Document:

Exhibit 10.5

 

Anzu Special Acquisition Corp I

12610 Race Track Road, Suite 250

Tampa, FL 33626

 

March 1,
2021

 

Anzu Partners, LLC

12610 Race Track Road, Suite 250

Tampa, FL 33626

 

Re: Administrative Services Agreement

Ladies and Gentlemen:

 

This letter agreement by and between Anzu Special Acquisition
Corp I, a Delaware corporation (the “Company”) and Anzu Partners, LLC, a Florida limited liability company
(the “Services Provider”), dated as of the date hereof, will confirm our agreement that, commencing on
the date that securities of the Company are first listed on the Nasdaq Capital Market (the “Listing Date”)
and continuing until the earlier of the consummation by the Company of an initial business combination or the Company’s liquidation
(in each case as described in the Registration Statement on Form S-1 (File No. 333-252861) filed with the Securities and Exchange
Commission) (such earlier date hereinafter referred to as the “Termination Date”):

 

		1.	The Services Provider (and/or any of its affiliates designated by the Services Provider) shall make available to the Company,
at the address of the Services Provider referred to above (or any successor location or other existing office locations of the
Services Provider or any of its affiliates), office space and administrative and support services as may be reasonably requested
by the Company. In exchange therefor, the Company shall pay to the Services Provider, on the first day of each month, the sum of
$40,520.83 per month commencing on the Listing Date and continuing monthly 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.

 

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This letter agreement may not be amended, modified or waived
as to any particular provision, except by a written instrument executed by the parties hereto.

 

No party hereto may assign either this 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 or any of its rights, interests, or obligations hereunder 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 constitutes the entire relationship of
the parties hereto with respect to the subject matter described herein 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.

 

[Signature page follows]

 

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	 	Very truly yours,
	 	 
	 	
        ANZU SPECIAL ACQUISITION CORP I

	 	 
	 	By:	/s/ John W. Joy
	 	 	Name: John W. Joy
	 	 	Title: Chief Financial Officer

 

	
        AGREED TO AND ACCEPTED BY:
	 
	 	 
	
        ANZU PARTNERS, LLC
	 
	 	 
	By:	/s/ Whitney Haring-Smith	 
	 	Name: Whitney Haring-Smith	 
	 	Title: Managing Member	 

 

[Signature Page to Administrative Services Agreement]Exhibit 10.6

 

SPONSOR WARRANTS PURCHASE AGREEMENT

 

THIS SPONSOR WARRANTS PURCHASE AGREEMENT,
dated as of March 1, 2021 (this “Agreement”), is entered into by and between Anzu Special Acquisition Corp I,
a Delaware corporation (the “Company”), and Anzu SPAC GP I LLC, a Delaware limited liability company (the “Purchaser”).

 

WHEREAS, the Company intends to consummate
an initial public offering of the Company’s units (the “Public Offering”), each unit consisting of one
share of the Company’s Class A common stock, par value $0.0001 per share (a “Share”), and one-third of
one redeemable warrant, each whole warrant exercisable for one Share at an exercise price of $11.50 per Share, as set forth in
the Company’s registration statement on Form S-1 related to the Public Offering (the “Registration Statement”);
and

 

WHEREAS, the Purchaser now wishes to purchase
an aggregate of 12,400,000 warrants (or 13,660,000 warrants if the underwriters’ over-allotment option is exercised in full)
(the “Warrants”), each Warrant entitling the holder thereof 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 Warrants.

 

A.               
Authorization of the Warrants. The Company has duly authorized the issuance and sale of the Warrants to the Purchaser.

 

B.                
Purchase and Sale of the Warrants.

 

(i)               
On the date of the consummation of the Public Offering or on such earlier date as may be mutually agreed upon by the Purchaser
and the Company (the “Initial Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser
shall purchase from the Company, 12,400,000 Warrants at a price of $1.00 per Warrant for an aggregate purchase price of $12,400,000
(the “Purchase Price”), which shall be paid by wire transfer of immediately available funds to the Company at
least one business day prior to the Initial Closing Date in accordance with the Company’s wiring instructions. On the Initial
Closing Date, following the payment by the Purchaser of the Purchase Price by wire transfer of immediately available funds to the
Company, the Company, at its option, shall deliver a certificate evidencing the Warrants purchased on such date duly registered
in the Purchaser’s name to the Purchaser, or effect such delivery in book-entry form.

 

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(ii)             
On the date of the consummation of the closing of the over-allotment option in connection with the Public Offering or on
such earlier time and date as may be mutually agreed by the Purchaser and the Company (each such date, an “Over-allotment
Closing Date,” and, each Over-allotment Closing Date (if any) together with the Initial Closing Date, being sometimes
referred to herein as a “Closing Date,” or the “Closing Dates”), the Company shall issue
and sell to the Purchaser, and the Purchaser shall purchase from the Company, up to 1,260,000 Warrants at a price of $1.00 per
warrant for an aggregate purchase price of up to $1,260,000 (if the over-allotment option in connection with the Public Offering
is exercised in full) (the “Over-allotment Purchase Price”), which shall be paid by wire transfer of immediately
available funds to the Company in accordance with the Company’s wiring instructions. On the Over-allotment Closing Date,
upon the payment by the Purchaser of the Over-allotment Purchase Price by wire transfer of immediately available funds to the Company,
the Company shall, at its option, deliver a certificate evidencing the Warrants purchased on such date duly registered in the Purchaser’s
name to the Purchaser, or effect such delivery in book-entry form.

 

C.                
Terms of the Warrants.

 

(i)               
Each Warrant shall have its terms set forth in a Warrant Agreement to be entered into by the Company and a warrant agent,
in connection with the Public Offering (a “Warrant Agreement”).

 

(ii)             
At the time of the closing of the Public Offering, 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 Warrants and the Shares underlying the Warrants.

 

Section 2.               
Representations and Warranties of the Company. As a material inducement to the Purchaser to enter into this Agreement
and purchase the Warrants, the Company hereby represents and warrants to the Purchaser (which representations and warranties shall
survive the Closing Dates) that:

 

A.               
Organization and Corporate Power. The Company is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify
would reasonably be expected to have a material adverse effect on the financial condition, operating results or assets of the Company.
The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this
Agreement and the Warrant Agreement.

 

B.                
Authorization; No Breach.

 

(i)               
The execution, delivery and performance of this Agreement and the Warrants have been duly authorized by the Company as of
the Initial Closing Date. This Agreement constitutes a valid and binding obligation of the Company, enforceable in accordance with
its terms. Upon issuance in accordance with, and payment pursuant to, the terms of the Warrant Agreement and this Agreement, the
Warrants will constitute valid and binding obligations of the Company, enforceable in accordance with their terms as of the Closing
Dates.

 

(ii)             
The execution and delivery by the Company of this Agreement and the Warrants, the issuance and sale of the Warrants, the
issuance of the Shares upon exercise of the Warrants and the fulfillment of, and compliance with, the respective terms hereof and
thereof by the Company, do not and will not as of the Closing Dates (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 certificate of incorporation of the Company or the bylaws of the Company (in effect on the date
hereof or as may be amended prior to completion of the contemplated Public Offering), or any material law, statute, rule or regulation
to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject, except for any filings
required after the date hereof under federal or state securities laws.

 

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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 Warrants will be duly and validly issued, fully paid and nonassessable. Upon
issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Purchaser will have good
title to the Warrants and the Shares issuable upon exercise of such 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. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental
authority is required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation
by the Company of any other transactions contemplated hereby.

 

E.               
Regulation D Qualification. Neither the Company nor, to its knowledge, any of its affiliates, officers, directors
or beneficial stockholders of 20% or more of its outstanding securities, has experienced a disqualifying event as enumerated pursuant
to Rule 506(d) of Regulation D under the Securities Act of 1933, as amended (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 Warrants to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations
and warranties shall survive the Closing Dates) that:

 

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A.               
Organization and Requisite Authority. The Purchaser possesses all requisite power and authority necessary to carry
out the transactions contemplated by this Agreement.

 

B.                
Authorization; No Breach.

 

(i)               
This Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject
to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to
or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law).

 

(ii)             
The execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof
by the Purchaser does not and shall not as of the Closing Dates conflict with or result in a breach by the Purchaser of the terms,
conditions or provisions of any agreement, instrument, order, judgment or decree to which the Purchaser is subject.

 

C.                
Investment Representations.

 

(i)               
The Purchaser is acquiring the Warrants and, upon exercise of the Warrants, the Shares issuable upon such exercise (collectively,
the “Securities”), for the Purchaser’s own account, for investment purposes only and not with a view towards,
or for resale in connection with, any public sale or distribution thereof.

 

(ii)             
The Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D 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.

 

(iii)           
The Purchaser understands that the Securities are being offered and will be sold to it in reliance on specific exemptions
from the registration requirements of the United States federal and state securities laws and that the Company is relying upon
the truth and accuracy of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set forth
herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Securities.

 

(iv)            
The Purchaser’s decision to enter into this Agreement was not the a result of any general solicitation or general
advertising within the meaning of Rule 502(c) under the Securities Act.

 

(v)             
The Purchaser has been furnished with all materials relating to the business, finances and operations of the Company and
materials relating to the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded
the opportunity to ask questions of the executive officers and directors of the Company. The Purchaser understands that its investment
in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary
to make an informed investment decision with respect to the acquisition of the Securities.

 

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(vi)           
The Purchaser understands that no United States federal or state agency or any other government or governmental agency has
passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities
by the Purchaser nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(vii)          
The Purchaser understands that: (a) the Securities have not been and are not being registered under the Securities Act or
any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder
or (2) sold in reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights Agreement,
neither the Company nor any other person is under any obligation to register the Securities under the Securities Act or any state
securities laws or to comply with the terms and conditions of any exemption thereunder. In this regard, the Purchaser understands
that the Securities and Exchange Commission has taken the position that promoters or affiliates of a blank check company and their
transferees, both before and after an initial business combination, are deemed to be “underwriters” under the Securities
Act when reselling the securities of a blank check company. Based on that position, Rule 144 adopted pursuant to the Securities
Act would not be available for resale transactions of the Securities despite technical compliance with the requirements of such
Rule, and the Securities can be resold only through a registered offering or in reliance upon another exemption from the registration
requirements of the Securities Act.

 

(viii)         
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 investment in the Securities.

 

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Section 4.               
Conditions of the Purchaser’s Obligations. The obligations of the Purchaser to purchase and pay for the Warrants
are subject to the fulfillment, on or before the Closing Dates, 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 the Closing Dates as though then made.

 

B.               
Performance. The Company shall have performed and complied with all agreements, obligations and conditions contained
in this Agreement that are required to be performed or complied with by it on or before the Closing Dates.

 

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. The Company shall have entered into a Warrant Agreement with a warrant agent 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 the Closing Dates, 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 the Closing Dates 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 the Closing Dates.

 

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. The Company shall have entered into a Warrant Agreement with a warrant agent on terms satisfactory
to the Company.

 

Section 6.                 
Termination. This Agreement may be terminated at any time after December 31, 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 does not occur prior to such
date.

 

Section 7.                 
Survival of Representations and Warranties. All of the representations and warranties contained herein shall survive
the Closing Dates.

 

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Section 8.                 
Definitions. Terms used but not otherwise defined in this Agreement shall have the meaning assigned to such terms
in the Registration Statement.

 

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.

 

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.

 

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 and the rights and obligations of the parties hereunder shall be construed in accordance
with and governed by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving
effect to the conflict of law principles thereof. The parties hereto irrevocably submit to the exclusive jurisdiction of any federal
court sitting in the Southern District of New York or any state court located in New York County, State of New York, over any suit,
action or proceeding arising out of or relating to this Agreement. To the fullest extent they may effectively do so under applicable
law, the parties hereto irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that
they are not subject to the jurisdiction of any such court, any objection that they may now or hereafter have to the laying of
the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding
brought in any such court has been brought in an inconvenient forum.

 

F.               
Amendments. This Agreement may not be amended, modified or waived as to any particular provision, except by a written
instrument executed by all parties hereto.

 

[Signature page follows]

 

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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:
	 	ANZU SPECIAL ACQUISITION CORP I

 

	 	By:	 /s/ John W. Joy
	 	 	Name: John W. Joy
	 	 	Title: Chief Financial Officer

 

	 	ANZU SPAC GP I LLC

 

	 	By:	 /s/ Dr. Whitney Haring-Smith
	 	 	Name: Dr. Whitney Haring-Smith
	 	 	Title: Managing Member

 

[Signature Page to Sponsor Warrants Purchase
Agreement]

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