Exhibit 10.1

  

   

  

  THIS PROMISSORY NOTE (THIS “NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE
    HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE
    COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

  

  

  PROMISSORY NOTE

   
  	
          Principal Amount: Up to U.S.$300,000

        	
          Dated as of  March 4, 2021

        


   

  

   FOR VALUE RECEIVED and subject to the terms and conditions set forth herein, Enphys Acquisition Corp., a Cayman Islands exempted company (“Maker”), promises to
    pay to Enphys Acquisition Sponsor LLC, a Delaware limited liability company (“Payee”), or order, the principal sum of Three Hundred Thousand U.S. Dollars (U.S.$300,000) or such lesser amount as shall have been
    advanced by Payee to Maker and shall remain unpaid under this Note on the Maturity Date (as defined below) in lawful money of the United States of America, on the terms and conditions described below. All payments on this Note shall be made by check or
    wire transfer of immediately available funds or as otherwise determined by Maker to such account as Payee may from time to time designate by written notice in accordance with the provisions of this Note.

  

  

  1.         Principal. The entire unpaid principal balance of this Note shall be due and payable in full on the earlier of: (i) December
    31, 2021, and (ii) the date on which Maker consummates an initial public offering of its securities (such earlier date of (i) and (ii), the “Maturity Date”), unless accelerated upon the occurrence of an Event of
    Default (as defined below). The principal balance may be prepaid at any time by Maker, at its election and without penalty. Under no circumstances shall any individual, including but not limited to any officer, director, employee or shareholder of
    Maker, be obligated personally for any obligations or liabilities of Maker hereunder.

  
    

    

    2.          Drawdown Requests. Maker and Payee agree that Maker may request, from time to time, up to Three Hundred Thousand U.S. Dollars (U.S.$300,000) in
      draw downs under this Note to be used for costs and expenses related to Maker’s proposed initial public offering of its securities (the “IPO”), including its formation. The principal of this Note may be drawn
      down from time to time prior to the Maturity Date upon request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than
      Ten Thousand U.S. Dollars (U.S.$10,000) unless agreed upon by Maker and Payee. Payee shall fund each Drawdown Request no later than three (3) business days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns
      outstanding under this Note at any time may not exceed Three Hundred Thousand U.S. Dollars (U.S.$300,000). No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker.

  

  
    

    

    3.          Interest. No interest shall accrue on the unpaid principal balance of this Note. 

  

  

  4.          Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any
    sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note.

  

  

  
    5.           Events of Default. The following shall constitute an event of default (“Event of Default”):

     

    

    (a)         Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note on the Maturity Date

  

   

  

  (b)        Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or
    the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment
    for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

  

  

  (c)         Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary case under any applicable
    bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its
    affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty

  (60) consecutive days.

   

  

  
    
      


  

  
    6.          Remedies.

  

  

  

  (a)         Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid
    principal amount of this Note, and all other amounts payable thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or
    in the documents evidencing the same to the contrary notwithstanding.

  

  

  (b)         Upon the occurrence of an Event of Default specified in Sections 5(b) or 5(c), the unpaid principal balance of this Note, and all other sums payable with regard to this Note, shall
    automatically and immediately become due and payable, in all cases without any action on the part of Payee.

  

  

  7.          Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice
    of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or
    future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or
    extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order
    desired by Payee.

  

  

  8.         Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or
    enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or
    modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional
    makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

  

  

  9.          Notices. All notices, statements or other documents which are required or contemplated by this Note shall be: (i) in writing
    and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such party
    or such other address or fax number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated in writing by
    such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic
    transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

  

  

  10.        Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK.

  

  

  11.        Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such
    jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such
    provision in any other jurisdiction.

  

  

  12.        Trust Waiver. Notwithstanding anything herein to the contrary, Payee hereby waives, upon and following the consummation of the
    IPO, any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of or from the trust account to be established in which proceeds of the IPO (including the deferred underwriting
    discounts and commissions) and proceeds of the sale of the warrants issued in a private placement to occur in connection with the IPO are to be deposited, as described in greater detail in the registration statement and prospectus to be filed with the
    Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever.

  

  

  13.        Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent
    of Maker and Payee.

  

  

  14.        Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by
    operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void.

   

  

  
    [Signature Page Follows]

  

  
     

    

  

  
    
      


  

   IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above
    written.

  

  

  	 	
          ENPHYS ACQUISITION CORP.

        
	 	 	 	 
	 	
          By:

        	
          /s/ Jorge de Pablo

        
	 	 	 Name:	 Jorge de Pablo
	 	 	 Title:	 Authorized Signatory


  

  

  Agreed and acknowledged:

  

  

  	
          ENPHYS ACQUISITION SPONSOR LLC

        	 
	 	 	 	 
	
          By:

        	
          /s/ Par Lindstrom

        	 
	 	
          Name:

        	
          Par Lindstrom

        	 
	 	
          Title:

        	
          Authorized Signatory