Document:

Exhibit 10.9

 

January 13, 2021

 

Northern Genesis
Sponsor III LLC

Attention: Managing
Member

 

		RE:	Founder Shares Purchase Agreement

 

Ladies and Gentlemen:

 

Pursuant
to this letter agreement (this “Agreement”), Northern Genesis Acquisition Corp. III, a Delaware corporation
(the “Company”), and Northern Genesis Sponsor III LLC, a Delaware limited liability company (the “Sponsor”)
hereby confirm (a) the purchase by Sponsor from the Company, and the issuance and sale by the Company to Sponsor, on the date
first set forth above, of 4,312,500 shares of common stock, $0.0001 par value (the “Common Stock”),
of the Company (as further defined herein, “Founder Shares”), and (b) the other terms and conditions
of such purchase as set forth in this Agreement, which terms and conditions shall be binding on Sponsor and (except as otherwise
provided herein) each successive holder of such Founder Shares (each, a “Holder”) from and after the
date first set forth above.

 

1. Purchase
and Forfeiture of Founder Shares.

 

1.1 The
Company and Sponsor hereby confirm the purchase by Sponsor from the Company, and the issuance and sale by the Company to Sponsor,
on the date first set forth above, of 4,312,500  Founder Shares (up to 562,500 shares of which are subject to forfeiture as
provided herein), for the sum of $25,000.00 (the “Purchase Price”), which the Company hereby acknowledges
receiving in cash.

 

1.2 In
the event the underwriters of the initial public offering of the Company’s securities (the “IPO”)
pursuant to the registration statement on Form S-1 (the “Registration Statement”) do not exercise their
over-allotment option (the “Over-allotment Option”) in full, the Sponsor acknowledges and agrees that
it shall forfeit any and all rights to up to an aggregate of 562,500 Founder Shares (pro rata based upon the percentage of the
Over-allotment Option exercised) such that immediately following such forfeiture, the total number of issued and outstanding Founder
Shares is equal to 20% of the issued and outstanding Common Stock of the Company immediately following the IPO. If any of the Founder
Shares are forfeited in accordance with this Section 1, then after such time the Sponsor (or successor in interest) shall
no longer have any rights as a holder of the Founder Shares so forfeited, such forfeited Founder Shares shall not longer be deemed
to be outstanding, and the Company shall take such action as is appropriate to cancel such Founder Shares.

 

2. Terms
of Founder Shares.

 

2.1 The
Founder Shares constitute shares of Common Stock but, for the avoidance of doubt, do not constitute “IPO Shares” as
to be defined in the Company’s Amended and Restated Certificate of Incorporation, as the same may be amended from time to
time (the “Certificate of Incorporation”). In addition, the Founder Shares are subject to the terms of
this Agreement until the expiration of all restrictions and obligations hereunder with respect to the Founder Shares.

 

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2.2 As
used herein, “Founder Shares” means, and the restrictions and other terms of this Agreement shall apply
to, (a) the Founder Shares originally issued to Sponsor pursuant to the issuance evidenced hereby, (b) any new, substituted or
additional securities that are distributed with respect to any Founder Shares without payment of additional consideration pursuant
to a stock dividend, a stock split, a recapitalization or a similar transaction, and (c) any securities into which any of the foregoing
may be converted or that may be issued in exchange for any of the foregoing, including pursuant to any Business Combination.

 

2.3 For
the avoidance of doubt, the provisions of this Agreement shall not apply to any shares of Common Stock or other securities of the
Company, other than Founder Shares (as defined below), that may from time to time be held by any Holder, including any shares of
Common Stock or other securities of the Company purchased in any other private placement, the initial public offering of the Company
(the “IPO”), or the open market, or that are issued upon the exercise or conversion of any warrants or
other convertible securities of the Company.

 

3. Voting
of Founder Shares in relation to a Business Combination. If the Company solicits approval of its stockholders of a merger,
share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with
one or more businesses or entities (a “Business Combination”), each Holder agrees to vote all Founder
Shares held thereby in favor of such Business Combination.

 

4. No
Redemption Rights. Each Holder hereby acknowledges that the Certificate of Incorporation will not grant to the holder of any
Founder Shares (a) the right to cause any such Founder Shares to be converted into cash or redeemed in connection with any vote
to approve a Business Combination or in connection with any vote to amend Article Sixth of the Certificate of Incorporation. In
addition, if the Company provides all holders of its Common Stock with an opportunity to sell their shares to the Company, effective
upon consummation of such Business Combination, for cash through a tender offer, each Holder hereby agrees not to tender or sell
any Founder Shares Company in such tender offer.

 

5. No
Right to Trust Account. Each Holder hereby acknowledges that the Certificate of Incorporation will not grant to the holder
of any Founder Shares any right to distributions by the Company from the trust account which will be established for the benefit
of the Company’s public stockholders and into which substantially all of the proceeds of the IPO will be deposited (the “Trust
Account”) in the event of a liquidation of the Company, including upon the Company’s failure to timely complete
an initial Business Combination, and hereby waives any and all right, title, interest or claim of any kind in or to any distributions
from the Trust Account in respect of any Founder Shares.

 

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6. Lock-up.

 

6.1 Subject
to the exceptions set forth herein, each Holder agrees that such Holder shall not, during the Lock-up Period without the prior
written consent of the Company, sell or otherwise dispose of or enter into any agreement to sell or otherwise dispose of title
to any Founder Shares that are or become held by such Holder during the Lock-up Period (each, a “Transfer”).
As used herein, “Lock-up Period” means the period of time from the date hereof through and including
the earliest of (a) the day that is 365 days after the closing of a Business Combination; (b) the day on which the last sales price
of the Common Stock has equaled or exceeded $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days (whether or not consecutive) within any 30-trading day period commencing at least 150 days
after the closing of a Business Combination, or (c) the completion, following any Business Combination, of any liquidation, merger,
stock exchange or other similar transaction which results in all of the Company’s securityholders having the right to exchange
their Common Stock for cash, securities or other property.

 

6.2 Notwithstanding
any other provision of this Agreement, the restrictions set forth in this Section 6 shall not apply to:

 

6.2.1 Transfers
between a Holder and (a) any Related Person of such Holder, (b) Sponsor or any person or entity that at the time of the applicable
Transfer is, or immediately prior to the closing of a Business Combination was, an officer, manager, or member of Sponsor, (c)
any person that at the time of the applicable Transfer is, or immediately prior to the closing of a Business Combination was, an
officer or director of the Company, (d) any Related Person of any of the foregoing, or (e) any entity that is controlled by any
combination of any of the foregoing; provided, however, that each such transferee must agree in writing for the express
benefit of and in form reasonably acceptable to the Company to be bound by this Agreement with respect to (and solely with respect
to) the Founder Shares that are so transferred to such transferee;

 

6.2.2 In
the case of a Holder that is a natural Person, Transfers by virtue of laws of descent and distribution upon death of such Holder,
and Transfers pursuant to a qualified domestic relations order; provided, however, that each such transferee must agree
in writing for the express benefit of and in form reasonably acceptable to the Company to be bound by this Agreement with respect
to (and solely with respect to) the Founder Shares that are so transferred to such transferee;

 

6.2.3 In
the case of a Holder that is an entity, Transfers by virtue of the laws of the jurisdiction of an entity’s organization and
the entity’s organizational documents upon dissolution of the entity; provided, however, that each such transferee
must agree in writing for the express benefit of and in form reasonably acceptable to the Company to be bound by this Agreement
with respect to (and solely with respect to) the Founder Shares that are so transferred to such transferee;

 

6.2.4 Following
the closing of a Business Combination, any bona fide hypothecation or pledge of or other grant of a security interest in any Founder
Shares as security for indebtedness, and any Transfer of any such Founder Shares as a result of enforcement of rights and remedies
thereunder; provided, however, that (a) no public disclosure or filing with respect thereto shall be made during the Lock-up
Period except to the extent required by law, and (b) if the transferee pursuant to any such arrangement is a person or entity to
which such Founder Shares may be Transferred pursuant to Section 6.2.1, such Founder Shares shall remain subject to this Agreement
notwithstanding such transfer, and such transferee must agree in writing for the express benefit of and in form reasonably acceptable
to the Company to be bound by this Agreement with respect to (and solely with respect to) the Founder Shares that are so transferred
to such transferee;

 

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6.2.5 any
transfer to or exchange with the Company (or successor issuer of Founder Shares) to effectuate any stock split, reverse stock split,
reorganization, recapitalization, reclassification, combination, exchange of shares or other like change; provided, however,
that any shares of Common Stock or other securities of the Company (or successor issuer of Founder Shares) that are acquired as
a result thereof shall constitute Founder Shares and be subject to the restrictions on Transfer set forth in this Agreement to
the same extent as Founder Shares so transferred or exchanged.

 

6.3 As
used herein, “Related Person” means (a) in the case of a Holder that is an entity, any securityholder,
partner, member or affiliate (as defined below) of such Holder; and (b) in the case of a Holder that is a natural person, (i) any
member of such Holder’s immediate family (as defined below), (ii) any trust, the beneficiaries of which are such Holder,
any Related Person of such Holder, and/or any charitable organization, or the assets of which are deemed for federal income tax
purposes to be owned by such Holder and/or one or more Related Persons of such Holder, or (iii) any entity that is directly or
indirectly controlled by such Holder and/or any combination of any of the foregoing. For purposes of the foregoing, (A) “immediate
family” of a specified person means his or her spouse or domestic partner, any parent of such specified person or
of his or her spouse or domestic partner, or any lineal descendant of any of the foregoing (including by adoption), (B) “affiliate”
of a specified person or entity means any other person or entity that directly, or indirectly through one or more other affiliates,
controls or is controlled by, or is under common control with, the specified person or entity, and (C) “control”
means the possession, directly or indirectly, or as trustee or executor, of the power to direct or cause the direction of the management
and policies of a person, whether through the ownership of voting securities, as trustee or executor, by contract or otherwise,
and, in the case of a fund, includes the power to direct or cause the direction of the investment decisions of such fund, whether
through authority as the manager, investment manager, general partner, or otherwise.

 

7. Securities
Law Restrictions; Registration Rights.

 

7.1 Each
Holder agrees not to sell, transfer or otherwise dispose of all or any part of the Founder Shares unless, prior thereto (a) a
registration statement on the appropriate form under the Securities Act of 1933, as amended (the “Securities Act”),
and applicable state securities laws with respect to the Founder Shares proposed to be transferred shall then be effective or (b) the
Company has received an opinion from counsel reasonably satisfactory to the Company, that such registration is not required because
such transaction is exempt from registration under the Securities Act and the rules promulgated by the Securities and Exchange
Commission (“SEC”) thereunder and with all applicable state securities laws.

 

7.2 Restrictive
Legends. Prior to registration pursuant to the Registration Rights Agreement described below, all certificates representing
the Founder Shares shall have endorsed thereon legends substantially as follows:

 

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“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS
AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND
SUCH LAWS WHICH, IN THE OPINION OF COUNSEL (IF THE COMPANY SO REQUESTS), IS AVAILABLE.”

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PROVISIONS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED
OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCK-UP PERIOD.”

 

7.3 Registration
Rights. Each Holder acknowledges that the Founder Shares are being purchased pursuant to an exemption from the registration
requirements of the Securities Act and will become freely tradable only after certain conditions are met or they are registered
pursuant to a Registration Rights Agreement to be entered into by Sponsor and the Company in connection with the closing of the
IPO (the “Registration Rights Agreement”).

 

8. Additional
Agreements and Acknowledgements.

 

8.1 Waiver
of Claims Against Trust. Each Holder hereby acknowledges and agrees that it has no right, title, interest or claim of any kind
in or to any monies held in the Trust Account, except for redemption and liquidation rights, if any, that such Holder may have
in respect of any IPO Shares (“Public Shares”) held from time to time by such Holder. Each Holder agrees
that it shall have 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, except for redemption and liquidation rights, if any, such Holder may have in respect of any
Public Shares held by such Holder from time to time. In the event that the Holder has any Claim against the Company under this
Agreement, the Holder 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.

 

8.2 Disclosure.
Each Holder hereby acknowledges and consents to the disclosure of the existence and terms of this Agreement, including without
limitation in the Registration Statement and to the filing of this Agreement with the SEC as an exhibit to the Registration Statement.

 

9. Representations
and Warranties.

 

9.1 Representations
and Warranties of Sponsor. Except for the specific representations and warranties contained in this Section 9.1 and
in any certificate or agreement delivered pursuant hereto, none of Sponsor nor any person acting on behalf of Sponsor nor any of
Sponsor’s affiliates (the “Sponsor Parties”) has made, makes or shall be deemed to make any other
express or implied representation or warranty with respect to the Sponsor and this offering, and Sponsor hereby disclaims any such
representation or warranty. Sponsor hereby represents and warrants to the Company as follows:

 

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9.1.1 Organization
and Authority. Sponsor is validly existing and in good standing under the laws of Delaware and possesses all requisite power
and authority necessary to carry out the transactions contemplated by this Agreement. All entity action on the part of Sponsor
necessary for the authorization, execution, delivery, and performance of this Agreement by Sponsor and the consummation by Sponsor
of the transactions contemplated hereby has been taken. This Agreement, when executed and delivered by the Company, will constitute
a legal, valid and binding agreement of Sponsor, enforceable against Sponsor in accordance with its terms, except as such enforceability
may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’
rights generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law
or in equity).

 

9.1.2 No
Conflicts or Consents. The execution, delivery and performance of this Agreement and the consummation by the Sponsor of the
transactions contemplated hereby do not violate, conflict with or constitute a default under (a) the formation and governing
documents of the Sponsor, (b) any agreement, indenture or instrument to which the Sponsor is a party, (c) any law, statute,
rule or regulation to which the Sponsor is subject, or (d) any agreement, order, judgment or decree to which the Sponsor is
subject. No governmental, administrative or other third party consents or approvals are required on the part of Sponsor in connection
with the transactions contemplated by this Agreement

 

9.1.3 No
Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting Sponsor
which (a) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement
or (b) question the validity or legality of any such transactions or seek to recover damages or to obtain other relief in connection
with any such transactions.

 

9.1.4 No
Brokers. No broker, finder or similar intermediary has acted for or on behalf of Sponsor or any of its respective affiliates
in connection with this Agreement or the transactions contemplated hereby and no broker, finder, agent or similar intermediary
is entitled to any broker’s, finder’s or similar fee or other commission in connection therewith.

 

9.1.5 Experience,
Financial Capability and Suitability. Sponsor is: (a) sophisticated in financial matters and is able to evaluate the risks
and benefits of the investment in the Founder Shares and (b) able to bear the economic risk of its investment in the Founder
Shares for an indefinite period of time because the Founder Shares have not been registered under the Securities Act and therefore
cannot be resold unless subsequently registered under the Securities Act or an exemption from such registration is available. Sponsor
is capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests.
Sponsor must bear the economic risk of this investment until the Founder Shares are sold pursuant to an effective registration
statement under the Securities Act or an exemption from registration available with respect to such sale. Sponsor is able
to bear the economic risks of an investment in the Founder Shares and to afford a complete loss of Sponsor’s investment in
the Founder Shares.

 

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9.1.6 Access
to Information; Independent Investigation. Prior to the execution of this Agreement, Sponsor has had the opportunity to ask
questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as the finances,
operations, business and prospects of the Company, and the opportunity to obtain additional information to verify the accuracy
of all information so obtained. In determining whether to make this investment, Sponsor has relied solely on Sponsor’s own
knowledge and understanding of the Company and its business based upon Sponsor’s own due diligence investigation and the
information furnished pursuant to this paragraph.

 

9.1.7 Accredited
Investor. Sponsor is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D under the
Securities Act and acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption applicable
to “accredited investors” or similar exemptions under federal and state law.

 

9.1.8 Investment
Purposes. Sponsor is purchasing the Founder Shares solely for investment purposes, for the Sponsor’s own account and
not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof. The
Sponsor did not enter into this Agreement as a result of any general solicitation or general advertising within the meaning of
Rule 502 of Regulation D under the Securities Act.

 

9.1.9 Certain
Acknowledgments. Sponsor understands that (a) no federal or state agency has passed upon or made any recommendation or endorsement
of the offering of the Founder Shares; (b) no public market now exists for the Founder Shares, and the Company has made no assurances
that a public market will ever exist for the Founder Shares; and (c) its agreement to purchase the Founder Shares involves a high
degree of risk which could cause Sponsor to lose all or part of its investment.

 

9.1.10 Restrictions
on Transfer; Shell Company. Sponsor understands the Founder Shares are being offered in a transaction not involving a public
offering within the meaning of the Securities Act. Sponsor understands the Founder Shares will be “restricted securities”
as defined in Rule 144(a)(3) under the Securities Act and Sponsor understands that the certificate representing the Founder Shares
will contain a legend in respect of such restrictions. If in the future the Sponsor decides to offer, resell, pledge or otherwise
transfer the Founder Shares, such Founder Shares may be offered, resold, pledged or otherwise transferred only in accordance with
the provisions of Section 7.1 hereof. Sponsor agrees that if any transfer of its Founder Shares or any interest therein is
proposed to be made, as a condition precedent to any such transfer, Sponsor may be required to deliver to the Company an opinion
of counsel satisfactory to the Company. Absent registration or an exemption, the Sponsor agrees not to resell the Founder Shares.
Sponsor further acknowledges that because the Company is a shell company, Rule 144 may not be available to the Sponsor for the
resale of the Founder Shares until at least one year following consummation of the initial business combination of the Company,
despite technical compliance with the certain requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

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9.1.11 Residence.
Sponsor’s principal place of business is the office or offices located at the address of Sponsor set forth on the signature
page hereof.

 

9.1.12 Non-Reliance.
Except for the specific representations and warranties expressly made by the Company in Section 9.2 of this Agreement and
in any certificate or agreement delivered pursuant hereto, Sponsor has not relied and is not relying upon any other representations
or warranties that may have been made by any of the Company Parties (defined below) in connection with the transactions contemplated
by this Agreement.

 

9.2 Representations
and Warranties of the Company. Except for the specific representations and warranties contained in this Section 9.2
and in any certificate or agreement delivered pursuant hereto, none of the Company nor any person acting on behalf of the Company
nor any of the Company’s affiliates (the “Company Parties”) has made, makes or shall be deemed
to make any other express or implied representation or warranty with respect to the Company and this offering, and the Company
hereby disclaims any such representation or warranty. The Company hereby represents and warrants to Sponsor as follows:

 

9.2.1 Organization
and Authority. The Company is duly organized, validly existing and in good standing under the laws of the state of Delaware
and has all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. All entity action
on the part of the Company necessary for the authorization, execution, delivery, and performance of this Agreement by the Company
and the consummation by the Company of the transactions contemplated hereby has been taken. This Agreement, when executed and delivered
by Sponsor, will constitute the valid and legally binding obligation of the Company, enforceable against the Company in accordance
with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar
laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless of
whether enforcement is sought in a proceeding at law or in equity).

 

9.2.2 No
Conflicts or Consents. The execution, delivery and performance of this Agreement and the consummation by the Company of the
transactions contemplated hereby do not violate, conflict with or constitute a default under (a) the organizational documents of
the Company, (b) any agreement, indenture or instrument to which the Company is a party, (c) any law, statute, rule or regulation
to which the Company is subject, or (d) any agreement, order, judgment or decree to which the Company is subject. Assuming the
accuracy of the representations and warranties made by the Sponsor in this Agreement, no governmental, administrative or other
third party consents or approvals are required, necessary or appropriate on the part of the Company in connection with the transactions
contemplated by this Agreement, other than such state “blue sky,” FINRA and New York Stock Exchange consents and approvals
as may be required.

 

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9.2.3 No
Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting the Company
which (a) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement
or (b) question the validity or legality of any such transactions or seek to recover damages or to obtain other relief in connection
with any such transactions.

 

9.2.4 Title
to Securities. The Founder Shares issued to Sponsor hereunder were duly and validly issued, fully paid and non-assessable,
and Sponsor has received good title to such Founder Shares, free and clear of all liens, claims and encumbrances of any kind, other
than (a) transfer restrictions hereunder (if then in effect) and under federal and state securities laws, and (b) liens, claims
or encumbrances imposed due to the actions of the Sponsor.

 

9.2.5 No
General Solicitation. No form of general solicitation or general advertising within the meaning of Regulation D of the Securities
Act was used by the Company or any of its representatives in connection with the offer and sale of the Founder Shares.

 

9.2.6 No
Disqualifying Event. No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities
Act (a “Disqualification Event”) is applicable to the Company or, to the Company’s knowledge, any
Company Covered Person (as defined below), except for a Disqualification Event as to which Rule 506(d)(2)(ii-iv) or (d)(3), is
applicable. “Company Covered Person” means, with respect to the Company as an “issuer” for
purposes of Rule 506 promulgated under the Securities Act, any Person listed in the first paragraph of Rule 506(d)(1).

 

9.2.7 No
Brokers. No broker, finder or similar intermediary has acted for or on behalf of the Company or any of its respective affiliates
in connection with this Agreement or the transactions contemplated hereby and no broker, finder, agent or similar intermediary
is entitled to any broker’s, finder’s or similar fee or other commission in connection therewith.

 

9.2.8 Non-Reliance.
Except for the specific representations and warranties expressly made by the Sponsor in Section 9.1 and in any certificate
or agreement delivered pursuant hereto, the Company has not relied and is not relying upon any other representations or warranties
that may have been made by any of the Sponsor Parties in connection with the transactions contemplated by this Agreement.

 

10. General.

 

10.1 Further
Assurances. The Company and each Holder agrees to execute such further instruments and to take such further action as may reasonably
be necessary to carry out the intent of this Agreement.

 

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10.2 Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given upon the earlier of actual receipt, or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic
mail during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s
next business day, (c) five (5) business days after having been sent by registered or certified mail, return receipt requested,
postage prepaid, or (d) one (1) business day after deposit with a nationally recognized overnight courier, freight prepaid, specifying
next business day delivery, with written verification of receipt. All communications sent to the Holder shall be sent to the Holder
at the address set forth on the signature page to this Agreement, and to the Company shall be sent to the following address, or
in either case to such other address as such party my specify by written notice to the other party:

 

Northern
Genesis Acquisition Corp. III

4801 Main
Street, Suite 1000

Kansas
City, MO 64112

Attn:
Chief Financial Officer

Email:
ken.manget@northerngenesis.com

 

with a copy to the Company’s
counsel at:

 

Husch Blackwell LLP

4801 Main Street, Suite 1000

Kansas City, Missouri 64112

Attn: James G. Goettsch

E-mail: jim.goettsch@huschblackwell.com

 

10.3 Entire
Agreement. This Agreement together with the Registration Rights Agreement and any other agreements that are delivered pursuant
hereto or referenced herein, constitute the entire agreement and understanding of the parties hereto in respect of its subject
matter and supersedes all prior understandings, agreements or representations by or among the parties hereto, written or oral,
to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby.

 

10.4 Amendments;
Waivers. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by all parties
hereto and may be waived only by written document executed by the party entitled to the benefits of such terms or provisions. No
such waiver shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this
Agreement, and any such waiver shall be effective only in the specific instance and for the purpose for which it was given and
shall not constitute a continuing waiver.

 

10.5 Assignment.
Except for an assignment of the rights and obligations of a Holder hereunder with respect to any Founder Shares that are Transferred
in accordance with the terms of this Agreement, no Holder can assign either this Agreement or any of its rights, interests or obligations
hereunder without the prior written consent of the Company. Any purported assignment in violation of this paragraph shall be void
and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This Agreement shall
be binding on each Stockholder and each of its respective successors, heirs and transferees.

 

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10.6 No
Third-Party Beneficiaries. Nothing in this Agreement shall be construed to create any rights or obligations except among the
parties hereto, and no person or entity shall be regarded as a third-party beneficiary of this Agreement.

 

10.7 Governing
Law; Jurisdiction. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance
with and governed by the laws of the State of New York applicable to contracts wholly performed within the borders of such state,
without giving effect to the conflict of law principles thereof. Each Party hereby agrees that any action, proceeding or claim
against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of
New York or the United States District Court for the Southern District of New York, irrevocably submits to such jurisdiction, and
waives any objection that such courts represent an inconvenient forum.

 

10.8 Severability.
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in
this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent
that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that
such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement
shall nevertheless remain in full force and effect.

 

10.9 No
Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under
this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy
of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment
or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise
thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute
a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required
under this Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar
or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action
in any circumstances without such notice or demand.

 

10.10 Survival
of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any
other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof
and any investigations made by or on behalf of the parties.

 

10.11 Headings
and Captions. The headings and captions of the various sections of this Agreement are for convenience of reference only and
shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

10.12 Counterparts.
This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same
agreement. In the event that any signature is delivered by facsimile transmission or any other form of electronic delivery, such
signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with
the same force and effect as if such signature page were an original thereof.

 

[Signature Page Follows]

 

    11

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed this Agreement effective as of the date first set forth above.

 

	 	SPONSOR:
	 	 
	 	NORTHERN GENESIS SPONSOR III LLC
	 	 	 
	 	By:	/s/ Ian Robertson
	 	 	Name:  Ian Robertson
	 	 	Title:  Managing Member

 

	 	
        Address for Notices:

         

        Northern Genesis Sponsor III LLC

        4801 Main Street, Suite 1000

        Kansas City, Missouri 64112

        Attention: Managing Member

        Email: ian.robertson@northerngenesis.com

 

	 	COMPANY:
	 	 
	 	NORTHERN GENESIS ACQUISITION CORP. III
	 	 	 
	 	By:	/s/ Ian Robertson
	 	 	Name:  Ian Robertson
	 	 	Title:  Chief Executive Officer

 

[Signature page to Founder Shares Purchase
Agreement]

 

12Exhibit 10.6

 

THIS
PROMISSORY NOTE (“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 $300,000	
        Dated as of December
        23, 2020

        New York, New York

 

Forest Road Acquisition
Corp. III, a Delaware corporation and blank check company (the “Maker”), promises to pay to the order of
Forest Road Acquisition Sponsor III LLC or its registered assigns or successors in interest (the
“Payee”), or order, the principal sum of up to Three Hundred Thousand Dollars ($300,000) 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 the Maker to such account as the Payee may
from time to time designate by written notice in accordance with the provisions of this Note.

 

1.
Principal. The principal balance of this Note shall be payable by the Maker on the earlier of: (i) June 30, 2021 or (ii)
the date on which Maker consummates an initial public offering of its securities. The principal balance may be prepaid
at any time. Under no circumstances shall any individual, including but not limited to any officer, director, employee or
shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

 

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

 

3. Drawdown
Requests. Maker and Payee agree that Maker may request up to Three Hundred Thousand Dollars ($300,000) for costs reasonably
related to Maker’s initial public offering of its securities. The principal of this Note may be drawn down from time to time
prior to the earlier of: (i) June 30, 2021 or (ii) the date on which Maker consummates an initial public offering of its securities,
upon written 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 Dollars ($10,000) unless agreed upon by Maker and Payee.
Payee shall fund each Drawdown Request no later than five (5) business days after receipt of a Drawdown Request; provided, however,
that the maximum amount of drawdowns collectively under this Note is Three Hundred Thousand Dollars ($300,000). Once an amount
is drawn down under this Note, it shall not be available for future Drawdown Requests even if prepaid. No fees, payments or other
amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker. Notwithstanding the foregoing,
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 attorneys’ fees, and then to the reduction of 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 within five (5) business
days of the date specified above.

 

(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 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 hereunder,
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) and 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 or 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 made in writing and delivered:
(i) 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 DELAWARE, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

    2

     

    

 

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, the Payee hereby waives 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
the proceeds of the initial public offering (the “IPO”) to be conducted by the Maker (including the deferred
underwriters discounts and commissions) and the proceeds of the sale of the warrants to be issued in a private placement to occur
prior to the closing of 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 the Maker and the 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]

 

    3

     

    

 

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.

 

	 	FOREST ROAD ACQUISITION CORP. III
	 	 	 
	 	By:	/s/ Idan Shani
	 	 	Name: 	 Idan Shani
	 	 	Title: 	Chief Financial Officer

 

 

4

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