Exhibit 10.1


 


July 7, 2021


 


Agrico Acquisition Corp.

Boundary Hall, Cricket Square

Grand Cayman, KY1-1102, Cayman Islands


 


Maxim Group LLC

405 Lexington Ave 2nd Floor

New York, NY 10174


 


	 	Re:	Initial Public Offering


 


Ladies and Gentlemen:


 


This letter (“Letter
Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”)
entered into by and between Agrico Acquisition Corp., a Cayman Islands corporation (the “Company”), and Maxim
Group LLC as representative (the “Representative”) of the several underwriters named in Schedule I thereto (the
“Underwriters”), relating to an underwritten initial public offering (the “IPO”) of
the Company’s units (the “Units”), each Unit comprised of one Class A ordinary share of the Company, par
value $0.0001 (the “Ordinary Shares”), and one-half of one warrant, each whole warrant exercisable for one Ordinary
Share (each, a “Warrant”). 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 IPO, and in recognition of the benefit that such
IPO will confer upon the undersigned, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the undersigned hereby agrees, severally but not jointly, with the Company as follows:


 


1. If
the Company solicits approval of its stockholders of a Business Combination, the undersigned will vote all Ordinary Shares beneficially
owned by him, her, or it, whether acquired before, in, or after the IPO, in favor of such Business Combination.


 


2. (a) In the event
that the Company fails to consummate a Business Combination within the time period set forth in the Company’s Amended and Restated
Memorandum and Articles of Association, as the same may be amended from time to time (the “Articles of Association”),
the undersigned will, as promptly as possible, take all necessary actions to cause the Company to (i) cease all operations except for
the purpose of winding up, (ii) not more than ten (10) business days thereafter, redeem the IPO shares, at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned funds held in the Trust Account
(less up to $50,000 to pay liquidation expenses and net of interest released to the Company to pay taxes as permitted pursuant to the
Trust Agreement), divided by the number of then outstanding IPO Shares, which redemption will extinguish public stockholders’ rights
as stockholders (including the right to receive further liquidation distributions, if any), and (iii) 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 the case of clauses (ii) and (iii) to the Company’s obligations under Delaware law to provide for claims of creditors and other
requirements of applicable law.


 


(b) The
undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Account (“Claim”)
with respect to the shares of Founders’ Ordinary Shares owned by the undersigned and hereby waives any Claim the undersigned may
have in the future as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against
the Trust Account for any reason whatsoever. The undersigned acknowledges and agrees that there will be no distribution from the Trust
Account with respect to any Warrants, all rights of which will terminate on the Company’s liquidation.


 


3. The
undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated with
any Insiders of the Company or their affiliates, such transaction must be approved by a majority of the Company’s disinterested
independent directors and the Company must obtain an opinion from an independent investment banking firm, or another independent entity
that commonly renders valuation opinions, that such Business Combination is fair to the Company’s unaffiliated stockholders from
a financial point of view.


 






     


     


    

 


4. Neither
the undersigned nor any affiliate of the undersigned will be entitled to receive and will not accept any compensation, finder fee or other
cash payment prior to, or for services rendered in order to effectuate, the consummation of the Business Combination; provided that the
Company shall be allowed to make the payments set forth in the Registration Statement under the caption “Prospectus Summary –
The Offering – Limited payments to insiders.”


 


5. (a)  The undersigned
agree that they shall not Transfer any Founders’ Ordinary Shares (the “Founder Shares Lock-up”) until the earliest of
(A) one year after the completion of an initial Business Combination and (B) the date following the completion of an initial Business
Combination on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the
Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property (the “Founder
Shares Lock-up Period”). Notwithstanding the foregoing, if, subsequent to a Business Combination, the closing price of the Ordinary
Shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, share consolidations, reorganizations,
recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing at least 150 days after the Company’s
initial Business Combination, the Founders’ Ordinary Shares shall be released from the Founder Shares Lock-up.


 


(b) The
undersigned agree that they shall not effectuate any Transfer of Private Securities or Ordinary Shares underlying such warrants until
30 days after the completion of an initial Business Combination.


 


(c) Notwithstanding
the provisions set forth in paragraphs 5(a) and (b), Transfers of the Founders’ Ordinary Shares, Private Securities and Ordinary
Shares underlying the Private Securities 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 or partners of our sponsor, DJCAAC LLC (the “Sponsor”), and
the Representative, or any of their affiliates or any employees of such affiliates; (b) in the case of an individual, by gift to a member
of one of the individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s immediate
family, an affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and
distribution upon death of the 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 the consummation of a Business Combination at prices no greater than the price at which
the Founders’ Ordinary Shares, Private Securities or Ordinary Shares, as applicable, were originally purchased; (f) by virtue of
the Sponsor’s or the Representative’s organizational documents upon liquidation or dissolution of the Sponsor or the Representative,
as applicable; (g) in the event of the Company’s liquidation prior to the completion of a Business Combination; or (h) in the event
of completion of a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s shareholders
having the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the completion of an initial Business
Combination; provided, however, that in the case of clauses (a) through (f) these permitted transferees must enter into a written agreement
agreeing to be bound by these transfer restrictions and the other restrictions contained in this Letter Agreement.


 


(d) During
the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the undersigned shall not,
without the prior written consent of the Representative, Transfer any Units, Ordinary Shares, Warrants or any other securities convertible
into, or exercisable or exchangeable for, Ordinary Shares held by it, her or him, as applicable, except as permitted hereunder.


 


6. (a)  In order to
minimize potential conflicts of interest that may arise from multiple corporate affiliations, the undersigned hereby agrees that until
the earliest of the Company’s initial Business Combination or liquidation, the undersigned shall present to the Company for its
consideration, prior to presentation to any other entity, any suitable target business, subject to any fiduciary or contractual obligations
the undersigned might have.


 


(b) The
undersigned hereby agrees and acknowledges that (i) each of the Underwriters and the Company may be irreparably injured in the event of
a breach of any of the obligations contained in 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.


 






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7. The
undersigned’s biographical information previously furnished to the Company and the Representative is true and accurate in all respects,
does not omit any material information with respect to the undersigned’s background and contains all of the information required
to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the Securities Act of 1933, as amended (the “Securities
Act”). The undersigned’s FINRA Questionnaire previously furnished to the Company and the Representative is true and
accurate in all respects. The undersigned represents and warrants that:


 


	 	(a)	he/she has never had a petition under the federal bankruptcy laws or any state insolvency law been filed by or against (i) him/her or any partnership in which he/she was a general partner at or within two years before the time of filing; or (ii) any corporation or business association of which he/she was an executive officer at or within two years before the time of such filing;
	 	 	 
	 	(b)	he/she has never had a receiver, fiscal agent or similar officer been appointed by a court for his/her business or property, or any such partnership;
	 	 	 
	 	(c)	he/she has never been convicted of fraud in a civil or criminal proceeding;
	 	 	 
	 	(d)	he/she has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding traffic violations and minor offenses);
	 	 	 
	 	(e)	he/she has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining or otherwise limiting him/her from (i) acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission (“CFTC”) or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or from engaging in or continuing any conduct or practice in connection with any such activity; or (ii) engaging in any type of business practice; or (iii) engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal or state securities or federal commodities laws;
	 	 	 
	 	(f)	he/she has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state authority barring, suspending or otherwise limiting for more than 60 days his/her right to engage in any activity described in 9(e)(i) above, or to be associated with persons engaged in any such activity;
	 	 	 
	 	(g)	he/she has never been found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal or state securities law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended or vacated;
	 	 	 
	 	(h)	he/she has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal commodities law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or vacated;
	 	 	 
	 	(i)	he/she has never been the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal or State securities or commodities law or regulation, (ii) any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and desist order, or removal or prohibition order or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity;
	 	 	 
	 	(j)	he/she has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated, or any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member;



 






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	 	(k)	he/she has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;
	 	 	 
	 	(l)	he/she was never subject to a final order of a state securities commission (or an agency of officer of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the Commodity Futures Trading Commission; or the National Credit Union Administration that is based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct;
	 	 	 
	 	(m)	he/she has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at the time of such sale, restrained or enjoined him/her from engaging or continuing to engage in any conduct or practice: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities;
	 	 	 
	 	(n)	he/she has never been subject to any order of the SEC that orders him/her to cease and desist from committing or causing a future violation of: (i) any scienter-based anti-fraud provision of the federal securities laws, including, but not limited to, Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Section 206(1) of the Advisers Act or any other rule or regulation thereunder; or (ii) Section 5 of the Securities Act;
	 	 	 
	 	(o)	he/she has never been named as an underwriter in any registration statement or Regulation A offering statement filed with the SEC that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued;
	 	 	 
	 	(p)	he/she has never been subject to a United States Postal Service false representation order, or is currently subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations;
	 	 	 
	 	(q)	he/she is not subject to a final order of a state securities commission (or an agency of officer of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the Commodity Futures Trading Commission; or the National Credit Union Administration that bars the undersigned from: (i) association with an entity regulated by such commission, authority, agency or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging in savings association or credit union activities;
	 	 	 
	 	(r)	he/she is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or section 203(e) or 203(f) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), that: (i) suspends or revokes the undersigned’s registration as a broker, dealer, municipal securities dealer or investment adviser; (ii) places limitations on the activities, functions or operations of, or imposes civil money penalties on, such person; or (iii) bars the undersigned from being associated with any entity or from participating in the offering of any penny stock; and
	 	 	 
	 	(s)	he/she has never been suspended or expelled from membership in, or suspended or barred from association with a member of, a securities self-regulatory organization (e.g., a registered national securities exchange or a registered national or affiliated securities association) for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade.


 


8. The
undersigned has full right and power, without violating any agreement by which he, she or it is bound, to enter into this Letter Agreement
and to serve as a director and/or officer of the Company.


 


9. The
undersigned hereby waives any right to exercise redemption rights with respect to any Ordinary Shares owned or to be owned by the undersigned,
directly or indirectly (or to sell such shares to the Company in a tender offer), whether such shares be part of the Founders’ Ordinary
Shares or shares purchased by the undersigned in the IPO or in the aftermarket, and agrees not to seek redemption with respect to such
shares in connection with any vote to approve a Business Combination (or sell such shares to the Company in a tender offer in connection
with such a Business Combination).


 






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10. The
undersigned hereby agrees to not propose, or vote in favor of, an amendment to Article 49 of the Company’s Amended and Restated
Memorandum and Articles of Association prior to the consummation of a Business Combination unless the Company provides public stockholders
with the opportunity to redeem their Ordinary Shares for cash upon such approval in accordance with such Articles.


 


11. This
Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. Each of the
Company and the undersigned hereby (i) agrees that any action, proceeding or claim against him arising out of or relating in any way to
this Letter Agreement (a “Proceeding”) shall be brought and enforced in the courts of the State of New York
of the United States of America for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction
shall be exclusive and (ii) waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.


 


12. As
used herein, (i) a “Business Combination” means a merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization or other similar business combination with one or more businesses or entities; (ii) “Insiders”
means all officers, directors and sponsors of the Company immediately prior to the IPO; (iii) “Founders’ Ordinary Shares”
means all of the Class B ordinary shares of the Company, par value $0.0001 per share, outstanding prior to the consummation of the IPO;
(iv) “IPO Shares” means the Ordinary Shares issued in the Company’s IPO; (v) “Private Securities”
means the Warrants that are being sold privately by the Company simultaneously with the consummation of the IPO; (vi) “Trust
Agreement” means the Investment Management Trust Agreement between the Company and Continental Stock Transfer & Trust
Company being entered into in connection with the IPO and governing the use of funds held in the Trust Account; (vii) “Trust
Account” means the trust account into which a portion of the net proceeds of the IPO and sale of Private Securities will
be deposited; (viii) “Registration Statement” means the Company’s registration statement on Form S-1 (SEC
File No. 333-255426) filed with the Securities and Exchange Commission; and (ix) “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 Securities Exchange Act of 1934, as amended, and
the rules and regulations of the Securities and Exchange 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).


 


13. 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), except by a written instrument executed by all parties hereto.


 


14. Each
of the undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations and
warranties set forth herein in proceeding with the IPO. Nothing contained herein shall be deemed to render the Underwriters a representative
of, or a fiduciary with respect to, the Company, its stockholders or any creditor or vendor of the Company with respect to the subject
matter hereof.


 


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 the Sponsor, each of
the Insiders and each of their respective successors, heirs, personal representatives and assigns and permitted transferees.


 


16. 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.


 


17. 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.


 


[Signature Page Follows] 









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    Insiders:

     

    Brent de Jong

	 	Print Name of Insider
	 	/s/Brent de Jong
	 	Signature
	 	 
	 	Roberto Perez Silva
	 	Print Name of Insider
	 	/s/Roberto Perez Silva
	 	Signature




 


	 	John Alexander Baker
	 	Print Name of Insider
	 	/s/John Alexander Baker
	 	Signature



 


	 	Donald C. Hubbard, Jr.
	 	Print Name of Insider
	 	/s/Donald C. Hubbard 
	 	Signature



 


	 	Christopher J. Ornee
	 	Print Name of Insider
	 	/s/Christopher J. Ornee 
	 	Signature



 


	 	Brian Zatarain
	 	Print Name of Insider
	 	/s/Brian Zatarain
	 	Signature



 


	 	DJCAAC LLC
	 	By:	/s/Brent de Jong 
	 	 	Name:	Brent de Jong
	 	 	Title:	Managing Member













	 	 
	 	Acknowledged and Agreed:
	 	 
	 	AGRICO ACQUISITION CORP.
	 	 
	 	By:	/s/ Brent de Jong 
	 	 	Name:	Brent de Jong
	 	 	Title:	Chief Executive Officer


 


 


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