Document:

Exhibit 10.5

    

    

    

    ENPHYS ACQUISITION CORP.

    c/o i(x) Investments, LLC

    216 East 45th Street

    13th Floor

    New York, New York 10017

    

    

    March 4, 2021

    

    

    Enphys Acquisition Sponsor LLC

    c/o i(x) Investments, LLC

    216 East 45th Street

    13th Floor

    New York, New York 10017

    

    

    
      	 	
              RE:

            	
              Securities Subscription Agreement

            

    

    

    

    Ladies and Gentlemen:

    

    

    Enphys Acquisition Corp., a Cayman Islands exempted company (the “Company”), is pleased to accept the offer Enphys Acquisition Sponsor LLC, a Delaware limited
      liability company (the “Subscriber” or “you”), has made to subscribe for 7,187,500 of the Company’s Class B ordinary shares (the “Shares”),
      of US$0.0001 par value per share (the “Class B Shares”), up to 937,500 of which are subject to forfeiture by you if the underwriters of the Company’s initial public offering of its securities (“IPO”), if any, do not fully exercise their over-allotment option (the “Over-allotment Option”). For the purposes of this agreement (this “Agreement”),
      references to “Ordinary Shares” are to, collectively, the Class B Shares and the Company’s Class A ordinary shares, of US$0.0001 par value per share (the “Class A Shares”).
      Upon certain terms and conditions, the Class B Shares will automatically convert into Class A Shares on a one-for-one basis, subject to adjustment. Unless the context otherwise requires, as used herein “Shares”
      shall be deemed to include any Class A Shares issued upon conversion of the Class B Shares comprising the Shares. The terms on which the Company is willing to issue the Shares to the Subscriber, and the Company and the Subscriber’s agreements
      regarding such Shares, are as follows:

    

    

    	1.	
            Subscription of Shares.

          

    

    

    For the sum of US$25,000, which the Company acknowledges has been remitted at the Company’s direction for offering costs, the Company hereby issues the Shares to the Subscriber, and the Subscriber
      hereby subscribes for the Shares from the Company, 937,500 of which are subject to forfeiture, on the terms and subject to the conditions set forth in this Agreement. Concurrently with the Subscriber’s execution of this Agreement, the Company shall
      register the Shares in the name of the Subscriber on the register of members of the Company. All references in this Agreement to Shares being forfeited shall take effect as surrenders for no consideration of such shares as a matter of Cayman Islands
      law.

     

    

    
      
        

    

    	2.	
            Representations, Warranties and Agreements.

          

    

    

    2.1          Subscriber’s Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the Subscriber hereby represents and warrants to the Company
      and agrees with the Company as follows:

    

    

    2.1.1         No Government Recommendation or Approval. The Subscriber understands that no federal or state agency has passed upon or made any recommendation or endorsement of the offering of
      the Shares.

    

    

    2.1.2         No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions contemplated hereby do not violate, conflict
      with or constitute a default under (i) the formation and governing documents of the Subscriber, (ii) any agreement, indenture or instrument to which the Subscriber is a party or (iii) any law, statute, rule or regulation to which the Subscriber is
      subject, or any agreement, order, judgment or decree to which the Subscriber is subject.

    

    

    2.1.3         Registration and Authority. The Subscriber is a Delaware limited liability company, validly formed, registered and in good standing under the laws of the State of Delaware and
      possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. Upon execution and delivery by you, this Agreement is a legal, valid and binding agreement of the Subscriber, enforceable against the
      Subscriber in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and subject to general
      principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

    

    

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

    

    

    2.1.5         Access to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the opportunity to ask questions of and receive answers from
      representatives of the Company concerning an investment in the Company, as well as the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information to verify the accuracy of all information so
      obtained. In determining whether to make this investment, the Subscriber has relied solely on the Subscriber’s own knowledge and understanding of the Company and its business based upon the Subscriber’s own due diligence investigation and the
      information furnished pursuant to this paragraph. The Subscriber understands that no person has been authorized to give any information or to make any representations which were not furnished pursuant to this Section 2 and the Subscriber has not
      relied on any other representations or information in making its investment decision, whether written or oral, relating to the Company, its operations and/or its prospects.

     

    

    
      
        

    

    2.1.6        Private Placement. The Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as
      amended (the “Securities Act”), and acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption applicable to “accredited investors” within the meaning of Section 501(a)
      of Regulation D under the Securities Act or similar exemptions under state law.

    

    

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

    

    

    2.1.8        Restrictions on Transfer; Shell Company. The Subscriber understands the Shares are being offered in a transaction not involving a public offering within the meaning of the
      Securities Act. The Subscriber understands the Shares will be “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act and the Subscriber understands that any certificates or book-entries representing the Shares will
      contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer, resell, pledge or otherwise transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred only pursuant to: (i)
      registration under the Securities Act, or (ii) an available exemption from registration. The Subscriber agrees that if any transfer of its Shares or any interest therein is proposed to be made, as a condition precedent to any such transfer, the
      Subscriber may, at the Company’s option, be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration or an exemption, the Subscriber agrees not to resell the Shares. The Subscriber further acknowledges
      that because the Company is a shell company, Rule 144 may not be available to the Subscriber for the resale of the Shares until at least one year following consummation of the initial business combination of the Company (which may not occur), despite
      technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

    

    

    2.1.9         No Governmental Consents. No governmental, administrative or other third party consents or approvals are required, necessary or appropriate on the part of the Subscriber in
      connection with the transactions contemplated by this Agreement.

    

    

    2.2          Company’s Representations, Warranties and Agreements. To induce the Subscriber to subscribe for the Shares, the Company hereby represents and warrants to the Subscriber and
      agrees with the Subscriber as follows:

    

    

    2.2.1         Incorporation and Corporate Power. The Company is a Cayman Islands exempted company and is qualified to do business in every jurisdiction in which the failure to so qualify
      would reasonably be expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions
      contemplated by this Agreement.

     

    

    
      
        

    

    2.2.2         No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated hereby do not violate, conflict with
      or constitute a default under (i) the Company’s Memorandum and Articles of Association, as amended to the date hereof (the “Memorandum and Articles”), (ii) any agreement, indenture or instrument to which the
      Company is a party or (iii) any law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject.

    

    

    2.2.3        Title to Shares. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Memorandum and Articles, and registration in the register of members of the
      Company, the Shares will be duly and validly issued as fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Memorandum and Articles, the Subscriber will have or receive good title to the
      Shares, free and clear of all liens, claims and encumbrances of any kind, other than (a) transfer restrictions hereunder and under the other agreements to which the Shares may be subject, (b) transfer restrictions under federal and state securities
      laws, and (c) liens, claims or encumbrances imposed due to the actions of the Subscriber.

    

    

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

    

    

    2.2.5         Authorization. The Class A Shares issuable upon conversion of the Class B Shares have been duly authorized and reserved for issuance upon conversion.

    

    

    	3.	
            Forfeiture of Shares.

          

    

    

    3.1          Partial or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the underwriters of the IPO is not exercised in full, the Subscriber
      acknowledges and agrees that it (or, if applicable, it and any transferees of Shares) shall forfeit at the time such Over-allotment Option expires (or earlier if the underwriters of the IPO waive their ability to exercise such Over-allotment Option)
      any and all rights to such number of Shares (up to an aggregate of 937,500 Shares and pro rata based upon the percentage of the Over-allotment Option exercised) such that immediately following such forfeiture, the number of Shares will equal 20% of
      the issued and outstanding Ordinary Shares immediately following the IPO (in each case, not including Class A Shares issuable upon exercise of any warrants).

    

    

    3.2          Termination of Rights as Shareholder. If any of the Shares are forfeited in accordance with this Section 3, then after such time the Subscriber (or successor in interest), shall
      no longer have any rights as a holder of such forfeited Shares, and the Company shall take such action as is appropriate to cancel such forfeited Shares.

     

    

    
      
        

    

    	4.	
            Waiver of Liquidation Distributions; Redemption Rights.

          

    

    

    In connection with the Shares purchased pursuant to this Agreement, the Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company from
      the trust account which will be established for the benefit of the Company’s public shareholders and into which substantially all of the proceeds of the IPO will be deposited (the “Trust Account”), in the event
      of a liquidation of the Company upon the Company’s failure to timely complete an initial business combination. For purposes of clarity, in the event the Subscriber purchases securities in the IPO or in the aftermarket, any Class A Shares so purchased
      shall be eligible to receive any liquidating distributions by the Company. However, in no event will the Subscriber have the right to redeem any shares of Ordinary Shares held by it into funds held in the Trust Account upon the successful completion
      of an initial business combination.

    

    

    	5.	
            Restrictions on Transfer.

          

    

    

    5.1          Securities Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly known as an “Insider
        Letter”) to be dated on or prior to the closing of the IPO by and among the Subscriber, the Company and the other parties thereto, the Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of
      the Shares unless, prior thereto (a) a registration statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the Shares proposed to be transferred shall then be effective or (b) the Company has
      received, if requested by the Company, an opinion from counsel reasonably satisfactory to the Company, that such registration is not required because such transaction is exempt from registration under the Securities Act and the rules promulgated by
      the Securities and Exchange Commission thereunder and with all applicable state securities laws.

    

    

    5.2           Lock-up. The Subscriber acknowledges that the Shares will be subject to lock-up provisions (the “Lock-up”) contained in the Insider
      Letter. Pursuant to the Insider Letter, the Subscriber will agree (subject to certain customary exceptions) not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares until the earlier to occur of: (a) one year
      after the completion of the Company’s initial business combination and (b) subsequent to the Company’s initial business combination, (x) if the last sale price of the Class A Shares equals or exceeds US$12.00 per share (as adjusted for share
      sub-divisions, share capitalizations, rights issuances, consolidations, reorganizations, recapitalizations and other similar transactions) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s
      initial business combination or (y) the date on which the Company consummates a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results in all of the holders of the Class A Shares having the right
      to exchange their Class A Shares for cash, securities or other property.

     

    

    
      
        

    

    5.3           Restrictive Legends. Any certificates representing the Shares shall have endorsed thereon legends substantially as follows:

    

    

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

    

    

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

    

    

    5.4          Additional Shares or Substituted Securities. In the event of the declaration of a share capitalization, the declaration of an extraordinary dividend payable in a form other than
      Ordinary Shares, a spin-off, a share sub-division, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding Ordinary Shares without receipt of consideration, any new, substituted or additional
      securities or other property which are by reason of such transaction distributed with respect to any Shares subject to this Section 5 or into which such Shares thereby become convertible shall immediately be subject to this Section 5 and Section 3.
      Appropriate adjustments to reflect the distribution of such securities or property shall be made to the number and/or class of Ordinary Shares subject to this Section 5 and Section 3.

    

    

    5.5          Registration Rights. The Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the registration requirements of the Securities Act and will
      become freely tradable only after certain conditions are met or they are registered pursuant to a registration rights agreement to be entered into with the Company prior to the closing of the IPO (the “Registration
        Rights Agreement”).

    

    

    	6.	
            Other Agreements.

          

    

    

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

    

    

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

     

    

    
      
        

    

    6.3         Entire Agreement. This Agreement, together with that certain Insider Letter to be entered into between the Subscriber and the Company and the Registration Rights Agreement, each
      substantially in the form to be filed as an exhibit to the Registration Statement on Form S-1 associated with the IPO, embodies the entire agreement and understanding between the Subscriber and the Company with respect to the subject matter hereof
      and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used
      to interpret, change or restrict, the express terms and provisions of this Agreement.

    

    

    6.4          Modifications and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by all parties hereto.

    

    

    6.5          Waivers and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written document executed by the party
      entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each such waiver or
      consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent.

    

    

    6.6          Assignment. The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of the other party.

    

    

    6.7          Benefit. All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto and shall inure to the benefit of the
      respective successors and permitted assigns of each party hereto. Nothing in this Agreement shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded as a third-party beneficiary
      of this Agreement.

    

    

    6.8          Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws of New York applicable to
      contracts wholly performed within the borders of such state.

    

    

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

    

    

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

     

    

    
      
        

    

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

    

    

    6.12        No Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial consultant has acted on its behalf in connection
      with this Agreement or the transactions contemplated hereby in such a way as to create any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any claim or demand for commission or other
      compensation by any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

    

    

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

    

    

    6.14        Counterparts. This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become
      effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or any other
      form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

    

    

    6.15        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. 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.

     

    

    
      
        

    

    6.16        Mutual Drafting. This Agreement is the joint product of the Subscriber 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.

    

    

    6.17        Surrender of Class B Ordinary Share. The Subscriber hereby surrenders to the Company for cancellation and for nil consideration one Class B ordinary share of a par value US$0.0001
      standing in its name in the register of members of the Company.

    

    

    7.         Voting and Tender of Shares. The Subscriber agrees to vote the Shares in favor of an initial business combination that the Company negotiates and submits for approval to the Company’s shareholders and shall not seek redemption or repurchase with
        respect to any of the Shares in connection with an initial business combination or any amendment to the Company’s Memorandum and Articles of Association, as amended, prior to an initial business combination. Additionally, the Subscriber agrees not
        to tender any Shares in connection with a tender offer presented to the Company’s shareholders in connection with an initial business combination negotiated by the Company. The parties agree that the Insider Letter will require that the Company not
        enter into a definitive agreement regarding its initial business combination without the prior consent of the Subscriber.

    

    

    8.            Indemnification. Each party shall indemnify the other against any loss, cost or damages (including reasonable attorney’s fees and expenses) incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in this
        Agreement.

    

    

    [Signature Page Follows]

    

    

    
      
        

    

    If the foregoing accurately sets forth our understanding and agreement, please sign the enclosed copy of this Agreement and return it to us.

    

    

    	 	
            Very truly yours,

          
	 	 
	 	
            ENPHYS ACQUISITION CORP.

          
	 	 
	 	
            By:

          	
            /s/ Jorge de Pablo

          
	 	 	
            Name: Jorge de Pablo

          
	 	 	
            Title: Authorized Signatory

          

    

    

    	
            ENPHYS ACQUISITION SPONSOR LLC    

            

          
	 
	
            By:

          	
            /s/ Par Lindstrom

          	 
	
            Name: Par Lindstrom

          	 
	
            Title: Authorized Signatory

          	 

    

    

    [Signature Page to Securities Subscription Agreement]Exhibit 4.2

 

THIS WARRANT AND THE UNITS ISSUABLE HEREUNDER
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT
AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR PURSUANT TO RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION
AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.

 

WARRANT TO PURCHASE UNITS

 

Issuer: Sunlight Financial LLC (“Company”)

 

Number
of Units: 7,000

 

Class of Units: Class A-3 Units

 

Exercise Price Per Unit:
$691.90

 

Issue Date: February 27, 2021

 

Expiration Date: February 27, 2031

 

THIS WARRANT CERTIFIES THAT, for the agreed upon
value of $1.00 and for other good and valuable consideration, TECH CAPITAL LLC or its permitted assignees (including Technology Credit
Union) (“Holder”) is entitled to purchase the number of fully paid and nonassessable Class A-3 Units of membership
interest in Company (the “Units”) at the Exercise Price Per Unit set forth above, as the same may be from time to time
adjusted pursuant to Article 2 hereof and subject to the provisions and upon the terms and conditions set forth in this Warrant.

 

ARTICLE 1

EXERCISE; CONVERSION

 

1.1            Method
of Exercise. This Warrant is exercisable, in whole or in part, at any time and from time to time on or before the Expiration Date
set forth above. Holder may exercise this Warrant by delivering a duly executed Notice of Exercise, in substantially the form attached
as Appendix 1, to Company in accordance with Section 4.7. Unless this Warrant is automatically converting as set forth
in Section 1.2, Holder shall also deliver to Company a check for the aggregate Exercise Price for Units being purchased.

 

1.2            Automatic
Conversion. Upon the occurrence of the Transaction (as defined herein), this Warrant shall automatically, and without any further
action by Company or Holder, convert into a warrant (the “Converted Warrant”) to acquire a number of Company’s
Class EX Units and corresponding shares of the Class C Common Stock of Spartan Acquisition Corp. II (“Specified Company”)
equal to (a) (i) the number of Units issuable pursuant to this Warrant, multiplied by (ii) the fair market value of each
Unit as of the closing of the Transaction, divided by (b) the fair market value of Company’s Class EX Units and Specified
Company’s Class C Common Stock as of the closing of the Transaction. Such rights shall be exercisable, subject to the terms
of this Warrant otherwise applicable thereto by the delivery of a Notice of Exercise, in substantially the form attached as Appendix
1, to Company in accordance with Section 4.7. The Exercise Price for the Converted Warrant shall be equal to (a) the
number of Units issuable pursuant to this Warrant, multiplied by (b) the Exercise Price Per Unit described above, divided by (c) the
number of Class EX Units and corresponding shares of the Class C Common Stock of the Specified Company calculated pursuant to
this Section 1.2.

 

1.3            Fair
Market Value. If the Units are traded in a public market, the fair market value of the Units shall be the closing price of the
Units reported for the applicable business day in the State of New York (“Business Day”) immediately before
Holder delivers its Notice of Exercise to Company. If the Units are not traded in a public market, the Board of Directors (or
comparable body) of Company (the “Board”) shall determine fair market value in its reasonable good faith
judgment. The foregoing notwithstanding, if Holder advises the Board in writing that Holder disagrees with such determination, then
Company and Holder shall promptly agree upon a reputable investment banking firm to undertake such valuation. If the valuation of
such investment banking firm is more than ten percent (10%) greater than that determined by the Board, then all fees and expenses of
such investment banking firm shall be paid by Company. In all other circumstances, such fees and expenses shall be paid by
Holder.

 

    	 	 	 

     

    

 

1.4            Delivery
of Joinder and New Warrant. Upon any exercise or conversion of this Warrant that results in Holder continuing to own this Warrant,
the Converted Warrant and/or any equity interests of Company (each, a “Qualifying Warrant Event”), Holder shall automatically
be bound by all of the terms and conditions of Company’s Fourth Amended and Restated Limited Liability Company Agreement, dated
as of May 25, 2018, or any successor thereto (as amended, restated, supplemented or otherwise modified from time to time, the “Operating
Agreement”), with respect to the Units acquired and, if not already a member of Company, shall be admitted as a member upon
the delivery to Company of a duly executed counterpart signature page or joinder to the Operating Agreement, pursuant to which Holder
agrees to be bound by the terms and conditions of the Operating Agreement, together with all other and additional documents and agreements
reasonably requested by Company. In addition, upon any Qualifying Warrant Event, Holder shall promptly deliver to Company (a) a
duly executed waiver unconditionally and irrevocably waiving all anti-dilution or other similar rights under the Operating Agreement
in connection with the issuance of Units from time to time upon such exercise or conversion of this Warrant, and (b) a duly executed
and enforceable proxy pursuant to which Holder agrees for the benefit of Company to vote from time to time all Units in a manner consistent
with the votes cast, on a pro rata basis, by all of the other members of Company holding Class A-3 Units, so as to not influence
or effect the votes otherwise cast, and Holder agrees to timely deliver to Company (i) any and all waivers of preemptive or other
similar rights which the other holders of Class A-3 Units deliver or supply from time to time in connection with the issuance of
Class A-3 Units on an arm’s length basis to third parties (“Approved Units”), and (ii) any and all
waivers of anti-dilution or other similar rights which the other holders of Class A-3 Units deliver or supply from time to time
in connection with the issuance of any securities of Company on an arm’s length basis to third parties. Holder hereby irrevocably
appoints the Board and any officers of Company or other individuals appointed by the Board as its true and lawful attorney-in-fact, with
full power of substitution, to make, execute and sign, on its behalf, any and all waivers of preemptive, anti-dilution and other similar
rights referred to in the preceding sentence. Promptly after the exercise or conversion of this Warrant, if this Warrant has not been
fully exercised or converted and has not expired, Company shall deliver to Holder a new Warrant representing Units and other equity interests
not so acquired (including pursuant to Section 1.2 above). As of the Issue Date, the Units are uncertificated, but in the event
the Units become certificated at some time in the future, promptly after Holder exercises or converts this Warrant, Company shall deliver
to Holder certificates for Units acquired.

 

1.5            Replacement
of Warrants. On receipt of evidence reasonably satisfactory to Company of the loss, theft, destruction or mutilation of this Warrant
and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and amount to Company
or, in the case of mutilation, on surrender and cancellation of this Warrant, Company at its expense shall execute and deliver, in lieu
of this Warrant, a new warrant of like tenor.

 

1.6            Sale,
Merger or Consolidation of Company. For the purpose of this Warrant, (a) “Acquisition” means any sale,
license, or other disposition of all or substantially all of the assets of Company, or any reorganization, consolidation, or merger
of Company where the holders of Company’s securities before the transaction beneficially own less than fifty percent (50%) of
the outstanding voting securities of the surviving entity after such transaction, (b) “Specified
Transaction” means the business combination more particularly described in that certain Form 8-K filed by Specified
Company with the U.S. Securities and Exchange Commission (the “SEC”) on or around January 25, 2021 (the
 “Transaction Filing”) and (c) “Transaction” means the Specified Transaction and any
Acquisition. Except as expressly provided in Section 2.1, upon the closing of any Transaction, the successor entity
shall assume the obligations of this Warrant, and this Warrant shall be exercisable for the same securities, cash, and property as
would be payable for Units issuable upon exercise of the unexercised portion of this Warrant as if such Units were outstanding on
the record date for such Transaction and any subsequent closing, and the Exercise Price shall be adjusted accordingly; provided
that if pursuant to such Transaction the entire outstanding class of Units issuable upon exercise of the unexercised portion of this
Warrant are cancelled and the total consideration payable to the holders of such class of Units consists entirely of cash, then,
upon payment to the holder of this Warrant of an amount equal to the amount such holder would receive if such holder held Units
issuable upon exercise of the unexercised portion of this Warrant and such Units were outstanding on the record date for the
Transaction less the aggregate Exercise Price of such Units, this Warrant shall be cancelled.

 

    	 	 	 

     

    

 

1.7            Automatic
Cashless Exercise Upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Unit (or other
security issuable upon any exercise or conversion hereof) as determined in accordance with Section 1.3 is greater than
the Exercise Price in effect on the Expiration Date, then this Warrant shall automatically be deemed on and as of the Expiration
Date to be converted pursuant to Section 1.2 as to all Units (or such other securities) for which it shall not
previously have been exercised or converted, and, if the Units (or such other securities) are certificated, Company shall, within a
reasonable time, deliver a certificate representing the Units (or such other securities) issued upon such conversion to Holder; provided, however,
that Company shall have no obligation to deliver any such certificate or to recognize Holder as the owner of such Units unless
Holder shall, within one hundred eighty (180) days thereafter or within thirty (30) days after demand therefor by Company, whichever
is earlier, have executed and delivered to Company such other and additional documents (other than notice of exercise) as are
otherwise required hereunder in connection with or as a condition to exercise of this Warrant, and in the event that Holder fails to
do so this Warrant will be deemed to have terminated without exercise due to a failure of a condition subsequent to exercise.

 

ARTICLE 2 

ADJUSTMENTS

 

2.1            Dividends,
Splits, Etc. If Company declares or pays a dividend or distribution on the Units payable in units or other securities or property,
subdivides the outstanding units into a greater amount of units, or subdivides the Units in a transaction that increases the amount of
units into which such Units are convertible, then upon exercise of this Warrant, for each Unit acquired, Holder shall receive, without
cost to Holder, the total number and kind of securities to which Holder would have been entitled had Holder owned Units on the record
date the dividend or subdivision occurred since the original issue date of this Warrant; provided, however, that this Section 2.1
shall not apply to any Class A Preferred PIK Distribution (as defined in the Operating Agreement) and Holder shall have no right
to receive any Class A Preferred PIK Distribution made prior to any exercise or conversion of this Warrant.

 

2.2            Reclassification,
Recapitalization, Exchange or Substitution. Except in the case of a Transaction to which Section 1.6 is applicable, upon
any reclassification, recapitalization, exchange, substitution, or other event that results in a change of the number and/or class of
the securities issuable upon any exercise or conversion of this Warrant, Holder shall be entitled to receive, upon such exercise or conversion
of this Warrant, the number and kind of securities and property that Holder would have received for Units if this Warrant had been exercised
immediately before such reclassification, recapitalization, exchange, substitution, or other event. Company or its successor shall promptly
issue to Holder a new Warrant for such new securities or other property. The new Warrant shall provide for adjustments which shall be
as nearly equivalent as may be practicable to the adjustments provided for in this Article 2 including, without limitation,
adjustments to the Exercise Price and to the number of securities or property issuable upon exercise of the new Warrant. The provisions
of this Section 2.2 shall similarly apply to successive reclassifications, recapitalizations, exchanges, substitutions or
other events.

 

2.3            Adjustments
for Combinations, Etc. If the outstanding Units are combined or consolidated, by reclassification or otherwise, into a lesser number
of units, the Exercise Price shall be proportionately increased and the number of Units as to which this Warrant is exercisable shall
be proportionately decreased.

 

2.4            Adjustments
for Diluting Issuances. In the event of the issuance by Company, after the Issue Date, of any Units at a price per unit less
than the then Exercise Price, then the Exercise Price shall automatically be adjusted to such lower price; provided, however,
that this Section 2.4 shall not apply to the issuance by Company of any Class A Units in connection with a
Class A Preferred PIK Distribution or any other Excluded Units (as defined in the Operating Agreement) or any Approved
Units.

 

    	 	 	 

     

    

 

2.5            Adjustment
for Pay-to-Play Transactions. In the event that the Operating Agreement provides, or is amended to so provide, for the amendment or
modification of the rights, preferences or privileges of the Units, or the reclassification, conversion or exchange of the outstanding
Units, in the event that a holder of units thereof fails to participate in an equity financing transaction (a “Pay-to-Play Provision”),
and in the event that such Pay-to-Play Provision becomes operative in a transaction occurring after the Issue Date, this Warrant shall
automatically and without any action required become exercisable for that number and type of units of equity securities as would have
been issued or exchanged, or would have remained outstanding, in respect of the Units issuable hereunder had this Warrant been exercised
in full prior to such event, and had Holder participated in the equity financing to the maximum extent permitted.

 

2.6            No
Impairment. Company shall not, by amendment of its Certificate of Formation or the Operating Agreement, or through a reorganization,
transfer of assets, consolidation, merger, dissolution, issue, or sale of securities or any other voluntary action, avoid or seek to avoid
the observance or performance of any of the terms to be observed or performed under this Warrant by Company, but shall at all times in
good faith assist in carrying out of all the provisions of this Article 2 and in taking all such action as may be necessary
or appropriate to protect Holder’s rights under this Article 2 against impairment. If Company takes any action affecting
Units as described above that adversely affects Holder’s rights under this Warrant, the Exercise Price shall be adjusted downward
and the number of Units issuable upon exercise of this Warrant shall be adjusted upward in such a manner that such action is offset and
the aggregate Exercise Price of this Warrant is unchanged.

 

2.7            Fractional
Units. No fractional Units shall be issuable upon any exercise or conversion of this Warrant and the number of Units to be issued
shall be rounded down to the nearest whole Unit. If a fractional unit interest arises upon any exercise or conversion of this Warrant,
Company shall eliminate such fractional unit interest by paying Holder an amount computed by multiplying the fractional interest by the
fair market value of a full Unit.

 

2.8            Certificate
as to Adjustments. Upon each adjustment of the Exercise Price, Company at its expense shall promptly compute such adjustment, and
furnish Holder with a certificate of its Chief Financial Officer setting forth such adjustment and the facts upon which such adjustment
is based. Company shall, upon written request, furnish Holder a certificate setting forth the Exercise Price in effect upon the date thereof
and the series of adjustments leading to such Exercise Price.

 

ARTICLE 3

REPRESENTATIONS, WARRANTIES AND COVENANTS OF
COMPANY

 

3.1            Representations
and Warranties. Company hereby represents and warrants to Holder as follows: (a) the initial Exercise Price referenced on the
first page of this Warrant is not greater than the fair market value of the Units as of the Issue Date; (b) all Units which
may be issued upon the exercise of the purchase right represented by this Warrant, and all securities, if any, issuable upon any conversion
of the Units, shall, upon issuance, be duly authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances
except for restrictions on transfer provided for herein or under applicable federal and state securities laws; and (c) Company’s
capitalization table attached to this Warrant as Appendix 2 is true and complete in all material respects as of the Issue Date.

 

3.2            Valid
Issuance. Company shall take all steps necessary to insure that all Units which may be issued upon the exercise of this Warrant, and
all securities, if any, issuable upon any conversion of the Units, shall, upon issuance, be duly authorized, validly issued, fully paid
and nonassessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable
federal and state securities laws.

 

    	 	 	 

     

    

 

3.3            Notice
of Certain Events. If Company proposes at any time: (a) to declare any dividend or distribution upon the Units, whether in cash,
property, stock, or other securities and whether or not a regular cash dividend (other than any Class A Preferred PIK Distributions
or any Tax Distributions, each as defined in the Operating Agreement); (b) to offer for subscription pro rata to the holders of any
class or series of its units any additional units of any class or series or other rights; (c) to effect any reclassification or recapitalization
of the units; (d) to consummate any Transaction or merge or consolidate with or into any other entity, or sell, lease, license, or
convey all or substantially all of its assets, or to liquidate, dissolve or wind up; or (e) offer holders of registration rights
the opportunity to participate in an underwritten public offering of Company’s securities for cash, then, in connection with each
such event, Company shall give Holder (i) in the case of the matters referred to in (a) and (b) above at least twenty (20)
days’ prior written notice of the date on which a record will be taken for such dividend, distribution, or subscription rights (and
specifying the date on which the unitholders will be entitled thereto) or for determining rights to vote, if any, in respect of the matters
referred to in (c) and (d) above; (ii) in the case of the matters referred to in (c) and (d) above at least twenty
(20) days’ prior written notice of the date when the same will take place (and specifying the date on which the unitholders will
be entitled to exchange their units for securities or other property deliverable upon the occurrence of such event); and (iii) in
the case of the matter referred to in (e) above, the same notice as is given to the holders of such registration rights.

 

3.4            Information.
So long as Holder holds this Warrant and/or any of the Units, Company shall deliver to Holder (a) promptly, copies of all notices
or other written communications to which Holder would be entitled if it held Units as to which this Warrant is then exercisable and (b) within
sixty (60) days after the end of each of the first three (3) quarters of each fiscal year, Company’s quarterly, unaudited financial
statements and within one hundred eighty (180) days after the end of each fiscal year, Company’s annual, audited financial statements;
provided, however, that Company shall not be obligated to deliver to Holder such financial statements to the extent such
financial statements are filed with the SEC and publicly available.

 

ARTICLE 4 

MISCELLANEOUS

 

4.1            Legends.
As of the Issue Date, the Units (and the securities issuable, directly or indirectly, upon any conversion of Units, if any) are uncertificated,
but in the event the Units (or the securities issuable, directly or indirectly, upon any conversion of Units, if any) become certificated
at some time in the future, then each certificate representing the Units (or the securities issuable, directly or indirectly, upon conversion
of Units, if any) shall be imprinted with a legend substantially in the following form:

 

THIS SECURITY HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION
THEREOF UNDER SUCH ACT OR PURSUANT TO RULE 144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION
IS NOT REQUIRED.

 

4.2            Compliance
with Securities Laws on Transfer. This Warrant and the Units issuable upon exercise of this Warrant (and the securities issuable,
directly or indirectly, upon any conversion of Units, if any) may not be transferred or assigned in whole or in part without compliance
with applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of
investment representation letters and legal opinions reasonably satisfactory to Company, as reasonably requested by Company), and compliance
with the terms of the Operating Agreement or other organizational documents governing or pursuant to which the Units (and the securities
issuable, directly or indirectly, upon any conversion of Units, if any) are issued, including any restriction on transfer of the Units
or such securities.

 

    	 	 	 

     

    

 

4.3            Transfer
Procedure. Subject to compliance with the provisions of Section 4.2 and upon providing Company with written notice, Holder
may transfer all or part of this Warrant or the Units issuable upon exercise of this Warrant (or the securities issuable, directly or
indirectly, upon any conversion of Units, if any) to any transferee (including Technology Credit Union), provided, however,
that in connection with any such transfer, Holder will give Company notice of the portion of this Warrant being transferred with the name,
address and taxpayer identification number of the transferee and Holder will surrender this Warrant to Company for reissuance to the transferee(s) (and
Holder if applicable). Notwithstanding the foregoing, unless Company is filing financial information with the SEC pursuant to the Securities
Exchange Act of 1934, as amended, Holder may not, without Company’s prior written consent, transfer this Warrant or any portion
hereof to any person or entity who directly competes with Company, except in connection with (a) an Acquisition of Company by such
a direct competitor or (b) a merger, acquisition, sale or reorganization involving Holder, or the sale/disposition of all or a portion
of Holder’s assets or its portfolio.

 

4.4            Notices.
All notices and other communications from Company to Holder, or vice versa, shall be in writing and shall be deemed delivered and effective
when given personally or mailed by first- class registered or certified mail, postage prepaid, or by overnight courier, at such address
as may have been furnished to Company or Holder, as the case may be, in writing by Company or such Holder from time to time.

 

4.5            Attorneys’
Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing in
such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable and documented
attorneys’ fees.

 

4.6            Governing
Law. This Warrant shall be governed by and construed in accordance with the laws of the State of California, without giving effect
to its principles regarding conflicts of law.

 

4.7            Notices.
All notices and other communications hereunder from Company to Holder, or vice versa, shall be deemed delivered and effective (a) when
given personally, (b) upon actual receipt if given by facsimile or electronic mail and such receipt is confirmed in writing by the
recipient or (c) on the first Business Day after deposit with a nationally recognized overnight courier, specifying next day delivery,
with written verification of receipt, in any case at such address as may have been furnished to Company or Holder, as the case may be,
in writing by Company or Holder from time to time in accordance with the provisions of this Section 4.7. All notices to Holder
shall be addressed as follows until Company receives notice of a change of address in connection with a transfer or otherwise:

 

Tech Capital LLC

2010 North First Street, Suite 200

 San Jose, CA 95131

Attn: Richard Hanz

Email: rhanz@techcu.com

 

All notices to Company shall be addressed as follows until Holder receives
notice of a change in address:

 

Sunlight Financial LLC

234 W 39th St., 7th
Floor

New York, NY 10018

Attn: General Counsel

Email: notices@sunlightfinancial.com

 

4.8            Holder
Investment Representations. Holder makes the representations to Company set forth in Appendix 3 hereof in connection with the
issuance of this Warrant and the Units (or the securities issuable, directly or indirectly, upon any conversion of Units, if any).

 

[signature page follows]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, Company has caused this Warrant to be duly executed by its authorized officer, all as of the day and year
first above written.

 

	 	Company:
	 	 	 
	 	SUNLIGHT FINANCIAL
    LLC
	 	 	 
	 	By:	/s/ Barry Edinburg
	 	Name:	Barry Edinburg
	 	Title:	CFO

 

    	 	 	 

     

    

 

APPENDIX 1

 

Notice of Exercise

 

1.            The
undersigned hereby elects to purchase Class A-3 Units of Sunlight Financial LLC pursuant to the terms of the attached Warrant,
and tenders herewith payment of the purchase price of such Class A-3 Units in full.

 

2.            If
the Class A-3 Units are certificated, please issue a certificate or certificates representing said Class A-3 Units in the name
of the undersigned or in such other name as is specified below:

 

	Name:	 
	Address:	 

 

3.            The
undersigned represents it is acquiring the Class A-3 Units solely for its own account and not as a nominee for any other party and
not with a view toward the resale or distribution thereof except in compliance with applicable securities laws.

 

	 	 
	 	(Signature)
	 	 
	 	(Date)

 

    	 	 	 

     

    

 

APPENDIX 2

 

Capitalization Table

 

See attached.

 

    	 	 	 

     

    

 

APPENDIX 3

 

Investment Representations

 

(a)            Holder
is aware of Company’s business affairs and financial condition, and has acquired sufficient information about Company to reach an
informed and knowledgeable decision to acquire the Warrant and the Units issuable upon any exercise or conversion thereof (collectively
with the securities issuable, directly or indirectly, upon any conversion of Units, if any, the “Securities”). Holder
is purchasing the Securities for its own account for investment purposes only, not as a nominee or agent, and not with a view towards,
or for resale in connection with, any “distribution” thereof for purposes of the Securities Act of 1933, as amended (the “Securities
Act”). Holder has such knowledge and experience in financial business matters and is capable of evaluating the merits and risks
of the purchase of the Securities and of protecting its interests in connection therewith.

 

(b)            Holder
understands that the Securities have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which
exemption depends upon, among other things, the bona fide nature of Holder’s investment intent as expressed herein.

 

(c)            Holder
further understands that the Securities must be held indefinitely, and the undersigned must therefore bear the economic risk therewith,
unless the Securities are subsequently registered under the Securities Act or unless an exemption from registration is otherwise available.
In addition, Holder understands that any certificates evidencing the Securities will be imprinted with a legend which prohibits the transfer
of the Securities unless they are registered or such registration is not required.

 

(d)            Holder
is familiar with the provisions of Rule 144, promulgated pursuant to the Securities Act, which, in substance, permits limited public
resale of “restricted securities” acquired, directly or indirectly, from the issuer thereof, in a non-public offering subject
to the satisfaction of certain conditions.

 

(e)            The
Securities may be resold in certain limited circumstances subject to the provision of Rule 144, which requires, among other things,
the existence of a public market for the Securities, the availability of certain current public information about Company, the resale
occurring not less than one year after a party has purchased and paid for the security to be sold, the sales being effected through a
 “broker’s transaction” or in transactions directly with a “market maker” and the number of securities being
sold during any three-month period not exceeding specified limitations. Holder further understands that in the event that all of the applicable
requirements of Rule 144 are not satisfied, registration under the Securities Act or compliance with a registration exemption will
be required.

 

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

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