Document:

EX-10.8

 Exhibit 10.8 

Gores Holdings X, Inc. 
 6260
Lookout Road 
 Boulder, CO 80301 

[•], 2022 
 The Gores Group, LLC 

6260 Lookout Road 
 Boulder, CO 80301 

 

	Re:	 Administrative Services Agreement 

Gentlemen: 
 This letter agreement by and between Gores Holdings
X, Inc. (the “Company”) and The Gores Group, LLC (“The Gores Group”), an affiliate of the Company’s sponsor, Gores Sponsor X LLC, 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 with the 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”): 
 (i) The Gores Group shall make available to the Company, at 6260 Lookout
Road, Boulder, CO 80301 (or any successor location), certain office space, utilities and secretarial and administrative support as may be reasonably required by the Company. In exchange therefor, the Company shall pay The Gores Group the sum of
$20,000 per month on the Listing Date and continuing monthly thereafter until the Termination Date; and 
 (ii) The Gores Group 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 letter 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 stockholders 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 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 letter
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 letter 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 letter 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 letter agreement constitutes 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 laws principles. 

[Signature Page Follows] 

  
 2 

 
			
	Very truly yours,
	
	GORES HOLDINGS X, INC.
		
	By:	 	  

	Name:	 	Andrew McBride
	Title:	 	Chief Financial Officer and Secretary

  

			
	AGREED TO AND ACCEPTED BY:
	
	THE GORES GROUP, LLC
		
	By:	 	  

	Name:	 	Alec Gores
	Title:	 	Authorized Signatory

  
 [Signature Page to
Administrative Services Agreement]Document

Exhibit 10.1

TO:    Phillippe Lord
FROM:      Michael Odell, Chairman of the Compensation Committee (the “Committee”)        
DATE:    December 17, 2021
RE:    Notice of Approved 2022 Compensation (“Notice”)
			
	

Reference is made to that certain employment agreement effective January 1, 2021 (the “Employment Agreement”) concerning the employment and compensation of Phillippe Lord, the Company’s Chief Executive Officer (“Executive”). Capitalized terms in this Notice not otherwise defined herein have the meanings prescribed to those terms in the Executive’s Employment Agreement.
Base Salary Adjustment
    As provided in the Employment Agreement, the Executive’s Base Salary is subject to annual review and may, in the Committee’s discretion, be increased without the Executive’s consent.  With respect to the Executive, the Committee has reviewed Executive’s Base Salary and concluded that it is appropriate to increase Executive’s Base Salary for the Company’s 2022 fiscal year to $900,000.
Annual Bonus Adjustment
    As provided in the Employment Agreement, the Executive’s Target Bonus is set at a minimum amount of $2,125,000 – or such greater amount as may be provided in a written notice to the Executive from the Committee. 
    Accordingly, this is to provide notice to the Executive that Executive’s Target Bonus for the Company’s 2022 fiscal year is being adjusted to $2,250,000 and actual Bonus will be an amount ranging from 0% - 200% of the Target Bonus. Thus, the maximum Bonus payable to the Executive for the 2022 fiscal year will be $4,500,000.
Performance Share Award
    As provided in the Employment Agreement, the Executive’s annual Performance Share Award (“PSA”) is a target number of shares with a fair market value on the date of grant worth a minimum of $1,487,500 or such greater amount as may be provided to Executive in a written notice from the Committee. The PSA that is payable for the Performance Period, if any, shall be an amount ranging from 0% to 150% of the target number of shares, contingent on the achievement of one or more performance goals established by the Committee.
    Accordingly, this is to provide notice to the Executive that Executive’s PSA target for the Performance Period beginning January 1, 2022 and ending December 31, 2022 will be based on a grant value of $1,800,000; the PSA payable with respect to such grant shall be in the 0% to 150% range of the target.
Restricted Stock Unit
    As provided in the Employment Agreement, the Executive’s annual Restricted Stock Unit (“RSU”) is a target number of shares with a fair market value on the date of grant worth a minimum of $1,487,500 or such greater amount as may be provided to Executive in a written notice from the Committee. 
    Accordingly, this is to provide notice to the Executive that Executive’s RSU target for the 2022 fiscal year will be based on a grant value of $1,800,000.

    
*    *    *    *    *
Except as specifically expressed in this Notice, the Employment Agreement shall remain in full force and effect. To the extent there is any contradiction or inconsistency between the terms of this Notice and the terms of the Employment Agreement, the terms and intended effect of this Notice shall control.

COMPENSATION COMMITTEE

/s/ Michael Odell__________________________________
By:    Michael Odell
    Chairman of the Compensation Committee

/s/ Phillippe Lord____________________________        12/17/21________________________________
Executive                            DateDocument

Exhibit 10.2

TO:    Hilla Sferruzza
FROM:      Michael Odell, Chairman of the Compensation Committee (the “Committee”)        
DATE:    December 17, 2021
RE:    Notice of Approved 2022 Compensation (“Notice”)
			
	

Reference is made to that certain employment agreement effective January 1, 2021 (the “Employment Agreement”) concerning the employment and compensation of Hilla Sferruzza, the Company’s Executive Vice President, Chief Financial Officer (“Executive”). Capitalized terms in this Notice not otherwise defined herein have the meanings prescribed to those terms in the Executive’s Employment Agreement.
Base Salary Adjustment
    As provided in the Employment Agreement, the Executive’s Base Salary is subject to annual review and may, in the Committee’s discretion, be increased without the Executive’s consent.  With respect to the Executive, the Committee has reviewed Executive’s Base Salary and concluded that it is appropriate to increase Executive’s Base Salary for the Company’s 2022 fiscal year to $725,000.
Annual Bonus Adjustment
    As provided in the Employment Agreement, the Executive’s Target Bonus is set at a minimum amount of $843,750 – or such greater amount as may be provided in a written notice to the Executive from the Committee. 
    Accordingly, this is to provide notice to the Executive that Executive’s Target Bonus for the Company’s 2022 fiscal year is being adjusted to $906,250 and actual Bonus will be an amount ranging from 0% - 200% of the Target Bonus. Thus, the maximum Bonus payable to the Executive for the 2022 fiscal year will be $1,812,500.
Performance Share Award
    As provided in the Employment Agreement, the Executive’s annual Performance Share Award (“PSA”) is a target number of shares with a fair market value on the date of grant worth a minimum of $675,000 or such greater amount as may be provided to Executive in a written notice from the Committee. The PSA that is payable for the Performance Period, if any, shall be an amount ranging from 0% to 150% of the target number of shares, contingent on the achievement of one or more performance goals established by the Committee.
    Accordingly, this is to provide notice to the Executive that Executive’s PSA target for the Performance Period beginning January 1, 2022 and ending December 31, 2022 will be based on a grant value of $725,000; the PSA payable with respect to such grant shall be in the 0% to 150% range of the target.
Restricted Stock Unit
    As provided in the Employment Agreement, the Executive’s annual Restricted Stock Unit (“RSU”) is a target number of shares with a fair market value on the date of grant worth a minimum of $675,000 or such greater amount as may be provided to Executive in a written notice from the Committee. 
    Accordingly, this is to provide notice to the Executive that Executive’s RSU target for the 2022 fiscal year will be based on a grant value of $725,000.

    
*    *    *    *    *
Except as specifically expressed in this Notice, the Employment Agreement shall remain in full force and effect. To the extent there is any contradiction or inconsistency between the terms of this Notice and the terms of the Employment Agreement, the terms and intended effect of this Notice shall control.

COMPENSATION COMMITTEE

/s/ Michael Odell__________________________________
By:    Michael Odell
    Chairman of the Compensation Committee

/s/ Hilla Sferruzza_____________________________        12/17/21__________________________________
Executive                            Date

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