Document:

Exhibit 10.1

 

February
3, 2021

 

Novus Capital Corporation II

8556 Oakmont Lane

Indianapolis, IN 46260

 

Re: Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter
Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting
Agreement”) entered into or proposed to be entered into by and between Novus Capital Corporation II, a Delaware corporation
(the “Company”), and Cowen and Company, LLC, as the representative (“Representative”)
of the several underwriters named therein (each an “Underwriter” and collectively, the “Underwriters”),
relating to an underwritten initial public offering (the “Public Offering”), of up to 28,750,000 of the
Company’s units (including up to 3,750,000 units that may be purchased to cover the Underwriters’ option to purchase
additional units, if any) (the “Units”), each comprised of one share of Class A common stock of the Company,
par value $0.0001 per share (“Class A Common Stock”), and one-third of one redeemable warrant (each whole
warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one share of Class A Common
Stock at a price of $11.50 per share, subject to adjustment. The Units shall be sold in the Public Offering pursuant to a registration
statement on Form S-1 and prospectus (the “Prospectus”) filed by the Company with the Securities and
Exchange Commission (the “Commission”). Certain capitalized terms used herein are defined in paragraph
11 hereof.

 

In order to induce the Company
and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, NCCII Co-Invest LLC (“NCCII”)
and the individuals and entities identified on the signature pages hereto as a Founder (each such individual person or entity and
NCCII, a “Founder” and collectively, the “Founders”), Novus Capital Associates,
LLC (“NCA”) and the other undersigned persons (each such other undersigned persons, an “Insider”
and collectively, the “Insiders”), each hereby agrees, severally but not jointly, with the Company as
follows:

 

1.   
Each Founder, NCA and each Insider agree that if the Company seeks stockholder approval of a proposed Business Combination,
then in connection with such proposed Business Combination, it, he or she shall (i) vote any Shares owned by it, him or her in
favor of any proposed Business Combination (including any proposals recommended by the Company’s Board of Directors in connection
with such Business Combination) and (ii) not redeem any Shares owned by it, him or her in connection with such stockholder approval.

 

     

     

    

 

2.   
Each Founder, NCA and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination
within 24 months from the closing of the Public Offering, or such later period approved by the Company’s stockholders in
accordance with the Company’s amended and restated certificate of incorporation, each Founder, NCA and each Insider shall
take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly
as reasonably possible but not more than ten (10) business days thereafter, subject to lawfully available funds therefor, redeem
100% of the shares of Class A Common Stock sold as part of the Units in the Public Offering (the “Offering Shares”),
at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which
interest shall be net of taxes payable and less up to $100,000 of interest to pay dissolution expenses), divided by the number
of then outstanding Offering Shares, which redemption will completely extinguish all Public Stockholders’ rights as stockholders
(including the right to receive further liquidation distributions, if any) and (iii) as promptly as reasonably possible following
such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors,
dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors
and the other requirements of applicable law. Each Founder, NCA and each Insider agree to not propose any amendment to the Company’s
amended and restated certificate of incorporation (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 Offering Shares if the
Company does not complete its initial Business Combination within 24 months from the closing of the Public Offering or (B) with
respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity, unless the
Company provides its Public Stockholders with the opportunity to redeem their Offering Shares upon approval of any such amendment
at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which
interest shall be net of taxes payable), divided by the number of then outstanding Offering Shares.

 

Each Founder, NCA and
each Insider acknowledge that it, he or she has no right, title, interest or claim of any kind in or to any monies held in the
Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares
and Private Placement Shares held by it. Each Founder, NCA and each Insider hereby further waive, with respect to any Shares held
by it, him or her, if any, any redemption rights it, he or she may have in connection with (x) the consummation of a Business
Combination, including, without limitation, any such rights available in the context of a stockholder vote to approve such Business
Combination or in the context of a tender offer made by the Company to purchase shares of Class A Common Stock and (y) a stockholder
vote to approve an amendment to the Company’s amended and restated certificate of incorporation (A) to modify the substance
or timing of the Company’s obligation to allow redemptions in connection with the Company’s initial Business Combination
or to redeem 100% of the Offering Shares if the Company has not consummated its initial Business Combination within 24 months
from the closing of the Public Offering or (B) with respect to any other provision relating to stockholders’ rights or pre-initial
Business Combination activity (although the Founders and NCA and the Insiders shall be entitled to redemption and liquidation
rights with respect to any Offering Shares it or they hold if the Company fails to consummate a Business Combination within 24
months from the date of the closing of the Public Offering).

 

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3.   
Without limiting NCCII’s obligations under paragraph 7 hereof, during the period commencing on the effective date
of the Underwriting Agreement and ending 180 days after such date, NCCII shall not sell, transfer, assign, pledge or hypothecate
any of its Founder Shares or Private Placement Warrants or any shares of Class A Common Stock issuable upon the conversion or exercise
of the Private Placement Warrants (the “Underlying Shares”), or subject any of such securities to any hedging, short
sale, derivative, put, or call transaction that would result in the effective economic disposition of such securities, except as
provided in FINRA Rule 5110(g)(2), which such restrictions shall not be subject to release or waiver, with or without the consent
of the Representative, during the period commencing on the effective date of the Underwriting Agreement and ending 180 days after
such date. Notwithstanding the provisions set forth in paragraphs 7(a) and (b) below, during the period commencing on the effective
date of the Underwriting Agreement and ending 180 days after such date, each Founder, NCA and each Insider shall not, without the
prior written consent of the Representative, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly
or indirectly, or file with, or submit to, the Commission a registration statement under the Securities Act of 1933, as amended
(the “Securities Act”), relating to any Units, shares of Class A Common Stock, Founder Shares, Warrants or any securities
convertible into, or exercisable, or exchangeable for, any Units, shares of Class A Common Stock, Founder Shares, or Warrants,
or publicly disclose the intention to undertake any of the foregoing, or (ii) enter into any swap or other arrangement that transfers,
in whole or in part, any of the economic consequences of ownership of any Units, shares of Class A Common Stock, Founder Shares,
or Warrants or any such other securities, whether any such transaction described in clause (i) or (ii) above is to be settled by
delivery of units or such other securities, in cash or otherwise, or (iii) publicly announce any intention to effect any transaction
specified in clause (i) or (ii). Each Founder, NCA and each Insider acknowledges and agrees that, prior to the effective date of
any release or waiver of the restrictions set forth in this paragraph 3 or paragraph 7 below, the Company may announce the impending
release or waiver by press release through a major news service at least two business days before the effective date of the release
or waiver. The provisions of this paragraph will not apply to any transfer permitted under paragraph 7(c) hereof or if (i) the
release or waiver is effected solely to permit a transfer of securities that is not for consideration and (ii) the transferee has
agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that such
terms remain in effect at the time of the transfer.

 

4.   
In the event of the liquidation of the Trust Account, V Donargo LLC agrees to indemnify and hold harmless the Company against
any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses
reasonably incurred in investigating, preparing or defending against any litigation, whether pending or threatened, or any claim
whatsoever) to which the Company may become subject as a result of any claim by (i) any third party (other than the Company’s
independent registered public accounting firm) for services rendered or products sold to the Company or (ii) a prospective target
business with which the Company has discussed entering into a transaction agreement (a “Target”); provided,
however, that such indemnification of the Company by V Donargo LLC shall apply only to the extent necessary to ensure that
such claims by a third party for services rendered (other than the Company’s independent registered public accounting firm)
or products sold to the Company or a Target do not reduce the amount of funds in the Trust Account to below (i) $10.00 per Offering
Share or (ii) such lesser amount per Offering Share held in the Trust Account as of the date of the liquidation of the Trust Account
due to reductions in the value of the trust assets as of the date of the liquidation of the Trust Account, in each case, net of
the amount of interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed a waiver of
any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the
Underwriters against certain liabilities, including liabilities under the Securities Act. In the event that any such executed
waiver is deemed to be unenforceable against such third party, V Donargo LLC shall not be responsible to the extent of any liability
for such third-party claims. V Donargo LLC shall have the right to defend against any such claim with counsel of its choice reasonably
satisfactory to the Company if, within 15 days following written receipt of notice of the claim to V Donargo LLC, V Donargo LLC
notifies the Company in writing that it shall undertake such defense.

 

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5.   
(a) To the extent that the Underwriters do not exercise their option to purchase up to an additional 3,750,000 Units within
45 days from the date of the Prospectus (and as further described in the Prospectus), each Founder agrees that it shall forfeit,
at no cost, a number of Founder Shares equal to 937,500, multiplied by (i) a fraction, (x) the numerator of which is 3,750,000
minus the number of Units purchased by the Underwriters upon the exercise of their option to purchase additional Units and (y)
the denominator of which is 3,750,000, multiplied by (ii) a fraction (x) the numerator of which is the number of Founder shares
purchased by it, her or him and (y) the denominator of which is the aggregate number of Founder Shares held by all Founders. All
references in this Letter Agreement to Founder Shares of the Company being forfeited shall take effect as a contribution of such
Founder Shares to the Company’s capital as a matter of Delaware law. The forfeiture will be adjusted on a pro rata basis
among each Founder to the extent that the option to purchase additional Units is not exercised in full by the Underwriters so that
the number of Founder Shares will equal an aggregate of 20.0% of the Company’s issued and outstanding Shares after the Public
Offering (not including the Private Placement Shares). The Initial Stockholders further agree that to the extent that the size
of the Public Offering is increased or decreased, the Company will effect a capitalization or stock repurchase or redemption, as
applicable, immediately prior to the consummation of the Public Offering in such amount as to maintain the number of Founder Shares
at 20.0% of the Company’s issued and outstanding Shares upon the consummation of the Public Offering (not including the Private
Placement Shares). In connection with such increase or decrease in the size of the Public Offering, then (A) the references to
3,750,000 and 937,500 in the numerator and denominator of the formula in the first sentence of this paragraph shall be changed
to a number equal to 15.0% of the number of shares of Class A Common Stock included in the Units issued in the Public Offering
and 15% of the aggregate number of Founder Shares respectively.

 

6.   
Each Founder, NCA and each Insider hereby agree and acknowledge that: (i) the Underwriters and the Company would be irreparably
injured in the event of a breach by such Founder, NCA or Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5,
7(a), 7(b), and 9 of this Letter Agreement (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching
party shall be entitled to seek injunctive relief, in addition to any other remedy that such party may have in law or in equity,
in the event of such breach.

 

7.   
(a) Each Founder, NCA and each Insider agree that it, he or she shall not Transfer (as defined below) any Founder Shares
(or shares of Class A Common Stock issuable upon conversion thereof) until the earlier of (A) one year after the completion of
the Company’s initial Business Combination and (B) subsequent to the Business Combination, (x) the date on which the Company
completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all of the Public
Stockholders having the right to exchange their shares of Common Stock for cash, securities or other property or (y) if the last
reported sale price of the Class A Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing after the
Company’s initial Business Combination (the “Founder Shares Lock-Up Period”).

 

       (b)Each Founder, NCA and each
Insider agree that it, he or she shall not Transfer any Private Placement Warrants or Underlying Shares until 30 days after the
completion of a Business Combination (the “Private Placement Units Lock-Up Period”, together with the
Founder Shares Lock-Up Period, the “Lock-Up Periods”).

 

       (c) Notwithstanding the provisions
set forth in paragraphs 7(a) and (b), Transfers of the Founder Shares, the Private Placement Warrants and the Underlying Shares
or the Founder Shares and that are held by any Founder, NCA or any Insider or any of their permitted transferees (that have complied
with this paragraph 7(c)), are permitted (a) to the Company’s officers or directors, any affiliates or family members of
any of the Company’s officers or directors, any members of the Founders, or any affiliates of the Founders, (b) in the case
of an individual, by gift to a member of the individual’s immediate family or to a trust, the beneficiary of which is a member
of the individual’s immediate family or an affiliate of such person, or to a charitable organization; (c) in the case of
an individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant
to a qualified domestic relations order; (e) by private sales or transfers made in connection with the consummation of the Company’s
Business Combination at prices no greater than the price at which the securities were originally purchased; (f) in the event of
the Company’s liquidation prior to the Company’s completion of an initial Business Combination; (g) by virtue of the
laws of Delaware or NCA or any Founder’s limited liability company, partnership or trust agreement, as amended, or other
organizational documents upon dissolution of NCA or a Founder; or (h) in the event of the Company’s completion of a liquidation,
merger, stock exchange, reorganization or other similar transaction which results in all of the Public Stockholders having the
right to exchange their Class A Common Stock for cash, securities or other property subsequent to the Company’s completion
of an initial Business Combination; provided, however, that in the case of clauses (a) through (e), these permitted
transferees must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions and other applicable
restrictions in this Letter Agreement.

 

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8.   
Each Founder, NCA and each Insider represent and warrant that it, he or she has never been suspended or expelled from membership
in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended
or revoked. Each Insider’s biographical information furnished to the Company, if any (including any such information included
in the Prospectus), is true and accurate in all respects and does not omit any material information with respect to such Insider’s
background. Each Founder, NCA and each Insider’s questionnaire furnished to the Company, if any, is true and accurate in
all respects. Each Founder, NCA and each Insider represent and warrant that: it is not subject to or a respondent in any legal
action for, any injunction, cease-and- desist order or order or stipulation to desist or refrain from any act or practice relating
to the offering of securities in any jurisdiction; it has never been convicted of, or pleaded guilty to, any crime (i) involving
fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in
any securities and it is not currently a defendant in any such criminal proceeding.

 

9.   
Except as disclosed in, or as expressly contemplated by, the Prospectus, neither any Founder, NCA nor any Insider nor any
affiliate of any Founder, NCA or any Insider, nor any director or officer of the Company, shall receive from the Company any finder’s
fee, reimbursement, consulting fee, monies in respect of any repayment of a loan or other compensation prior to, or in connection
with any services rendered in order to effectuate the consummation of the Company’s initial Business Combination (regardless
of the type of transaction that it is).

 

10.  Each
Founder, NCA and each Insider have full right and power, without violating any agreement to which it is bound (including, without
limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter
Agreement and, as applicable, to serve as an officer and/or a director on the board of directors of the Company and hereby consents
to being named in the Prospectus as an officer and/or a director of the Company.

 

11.  Each
Founder, NCA and each Insider acknowledges that he, she or it may, from time to time, receive material non-public information
relating to the Company, including with respect to proposed transactions, and is cautioned not to trade in the Company’s
securities while in possession of non-public information relating to the Company.

 

12.  As
used herein, (i) “Business Combination” shall mean a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Shares”
shall mean, collectively, the Class A Common Stock, the Founder Shares and the Underlying Shares; (iii) “Founder Shares”
shall mean the 7,187,500 shares of Class B common stock, par value $0.0001 per share, issued and outstanding immediately prior
to the consummation of the Public Offering; (iv) “Initial Stockholders” shall mean the Founders, NCA
and any Insider that holds Founder Shares; (v) “Private Placement Warrants” shall mean the 4,666,666
warrants of the Company (or 5,166,666 warrants if the over-allotment option is exercised in full) that the Founders have agreed
to purchase for an aggregate purchase price of $7,000,000 in the aggregate (or $7,750,000 if the over-allotment option is exercised
in full), or $1.50 per warrant, in a private placement that shall occur substantially concurrently with the consummation of the
Public Offering; (vii) “Public Stockholders” shall mean the holders of securities issued in the Public
Offering; (viii) “Trust Account” shall mean the trust fund into which a portion of the net proceeds
of the Public Offering shall be deposited; and (ix) “Transfer” shall mean the (a) sale or assignment
of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of
or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with
respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934,
as amended, and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into
any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of
any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public
announcement of any intention to effect any transaction specified in clause (a) or (b) herein.

 

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13.  This
Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof
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. This Letter Agreement may
not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except
by a written instrument executed by (1) each Insider and each Founder that is the subject of any such change, amendment modification
or waiver and (2) the Company.

 

14.  No
party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior
written consent of the other parties. 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 Letter Agreement shall be binding
on each Founder, NCA and each Insider and their respective successors, heirs and assigns and permitted transferees.

 

15.  Nothing
in this Letter Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto
any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise or
agreement hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall be
for the sole and exclusive benefit of the parties hereto and their successors, heirs, personal representatives and assigns and
permitted transferees; provided, however, that the Underwriters shall benefit from the provisions set forth in paragraph
3, which such paragraphs shall not be amended or modified without the written consent of the Representative.

 

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16.   This
Letter Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

17.   This
Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any
such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Letter
Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

18.   This
Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York. The parties
hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement
shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction
and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue
or that such courts represent an inconvenient forum.

 

19.  Any
notice, consent or request to be given in connection with any of the terms or provisions of this Letter 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 or facsimile or other electronic transmission.

 

20.   Each
party hereto shall not be liable for any breaches or misrepresentations contained in this Letter Agreement by any other party
to this Letter Agreement, and no party shall be liable or responsible for the obligations of another party, including, without
limitation, indemnification obligations and notice obligations.

 

21.
   This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-Up Periods and (ii) the liquidation of
the Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public
Offering is not consummated and closed by ; provided further that paragraph 4 of this Letter Agreement shall survive such
liquidation.

 

[Signature
Page Follows]

 

    7 

     

    

 

		Sincerely,

 

		FOUNDERS:

 

		RONALD J. SZNAIDER

 

		By:	/s/ Ronald J. Sznaider

 

		HEATHER GOODMAN AND DOUG RAETZ TENANTS IN COMMON

 

		By:	/s/ Heather Goodman

	 	 	Heather Goodman

 

		By:	/s/ Doug Raetz

	 	 	Doug Raetz

 

		HEATHER GOODMAN

 

		By:	/s/ Heather Goodman

 

		V DONARGO LLC

 

		By:	/s/ Vincent Donargo
	 	 	Name: Vincent Donargo
	 	 	Title: Authorized Person

 

		VINCENT DONARGO

 

		By: 	/s/ Vincent
                                         Donargo

 

		NCCII CO-INVEST LLC

 

		By:	/s/ Owen Littman

	 	 	Name: Owen Littman

	 	 	Title: Authorized Signatory

 

[Signature Page To Letter Agreement]

 

     

     

    

 

		LARRY M PAULSON AND GRETCHEN V PAULSON FAMILY TRUST DATED SEPT
4, 2019, AND ANY AMENDMENTS THERETO

 

		By:	/s/ Larry M. Paulson

	 	 	Name: Larry M. Paulson

	 	 	Title: Trustee

 

		LARRY M. PAULSON

 

		By:	/s/ Larry M. Paulson

 

		NEW FRONTIER LLC

 

		By:	/s/ Jeffrey Foster

	 	 	Name: Jeffrey Foster

	 	 	Title: Authorized Person

 

		ROBERT J. LAIKIN

 

		By:	/s/ Robert J. Laikin

 

		COOPER LAIKIN

 

		By:	/s/ Cooper Laikin

 

		HANNA LAIKIN

 

		By:	/s/
                                         Hanna Laikin

 

		ZAK LAIKIN

 

		By:	/s/ Zak Laikin

 

[Signature Page To Letter Agreement]

 

     

     

    

 

		KNC I LLC

 

		By:	/s/ Hersch Klaff

	 	 	Name: Hersch Klaff

	 	 	Title: Authorized Person

 

		KNC II LLC

 

		By:	/s/ Hersch Klaff

	 	 	Name: Hersch Klaff

	 	 	Title: Authorized Person

 

		JEFFREY FOSTER

 

		By:	/s/ Jeffrey Foster

 

		HERSCH KLAFF

 

		By:	/s/ Hersch Klaff

 

		NCA:

 

		NOVUS CAPITAL ASSOCIATES, LLC

 

		By:	/s/ Larry M. Paulson

	 	 	Name: Larry M. Paulson

	 	 	Title: Manager

 

		INSIDERS:

 

		CLIFF VENTURES LLC

 

		By:	/s/ Ryan Levy

	 	 	Name: Ryan Levy

	 	 	Title: Authorized Person

 

[Signature Page To Letter Agreement]

 

     

     

    

 

	Acknowledge and Agreed:
	 

 

	NOVUS CAPITAL CORPORATION II
	 

 

	By:
	/s/ Robert J. Laikin	 
	 	Name: Robert J. Laikin	 
	 	Title: Chief Executive Officer	 

 

[Signature Page To Letter Agreement]Exhibit 10.2

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This Investment Management Trust Agreement
(this “Agreement”) is made effective as of February 3, 2021, by and between Novus Capital Corporation
II, a Delaware corporation (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. 333-252079 (the “Registration Statement”) for the initial public
offering of the Company’s units (the “Units”), each of which consists of one share of the Company’s
Class A common stock, par value $0.0001 per share (“Common Stock”), and one-third of one redeemable warrant,
each whole warrant entitling the holder thereof to purchase one share of Common Stock (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 Cowen and Company, LLC, as representative
(the “Representative”) of the several underwriters (the “Underwriters”) named
therein, and Needham & Company, LLC. as qualified independent underwriter; and

 

WHEREAS, as described in the Registration
Statement, $250,000,000 of the gross proceeds of the Offering and sale of the Private Placement Units (as defined in the Underwriting
Agreement) (or $287,500,000 if the Underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee
to be 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 the shares of Common Stock 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 stockholders for whose benefit the Trustee shall hold the Property will be referred to
as the “Public Stockholders,” and the Public Stockholders and the Company will be referred to together
as the “Beneficiaries”);

 

WHEREAS, the Company has entered into that
certain Business Combination Marketing Agreement, dated as of February 3, 2021, with the Representative, pursuant to which the
Company will pay the Representative a cash fee (the “Marketing Fee”) for certain advisory services upon
the consummation of the Company’s initial Business Combination (as defined below) in an amount equal to, in the aggregate,
3.5% of the gross proceeds of the Offering, including any proceeds from the full or partial exercise of the Underwriters’
over-allotment option; 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 (or any successor rule), which invest only in direct U.S. government treasury
obligations, as determined by the Company; the Trustee may not invest in any other securities or assets, it being understood that
the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder;
while on deposit, 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 the Representative 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;

 

    2 

     

    

 

(i)                
Commence liquidation of the Trust Account only after and promptly following (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, as applicable, signed on behalf of the Company by its Chief
Executive Officer, Chief Financial Officer, Secretary or other authorized officer of the Company (an “Authorized Representative”),
and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest (which interest
shall be net of any taxes payable, and less up to $100,000 of interest that may be released to the Company to pay dissolution expenses),
only as directed in the Termination Letter and other documents referred to therein, or (y) upon the date which is the later
of (1) 24 months after the closing of the Offering and (2) such later date as may be approved by the Company’s
stockholders in accordance with the Company’s amended and restated certificate of incorporation, 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 (which interest shall be net of any taxes payable, and less up to $100,000 of interest that may be released to the Company
to pay dissolution expenses) shall be distributed to the Public Stockholders 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 on behalf of 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 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
and a written statement from the principal financial officer of the Company setting forth the actual amount payable (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 “Stockholder Redemption Withdrawal Instruction”), the Trustee shall distribute
to or on behalf of the Company the amount requested by the Company to be used to redeem shares of Common Stock from Public Stockholders
properly submitted in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate
of incorporation (A) to modify the substance or timing of the Company’s obligation to allow redemptions in connection with
its initial Business Combination or to redeem 100% of the Company’s public shares of Common Stock if the Company does not
complete its initial Business Combination within the time period set forth therein or (B) with respect to any other provision relating
to the Company’s stockholders’ 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

 

    3 

     

    

 

(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 an Authorized Representative of the Company. 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 out-of-pocket 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 stockholders regarding any merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or other similar business combination involving the Company and one or more businesses (a “Business
Combination”), provide to the Trustee an affidavit or certificate of the inspector of elections for the stockholder
meeting verifying the vote of such stockholders regarding such Business Combination;

 

    4 

     

    

 

(e)              
Provide the Representative 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)               
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; and

 

(g)              
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 Marketing Fee be paid directly to the account or accounts directed by the Representative.

 

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 written direction, 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;

 

    5 

     

    

 

(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;

 

    6 

     

    

 

(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 the purchasers of private warrants of the Company, as applicable, shall be returned
promptly following the receipt by the Trustee of written instructions from the Company.

 

6.                 
Miscellaneous.

 

(a)              
The Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth herein 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) or 1(k) (which sections may not be modified, amended or deleted without
the affirmative vote of sixty-five percent (65%) of the then outstanding shares of Common Stock and Class B common stock, par value
$0.0001 per share, of the Company voting together as a single class; provided that no such amendment will affect any Public Stockholder
who has otherwise validly indicated his, her or its election to redeem his, her or its shares of Common Stock in connection with
a stockholder 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.

 

    7 

     

    

 

(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 or by electronic mail:

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

Email: fwolf@continentalstock.com;

cgonzalez@continentalstock.com

 

if to the Company, to:

 

Novus Capital Corporation II

8556 Oakmont Lane

Indianapolis, IN 46260

Attention: Robert J. Laikin, Chief Executive Officer

robertjlaikin@gmail.com 

 

in each case, with copies to:

 

Blank Rome LLP

1271 Avenue of the Americas

New York, NY 10020

Attention: Robert J. Mittman, Esq.

 

and

 

Cowen and Company, LLC

599 Lexington Avenue

New York, NY 10022

Attn: Head of Equity Capital Markets, with a copy to
the General Counsel Investment Banking

 

and

 

Greenberg Traurig, LLP

1750 Tysons Boulevard, Suite 1000

McLean, VA 22102

Attn: Jason T. Simon, Esq.

 

(f)               
This Agreement may not be assigned by the Trustee without the prior consent of the Company.

 

(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.

 

    8 

     

    

 

(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 the Representative, on behalf of the Underwriters,
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]

 

    9 

     

    

 

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

 

	 	Novus Capital Corporation II
	 	 
	 	By:  	 /s/ Robert J. Laikin
	 	 	Name:	 Robert J. Laikin
	 	 	Title:	 Chief Executive Officer
	 	 	 
	 	TRUSTEE:
	 	 
	 	Continental Stock Transfer & Trust Company,  as Trustee
	 	 
	 	By:  	/s/ Francis Wolf
	 	 	Name:	 Francis Wolf
	 	 	Title:	Vice President

 

    10 

     

    

 

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]

 

, 2021

 

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 Novus Capital Corporation II (the “Company”) and Continental Stock
Transfer & Trust Company (the “Trustee”), dated as of February 3, 2021 (the “Trust Agreement”),
this is to advise you that the Company has entered into an agreement with___________________ (the “Target Business”)
to consummate a business combination with 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 (the “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 J.P. 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 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
or dividends.

 

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 by the Chief Executive Officer or Chief Financial Officer of the
Company, which verifies that the Business Combination has been approved by a vote of the Company’s stockholders, 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 Marketing Fee 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,
	 	 	 
	 	Novus Capital Corporation II
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

cc: Cowen and Company, LLC

 

     

     

    

 

EXHIBIT
B

 

[Letterhead of Company]

 

, 2021

 

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 Novus Capital Corporation II (the “Company”) and Continental Stock
Transfer & Trust Company (the “Trustee”), dated as of February 3, 2021 (the “Trust Agreement”),
this is to advise you that the Company has been unable to effect a business combination with a Target Business (the “Business
Combination”) within the time frame specified in the Company’s amended and restated certificate of incorporation,
as described in the Company’s Registration Statement 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 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 Stockholders. The Company has selected
_______________ as the effective date for the purpose of determining when the Public Stockholders 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 Stockholders in accordance with the terms of the Trust Agreement
and the amended and restated certificate of incorporation 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,
	 	 	 
	 	Novus Capital Corporation II
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

cc: Cowen and Company, LLC

 

     

     

    

 

EXHIBIT
C

 

[Letterhead of Company]

 

, 2021

 

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 Novus Capital Corporation II (the “Company”) and Continental Stock
Transfer & Trust Company (the “Trustee”), dated as of February 3, 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,
	 	 	 
	 	Novus Capital Corporation II
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

cc: Cowen and Company, LLC

 

     

     

    

 

EXHIBIT
D

 

[Letterhead of Company]

 

, 2021

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf & Celeste Gonzalez

 

	Re:	 	Trust Account – Stockholder Redemption Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(k) of the Investment
Management Trust Agreement between Novus Capital Corporation II (the “Company”) and Continental Stock
Transfer & Trust Company (the “Trustee”), dated as of February 3, 2021 (the “Trust Agreement”),
the Company hereby requests that you deliver to the redeeming Public Stockholders 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 funds as described above are needed
to pay the Public Stockholders who have properly elected to have their shares of Common Stock redeemed by the Company in connection
with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation (A) to
modify the substance or timing of the Company’s obligation to allow redemptions in connection with its initial Business Combination
or to redeem 100% of the Company’s public shares of Common Stock if the Company does not complete its initial Business Combination
within the time period set forth therein or (B) with respect to any other provision relating to the Company’s stockholders’
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 Stockholders in accordance with your customary procedures.

 

	 	Very truly yours,
	 	 	 
	 	Novus Capital Corporation II
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

cc: Cowen and Company, LLC

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