Document:

Exhibit 10.4

 

Execution Version

 

PRIVATE PLACEMENT WARRANTS PURCHASE

AGREEMENT

 

THIS PRIVATE PLACEMENT

WARRANTS PURCHASE AGREEMENT, dated as of November 24, 2020 (as it may from time to time be amended and including all exhibits referenced

herein, this “Agreement”), is entered into by and among 10X Capital Venture Acquisition Corp., a Delaware corporation

(the “Company”), and 10X Capital SPAC Sponsor I LLC, a Delaware limited liability company (the “Purchaser”).

 

WHEREAS, the Company

intends to consummate an initial public offering of the Company’s units (the “Public Offering”), each

unit consisting of one share of the Company’s Class A common stock, par value $0.0001 per share (each, a “Share”),

and one-half of one redeemable warrant. Each whole warrant entitles the holder to purchase one Share at an exercise price of $11.50

per Share. The Purchaser has agreed to purchase an aggregate of 5,500,000 warrants (the “Private Placement Warrants”),

each Private Placement Warrant entitling the holder to purchase one Share at an exercise price of $11.50 per Share.

 

NOW THEREFORE, in consideration

of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which

are hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:

 

AGREEMENT

 

Section

1.Authorization, Purchase and Sale; Terms of the Private Placement Warrants.

 

A. Authorization

of the Private Placement Warrants. The Company has duly authorized the issuance and sale of the Private Placement Warrants

to the Purchaser.

 

B. Purchase

and Sale of the Private Placement Warrants.

 

(i) On

the date of the consummation of the Public Offering or on such earlier time and date as may be mutually agreed by the Purchaser

and the Company (the “Initial Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser

shall purchase from the Company, an aggregate of 5,500,000 Private Placement Warrants at a price of $1.00 per warrant for an aggregate

purchase price of $5,500,000 (the “Purchase Price”), which shall be paid by wire transfer of immediately available

funds to the Company in accordance with the Company’s wiring instructions at least one business day prior to the date of

effectiveness of the registration statement on Form S-1 (File No. 333-249072) filed in connection with the Public Offering. On

the Initial Closing Date, the Company, shall either, at its option, deliver certificates evidencing the Private Placement Warrants

purchased by the Purchaser on such date duly registered in the Purchaser’s name to the Purchaser, or effect such delivery

in book-entry form.

 

C. Terms

of the Private Placement Warrants.

 

(i) The

Private Placement Warrants shall have their terms set forth in a Warrant Agreement to be entered into by the Company and a warrant

agent, in connection with the Public Offering (a “Warrant Agreement”).

 

(ii) At

or prior to the time of the Initial Closing Date, the Company and the Purchaser shall enter into a registration rights agreement

(the “Registration Rights Agreement”) pursuant to which the Company will grant certain registration rights to

the Purchaser relating to the Private Placement Warrants and the Shares underlying the Private Placement Warrants.

 

    1

     

    

 

Section

2.Representations and Warranties of the Company. As a material inducement to the Purchaser to enter into

this Agreement and purchase the Private Placement Warrants, the Company hereby represents and warrants to the Purchaser (which

representations and warranties shall survive each Closing Date) that:

  

A. Organization

and Corporate Power. The Company is a corporation duly organized, validly existing and in good standing under the laws of the

State of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be

expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company

possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement and

the Warrant Agreement.

 

B. Authorization;

No Breach.

 

(i) The

execution, delivery and performance of this Agreement and the Private Placement Warrants have been duly authorized and approved

by the Company as of each Closing Date. This Agreement constitutes a valid and binding obligation of the Company, enforceable in

accordance with its terms. Upon each issuance of Private Placement Warrants in accordance with, and payment pursuant to, the terms

of the Warrant Agreement and this Agreement, the Private Placement Warrants will constitute valid and binding obligations of the

Company, enforceable in accordance with their terms.

 

(ii) The

execution and delivery by the Company of this Agreement and the Private Placement Warrants, the issuance and sale of the Private

Placement Warrants, the issuance of the Shares upon exercise of the Private Placement Warrants and the fulfillment of, and compliance

with, the respective terms hereof and thereof by the Company, do not and will not as of each Closing Date (a) conflict with or

result in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of any

lien, security interest, charge or encumbrance upon the Company’s capital stock or assets under, (d) result in a violation

of, or (e) require any authorization, consent, approval, exemption, action, notice, declaration or filing, in each case, by or

to any court or administrative or governmental body or agency pursuant to the certificate of incorporation or the bylaws of the

Company (in effect on the date hereof or as may be amended prior to completion of the contemplated Public Offering), or any material

law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company

is subject, except for any filings required after the date hereof under federal or state securities laws.

 

C. Title

to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Placement

Warrants will be duly and validly issued and the Shares issuable upon exercise of the Private Placement Warrants will be duly and

validly issued, fully paid and nonassessable. On the date of issuance of the Placement Warrants, the Shares issuable upon exercise

of the Placement Warrants shall have been reserved for issuance. Upon issuance in accordance with, and payment pursuant to, the

terms hereof and the Warrant Agreement, each Purchaser will have good title to the Private Placement Warrants and the Shares issuable

upon exercise of such Private Placement Warrants, free and clear of all liens, claims and encumbrances of any kind, other than

(i) transfer restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions under federal

and state securities laws, and (iii) liens, claims or encumbrances imposed due to the actions of either Purchaser.

 

D. Governmental

Consents. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority is

required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by the

Company of any other transactions contemplated hereby.

 

    2

     

    

 

Section

3.Representations and Warranties of the Purchaser. As a material inducement to the Company to enter into

this Agreement and issue and sell the Private Placement Warrants to the Purchaser, the Purchaser hereby, severally and not jointly,

represents and warrants to the Company (which representations and warranties shall survive each Closing Date) that:

  

A. Organization

and Requisite Authority. The Purchaser possesses all requisite power and authority necessary to carry out the transactions

contemplated by this Agreement.

 

B. Authorization;

No Breach.

 

(i) This

Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to bankruptcy,

insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting

creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law).

 

(ii) The

execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by the Purchaser

does not and shall not as of each Closing Date conflict with or result in a breach by the Purchaser of the terms, conditions or

provisions of any agreement, instrument, order, judgment or decree to which the Purchaser is subject that would materially impact

its ability to perform its obligations hereunder.

 

C. Investment

Representations.

 

(i) The

Purchaser is acquiring the Private Placement Warrants and, upon exercise of the Private Placement Warrants, the Shares issuable

upon such exercise (collectively, the “Securities”), for the Purchaser’s own account, for investment purposes

only and not with a view towards, or for resale in connection with, any public sale or distribution thereof.

 

(ii) The

Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D of the Securities Act

of 1933, as amended (the “Securities Act”), and the Purchaser has not experienced a disqualifying event as enumerated

pursuant to Rule 506(d) of Regulation D under the Securities Act.

 

(iii) The

Purchaser understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from the

registration requirements of the United States federal and state securities laws and that the Company is relying upon the truth

and accuracy of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set forth herein

in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Securities.

 

(iv) The

Purchaser did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the

meaning of Rule 502(c) under the Securities Act.

 

(v) The

Purchaser has been furnished with all materials relating to the business, finances and operations of the Company and materials

relating to the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded the

opportunity to ask questions of the executive officers and directors of the Company. The Purchaser understands that its investment

in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary

to make an informed investment decision with respect to the acquisition of the Securities.

 

(vi) The

Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed on

or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities

by the Purchaser nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

    3

     

    

 

(vii) The

Purchaser understands that: (a) the Securities have not been and are not being registered under the Securities Act or any state

securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or

(2) sold in reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights Agreement,

neither the Company nor any other person is under any obligation to register the Securities under the Securities Act or any state

securities laws or to comply with the terms and conditions of any exemption thereunder. While the Purchaser understands that Rule

144 under the Securities Act is not available for the resale of securities initially issued by shell companies (other than business

combination related shell companies) or issuers that have been at any time previously a shell company, the Purchaser understands

that Rule 144 includes an exception to this prohibition if the following conditions are met: (i) the issuer of the securities that

was formerly a shell company has ceased to be a shell company; (ii) the issuer of the securities is subject to the reporting requirements

of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”); (iii) the issuer

of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12

months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and

(iv) at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting

its status as an entity that is not a shell company.

 

(viii) The

Purchaser has knowledge and experience in financial and business matters, understands the high degree of risk associated with investments

in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an

investment in the Securities and is able to bear the economic risk of an investment in the Securities in the amount contemplated

hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current financial needs and contingencies

and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the Securities.

The Purchaser can afford a complete loss of its investment in the Securities.

 

Section

4.Conditions of the Purchaser’s Obligations. The obligations of the Purchaser to purchase and pay for

the Private Placement Warrants are subject to the fulfillment, on or before each Closing Date, of each of the following conditions:

 

A. Representations

and Warranties. The representations and warranties of the Company contained in Section 2 shall be true and correct at and as

of such Closing Date as though then made.

 

B. Performance.

The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that

are required to be performed or complied with by it on or before such Closing Date.

 

C. No

Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,

entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory

organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions

contemplated by this Agreement or the Warrant Agreement.

 

D. Warrant

Agreement and Registration Rights Agreement. The Company shall have entered into the Warrant Agreement and the Registration

Rights Agreement, each on terms satisfactory to the Purchaser.

 

E. Corporate

Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance

of this Agreement and the Warrant Agreement and the issuance and sale of the Private Placement Warrants hereunder.

 

    4

     

    

 

Section

5.Conditions of the Company’s Obligations. The obligations of the Company to the Purchaser under this

Agreement are subject to the fulfillment, on or before each Closing Date, of each of the following conditions:

 

A. Representations

and Warranties. The representations and warranties of the Purchaser contained in Section 3 shall be true and correct at and

as of such Closing Date as though then made.

 

B. Performance.

The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that

are required to be performed or complied with by the Purchaser on or before such Closing Date.

 

C. Corporate

Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance

of this Agreement and the Warrant Agreement and the issuance and sale of the Private Placement Warrants hereunder.

 

D. No

Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,

entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory

organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions

contemplated by this Agreement or the Warrant Agreement.

 

E. Warrant

Agreement. The Company shall have entered into the Warrant Agreement on terms satisfactory to the Company.

 

Section

6.Termination. This Agreement may be terminated at any time after December 31, 2020 upon the election by

either the Company or the Purchaser upon written notice to the other party if the closing of the Public Offering does not occur

prior to such date.

 

Section

7.Survival of Representations and Warranties. All of the representations and warranties contained herein

shall survive each Closing Date.

 

Section

8.Definitions. Terms used but not otherwise defined in this Agreement shall have the meaning assigned to

such terms in the registration statement on Form S-1 the Company plans to file with the U.S. Securities and Exchange Commission

under the Securities Act.

 

Section

9.Miscellaneous.

 

A. Successors

and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or

on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether

so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this Agreement

without the prior written consent of the other party hereto, other than assignments by the Purchaser to its affiliates (including,

without limitation, one or more of its members).

 

B. Severability.

Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable

law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be

ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

C. Counterparts.

This Agreement may be executed simultaneously in two or more counterparts, none of which need contain the signatures of more than

one party, but all such counterparts taken together shall constitute one and the same agreement. 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.

 

    5

     

    

 

D. Descriptive

Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute

a substantive part of this Agreement. The use of the word “including” in this Agreement shall be by way of example

rather than by limitation.

 

E. Governing

Law. This Agreement shall be deemed to be a contract made under the laws of the State of New York and for all purposes shall

be construed in accordance with the internal laws of the State of New York.

 

F. Amendments.

This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by

all parties hereto.

 

 

[Signature Page Follows]

 

    6

     

    

 

IN WITNESS WHEREOF,

the parties hereto have executed this Agreement to be effective as of the date first set forth above.

 

	 	COMPANY:
	 	10X

    CAPITAL VENTURE ACQUISITION CORP, a Delaware corporation
	 	 	 
	 	By:	/s/

    Hans Thomas
	 	 	Name:	Hans Thomas
	 	 	Title:	Chief Executive Officer

  

 

	 	PURCHASER:
	 	10X

    CAPITAL SPAC SPONSOR I LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/

    Hans Thomas
	 	 	Name:	Hans Thomas
	 	 	Title:	Managing Member

 

 

[Signature Page

to Private Placement Warrants Purchase Agreement]Exhibit 10.5

 

Execution

Version

 

10X

CAPITAL VENTURE ACQUISITION CORP

1

World Trade Center, 85th Floor

New

York, NY 10007

 

November

24, 2020

 

10X

Capital SPAC Sponsor I LLC

1

World Trade Center, 85th Floor 

New

York, NY 10007

 

Re:

Administrative Services Agreement

 

Ladies

and Gentlemen:

 

This

letter agreement (this “Agreement”) by and among 10X Capital Venture Acquisition Corp (the “Company”)

and 10X Capital SPAC Sponsor I LLC (the “Sponsor”), 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 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. The

Sponsor shall make available, or cause to be made available, to the Company, at 1 World Trade Center, 85th Floor, New

York, NY 10007 (or any successor location), office space and secretarial and administrative services as may be reasonably required

by the Company. In exchange therefor, the Company shall pay the Sponsor $20,000 per month on the Listing Date and continuing monthly

thereafter until the Termination Date; and

 

2. The

Sponsor 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 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 as a result of, or arising out of,

this Agreement, 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.

 

    1

     

    

 

This

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.

 

 

[Signature

Page Follows]

 

    2

     

    

 

	 	Very truly yours,
	 	 	 
	 	10X CAPITAL VENTURE ACQUSITION

    CORP
	 	 	 
	 	By:	/s/

    Hans Thomas
	 	 	Name:	Hans Thomas
	 	 	Title:	Chief Executive Officer

 

 

	AGREED AND ACCEPTED BY:	 
	 	 	 
	10X CAPITAL SPAC SPONSOR I LLC
	 	 	 
	By:	/s/

    Hans Thomas	 
	 	Name:	Hans Thomas	 
	 	Title:	Managing Member	 

 

 

[Signature

Page to Administrative Services Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00317-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00317-of-00352.parquet"}]]