Document:

pcct-ex105_10.htm

 

Exhibit 10.5

Perception Capital Corp. II
315 Lake Street East, Suite 301

Wayzata, MN 55391

October 27, 2021

Perception Capital Partners II LLC 
315 Lake Street East, Suite 301

Wayzata, MN 55391

Re: Administrative Services Agreement

Ladies and Gentlemen:

This Administrative Services Agreement (this “Agreement”) by and between Perception Capital Corp. II (the “Company”) and Perception Capital Partners II LLC (the “Provider”), dated as of the date hereof, will confirm our agreement that, commencing on the date the securities of the Company are first listed on The Nasdaq Capital Market (“Nasdaq”) (the “Listing Date”) and continuing until the earlier of the consummation by the Company of an initial business combination and the Company’s liquidation (in each case as described in the Registration Statement on Form S-1 (File No. 333-255107) filed with the Securities and Exchange Commission) (such earlier date hereinafter referred to as the “Termination Date”), the Provider shall make available to the Company, at 315 Lake Street East, Suite 301, Wayzata, MN 55391 (or any successor location or other existing office locations of the Provider or any of its affiliates), certain office space, administrative and support services as may be reasonably requested by the Company.  In exchange therefor, the Company shall pay the Provider the sum of $10,000 per month on the Listing Date and continuing monthly thereafter until the Termination Date.

The Provider hereby irrevocably waives any and all right, title, interest, causes of action and claims of any kind (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 shareholders 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 as a result of, or arising out of, this 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 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 Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties hereto.

No party hereto may assign either this 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.

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.

This 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 Agreement.

[Signature page follows]

 

 

 

 

Very truly yours,

PERCEPTION CAPITAL CORP. II

 

	
 
	
By:
	
/s/ Rick Gaenzle
Name:Rick Gaenzle
Title: Chief Executive Officer

 

 

AGREED TO AND ACCEPTED BY:

PERCEPTION CAPITAL PARTNERS II LLC

 

	
By:
	
/s/ Scott Honour
Name:Scott Honour
Title: Authorized Signatory

 

[Signature Page to Administrative Services Agreement]Exhibit 10.13

 

KIN
INSURANCE, INC.

 

4/13/18

 

Josh
Cohen

 

Dear Josh,

 

We
are very pleased to offer you a full-time position with Kin Insurance, Inc., a Delaware corporation (the “Company”).
Your title will be CFO. The terms of the offer are detailed below. Please be aware that this offer is contingent upon you returning a
signed copy of this letter to the Company; your ability to provide appropriate proof of your identity and eligibility to work in the
United States; and your signing of our Non-Disclosure and Developments Agreement, all within seven (7) days of this letter.

 

Start
Date:

 

You
first day with the Company will be 4/30/18 (your “Start Date”).

 

Duties:

 

Your
duties will be delegated by the Company’s CEO Sean Harper.

 

Compensation:

 

Salary:
Your salary for this appointment will be $180,000 per year less withholdings and deductions, for your full-time employment with the Company.
Your first paycheck will be paid on the next available regularly-scheduled payroll date after your Start Date.

 

Stock
Option / Restricted Stock Grant: Subject to the Company’s Board of Director (“Board”) approval and once
the Company has finalized its forthcoming 409A valuation report, the Company will offer you an award of 137,284 or such amount that
the Board determines is appropriate Non- statutory Stock Options or shares of Restricted Stock (the “Award”).
Such grant will be pursuant to the terms and conditions set forth in the Stock Option Grant Agreement (the “Option
Agreement”), Restricted Stock Agreement (the “Restricted Stock Agreement”) and related Company’s 2017
Equity Incentive Plan (the “Plan”) and will vest each quarter over 4 years with a 1 year cliff with double-trigger acceleration in the case of an acquisition. Your Award will vest based on you maintaining continuous service with the
Company (as set out in further detail in your Option Agreement) and is in consideration for your entering the Non-Disclosure and
Developments Agreement. You must sign the Option Agreement / Restricted Stock Agreement and any related documents the Board deems
necessary in order to receive this benefit.

 

     

     

    

 

At-Will
Employment

 

At
all times, your employment with the Company will be “at will,” which means either you or the Company may end the relationship
at any time, for any reason or no reason at all and with or without notice. In addition, the Company reserves the right to modify your
position, duties and reporting relationship to meet business needs and to use its managerial discretion in deciding on appropriate discipline.
However, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a
duly authorized officer of the Company. If you accept our offer, you represent and warrant that: (i) you are under no contractual commitments
inconsistent with your obligations to the Company, and (ii) you will not bring to our offices, or use or disclose, any confidential information
belonging to any third party that the Company would not have the right. You hereby agree to indemnify, defend and hold harmless the Company,
and its respective managers, members, employees, representatives, agents, successors and assigns (collectively the “Company’s
Affiliates”), from and against any and all loss, claims, or damage, including reasonable attorneys’ fees, which the Company,
and/or the Company’s Affiliates, may suffer either as a result of the breach of any representation, warranty or covenant of you
made herein. At all times, you will be subject to all of the company’s policies, procedures and practices. You also agree that
while employed by the Company, you will not engage in any employment, business or activity that may compete with the Company without
our written consent nor will you assist any person or organization in competing with the Company, in preparing to compete with the Company
or in hiring any of its employees.

 

We
are excited at the prospect of you taking the position. If you have any questions about the above details, please call me immediately.
If you wish to accept the position with the Company, please sign below and return this letter agreement to me.

 

I
look forward to hearing from you.

 

Sincerely,

 

	/s/Sean Harper	 

Sean
Harper

President & CEO

Kin Insurance, Inc.

 

    2

     

    

 

I
have read this letter agreement in its entirety, and agree to and accept the terms and conditions of employment stated above.

 

	 	Joshua Cohen
	 	 	 
	 	Signed 	/s/ Joshua Cohen

	 	 	 
	 	Date	04/13/2018

 

    3

     

    

 

KIN,
INC.

 

NON-DISCLOSURE
AND DEVELOPMENTS AGREEMENT

 

 

 

In
consideration and as a condition my employment or service relationship, as applicable, (which term, for purposes of this agreement, shall
include any relationship of service provision and/or advisory capacity to the Company that I may have had prior to the date hereof) with
Kin Insurance, Inc., a Delaware corporation (the “Company”), I agree as follows:

 

1.
Non-Solicitation of Employees. During the period commencing on the date of my initial engagement on behalf of the Company, and
ending twelve (12) months following the date on which my engagement with the Company terminates for any reason, whether voluntarily or
involuntarily, I will not, without the Company’s prior written consent, directly or indirectly, employ, or assist any other company
or business organization which employs me or is directly or indirectly controlled by me to employ, any independent contractor or employee
of the Company at any time during the term hereof, or in any manner seek to induce any such person to leave his or her employment or
service relationship, as applicable, with the Company.

 

2.
Non-Solicitation of Customers. During the period commencing on the date of my initial engagement on behalf of the Company, and
ending twelve (12) months following the date on which my engagement with the Company terminates for any reason, whether voluntarily or
involuntarily, I will not, without the Company’s prior written consent, solicit or do business with, directly or indirectly, any
present or past customer of the Company, or any prospective customer of the Company with whom I have had contact, in connection with
any goods or services competitive with the goods or services offered by the Company.

 

3.
Non-Compete. During the period commencing on the date of my initial engagement on behalf of the Company, and ending twelve (12)
months following the date on which my engagement with the Company terminates for any reason, whether voluntarily or involuntarily, I
will not directly or indirectly, either individually or as an employee, officer, principal, agent, partner, shareholder, owner, trustee,
beneficiary, co-venturer, distributor or consultant or in any other capacity, participate in, become associated with, provide assistance
to, engage in or have a financial or other interest in any business, activity or enterprise within the Restricted Territory which is
competitive with the Company or any of its successors or assigns. The ownership of less than a 2% interest in a company whose shares
are traded in a recognized stock exchange or traded in the over-the-counter market, even though that company may be a competitor, shall
not be deemed financial participation in a competitor. For purposes of this Section 3, the “Restricted Territory”
shall mean geographic area located within a 10-mile radius of the office or residence of any Customer of the Company.

 

4.
Conflicting Agreements. I hereby represent that, except as I have otherwise disclosed in writing to the Company, I am not a party
to, or bound by the terms of, any agreement with any previous employer or other party to refrain from using or disclosing any trade secret
or confidential or proprietary information in the course of my engagement with the Company or to refrain from competing, directly or
indirectly, with the business of such previous employer or any other party. I further represent that my performance of all the terms
of this Agreement does not and will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired
by me in confidence or in trust prior to my engagement with the Company, and I will not disclose to the Company or induce the Company
to use any confidential or proprietary information or material belonging to any previous employer, or others.

 

Kin Insurance, Inc.
Non-Disclosure & Developments Agreement 

    1

     

    

 

5. Non-Disclosure. I
will not at any time, whether during or after the termination of my engagement, reveal to any person or entity any of the trade
secrets or confidential information concerning the organization, business or finances of the Company which the Company considers to
be proprietary and protectable as a trade secret or confidential information under applicable law, or of any third party (including,
but not limited to clients of the Company) which the Company is under an obligation to keep confidential (including, but not limited
to, trade secrets or confidential information respecting inventions, products, designs, methods, know-how, techniques, systems,
processes, software programs, works of authorship, customer lists, projects, plans and proposals), except as may be required in the
ordinary course of performing my duties as an employee or service provider, as applicable, of the Company, and I shall keep secret
all matters entrusted to me and shall not use or attempt to use any such information in any manner which may injure or cause loss or
may be calculated to injure or cause loss whether directly or indirectly to the Company. The foregoing will not be deemed to prevent
my disclosure of information regarding the Company to the extent such disclosure is required by law or legal process. In the event I
reasonably determine I have a legal obligation to disclose any information regarding the Company, I agree to immediately notify the
Company in writing, and in any event notify the Company prior to making any such disclosure. I further agree to cooperate with the
Company, at the Company’s request and expense, to seek a protective order or other arrangement protecting the confidentiality
of any information so disclosed. For avoidance of doubt, any obligation not to use or disclose shall survive the expiration or
termination of my engagement and the expiration or termination of the terms of this Agreement. In the event I am uncertain as to
whether the Company seeks trade secret protection with respect to any specific information, I shall request that the Company
determine whether it seeks such protection.

 

Further,
I agree that during my engagement I shall not make, use or permit to be used any notes, memoranda, reports, lists, records, drawings,
sketches, specifications, software programs, data, documentation or other materials of any nature relating to any matter within the scope
of the business of the Company or concerning any of its dealings or affairs otherwise than for the benefit of the Company. I further
agree that I shall not, after the termination of my engagement, use or permit to be used any such notes, memoranda, reports, lists, records,
drawings, sketches, specifications, software programs, data, documentation or other materials, it being agreed that all of the foregoing
shall be and remain the sole and exclusive property of the Company and that immediately upon the termination of my engagement I shall
deliver all of the foregoing, and all copies thereof, to the Company, at its main office.

 

6.
Work Made for Hire; Assignment. I acknowledge that, by reason of my engagement with the company, to the extent permitted by law,
all of the Developments (defined below) consisting of copyrightable subject matter, including, but not limited to content provided on
blogs and other social media on behalf of the Company, is “work made for hire” as defined in the Copyright Act of 1976 (17
U.S.C. § 101), and such copyrights are therefore owned by the Company. To the extent that the foregoing does not apply, I hereby
irrevocably assign to the Company, for no additional consideration, my entire right, title and interest in and to all Developments therein,
including the right to sue, counterclaim and recover for all past, present and future infringement, misappropriation or dilution thereof,
and all rights corresponding thereto throughout the world. Nothing contained in this Agreement shall be construed to reduce or limit
the Company’s rights, title or interest in any Developments so as to be less in any respect than that the Company would have had
in the absence of this Agreement.

 

Kin Insurance, Inc. Non-Disclosure
& Developments Agreement 

    2

     

    

 

7. Agreement
as to Developments. If at any time or times during my engagement or prior to my formal engagement, I shall (either alone or with
others, and whether before or after the date of this Agreement) make, conceive, create, discover, invent or reduce to practice any
invention, modification, discovery, design, development, improvement, process, software program, work of authorship, documentation,
formula, data, technique, know-how, trade secret or intellectual property right whatsoever or any interest therein (whether or not
patentable or registrable under copyright, trademark or similar statutes or subject to analogous protection) (herein called
“Developments”) that (a) relates to the business of the Company or any of the products or services being
developed, manufactured or sold by the Company, (b) results from tasks assigned me by the Company or (c) results from the use of
premises or personal property (whether tangible or intangible) owned, leased or contracted for by the Company, such Developments and
the benefits thereof are and shall immediately become the sole and absolute property of the Company and its assigns, as works made
for hire or otherwise, and I shall promptly disclose to the Company (or any persons designated by it) each such Development and, as
may be necessary to ensure the Company’s ownership of such Developments, I hereby assign any rights (including, but not
limited to, any copyrights and trademarks) I may have or acquire in the Developments and benefits and/or rights resulting therefrom
to the Company and its assigns without further compensation and shall communicate, without cost or delay, and without disclosing to
others the same, all available information relating thereto (with all necessary plans and models) to the Company. For the avoidance
of doubt, any social media contacts, including followers or friends that are acquired through social media accounts (including but
not limited to email addresses, mailing addresses, blogs, Twitter, Facebook, YouTube, or other social media networks) used or
created on behalf of the Company are Developments of the Company.

 

To
the extent applicable, pursuant to the Illinois Employee Patent Act, I am hereby notified that the preceding provisions do not apply
to any inventions for which no equipment, supplies, facility, or trade secret information of the Company was used and which was
developed entirely on my own time, unless: (i) the invention relates (a) to the Company’s business, or (b) to the
Company’s actual or demonstrably anticipated research or development, or (ii) the invention results from any work performed by
me for the Company.

 

I
will, during my engagement and at any time thereafter, at the request and cost of the Company, promptly sign, execute, make and do all
such deeds, documents, acts and things relating to a Development as the Company and its duly authorized agents may reasonably require:

 

(a)
to apply for, obtain, register and vest in the name of the Company alone (unless the Company otherwise directs) letters patent,
copyrights, trademarks or other analogous protection in any country throughout the world and when so obtained or vested to renew and
restore the same; and

 

(b)
to defend any judicial, opposition or other proceedings in respect of such applications and any judicial, opposition or other
proceedings or petitions or applications for revocation of such letters patent, copyright, trademark or other analogous
protection.

 

In
the event the Company is unable, after reasonable effort, to secure my signature on any application for letters patent, copyright or
trademark registration or other documents regarding any legal protection relating to a Development, whether because of my physical or
mental incapacity or for any other reason whatsoever, I hereby irrevocably designate and appoint the Company and its duly authorized
officers and agents as my agent and attorney-in-fact, to act for and in my behalf and stead to execute and file any such application
or applications or other documents and to do all other lawfully permitted acts to further the prosecution and issuance of letters patent,
copyright or trademark registrations or any other legal protection thereon with the same legal force and effect as if executed by me.

 

8.
Non-Disparagement. I agree and covenant that I will not at any time make, publish or communicate to any person or entity or in
any public forum any defamatory or disparaging remarks, comments or statements concerning the Company or its businesses, or any of its
employees, officers, and existing and prospective customers, and other associated third parties.

 

Kin Insurance, Inc.
Non-Disclosure & Developments Agreement 

    3

     

    

 

9.
Specific Performance. I agree that any breach of this Agreement by me will cause irreparable damage to the Company and that in
the event of such breach the Company shall have, in addition to any and all remedies of law, the right to an injunction, specific performance
or other equitable relief to prevent the violation of my obligations hereunder.

 

10.
Continued Engagement. I understand that this Agreement does not create an obligation on the Company or any other person or entity
to continue my engagement.

 

11.
Waiver. Any waiver by the Company of a breach of any provision of this Agreement shall not operate or be construed as a waiver
of any subsequent breach of such provision or any other provision hereof.

 

12.
Severability. I hereby agree that each provision herein shall be treated as a separate and independent clause, and the unenforceability
of any one clause shall in no way impair the enforceability of any of the other clauses herein. Moreover, if one or more of the provisions
contained in this Agreement shall for any reason be held to be excessively broad as to scope, activity, subject or otherwise so as to
be unenforceable at law, such provision or provisions shall be construed by the appropriate judicial body by limiting or reducing it
or them, so as to be enforceable to the maximum extent compatible with the applicable law as it shall then appear.

 

13.
Survival of Obligations. My obligations under this Agreement shall survive the termination of my engagement regardless of the
manner of such termination and shall be binding upon my heirs, executors, administrators and legal representatives.

 

14.
Definitions; Assignment. The term “Company” means Kin Insurance, Inc. and, for all purposes hereunder, shall also
mean and include any of the Company’s predecessor entities or organizations, whether through merger, exchange of equity, conversion
or otherwise, subsidiaries, subdivisions or affiliates. The Company shall have the right to assign this Agreement to its successors and
affiliates, and all covenants and agreements hereunder shall inure to the benefit of and be enforceable by said successors or affiliates.

 

15.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois. This Agreement
shall be governed in all respects, whether as to validity, construction, capacity, performance, or otherwise, by the laws of the State
of Illinois, and no action involving this Agreement may be brought except in the Circuit Court of Cook County, Illinois or the United
States District Court for the Northern District of Illinois, Eastern Division.

 

[SIGNATURE
ON FOLLOWING PAGE]

 

Kin Insurance, Inc.
Non-Disclosure & Developments Agreement 

    4

     

    

 

IN
WITNESS WHEREOF, the undersigned has executed this Non-Disclosure and Developments Agreement as of 04/13/2018.

 

	 	Name	Joshua Cohen
	 	 	 
	 	Address 	1728 W Summerdale Ave
	 	 	 Chicago, IL
	 	 	 
	 	/s/
                                                                               Joshua Cohen

	 	Signature

 

Signature
Page to Kin Insurance, Inc. Non-Disclosure & Developments Agreement

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