Document:

EX-10.33

 Exhibit 10.33 

BUZZ HOLDINGS L.P. 
  

			
	To:	  	Whitney Wolfe Herd
	Date:	  	[Date], 2021
	Subject:	  	Adjustments to Your Equity Interests in Connection with the IPO

  
  

As you know, we have filed a registration statement (the “S-1”) for our Class A
common stock with the Securities and Exchange Commission in anticipation of a sale of shares of Class A common stock of Bumble Inc.( “Bumble”) to the public (the “IPO”). You are receiving this letter because
you are the founder and Chief Executive Officer of Bumble. The below sets forth a summary of the changes that will apply to the equity interests you hold. 

You hold a number of Class A Units (the “Class A Units”) in Buzz Holdings L.P. (“Bumble
Holdings”) and you were previously granted Class B Units (the “Class B Units”) in Bumble Holdings pursuant to the Amended and Restated Incentive Unit Subscription Agreement, dated as of June 19, 2020
(the “Incentive Unit Subscription Agreement”). In connection with the IPO, we will reorganize and reclassify the various interests in Bumble Holdings, including the Class A Units and the Class B Units. All of your
Class A Units will be reclassified into “Common Units” of Bumble Holdings, and all of your Class B Units will be reclassified into “Incentive Units” of Bumble Holdings. 

The precise number of Common Units and Incentive Units that you will receive (and the “strike price” or “participation
threshold” that applies to your Incentive Units) will change only to reflect an adjustment for the reverse stock split we will undertake in connection with the IPO. 

We will not know the IPO price until the IPO occurs, which means we will not know the value of your Incentive Units or Common Units until
the IPO occurs. We will provide you with the number of Common Units, the number of Incentive Units and the “participation threshold” that applies to your Incentive Units shortly following the completion of the IPO. 

The Incentive Units will be subject to the terms of the Second Amended and Restated Buzz Holdings L.P. Limited Partnership Agreement (the
“Bumble Holdings LPA”) and will continue to be governed by the terms of your Incentive Unit Subscription Agreement. Notwithstanding the foregoing, subject to and contingent upon the completion of the IPO, Bumble Holdings hereby
agrees that the “Call Option” set forth in Section 4.1(a)(i), Section 4.1(a)(ii) and Section 4.1(b) of the Incentive Unit Subscription Agreement (the “Repurchase Right”) shall terminate and be of no further
force and effect upon and following the completion of the IPO; provided, that the “Call Option” set forth in Section 4.1(a)(iii) (with respect to a Restrictive Covenant Violation (as defined in the Incentive Unit Subscription
Agreement)) shall continue to apply pursuant to the terms of your Incentive Unit Subscription Agreement. The Common Units will be subject to the terms of the Bumble Holdings LPA. 

Because the terms of your Incentive Unit Subscription Agreement, including vesting terms, shall continue unchanged (except as expressly set
forth above with respect to the Repurchase Right) and will apply to the full extent to the Incentive Units, you will not receive a new award agreement for your Incentive Units. However, you will be required to make a duplicate election under
Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”) with respect to your Incentive Units attributable to the Class B Units for which you previously made an election under
Section 83(b) of the Code. We will provide you with documentation for this Section 83(b) election shortly following the completion of the IPO. 

 For additional information about the Common Units and the Incentive Units and how your
equity holdings will be impacted by the IPO, please refer to the “FAQ” document previously provided. Please contact Caitlin Lucey at [email address] with any questions. 

We look forward to beginning this new, exciting chapter as a public company and are excited for the opportunities ahead! 

 

			
	Sincerely,
	
	BUZZ HOLDINGS L.P.
		
	By:	 	  

	Name:	 	  

	Title:	 	Authorized Signatory2021-01-22 EX 108241

		

			 

		

		
			January 21, 2021
		

		
			Chugach Electric Association, Inc.
		

		
			5601 Electron Drive
		

		
			Anchorage, AK 99518
		

		
			E-mail: Lee_Thibert@chugachelectric.com
		

		
			Attention: Lee D. Thibert, Chief Executive Officer
		

		
			With a copies to:
		

		
			Chugach Electric Association, Inc.
		

		
			5601 Electron Drive
		

		
			Anchorage, AK 99518
		

		
			E-mail: Matthew_Clarkson@chugachelectric.com
		

		
			Attention: Matthew C. Clarkson, General Counsel
		

		
			Stinson LLP
		

		
			Suite 2600
		

		
			50 South Sixth Street
		

		
			Minneapolis, MN 55402
		

		
			E-mail: james.bertrand@stinson.com
		

		
			Attention: James J. Bertrand
		

		
			Re:  Letter Agreement Regarding Certain Post-Closing Procedural Matters Under Asset Purchase and Sale Agreement
		

		
			This letter agreement (this “Letter Agreement”) is made and entered into by and between Chugach Electric Association, Inc., an Alaska not-for-profit electric cooperative corporation (“Buyer”), and the Municipality of Anchorage, a political subdivision organized under the laws of the State of Alaska (“Seller”). Buyer and Seller are sometimes hereinafter referred to individually as a “Party,” and collectively as the “Parties.”
		

		
			Reference is made to that certain Asset Purchase and Sale Agreement dated as of December 28, 2018 between Seller and Buyer (such agreement, as amended, the “APA”). Unless otherwise specified, capitalized terms not defined herein will have the meanings set forth in the APA. The Closing occurred on October 30, 2020, and the Parties desire to further memorialize their agreement regarding certain post-Closing procedural matters. Accordingly, the Parties agree as follows:
		

		 

		

			Letter Agreement dated January 21, 2021

		

		

			between Chugach Electric Association, Inc.

		

		

			and Municipality of Anchorage, Alaska

		

 

			
	
			
				 1.
			

			
	
			
			Preparation and Review of Closing Statement.

			
	
			
				 (a)
			Preparation of Closing Statement. Within one hundred thirty-five  (135) days after the Closing Date, Buyer will prepare and deliver to Seller a statement (the “Closing Statement”) setting forth a calculation of (i) the Accrued Leave Liability, (ii) the Transferred Cash, (iii) the Net Book Value of Designated Excluded Assets, (iv) the Net Book Value Adjustment, (v) the Closing Prorations, (vi) the net book value (determined in accordance with the Accounting Principles) of the Plant 2A Guard Station as of October 31, 2020, one-half of which net book value amount, together with the amount of $475,914.00 (in reimbursement of funds advanced by Buyer to Seller prior to the Closing in connection with the assignment from Seller to Buyer of that certain Lease Agreement dated July 24, 1972 by and between Alaska Pacific University (f/k/a Alaska Methodist University) and Seller (as successor-in-interest to the City of Anchorage, Alaska), a copy of which Lease Agreement was recorded in the Anchorage Recording District on August 16, 1972 in Misc. Book Volume 210, Page 485), will be deducted from the Purchase Price after application of the Adjustment Amount and the Net Book Value Adjustment in accordance with the first sentence of Section 2.08(c)(ii) of the APA, and (vii) a recalculation of the Purchase Price, if any, based on each of the foregoing. During such one hundred thirty-five (135) day period, Buyer will, on an ongoing basis as reasonably necessary and appropriate, seek and accept, and Seller will provide, Seller’s reasonable assistance and cooperation in the preparation of the Closing Statement, and for purposes of Seller providing such assistance and cooperation, Seller and its attorneys and accountants will have access to the books and records of the Business, the personnel of, and work papers prepared by, Buyer or Buyer’s Accountants to the extent that they relate to the Closing Statement and to such historical financial information (to the extent in Buyer’s possession) relating to the Closing Statement as Seller may reasonably request, provided, that such access will be in a manner that does not interfere with the normal business operations of Buyer or the Business. The Closing Statement will be calculated (x) pursuant to the definitions within the APA, (y) in accordance with the Accounting Principles where applicable, and (z) without giving effect to the transactions contemplated by the APA. Seller will cooperate with Buyer in promptly responding to Buyer’s reasonable requests while Buyer is preparing the Closing Statement.

			
	
			
				 (b)
			Review of Closing Statement. After receipt of the Closing Statement, Seller will have a period of sixty (60) days (the “Review Period”) to review the Closing Statement. During the Review Period, Seller and its attorneys and accountants will have access to the books and records of the Business, the personnel of, and work papers prepared by, Buyer or Buyer’s Accountants to the extent that they relate to the Closing Statement and to such historical financial information (to the extent in Buyer’s possession) relating to the Closing Statement as Seller may reasonably request for the purpose of reviewing the Closing Statement and to prepare a Statement of Objections (as defined below), provided, that such access will be in a manner that does not interfere with the normal business operations of Buyer or the Business. During the Review Period, Seller will, on an ongoing basis as reasonably necessary and appropriate, seek and accept, and Buyer will provide, Buyer’s reasonable assistance and cooperation in Seller’s review of the Closing Statement, 
		

		 

		

			2

		

		

			Letter Agreement dated January 21, 2021

		

		

			between Chugach Electric Association, Inc.

		

		

			and Municipality of Anchorage, Alaska

		

 

			and Buyer will cooperate with Seller in promptly responding to Seller’s reasonable requests while Seller is reviewing the Closing Statement.

			
	
			
				 2.
			

			
	
			
			General. Each Party represents that it has full power and authority to enter into this Letter Agreement. This Letter Agreement may be amended, modified or supplemented only by an agreement in writing signed by each Party. This Letter Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will be deemed to be one and the same agreement. A signed copy of this Letter Agreement delivered by facsimile, e-mail or other means of electronic transmission will be deemed to have the same legal effect as delivery of an original signed copy of this Letter Agreement.

		
			[SIGNATURE PAGE FOLLOWS]
		

		
			 
		

		

		

		 

		

			3

		

		

			Letter Agreement dated January 21, 2021

		

		

			between Chugach Electric Association, Inc.

		

		

			and Municipality of Anchorage, Alaska

		

 

		

			 

		

		As of the date above, by their respective signatures below, the Parties have duly executed and delivered, and agree to abide by the terms of, this Letter Agreement.
		

			
					
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						MUNICIPALITY OF ANCHORAGE

				
	
					
						By

					
					
						/s/ Anna C. Henderson

				
	
					
						Name:

					
					
						Anna C. Henderson

				
	
					
						Title:

					
					
						Municipal Manager

				

		
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						CHUGACH ELECTRIC ASSOCIATION, INC.

				
	
					
						By

					
					
						/s/ Lee D. Thibert

				
	
					
						Name:

					
					
						Lee D. Thibert

				
	
					
						Title:

					
					
						Chief Executive Officer

				

		
			﻿
		

		 

		

			[SIGNATURE PAGE

		

		

			TO LETTER AGREEMENT DATED JANUARY 21, 2021 BETWEEN CHUGACH ELECTRIC ASSOCIATION, INC. AND MUNICIPALITY OF ANCHORAGE, ALASKA]

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