Document:

EX-10.7

 EXHIBIT 10.7 

Bellevue Life Sciences Acquisition Corp. 

251 Little Falls Drive 
 Wilmington,
New Castle County 
 Delaware 19808 

April 20, 2022 
 Bellevue Capital Management,
LLC 
 10900 NE 4th Street, 2300 

Bellevue, WA 98004 
 Re: Administrative Services Agreement 

Ladies and Gentlemen: 
 This letter agreement by
and between Bellevue Life Sciences Acquisition Corp. (the “Company”) and Bellevue Capital Management, LLC (“BCM”), an affiliate of our sponsor, Bellevue Global Life Sciences Investors LLC, dated as of the date hereof, will
confirm our agreement that, commencing on the date the securities of the Company are first listed on NASDAQ (the “Listing Date”), pursuant to a Registration Statement on Form S-1 and
prospectus filed with the Securities and Exchange Commission (the “Registration Statement”) and continuing until the earlier of the consummation by the Company of an initial business combination or the Company’s liquidation (in each
case as described in the Registration Statement) (such earlier date hereinafter referred to as the “Termination Date”): 

(i)    BCM shall make available to the Company, at the following three business addresses: 

1    10900 NE 4th Street, 2300, Bellevue, WA 98004 

2    37 Gukjegeumyung-ro 2-gil,
#2204, Seoul, 07327 Korea 
 3    Vulkanstrasse 110b/82, 8048 Zürich, Switzerland 

certain office space, utilities and secretarial and administrative support as may be reasonably required by the Company. In exchange therefor, the Company
shall pay BCM the sum of $10,000 per month on the Listing Date and continuing monthly thereafter until the Termination Date; and 

(ii)    BCM hereby irrevocably waives any and all right, title, interest, causes of action and claims of any kind as a
result of, or arising out of, this letter agreement (each, a “Claim”) in or to, and any and all right to seek payment of any amounts due to it out of, the trust account established for the benefit of the public stockholders of the Company
and into which substantially all of the proceeds of the Company’s initial public offering will be deposited (the “Trust Account”), and hereby irrevocably waives any Claim it may have in the future, which Claim would reduce, encumber
or otherwise adversely affect the Trust Account or any monies or other assets in the Trust Account, and further agrees not to seek recourse, reimbursement, payment or satisfaction of any Claim against the Trust Account or any monies or other assets
in the Trust Account for any reason whatsoever. 
 This letter agreement constitutes the entire agreement and understanding of the parties
hereto in respect of its subject matter and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions
contemplated hereby. 
  
  

This letter agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by 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. 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, and any litigation between the parties
(whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of New York, without giving effect to its choice of laws principles. 

 

			
	 Very truly yours,

	
	 Bellevue Life Sciences Acquisition Corp.

		
	 By:
	 	 /s/ Kuk Hyoun Hwang

	 Name:
	 	 Hwang, Kuk Hyoun

	 Title:
	 	 Chief Executive Officer

  

			
	 AGREED TO AND ACCEPTED BY:

	
	 Bellevue Capital Management, LLC

		
	 By:
	 	 /s/ Kuk Hyoun Hwang

	 Name:
	 	 Hwang, Kuk Hyoun

	 Title:
	 	 Managing MemberEX-10.8

 EXHIBIT 10.8 

[                    ], 2022 

Bellevue Life Sciences Acquisition Corp. 
 10900 NE 4th Street

 Suite 2300 
 Bellevue, WA 98004 

Chardan Capital Markets LLC 
 17 State Street # 2100 

New York, NY 10004 

Re:    Initial Public Offering 

Ladies and Gentlemen: 
 This letter is being
delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and between Bellevue Life Sciences Acquisition Corp., a Delaware corporation (the
“Company”), and Chardan Capital Markets LLC as representative (the “Representative”) of the several Underwriters named in Schedule I thereto (the “Underwriters”), relating to an
underwritten initial public offering (the “IPO”) of the Company’s units (the “Units”), each comprised of one share of the Company’s common stock, par value $0.0001 per share (the
“Common Stock”), and one warrant, each exercisable for one share of Common Stock (each, a “Warrant”). Certain capitalized terms used herein are defined in paragraph 11 hereof. 

In order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition
of the benefit that such IPO will confer upon the undersigned, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows: 

1. If the Company solicits approval of its stockholders of a Business Combination, the undersigned will vote all shares of Common Stock it
beneficially owns, whether acquired before, in, or after the IPO, in favor of such Business Combination. 
 2. (a) In the event that the
Company fails to consummate a Business Combination within the time period set forth in the Company’s Amended and Restated Certificate of Incorporation, as the same may be amended from time to time (the “Certificate of
Incorporation”), the undersigned will, as promptly as possible, cause the Company to pay in cash to the holders of IPO Shares a per-share price equal to the aggregate amount then on deposit in the
Trust Account, including interest earned on the Trust Account net of interest released to the Company as permitted pursuant to the Trust Agreement, divided by the number of then outstanding IPO Shares. 

    (b) The undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of
the Trust Account (“Claim”) with respect to the shares of Sponsor Common Stock owned by the undersigned and hereby waives any Claim the undersigned may have in the future as a result of, or arising out of, any contracts or
agreements with the Company and will not seek recourse against the Trust Account for any reason whatsoever. The undersigned acknowledges and agrees that there will be no distribution from the Trust Account with respect to any Placement Units, all
rights of which will terminate on the Company’s liquidation. 
     (c) In the event of the liquidation of the
Trust Account, the undersigned agrees to indemnify and hold harmless the Company for any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a
written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser of (i) $10.10 per public share and (ii) the actual amount per public share
held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.10 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a
third party or prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under our indemnity of the underwriters of
this offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). 

 3. The undersigned acknowledges and agrees that prior to entering into a Business
Combination with a target business that is affiliated with any Insiders of the Company or their affiliates, such transaction must be approved by a majority of the Company’s disinterested independent directors and the Company must obtain an
opinion from an independent investment banking firm, or another independent entity that commonly renders valuation opinions, that such Business Combination is fair to the Company’s unaffiliated stockholders from a financial point of view. 

4. Neither the undersigned nor any Insider will be entitled to receive and will not accept any compensation, finder fee or other cash payment
prior to, or for services rendered in order to effectuate, the consummation of the Business Combination; provided that the Company shall be allowed to make the payments set forth in the Registration Statement under the caption “Prospectus
Summary – The Offering – Limited payments to insiders.” 
 5. (a) The undersigned will place into escrow all shares of
Sponsor Common Stock it owns pursuant to the terms of a Stock Escrow Agreement which the Company will enter into with the undersigned and an escrow agent. 

    (b) The undersigned agrees that until after the Company consummates a Business Combination, all Private Securities it
owns will be subject to the transfer restrictions described in the Subscription Agreement relating to the undersigned’s Private Securities. 

6. (a) In order to minimize potential conflicts of interest that may arise from multiple corporate affiliations, the undersigned hereby agrees
that until the earliest of the Company’s initial Business Combination or liquidation, the undersigned shall present to the Company for its consideration, prior to presentation to any other entity, any suitable target business, subject to any
fiduciary or contractual obligations the undersigned might have. 
     (b) The undersigned hereby agrees and
acknowledges that (i) each of the Underwriters and the Company may be irreparably injured in the event of a breach of any of the obligations contained in this letter, (ii) monetary damages may not be an adequate remedy for such breach and
(iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach. 

7. The undersigned has full right and power, without violating any agreement by which he, she or it is bound, to enter into this letter
agreement and to serve as a director and/or officer of the Company. 
 8. The undersigned hereby agrees to not propose, or vote in favor of,
an amendment to Article V of the Certificate of Incorporation prior to the consummation of a Business Combination unless the Company provides public stockholders with the opportunity to convert their shares of Common Stock upon such approval in
accordance with such Article V thereof. 
 9. In the event that the Company does not consummate a Business Combination and must liquidate
and its remaining net assets are insufficient to complete such liquidation, the undersigned agrees to advance such funds necessary to complete such liquidation and agrees not to seek repayment for such expenses. 

10. This letter agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. Each of the Company and the undersigned hereby (i) agrees that any action, proceeding or claim against him arising out
of or relating in any way to this letter agreement (a “Proceeding”) shall 

  
 2 

 
be brought and enforced in the courts of the State of New York of the United States of America for the Southern District of New York, and irrevocably submits to such jurisdiction, which
jurisdiction shall be exclusive and (ii) waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. 

11. As used herein, (i) a “Business Combination” means a merger, share exchange, asset acquisition, stock
purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities; (ii) “Insiders” means all officers, directors and sponsor of the Company immediately prior to the IPO; (iii)
“Sponsor Common Stock” means all of the shares of Common Stock of the Company acquired by the undersigned or any Insider prior to the IPO; (iv) “IPO Shares” means the shares of Common Stock issued in
the Company’s IPO; (v) “Private Securities” means the placement units that are being sold privately by the Company to the undersigned simultaneously with the consummation of the IPO; (vi) “Trust
Agreement” means the Investment Management Trust Agreement between the Company and Continental Stock Transfer & Trust Company being entered into in connection with the IPO and governing the use of funds held in the Trust
Account; (vii) “Trust Account” means the trust account into which a portion of the net proceeds of the IPO will be deposited; and (viii) “Registration Statement” means the Company’s registration
statement on Form S-1 (SEC File No. 333-[            ]) filed with the Securities and Exchange
Commission. 
 12. 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), except by a written instrument executed by all parties hereto. 

13. 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 IPO. Nothing contained herein shall be deemed to render the Underwriters a representative of, or a fiduciary with respect to, the Company, its stockholders or any creditor or vendor of the
Company with respect to the subject matter hereof. 
 [Signature Page Follows] 

  
 3 

 
			
	BELLEVUE GLOBAL LIFE SCIENCES INVESTORS LLC
	 By: Bellevue Capital Management LLC,

its Manager

		 	  

		 	Name: Kuk Hyoun Hwang
		 	 Title:   Chief Executive Officer

	
	 Acknowledged and Agreed:

	
	BELLEVUE LIFE SCIENCES ACQUISITION CORP.
		
	 By:
	 	  

		 	 Name: Kuk Hyoun Hwang

		 	 Title:   Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}]]