Document:

Exhibit 10.7

 

February 4, 2021

 

Quantum FinTech Acquisition Corporation

4221 W. Boy Scout Blvd.

Suite 300

Tampa, FL 33607

 

Ladies and Gentlemen:

 

Quantum FinTech Acquisition Corporation
(the “Company”), a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition,
stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities
(a “Business Combination”), intends to register its securities under the Securities Act of 1933, as amended (“Securities
Act”), in connection with its initial public offering (“IPO”), pursuant to a registration statement on Form S-1
(“Registration Statement”).

 

The undersigned hereby commits that it will
purchase an aggregate of 1,112,500 warrants of the Company (“Private Warrants”), at a price of $1.00 per warrant for
an aggregate purchase price of $1,112,500 (the “Private Warrant Purchase Price”).

 

At least twenty-four (24) hours prior to
the effective date of the Registration Statement, the undersigned will cause the Private Warrant Purchase Price to be delivered
to Greenberg Traurig, LLP, as escrow agent, by wire transfer as set forth in the instructions attached as Exhibit A to hold in
a non-interest bearing account until the Company consummates the IPO.

 

The consummation of the purchase and issuance
of the Private Warrants shall occur simultaneously with the consummation of the IPO. Simultaneously with the consummation of the
IPO, Continental Stock Transfer & Trust Company (“Continental”) shall deposit $787,500 of the Private Warrant Purchase
Price, without interest or deduction, into the trust account (“Trust Account”) established by the Company for the benefit
of the Company’s public stockholders and the remaining $325,000 shall be used by the Company for working capital, each as
described in the Registration Statement.

 

Each of the Company and the undersigned
acknowledges and agrees that Greenberg Traurig, LLP is serving hereunder solely as a convenience to the parties to facilitate the
purchase of the Private Warrants.

 

Additionally, the undersigned agrees:

 

	 	●	not to propose, or vote in favor of, prior to or unrelated to an initial Business Combination, an amendment to the Company’s Amended and Restated Certificate of Incorporation that would affect the substance or timing of the Company’s obligation to redeem 100% of the Company’s shares of common stock sold in the IPO if the Company does not complete an initial Business Combination within 18 months (or 24 months, if the time to complete a Business Combination is extended as described in the prospectus) from the closing of the IPO, unless the Company provides the holders of shares of common stock sold in the IPO with the opportunity to redeem their shares of common stock 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 earned on the funds held in the Trust Account and not previously released to the Company to pay the Company’s franchise and income taxes, divided by the number of then outstanding shares of common stock sold in the IPO;

 

	 	●	the undersigned will not participate in any liquidation distribution with respect to the Private Warrants (but will participate in liquidation distributions with respect to any units or common stock purchased by the undersigned in the IPO or in the open market) if the Company fails to consummate a Business Combination;

 

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	 	●	that the Private Warrants and underlying securities will not be transferable until 30 days after the consummation of a Business Combination except (i) to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors and any members or affiliates of the Company’s co-sponsors, (ii) by gift to a member of an individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s immediate family, an affiliate of such person or to a charitable organization, (iii) by virtue of the laws of descent and distribution upon death, (iv) pursuant to a qualified domestic relations order, (v) by private sales or transfers made in connection with the consummation of an initial Business Combination at prices no greater than the price at which the Private Warrants were originally purchased, (vi) in the event of the Company’s liquidation prior to the completion of its initial Business Combination, (vii) by virtue of the laws of Delaware or Chardan Quantum LLC’s liability company agreement upon dissolution of Chardan Quantum LLC, or (viii) to the Company for cancellation in connection with the consummation of a Business Combination, in each case (except for clauses (vi) and (viii)) where the transferee agrees to the terms of the transfer restrictions; and

 

	 	●	the Private Warrants will include any additional terms or restrictions as is customary in other similarly structured blank check company offerings or as may be reasonably required by the underwriters in the IPO in order to consummate the IPO, each of which will be set forth in the Registration Statement.

 

The undersigned acknowledges and agrees
that the purchaser of the Private Warrants will execute agreements in form and substance typical for transactions of this nature
necessary to effectuate the foregoing agreements and obligations prior to the consummation of the IPO as are reasonably acceptable
to the undersigned, including but not limited to an insider letter.

 

The undersigned also acknowledges to be
bound by the terms of the private warrants described in the warrant agreement between the Company and Continental that will be
executed in connection with the Company’s IPO.

 

The undersigned hereby represents and warrants
that:

 

(a) it has been advised that the Private
Warrants have not been registered under the Securities Act;

 

(b) it will be acquiring the Private
Warrants for its account for investment purposes only;

 

(c) it has no present intention of
selling or otherwise disposing of the Private Warrants in violation of the securities laws of the United States;

 

(d) it is an “accredited investor”
as defined by Rule 501 of Regulation D promulgated under the Securities Act;

 

(e) it has had both the opportunity
to ask questions and receive answers from the officers and directors of the Company and all persons acting on its behalf concerning
the terms and conditions of the offer made hereunder;

 

(f) it is familiar with the proposed
business, management, financial condition and affairs of the Company;

 

(g) it has full power, authority and
legal capacity to execute and deliver this letter and any documents contemplated herein or needed to consummate the transactions
contemplated in this letter; and

 

(h) this letter constitutes its legal,
valid and binding obligation, and is enforceable against it.

 

This letter agreement constitutes the entire
agreement between the undersigned and the Company with respect to the purchase of the Private Warrants, and supersedes all prior
and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to the same.

 

[SIGNATURE PAGE FOLLOWS]

 

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	 	Sincerely,
	 	 
	 	Very truly yours,
	 	 
	 	CHARDAN QUANTUM LLC
	 	 
	 	By:	/s/
Jonas Grossman
	 	 	Name:  	Jonas Grossman
	 	 	Title:	Managing Member

 

	Accepted and Agreed:	 
	 	 
	QUANTUM FINTECH ACQUISITION CORPORATION	 
	 	 
	By:	/s/
John Schaible	 
	 	Name:	John Schaible	 
	 	Title:	Chief Executive Officer	 

 

 

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Exhibit A

 

Wire InstructionsExhibit 10.8

 

Quantum FinTech Acquisition Corporation

4221 W. Boy Scout Blvd.

Suite 300

Tampa, FL 33607

February 4, 2021

 

Quantum Ventures LLC

4221 W. Boy Scout Blvd.

Suite 300

Tampa, FL 33607

 

		Re:	Administrative Services Agreement

 

Ladies and Gentlemen:

 

This letter agreement by and between Quantum
FinTech Acquisition Corporation (the “Company”) and Quantum Ventures LLC (“Provider”), dated
as of the date hereof, will confirm our agreement that, commencing on the effective date (the “Effective Date”)
of the Registration Statement on Form S-1 filed with the U.S. Securities and Exchange Commission (the “Registration
Statement”) for the Company’s initial public offering 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.	Provider shall make available, or cause to be made available, to the Company, at 4221 W. Boy Scout Blvd., Suite 300, Tampa,
FL 33607 (or any successor location of Provider), certain office space, utilities, general and administrative services and secretarial
support as may be reasonably required by the Company. In exchange therefor, the Company shall pay Provider the sum of $10,000 per
month on the Effective Date and continuing monthly thereafter until the Termination Date; and

 

		ii.	Provider 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 all 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.

 

     

     

    

 

	 	Very truly yours,
	 	 	 
	 	QUANTUM FINTECH ACQUISITION CORPORATION
	 	 	 
	 	By: 	/s/
John Schaible
	 	Name:	John Schaible
	 	Title:	Chief Executive Officer

 

	AGREED TO AND ACCEPTED BY:	 
	 	 	 
	QUANTUM VENTURES LLC	 
	 	 	 
	By:	/s/
John Schaible	 
	Name:	John Schaible	 
	Title:	Chief Executive Officer	 

 

[Signature
Page to Administrative Services Agreement]

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