Document:

Exhibit 10.4

 

February 3, 2021

 

Itiquira Acquisition Corp.

430 Park Avenue, Suite 202

New York, NY 10022

 

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”)
to be entered into by and among Itiquira Acquisition Corp., a Cayman Islands exempted company (the “Company”),
and Citigroup Global Markets Inc. and UBS Securities LLC, as representatives (the “Representatives”)
of the several underwriters (each, an “Underwriter” and collectively, the “Underwriters”),
relating to an underwritten initial public offering (the “Public Offering”), of 20,000,000 of the Company’s
units (including up to 3,000,000 units that may be purchased by the Underwriters to cover over-allotments, if any) (the “Units”),
each comprising one of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Ordinary
Shares”), and one-half of one redeemable warrant. Each whole warrant (each, a “Warrant”)
entitles the holder thereof to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment. The Units will
be sold in the Public Offering pursuant to a registration statement on Form S-1 and a 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 13
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 Itiquira Partners I, a Cayman Islands exempted company (the “Sponsor”)
and the undersigned individuals, each of whom is a holder of Class B Ordinary Shares of the Company or a member of the Company’s
board of directors and/or management team to the Company (each, an “Insider” and collectively, the “Insiders”),
hereby agrees with the Company as follows:

 

		1.	It is acknowledged and agreed that the Company shall not enter into a definitive agreement regarding a proposed Business Combination
without the prior consent of the Sponsor.

 

		2.	The Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination within
24 months from the closing of the Public Offering, or such later period approved by the Company’s shareholders in accordance
with the Company’s amended and restated memorandum and articles of association (the “Articles”),
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 Ordinary Shares 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 (less up to $100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided
by the number of then issued and outstanding Offering Shares, which redemption will completely extinguish all Public Shareholders’
rights as shareholders (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 shareholders and the Company’s
board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to
provide for claims of creditors and other requirements of applicable law. The Sponsor and each Insider agrees not to propose any
amendment to the Articles (a) to modify the substance or timing of the Company’s obligation to provide holders of the
Offering Shares the right to have their shares redeemed in connection with the Business Combination or to redeem 100% of the Offering
Shares if the Company does not complete a Business Combination within the time period set forth in the Articles or (b) with
respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity, unless the
Company provides Public Shareholders 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 (which
interest shall be net of taxes payable), divided by the number of then issued and outstanding Offering Shares.

 

    

     

    

 

The Sponsor and each Insider 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 Founder Shares held by it, him or her. The Sponsor and
each Insider hereby agrees that if the Company seeks shareholder approval of a proposed Business Combination, then in connection
with such proposed Business Combination, it, he or she shall vote any Shares owned by it, him or her in favor of any proposed Business
Combination. The Sponsor and each Insider hereby waives, with respect to any Ordinary Shares held by it, him or her, if any, any
redemption rights it, he or she may have in connection with the consummation of a Business Combination, including, without limitation,
any such rights available in the context of (i) a shareholder vote to approve such Business Combination, or (ii) a shareholder
vote to approve an amendment to the Articles (a) to modify the substance or timing of the Company’s obligation to provide
holders of the Ordinary Shares the right to have their Offering Shares redeemed in connection with the Business Combination or
to redeem 100% of the Offering Shares if the Company does not complete a Business Combination within the time period set forth
in the Articles or (b) with respect to any other provision relating to shareholders’ rights or pre-initial Business
Combination activity (although the Sponsor and the Insiders shall be entitled to 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 Articles).
If the Company engages in a tender offer in connection with any proposed Business Combination, the Sponsor and each Insider agrees
that it, he or she will not seek to sell its, his or her Ordinary Shares to the Company in connection with such tender offer.

 

		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 respective 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 an independent accounting firm that such Business Combination
is fair to the Company from a financial point of view.

 

		4.	During the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor
and each Insider shall not, without the prior written consent of the Representatives, (i) sell, offer to sell, contract or
agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly,
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 Commission promulgated thereunder, with respect to any Units, Ordinary Shares, Founder Shares, Warrants or any securities
convertible into, or exercisable, or exchangeable for, Ordinary Shares (but excluding Units and Ordinary Shares purchased in the
Public Offering or thereafter) 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, Ordinary Shares, Founder Shares, Warrants or any
securities convertible into, or exercisable, or exchangeable for, Ordinary Shares 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 specified in clause (i) or (ii).

 

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		5.	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 Articles, the Sponsor (the “Indemnitor”), which for purposes
of clarification shall not extend to any other shareholders, members or managers of the Sponsor, or any of the other undersigned,
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 shall (x) apply only to the extent
necessary to ensure that such claims by a third party for services rendered (other than the Company’s independent public
accountants) or products sold to the Company 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 interest earned on the funds in the Trust Account which may be withdrawn to pay franchise
and income taxes, (y) 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) 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 “Securities Act”). In the event that any such executed waiver is deemed to be unenforceable
against such third party, the Indemnitor shall not be responsible to the extent of any liability for such third party claims. 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.

 

		6.	To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 3,000,000 Units
within 45 days from the date of the Prospectus (and as further described in the Prospectus) in full, the Sponsor agrees to forfeit,
at no cost, a number of Founder Shares in the aggregate equal to 750,000 multiplied by a fraction (i) the numerator of which
is 3,000,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the
denominator of which is 3,000,000. For clarity, the forfeiture shall yield the result that the Initial Shareholders will own an
aggregate of 20% of the Company’s issued and outstanding shares after the Public Offering (assuming, for purposes of this
calculation, that the Initial Shareholders do not purchase any Units in the Public Offering).

 

		7.	The Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably
injured in the event of a breach by such Sponsor or an Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 6,
8(a), 8(b) and, solely as to each Insider, 10, 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 injunctive relief, in addition
to any other remedy that such party may have in law or in equity, in the event of such breach. The Sponsor shall also be entitled
to seek injunctive relief, in addition to any other remedy that such parties may have in law or in equity, in the event of a breach
under this Letter Agreement.

 

		8.	(a)The Sponsor and each Insider agrees that it, he or she shall not Transfer any Founder Shares (or Ordinary Shares issuable
upon conversion thereof) until the earlier of (A) one year after the completion of the Company’s initial Business Combination
or (B) subsequent to the Business Combination, (x) if the last reported sale price of the Ordinary Shares equals or exceeds
$12.00 per share (as adjusted for share sub-divisions, 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 or (y) the date following the completion of the Company’s 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 public
shareholders having the right to exchange their Ordinary Shares for cash, securities or other property (the “Founder
Shares Lock-up Period”).

 

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(b)            The
Sponsor and each Insider agrees that it, he or she shall not Transfer any Private Placement Warrants (or Ordinary Shares issued
or issuable upon the exercise of the Private Placement Warrants), until 30 days after the completion of the Company’s
initial Business Combination (the “Private Placement Warrants Lock-up Period”, together with the Founder
Shares Lock-up Period, the “Lock-up Periods”).

 

(c)            Notwithstanding
the provisions set forth in paragraphs 8(a) and (b), Transfers of the Founder Shares, Private Placement Warrants and Ordinary
Shares issued or issuable upon the exercise or conversion of the Private Placement Warrants or the Founder Shares and that are
held by the Sponsor, any Insider or any of their permitted transferees (that have complied with this paragraph 8(c)), 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 member(s) of the Sponsor, or any affiliate of the Sponsor; (b) 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 to a charitable organization; (c) in the case of an individual, by virtue
of the laws of descent and distribution upon death of such person; (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 securities were originally purchased; (f) in the event of the Company’s
liquidation prior to the completion of an initial Business Combination; (g) by virtue of the laws of the Cayman Islands or
the Sponsor’s memorandum and articles of association, as amended, upon dissolution of the Sponsor; (h) in the event
of the Company’s completion of a liquidation, merger, amalgamation, share exchange, reorganization 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; (i) as a distribution to limited partners,
members or shareholders of the sponsor; (j) to any of the Initial Shareholders’ affiliates, to any investment fund or
other entity controlled or managed by any of the Initial Shareholders, or to any investment manager or investment advisor of any
of the Initial Shareholders, or an affiliate of any such investment manager or investment advisor; (k) to a nominee or custodian
of a person or entity to whom a disposition or transfer would be permissible under clauses (a) through (j); or (l) pursuant
to an order of a court or regulatory agency; provided, however, that, in the case of clauses (a) through (e) and
(g) through (l), these permitted transferees must enter into a written agreement with the Company agreeing to be bound by
the transfer restrictions herein.

 

		9.	Each of the Insiders who is or is nominated to be a director or officer of the Company agrees to serve in such capacity until
the earlier of the consummation by the Company of an initial Business Combination, the liquidation of the Company, or his or her
removal, death or incapacity. The Sponsor and each Insider 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 biographical information furnished to the Company (including
any such information included in the Prospectus) is true and accurate in all material respects and does not omit any material information
with respect to the Insider’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. Each Insider’s questionnaire furnished to the Company and the Representatives
is true and accurate in all material respects. Each Insider 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.

 

		10.	Except as disclosed in the Prospectus, neither the Sponsor nor any Insider, nor any affiliate of the Sponsor or any Insider,
shall receive from the Company any finder’s fee, reimbursement or cash payments prior to, or in connection with the completion
of the Company’s initial Business Combination.

 

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		11.	The Company, the Sponsor and each Insider represents and warrants, severally and not jointly, that it, he or she 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, advisor and/or director on the board of directors of the Company and hereby consents to being named in the
Prospectus as an officer, advisor and/or director of the Company, 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: (i) repayment of an aggregate
of up to $400,000 in loans made to the Company by the Sponsor to cover offering-related and organizational expenses; (ii) payment
to the Sponsor of up to $10,000 per month for office space, administrative and support services; (iii) reimbursement for any
out-of-pocket expenses related to identifying, investigating and completing an initial Business Combination; and (v) repayment
of loans, if any, and on such terms as to be determined by the Company from time to time, made by the Sponsor, an affiliate of
the Sponsor or certain of the Company’s officers or directors to finance transaction costs in connection with an intended
initial Business Combination. Up to $1,500,000 of such loans may be convertible into warrants at a price of $1.00 per warrant at
the option of the lender. Such warrants would be identical to the Private Placement Warrants.

 

		12.	As used herein, (i) “Business Combination” shall mean a merger, amalgamation, share exchange,
asset acquisition, share purchase, reorganization or similar business combination, involving the Company and one or more businesses
or entities; (ii)  “Founder Shares” shall mean the 5,750,000 of the Company’s Class B
ordinary shares, par value $0.0001 per share, initially issued to the Sponsor (up to 750,000 shares of which are subject to complete
or partial forfeiture by the Sponsor if the over-allotment option is not exercised in full by the Underwriters); (iv) “Initial
Shareholders” shall mean the Sponsor and any Insider that holds Founder Shares; (v) “Private Placement
Warrants” shall mean the Warrants to purchase up to 6,000,000 Ordinary Shares of the Company (or 6,600,000 Ordinary
Shares if the over-allotment option is exercised in full by the Underwriters) that the Sponsor has agreed to purchase for an aggregate
purchase price of $6,000,000 (or $6,600,000 if the over-allotment option is exercised in full by the Underwriters), or $1.00 per
Warrant, in a private placement that shall occur simultaneously with the consummation of the Public Offering; (vi) “Public
Shareholders” shall mean the holders of securities issued in the Public Offering; (vii) “Shares”
shall mean, collectively, the Ordinary Shares and the Founder Shares; (viii) “Trust Account” shall
mean the trust account into which the net proceeds of the Public Offering and certain proceeds from the sale of the Private Placement
Warrants shall be deposited; 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 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).

 

		13.	The Company will maintain an insurance policy or policies providing directors’ and officers’ liability insurance,
and each Insider 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.

 

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		14.	The Company shall not, without the prior consent of the Sponsor, (i) include the name of the Sponsor or any of its affiliates
in any disclosure, marketing materials, tombstones and other usages in connection with the Public Offering, otherwise related to
the activities of the Company, or in connection with the initial Business Combination or thereafter; (ii) amend any term of
the Founder Shares, including, but not limited to, the economic terms or terms regarding transferability; (iii) amend any
term of the Private Placement Warrants, including, but not limited to, economic terms or terms regarding transferability; or (iv) amend
any terms of the Trust Account.

 

		15.	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.

 

		16.	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, except that the Sponsor may assign its rights, interests and obligations hereunder
to any affiliate of the Sponsor. 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
Company, the Sponsor and each Insider and their respective successors, heirs and assigns and permitted transferees.

 

		17.	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.

 

		18.	This Letter Agreement may be executed in any number of original, facsimile or other electronic 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. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf”
format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature
is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

 

		19.	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.

 

		20.	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 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.

 

		21.	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 or e-mail transmission.

 

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		22.	Each party hereto shall not be liable for any breaches or misrepresentations contained in this Letter Agreement by any other
party to this Letter Agreement (including, for the avoidance of doubt, any Insider with respect to any other Insider), and no party
shall be liable or responsible for the obligations of another party, including, without limitation, indemnification obligations
and notice obligations.

 

		23.	This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation
of the Company; provided that paragraph 5 of this Letter Agreement shall survive such liquidation.

 

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	 	Sincerely,
	 	 
	 	ITIQUIRA PARTNERS I
	 	 
	 	 
	 	By:	/s/ Paulo Carvalho de Gouvea
	 	 	Name: Paulo Carvalho de Gouvea
	 	 	Title: Director

 

[Signature Page to Letter Agreement]

 

    

     

    

 

	 	/s/ Paulo
    Carvalho de Gouvea
	 	Paulo Carvalho de Gouvea
	 	 
	 	 
	 	/s/ Marcus Leonardo
    Silberman
	 	Marcus Leonardo Silberman
	 	 
	 	 
	 	/s/ Pedro Chomnalez
	 	Pedro Chomnalez
	 	 
	 	 
	 	/s/ Maria Alejandra
    Herrera
	 	Maria Alejandra Herrera
	 	 
	 	 
	 	/s/ Gabriela Yu
	 	Gabriela Yu
	 	 
	 	 
	 	/s/ Tainah Salles Mendes
	 	Tainah Salles Mendes
	 	 
	 	 
	 	/s/ Claudio Eugênio
    Stiller Galeazzi
	 	Claudio Eugênio Stiller Galeazzi
	 	 
	 	/s/ Marcelo Maisonnave
	 	Marcelo Maisonnave
	 	 
	 	 
	 	/s/ Thor Björgólfsson
	 	Thor Björgólfsson
	 	 
	 	 
	 	/s/ Woods Staton
	 	Woods Staton

 

	Acknowledged and Agreed:	 
	 	 
	ITIQUIRA ACQUISITION
        CORP.	 
	 	 
	 	 
	By:	/s/ Paulo Carvalho de Gouvea	 
	 	Name: Paulo Carvalho de Gouvea	 
	 	Title: Chief Executive Officer and Director	 

 

[Signature Page to
Letter Agreement]Exhibit 10.5 

 

ITIQUIRA
ACQUISITION CORP.

430 Park Avenue, Suite 202

New York, NY 10022

 

February 3,
2021

 

Itiquira Partners I

430 Park Avenue, Suite 202

New York, NY 10022

 

Re: Administrative
Services Agreement

 

Ladies and Gentlemen:

 

This
letter agreement (this “Agreement”) by and between Itiquira Acquisition Corp., a Cayman Islands exempted
company (the “Company”), and CH Global Capital, LLC, a Delaware limited liability company (the “CH
Global Capital”), dated as of the date hereof, will confirm our agreement that, commencing on the date the securities
of the Company are first listed on the Nasdaq Capital Market (the “Listing Date”), pursuant to a Registration
Statement on Form S-1 and prospectus filed by the Company with the U.S. Securities and Exchange Commission (the “Registration
Statement”) and continuing until the earlier of the consummation by the Company of an initial business combination
or the Company’s liquidation (in each case as described in the Registration Statement) (such earlier date hereinafter referred
to as the “Termination Date”):

 

(1) CH
Global Capital shall make available, or cause to be made available, to the Company, directly or indirectly through any of its
affiliates, at 430 Park Avenue, Suite 202, New York, NY 10022 (or any successor location of CH Global Capital), certain office
space, administrative and support services as may be reasonably required by the Company. In exchange therefor, the Company shall
pay CH Global Capital the sum of $10,000 per month first payable on the Listing Date and continuing monthly thereafter until the
Termination Date; and

 

(2) CH
Global Capital hereby irrevocably waives any and all right, title, interest, causes of action and claims of any kind as a result
of, or arising out of, this Agreement (each, a “Claim”) in or to, and any and all right to seek payment
of any amounts due to it out of, the trust account established for the benefit of the public shareholders of the Company and into
which substantially all of the proceeds of the Company’s initial public offering will be deposited (the “Trust
Account”), and hereby irrevocably waives any Claim it presently has or may have in the future, which Claim would
reduce, encumber or otherwise adversely affect the Trust Account or any monies or other assets in the Trust Account, and further
agrees not to 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.

 

     

     

    

 

This
Agreement constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter 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
Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by the
parties hereto.

 

No
party hereto may assign either this Agreement or any of its rights, interests or obligations hereunder without the prior written
approval 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.

 

This
Agreement, the entire relationship of the parties hereto, and any litigation between the parties (whether grounded in contract,
tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the
State of New York, without giving effect to its choice of law principles. This letter agreement may be executed in one or more
counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one
and the same agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced
to evidence the existence of this Agreement.

 

[Signature
page follows]

 

    2

     

    

 

	 	 	Very
                                         truly yours,
	 	 	 
	 	 	ITIQUIRA
                                         ACQUISITION CORP.
	 	 	 
		By:	/s/
                                         Paulo Carvalho de Gouvea
	 	 	Name:
                                         Paulo Carvalho de Gouvea
	 	 	Title:
                                         Chief Executive Officer and Director

 

	AGREED TO AND ACCEPTED BY:	 
	 	 	 
	CH Global Capital,
LLC	 
	 	 	 
	By:	/s/
                                         Maria Alejandra Herrera	 
	 	Name: Maria Alejandra Herrera	 
	 	Title: Principal	 

 

[Signature
Page to Administrative Services Agreement]

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