SEC Contract Filing

Filing Date: 2023-04-03

Document Content:
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<TYPE>EX-10.16
<SEQUENCE>2
<FILENAME>d448879dex1016.htm
<DESCRIPTION>EX-10.16
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.16 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Execution Version </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MARBLEGATE ACQUISITION CORP. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Personal and Confidential </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;2, 2022
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Redan Advisors LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Patrick J. Bartels, Jr. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Appointment as Independent Director </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Patrick, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Further to our discussions and
your appointment as an independent director of the Board of Directors (the &#147;<U>Board</U>&#148;) of Marblegate Acquisition Corp. (the &#147;<U>Company</U>&#148;), I am happy to provide this letter agreement (this &#147;<U>Agreement</U>&#148;)
setting forth the terms and conditions of your directorship. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Start Date</U>. Your position as an independent director of the Board will commence on December&nbsp;2, 2022
(the &#147;<U>Start Date</U>&#148;). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Roles and Responsibilities</U>. You shall be assigned the duties and responsibilities (including potentially
serving on committees of the Board) as are customary of an independent director and as may from time to time be assigned by the Board or its designee in relation to the Company and each and all of the companies, entities, partnerships, or businesses
controlled by, controlling, or under common control with the Company and its respective subsidiaries (collectively, the &#147;<U>Company Entities</U>&#148;). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Director Fee</U>. During and subject to your continued service as an independent director on the special
committee of the Board or of any of the other Company Entities&#146; boards and subject to your not being otherwise employed by the Company or any of the Company Entities, you shall receive a director fee (the &#147;<U>Director Fee</U>&#148;) at a
rate of fifty thousand dollars ($50,000) per month payable in advance on the 15<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> day of each calendar month and with the first month&#146;s payment payable on the date hereof, from the period
beginning on the Start Date until the earlier of (x)&nbsp;the date of the consummation of a definitive business combination with DePalma Acquisition I LLC and DePalma Acquisition II LLC (collectively, the &#147;<U>Target</U>&#148;) and (y)&nbsp;the
date the Company advises you that it has determined to terminate its discussions with the Target with respect to a business combination (such period, the &#147;<U>Directorship Period</U>&#148;); <U>provided</U>, <U>however</U>, that in any event,
the Company shall be obligated to pay a minimum of six (6)&nbsp;monthly payments (aggregating three hundred thousand dollars ($300,000)) to you by reason of your service as an independent director of the Board (the &#147;<U>Minimum Fee</U>&#148;).
For the avoidance of doubt, the Director Fee during any partial month of service will be <FONT STYLE="white-space:nowrap">pro-rated.</FONT> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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