Exhibit 10.8


 


PRIVATE PLACEMENT WARRANTS PURCHASE
AGREEMENT


 


THIS PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT,
dated as of March [•], 2021, (as it may from time to time be amended, this “Agreement”), is entered into
by and among GP-Act III Acquisition Corp., a Cayman Islands exempted company (the “Company”) and, on a several
and not joint basis, each of (i) GPIAC II, LLC, a Cayman Islands limited liability company, and (ii) IDS III LLC, a Delaware limited
liability company (each a “Co-Sponsor” and each a “Purchaser”).


 


WHEREAS, the Company intends to consummate
an initial public offering of the Company’s units (the “Public Offering”), each unit consisting of one
Class A ordinary share of the Company, par value $0.0001 per share (each, an “Ordinary Share”), and one-half
of one redeemable warrant;


 


WHEREAS, each whole warrant entitles the holder
to purchase one Ordinary Share at an exercise price of $11.50 per Ordinary Share; and


 


WHEREAS, severally and not jointly, (i) GPIAC
II, LLC has agreed to purchase 2,800,000 warrants, and (ii) IDS III LLC has agreed to purchase 1,866,667 warrants (collectively,
the “Private Placement Warrants”).


 


NOW THEREFORE, in consideration of the mutual
promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:


 


AGREEMENT


 


Section 1.            
Authorization, Purchase and Sale; Terms of the Private Placement Warrants.


 


A.          Authorization of the Private Placement Warrants. The Company has duly authorized the issuance and sale of the Private
Placement Warrants to each Purchaser.


 


B.          
Purchase and Sale of the Private Placement Warrants.


 


(i)           
On the date of the consummation of the Public Offering or on such earlier time and date as may be mutually agreed by each
of the Purchasers and the Company (the “Initial Closing Date”), the Company
shall issue and sell to the Purchasers, and each Purchaser agrees, severally and not jointly, to purchase from the Company, 2,800,000
Private Placement Warrants (in the case of GPIAC II, LLC) and 1,866,667 Private Placement Warrants (in the case of IDS III LLC),
each at a price of $1.50 per warrant for the aggregate purchase price $4,200,000 (in the case of GPIAC II, LLC) and $2,800,000
(in the case of IDS III LLC), in each case not including additional Private Placement Warrants that may be purchased pursuant to
Section 1(B)(ii)) (in relation to the relevant Purchaser, the “Purchase Price”),
which shall be paid by the relevant Purchaser by wire transfer of immediately available funds to the Company at least one day prior
to the Initial Closing Date in accordance with the Company’s wiring instructions. On the Initial Closing Date, following
the payment by the relevant Purchaser of the relevant Purchase Price by wire transfer of immediately available funds to the Company,
the Company, at its option, shall deliver a certificate to the relevant Purchaser evidencing the Private Placement Warrants purchased
and received by the relevant Purchaser on such date duly registered in the relevant Purchaser’s name to the relevant Purchaser
or effect such delivery in book-entry form.



     


     


    


(ii)          
On the date of any closing of the over-allotment option in connection with the Public Offering or on such earlier time and
date as may be mutually agreed by each Co-Sponsor and the Company (each such date, an “Over-allotment
Closing Date,” and each Over-allotment Closing Date (if any and where applicable) and the Initial Closing Date,
a “Closing Date”), the Company shall issue and sell to the Co-Sponsors,
and each Co-Sponsor agrees, severally and not jointly, to purchase from the Company, up to 300,000 Private Placement Warrants (in
the case of GPIAC II, LLC) and up to 200,000 Private Placement Warrants (in the case of IDS III LLC), in each case in the same
proportion as the amount of the option that is then so exercised, at a price of $1.50 per warrant for an aggregate purchase price
of up to $450,000 (in the case of GPIAC II, LLC) and $300,000 (in the case of IDS III LLC) (in each case if the over-allotment
option in connection with the Public Offering is exercised in full) (in relation to the relevant Purchaser, the “Over-allotment
Purchase Price”), which shall be paid by wire transfer of immediately available funds to the Company at least
one day prior to such Over-allotment Closing Date in accordance with the Company’s wiring instructions. On the Over-allotment
Closing Date, following the payment by the relevant Co-Sponsor of the relevant Over-allotment Purchase Price by wire transfer of
immediately available funds to the Company, the Company, at its option, shall deliver a certificate evidencing the Private Placement
Warrants purchased by the relevant Co-Sponsor on such date duly registered in the relevant Co-Sponsor’s name to the relevant
Co-Sponsor, or effect such delivery in book-entry form.


 


C.          
Terms of the Private Placement Warrants.


 


(i)           
Each Private Placement Warrant shall have the terms set forth in a Warrant Agreement to be entered into by the Company and
a warrant agent, in connection with the Public Offering (a “Warrant Agreement”).


 


(ii)          
At the time of, or prior to, the closing of the Public Offering, the Company and the Purchasers shall enter into a registration
rights agreement (the “Registration Rights Agreement”) pursuant to which
the Company will grant certain registration rights to the Purchasers relating to the Private Placement Warrants and the Ordinary
Shares underlying the Private Placement Warrants.


 


Section 2.            
Representations and Warranties of the Company. As a material inducement to the Purchasers to enter into this Agreement
and purchase the Private Placement Warrants, the Company hereby represents and warrants to each Purchaser (which representations
and warranties shall survive the Closing Date) that:


 


A.         
Organization and Corporate Power. The Company is an exempted company duly incorporated, validly existing and in good
standing under the laws of the Cayman Islands and is qualified to do business in every jurisdiction in which the failure to so
qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results or assets
of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated
by this Agreement and the Warrant Agreement.



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B.          
Authorization; No Breach.


 


(i)           
The execution, delivery and performance of this Agreement and the Private Placement Warrants have been duly authorized by
the Company as of the Closing Date. This Agreement constitutes the valid and binding obligation of the Company, enforceable in
accordance with its terms. Upon issuance in accordance with, and payment pursuant to, the terms of the Warrant Agreement and this
Agreement, the Private Placement Warrants will constitute valid and binding obligations of the Company, enforceable in accordance
with their terms as of the Closing Date.


 


(ii)          
The execution and delivery by the Company of this Agreement and the Private Placement Warrants, the issuance and sale of
the Private Placement Warrants, the issuance of the Ordinary Shares upon exercise of the Private Placement Warrants and the fulfillment,
of and compliance with, the respective terms hereof and thereof by the Company, do not and will not as of the Closing Date (a)
conflict with or result in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the
creation of any lien, security interest, charge or encumbrance upon the Company’s share capital or assets under, (d) result
in a violation of, or (e) require any authorization, consent, approval, exemption or other action by or notice or declaration to,
or filing with, any court or administrative or governmental body or agency pursuant to, the amended and restated memorandum and
articles of association of the Company (in effect on the date hereof or as may be amended prior to completion of the contemplated
Public Offering), or any material law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment
or decree to which the Company is subject, except for any filings required after the date hereof under federal or state securities
laws.


 


C.         
Title to Securities. Upon issuance in accordance with, and payment pursuant to, and registration in the register
of members of the Company, the terms hereof and the Warrant Agreement and the Amended and Restated Memorandum and Articles of Association
of the Company, the Ordinary Shares issuable upon exercise of the Private Placement Warrants will be duly and validly issued, fully
paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement,
the Purchasers will have good title to the Private Placement Warrants and the Ordinary Shares issuable upon exercise of such Private
Placement Warrants, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions
hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions under federal and state securities
laws, and (iii) liens, claims or encumbrances imposed due to the actions of the Purchasers.


 


D.         
Governmental Consents. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental
authority is required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation
by the Company of any other transactions contemplated hereby.



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Section 3.            
Representations and Warranties of each of the Purchasers. As a material inducement to the Company to enter into this
Agreement and issue and sell the Private Placement Warrants to each Purchaser, each of the Purchasers hereby, severally and not
jointly, represents and warrants to the Company (which representations and warranties shall survive the Closing Date) that:


 


A.         
Organization and Requisite Authority. Such Purchaser possesses all requisite power and authority necessary to carry
out the transactions contemplated by this Agreement.


 


B.         
Authorization; No Breach.


 


(i)           
This Agreement constitutes a valid and binding obligation of such Purchaser, enforceable in accordance with its terms, subject
to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to
or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law).


 


(ii)          
The execution and delivery by such Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof
by such Purchaser does not and shall not as of the Closing Date conflict with or result in a breach by such Purchaser of the terms,
conditions or provisions of any agreement, instrument, order, judgment or decree to which such Purchaser is subject.


 


C.         
Investment Representations.


 


(i)           
Such Purchaser is acquiring Private Placement Warrants as described above and, upon exercise of such Private Placement Warrants,
the Ordinary Shares issuable upon such exercise (collectively, the “Securities”),
for such Purchaser’s own account, for investment purposes only and not with a view towards, or for resale in connection with,
any public sale or distribution thereof.


 


(ii)          
Such Purchaser is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D under
the Securities Act of 1933, as amended (the “Securities Act”).


 


(iii)         
Such Purchaser understands that the Securities are being offered and will be sold to it, him or her in reliance on specific
exemptions from the registration requirements of the United States federal and state securities laws and that the Company is relying
upon the truth and accuracy of, and such Purchaser’s compliance with, the representations and warranties of such Purchaser
set forth herein in order to determine the availability of such exemptions and the eligibility of such Purchaser to acquire such
Securities.


 


(iv)        
Such Purchaser decided to enter into this Agreement not as a result of any general solicitation or general advertising within
the meaning of Rule 502(c) of Regulation D under the Securities Act.


 


(v)         
Such Purchaser has been furnished with all materials relating to the business, finances and operations of the Company and
materials relating to the offer and sale of the Securities which have been requested by such Purchaser. Such Purchaser has been
afforded the opportunity to ask questions of the executive officers and directors of the Company. Such Purchaser understands that
its investment in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has
considered necessary to make an informed investment decision with respect to the acquisition of the Securities.



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(vi)        
Such Purchaser understands that no United States federal or state agency or any other government or governmental agency
has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the
Securities by such Purchaser nor have such authorities passed upon or endorsed the merits of the offering of the Securities.


 


(vii)       
Such Purchaser understands that: (a) the Securities have not been and are not being registered under the Securities Act
or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) in a registered transaction
or (2) sold in reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights Agreement,
neither the Company nor any other person is under any obligation to register the Securities under the Securities Act or any state
securities laws or to comply with the terms and conditions of any exemption thereunder. In this regard, such Purchaser understands
that the Securities and Exchange Commission (the “SEC”) has taken the
position that promoters or affiliates of a blank check company and their transferees, both before and after a Business Combination,
are deemed to be “underwriters” under the Securities Act when reselling the securities of a blank check company. Based
on that position, Rule 144 adopted pursuant to the Securities Act would not be available for resale transactions of the Securities
despite technical compliance with the requirements of such Rule, and the Securities can be resold only through a registered offering
or in reliance upon another exemption from the registration requirements of the Securities Act.


 


(viii)      
Such Purchaser has such knowledge and experience in financial and business matters, knows of the high degree of risk associated
with investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits
and risks of an investment in the Securities and is able to bear the economic risk of an investment in the Securities in the amount
contemplated hereunder for an indefinite period of time. Such Purchaser has adequate means of providing for its current financial
needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment
in the Securities. Such Purchaser can afford a complete loss of its investments in the Securities.


 


(ix)         
Such Purchaser understands that the Private Placement Warrants shall bear the legend substantially in the form set forth
in the Warrant Agreement.



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Section 4.            
Conditions of the Obligations of each Purchaser. The obligations of each of the Purchasers to purchase and pay for the
Private Placement Warrants are subject to the fulfillment, on or before the Closing Date, of each of the following conditions:


 


A.         
Representations and Warranties. The representations and warranties of the Company contained in Section 2 shall be
true and correct at and as of the Closing Date as though then made.


 


B.         
Performance. The Company shall have performed and complied with all agreements, obligations and conditions contained
in this Agreement that are required to be performed or complied with by it on or before the Closing Date.


 


C.          
No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have
been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.


 


D.         
Warrant Agreement. The Company shall have entered into a Warrant Agreement with a warrant agent on terms satisfactory
to the Purchasers.


 


Section 5.            
Conditions of the Company’s Obligations. The obligations of the Company to the Purchasers under this Agreement
are subject to the fulfillment, on or before the Closing Date, of each of the following conditions:


 


A.         
Representations and Warranties. The representations and warranties of the Purchasers contained in Section 3 shall
be true and correct at and as of the Closing Date as though then made.


 


B.          
Performance. Each of the Purchasers shall have performed and complied with all agreements, obligations and conditions
contained in this Agreement that are required to be performed or complied with by such Purchaser on or before the Closing Date.


 


C.          
No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have
been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement or the Warrant Agreement.


 


D.         
Warrant Agreement. The Company shall have entered into a Warrant Agreement with a warrant agent on terms satisfactory
to the Company.


 


Section 6.            
Termination. This Agreement may be terminated at any time after June 30, 2021 upon the election by either the Company
or either of the Purchasers upon written notice to the other party if the closing of the Public Offering does not occur prior to
such date.


 


Section 7.            
Survival of Representations and Warranties. All of the representations and warranties contained herein shall survive
the Closing Date.



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Section 8.            
Definitions. Terms used but not otherwise defined in this Agreement shall have the meaning assigned to such terms in
the registration statement on Form S-1 the Company has filed with the SEC, under the Securities Act.


 


Section 9.            
Miscellaneous.


 


A.         
Successors and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in
this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of
the parties hereto whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may
not assign this Agreement, other than assignments by either of the Co-Sponsors to their respective affiilates.


 


B.         
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable
law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder
of this Agreement.


 


C.         
Counterparts. This Agreement may be executed simultaneously in two or more counterparts, none of which need contain
the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement.


 


D.         
Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only
and do not constitute a substantive part of this Agreement. The use of the word “including” in this Agreement shall
be by way of example rather than by limitation.


 


E.          
Governing Law. This Agreement shall be deemed to be a contract made under the laws of the State of New York and for
all purposes shall be construed in accordance with the internal laws of the State of New York.


 


F.          
Amendments. This Agreement may not be amended, modified or waived as to any particular provision, except by a written
instrument executed by all parties hereto.


 


[Signature page follows]




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IN WITNESS WHEREOF, the parties hereto
have executed this Agreement to be effective as of the date first set forth above.


 


	 	COMPANY:
	 	 
	 	GP-ACT III ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:

Title:


 


	 	PURCHASERS:
	 	 
	 	GPIAC II, LLC
	 	 
	 	By:
                    GPIC, Ltd., as the sole manager of GPIAC II, LLC

	 	 
	 	By:	 
	 	 	Name:

Title:
	 	 
	 	By:	 
	 	 	Name:

Title:
	 	 
	 	IDS III LLC
	 	 
	 	By:	 
	 	 	Name:

Title:


 


[Signature page to Private Placement
Warrants Purchase Agreement]