Document:

Exhibit 10.4

 

,
2021

 

FTAC
Zeus Acquisition Corp.

2929
Arch Street, Suite 1703

Philadelphia,
PA 19104-2870

 

Re:
Initial Public Offering

 

Ladies
and Gentlemen:

 

This
letter (“Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting
Agreement”) entered into, or proposed to be entered into, by and among FTAC Zeus Acquisition Corp., a Delaware corporation
(the “Company”), and Citigroup Global Markets Inc., as the representative of the underwriters (the
“Underwriters”), relating to an underwritten initial public offering (the “Offering”),
of up to 44,000,000 of the Company’s units (the “Units”), each comprised of one share of the Company’s
Class A common stock, par value $0.0001 per share (the “Common Stock”), and one fourth of one warrant, each
whole warrant exercisable for one share of Common Stock (each, a “Warrant”). The Units sold in the Offering
will be registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to a registration
statement on Form S-1 and prospectus (the “Prospectus”) filed by the Company with the Securities and Exchange
Commission (the “Commission”). The Company expects that the Units will be listed for trading on the Nasdaq
Capital Market. Certain capitalized terms used herein are defined in paragraph 16 hereof.

 

The
Insiders signatory hereto hereby agree with the Company as follows:

 

1.
Each Insider agrees that, if the Company seeks stockholder approval of (a) a proposed initial
Business Combination or (b) a proposed amendment to the Company’s amended and restated certificate of incorporation (as may be
amended from time to time, the “Charter”) to modify the substance or timing of the Company’s obligation
to redeem 100% of the Offering Shares if the Company does not complete its initial Business Combination within 18 months from the date of the completion of the Offering, or 21 months from the date of the completion of the Offering if the Company
has executed a letter of intent, agreement in principle or definitive agreement for its initial business combination within 18 months
from the date of completion of the Offering, but has not completed the business combination within such 18-month period (the “Completion
Window”), then in connection with such proposed initial Business Combination or amendment to the Charter, such person shall vote,
as applicable, all Founder Shares, Placement Shares and any shares acquired by such person in the Offering or in the secondary public
market in favor of such proposed initial Business Combination or such amendment to the Charter, as applicable.

 

2. (a)
Each Insider hereby agrees that, if the Company fails to consummate a Business Combination within the Completion Window, such person shall take all reasonable steps to cause the Company to (i) cease all operations except
for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the
Offering Shares at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including
any amounts representing interest earned on the Trust Account, less interest previously released to, or reserved for use by, the
Company in an amount up to $100,000 to pay dissolution expenses and less any other interest released to, or reserved for use by, the
Company to pay franchise and income taxes, divided by the number of Offering Shares then outstanding, which redemption will
completely extinguish the holder’s rights as a stockholder with respect to his, her or its Offering Shares (including the
right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible
following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of
directors (the “Board”), dissolve and liquidate, subject in the case of clauses (ii) and (iii) to the
Company’s obligations under Delaware law to provide for claims of creditors and other requirements of applicable
law.

 

(b)
Each Insider agrees to not propose any amendment to the Charter that would affect the substance or timing of the Company’s
obligation to redeem 100% of the Offering Shares if the Company does not consummate a Business Combination within the Completion
Window, unless the Company provides the holders of Offering Shares with the opportunity to redeem their Offering Shares
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 any amounts representing interest earned on the Trust Account, less any interest released to, or reserved
for use by, the Company to pay franchise and income taxes, divided by the number of then outstanding Offering Shares.

 

     

     

    

 

(c)
Each Insider acknowledges and agrees that Founder Shares or Placement Shares held by him, her
or it are not entitled to, and have no right, interest or claim of any kind in or to, any monies held in the Trust Account or distributed
as a result of any liquidation of the Trust Account.

 

(d)
Each Insider waives, with respect to any Founder Shares or Placement Shares held by such undersigned party, any redemption rights
he, she or it may have (i) in connection with the consummation of an initial Business Combination, (ii) if the Company fails to
consummate its initial Business Combination or liquidates within the Completion Window or (iii) if the Company seeks an amendment to
its Charter that would affect the substance or timing of the Company’s obligation to redeem 100% of the Offering Shares as
described above. If any of the Insiders should acquire Offering Shares in or after the Offering, each Insider hereby waives with
respect to such Offering Shares held by such undersigned party any redemption rights such party may have in connection with the
consummation of a Business Combination or a stockholder vote to amend the Charter to modify the substance or timing of the
Company’s obligation to redeem 100% of the Offering Shares if the Company does not complete its initial Business Combination
within the Completion Window; provided, however, that the Insiders will be entitled to
redemption rights with respect to such Offering Shares held by them if the Company fails to consummate a Business Combination or
liquidates within the Completion Window.

 

3.
(a) To the extent that the Underwriters do not exercise in full their over-allotment option to purchase an additional 6,600,000
Units (as described in the Prospectus), the Initial Holders shall return to the Company for cancellation, at no cost, an aggregate number
of Founder Shares determined by multiplying 2,200,000 by a fraction: (i) the numerator of which is 6,600,000 minus the number of shares
of the Common Stock purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which
is 6,600,000. The Initial Holders further agree that, if the Company effects a stock split, stock dividend, reverse stock
split, contribution back to capital or otherwise in connection with any increase or decrease in the size of the Offering, to the extent
that the Underwriters do not exercise their over-allotment option in full, the aggregate number of shares that the Initial Holders will
be required to return to the Company as set forth in the immediately preceding sentence shall be adjusted so that the Founder Shares
held by the Initial Holders and their Permitted Transferees represent 25% of the Company’s issued and outstanding shares of Common
Stock immediately following such forfeiture. The number of Founder Shares to be returned by each Initial Holder, if any, pursuant to
this Section 3(a) shall be determined on a pro-rata basis based on the percentage of outstanding Founder Shares held by each Initial
Holder at the time of such forfeiture.

 

(b)
Subject to paragraph 3(d), the Founder Shares owned by the Insiders shall not be transferable
or salable (x)(a) with respect to 25% of such shares, until consummation of a Business Combination, (b) with respect to 25% of such shares,
when the closing price of the Common Stock exceeds $12.00 for any 20 trading days within a 30-trading day period following the consummation
of a Business Combination, (c) with respect to 25% of such shares, when the closing price of the Common Stock exceeds $13.50 for any
20 trading days within a 30-trading day period following the consummation of a Business Combination, and (d) with respect to 25% of such
shares, when the closing price of the Common Stock exceeds $15.00 for any 20 trading days within a 30-trading day period following the
consummation of a Business Combination or earlier, in any case, if, following a Business Combination (y) the Company completes a liquidation,
merger, stock exchange or other similar transaction that results in all of the Company’s stockholders having the right to exchange
their shares of Common Stock for cash, securities or other property (such applicable period being the “Founder Lock-Up Period”).
During the Founder Lock-Up Period, the Insiders shall not, except as described in the Prospectus, (I) sell, offer to sell, contract or
agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly,
or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section
16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder (the “Exchange
Act”), with respect to the Founder Shares then subject to the Founder Lock-Up Period, (II) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any of the Founder Shares
then subject to the Founder Lock-Up Period, whether any such transaction is to be settled by delivery of the Common Stock or such other
securities, in cash or otherwise, or (III) publicly announce any intention to effect any transaction specified in clause (b)(I) or (b)(II).

 

    2

     

    

 

(c)
Until 30 days after the consummation of the initial Business Combination (“Placement
Unit Lock-Up Period”), the Sponsor shall not, except as described in the Prospectus, (i) sell, offer to sell, contract
or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly,
or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section
16 of the Exchange Act with respect to the Placement Units, Placement Shares, Placement Warrants, or shares of Common Stock underlying
the Placement Warrants, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of any of the Placement Units, Placement Shares, Placement Warrants, or shares of Common Stock underlying the
Placement Warrants, whether any such transaction is to be settled by delivery of the Common Stock or such other securities, in cash or
otherwise, or (iii) publicly announce any intention to effect any transaction specified in clause (c)(i) or (c)(ii).

 

(d)
Notwithstanding the provisions contained in paragraphs 3(b) and 3(c) hereof, any Insider may
transfer, as applicable, the Founder Shares and/or Placement Units, Placement Shares, Placement Warrants, or shares of Common Stock underlying
the Placement Warrants (1) in connection with an initial Business Combination with the consent of the Company to any third party that
agrees in writing to be bound by the provisions of this agreement applicable to Insiders (other than paragraph 1 and the second sentence
of paragraph 2(d)); and (2) (a) to the Company’s officers, the Company’s directors, the Initial Holders, or other Insiders,
(b) to an affiliate or immediate family member of any of the Company’s officers and directors, Initial Holders, or other Insiders,
(c) to any member, officer or director of the Sponsor, or any immediate family member, partner, affiliate or employee of a member of
the Sponsor, (d) by gift to any Permitted Transferee under any of the immediately preceding subsections (a) through (c), a trust, the
beneficiaries of which are one or more Permitted Transferees under any of the immediately preceding subsections (a) through (c), or a
charitable organization, (e) by virtue of laws of descent and distribution upon death of any of the Company’s officers, the Company’s
directors, the Initial Holders, or members of the Sponsor, (f) pursuant to a qualified domestic relations order, (g) in the event of
the Company’s liquidation prior to consummation of its initial Business Combination, (h) by virtue of the laws of Delaware, the
Sponsor’s limited liability company agreement upon dissolution of the Sponsor, (i) subsequent to the Company’s consummation
of its initial Business Combination, in the event of a liquidation, merger, stock exchange or other similar transaction which results
in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other property,
(j) subsequent to the Company’s consummation of its initial Business Combination, in the event of a consolidation, merger or other
similar transaction in which the Company is the surviving entity that results in the directors and officers of the Company ceasing to
comprise a majority of the Board (in the case of directors) or management (in the case of officers) of the surviving entity or (k) through
private sales or transfers made in connection with any forward purchase agreement or similar arrangement or in connection with the consummation
of the Company’s initial Business Combination at prices no greater than the price at which the Founder Shares, Placement Shares
or Placement Warrants were originally purchased (each, a “Permitted Transferee”); provided, however,
that, in the case of subclauses (a) through (f), (h) and (k), these transferees enter into a written agreement with the Company
agreeing to be bound by the transfer restrictions set forth herein. For the avoidance of doubt, for the purposes of this Agreement, a
managed account managed by the same investment manager of any member of the Sponsor shall be deemed an affiliate of such member.

 

(e)
Further, each Insider agrees that after the Founder Lock-Up Period or the Placement Unit Lock-Up Period, as applicable, has elapsed,
the Founder Shares and/or Placement Units, Placement Shares, Placement Warrants, or shares of Common Stock underlying the Placement
Warrants owned by such Insider shall only be transferable or saleable pursuant to a sale registered under the Securities Act or
pursuant to an available exemption from registration under the Securities Act. The Company and each Insider acknowledges that
pursuant to that certain registration rights agreement to be entered into among the Company and certain security holders of the
Company, parties to the agreement may request that a registration statement relating to the Founder Shares and/or Placement Units,
Placement Shares, Placement Warrants, or shares of Common Stock underlying the Placement Warrants be filed by the Company with the
Commission prior to the end of the Founder Lock-Up Period or the Placement Unit Lock-Up Period, as the case may be; provided, however,
that such registration statement does not become effective prior to the end of the Founder Lock-Up Period or the Placement Unit
Lock-Up Period, as applicable.

 

(f)
Subject to the limitations described herein, each Insider shall retain all of such Insider’s rights as a security holder
during, as applicable, the Founder Lock-Up Period and/or Placement Unit Lock-Up Period including, without limitation, the right to
vote, as the case may be, the Founder Shares and/or Placement Shares.

 

(g)
During the Founder Lock-Up Period and Placement Unit Lock-Up Period, all dividends payable in cash with respect to such securities
shall be paid, as applicable, to each security holder, but all dividends payable in Common Stock or other non-cash property shall
become subject to the applicable lock-up period as described herein and shall only be released from such lock-up in accordance with
the provisions of this paragraph 3.

 

    3

     

    

 

4.
Without limiting the provisions of paragraph 3(d) hereof, during the period commencing
on the effective date of the Underwriting Agreement and ending 180 days after such date, each of the undersigned shall not (i) sell,
offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose
of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within
the meaning of Section 16 of the Exchange Act with respect to any Units, Placement Units, shares of Common Stock, Warrants, Placement
Shares, Placement Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock owned by an
undersigned party, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of any Units, Placement Units, shares of Common Stock, Warrants, Placement Shares, Placement Warrants or any
securities convertible into, or exercisable, or exchangeable for, shares of Common Stock owned by the undersigned, whether any such transaction
is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly announce any intention to effect any transaction
specified in clause (i) or (ii); provided, however, that the restrictions of this Section 4 shall not apply to any distributions
by the Sponsor to its members of Units, Placement Units, shares of Common Stock, Warrants, Placement Shares, Placement Warrants or any
securities convertible into, or exercisable, or exchangeable for, shares of Common Stock.

 

5. (a)
In the event of the liquidation of the Trust Account without the consummation of a Business Combination, the Sponsor (the
“Indemnitor”) agrees to indemnify and hold harmless the Company against any and all loss, liability,
claim, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in
investigating, preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever) to which the
Company may become subject as a result of any claim by (i) any third party for services rendered or products sold to the Company or
(ii) any prospective target business (a “Target”) as described in the Prospectus; provided, however,
that such indemnification of the Company by the Indemnitor shall apply only to the extent necessary to ensure that such claims by a
third party for services rendered or products sold to the Company or a Target do not reduce the amount of funds in the Trust Account
to below $10.00 (regardless of whether or not the Underwriters exercise any portion of their overallotment option) per Offering
Share and only if such third party or Target has not executed an agreement waiving claims against any and all rights to seek access
to the Trust Account, regardless of whether such agreement is enforceable. In the event that any such executed waiver is deemed to
be unenforceable against such third party, the Indemnitor shall not be responsible for any liability as a result of any such third
party claims. Notwithstanding any of the foregoing, indemnification of the Company by the Indemnitor pursuant to this paragraph 5
shall not apply as to any claims arising from the Company’s obligation pursuant to the Underwriting Agreement to indemnify the
Underwriters.

 

(b)
If the Company is liquidated within 21 months following completion of the Offering, to the extent that interest income on the
balance of the Trust Account (net of any taxes payable) released to the Company in an amount up to $100,000 to pay dissolution
expenses and any other interest released to, or reserved for use by, the Company to pay franchise and income taxes and loans from
the Sponsor (each as described in the Prospectus) are insufficient to fund the costs and expenses of liquidation, the Indemnitor
agrees to pay the balance of the amount necessary to complete the liquidation of the Company. 

 

6. The
Company agrees that the Company will not engage any third party to render services, agree to purchase any products from such third
party, or enter into any discussion or any acquisition agreement with a Target unless (i) such third party or Target has agreed to
execute a waiver against any right, title, interest or claim of any kind in or to any monies held in the Trust Account or any
proceeds from the Trust Account, that is acceptable to the Board or (ii) the Board and the Sponsor have each consented in writing to
dispense with such waiver with respect to such services, product, discussions or acquisition agreement, in each case with the
written consent of the Indemnitor as part of the consent of the Board. In addition the Company shall endeavor, together with the
officers and directors of any acquisition target for its initial Business Combination, to obtain waivers of claims to the monies
held in the Trust Account from creditors of such acquisition target (which, for the avoidance of doubt, shall include creditors
existing prior to the initial Business Combination as well as after completion of the initial Business Combination).

 

7. In
order to minimize potential conflicts of interest that may arise from multiple corporate affiliations, each officer and director of
the Company who is signatory to this Agreement agrees that until the earliest of the Company’s initial Business Combination,
liquidation or the time at which such person ceases to be an officer or director of the Company, such person shall present to the
Company for its consideration, prior to presentation to any other entity, any suitable Business Combination opportunities of which
such person (or companies or entities which such person manages or controls) becomes aware, subject to any current or future
fiduciary or contractual obligations of such person that such person discloses to the Company.

 

    4

     

    

 

8. Each
officer and director signatory hereto represents and warrants that the biographical information furnished to the Company by him or
her is true and accurate in all material respects and does not omit any material information with respect to such person’s
background. Each of the answers of such person to the items in questionnaires furnished to the Company by such officer
and director is true and accurate in all material respects.

 

9.
Each of the undersigned represents and warrants that her, she or it:

 

(a)
is not subject to or a respondent in any legal action for any injunction, cease-and-desist order or order or stipulation to desist
or refrain from any act or practice relating to the offering of securities in any jurisdiction;

 

(b)
has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or
handling of funds of another person, or (iii) pertaining to any dealings in any securities, and the undersigned is not currently a
defendant in any such criminal proceeding; and

 

(c)
has never been suspended or expelled from membership in any securities or commodities exchange
or association or had a securities or commodities license or registration denied, suspended or revoked.

 

10.
Each Insider agrees that he, she or it shall receive no finder’s fees, consulting
fees or other similar compensation from the Company prior to, or for any services they render in order to effectuate, the consummation
of the initial Business Combination, other than the following:

 

(a)
repayment of loans made to the Company by the Sponsor or its affiliate prior to completion of the Offering in connection with
organizational expenses and the preparation, filing and consummation of the Offering;

 

(b)
payments to the Sponsor or its affiliate of a total of $40,000 per month for office space, administrative and shared personnel
support services, pursuant to an Administrative Services Agreement;

 

(c)
repayment of loans, if any, and on such terms as to be determined by the Company from time
to time, made by the Sponsor or one of its affiliates to finance transaction costs in connection with an intended initial Business Combination,
provided, that, if the Company does not consummate an initial Business Combination, a portion of the working capital held outside
the Trust Account may be used by the Company to repay such loaned amounts. Up to $2,000,000 of such loans may be convertible into units
at a price of $10.00 per unit at the option of the lender. Such units would be identical to the Placement Units;

 

(d)
payment of certain consulting fees to persons engaged by an entity affiliated with certain Insiders;

 

(e)
at the closing of an initial Business Combination, a customary advisory fee to affiliates of
the Sponsor, in an amount that constitutes a market standard advisory fee for comparable transactions and services provided; and

 

(f)
reimbursement for any out-of-pocket expenses related to identifying, investigating and consummating
an initial Business Combination, provided that no proceeds of the Offering placed in the Trust Account may be applied to the payment
of such expenses prior to the consummation of an initial Business Combination.

 

11. Each
of the undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements,
representations, and warranties set forth herein in proceeding with the Offering.

 

12.
Each of the undersigned authorizes any employer, financial institution, or consumer credit
reporting agency to release to the Underwriters and their legal representatives or agents (including any investigative search firm retained
by the Underwriters) any information they may have about such undersigned party’s background and finances (“Information”),
purely for the purposes of performing required due diligence examinations in connection with the Offering (provided that the Underwriters
agree to hold such Information in confidence). Each of the undersigned agrees that neither the Underwriters nor their agents shall be
violating such undersigned party’s right of privacy by requesting and obtaining the Information in accordance with this Section
12.

 

    5

     

    

 

13. Each
of the undersigned acknowledges and agrees that the Company will not consummate any initial Business Combination that involves a
company which is affiliated with such undersigned party unless the Company obtains an opinion from an independent investment banking
firm that is a member of the Financial Industry Regulatory Authority that the Business Combination is fair to the Company’s
stockholders from a financial perspective.

 

14.
Each officer and director signatory hereto represents and warrants that he or she has full
right and power, without violating any agreement to which such person is bound (including, without limitation, any non-competition or
non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement and to serve as an officer of the
Company or as a director on the Board, as applicable, and hereby consents to being named in the Prospectus as an officer and/or as a
director of the Company, as applicable.

 

15.
As used in this Letter Agreement, (i) “Business Combination”
shall mean a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar Business Combination, involving
the Company and one or more businesses; (ii) “Founder Shares” shall mean the 17,333,333 shares of Class B common
stock of the Company, par value $0.0001 per share, acquired by the Sponsor and the other Initial Holders for an aggregate purchase price
of $25,000 prior to the consummation of the Offering; (iii) “Initial Holders” shall mean FTAC Zeus Sponsor,
LLC and FTAC Zeus Advisors, LLC; (iii) “Offering Shares” shall mean the shares of Common Stock included in
the units sold in the Offering; (iv) “Placement Shares” shall mean the shares of Common Stock sold as part
of the Placement Units; (v) “Placement Warrants” shall mean the Warrants to purchase up to an aggregate of
350,000 shares of the Common Stock that are included in the Placement Units; (vi) “Placement Units” shall mean
the aggregate of 1,400,000 Units of the Company (each Placement Unit consists of one-fourth of a Placement Warrant and one Placement
Share) sold in the Private Placement for an aggregate purchase price of $14,000,000; (vii) “Trust Account”
shall mean the trust account into which net proceeds of the Offering and the Private Placement will be deposited; (viii) “Prospectus”
shall mean the prospectus included in the registration statement filed by the Company in connection with the Offering, as supplemented
or amended from time to time; (ix) “Private Placement” shall mean that certain private placement transaction
occurring simultaneously with the closing of the Offering pursuant to which the Company has agreed to sell an aggregate of 1,400,000
Placement Units to FTAC Zeus Sponsor, LLC, a Delaware limited liability company; (x) “Sponsor” shall mean,
collectively, FTAC Zeus Sponsor, LLC, a Delaware limited liability company, and FTAC Zeus Advisors, LLC, a Delaware limited liability
company, (xi) “Insiders” shall mean the Sponsor, any holders of Founder Shares, any person who receives Placement
Units, Founder Shares or their respective underlying securities as a Permitted Transferee and each officer and director of the Company;
and (y) references to completion of the Offering shall exclude any exercise of the Underwriters’ over-allotment option.

 

16. This
Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof
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
changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a
written instrument executed by the parties hereto.

 

17. No
party may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior written
consent 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 shall be binding on
each undersigned party and each of such undersigned party’s, as applicable, heirs, personal representatives, successors and
assigns.

 

18.
This Letter Agreement shall be governed by and construed and enforced in accordance with
the laws of the State of New York applicable to contracts entered into within the borders of such state and without giving effect to
conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties (i) agree
that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement shall be brought and enforced
in the federal or state courts in the borough of Manhattan in the City of New York, and irrevocably submits to such jurisdiction and
venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue or that
such courts represent an inconvenient forum.

 

    6

     

    

 

19.
Any notice, consent or request to be given in connection with any of the terms or provisions
of this Letter Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail
(return receipt requested), by hand delivery, electronic or facsimile transmission.

 

20.
This Letter Agreement shall terminate in the event that the Offering is not completed by
August 31, 2021; and, provided, further, that paragraph 5 of this Letter Agreement shall survive any liquidation of the Company.

 

 

[Signature
page follows]

 

    7

     

    

 

	 	Sincerely,
	 	 
	 	FTAC
ZEUS ACQUISITION CORP.

a Delaware corporation

	 	 
	 	By:	 
	 	Name:	Ryan
    M. Gilbert
	 	Title:	President
    and Chief Executive Officer

 

 

	 	FTAC
ZEUS SPONSOR, LLC,

a Delaware limited liability company

	 	 
	 	By:	 
	 	Name:	Daniel
    G. Cohen
	 	Title:	Manager

 

 

	 	FTAC
ZEUS ADVISORS, LLC,

a Delaware limited liability company

	 	 
	 	By:	 
	 	Name:	Daniel
    G. Cohen
	 	Title:	Manager

 

 

[Signature
Page to Letter Agreement]

 

    8

     

    

 

	 	 
	 	Daniel
    G. Cohen, individually
	 	 
	 	 
	 	Ryan
    M. Gilbert, individually
	 	 
	 	 
	 	Joseph
    W. Pooler, Jr., individually
	 	 
	 	 
	 	Rochael
    Adranly, individually
	 	 
	 	 
	 	Lynn
    C. Eisenhart, individually
	 	 
	 	 
	 	Steven
    Lefkovits, individually
	 	 
	 	 
	 	Volker
    Berl, individually

 

 

[Signature
Page to Letter Agreement]

 

    9ex101-amendmenttojointco

  First Amendment to the Joint Commercialization Agreement    1        Exhibit 10.1     [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY  BRACKETS, HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT  THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.    FIRST AMENDMENT TO THE   JOINT COMMERCIALIZATION AGREEMENT    This FIRST AMENDMENT TO THE JOINT COMMERCIALIZATION  AGREEMENT (the “Amendment”), effective as of January 1, 2020 (the “Effective Date”) is  entered into by, between, and among Agensys, Inc., a California corporation (“Agensys”) and  Seagen Inc. (formerly known as Seattle Genetics, Inc.), a Delaware corporation (“SGI”).   Agensys and SGI are referred to individually as a “Party,” and together as the “Parties.”      RECITALS  WHEREAS, Agensys and SGI entered into a Collaboration and License Agreement,  dated as of January 7, 2007, as amended (the “Collaboration Agreement”), to, among other  things, collaborate on the development and commercialization of Collaboration Products (as  defined in the Collaboration Agreement);   WHEREAS, effective as of October 20, 2018, Agensys and SGI previously entered into  a certain Joint Commercialization Agreement (the “Commercialization Agreement”),  pursuant to which the parties agreed to jointly Promote and Commercialize the Product (as  defined in the Commercialization Agreement) developed under the Collaboration Agreement;   WHEREAS, the Parties would like to prospectively file U.S. income tax returns for  periods beginning with the Effective Date January 1, 2020 with respect to the joint activities  of the Commercialization Agreement as a partnership for U.S. federal income tax purposes  with respect  to the Commercialization of the Product in the Profit Share Territory (as defined  therein); and   WHEREAS, the Parties hereby wish to amend the Commercialization Agreement to  memorialize the Parties’ intent for the arrangement under the Commercialization Agreement  to be prospectively reported as a partnership for U.S. federal income tax purposes.   NOW, THEREFORE, in consideration for the mutual promises provided herein, the  Parties agree to the following:  AMENDMENT  1. Definitions  Except as otherwise provided by this Amendment, all capitalized terms shall have the  meaning set forth in the Commercialization Agreement.  2. Treatment of the Commercialization Agreement as a Tax Partnership  Section 4.3 (Taxes) of the Commercialization Agreement is deleted in its entirety and  replaced with the following:  

 

  First Amendment to the Joint Commercialization Agreement    2    “4.3  Taxes.   4.3.1  Tax Partnership.  Each Party understands, acknowledges and agrees that  to the extent the Parties are sharing Net Profits and Net Losses pursuant to Section 4.1.1  with respect to the Product, then the Parties agree to report the arrangement as a  partnership for United States income tax purposes (the “Tax Partnership”).  The  Parties further agree and acknowledge that, for U.S. federal income tax purposes, the  prospective reporting shall be based on the treatment of the Tax Partnership  commencing upon the effective date of the Commercialization Agreement (the “Tax  Partnership Formation Date”).  [*]    4.3.2.  Tax Information Sharing.  Each Party shall cooperate in providing any  information reasonably requested by the other Party to enable such other Party to report  the transactions contemplated by this Agreement on any required tax returns (including  information returns), to respond to any request for information from the United States  Internal Revenue Service or other taxing authority and to comply with its financial  reporting obligations in connection with the financial reporting for taxes.    4.3.3 [*]  4.3.4  Tax Partnership Audits. SGI shall take steps to have the Tax Partnership  elect under Section 6221(b) of the U.S. Internal Revenue Code, as amended (the  “Code”) (such election, the “6221(b) election”) not to be subject to partnership-level  audit proceedings under Sections 6221 et seq. of the Code (together with any  subsequent amendments thereto, Treasury Regulations promulgated thereunder, and  published administrative interpretations thereof, collectively, the “BBA”).  SGI is  hereby designated the “partnership representative” of the Tax Partnership for all years  governed by this Agreement and the “designated individual” shall be an officer or  employee of SGI.  To the extent that the Tax Partnership is not eligible to make the  6221(b) election, (a) SGI shall represent the Tax Partnership in any disputes,  controversies or proceedings with the Internal Revenue Service or with any state or  local taxing authority and is hereby authorized to take any and all actions that it is  permitted to take when acting in that capacity, (b) [*] (c) Agensys shall have the right  to be notified of all tax proceedings, (d) the Tax Partnership shall make the election  provided by Section 6226 of the Code in respect of any underpayments of tax resulting  from an audit of the Tax Partnership [*] and (e) the foregoing provisions under this  Section 4.3.4 shall survive termination of this Agreement and the termination of the  Tax Partnership, and shall remain binding on each party for the period of time necessary  to resolve with the Internal Revenue Service (or any other applicable taxing authority)  all tax matters relating to the Tax Partnership.    4.3.5  Additional Matters.  Notwithstanding Section 4.3.1 or any other  provision of this Agreement, the Parties do not intend to create a partnership under the  laws of any jurisdiction, except the Parties intend to file tax returns as a Tax Partnership  as provided in this Section 4.3, and the Parties shall take positions consistent with the  sharing of their Net Profits and Net Losses being a Tax Partnership for accounting and  tax purposes with any applicable Governmental Authority in any other jurisdiction in  which any activities contemplated by this Agreement and associated agreements are  undertaken.  To the extent that the activities contemplated by this Agreement are treated  

 

  First Amendment to the Joint Commercialization Agreement    3    in any such other jurisdiction as a partnership for purposes of computing SGI’s or  Agensys’s tax liability in such jurisdiction, the Parties agree that, to the extent  permissible under the Applicable Law of such jurisdiction, items of partnership income  and deduction will be allocated in a manner that, as close as possible, places the Parties  in the same position as if no deemed partnership were created.    4.3.6  Taxes on Income.  Each Party shall be solely responsible for the payment  of all taxes imposed on its share of income arising directly or indirectly from the  Collaboration under this Agreement, taking into account the application of this Section  4.3.   4.3.7  Tax Cooperation.  The Parties agree to cooperate with one another and  use reasonable efforts to avoid or reduce tax withholding or similar obligations in  respect of royalties and other payments made by one Party to the other under this  Agreement, to the extent such payments are subject to tax withholding or similar  obligations under the relevant Applicable Law.  Without limiting the generality of the  foregoing, each Party shall provide the other any tax forms and other information that  may be reasonably necessary in order not to withhold tax or to withhold tax at a reduced  rate under an applicable bilateral income tax treaty.  Each Party shall provide any such  tax forms to the other at least thirty (30) days prior to the due date for any payment for  which one Party desires that the other Party apply a reduced withholding rate.  Each  Party shall provide the other with reasonable assistance to enable the recovery, as  permitted by Applicable Law, of withholding taxes, Indirect Taxes, or similar  obligations resulting from payments made under this Agreement, such recovery to be  for the benefit of the Party bearing such withholding tax or value added tax.  For clarity,  if such withholding taxes, Indirect Taxes, or similar obligations have been shared  equally by the Parties as an Allowable Expense, the Parties shall share equally in the  amount of such recovery.   4.3.8 Payment of Taxes.  To the extent a Party is required by Applicable Law  to deduct and withhold taxes on any payment to the other Party, such Party shall pay  the amounts of such taxes to the proper Governmental Authority in a timely manner  and promptly transmit to the other an official tax certificate or other evidence of such  withholding sufficient to enable the payee to claim such payment of taxes.  4. Addition of Schedule 4.3.3 to the Commercialization Agreement  The Commercialization Agreement is hereby amended by adding Exhibit A of  this Amendment as Schedule 4.3.3 of the Commercialization Agreement.   5. Full Force and Effect  Except as otherwise amended hereby, the terms and provisions of the  Commercialization Agreement shall remain in full force and effect.  In the event of any conflict  between the terms of the Commercialization Agreement and this Amendment, this Amendment  shall control.    

 

  First Amendment to the Joint Commercialization Agreement    4    6. Governing Law  This Amendment and the rights and obligations of the Parties hereunder shall be  governed by and construed in accordance with the laws of the State of California.  7. Counterparts  This Amendment may be signed in any number of counterparts, each of which shall be  an original, but all of which taken together shall constitute one amendment.  [Signature page follows]   

 

    First Amendment to the Joint Commercialization Agreement    5    THIS AMENDMENT IS EXECUTED by the authorized representatives of the Parties  effective as of the Effective Date.       AGENSYS, INC.   SEAGEN INC.    By: /s/ Karissa Marcello    By: /s/Audrey Sherman         Name: Karissa Marcello    Name: Audrey Sherman       Title: Treasurer      Title: Vice President, Tax        Date: June 29, 2021     Date: July 13, 2021               

 

First Amendment to the Joint Commercialization Agreement  6  Exhibit A  Schedule 4.3.3  Partnership Tax Related Provisions  Section 1.1. Tax Partnership.  The activities of the Partners pursuant to the  Commercialization Agreement in respect of the Product with respect to the Profit Share Territory  shall be deemed to be conducted by the Tax Partnership; provided that the activities of the Parties  with respect to the Royalty Territory are deemed to be activities conducted by SGI and Agensys  outside of the Tax Partnership.  The Tax Partnership, and the rights and obligations set forth in this  Schedule 4.3.3, shall remain in existence until the Commercialization Agreement is terminated.    Section 1.2. Definitions.  Capitalized terms used, but not defined, herein will have the  meanings ascribed to them in the Commercialization Agreement.  For purposes of this  Schedule 4.3.3:  (a) “Adjusted Capital Account” has the meaning set forth in Section  1.4(e) of this Schedule 4.3.3.  (b) “BBA” has the meaning set forth in Section 0 of the Commercialization Agreement.   (c) “Book” means the method of accounting prescribed for compliance with the capital account maintenance rules set forth in Section 1.704-1(b)(2)(iv) of the Treasury  Regulations, as distinguished from any accounting method which a Party may adopt for other  purposes such as financial reporting.   (d) “Capital Account” has the meaning set forth in Section 1.4(a) of this Schedule 4.3.3.  (e) “Capital Contribution” means, for each Partner, such Partner’s cash or property deemed contributed to the Tax Partnership.  (f) “Fiscal Year” means the calendar year. (g) “Gross Asset Value” means, with respect to any asset of the Tax Partnership, the asset’s adjusted basis for federal income tax purposes, adjusted to reflect any  adjustments required or permitted by Sections 1.704-1(b)(2)(iv)(d) through (g), (m) and (s) of the  Treasury Regulations, as determined by the Partner Representative and mutually agreed upon by  the Partners; provided, that in the case of any asset (other than cash) deemed contributed to the  Tax Partnership, the initial Gross Asset Value of such property shall be equal to the fair market  value of such asset as of the date of contribution, as determined by the Partnership Representative  and mutually agreed upon by the Partners.  (h) “Net Income” and “Net Losses” shall mean the Book income, gain, loss, deductions and credits of the Tax Partnership in the aggregate or separately stated, as appropriate,  

 

First Amendment to the Joint Commercialization Agreement  7  as of the close of each Taxable Year on the Tax Partnership’s tax return filed for federal income  tax purposes (or other allocation period).  (i) “Partner” shall refer to a Party in its capacity as a member of the Tax Partnership.   (j) “Partnership Representative” has the meaning set forth in Section 0. (k) “Percentage Interest” shall mean each Partner’s respective interest as determined in accordance with Section 4.1.1 of the Commercialization Agreement.    (l) “Tax Code” means the Internal Revenue Code of 1986, as amended. (m) “Taxable Year” means the Tax Partnership’s Fiscal Year or such other year as may be required by Section 706 of the Tax Code.  (n) “Treasury Regulations” means regulations (whether in final, proposed or temporary form) promulgated by the U.S. Department of the Treasury under the Tax Code, as  amended.  Section 1.3. Capital Contributions.    (a) The amount of any Capital Contributions deemed contributed by each Partner to the Tax Partnership shall be determined by the Partnership Representative and mutually  agreed upon by the Partners, including the deemed Capital Contributions addressed in (b) below.  (b) Each Partner shall be deemed to have contributed to the Tax Partnership its share of costs borne by such Partner with respect to the Profit Share Territory, as determined  by the Partnership Representative.    Section 1.4. Capital Accounts.  (a) The Tax Partnership shall maintain a separate capital account for each Partner according to the rules set forth in Section 1.704-1(b)(2)(iv) of the Treasury Regulations (a  “Capital Account”).    (b) Each Partner’s Capital Account: (i) shall be increased by (A) the deemed Capital Contributions by such Partner to the Tax Partnership (net of liabilities secured by the contributed property that the Tax  Partnership is considered to assume or take subject to under Section 752 of the Tax Code), and (B)  such Partner’s distributive share of Net Income and other items of income and gain allocated to  such Partner, and   (ii) shall be decreased by (A) the amount of money deemed distributed to such Partner by the Tax Partnership, (B) the fair market value of property (as determined by the  Partnership Representative and mutually agreed upon by the Partners) deemed distributed to such  Partner by the Tax Partnership (net of liabilities secured by the distributed property that the Partner  

 

First Amendment to the Joint Commercialization Agreement  8  is considered to assume or take subject to under Section 752 of the Tax Code) and (C) such  Partner’s distributive share of Net Losses and other items of loss and deduction allocated to such  Partner.   (c) Other adjustments shall be made to the Capital Accounts of the Partners to accord with the regulations promulgated under Section 704(b) of the Tax Code as mutually  agreed upon by the Partners.  (d) With respect to any Partner, the balance of such Partner’s Capital Account as of the end of the relevant fiscal year or other period, may be adjusted in accordance  with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) (an “Adjusted Capital Account”).  Section 1.5. Distributions.    (a) Non-Liquidating Distributions.  For purposes of maintaining Partners’  Capital Accounts, any payments made to the Partners in accordance with the provisions of Sections  4.1 and 4.2 of the Commercialization Agreement shall be treated as distributions described in  Section 1.4(b)(ii) of this Schedule 4.3.3.  Such distributions shall be deemed to have been made  for tax purposes with respect to a Calendar Quarter when the amounts due or from each Party,  as determined under Sections 4.1 and 4.2 of the Commercialization Agreement, are paid.  (b) Liquidating Distribution.  Upon the termination of the  Commercialization Agreement, the distribution or division of assets pursuant to the applicable  governing provisions of the Commercialization Agreement shall be treated as distributions in  liquidation of the Tax Partnership.  (c) Withholding for Taxes.   In the manner described in Section 4.3.8 of the  Commercialization Agreement, any Partner is authorized to withhold from distributions described in  Section 1.5(a) or Section 1.5(b) of this Schedule 4.3.3 that are made or deemed made to the Partners,  and with respect to allocations pursuant to Section 1.6 of this Schedule 4.3.3 to the Partners, and  to pay over to any federal, state, local or foreign government, any such taxes as are required to be  deducted or withheld under any provision of Applicable Law.  Any amounts so withheld shall be  treated as actually distributed pursuant to Sections 4.1 and 4.2 of the Commercialization  Agreement and Section 1.5(a) or Section 1.5(b) of this Schedule 4.3.3, to the extent applicable.  Section 1.6. Allocation of Net Income or Net Losses.  Except as required by Section 1.7 of  this Schedule 4.3.3, for purposes of adjusting the Capital Accounts of the Partners, the Net Income  or Net Loss and, to the extent necessary, individual items of income, gain, loss, credit and  deduction, for any Taxable Year or other period shall be allocated among the Partners in a manner  that as closely as possible corresponds to the economic effect of the provisions of Sections 4.1 and  4.2 and the other relevant provisions of the Commercialization Agreement as reasonably  determined by the Partnership Representative and subject to the consent of the other Partners (such  consent not to be unreasonably withheld, conditioned or delayed).  For the avoidance of doubt, the  allocation of Net Income or Net Loss is not intended to alter the economic effect of the provisions  of Sections 4.1 and 4.2 and other relevant provisions of the Commercialization Agreement.   

 

First Amendment to the Joint Commercialization Agreement  9  Section 1.7. Regulatory Allocations.    (a) In the event any Partner unexpectedly receives any adjustments,  allocations or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) or  1.704-1(b)(2)(ii)(d)(6) of the Treasury Regulations, items of  income (including gross income) and  gain shall be specially allocated to such Partner in an amount and manner sufficient to eliminate  the deficit balance in such Partner’s Capital Account (in excess of (i) the amount such Partner is  obligated to restore upon liquidation of the Tax Partnership or upon liquidation of such Partner’s  interest in the Tax Partnership and (ii) such Partner’s share of the Minimum Gain (as defined in  Section 1.704-2 of the Treasury Regulations)) created by such adjustments, allocations or  distributions as quickly as possible.  Additionally, there are hereby incorporated herein such  special allocation provisions governing the allocation of income, deduction, gain, and loss for U.S.  federal income tax purposes as may be necessary under, and in the manner required by, the  Treasury Regulations to ensure that this Schedule 4.3.3 complies with all requirements of  Section 1.704-2 of the Treasury Regulations relating to “minimum gain” and “partner  nonrecourse debt minimum gain” and the allocation and chargeback of so-called “nonrecourse  deductions” and “partner nonrecourse deductions”, including a “qualified income offset”.   (b) If the allocation of Net Loss (or items of loss or deduction) to a Partner  as provided in Section 1.6(a) of this Schedule 4.3.3 would create or increase an Adjusted  Capital Account deficit, then there shall be allocated to such Partner only that amount of Net  Loss (or items of loss or deduction) as will not create or increase an Adjusted Capital Account  deficit.  The Net Loss (or items of loss or deduction) that would, absent the application of  the preceding sentence, otherwise be allocated to such Partner shall be allocated to the other  Partner, subject to the limitations of this Section 1.7(b).  (c) Any special allocations pursuant to Section 1.7(a) or Section 1.7(b) shall  be taken into account by the Partners in computing subsequent Book allocations under the  Commercialization Agreement so that the net amount of the Book items allocated to each Partner  shall, to the extent permitted under the Tax Code and Treasury Regulations, be equal to the net  amount that would have been allocated to each Partner if such special allocations had not occurred.  Section 1.8. Tax Allocations.   (a) Except as otherwise provided in this Section 1.8(a) and Section 1.8(b) of  this Schedule 4.3.3, for U.S. federal income tax purposes, all items of income gain, loss deduction  and credit shall be allocated among the Partners in the same manner the corresponding Book item  was allocated pursuant to Section 1.6(a) or Section 1.7(a) of this Schedule 4.3.3. In the case of  contributed property, items of income, gain, loss, deduction and credit, as determined for federal  income tax purposes, shall be allocated first in a manner consistent with the requirements of  Section 704(c) of the Tax Code to take into account the difference between the Gross Asset Value  of such property and its adjusted tax basis at the time of contribution. If the Gross Asset Value of  any asset of the Tax Partnership is adjusted pursuant to the terms of this Schedule 4.3.3, then  subsequent allocations of income, gain, loss, deduction and credit, as determined for federal  income tax purposes, shall be allocated with respect to such assets so as to take into account  such adjustment in the same manner as under Section 704(c) of the Tax Code and the  Treasury Regulations promulgated thereunder.  

 

First Amendment to the Joint Commercialization Agreement  10  (b) The method under Section 704(c) of the Tax Code and the Treasury  Regulations promulgated thereunder shall be [*] unless otherwise agreed by both Partners.  For  the sake of clarity, the allocations required by Section 1.7 and this Section 1.8(b) of this Schedule  4.3.3 are solely for purposes of federal, state and local income taxes and will not affect the  allocation of Net Income or Net Losses as between the Partners or any Partner’s Capital Account.    Section 1.9. Tax Reports, Tax Elections and Partnership Representative.  (a) The Partnership Representative shall prepare and file, or cause to be  prepared and filed, all necessary U.S. federal, state or local income tax returns for the Tax  Partnership. [*] The Partnership Representative shall cause the Tax Partnership to furnish each  Partner with an IRS Form K-1 for such Taxable Year.  In addition, the Partnership Representative  shall deliver or cause to be delivered not later than the 45th day after the end of each Taxable Year  to each Partner all information that is reasonably necessary for the preparation of such Partner’s  federal income tax returns and any state, local and foreign income tax returns that such Partner is  required to file, and related financial reporting obligations of such Partner with respect to its  ownership of the Tax Partnership.  (b) The Partnership Representative will determine whether to make or  revoke any available election pursuant to the Tax Code [*] Notwithstanding the foregoing, nothing  in the Commercialization Agreement or this Schedule 4.3.3 shall prevent the  Partnership Representative from making any of the following elections:   (i) Adoption of any method of accounting within the meaning of  Section 446 of the Tax Code, provided that such method is adopted in good faith and would be  reasonable if all Partners were corporations subject to tax on their income at the same tax rate  under Section 11(b) of the Tax Code;    (ii) The election of the “traditional method” under Treasury Regulations § 1.704-3(d); (iii) The election described in Section 754 of the Tax Code; (iv) An election for the Tax Partnership to be treated as a partnership under Treasury Regulations § 301.7701-3 (or any comparable provision of state or local tax law,  in each case, if necessary).    (c) The Partners hereby agree to cooperate in good faith regarding any matters related to any tax elections or tax reporting positions of the Tax Partnership.    (d) In the event that the Tax Partnership is ineligible to make an election out of the centralized partnership audit rules under §6221(b), then the Partnership Representative is  authorized to (i) represent the Tax Partnership (at the Tax Partnership’s expense) in connection  with all examinations of the Tax Partnership’s affairs by U.S. federal (and any applicable state)  income tax authorities, including resulting administrative and judicial proceedings, and to expend  Tax Partnership funds for professional services and costs associated therewith, (ii) take any other  

 

First Amendment to the Joint Commercialization Agreement  11  actions permitted or necessary under the BBA, and (iii) make any available election under the  BBA, including an election under Section 6226 of the Tax Code to push out any adjustments to  the Partners, provided that the Partnership Representative shall keep the other Partners reasonably  informed, shall provide the other Partners the opportunity to participate in any such matters, and  shall not make an election under the BBA that could reasonably be anticipated to have a  disproportionate adverse impact on a Partner without such Partner’s consent (such consent not to  be unreasonably withheld, conditioned or delayed).  Each Partner agrees to (i) cooperate with the  Partnership Representative as reasonably requested by the Partnership Representative with respect  to the conduct of such proceedings and (ii) provide any information necessary to allow the  Partnership Representative to make any election or decision permitted under the BBA.  The  Partnership Representative will, in its reasonable discretion, determine whether the Tax  Partnership (either on its own behalf or on behalf of the Partners) will contest or continue to contest  any tax deficiencies assessed or proposed to be assessed by any taxing authority provided,  however, that the Partnership Representative shall keep the other Partners reasonably informed [*]  Any deficiency for taxes imposed on any Partner (including penalties, additions to tax or interest  imposed with respect to such taxes) will be paid by such Partner, and if paid by the other Partner,  will be recoverable from such Partner (including by offset against distributions otherwise payable  to such Partner).  The Partners agree to cooperate in good faith to notify each other regarding any  tax notices or audits relating to the Tax Partnership.  Section 1.10. Tax Position.  Unless otherwise required by Applicable Law, beginning  with the Effective Date of the First Amendment to the Joint Commercialization Agreement, no  Partner will take a position on such Partner’s federal income tax return, in any claim for refund or  in any administrative or legal proceedings that is inconsistent with the Commercialization  Agreement or with any information return filed by the Tax Partnership.  If any Partner believes  that such a position is required by Applicable Law, such Partner must promptly notify the other  Partner in writing, citing such Applicable Law or any interpretation thereof.  Section 1.11. Termination of Tax Partnership. The Tax Partnership shall terminate upon  the termination of the Commercialization Agreement.   Section 1.12. Costs and Expenses.  The Partnership Representative is authorized to  engage professional advisors on behalf of the Tax Partnership in connection with the preparation  and filing of tax returns, the defense and conduct of any tax audits or examinations and other tax  compliance and reporting matters, and the costs and expenses associated therewith shall be  considered and included as expenses of the Tax Partnership.  Section 1.13. Books and Records.  The Tax Partnership shall keep or cause to be kept at  the office of the Partnership Representative (or at such other place as the Partners in their  discretion shall determine) full and accurate books and records regarding the status of the  business and financial condition of the Tax Partnership and shall make the same available to the  Partners upon request, subject to the provisions of the Act.  Such books and records shall be  maintained in accordance with generally accepted accounting principles and Section 704(b) of  the Code and the Treasury Regulations promulgated thereunder.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}]]