 


		TJF, LLC
	 	 
		By:	  /s/ Tilman J. Fertitta
		Name:	Tilman J. Fertitta
		Title:	Sole Managing Member



 



		JEFFERIES FINANCIAL GROUP INC.
	 	 
		 	By:	  /s/ Michael Sharp
		 	Name: Michael Sharp
		 	Title:    Executive Vice President and General Counsel




 


		By:	  /s/ Tilman J. Fertitta
		 	Name:  Tilman J. Fertitta
	 	 
		By:	  /s/ Richard Handler
		 	Name:  Richard Handler
	 	 
		By:	  /s/ Richard H. Liem
		 	Name:  Richard H. Liem
	 	 
		By:	  /s/ Steven L. Scheinthal
		 	Name:  Steven L. Scheinthal
	 	 
		By:	  /s/ Nicholas Daraviras
		 	Name:  Nicholas Daraviras
	 	 
		By:	  /s/ Scott Kelly
		 	Name:  Scott Kelly
	 	 
		By:	  /s/ Dona Cornell
		 	Name:  Dona Cornell




 


[Signature Page to Letter Agreement]


 



    


     


    




Acknowledged and Agreed:


LANDCADIA HOLDINGS IV, INC.


 


	By	  /s/ Steven L. Scheinthal	 
		Name:  Steven L. Scheinthal	 
		Title:  Vice President, General Counsel and Secretary




 


[Signature Page to Letter Agreement]