Exhibit 10.2 

   

  

  INVESTMENT MANAGEMENT TRUST AGREEMENT

   

  This Investment Management Trust Agreement (this “Agreement”)
      is made effective as of October 5, 2021, by and between Enphys Acquisition Corp., a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation (the “Trustee”).

   

  WHEREAS, the Company’s registration statement on
      Form S-1, File No. 333-257932 and 333-260082 (the “Registration Statement”), and prospectus (the “Prospectus”) for the initial public offering of the Company’s units (the “Units”), each of which consists of
      one of the Company’s Class A ordinary shares, par value $0.0001 per share (each, an “Ordinary Share”), and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Ordinary Share (such initial
      public offering hereinafter referred to as the “Offering”), has been declared effective as of the date hereof by the U.S. Securities and Exchange Commission; and

   

  WHEREAS, the Company has entered into an
      Underwriting Agreement (the “Underwriting Agreement”) with Credit Suisse Securities (USA) LLC, as representative of the several underwriters (the “Underwriters”) named therein; and

   

  WHEREAS, as described in the Prospectus,
      $345,000,000 will be delivered to the Trustee to deposited and held in a segregated trust account located at all times in the United States (the “Trust Account”) for the benefit of the Company and the holders of Ordinary Shares included
      in the Units issued in the Offering as hereinafter provided (the amount to be delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein as the “Property,” the shareholders for whose benefit the
      Trustee shall hold the Property will be referred to as the “Public Shareholders,” and the Public Shareholders and the Company will be referred to together as the “Beneficiaries”); and

   

  WHEREAS, pursuant to the Underwriting Agreement,
      a portion of the Property equal to $12,075,000 if the Underwriters’ over-allotment option is exercised in full, is attributable to deferred underwriting discounts and commissions that may be payable by the Company to the Underwriters upon the
      consummation of the Business Combination (as defined below) (the “Deferred Discount”); and

   

  WHEREAS, the Company and the Trustee desire to
      enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property.

   

  NOW THEREFORE, IT IS AGREED:

   

  		1.	Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to:


   

  (a)               Hold the Property in trust for the
      Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by the Trustee located in the United States at J.P. Morgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets of $100
      billion or more) and at a brokerage institution selected by the Trustee that is reasonably satisfactory to the Company;

   

   (b)              Manage,

      supervise and administer the Trust Account subject to the terms and conditions set forth herein;

   

  (c)               In a timely manner, upon the written
      instruction of the Company, invest and reinvest the Property in United States government securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or less, or in money market
      funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, which invest only in direct U.S. government treasury obligations, as determined by the
      Company; it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder; while funds are invested or uninvested t, the Trustee may earn bank credits or other
      consideration;

   

  (d)              Collect and receive, when due, all
      interest or other income arising from the Property, which shall become part of the “Property,” as such term is used herein;

   

  (e)               Promptly notify the Company and Credit
      Suisse Securities (USA) LLC of all communications received by the Trustee with respect to any Property requiring action by the Company;

   

  (f)                Supply any necessary information or
      documents as may be requested by the Company (or its authorized agents) in connection with the Company’s preparation of tax returns relating to assets held in the Trust Account or in connection with the preparation or completion of the audit of the
      Company’s financial statements by the Company’s auditors;

   

  (g)               Participate in any plan or proceeding
      for protecting or enforcing any right or interest arising from the Property if, as and when instructed by the Company to do so;

   

  

  
     

    
      
 

  

   

  (h)               Render to the Company monthly written
      statements of the activities of, and amounts in, the Trust Account reflecting all receipts and disbursements of the Trust Account;

   

  (i)                Commence liquidation of the
    Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as either Exhibit A or Exhibit
    B signed on behalf of the Company by its Chief Executive Officer, President, Chief Financial Officer, Chief Operating Officer, General Counsel, Secretary or Chairman of the board of directors of the Company (the “Board”) or other
    authorized officer of the Company, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses
    and which interest shall be net of any taxes payable, it being understood that the Trustee has no obligation to monitor or question the Company’s position that an allocation has been made for taxes payable), only as directed in the Termination Letter
    and the other documents referred to therein; provided, that, in the case a Termination Letter in the form of Exhibit A is received, or (y) upon the date which is twenty-four (24)

      months after the closing of the Offering, or such later date as may be approved by the Company’s shareholders in accordance with the Company’s amended and restated memorandum and articles of association, as it may be amended from time to time, if a
      Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust
      Account, including interest (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses and which interest shall be net of any taxes payable), shall be distributed to the Public Shareholders of record as of such
      date;

   

  (j)                Upon written request from the
    Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C (a “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account and distribute to the Company the amount of
    interest earned on the Property requested by the Company to cover any tax obligation owed by the Company as a result of assets of the Company or interest or other income earned on the Property, which amount shall be delivered directly to the Company by
    electronic funds transfer or other method of prompt payment, and the Company shall forward such payment to the relevant taxing authority; provided, however, that to the extent there is not sufficient cash in the Trust Account to pay such tax
    obligation, the Trustee shall liquidate such assets held in the Trust Account as shall be designated by the Company in writing to make such distribution so long as there is no reduction in the principal amount per share initially deposited in the Trust
    Account; provided, further, however, that if the tax to be paid is a franchise tax, the written request by the Company to make such distribution shall be accompanied by a copy of the franchise tax bill for the Company (it being
    acknowledged and agreed that any such amount in excess of interest income earned on the Property shall not be payable from the Trust Account). The written request of the Company referenced above shall constitute presumptive evidence that the Company is
    entitled to said funds, and the Trustee shall have no responsibility to look beyond said request;

   

  (k)               Upon written request from the Company,
      which may be given from time to time in a form substantially similar to that attached hereto as Exhibit D (a “Shareholder Redemption Withdrawal Instruction”), the Trustee shall distribute on behalf of the Company the amount requested by
      the Company to be used to redeem Ordinary Shares from Public Shareholders properly submitted in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and articles of association (A) to modify the
      substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination involving the Company
      and one or more businesses (a “Business Combination”) or to redeem 100% of the Company’s public shares if it does not complete its initial Business Combination within twenty-four (24) months from the closing of the Offering or (B) with
      respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity. The written request of the Company referenced above shall constitute presumptive evidence that the Company is entitled to distribute said
      funds, and the Trustee shall have no responsibility to look beyond said request; and

   

  (l)               Not make any withdrawals or
      distributions from the Trust Account other than pursuant to Section 1(i), (j) or (k) above.

   

  		2.	Agreements and Covenants of the Company. The Company hereby agrees and covenants to:


   

  (a)               Give all instructions to the
    Trustee hereunder in writing, signed by the Company’s Chairman of the Board, President, Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, General Counsel or Secretary. In addition, except with respect to its duties under Sections
      1(i), 1(j) and 1(k) hereof, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it, in good faith and with reasonable care, believes to be given by
    any one of the persons authorized above to give written instructions, provided that the Company shall promptly confirm such instructions in writing;

   

  (b)               Subject to Section 4 hereof, hold the
      Trustee harmless and indemnify the Trustee from and against any and all reasonable and documented expenses, including reasonable outside counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it
      hereunder and in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee
      hereunder, or the Property or any interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross negligence, fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or
      the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this Section 2(b), it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified
          Claim”). The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim; provided that the Trustee shall obtain the consent of the Company with respect to the selection of counsel, which consent shall
      not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which such consent shall not be unreasonably withheld. The Company may participate in such action with its own
      counsel;

   

  

  
     

    
      
 

  

   

  (c)               Pay the Trustee the fees set forth
    on Schedule A hereto, including an initial acceptance fee, annual administration fee, and transaction processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property shall not be
    used to pay such fees unless and until it is distributed to the Company pursuant to Sections 1(i) through 1(j) hereof. The Company shall pay the Trustee the initial acceptance fee and the first annual administration fee at the
    consummation of the Offering. The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 2(c) and as may be provided in Section 2(b) hereof;

   

  (d)               In connection with any vote of the
      Company’s shareholders regarding a Business Combination, provide to the Trustee an affidavit or certificate of the inspector of elections for the shareholder meeting verifying the vote of such shareholders regarding such Business Combination;

   

  (e)               Provide Credit Suisse Securities (USA)
      LLC with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after it issues the same;

   

  (f)                Expressly provide in any Instruction
      Letter (as defined in Exhibit A) delivered in connection with a Termination Letter in the Form of Exhibit A that the Deferred Discount be paid directly to the account or accounts directed by Credit Suisse Securities (USA) LLC; and

   

  (g)               Instruct the Trustee to make only those
      distributions that are permitted under this Agreement, and refrain from instructing the Trustee to make any distributions that are not permitted under this Agreement.

   

  		3.	Limitations of Liability. The Trustee shall have no responsibility or liability to:


   

  (a)               Imply obligations, perform duties,
      inquire or otherwise be subject to the provisions of any agreement or document other than this Agreement and that which is expressly set forth herein;

   

  (b)               Take any action with respect to the
      Property, other than as directed in Section 1 hereof, and the Trustee shall have no liability to any party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct;

   

  (c)               Institute any proceeding for the
      collection of any principal and income arising from, or institute, appear in or defend any proceeding of any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided herein to
      do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto;

   

  		(d)	Refund any depreciation in principal of any Property;


   

  (e)               Assume that the authority of any person
      designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;

   

  (f)                The other parties hereto or to anyone
      else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the Trustee’s best judgment, except for the Trustee’s gross negligence, fraud or willful misconduct. The Trustee may rely
      conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Trustee with written notification to the Company, which counsel may be the Company’s counsel),
      statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which the Trustee
      believes, in good faith and with reasonable care, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this
      Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee, signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent
      thereto;

   

  		(g)	Verify the accuracy of the information contained in the Registration Statement;


   

  

  
     

    
      
 

  

   

  (h)              Provide any assurance that any Business
      Combination entered into by the Company or any other action taken by the Company is as contemplated by the Registration Statement;

   

  (i)                File information returns with respect
      to the Trust Account with any local, state or federal taxing authority or provide periodic written statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned on the Property;

   

  (j)                Prepare, execute and file tax reports,
      income or other tax returns and pay any taxes with respect to any income generated by, and activities relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but not limited to,
      franchise and income tax obligations, except pursuant to Section 1(j) hereof; or

   

  (k)               Verify calculations, qualify or
    otherwise approve the Company’s written requests for distributions pursuant to Sections 1(i), 1(j) or 1(k) hereof.

   

  4.            Trust Account Waiver. The Trustee
      has no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or
      in the future. In the event the Trustee has any Claim against the Company under this Agreement, including, without limitation, under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely against the Company
      and its assets outside the Trust Account and not against the Property or any monies in the Trust Account.

   

  		5.	Termination. This Agreement shall terminate as follows:


   

  (a)              If the Trustee gives written notice
    to the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such time that the Company
    notifies the Trustee that a successor trustee has been appointed and has agreed to become subject to the terms of this Agreement (whether following the Trustee giving notice that it desires to resign under this Agreement or the Company otherwise
    electing to replace the Trustee under this Agreement), the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports and statements relating to the Trust
    Account, whereupon this Agreement shall terminate; provided, however, that in the event that the Company does not locate a successor trustee within ninety (90) days of receipt of the resignation notice from the Trustee, the Trustee may submit
    an application to have the Property deposited with any court in the State of New York or with the United States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever;

   

  (b)              At such time that the Trustee has
      completed the liquidation of the Trust Account and its obligations in accordance with the provisions of Section 1(i) hereof and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate
      except with respect to Section 2(b); or

   

  (c)               If the Offering is not consummated within
      ten (10) business days of the date of this Agreement, in which case any funds received by the Trustee from the Company or Enphys Acquisition Sponsor LLC for purposes of funding the Trust Account shall be promptly returned to the Company or Enphys
      Acquisition Sponsor LLC, as applicable.

   

  		6.	Miscellaneous.


   

  (a)              The Company and the Trustee each
      acknowledge that the Trustee will follow the security procedures set forth below with respect to funds transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating to such security
      procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained access to such confidential information, or of any change in its authorized personnel. In
      executing funds transfers, the Trustee shall rely upon all information supplied to it by the Company, including, account names, account numbers, and all other identifying information relating to a Beneficiary, Beneficiary’s bank or intermediary bank.
      Except for any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss, liability or out-of-pocket expense resulting from any error in the information or transmission of the
      funds.

   

  (b)              This Agreement shall be governed by and
      construed and enforced in accordance with the laws of the State of New York.

   

  (c)               This Agreement contains the
    entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for Section 1(i), 1(j) and 1(k) hereof (which sections may not be modified, amended or deleted without the affirmative vote of
    sixty five percent (65%) of the then outstanding Ordinary Shares and Class B ordinary shares, par value $0.0001 per share, of the Company voting together as a single class; provided that no such amendment will affect any Public Shareholder who has
    otherwise indicated his, her or its election to redeem his, her or its Ordinary Shares in connection with a shareholder vote sought to amend this Agreement), this Agreement or any provision hereof may only be changed, amended or modified (other than to
    correct a typographical error) by a writing signed by each of the parties hereto.

   

  

  
     

    
      
 

  

   

  (d)               The parties hereto consent to the
      jurisdiction and venue of any state or federal court located in the City of New York, State of New York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT, EACH
        PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

   

  (e)               Any notice, consent or request to be
      given in connection with any of the terms or provisions of this Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery, by electronic mail or
      by facsimile transmission:

   

  if to the Trustee, to:

   

  Continental Stock Transfer & Trust Company One

  State Street, 30th Floor 

  New York, New York 10004 

  Attn: Francis Wolf & Celeste Gonzalez 

   

  Email: fwolf@continentalstock.com 

  Email: cgonzalez@continentalstock.com

   

  if to the Company, to:

   

  Enphys Acquisition Corp. 

  c/o i(x) Investments, LLC 

  216 East 45th
      Street, 13th Floor 

  New York, New York 10017 

  Attn: Chief Executive Officer 

  Email: plindstrom@ixinvests.com

   

  in each case, with copies to:

   

  Brown Rudnick LLP 

  7 Times Square 

  New York, New York 10036 

  Attn: Todd Emmerman 

  Email: temmerman@brownrudnick.com

   

  and

   

  Credit Suisse Securities (USA) LLC

  Eleven Madison Avenue 

  New York, New York 10010-3629 

  Attn:

   

  and

   

  Davis Polk Wardwell LLP 

  450 Lexington Avenue 

  New York, New York 10017 

  Attn: Derek J. Dostal 

  E-mail: Derek.dostal@davispolk.com

   

  		(f)	.


   

  (g)              Each of the Company and the Trustee
      hereby represents that it has the full right and power and has been duly authorized to enter into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any
      claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance.

   

  (h)              This Agreement is the joint product of
      the Trustee and the Company and each provision hereof has been subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

   

  

  
     

    
      
 

  

   

  (i)               This Agreement may be executed in any
      number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic transmission shall
      constitute valid and sufficient delivery thereof.

   

  (j)               Each of the Company and the Trustee
      hereby acknowledges and agrees that Credit Suisse Securities (USA) LLC is a third party beneficiary of this Agreement.

   

  (k)              Except as specified herein, no party to
      this Agreement may assign its rights or delegate its obligations hereunder to any other person or entity.

   

  [Signature page follows]

   

  
     

    
      
 

  

   

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

   

  	 	
          Continental Stock Transfer & Trust Company, as Trustee 

        
	 	 
	 	By:	/s/ Francis Wolf
	 	 	Name: Francis Wolf
	 	 	Title: Vice President
	 	 	 


  	 	
          Enphys Acquisition Corp 

        
	 	 
	 	By:	/s/ Jorge de Pablo
	 	 	Name: Jorge de Pablo
	 	 	Title: Authorized Signatory


   

  [Signature Page to Investment Management Trust Agreement]

   

  
     

    
      
 

  

   

  SCHEDULE A

   

  	Fee Item	Time and method of payment 	Amount


   

  	Initial acceptance fee	Initial closing of the Offering by wire transfer. 	$3,500.00


   

  	Annual fee	First year fee payable at initial closing of the Offering by wire
            transfer, thereafter on the anniversary of the effective date of the Offering by wire transfer or check. 	$10,000.00


    

  	Transaction processing fee for disbursements to Company under
            Sections 1(i) and 1(j) 	Billed to Company following disbursement made to Company under
            Sections 1(i) and 1(j)	$250.00


    

  	Paying Agent services as required pursuant to Section 1(i) and 1(k)	Billed to Company upon delivery of service pursuant to Section 1(i)
            and 1(k) 	Prevailing rates


    

  
     

    
      
 

  

   

  EXHIBIT A

   

  [Letterhead of Company]

   

  [Insert date]

   

  Continental Stock Transfer & Trust Company

  One State Street, 30th Floor 

  New York, New York 10004 

  Attn: Francis Wolf & Celeste Gonzalez

   

  Re: Trust Account - Termination Letter

   

  Dear Mr. Wolf and Ms. Gonzalez:

   

  Pursuant to Section 1(i) of the Investment
      Management Trust Agreement between Enphys Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2021 (the “Trust Agreement”), this is to advise
      you that the Company has entered into an agreement with         (the “Target Business”) to consummate a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with the
      Target Business (the “Business Combination”) on or about [insert date]. The Company shall notify you at least seventy-two (72) hours in advance of the actual date (or such shorter time period as you may agree) of the consummation
      of the Business Combination (“Consummation Date”). Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

   

  In accordance with the terms of the Trust Agreement, we
      hereby authorize you to commence to liquidate all of the assets of the Trust Account and to transfer the proceeds into the above-referenced trust operating account at JP Morgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of the
      funds held in the Trust Account will be immediately available for transfer to the account or accounts that Credit Suisse Securities (USA) LLC (the “Representative”) (with respect to the Deferred Discount) and the Company shall direct on
      the Consummation Date. It is acknowledged and agreed that while the funds are on deposit in the trust operating account at J.P. Morgan Chase Bank, N.A. awaiting distribution, neither the Company nor the Representative will earn any interest.

   

  On the Consummation Date (i) counsel for the Company
      shall deliver to you written notification that the Business Combination has been consummated, or will be consummated substantially, concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”)
      and (ii) the Company shall deliver to you (a) a certificate of the Chief Executive Officer, which verifies that the Business Combination has been approved by a vote of the Company’s shareholders, if a vote is held and (b) joint written instruction
      signed by the Company and the Representative with respect to the transfer of the funds held in the Trust Account, including payment of the Deferred Discount from the Trust Account (the “Instruction Letter”). You are hereby directed and
      authorized to transfer the funds held in the Trust Account immediately upon your receipt of the Notification and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust
      Account may not be liquidated by the Consummation Date without penalty, you will notify the Company in writing of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and be distributed after the
      Consummation Date to the Company. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated.

   

  In the event that the Business Combination is not
      consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the
      funds held in the Trust Account shall be reinvested as provided in Section 1(c) of the Trust Agreement on the business day immediately following the Consummation Date as set forth in the notice as soon thereafter as possible.

   

  

  	 	Very truly yours,
	 	 	 
	 	Enphys Acquisition Corp.
	 	 	 
	 	By:	 
	 	 	Name
	 	 	Title:


    

  cc:      Credit Suisse Securities (USA) LLC

   

  

  
     

    
      
 

  

   

  EXHIBIT B

   

  [Letterhead of Company]

   

  [Insert date]

   

  Continental Stock Transfer & Trust Company

  One State Street, 30th Floor 

  New York, New York 10004 

  Attn: Francis Wolf & Celeste Gonzalez

   

  Re: Trust Account No. - Termination Letter

   

  Dear Mr. Wolf and Ms. Gonzalez:

   

  Pursuant to Section 1(i) of the Investment
      Management Trust Agreement between Enphys Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2021 (the “Trust Agreement”), this is to advise
      you that the Company has been unable to effect a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with a Target Business (the “Business Combination”) within the time
      frame specified in the Company’s amended and restated memorandum and articles of association, as described in the Company’s Prospectus relating to the Offering. Capitalized terms used but not defined herein shall have the meanings set forth in the
      Trust Agreement.

   

  In accordance with the terms of the Trust Agreement, we
      hereby authorize you to liquidate all of the assets in the Trust Operating Account and to transfer the total proceeds into the trust operating account at J.P. Morgan Chase Bank, N.A to await distribution to the Public Shareholders. The Company has
      selected [●] as the effective date for the purpose of determining when the Public Shareholders will be entitled to receive their share of the liquidation proceeds. You agree to be the Paying Agent of record and, in your separate capacity as Paying
      Agent, agree to distribute said funds directly to the Company’s Public Shareholders in accordance with the terms of the Trust Agreement and the amended and restated memorandum and articles of association of the Company. Upon the distribution of all
      the funds, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(j) of the Trust Agreement.

   

  

  	 	Very truly yours,
	 	 	 
	 	Enphys Acquisition Corp.
	 	 	 
	 	By:	 
	 	 	Name
	 	 	Title:


   

  cc:      Credit Suisse Securities (USA) LLC

   

  
     

    
      
 

  

   

  EXHIBIT C

   

  [Letterhead of Company]

   

  [Insert date]

   

  Continental Stock Transfer & Trust Company

  One State Street, 30th Floor 

  New York, New York 10004 

  Attn: Francis Wolf & Celeste Gonzalez

   

  Re: Trust Account - Tax Payment Withdrawal Instruction

   

  Dear Mr. Wolf and Ms. Gonzalez:

   

  Pursuant to Section 1(j) of the Investment Management Trust Agreement between Enphys Acquisition Corp. (the “Company”)

    and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2021 (the “Trust Agreement”), the Company hereby requests that you deliver to the Company $                             of the interest
    income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

   

  The Company needs such funds to pay for the tax obligations
      as set forth on the attached tax return or tax statement. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the
      Company’s operating account at:

   

  [WIRE INSTRUCTION INFORMATION]

   

  	 	Very truly yours,
	 	 	 
	 	Enphys Acquisition Corp.
	 	 	 
	 	By:	 
	 	 	Name
	 	 	Title:


   

  cc:      Credit Suisse Securities (USA) LLC

   

  
     

    
      
 

  

   

  EXHIBIT D

   

  [Letterhead of Company]

   

  [Insert date]

   

  Continental Stock Transfer & Trust Company

  One State Street, 30th Floor 

  New York, New York 10004 

  Attn: Francis Wolf & Celeste Gonzalez

   

  Dear Mr. Wolf and Ms. Gonzalez:

   

  Re: Trust Account - Shareholder Redemption Withdrawal Instruction

   

  Pursuant to Section 1(k) of the Investment Management
      Trust Agreement between Enphys Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2021 (the “Trust Agreement”), the Company hereby requests
      that you deliver to the redeeming Public Shareholders on behalf of the Company $                            of the principal and interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have
      the meanings set forth in the Trust Agreement.

   

  The Company needs such funds to pay its Public
      Shareholders who have properly elected to have their Ordinary Shares redeemed by the Company in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and articles of association (A) to modify the
      substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of the Company’s public shares if it does not complete its initial Business Combination within such
      time as is described in the Company’s amended and restated certificate of memorandum and articles of association or (B) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity. As such, you
      are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the redeeming Public Shareholders in accordance with your customary procedures.

   

  	 	Very truly yours,
	 	 	 
	 	Enphys Acquisition Corp.
	 	 	 
	 	By:	 
	 	 	Name
	 	 	Title:


   

  cc:      Credit Suisse Securities (USA) LLC