Exhibit 10.5


 


May 29,
2020


 


Foley Trasimene Acquisition Corp.

1701 Village Center Circle


Las Vegas, NV 89134


 


Credit Suisse Securities (USA) LLC

Eleven Madison Avenue

New York, NY 10010


 


BofA Securities, Inc.

One Bryant Park

New York, NY 10036


 


Re:        Initial Public Offering


 


Ladies and Gentlemen:


 


This letter (the “Letter Agreement”)
is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”)
entered into by and between Foley Trasimene Acquisition Corp., a Delaware corporation (the “Company”)
and Credit Suisse Securities (USA) LLC and BofA Securities, Inc., as representatives (the “Representatives”)
of the several underwriters named in Schedule A thereto (the “Underwriters”), relating to an underwritten
initial public offering (the “IPO”) of the Company’s units (the “Units”),
each unit comprised of one share of the Company’s Class A common stock, par value $0.0001 per share (the “Common
Stock”), and one-third of one redeemable warrant, each whole warrant exercisable for one share of Common Stock (each,
a “Warrant”). Certain capitalized terms used herein are defined in paragraph 11 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 as a stockholder of the Company, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the undersigned hereby agrees with the Company as follows:


 


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



 


	2.	In the event that the Company does not complete a Business Combination within the time period set forth in the Company’s
second amended and restated certificate of incorporation, as the same may be further amended from time to time (the “Charter”),
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) as promptly as reasonably possible, but not more than 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 on the Trust Account not previously released to the Company to pay its tax obligations, if any (less up to $100,000
of such net interest to pay dissolution expenses), divided by the number of then outstanding IPO Shares, which redemption will
completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation 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, dissolve and liquidate, subject in the cases 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. The undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust
Account and any remaining net assets of the Company as a result of such liquidation with respect to the Founder Shares owned by
the undersigned. However, if the undersigned has acquired IPO Shares in or after the IPO, it will be entitled to liquidating distributions
from the Trust Account with respect to such IPO Shares in the event that the Company does not complete a Business Combination within
the time period set forth in the Charter. In the event of the liquidation of the Trust Account, the undersigned agrees that it
will be liable to the Company if and to the extent any claims by a third party (other than the Company’s independent registered
public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the
Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser
of (i) $10.00 per IPO Share and (ii) the actual amount per IPO Share held in the Trust Account as of the date of the liquidation
of the Trust Account, if less than $10.00 per IPO Share due to reductions in the value of the assets in the Trust Account, in each
case less interest that may be withdrawn to pay the Company’s tax obligations, if any; provided that such liability
will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the
monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s
obligation to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as
amended, pursuant to the Underwriting Agreement. 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 definitive agreement for a Business Combination with
a target business that is affiliated with the undersigned or any other 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, which is a member of the Financial Industry Regulatory Authority, or an independent
accounting firm 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
or other cash payment from the Company prior to, or for services rendered in order to effectuate, the completion of the Business
Combination; provided that the Company shall be allowed to make the payments set forth in the Registration Statement adjacent
to the caption “Prospectus Summary—The Offering—Limited payments to insiders.”



 


	5.	(a)	The undersigned agrees that the Founder Shares may not be transferred, assigned or sold (except to certain permitted transferees
as described in the Registration Statement or herein) (the “Lockup”) until the earlier to occur of:
(1) one year after the completion of a Business Combination or (2) the date following the completion of the Company’s initial
Business Combination on which the Company completes a liquidation, merger, stock exchange 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. Notwithstanding the foregoing, if the closing price of the Company’s Common Stock equals or exceeds $12.00 per
share (as adjusted for share splits, share capitalizations, 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, the
Founder Shares will be released from the Lockup.



 


		(b)	Notwithstanding the provisions set forth in paragraphs 5(a) and 5(c), during the period commencing on the effective date of
the Underwriting Agreement and ending 180 days after such date, the undersigned will not, without the prior written consent of
the Representatives pursuant to the Underwriting Agreement, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge,
hedge or otherwise dispose of or agree to dispose of (or enter into any transaction that is designed to, or might reasonably be
expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement
or otherwise) by the undersigned or any affiliate of the undersigned or any person in privity with the undersigned or any affiliate
of the undersigned), directly or indirectly, including the filing (or participation in the filing) of a registration statement
with the Securities and Exchange Commission (the “SEC”) in respect of, 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 SEC promulgated thereunder
with respect to, any other Units, shares of Common Stock, Founder Shares or 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, 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, including the filing of a registration statement, specified in clause (i) or (ii). The
provisions of this paragraph will not apply (i) to the transfer of Founder Shares to any independent director appointed or elected
to the Company’s board of directors before or after the IPO or (ii) if the release or waiver is effected solely to permit
a transfer not for consideration and, in each case 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.



 






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		(c)	The undersigned agrees that until the Company completes an initial Business Combination, the undersigned’s Private Placement
Warrants will be subject to the transfer restrictions described in the Private Placement Warrants Purchase Agreement relating to
the undersigned’s Private Placement Warrants.



 


		(d)	Notwithstanding the provisions set forth in paragraphs 5(a) and (c), transfers, assignments and sales by the undersigned of
the Founder Shares, Private Placement Warrants and shares of Common Stock issued or issuable upon the exercise of the Private Placement
Warrants or conversion of the Founder Shares are permitted (i) 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 the undersigned or their affiliates,
any affiliates of the undersigned, or any employees of such affiliates; (ii) in the case of an individual, by gift to a member
of the individual’s immediate family or to a trust, the beneficiary of which is a member of one of the individual’s
immediate family, an affiliate of such person or to a charitable organization; (iii) in the case of an individual, by virtue of
laws of descent and distribution upon death of the 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 the completion of the Business Combination at prices
no greater than the price at which the Founder Shares, Private Placement Warrants or shares of Common Stock, as applicable, were
originally purchased; (vi) by virtue of the undersigned’s organizational documents upon liquidation or dissolution of the
undersigned; (vii) to the Company for no value for cancellation in connection with the completion of the Business Combination;
(viii) in the event of the Company’s liquidation prior to the completion of a Business Combination; or (ix) in the event
of completion of a liquidation, merger, share 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
completion of a Business Combination; provided, however, that in the case of clauses (i) through (vi) these permitted
transferees must enter into a written agreement agreeing to be bound by the restrictions herein. For the avoidance of doubt, the
transfers of Founder Shares, Private Placement Warrants and shares of Common Stock issued or issuable upon the exercise of the
Private Placement Warrants or conversion of the Founder Shares shall be permitted regardless of whether a filing under Section
16(a) of the Exchange Act shall be required or shall be voluntarily made with respect to such transfers.



 


	6.	The undersigned hereby agrees that upon the redemption of the shares of Common Stock by any public stockholder in connection
with the stockholder vote to approve the Business Combination as provided for in the Charter (each a “Public Share
Redemption”), the undersigned agrees to forfeit to the Company at no cost one share of Class B common stock of the
Company, par value $0.0001 per share (the “Class B Common Stock”) for each four (4) shares of Common
Stock redeemed in the Public Share Redemption; provided, that in no event shall the undersigned forfeit any fractional shares of
Class B Common Stock.



 


	7.	The undersigned has full right and power, without violating any agreement by which it is bound, to enter into this Letter Agreement.



 


	8.	The undersigned hereby waives any right to exercise redemption rights with respect to any of the Company’s shares of
Common Stock owned or to be owned by the undersigned, directly or indirectly, whether such shares be part of the Founder Shares
or IPO Shares, and agrees not to seek redemption with respect to such shares (or sell such shares to the Company in any tender
offer) in connection with any stockholder vote to approve (x) a Business Combination or (y) an amendment to the Charter that would
affect the substance or timing of the Company’s obligation to allow redemption in connection with the Business Combination
or to redeem 100% of the shares of Common Stock if the Company has not completed a Business Combination within 24 months from the
closing of the IPO.



 


	9.	The undersigned hereby agrees to not propose, or vote in favor of, an amendment to Paragraph 25(d) of the Charter prior to
the completion of a Business Combination unless the Company provides public stockholders with the opportunity to redeem their shares
of Common Stock upon such approval in accordance with such Paragraph 25(d) thereof.



 


	10.	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.
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 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.



 






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	11.	As used herein, (i) a “Business Combination” shall mean a merger,
stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with
one or more businesses or entities; (ii) “Insiders” shall mean all officers, directors and sponsors
of the Company immediately prior to the IPO; (iii) “Founder Shares” shall mean all of the Class B Common
Stock of the Company acquired by an Insider prior to the IPO; (iv) “IPO Shares” shall mean the shares
of Common Stock issued in the Company’s IPO; (v) “Private Placement Warrants” shall mean the warrants
that are being sold privately by the Company simultaneously with the consummation of the IPO; (vi) “Trust Account”
shall mean the trust account into which the net proceeds of the Company’s IPO and a portion of the proceeds from the sale
of the Private Placement Warrants will be deposited; and (vii) “Registration Statement” means the Company’s
registration statement on Form S-1 (SEC File Nos. 333-238135 and 333-238703) filed with the SEC, as amended.



 


	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.	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 any Underwriter
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.



 


	14.	This Letter Agreement shall be binding on the undersigned and such person’s respective successors, heirs, personal representatives
and assigns. This Letter Agreement shall terminate on the earlier of (i) the completion of a Business Combination and (ii) the
liquidation of the Company; provided, that such termination shall not relieve the undersigned from liability for any breach
of this agreement prior to its termination. The parties hereto may not assign either this Letter Agreement or any of their rights,
interests, or obligations hereunder without the prior written consent 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.



 


[Signature Page Follows]


 






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	 	BILCAR FT, LP
	 	 
	 	 
	 	By: Bilcar FT, LLC, its general partner
	 	 
	 	 
	 	 	 
	 	By:	/s/ Michael L. Gravelle
	 	Name:	Michael L. Gravelle
	 	Title:	General Counsel and Corporate Secretary
	 	 
	 	 
	 	TRASIMENE CAPITAL FT, LP
	 	 
	 	 
	 	By: Trasimene Capital FT, LLC, its general partner
	 	 
	 	 
	 	By: 	/s/ Michael L. Gravelle
	 	Name: 	Michael L. Gravelle
	 	Title:	General Counsel and Corporate Secretary
	 	 
	 	 
	 	Acknowledged and Agreed:
	 	 
	 	FOLEY TRASIMENE ACQUISITION CORP.
	 	 
	 	By:	/s/ Michael L. Gravelle
	 	Name:	  Michael L. Gravelle
	 	Title:	  General Counsel and Corporate Secretary


 








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