Document:

Exhibit 10.5

 

ADMINISTRATIVE SERVICES
AND 

REIMBURSEMENT AGREEMENT

 

This
Administrative Services and Reimbursement Agreement (this “Agreement”), dated as of July 20, 2021 (the “Effective
Date”), by and between Portage Fintech Acquisition Corporation, a Cayman Islands exempted company (the “Company”),
and PFTA I LP, an Ontario limited partnership (the “Sponsor”).

 

WHEREAS,
the Company’s Registration Statement on Form S-1, File No. 333-257185 (the “Registration
Statement”) for the Company’s initial public offering (the “IPO”) has been declared
effective by the U.S. Securities and Exchange Commission; and

 

WHEREAS,
in connection with the Company’s intended merger, share exchange, asset acquisition, share purchase, reorganization or similar
business combination, involving the Company and one or more businesses (a “Business Combination”), the Sponsor
(together with certain of its affiliates, the “Sponsor Entities”) may provide certain services to the Company,
including in connection with the Company’s search for a Business Combination target.

 

NOW
THEREFORE, IT IS AGREED:

 

1. Administrative
Services. Commencing on the Effective Date and continuing until the Termination Date (as defined below), the Sponsor Entities
shall take steps directly or indirectly to make available to the Company certain office space and secretarial, administrative and
other services as may be required by the Company from time to time, situated at 280 Park Avenue, 3F West, New York, New York 10017
(or any successor location). In exchange therefor, the Company shall pay the Sponsor Entities a sum of $10,000 per month on the
Effective Date and continuing monthly thereafter until the Termination Date.

 

2. Expense
Reimbursement. On or prior to closing the Business Combination, the Company agrees to reimburse the Sponsor Entities for
formation and other pre-IPO expenses; provided that such reimbursement shall not exceed $900,000. Commencing on the Effective
Date and continuing until the Termination Date, the Company agrees to reimburse the Sponsor Entities on a monthly basis for (i)
compensation expenses incurred by any of the Sponsor Entities related to employees dedicated to provide services to the Company; provided
that such reimbursement shall not exceed $900,000 per calendar year, and (ii) any out-of-pocket expenses incurred by any of the
Sponsor Entities (or the Company’s allocable portion thereof) related to identifying, investigating, negotiating and
completing the Business Combination, including any travel expenses.

 

3. Indemnification.
(i) The Sponsor Entities and their respective current, former or future employees, directors, officers, partners, managers, agents,
successors and assigns (collectively, the “Sponsor Entity Indemnitees”) shall not be liable to the Company
or any of its subsidiaries or affiliates for any loss, liability, damage or expense arising from or in connection with any services
provided under this Agreement, or from any Sponsor Entity Indemnitee’s financial interest (whether through equity, debt or
otherwise) in control or alleged control of the Company, including any investment opportunities sourced by them, and any liability
arising with respect to their activities in connection with the Company’s affairs (any of the foregoing, collectively, the
“Sponsor Capacity”), except to the extent a court of competent jurisdiction has determined by entry of a
final and non-appealable judgment to have resulted by fraud or willful misconduct by a Sponsor Entity Indemnitee, and (ii) the
Company shall, at its own cost and expense, defend, indemnify and hold harmless the Sponsor Entity Indemnitees from and against any
and all claims against a Sponsor Entity Indemnitee by the Company, its subsidiaries or any other person with respect to, or in any
way related to, any Sponsor Capacity and any and all losses, liabilities, damages or expenses (including reasonable attorneys’
fees) arising or resulting therefrom, except to the extent a court of competent jurisdiction has determined by entry of a final and
non-appealable judgment to have resulted by fraud or willful misconduct by a Sponsor Entity Indemnitee.

 

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4.
Trust Account Waiver. Notwithstanding anything to the contrary set forth in this Agreement, including Section 3, Sponsor
hereby agrees that neither it nor any of its affiliates shall have any right, title, interest or claim of any kind (a “Claim”)
in or to any monies that may be set aside in a trust account (the “Trust Account”) that may be established
upon the consummation of the IPO and hereby irrevocably waives any Claim that it or any of its affiliates may have in the future as a
result of, or arising out of, any negotiations, contracts or agreements with the Company and will not seek recourse against the Trust
Account for any reason whatsoever.

 

5.
Termination. This Agreement shall terminate upon the earlier of (i) the consummation by the Company of the Business Combination
and (ii) the Company’s liquidation (in each case as described in the Registration Statement) (such earlier date hereinafter referred
to as the “Termination Date”), except that Section 3 and Section 4 shall survive any termination
of this Agreement.

 

6.
Miscellaneous.

 

(a)
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.

 

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

 

(c)
The parties may not assign this Agreement and any of their rights, interests, or obligations hereunder without the consent of the other
party.

 

(d)
This Agreement 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 that will apply the laws of another jurisdiction.

 

(e)
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. Only one such counterpart signed by the party against whom enforceability
is sought needs to be produced to evidence the existence of this Agreement.

 

[Signature Page Follows]

 

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IN
WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first written above.

 

	 	PORTAGE FINTECH ACQUISITION CORPORATION
	 	 	 
	 	By:	/s/ Ajay Chowdhery
	 	Name: 	Ajay Chowdhery
	 	Title:	Chief Financial Officer and Chief Operating Officer
	 	 	 
	 	PFTA I LP
	 	 	 
	 	By:	PFTA I GP Inc., its General Partner
	 	 	 
	 	By:	/s/ Sacha Haque
	 	Name:	Sacha Haque
	 	Title:	Director

 

[Signature Page to Administrative Services and Reimbursement
Agreement]Exhibit 1069

		

			Exhibit 10.69

		

		
			PROMISSORY NOTE
		

		
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			February 26, 2021
		

		
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			FOR VALUE RECEIVED, SigmaTron International, Inc., a Delaware corporation, located at 2201 Landemeier Road, Elk Grove Village, IL 60007, United States of America (“Maker”) promises, jointly and severally if more than one, to pay to the order of FGI Equipment Finance LLC or any subsequent holder hereof (each, a “Payee”) at its office located at 777 Yamato Road, Office 135, Boca Raton, FL 33431 or at such other place as Payee may designate as follows:
		

		
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			(a)the principal sum of Three Hundred Three Thousand Two Hundred Thirty-Six and 00/100 United States Dollars ($303,236.00), and
		

		
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			(b)interest on the unpaid principal balance from March 1st, 2021 through and including the dates of payment, at a fixed interest rate of Eight point Twenty Five percent (8.25%) per annum (the “Contract Rate”) in Twenty (20) consecutive quarterly installments of principal and interest as follows:
		

		
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						Periodic Installment

					
						 

					
						20

					
					
						 

					
						 

					
						@

					
					
						Amount

					
						 

					
						18,656.96

				

		
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			(each, a “Periodic Installment”) plus any outstanding and unpaid accrued interest and any and all other amounts due hereunder and under the other Debt Documents (as defined below). For the period from the date hereof through but not including the date of the first Periodic Installment, Maker shall pay Payee interests on the unpaid principal balance in the amount of Three Hundred Forty-Seven and 46/100 United States Dollars ($347.46); such payment shall be due and payable on March 1st, 2021. The first Periodic Installment, plus (as applicable) interest accrued at the Contract Rate on the unpaid principal balance hereunder for the period from March 1st, 2021 through but not including the starting date covered by such first Periodic Installment, shall be due and payable on June 1st, 2021 and the following Periodic Installments including the final installment shall be due and payable on the first day of September, December, March and June of each succeeding year (each, a “Payment Date”), with the last Payment Date being March 1, 2026. All payments shall be applied: first, to interest due and unpaid hereunder and under the other Debt Documents; second, to all other amounts (other than principal) due and unpaid hereunder and under the other Debt Documents, and then to principal due hereunder and under the other Debt Documents. The acceptance by Payee of any payment which is less than payment in full of all amounts due and owing at such time shall not constitute a waiver of Payee’s right to receive payment in full at such time or at any prior or subsequent time. Interest shall be calculated on the basis of a 365-day year (or a 366-day leap year, as applicable) and will be charged at the Contract Rate for each calendar day on which any principal is outstanding. The payment of any Periodic Installment after its due date shall result in a corresponding decrease in the portion of the Periodic Installment credited to the remaining unpaid principal balance. The payment of any Periodic Installment prior to its due date shall result in a corresponding increase in the portion of the Periodic Installment credited to the remaining unpaid principal balance.
		

		
			 
		

		

		

		 

 

		

			Exhibit 10.69

		

		All amounts due hereunder and under the other Debt Documents are payable in the lawful currency of the United States of America. Maker hereby expressly authorizes Payee to insert the date value is actually given in the blank space on the face hereof and on all related documents pertaining hereto.
		

		
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			This Note is secured by that certain Master Security Agreement dated February 4th, 2020 (the “Master Agreement”) and may also be secured by a security agreement, chattel mortgage, pledge agreement or like instrument (each of which is hereinafter called a “Security Agreement”, and collectively with the Master Agreement and any other document or agreement related thereto or to this Note, the “Debt Documents”), in each case signed by Maker or one of its subsidiaries in favor of Payee.
		

		
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			Conditions Precedent to Funding. Payee’s obligation to make the loan evidenced by this Note is subject to the satisfaction of all the following conditions precedent no later than the date hereof, each in form and substance satisfactory to Payee at its sole discretion: (i) Payee shall have received the Collateral Schedule describing the Collateral that secures this Note (the “Collateral Schedule Collateral”), duly executed by Maker; (ii) Payee shall have a first priority perfected security interest in the Collateral Schedule Collateral; (iii) no Event of Default (as defined in the Security Agreement) or event which with the passage of time or the giving of notice would become an Event of Default (a “Default”) has occurred under the Debt Documents; and (iv) as of the date hereof, there will have been no adverse change (as determined by Payee in its sole discretion) in the business prospects or projections, operations, management, financial or other conditions of the Maker or any Guarantor since the date of the Master Agreement. If any such condition precedent is not so satisfied by the date hereof, Payee shall have no obligation to make the loan contemplated under this Note or any other Debt Documents related to this Note.
		

		
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			Time is of the essence hereof. If Payee does not receive from Maker payment in full of any Periodic Installment or any other sum due under this Note or any other Debt Document is not received within ten (10) days after its due date: (i) Maker agrees to pay a late fee equal to four percent (4.00%) on such late Periodic Installment or other sum, but not exceeding any lawful maximum, plus such other costs, fees and expenses that Maker may owe as a result of such late payment; and (ii) interests on the due and unpaid Periodic Installment, together with all accrued interest thereon and any other due and unpaid sum payable under this Note or any other Debt Document, shall accrue penalty interests payable at demand at the lesser of 12.25% per annum or the highest rate not prohibited by applicable law until all such amounts are paid; provided that, before delay on payment constitutes an event of default hereunder, Maker shall have 10 days after receipt of notice from Payee to cure such default. However, if an Event of Default (as defined in the Security Agreement) occurs and is continuing, then the entire principal sum remaining unpaid, together with all accrued interest thereon and any other sum payable under this Note or any other Debt Document, at the election of Payee, shall immediately become due and payable, or, with respect to an Event of Default arising under Section 5(viii)(E) of the Master Agreement, shall become automatically due and payable, in each case, with interest thereon at the lesser of 12.25% per annum or the highest rate not prohibited by applicable law from the date of such accelerated maturity until paid (both before and after any judgment). The application of such 12.25% interest rate shall not be interpreted or deemed to extend any cure period set forth in this Note or any other Debt Document, cure any default or otherwise limit Payee’s right or remedies hereunder or under any Debt Document.
		

		
			 
		

		

		

		 

 

		

			Exhibit 10.69

		

		Maker may prepay in full, but not in part, all outstanding amounts hereunder before they are due on any scheduled Payment Date upon at least thirty (30) days’ prior written notice to Payee. Payee is authorized and entitled to apply any amounts paid by Maker as a prepayment of indebtedness to delinquent interest or other amounts (other than principal) due and owing from Maker to Payee hereunder and under any other Debt Documents before application of such funds to principal outstanding hereunder.
		

		
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			If Maker makes a prepayment of this Note for any reason, Maker shall pay irrevocably and in full to Payee (i) all outstanding principal amounts, (ii) all accrued interest, (iii) the Break-Funding Costs (as defined below), (iv) the Prepayment Fee (as defined below) and (v) any and all other amounts due hereunder or under the other Debt Documents. Maker specifically acknowledges that, to the fullest extent allowed by applicable law, it shall be liable for the Break-Funding Costs and the Prepayment Fee on any acceleration hereof or under the other Debt Documents. In the event of an acceleration hereof or under the other Debt Documents, the Break-Funding Costs and the Prepayment Fee shall be determined as if (a) Maker prepaid this Note in full immediately before such acceleration and (b) the prepayment notice referred to above was received by Payee thirty (30) days prior to such date.
		

		
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			For purposes hereof, the term “Prepayment Fee” shall be an amount equal to an additional sum equal to the following percentage of remaining principal balance for prepayments occurring in the indicated period: five percent (5.0%) (for prepayments occurring prior to the first anniversary of the date hereof); four percent (4.0%) (for prepayments occurring on and thereafter and prior to the second anniversary of the date hereof); three percent (3.0%) (for prepayments occurring on and thereafter and prior to the third anniversary of the date hereof); and two percent (2%) (for prepayments occurring any time thereafter). For the purposes hereof, the term “Break-Funding Costs” means the amounts that would be payable to Payee if Payee incurs in additional costs and expenses as a result of the interruption of the term of this Note, which shall be equal to (i) the net present value of the remaining scheduled principal and interest payments through the end of the term of this Note (including any balloon or other amount of principal payable that but for the prepayment of this Note would be payable on or prior to the scheduled maturity date hereof), at the LIBOR Rate (as defined below) published on the date of execution of this Note, less (ii) the net present value of the remaining scheduled principal and interest payments through the end of the term of this Note (including any balloon or other amount of principal payable that but for the prepayment of this Note would be payable on or prior to the scheduled maturity date hereof), at the LIBOR Rate published on the date of the prepayment, provided however that the Break- Funding Costs shall be deemed zero if the calculation results in a negative number. Por purposes hereof, the term “LIBOR Rate” means on the applicable determination date, the rate applicable in the London interbank market for deposits in United States Dollars for a period of three months, as published in the Wall Street Journal or, in its absence, on Page 3750 of the Telerate Service (or any other page that replaces Page 3750), as of 11:00 a.m., London time, on the date that is two business days prior to the applicable payment date, or if the LIBOR Rate ceases to be published, the interest rate that replaces it published in the Wall Street Journal or, failing that, on Page 3750 of the Telerate Service (or any other page that replaces Page 3750).
		

		
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			Maker hereby consents to any and all extensions of time, renewals, waivers or modifications of, and all substitutions or releases of, security or of any party primarily or secondarily liable on this Note or any other Debt Document or any term and provision of either, which may be made granted 
		

		

		

		 

 

		

			Exhibit 10.69

		

		or consented to by Payee, and agrees that suit may be brought and maintained against Maker and/or any and all sureties, endorsers, guarantors or any others who may at any time become liable for payments and performance under this Note and any other Debt Documents, at the election of Payee without joinder of any other as a party thereto, and that Payee shall not be required first to foreclose, proceed against, or exhaust any security hereof in order to enforce payment of this Note. Maker hereby waives presentment, demand for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, and all other notices in connection herewith, as well as filing of suit (if permitted by law) and diligence in collecting this Note or enforcing any of the security hereof, and agrees to pay (if permitted by law) all expenses incurred in collection, including Payee’s actual attorneys’ fees.
		

		
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			The consent to jurisdiction, jury trial waiver and usury provisions contained in the Master Agreement are hereby incorporated by reference as if fully set forth herein. The laws of the State of New York shall govern all matters arising out of, in connection with or relating to this Note and any related Debt Documents, without limitation, validity, interpretation, construction, performance and enforcement thereof (including, without limitation, any claims sounding in contract or tort law arising out of the subject matter hereof and any determinations with respect to post-judgment interest).
		

		
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			This Note and the other Debt Documents constitute the entire agreement of Maker and Payee with respect to the subject matter hereof and supersede all prior understandings, agreements and representations, express or implied.
		

		
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			No variation or modification of this Note, or any waiver of any of its provisions or conditions, shall be valid unless in writing and signed by an authorized representative of Maker and Payee. Any such waiver, consent, modification or change shall be effective only in the specific instance and for the specific purpose given.
		

		
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			Payment Authorization. Payee is hereby directed and authorized by Maker to advance and/or apply the proceeds of the loan as evidenced by this Note following the instructions set forth below:
		

		
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			Amount to be advanced: Two Hundred Eighty-Four Thousand Five Hundred Seventy-Nine and 04/100 United States Dollars ($284,579.04).
		

		
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			Beneficiary: SigmaTron International, Inc.
		

		
			Bank Name: J.P. Morgan Chase Bank, N. A.
		

		
			Account Number: 676011155
		

		
			ABA: 021000021
		

		
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			Payee is hereby irrevocably authorized and directed by Maker to apply from the proceeds of the loan evidenced by this Note, the sum of Eighteen Thousand Six Hundred Fifty-Six and 96/100 United States Dollars ($18,656.96), to constitute and deliver to Payee the Security Deposit pursuant to the terms of Collateral Schedule No. 6  that is part of the Debt Documents.
		

		
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			Any provision in this Note or any of the other Debt Documents which is in conflict with any statute, law or applicable rule shall be deemed omitted, modified or altered to conform thereto.
		

		
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			Exhibit 10.69

		

			
					
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						SigmaTron International, Inc.

				
	
					
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						By:

					
					
						/s/ Linda K. Frauendorfer

				
	
					
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						Name:

					
					
						Linda K. Frauendorfer

				
	
					
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						Title:

					
					
						Vice President Finance, Secretary and Treasurer

				
	
					
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						Federal Tax ID #:

					
					
						363918470

				
	
					
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						Address:

					
					
						2201 Landmeier Road

					
						Elk Grove Village, IL 60007

				

		
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