Document:

Exhibit 10.5

 

ExcelFin Acquisition Corp.

473 Jackson St., Suite 300

San Francisco, CA 94111

 

October 20, 2021

 

Fin Venture Capital

473 Jackson St., Suite 300

San Francisco, CA 94111

 

Re:       Financial Services Agreement

 

Ladies and Gentlemen:

 

This letter agreement by and between ExcelFin Acquisition Corp., a
Delaware corporation (the “Company”), and Fin Venture Capital (the “Services Provider”),
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 Global Market (the “Listing Date”) and continuing until the earlier of the consummation by the Company
of an initial business combination and the Company’s liquidation (in each case as described in the Registration Statement on Form S-1
(File No. 333-260038) filed with the Securities and Exchange Commission) (such earlier date hereinafter referred to as the “Termination
Date”):

 

		1.	The Services Provider shall make available to the Company in connection with the Company’s search for, negotiation with and
consummation of its initial business combination, such consulting, legal, accounting and diligence services as may be requested by the
Company from time to time. In exchange therefor, the Company shall pay the Services Provider the sum of $112,000 per quarter commencing
on the Listing Date and continuing quarterly thereafter until the Termination Date; and

 

		2.	The Services Provider hereby irrevocably waives any and all right, title, interest, causes of action and claims of any kind or nature
whatsoever (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 presently has or may have in the future as a result of, or arising out of, this letter 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 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, provided that the Services Provider
may assign this letter agreement to an affiliate without the prior written approval of the Company. 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, 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 and construed
in accordance with the laws of the State of New York.

 

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 letter agreement.

 

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	 	Very truly yours,

 

	 	EXCELFIN ACQUISITION CORP.

 

		By:	/s/ Logan Allin
	 	 	Name:  Logan Allin
	 	 	Title:    Chief Executive Officer

 

AGREED TO AND ACCEPTED BY:

 

FIN VENTURE CAPITAL

 

	By:	/s/ Logan Allin	 
	 	Name:  Logan Allin	 
	 	Title:    Chief Executive Officer	 

 

[Signature Page to Financial Services Agreement]Exhibit 10.6

 

SPONSOR
WARRANTS PURCHASE AGREEMENT

 

October 20, 2021

 

THIS SPONSOR WARRANTS PURCHASE AGREEMENT (as it
may from time to time be amended and including all exhibits referenced herein, this “Agreement”), dated as of
October 20, 2021, is entered into by and between ExcelFin Acquisition Corp., a Delaware corporation (the “Company”),
and ExcelFin SPAC 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 Class A
common stock of the Company, par value $0.0001 per share (a “Share”), and one-half of one redeemable warrant,
each whole warrant entitling the holder to purchase one Share at an exercise price of $11.50 per Share, as set forth in the Company’s
Registration Statement on Form S-1, as amended, filed with the U.S. Securities and Exchange Commission, No. 333-260038 (the
 “Registration Statement”), under the Securities Act of 1933, as amended (the “Securities Act”).

 

WHEREAS, the Purchaser has agreed to purchase,
at a price of $1.00 per warrant, an aggregate of 10,500,000 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, and, subject
to proper exercise of the Private Placement Warrants and against payment therefor, the Shares underlying such 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 “Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase
from the Company, 10,500,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant for an aggregate purchase price
of $10,500,000 (the “Purchase Price”). The Purchaser shall pay, at least one (1) business day prior to
the Closing Date, the Purchase Price by wire transfer of immediately available funds, to accounts designated by the Company, including
to the trust account (the “Trust Account”), at a financial institution to be chosen by the Company, maintained
by Continental Stock Transfer & Trust Company, acting as trustee, in accordance with the Company’s wiring instructions.
On the Closing Date, subject to receipt of funds pursuant to the immediately prior sentence, the Company shall effect such delivery in
book-entry form.

 

(ii)            On
the date of the consummation of the closing of the over-allotment option, if any, in connection with the Public Offering or on such earlier
time and date as may be mutually agreed by the Purchaser and the Company (an “Over-allotment Closing Date,”
and each Over-allotment Closing Date (if any) and the IPO Closing Date, a “Closing Date”), the Company shall
issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, up to 1,200,000 Private Placement Warrants (or, to
the extent the over-allotment option is not exercised in full, a lesser number of Private Placement Warrants in proportion to the portion
of the over-allotment option that is then exercised) at a price of $1.00 per Private Placement Warrant for an aggregate purchase price
of up to $1,200,000 (if the over-allotment option is exercised in full) (the “Over-allotment Purchase Price”).
The Purchaser shall pay the Over-allotment Purchase Price in accordance with the Company’s wire instruction by wire transfer of
immediately available funds to the Company or the Trust Account (as set forth in the wire instructions), at least one (1) business
day prior to the applicable Over-allotment Closing Date. On each Over-allotment Closing Date, subject to receipt of funds pursuant to
the immediately prior sentence, the Company shall effect such delivery in book-entry form.

 

    

     

    

 

C.            Terms
of the Private Placement Warrants.

 

(i)            The
Private Placement Warrants are substantially identical to the warrants underlying the units to be offered in the Public Offering except
that (a) the Private Placement Warrants (including the underlying Shares issuable upon exercise of the Private Placement Warrants)
will not, except in limited circumstances, be transferable or salable until 30 days after the completion of the Company’s initial
business combination (the “Business Combination”) so long as they are held by the Purchaser or its permitted
transferees, and (b) the Private Placement Warrants are being purchased pursuant to an exemption from the registration requirements
of the Securities Act and will become freely tradable only after the expiration of the lockup described above in clause (a) and they
are registered pursuant to the Registration Rights Agreement (as defined below) or an exemption from registration is available, and the
restrictions described above in clause (a) have expired and (c) each Private Placement Warrant shall have the terms set forth
for private placement warrants in a Warrant Agreement to be entered into by the Company and a warrant agent in connection with the Public
Offering (the “Warrant Agreement”).

 

(ii)            On
or prior to the 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.

 

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.            Incorporation
and Corporate Power. The Company is a corporation duly incorporated, 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, and, subject to proper exercise of the Private
Placement Warrants and against payment therefor, the Shares underlying such Private Placement Warrants, have been duly authorized by the
Company. This Agreement constitutes the valid and binding obligation of the Company, 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). Upon issuance 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 as of each Closing Date.

 

(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 or other action by or notice or declaration to, or filing with, any court or administrative
or governmental body or agency pursuant to the Company’s amended and restated certificate of incorporation and bylaws (each, 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.

 

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C.            Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, 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 Private Placement Warrants, the Shares issuable upon exercise of the Private Placement Warrants shall have been reserved for issuance.
Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement (as applicable), the Purchaser will
have good title to the Private Placement Warrants, including the Shares issuable upon exercise of the 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 the Purchaser.

 

D.            Governmental
Consents. Assuming the accuracy of the representations and warranties made by the Purchaser in this Agreement, no consent, approval,
order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental
authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement,
except for applicable requirements of the Securities Act.

 

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 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
do not and shall not as of each Closing Date (a) conflict with or result in a breach by the Purchaser 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 Purchaser’s equity or assets under, (d) result in a violation of, or (e) require any authorization, consent,
approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative or governmental body or
agency pursuant to the Purchaser’s organizational documents 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 Purchaser is subject, or any agreement,
instrument, order, judgment or decree to which the Purchaser is subject, except for any filings required after the date hereof under federal
or state securities laws.

 

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 its own account, for investment purposes only and not with
a view towards, or for resale in connection with, any public sale or distribution thereof.

 

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(ii)           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.

 

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

 

(iv)          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.

 

(v)           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.

 

(vi)          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; (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; and (c) Rule 144 adopted pursuant to the Securities Act will not
be available for resale transactions of the Securities prior to a Business Combination and may not be available for resale transactions
of the Securities after a Business Combination.

 

(vii)         The
Purchaser has such knowledge and experience in financial and business matters, knowledge of 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 investments in the Securities.

 

(viii)        The
Purchaser understands that the Private Placement Warrants shall bear the legend substantially in the form set forth in the Warrant Agreement
and be subject to appropriate “stop transfer restrictions”.

 

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.

 

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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, in each case on terms satisfactory to the Purchaser.

 

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.

 

Section 6. Termination.

 

This Agreement may be terminated at any time after
June 30, 2021 upon the election by either the Company or the Purchaser upon written notice to the other party if the closing of the
Public Offering has not occurred prior to such date.

 

Section 7. Survival of Representations
and Warranties.

 

All of the representations and warranties contained
herein shall survive the applicable 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.

 

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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, other than assignments
by the Purchaser to affiliates thereof (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. Signatures to this Agreement transmitted
via facsimile or e-mail shall be valid and effective to bind the party so signing.

 

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 the parties
hereto.

 

[Signature page follows]

 

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

 

	 	COMPANY:

 

	 	EXCELFIN ACQUISITION CORP.

 

		By:	/s/ Logan Allin
	 	 	Name:  Logan Allin
	 	 	Title:    Chief Executive Officer

 

	 	PURCHASER:

 

	 	EXCELFIN SPAC LLC

 

		By:	/s/ Logan Allin
	 	 	Name:  Logan Allin
	 	 	Title:    Chief Executive Officer

 

[Signature Page to Private Placement Warrants Purchase Agreement]

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