Exhibit
10.1


 


September
14, 2021


 


WinVest
Acquisition Corp.


125
Cambridgepark Drive


Suite
301


Cambridge,
MA 02140


 


	 	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 WinVest Acquisition Corp., a Delaware corporation (the “Company”), and Chardan
Capital Markets 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 up to 11,500,000 of the Company’s units (including up to 1,500,000 units that may be purchased to cover over-allotments, if
any) (the “Units”), each comprised of one share of the Company’s common stock, par value $0.0001 per share (the “Common
Stock”), one right to receive one-fifteenth (1/15) of one share of Common Stock upon the consummation of an initial business combination
by the Company and one redeemable warrant to purchase one half (1/2) of one share of Common Stock (each, a “Warrant”). Each
Warrant entitles the holder thereof to purchase one half (1/2) of one share of Common Stock at a price of $11.50 per whole 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. Certain capitalized
terms used herein are defined in paragraph 10 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 WinVest SPAC LLC (the
“Sponsor”), certain undersigned individuals, who are identified as members of the Company’s board of directors and/or
management team (each of such undersigned individuals, an “Insider” and collectively, the “Insiders”) and certain
undersigned individuals, who are identified as members of the Company’s advisory board (each of such undersigned individuals, an
“Advisor” and collectively, the “Advisors”), hereby agrees with the Company as follows:


 


	 	1.	The
    Sponsor, each Insider and each Advisor agrees that if the Company seeks stockholder approval of a proposed Business Combination (as
    defined below), then in connection with such proposed Business Combination, it, he or she shall (i) vote any shares of Common Stock
    owned or controlled directly or indirectly 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, the Sponsor, each Insider and each Advisor agrees that it, he or she
    will not sell or tender any shares of Common Stock owned by it, him or her in connection therewith.


 




    	 



     


    

 


	 	2.	The
    Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination within 15 months
    (or up to 21 months from the closing of the Public Offering if the Company extends the period of time to consummate a Business Combination,
    as described in more detail in the Prospectus) from the closing of the Public Offering, or such later period approved by the Company’s
    stockholders in accordance with the Company’s amended and restated certificate of incorporation (as it may be amended from
    time to time, the “Charter”), the 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 ten business
    days thereafter, redeem 100% of the shares of 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 (excluding up to $100,000 of interest to pay dissolution
    expenses) and not previously released to the Company to pay the Company’s income tax or other tax obligations, divided by the
    number of then outstanding Offering Shares, which redemption will completely extinguish all Public Stockholders’ (as defined
    below) rights as stockholders (including the right to receive further liquidating distributions, if any), 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, liquidate and dissolve, subject in each case to the Company’s obligations under Delaware law to provide
    for claims of creditors and other requirements of applicable law. The Sponsor, each Insider and each Advisor agrees to not propose
    any 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 does not complete a Business Combination within the required time period set forth in the Charter or with respect
    to any other material provisions relating to stockholders’ rights or pre-initial business combination activity, unless the
    Company provides its Public Stockholders with the opportunity to redeem their Offering Shares 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 the Company’s income tax or other
    tax obligations, divided by the number of then outstanding Offering Shares.


 


	 	 	The
    Sponsor, each Insider and each Advisor 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 Insider Shares (as defined below) held by it, him or her. The Sponsor, each Insider and each Advisor 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 (A) 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 (B) 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 with respect to any other material provisions relating
    to stockholders’ rights or pre-initial business combination activity or in the context of a tender offer made by the Company
    to purchase Offering Shares (although the Sponsor, the Insiders, the Advisors 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.	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, the Sponsor (the “Indemnitor”) 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 Indemnitor (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 taxes payable, (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. The 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 the Indemnitor, the Indemnitor notifies the Company in writing that it shall undertake such defense.
	 	 	 
	 	4.	The
    Sponsor, each Insider and each Advisor hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably
    injured in the event of a breach by such Sponsor, Insider or Advisor of its, his or her obligations under paragraphs 1, 2, 3 and
    5(a), 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 seek injunctive relief, in addition to any other remedy that such party may have in law
    or in equity, in the event of such breach.
	 	 	 
	 	5.	(a)
    The Sponsor, each Insider and each Advisor agrees that it shall not Transfer (as defined below) any Private Placement Warrants (as
    defined below) or any 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 “Lock-up Period”). 


 




    	 



     


    

 


	 	 	(b)
    Notwithstanding the provisions set forth in paragraphs 5(a), Transfers of the Private Placement Warrants and shares of Common Stock
    issued or issuable upon the exercise or conversion of the Private Placement Warrants that are held by the Sponsor, any Insider, and
    Advisor or any of their permitted transferees (that have complied with this paragraph 5(b)), are permitted (i) to the Company or
    its officers, directors, advisors or employees, any affiliate or family member of any of the Company’s officers, directors
    advisors or employees, any affiliate of the Sponsor or to any members of the Sponsor or any of their affiliates or family members;
    (ii) 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 a charitable organization; (iii)
    in the case of an individual, by virtue of laws of descent and distribution upon death of such individual; (iv) in the case of an
    individual, pursuant to a qualified domestic relations order; (v) 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 securities were originally purchased; (vi) in the event of the Company’s liquidation prior
    to the completion of an initial Business Combination; (vii) by virtue of the laws of the State of Delaware or the Sponsor’s
    limited liability company agreement upon dissolution of the Sponsor; or (viii) in the event of the Company’s liquidation, merger,
    capital stock exchange or other similar transaction which results in all of the Company’s stockholders having the right to
    exchange their shares of Common Stock for cash, securities or other property subsequent to the Company’s completion of an initial
    Business Combination; provided, however, that in the case of clauses (i) through (v) or (vii), 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 Letter Agreement (including provisions relating to voting, the Trust Account and liquidating distributions).
	 	 	 
	 	6.	Each
    of the Insiders hereby agrees not to participate in the formation of, or become an officer or director of, any other special purpose
    acquisition company with a class of securities registered under the Securities Exchange Act of 1934, as amended, or the Exchange
    Act until the Company has entered into a definitive agreement regarding an initial Business Combination or until the Company has
    liquidated the Trust Account. Also, subject to their pre-existing fiduciary duties, the Sponsor and each Insider will offer all suitable
    Business Combination opportunities to the Company before any other person or company, until the Company has entered into a definitive
    agreement regarding an initial Business Combination, or until the Company has failed to complete an initial Business Combination
    within 15 months from the closing of the offering (or 21 months from the closing of the offering, if extended).
	 	 	 
	 	7.	The
    Sponsor, each Insider and each Advisor 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 and each Advisor’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. The Sponsor and each Insider’s questionnaire furnished to the Company is true and accurate in all respects. The
    Sponsor, each Insider and each Advisor 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.


 




    	 



     


    

 


	 	8.	Except
    as disclosed in the Prospectus, neither the Sponsor nor any officer, nor any affiliate of the Sponsor or any officer, nor any director
    of the Company, shall receive from the Company any finder’s fee, reimbursement, consulting fee, non-cash payments, 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: payments to the Sponsor for certain administrative services as may be reasonably required by the Company of $10,000
    per month; reimbursement for any reasonable out-of-pocket expenses related to identifying, investigating, negotiating and completing
    an initial Business Combination, and repayment of loans, if any, and on such terms as to be determined by the Company from time to
    time, made by the Sponsor or an affiliate of the Sponsor 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 $1,000,000 of such loans may be convertible
    into warrants at a price of $0.50 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.
	 	 	 
	 	9.	The
    Sponsor and each Insider and Advisor has full right and power, without violating any agreement to which it, he or she 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, director and/or advisor of the Company and hereby consents to being named in
    the Prospectus as an officer, director and/or advisor of the Company.
	 	 	 
	 	10.	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) “Insider Shares”
    shall mean the 2,875,000 shares of Common Stock issued and outstanding (up to 375,000 Shares of which are subject to complete or
    partial forfeiture if the over-allotment option is not exercised by the Underwriters); (iii) “Private Placement Warrants”
    shall mean the up to 10,000,000 Warrants (or 10,900,000 Warrants in the event the underwriters’ over-allotment option is exercised
    in full) that the Sponsor has agreed to purchase for an aggregate purchase price of $5,000,000 (or $5,450,000 in the event the underwriters’
    over-allotment option is exercised in full), or $0.50 per Warrant, in a private placement that shall occur simultaneously with the
    consummation of the Public Offering; (iv) “Public Stockholders” shall mean the holders of securities issued in the Public
    Offering; (v) “Trust Account” shall mean the trust fund into which a portion of the net proceeds of the Public Offering
    and the sale of the Private Placement Warrants shall be deposited; and (vi) “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).


 




    	 



     


    

 


	 	11.	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.
	 	 	 
	 	12.	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.
	 	 	 
	 	13.	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 the
    Sponsor, each Insider and each Advisor and their respective successors, heirs and assigns and permitted transferees.
	 	 	 
	 	14.	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.
	 	 	 
	 	15.	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.
	 	 	 
	 	16.	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.
	 	 	 
	 	17.	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.
	 	 	 
	 	18.	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.
	 	 	 
	 	19.	This
    Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Period 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]


 




    	 



     


    

 


	 	Sincerely,

    

	 	 
	 	
	 	Name:


  


	Acknowledged
and Agreed:	 
	 	 
	WinVest
    acquisition corp.	 
	 	 
	By:	                           	 
	Name:	 	 
	Title:	 	 


 


[Signature
Page to Letter Agreement]