SEC Contract Filing

Filing Date: 2021-11-02

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>10
<FILENAME>tm2131413d1_ex10-5.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.5</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October 27, 2021</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Seaport Calibre Materials Acquisition Corp.<BR>
360 Madison Avenue<BR>
20th Floor<BR>
New York, NY&nbsp;10017</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Re: <U>Initial Public Offering</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This letter (this &ldquo;<B><I>Letter Agreement</I></B>&rdquo;)
is being delivered to you in accordance with the Underwriting Agreement (the &ldquo;<B><I>Underwriting Agreement</I></B>&rdquo;) entered
into by and among Seaport Calibre Materials Acquisition Corp., a Delaware corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), and Seaport
Global Securities LLC, as representative (the &ldquo;<B><I>Representative</I></B>&rdquo;) of the several underwriters (each, an &ldquo;<B><I>Underwriter</I></B>&rdquo;
and collectively, the &ldquo;<B><I>Underwriters</I></B>&rdquo;), relating to an underwritten initial public offering (the &ldquo;<B><I>Public
Offering</I></B>&rdquo;), of&nbsp;13,000,000 of the Company&rsquo;s units (including up to&nbsp;1,950,000 units that may be purchased
to cover over-allotments, if any) (the &ldquo;<B><I>Units</I></B>&rdquo;), each comprised of one share of the Company&rsquo;s Class&nbsp;A
common stock, par value $0.0001&nbsp;per share (the &ldquo;<B><I>Common Stock</I></B>&rdquo;), and one-half of one redeemable warrant.
Each whole warrant (each, a &ldquo;<B><I>Warrant</I></B>&rdquo;) entitles the holder thereof to purchase one share of Common Stock at
a price of $11.50&nbsp;per share, subject to adjustment as described in the Prospectus. The Units will be sold in the Public Offering
pursuant to a registration statement on Form&nbsp;S-1 and prospectus (the &ldquo;<B><I>Prospectus</I></B>&rdquo;) filed by the Company
with the U.S.&nbsp;Securities and Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;) and the Company has applied to have
the Units listed on The Nasdaq Capital Market. Certain capitalized terms used herein are defined in paragraph&nbsp;11 hereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to induce the Company and the Underwriters
to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, each of Seaport Global Asset Management, LLC (&ldquo;<B><I>SGAM</I></B>&rdquo;), Calibre
Group, LLC (&ldquo;<B><I>Calibre</I></B>&rdquo; (collectively the &ldquo;<B><I>Sponsors</I></B>&rdquo;) and the undersigned individuals,
each of whom is a member of the Company&rsquo;s board of directors and/or management team or an Initial Stockholder (each, an &ldquo;<B><I>Insider</I></B>&rdquo;
and collectively, the &ldquo;<B><I>Insiders</I></B>&rdquo;), hereby agrees with the Company as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Sponsors and each Insider agrees that if the Company seeks stockholder approval of a proposed Business Combination,
then in connection with such proposed Business Combination, it, he or she shall (i)&nbsp;vote any shares of Capital Stock owned by it,
him or her in favor of any proposed Business Combination and (ii)&nbsp;not redeem any shares of Common Stock owned by it, him or her in
connection with such stockholder approval. If the Company engages in a tender offer in connection with any proposed Business Combination,
each of the Sponsors and each Insider agrees that it, he or she will not seek to sell its, his or her shares of Capital Stock to the Company
in connection with such tender offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Each
of the Sponsors and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination
within&nbsp;15&nbsp;months from the closing of the Public Offering (or up to&nbsp;18&nbsp;months as described in the Prospectus), or
such later period approved by the Company&rsquo;s stockholders in accordance with the Company&rsquo;s amended and restated
certificate of incorporation (the &ldquo;<B><I>Charter</I></B>&rdquo;), the Sponsors and each Insider shall take all reasonable
steps to cause the Company to (i)&nbsp;c