Document:

Exhibit 10.5

 

September
2, 2020

 

BCTG
Acquisition Corp.

11682 El Camino Real, Suite 320

San
Diego, CA 92130

 

Ladies
and Gentlemen:

 

BCTG
Acquisition Corp. (the “Company”), a blank check company formed for the purpose of acquiring 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 registration statements
on Form S-1 (collectively, the “Registration Statement”).

 

The
undersigned hereby commits that it will purchase an aggregate of 490,000 shares of common stock (or 533,500 shares if the underwriters’
over-allotment option is exercised in full) (“Private Shares”) at a price of 10.00 per share ($4,900,000 in the aggregate,
or $5,335,000 in the aggregate if the underwriters’ overallotment option is exercised in full) (“Private Shares Purchase
Price”).

 

At
least twenty-four (24) hours prior to the effective date of the Registration Statement, the undersigned will cause the Private
Shares Purchase Price to be delivered to Loeb & Loeb, LLP (“Loeb”), 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 Shares shall occur simultaneously with the consummation of the IPO. On
or prior to the consummation of the IPO, Loeb shall deposit the Private Shares Purchase Price, without interest or deduction,
into the trust fund (“Trust Fund”) established by the Company for the benefit of the Company’s public stockholders
as described in the Registration Statement.

 

Each
of the Company and the undersigned acknowledges and agrees that Loeb is serving hereunder solely as a convenience to the parties
to facilitate the purchase of the Private Shares.

 

Additionally,
the undersigned agrees:

 

		●	not
                                         to propose, or vote in favor of, 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 24 months 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
                                         of the Trust Fund, including interest earned on Trust Fund 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 Shares (but will participate in liquidation distributions with respect to any
                                         shares of Common Stock purchased by the undersigned in the IPO or in the open market)
                                         if the Company fails to consummate a Business Combination;

 

		●	that
                                         the Private Shares will not be transferable until after the consummation of a Business
                                         Combination except (i) to the Company’s pre-IPO stockholders, or to the Company’s
                                         officers, directors and employees, (ii) transfers to the officers, directors, stockholders,
                                         employees and members of the undersigned and its affiliates, (iii) to relatives and trusts
                                         for estate planning purposes, (iv) by virtue of the laws of descent and distribution
                                         upon death, (v) pursuant to a qualified domestic relations order, (vi) by private sales
                                         at prices no greater than the price at which the Private Shares were originally purchased
                                         or (vii) to the Company for cancellation in connection with the consummation of a Business
                                         Combination, in each case (except for clause vii) where the transferee agrees to the
                                         terms of the transfer restrictions; and

 

		●	the
                                         Private Shares 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 Shares 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 hereby represents and warrants that:

 

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

 

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

 

(c) it
has no present intention of selling or otherwise disposing of the Private Shares 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 of 1933, as
amended;

 

(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 Shares, and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both
written and oral, with respect to the same.

 

[signature
page follows]

 

    2

     

    

 

	 	Very truly yours,
	 	 
	 	BCTG HOLDINGS, LLC
	 	 
	 	By:	/s/ Andrew Ellis
	 	Name: 	Andrew Ellis
	 	Title:	Manager

 

	Accepted and Agreed:	 
	 	 
	BCTG ACQUISITION CORP.	 
	 	 	 
	By:	/s/ Aaron I. Davis	 
	Name:  	Aaron I. Davis	 
	Title:	Chief Executive Officer	 

 

[Signature
Page to Private Placement Subscription Agreement]

 

    3

     

    

 

Exhibit
A

 

Wire
InstructionsExhibit 10.6

 

BCTG ACQUISITION CORP.

11682 El Camino Real, Suite 320

San Diego, CA 92130

 

September 2, 2020

 

Boxer Capital, LLC

11682 El Camino Real, Suite 320

San Diego, CA 92130

 

Ladies and Gentlemen:

 

This letter will confirm
our agreement that, commencing on the effective date (the “Effective Date”) of the registration statement
(the “Registration Statement”) for the initial public offering (the “IPO”)
of the securities of BCTG Acquisition Corp. (the “Company”) and continuing until the earlier of (i) the
consummation by the Company of an initial business combination or (ii) the Company’s liquidation (in each case as described
in the Registration Statement) (such earlier date hereinafter referred to as the “Termination Date”),
Boxer Capital, LLC (“Boxer Capital”) shall make available to the Company certain office space, secretarial
and administrative services as may be required by the Company from time to time, situated at 11682 El Camino Real, Suite 320, San
Diego, CA 92130 (or any successor location). In exchange therefore, the Company shall pay Boxer Capital a sum not to exceed $10,000
per month, respectively, on the Effective Date and continuing monthly thereafter until the Termination Date. Boxer Capital hereby
agrees that it does not have any right, title, interest or claim of any kind in or to any monies that may be set aside in a trust
account (the “Trust Account”) that may be established by the Company for the benefit of the Company’s
public stockholders upon the consummation of the IPO as described in the Registration Statement (“Claim”)
and hereby waives any Claim it may have in the future as a result of, or arising out of, any negotiations, contracts or agreements
with the Company and will not seek recourse against the Trust Account for any reason whatsoever.

 

[signature page follows]

 

     

     

    

 

	 	Very truly yours,
	 	 
	 	BCTG ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Aaron I. Davis
	 	Name:   	Aaron I. Davis
	 	Title: 	Chief Executive Officer

 

	AGREED TO AND ACCEPTED BY:	 
	 	 
	BOXER CAPITAL, LLC	 
	 	 
	By:	/s/ Andrew Ellis	 
	Name:  	Andrew Ellis	 
	Title:	Manager

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