Document:

EXHIBIT 10.2
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ADMINISTRATIVE SERVICES AGREEMENT
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This Administrative Services Agreement (“Agreement”) is effective as of October 15, 2021 (the “Effective Date”), by and between Powered Brands, a Cayman Islands exempted company (“Company”) and PB Management, a Cayman Islands limited liability company (“Service Provider” and together with Company, the “Parties” and each a “Party”).
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1. SERVICES.
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Service Provider will endeavor to provide certain services as set forth on Exhibit A attached hereto (the “Services”) in accordance with and subject to the terms in the body of this Agreement.
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2. TERM & TERMINATION.
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The term of this Agreement (and the provision of Services hereunder) will commence on the Effective Date and continue until the earlier of (x) the consummation by the Company of an initial business combination and (y) the Company’s liquidation (in each case, as described in the registration statement for the initial public offering of the securities of the Company), unless terminated by either Party at any time, with or without cause, upon thirty (30) days’ notice to the other Party. Upon any termination, all rights of Service Provider and all obligations of Company shall terminate, except rights to payment accrued prior to termination, and Sections 4 and 5 shall survive termination.
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3. COMPENSATION.
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Company agrees to compensate Service Provider for the Services in accordance with the rates and payment schedule set forth on Exhibit A attached hereto. All payments to be made by Company to the Service Provider under this Agreement shall be in U.S. dollars.
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4. LIMITATION OF LIABILITY AND WARRANTY DISCLAIMER.
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a. Limitation of Liability EXCEPT FOR BODILY INJURY OF A PERSON, NOTWITHSTANDING ANYTHING ELSE IN THIS AGREEMENT OR OTHERWISE, NEITHER PARTY WILL BE LIABLE TO THE OTHER PARTY WITH RESPECT TO ANY SUBJECT MATTER OF THIS AGREEMENT UNDER ANY CONTRACT, NEGLIGENCE, STRICT LIABILITY OR OTHER LEGAL FORM OF ACTION OR EQUITABLE THEORY FOR (I) ANY AMOUNTS IN EXCESS, IN THE AGGREGATE, OF THE FEES PAID TO SERVICE PROVIDER HEREUNDER DURING THE TWELVE-MONTH PERIOD PRIOR TO THE DATE THE CAUSE OF ACTION AROSE, (II) ANY INDIRECT, EXEMPLARY, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES OR LOST DATA OR LOSS PROFITS OR FOR LOSS OR CORRUPTION OF DATA OR INTERRUPTION OF USE, (III) COST OF PROCUREMENT OF SUBSTITUTE GOODS, TECHNOLOGY OR SERVICES, OR (IV) ANY MATTER BEYOND SUCH PARTY’S REASONABLE CONTROL, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSS OR DAMAGE.
b. Warranty Disclaimer. THE PARTIES HEREBY ACKNOWLEDGE AND AGREE THAT THE WORK PRODUCT AND SERVICES ARE PROVIDED “AS IS” AND SERVICE PROVIDER AND COMPANY MAKE NO WARRANTIES TO ANY PERSON OR ENTITY WITH RESPECT TO THE WORK PRODUCT OR ANY DERIVATIVES THEREOF OR ANY SERVICES OR LICENSES OR ANYTHING PROVIDED IN CONNECTION WITH THIS AGREEMENT AND DISCLAIM ALL IMPLIED WARRANTIES, INCLUDING WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT.
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5. GENERAL
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a. Relationship of Parties. The Parties expressly understand and agree that Service Provider is an independent contractor in the performance of each and every part of this Agreement (including the right to determine the manner and means by which the Services and duties hereunder are to be provided) and is solely responsible for all of its employees and agents and its labor costs and expenses arising in connection therewith and for any and all claims, liabilities, damages, taxes or debts of any type whatsoever that may arise on account of Service Provider's activities, or those of its employees or agents, in connection with this Agreement. Service Provider has no authority, right or ability to bind or commit Company in any way. This Agreement shall not create a partnership, joint venture, or other similar type of legal arrangement.
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b. Assignment. Either Party shall have the right to assign and transfer any and all of its rights and this Agreement and to delegate any and all of its obligations to another party without consent of the other Party. This Agreement shall be binding on each of the Parties and their respective successors and assigns.
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c. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to the conflicts of laws provisions thereof.
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d. Interpretation. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. The word “or” shall be inclusive and not exclusive, unless the context otherwise requires. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation,” whether or not they are in fact followed by those words or words of like import.
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e. Counterparts. This Agreement may be executed in one or more counterparts, all of which will be considered one and the same agreement and will become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Party, regardless of whether all of the Parties have executed the same counterpart. Counterparts may be delivered via facsimile, electronic mail (including pdf and with an electronic or DocuSign signature) or other transmission method and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective for all purposes.
f. Entire Agreement; Amendment, Modification or Waiver; Notices. This Agreement (including any exhibits hereto and other documents and instruments referenced herein and therein) sets forth the entire understanding of the Parties and supersedes all prior or contemporaneous agreements, express or implied, oral or written, in each case, as to the subject matter of this Agreement. This Agreement may not be amended or modified except in a writing executed by both Parties. Any purported waiver of any provision of this Agreement by any Party will only be binding on such Party to the extent set forth in a written instrument duly executed and delivered by such Party to the other Party. Any notices in connection with this Agreement will be in writing and sent by first class US mail, or confirmed electronic mail or major commercial rapid delivery courier service.
g. Severability. In the event that any provision of this Agreement shall be determined to be illegal or unenforceable, that provision will be limited or eliminated to the minimum extent necessary so that this Agreement shall otherwise remain in full force and effect and enforceable.
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h. Trust Account. Service Provider hereby (a) agrees that it does not have any right, title, interest or claim of any kind (a “Claim”) in or to any monies that may be set aside in a trust account (the “Trust Account”) established in connection with the initial public offering of the securities of the Company and (b) irrevocably waives any Claim it presently has or may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with the Company and will not seek recourse, reimbursement, payment or satisfaction of any Claim against the Trust Account or any monies or other assets in the Trust Account for any reason whatsoever.
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IN WITNESS WHEREOF, the Parties, each acting under due and proper authority, have executed this Agreement as of the date first above written.
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	POWERED BRANDS

	
	By:
	/s/ Katherine Power
	
		Name:
	 Katherine Power
	
		Title:
	Chief Executive Officer
	

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	PB MANAGEMENT

	
	By:
	/s/ Katherine Power
	
		Name:
	Katherine Power
	
		Title:
	Member
	

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[Signature Page to Administrative Services Agreement]
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EXHIBIT A
Services
Rates and Payment Schedule:
Within five (5) Business Days following the beginning of each calendar month, Company will pay Service Provider an amount equal (x) up to $10,000.00 per month based on receipts submitted by the Service Provider to the Company and (y) $12,650.00 per month, or, in the alternative of (x) and (y), such other amount as may be mutually agreed by the Company and Service Provider from time to time (so long as the aggregate amount paid to Service Provider hereunder in any consecutive twelve (12) month period does not exceed $271,800.00 (the “Cap”), in respect of its estimated Costs for such calendar month (the sum of such payments on a calendar quarterly basis, the “Estimate”). In addition, Company will make a one-time payment to Service Provider on the date of this Agreement equal to $125,848.57 (the “Initial Payment”).  For purposes of this Agreement, the term “Costs” means total direct and indirect costs, including allocable overhead costs. Within one (1) month following the end of each calendar quarter, Service Provider will provide Company with an invoice for an amount equal to the difference between (a) the sum of (x) actual Costs incurred by Service Provider for such calendar quarter and (y) five  percent (5%) of such Costs and (b) the Estimate (such difference, the “Differential,” which for the avoidance of doubt may be a positive number or a negative number). Within ten (10) Business Days following delivery of such invoice, (i) if the Differential is a positive number, then Company will pay an amount equal to the Differential to Service Provider or (ii) if the Differential is a negative number, then Service Provider will pay an amount equal to the absolute value of the Differential to Company. Notwithstanding anything herein to the contrary, the aggregate amount of Costs payable to Service Provider under this Agreement in any consecutive twelve (12) month period shall not exceed the Cap plus the Initial Payment.
Services provided by PB Management to Powered Brands:
Service Provider shall be responsible for the oversight and coordination of the following Company functions:
		●	Accounting/Books and Records

		o	Accounts Payable

		o	Accounts Receivable

		o	General Ledger Accounting

		o	General Accounting

		●	Taxes

		●	Treasury

		●	Financial Statements / Periodic Reports if applicable

		●	SEC Filings and compliance with other regulatory requirements

		●	Insurance

		●	Corporate Finance Services

		●	Corporate Communications

		●	Other services to be agreed upon from time to time

For the avoidance of doubt, the Parties hereby acknowledge and agree that (a) any and all costs of outside advisors (including legal, consulting and accounting services) incurred on behalf of the Company (including by Service Provider on behalf of the Company) shall remain the responsibility of Company and (b) Service Provider will be responsible for its own internal direct costs of the following:
		●	Payroll and benefits for employees reasonably required to fulfill the duties hereunder

		●	Secretarial and administrative services

		●	Target identification and evaluation, due diligence services, and other activities related to transaction execution

		●	Property Management, Office Space and Furniture

		●	Human Resources

		o	Payroll

		o	Benefits

		o	Employee CommunicationsDocument

Exhibit 10.13

THIRD AMENDMENT TO LEASE AGREEMENT
THIS THIRD AMENDMENT TO LEASE AGREEMENT (this “Amendment”) is entered into as of this 15th day of September 2021 (the “Amendment Effective Date”), by and between IIP-IL 1 LLC, a Delaware limited liability company (“Landlord”), and Revolution Cannabis – Barry, LLC, an Illinois limited liability company (as successor-in-interest to Ascend Illinois, LLC, “Tenant”). 
RECITALS
A.WHEREAS, Landlord and Tenant are parties to that certain Lease Agreement dated as of December 21, 2018, as assigned by Ascend Illinois, LLC to Tenant pursuant to an Assignment and Assumption of Lease Agreement dated January 11, 2019, as amended pursuant to a First Amendment to Lease Agreement dated September 5, 2019, and as further amended pursuant to a Second Amendment to Lease Agreement dated August 18, 2020 (as assigned and amended, the “Existing Lease”), whereby Tenant leases the premises from Landlord located at 420 Revolution Road in Barry, Illinois; and
B.WHEREAS, Landlord and Tenant desire to modify and amend the Existing Lease only in the respects and on the conditions hereinafter stated.
AGREEMENT
NOW, THEREFORE, Landlord and Tenant, in consideration of the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, agree as follows:
1.Definitions.  For purposes of this Amendment, capitalized terms shall have the meanings ascribed to them in the Existing Lease unless otherwise defined herein.  The Existing Lease, as amended by this Amendment, is referred to collectively herein as the “Lease.” From and after the date hereof, the term “Lease,” as used in the Existing Lease, shall mean the Existing Lease, as amended by this Amendment.
2.TI Allowance.  Subject to the terms and conditions set forth in the Lease, Landlord has agreed to increase the TI Allowance available to Tenant by Twenty Million Dollars ($20,000,000.00) (the “Second Additional TI Allowance”) for the construction of additional Tenant Improvements to the Premises.  Accordingly, the first sentence of Section 5.1 of the Existing Lease is hereby amended and restated in its entirety as follows:
“Tenant shall cause appropriate improvements consistent with the Permitted Use (the “Tenant Improvements”) to be constructed in the Premises pursuant to the Work Letter attached hereto as Exhibit E (the “Work Letter”) at a cost to Landlord not to exceed Fifty-Two Million Dollars ($52,000,000.00) (the “TI Allowance”).”
In addition, the second sentence of Section 5.2 of the Existing Lease is hereby amended and restated in its entirety as follows:
“Landlord’s obligation to disburse any of the TI Allowance shall be conditional upon Tenant’s satisfaction of the conditions precedent to funding of the TI Allowance set forth in Section 6.3 of the Work Letter. In addition, Landlord’s obligation to disburse any of the TI Allowance in excess of [***] Dollars ($[***]) shall be conditional upon the satisfaction of the following: (a) Tenant’s delivery to Landlord of a certificate of occupancy for the Premises suitable for the Permitted Use, as applicable; (b) Tenant’s delivery to Landlord of a Certificate of Substantial Completion in the form of the American Institute of Architects document G704, executed by the project architect and the general contractor or such other form or certification as may be reasonably acceptable to Landlord; (c) Tenant’s satisfaction of the conditions precedent to funding of the TI Allowance set forth in Section 6.3 of the Work Letter; and (d) there shall be no uncured event of default by Tenant under this Lease.”
Certain identified information has been omitted from this exhibit because it is not material and would likely cause competitive harm to the registrant if publicly disclosed. [***] indicates that information has been omitted.
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3.Monthly Base Rent.  Notwithstanding anything in the Existing Lease to the contrary, in consideration of the Second Additional TI Allowance, commencing on the Amendment Effective Date, the monthly Base Rent shall increase by Thirty Thousand Five Hundred Fifty-Five and 56/100 Dollars ($30,555.56) each month for the six (6) month period following the Amendment Effective Date (the “Second Base Rent Adjustment Period”) for an aggregate increase to Base Rent in the amount of One Hundred Eighty-Three Thousand Three Hundred Thirty-Three and 33/100 Dollars ($183,333.33) (the “Second Additional Base Rent”), subject to the adjustments to Base Rent set forth in the Lease, including the Base Rent adjustments set forth in Section 6.5 of the Existing Lease on each anniversary of the Commencement Date.  For illustrative purposes, the chart below sets forth the incremental increases to Base Rent to account for the Second Additional Base Rent to be phased in during the Second Base Rent Adjustment Period, as adjusted pursuant to Section 6.5 of the Existing Lease.
												
	Second Base Rent Adjustment Period:  
		Amount of Second Additional Base Rent:
	
	9/15/21 - 10/14/21		$30,555.56	
	10/15/21 – 11/14/21 		$61,111.12	
	11/15/21 – 12/14/21     		$91,666.68	
	12/15/21 – 1/14/22 		$125,179.22	
	1/15/21 – 2/14/22 		$157,361.11	
	2/15/22 – 3/14/22 		$188,833.33	

           
*Dates and amounts to be completed once the Amendment Effective Date has been determined.  Amounts will take into account the 3% annual escalation which takes effect on 12/21/21.
4.Broker. Each of Tenant and Landlord represents and warrants that it has not dealt with any broker or agent in the negotiation for or the obtaining of this Amendment and agrees to reimburse, indemnify, save, defend (at the other party’s option and with counsel reasonably acceptable to the other party, at the indemnifying party’s sole cost and expense) and hold harmless the other party for, from and against any and all cost or liability for compensation claimed by any such broker or agent employed or engaged by it or claiming to have been employed or engaged by it.  
5.No Default.  Each of Tenant and Landlord represents, warrants and covenants that, to the best of such party’s knowledge, Landlord and Tenant are not in default of any of their respective obligations under the Existing Lease and no event has occurred that, with the passage of time or the giving of notice (or both) would constitute a default by either Landlord or Tenant thereunder.
6.Effect of Amendment.  Except as modified by this Amendment, the Existing Lease and all the covenants, agreements, terms, provisions and conditions thereof shall remain in full force and effect and are hereby ratified and affirmed.  In the event of any conflict between the terms contained in this Amendment and the Existing Lease, the terms herein contained shall supersede and control the obligations and liabilities of the parties.
7.Successors and Assigns.  Each of the covenants, conditions and agreements contained in this Amendment shall inure to the benefit of and shall apply to and be binding upon the parties hereto and their respective heirs, legatees, devisees, executors, administrators and permitted successors and assigns and sublessees.  Nothing in this section shall in any way alter the provisions of the Lease restricting assignment or subletting.
8.Miscellaneous.  This Amendment becomes effective only upon execution and delivery hereof by Landlord and Tenant. The captions of the paragraphs and subparagraphs in this Amendment are inserted and included solely for convenience and shall not be considered or given any effect in construing the provisions hereof.  All exhibits hereto are incorporated herein by reference.  Submission of this instrument for examination or signature by Tenant does not constitute a reservation of or option for a lease, and shall not be effective as a lease, lease amendment or otherwise until execution by and delivery to both Landlord and Tenant.

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9.Authority.  Each of Tenant and Landlord guarantees, warrants and represents that the individual or individuals signing this Amendment have the power, authority and legal capacity to sign this Amendment on behalf of and to bind all entities, corporations, partnerships, limited liability companies, joint venturers or other organizations and entities on whose behalf such individual or individuals have signed.
10.Counterparts; Facsimile and PDF Signatures.  This Amendment may be executed in one or more counterparts, each of which, when taken together, shall constitute one and the same document.  A facsimile or portable document format (PDF) signature on this Amendment shall be equivalent to, and have the same force and effect as, an original signature.
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IN WITNESS WHEREOF, Landlord and Tenant have executed this Amendment as of the date and year first above written.
LANDLORD:
IIP-IL 1 LLC,
a Delaware limited liability company

By:        /s/ Brian Wolfe
Name:   Brian Wolfe
Title:     Vice President, General Counsel and Secretary

TENANT:
REVOLUTION CANNABIS – BARRY, LLC,
an Illinois limited liability company

By:        /s/ Francis Perullo
Name:   Francis Perullo
Title:     Chief Strategy Officer

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