Document:

Exhibit 10.6 

 

Execution Version

 

SECURITIES SUBSCRIPTION AGREEMENT

 

This Securities Subscription
Agreement (this “Agreement”), effective as of March 12, 2021, is made and entered into by and between Banner Acquisition Corp.,
a Delaware corporation (the “Company”), and Banner SPAC Sponsor, LLC, a Delaware limited liability company (the “Buyer”).

 

RECITALS:

 

WHEREAS, the Buyer
wishes to purchase from the Company an aggregate of 6,468,750 shares (the “Shares”) of the Company’s Class B Common
Stock (as defined below), and the Company wishes to sell the Shares to the Buyer, on the terms and subject to the conditions set forth
in this Agreement.

 

AGREEMENT:

 

NOW, THEREFORE, in
consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for other good and
valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE I

DEFINITIONS

 

The terms defined in this
Article I shall have for all purposes of this Agreement the respective meanings set forth below:

 

“Agreement” shall
have the meaning set forth in the preamble to this Agreement.

 

“Buyer” shall
have the meaning set forth in the preamble to this Agreement.

 

“Class A Common Stock”
shall mean the Class A Common Stock, $0.0001 par value per share, of the Company.

 

“Class B Common Stock”
shall mean the Class B Common Stock, $0.0001 par value per share, of the Company. Pursuant to the Company’s certificate of incorporation,
as amended to the date hereof, shares of Class B Common Stock will automatically convert into shares of Class A Common Stock on a one-for-one
basis, subject to adjustment, upon the terms and conditions set forth therein.

 

“Closing” shall
have the meaning set forth in Section 2.3 of this Agreement.

 

“Closing Date”
shall have the meaning set forth in Section 2.3 of this Agreement.

 

“Company” shall
have the meaning set forth in the preamble to this Agreement.

 

“Consent” means
any consent, approval, notification, waiver, or other similar action that is necessary or convenient.

 

     

     

    

 

“Governmental Body”
shall mean any legislature, agency, bureau, branch, department, division, commission, court, tribunal or other similar recognized organization
or body of any federal, state, county, municipal, local or foreign government or other similar recognized organization or body exercising
similar powers or authority.

 

“Law” shall mean
any law (statutory, common or otherwise), constitution, ordinance, rule, regulation, executive order or other similar authority enacted,
adopted, promulgated or applied by any Governmental Body.

 

“Lien” shall mean
a mortgage, deed of trust, pledge, hypothecation, assignment, encumbrance, charge, restriction, lien (statutory or otherwise, including,
without limitation, any lien for taxes), security interest, preference, participation interest, priority or security agreement or preferential
arrangement of any kind or nature whatsoever, including, without limitation, any conditional sale or other title retention agreement,
any financing lease having substantially the same economic effect as any of the foregoing and the filing of any document under the law
of any applicable jurisdiction to evidence any of the foregoing, other than (i) statutory, mechanics’ or other Liens incurred in
the Company’s ordinary course of business or (ii) Liens for taxes incurred but not yet due.

 

“Order” shall
mean an order, ruling, decision, award, judgment, injunction or other similar determination or finding by, before or under the supervision
of any Governmental Body or arbitrator.

 

“Permit” shall
mean a permit, license, certificate, waiver, notice or similar authorization.

 

“Purchase Price”
shall have the meaning set forth in Section 2.2 of this Agreement.

 

“SEC” shall mean
the United States Securities and Exchange Commission.

 

“Securities Act”
shall mean the United States Securities Act of 1933, as amended, or any successor federal statute, and the applicable rules and regulations
promulgated and in effect from time to time thereunder.

 

“Shares” shall
have the meaning set forth in the recitals to this Agreement. Unless the context otherwise requires, as used in this Agreement “Shares”
shall be deemed to include any shares of Class A Common Stock issued upon conversion of the shares of Class B Common Stock comprising
the Shares.

 

ARTICLE II

PURCHASE OF THE SHARES

 

Section
2.1    Purchase and Sale of the Shares. Subject to the terms and conditions hereof and in reliance upon the representations
and warranties of the parties contained or incorporated by reference herein, simultaneous with the execution hereof, the Company shall
sell and deliver to the Buyer, and the Buyer shall purchase from the Company, the Shares, in consideration of the payment of the Purchase
Price noted herein.

 

    2 

     

    

 

Section
2.2    Purchase Price. As payment in full for the Shares being purchased under this Agreement, simultaneous with the execution
hereof, the Buyer shall pay $25,000 to the Company by wire transfer of immediately available funds or by such other method as may be reasonably
acceptable to the Company (the “Purchase Price”).

 

Section
2.3    Closing. The closing of the purchase and sale of the Shares (the “Closing”) shall be held on the date of
this Agreement (“Closing Date”) at the offices of Vinson & Elkins L.L.P., 1001 Fannin Street, Suite 2500, Houston, Texas
77002, or such other place as may be agreed upon by the parties hereto.

 

Section
2.4    Closing Deliveries. All actions taken at the Closing shall be deemed to have been taken simultaneously.

 

(a)       Buyer
Deliveries. At the Closing the Buyer shall deliver to the Company the Purchase Price.

 

(b)       Company
Deliveries. At the Closing, or within a reasonable time after the Closing but in no event later than thirty (30) days after the Closing,
the Company shall deliver the Shares to the Buyer.

 

Section
2.5    Further Assurances. The parties hereto shall execute and deliver such additional documents and take such additional
actions as any party reasonably may deem to be practical and necessary in order to consummate the transactions contemplated by this Agreement.

 

Section
2.6    Legend. Although the Company does not currently intend to issue certificates evidencing the Shares, if any certificates
are issued each such certificate shall be stamped or otherwise imprinted with a legend in substantially the following form:

 

“THESE SECURITIES HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE TRANSFERRED IN
VIOLATION OF SUCH ACT AND LAWS.”

 

“THESE SECURITIES ARE SUBJECT TO ADDITIONAL
RESTRICTIONS ON TRANSFER SET FORTH IN THE LETTER AGREEMENT BY AND BETWEEN THE COMPANY AND THE SPONSOR. COPIES OF SUCH AGREEMENT MAY BE
OBTAINED FROM THE COMPANY AT THE COMPANY’S PRINCIPAL PLACE OF BUSINESS WITHOUT CHARGE.”

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE BUYER

 

The Buyer represents and warrants
that the statements contained in this Article III are correct and complete as of the date of this Agreement.

 

Section
3.1    Organization and Good Standing. The Buyer is a limited liability company duly organized, validly existing and in
good standing under the laws of the State of Delaware.

 

    3 

     

    

 

Section
3.2    Power and Authority; Enforceability. This Agreement constitutes the legal, valid and binding obligation of the Buyer,
enforceable against the Buyer in accordance with its terms. The Buyer has full entity power and authority to execute and deliver this
Agreement and to perform its obligations hereunder. The Buyer has taken all actions necessary to authorize the execution and delivery
of this Agreement, the performance of its obligations hereunder and the consummation of the transactions contemplated hereby. This Agreement
has been duly authorized, executed and delivered by, and is enforceable against, the Buyer.

 

Section
3.3    Investment Representations.

 

(a)       The
Buyer is an “accredited investor” as defined in Rule 501 of Regulation D under the Securities Act.

 

(b)       The
Buyer has received, has thoroughly read, is familiar with and understands the contents of this Agreement.

 

(c)       The
Buyer hereby acknowledges that an investment in the Shares involves certain significant risks. The Buyer acknowledges that there is a
substantial risk that it will lose all or a portion of its investment and that it is financially capable of bearing the risk of such investment
for an indefinite period of time. The Buyer has no need for liquidity in its investment in the Shares for the foreseeable future and is
able to bear the risk of that investment for an indefinite period. The Buyer understands that there presently is no public market for
the Shares and none is anticipated to develop in the foreseeable future. The Buyer’s present financial condition is such that the
Buyer is under no present or contemplated future need to dispose of any portion of the Shares subscribed for hereby to satisfy any existing
or contemplated undertaking, need or indebtedness. The Buyer’s overall commitment to investments which are not readily marketable
is not disproportionate to its net worth and the investment in the Company will not cause such overall commitment to become excessive.

 

(d)       The
Buyer acknowledges that the Shares have not been and will not be registered under the Securities Act, or any state securities act, and
are being sold on the basis of exemptions from registration under the Securities Act and applicable state securities acts, except those
state securities acts that require registration of the Shares thereunder. Reliance on such exemptions, where applicable, is predicated
in part on the accuracy of the Buyer’s representations and warranties set forth herein. The Buyer acknowledges and hereby agrees
that the Shares will not be transferable under any circumstances unless the Buyer either registers the Shares in accordance with federal
and state securities laws or finds and complies with an available exemption under such laws. Accordingly, the Buyer hereby acknowledges
that there can be no assurance that it will be able to liquidate its investment in the Company.

 

(e)       There
are substantial risk factors pertaining to an investment in the Company. The Buyer acknowledges that it has read the information set forth
above regarding certain of such risks and is familiar with the nature and scope of all such risks, including, without limitation, risks
arising from the fact that the Company is an entity with limited operating history and financial resources; and the Buyer is fully able
to bear the economic risks of such investment for an indefinite period, and can afford a complete loss thereof.

 

    4 

     

    

 

(f)       The
Buyer has been given the opportunity to (i) ask questions of and receive answers from the Company and its designated representatives concerning
the terms and conditions of the offering, the Company and the business and financial condition of the Company and (ii) obtain any additional
information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to assist the Buyer in
evaluating the advisability of the purchase of the Shares and an investment in the Company. The Buyer further represents and warrants
that, prior to signing this Agreement, it has asked such questions, received such answers and obtained such information as it has deemed
necessary or advisable to evaluate the merits and risks of the purchase of the Shares and an investment in the Company. The Buyer is not
relying on any oral representation made by any person as to the Company or its operations, financial condition or prospects.

 

(g)       The
Buyer understands that no federal, state or other governmental authority has made any recommendation, findings or determination relating
to the merits of an investment in the Company.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

Section
4.1    Organization and Good Standing. The Company is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware.

 

Section
4.2    Power and Authority; Enforceability. This Agreement constitutes the legal, valid and binding obligation of the Company,
enforceable against the Company in accordance with its terms. The Company has full power and authority to execute and deliver this Agreement
and to perform its obligations hereunder. The Company has taken all actions necessary to authorize the execution and delivery of this
Agreement, the performance of its obligations hereunder, and the consummation of the transactions contemplated hereby. This Agreement
has been duly authorized, executed, and delivered by, and is enforceable against, the Company.

 

Section
4.3    No Violation; Necessary Approvals. Neither the execution and delivery of this Agreement by the Company, nor the consummation
or performance by the Company of any of transactions contemplated hereby, will: (a) with or without notice or lapse of time, constitute,
create or result in a breach or violation of, default under, loss of benefit or right under or acceleration of performance of any obligation
required under any Law, Order, contract or Permit to which the Company is a party or by which it is bound or any of its assets are subject,
or any provision of the Company’s organizational documents as in effect on the Closing Date; (b) result in the imposition of any
lien, claim or encumbrance upon any assets owned by the Company; (c) require any Consent under any contract or organizational document
to which the Company is a party or by which it is bound; (d) require any Permit under any Law or Order other than (i) required filings,
if any, with the SEC and (ii) notifications or other filings with state or federal regulatory agencies after the Closing that are necessary
or convenient and do not require approval of the agency as a condition to the validity of the transactions contemplated hereunder; or
(e) trigger any rights of first refusal, preferential purchase or similar rights with respect to any of the Shares.

 

Section
4.4    Authorization of the Shares. The Shares have been duly authorized and, when issued in accordance with this
Agreement and the Company’s certificate of incorporation, the Shares will be duly and validly issued, fully paid and
non-assessable shares of Class B Common Stock and will be free and clear of all Liens and claims, other than restrictions on
transfer imposed by the Securities Act and applicable state securities laws.

 

    5 

     

    

 

ARTICLE V

MISCELLANEOUS

 

Section
5.1    Entire Agreement. This Agreement, together with the certificates, documents, instruments and writings that are delivered
pursuant hereto, constitutes 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.

 

Section
5.2    Successors. All of the terms, agreements, covenants, representations, warranties and conditions of this Agreement
are binding upon, and inure to the benefit of and are enforceable by, the parties hereto and their respective successors.

 

Section
5.3    Assignments. Except as otherwise provided herein, no party hereto may assign either this Agreement or any of its
rights, interests or obligations hereunder without the prior written approval of the other party. Any purported assignment in violation
of this Section 5.3 shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee.

 

Section
5.4    Waiver of Jury Trial. THE PARTIES HERETO EACH HEREBY AGREE TO WAIVE THE RESPECTIVE RIGHTS TO JURY TRIAL OF ANY DISPUTE
BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS.
THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL ACTIONS THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO
THE SUBJECT MATTER OF THE TRANSACTIONS, INCLUDING, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY
CLAIMS. THE PARTIES HERETO EACH ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP AND THAT
THEY WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER REPRESENTS AND WARRANTS THAT IT
HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION
WITH LEGAL COUNSEL. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED
ORALLY OR IN WRITING, AND THE WAIVER WILL APPLY TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY
OTHER DOCUMENTS OR AGREEMENTS RELATING HERETO. IN THE EVENT OF AN ACTION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY
A COURT.

 

    6 

     

    

 

Section
5.5    Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original but
all of which together will constitute one and the same instrument.

 

Section
5.6    Headings. The article and section headings contained in this Agreement are inserted for convenience only and will
not affect in any way the meaning or interpretation of this Agreement.

 

Section
5.7    Governing Law. This Agreement, the entire relationship of the parties hereto and any litigation between the parties
(whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with and interpreted pursuant
to the laws of the State of Delaware, without giving effect to its choice of laws principles.

 

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

 

Section
5.9    Severability. The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of
any provision will not affect the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement,
as applied to any party hereto or to any circumstance, is adjudged by a Governmental Body, arbitrator or mediator not to be enforceable
in accordance with its terms, the parties hereto agree that the Governmental Body, arbitrator or mediator making such determination will
have the power to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete specific
words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced.

 

Section
5.10    Expenses. Except as otherwise expressly provided in this Agreement, each party hereto will bear its own costs and
expenses incurred in connection with the preparation, execution and performance of this Agreement and the consummation of the transactions
contemplated hereby, including all fees and expenses of agents, representatives, financial advisors, legal counsel and accountants.

 

    7 

     

    

 

Section
5.11    Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement.
If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the
parties hereto and no presumption or burden of proof will arise favoring or disfavoring any party hereto because of the authorship
of any provision of this Agreement. Any reference to any federal, state, local or foreign Law will be deemed also to refer to Law as
amended and all rules and regulations promulgated thereunder, unless the context requires otherwise. The words
 “include,” “includes” and “including” will be deemed to be followed by “without
limitation.” Pronouns in masculine, feminine and neuter genders will be construed to include any other gender, and words in
the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words
 “this Agreement,” “herein,” “hereof,” “hereby,” “hereunder” and words of
similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties
hereto intend that each representation, warranty, and covenant contained herein will have independent significance. If any party
hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists another
representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which
such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first
representation, warranty or covenant.

 

Section
5.12    Waiver. No waiver by any party hereto of any default, misrepresentation or breach of warranty or covenant hereunder,
whether intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation or breach of warranty or covenant
hereunder or affect in any way any rights arising because of any prior or subsequent occurrence.

 

    8 

     

    

 

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

 

	 	COMPANY:
	 	 
	 	BANNER ACQUISITION CORP.
	 	 
	 	By:	
	 	Name:	Tanner Ainge
	 	Title:	Chief Executive Officer
	 	 
	 	BUYER:
	 	 
	 	BANNER SPAC SPONSOR, LLC
	 	 
	 	By:	
	 	Name:	Greg Woodward
	 	Title:	Authorized Member

 

Signature Page to Securities Subscription AgreementExhibit 10.1

  

   

  

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

  

  

  PROMISSORY NOTE

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

        	
          Dated as of  March 4, 2021

        

   

  

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

  

  

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

  
    

    

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

  

  
    

    

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

  

  

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

  

  

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

     

    

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

  

   

  

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

  

  

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

  (60) consecutive days.

   

  

  
    
      

  

  
    6.          Remedies.

  

  

  

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

  

  

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

  

  

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

  

  

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

  

  

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

  

  

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

  

  

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

  

  

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

  

  

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

  

  

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

   

  

  
    [Signature Page Follows]

  

  
     

    

  

  
    
      

  

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

  

  

  	 	
          ENPHYS ACQUISITION CORP.

        
	 	 	 	 
	 	
          By:

        	
          /s/ Jorge de Pablo

        
	 	 	 Name:	 Jorge de Pablo
	 	 	 Title:	 Authorized Signatory

  

  

  Agreed and acknowledged:

  

  

  	
          ENPHYS ACQUISITION SPONSOR LLC

        	 
	 	 	 	 
	
          By:

        	
          /s/ Par Lindstrom

        	 
	 	
          Name:

        	
          Par Lindstrom

        	 
	 	
          Title:

        	
          Authorized Signatory

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00330-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00330-of-00352.parquet"}]]