Document:

Exhibit 10.5

 

Endurance Acquisition Corp.

71 Fort Street, George Town, Grand Cayman KY1-1106, Cayman Islands

 

April 26, 2021

 

Endurance Antarctica Partners, LLC

71 Fort Street

George Town

Grand Cayman KY1-1106

Cayman Islands

 

RE: Securities Subscription Agreement

 

Ladies and Gentlemen:

 

Endurance Acquisition Corp., a Cayman Islands exempted
company (the “Company”, “we” or “us”), is pleased to accept the offer made by
Endurance Antarctica Partners, LLC, a Cayman Islands limited liability company (“Subscriber” or “you”),
to purchase 5,750,000 Class B ordinary shares of the Company, $0.0001 par value per share (the “Shares”), up to 750,000
of which are subject to forfeiture by you to the extent that the underwriters of the initial public offering (“IPO”)
of the Company’s units, each comprised of one Class A ordinary share and one, or a portion of one, warrant to purchase one Class
A ordinary share (“Units”), do not fully exercise their option to purchase additional Units to cover over-allotments,
if any (the “Over-allotment Option”). The terms of the sale by the Company of the Shares to Subscriber, and the Company
and Subscriber’s agreements regarding the Shares, are as follows:

 

1.                 
Purchase of Securities.

 

1.1             
Purchase of Shares. For the sum of $25,000 (the “Purchase Price”), which the Company acknowledges receiving
in cash, the Company hereby issues the Shares to Subscriber, and Subscriber hereby purchases the Shares from the Company, on the terms
and subject to the conditions, including regarding forfeiture, set forth in this letter agreement (this “Agreement”).
Concurrently with Subscriber’s execution of this Agreement, the Company shall, at its option, deliver to Subscriber a certificate
registered in Subscriber’s name representing the shares (the “Original Certificate”) or effect such delivery
in book-entry form.

 

2.                 
Representations, Warranties and Agreements.

 

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

 

2.1.1       
Organization and Authority. Subscriber is a limited liability company, duly organized, validly existing and in good standing
under the laws of the Cayman Islands, and possesses all requisite power and authority necessary to carry out the transactions contemplated
by this Agreement. This Agreement is a legal, valid and binding agreement of Subscriber, enforceable against 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).

 

    1 

     

    

 

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

 

2.1.3       
No Governmental Consents. No governmental, administrative or other third party consents or approvals are required, necessary
or appropriate on the part of Subscriber in connection with the transactions contemplated by this Agreement.

 

2.1.4       
Experience, Financial Capability and Suitability. Subscriber is sophisticated in financial matters and is able to evaluate
the risks and benefits of the investment in the Shares. Subscriber acknowledges that the Shares have not been registered under the Securities
Act of 1933, as amended (the “Securities Act”), and therefore cannot be sold unless subsequently registered under the
Securities Act or an exemption from such registration is available. Subscriber understands that it 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. Subscriber is able to bear the economic risk of an investment in the Shares for
an indefinite period of time and to afford a complete loss of Subscriber’s investment in the Shares.

 

2.1.5       
No Government Recommendation or Approval. Subscriber understands that no federal or state agency has passed upon or made
any recommendation or endorsement of the offering of the Shares.

 

2.1.6       
Access to Information; Independent Investigation. Prior to the execution of this Agreement, 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 financial
condition, 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, Subscriber has relied solely on Subscriber’s own knowledge and understanding
of the Company and its business based upon Subscriber’s own due diligence investigation. Subscriber understands that no person has
been authorized to make any representations other than as set forth in this Agreement and Subscriber has not relied on any other written
or oral representations relating to the financial condition, business and prospects of the Company in making its investment decision.

 

2.1.7       
Investment Representations. Subscriber represents that it is an “accredited investor” as such term is defined
in Rule 501(a) of Regulation D under the Securities Act and acknowledges the sale contemplated hereby is being made in reliance on the
private placement exemption in Section 4(a)(2) of the Securities Act and/or said Regulation D and similar exemptions under state law.
Subscriber is purchasing the Shares solely for investment purposes, for 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. 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 under the Securities Act.

 

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2.1.8       
Restrictions on Transfer; Shell Company. Subscriber understands the Shares are being offered in a transaction not involving
a public offering within the meaning of the Securities Act. Subscriber understands the Shares will be “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Act, and Subscriber understands that the certificates or book-entries representing
the Shares will contain a legend or notation in respect of such restrictions. If, in the future, 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) an
effective registration statement under the Securities Act or (ii) an exemption from registration available with respect to such sale.
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, Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration
or available exemption, Subscriber agrees not to resell the Shares. Subscriber further acknowledges that because the Company is a shell
company, Rule 144 may not be available to Subscriber for the resale of the Shares until one year following consummation of the initial
business combination of the Company, despite the release or waiver of any contractual transfer restrictions.

 

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

 

2.2.1       
Organization and Authority. The Company is an exempted company, duly organized, validly existing and in good standing under
the laws of the Cayman Islands, and possesses all requisite power and authority necessary to carry out the transactions contemplated by
this Agreement. This Agreement is a legal, valid and binding agreement of the Company, enforceable against the Company in accordance with
its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting
the enforcement of creditors’ rights generally and subject to general principles of equity (regardless of whether enforcement is
sought in a proceeding at law or in equity).

 

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 formation and governing documents of the Company,
(ii) any agreement, indenture or instrument to which the Company is a party or (iii) any law, statute, rule, regulation, order, judgment
or decree to which the Company is subject.

 

2.2.3       
No Governmental Consents. No governmental, administrative or other third party consents or approvals are required, necessary
or appropriate on the part of the Company in connection with the transactions contemplated by this Agreement.

 

2.2.4       
Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, and registration in the
Company’s register of members, the Shares will be duly and validly issued, fully paid and nonassessable. Upon issuance in accordance
with, and payment pursuant to, the terms hereof, and registration in the Company’s register of members, 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 other agreements to which the Shares may become subject, (b) transfer restrictions under federal and state securities laws,
and (c) liens, claims or encumbrances imposed due to the actions of Subscriber.

 

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3.                 
Forfeiture of Shares.

 

3.1             
Partial or No Exercise of the Over-allotment Option. In the event the Over-allotment Option is not exercised in full, Subscriber
acknowledges and agrees that it (or, if applicable, it and/or any transferees of Shares) shall forfeit any and all rights to such number
of Shares (up to an aggregate of 750,000 Shares (as such amount may be adjusted for share splits, share dividends, reorganizations, recapitalizations
and the like) and pro rata based upon the percentage of the Over-allotment Option exercised) such that immediately following such forfeiture,
Subscriber (and all other initial shareholders of the Company prior to the IPO, if any) will own an aggregate number of Shares equal to
20% of the issued and outstanding Shares immediately following the IPO.

 

3.2             
Termination of Rights as Shareholder. If any of the Shares are forfeited in accordance with this Section 3, then after such
time Subscriber (or its 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.

 

3.3             
Share Certificates. In the event an adjustment to the Original Certificates, if any, is required pursuant to this Section
3, then Subscriber shall return such Original Certificates to the Company or its designated agent as soon as practicable upon its receipt
of notice from the Company advising Subscriber of such adjustment, following which a new certificate (the “New Certificate”),
if any, shall be issued in such amount representing the adjusted number of Shares held by Subscriber. The New Certificate, if any, shall
be returned to Subscriber as soon as practicable. Any such adjustment for any uncertificated securities held by Subscriber shall be made
in book-entry form.

 

4.                 
Waiver of Redemption Rights. Subscriber hereby waives any and all rights to redeem the Shares for a portion of the
amounts held in the trust account into which substantially all of the proceeds of the IPO will be deposited (the “Trust Account”)
in the event of the Company’s failure to timely complete an initial business combination, an extension of the time period to complete
an initial business combination or upon the consummation of an initial business combination. For purposes of clarity, in the event Subscriber
purchases Class A ordinary shares included in the Units issued in the IPO (“Public Shares”), either in the IPO or in
the aftermarket, any Public Shares so purchased shall be eligible to be redeemed for a portion of the amounts held in the Trust Account
in the event of the Company’s failure to timely complete an initial business combination (but, for the avoidance of doubt, not in
connection with an extension of the time period to complete an initial business combination or upon the consummation of an initial business
combination).

 

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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 as of the closing of the IPO by and between Subscriber and the Company (which
will also contain other agreements with respect to the Shares), 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 an opinion from counsel, reasonably satisfactory to the Company, that 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
all applicable state securities laws.

 

5.2             
Restrictive Legends. Any certificates representing the Shares shall have endorsed thereon legends substantially as follows
(and any book-entries representing the Shares shall have similar notations):

 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE
OFFERED, SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED 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, IS AVAILABLE.”

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT
TO ADDITIONAL RESTRICTIONS ON TRANSFER SET FORTH IN A LETTER AGREEMENT WITH THE COMPANY (A COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY
AT THE COMPANY’S PRINCIPAL PLACE OF BUSINESS WITHOUT CHARGE) AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR
OTHERWISE DISPOSED OF IN VIOLATION OF SUCH RESTRICTIONS.”

 

5.3             
Additional Shares or Substituted Securities. In the event of the declaration of a share dividend, the declaration of an
extraordinary dividend payable in a form other than Shares, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization
or a similar transaction affecting the Company’s outstanding 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 hereof. Appropriate
adjustments to reflect the distribution of such securities or property shall be made to the number and/or class of Shares subject to this
Section 5 and Section 3.

 

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6.                 
Other Agreements.

 

6.1             
Further Assurances. 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 by certified mail (return receipt requested) or overnight courier service or (ii) by electronic mail,
if to the Company, at the address of its principal offices and any electronic mail address as may be designated in writing by the Company
and, if to Subscriber, at its address in the books and records of the Company and any electronic mail address as may be designated in
writing by Subscriber, or to such other addresses as may be designated in writing by the Company or Subscriber. All such notices, statements
or other documents shall be deemed received on the date of receipt by the recipient thereof if received prior to 8:00 p.m. on a business
day in the place of receipt. Otherwise, any such notices, statements or other documents shall be deemed to have been received on the next
succeeding business day in the place of receipt.

 

6.3             
Entire Agreement. This Agreement, together with the Insider Letter and the registration rights agreement to be entered into
with respect to the Shares, each substantially in the form to be filed as an exhibit to the Registration Statement on Form S-1 associated
with the Company’s IPO, embodies the entire agreement and understanding between 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 a 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.

 

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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 the State of New York applicable to contracts wholly performed within the borders of such state, without giving
effect to the conflict of law principles thereof.

 

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 in pdf format via
electronic mail, 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.

 

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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 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.

 

[Signature Page Follows]

 

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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,

 

	 	ENDURANCE ACQUISITION CORP.

 

 

	 	By:	/s/ Chandravaden
  Kumar Ramanbhai Patel
	 	 	Name:	Chandravaden Kumar Ramanbhai Patel
	 	 	Title:	Director

 

 

Accepted and agreed as of the date first written above.

 

ENDURANCE ANTARCTICA PARTNERS, LLC

 

 

	By:	/s/ Chandravaden
  Kumar Ramanbhai Patel	 
	 	Name:	Chandravaden Kumar Ramanbhai Patel	 
	 	Title:	Manager	 

 

[Signature Page to Securities Subscription Agreement]Exhibit 10.6

 

SPONSOR WARRANTS PURCHASE AGREEMENT

 

THIS SPONSOR WARRANTS PURCHASE AGREEMENT, dated as
of [●], 2021 (this “Agreement”), is entered into by and between Endurance Acquisition Corp., a Cayman Islands
exempted company (the “Company”), and Endurance Antarctica Partners, LLC, a Cayman Islands limited liability company
(the “Purchaser”).

 

WHEREAS, the Company intends to consummate an initial
public offering of the Company’s units (the “Public Offering”), each unit consisting of one of the Company’s
Class A ordinary shares, par value $0.0001 per share (each, a “Share”), and one-half of one redeemable warrant, each
whole warrant exercisable for one Share at an exercise price of $11.50 per Share, as set forth in the Company’s registration statement
on Form S-1 related to the Public Offering (the “Registration Statement”); and

 

WHEREAS, the Purchaser now wishes to purchase an
aggregate of [●] warrants (or [●] warrants if the underwriters’ over-allotment option is exercised in full) (the “Warrants”),
each Warrant entitling the holder thereof to purchase one Share at an exercise price of $11.50 per Share.

 

NOW THEREFORE, in consideration of the mutual promises
contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties to this Agreement hereby, intending legally to be bound, agree as follows:

 

AGREEMENT

 

Section 1.              
Authorization, Purchase and Sale; Terms of the Warrants.

 

A.          
Authorization of the Warrants. The Company has duly authorized the issuance and sale of the Warrants to the Purchaser.

 

B.           
Purchase and Sale of the Warrants.

 

(i)         
On the date of the consummation of the Public Offering or on such earlier date as may be mutually agreed upon by the Purchaser
and the Company (the “Initial Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser
shall purchase from the Company, [●] Warrants at a price of $1.00 per Warrant for an aggregate purchase price of $[●] (the
 “Purchase Price”), which shall be paid by wire transfer of immediately available funds to the Company at least one
business day prior to the Initial Closing Date in accordance with the Company’s wiring instructions. On the Initial Closing Date,
following the payment by the Purchaser of the Purchase Price by wire transfer of immediately available funds to the Company, the Company,
at its option, shall deliver a certificate evidencing the Warrants purchased on such date duly registered in the Purchaser’s name
to the Purchaser, or effect such delivery in book-entry form.

 

    1

     

    

 

(ii)        
 On the date of the consummation of the closing of the over-allotment option in connection with the Public Offering or on such
earlier time and date as may be mutually agreed by the Purchaser and the Company (each such date, an “Over-allotment Closing
Date,” and, each Over-allotment Closing Date (if any) together with the Initial Closing Date, being sometimes referred to herein
as a “Closing Date,” or the “Closing Dates”), the Company shall issue and sell to the Purchaser,
and the Purchaser shall purchase from the Company, up to [●] Warrants at a price of $1.00 per warrant for an aggregate purchase price
of up to $[●] (if the over-allotment option in connection with the Public Offering is exercised in full) (the “Over-allotment
Purchase Price”), which shall be paid by wire transfer of immediately available funds to the Company in accordance with the
Company’s wiring instructions. On the Over-allotment Closing Date, upon the payment by the Purchaser of the Over-allotment Purchase
Price by wire transfer of immediately available funds to the Company, the Company shall, at its option, deliver a certificate evidencing
the Warrants purchased on such date duly registered in the Purchaser’s name to the Purchaser, or effect such delivery in book-entry
form.

 

C.            
Terms of the Warrants.

 

(i)          
Each Warrant shall have its terms set forth in a Warrant Agreement to be entered into by the Company and a warrant agent, in connection
with the Public Offering (a “Warrant Agreement”).

 

(ii)        
At the time of the closing of the Public Offering, the Company and the Purchaser shall enter into a registration rights agreement
(the “Registration Rights Agreement”) pursuant to which the Company will grant certain registration rights to the Purchaser
relating to the Warrants and the Shares underlying the Warrants.

 

Section 2.              
Representations and Warranties of the Company. As a material inducement to the Purchaser to enter into this Agreement and
purchase the Warrants, the Company hereby represents and warrants to the Purchaser (which representations and warranties shall survive
the Closing Dates) that:

 

A.           
Organization and Corporate Power. The Company is a corporation duly organized, validly existing and in good standing under
the laws of the Cayman Islands 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 and the Warrant Agreement.

 

B.            
Authorization; No Breach.

 

(i)           The
execution, delivery and performance of this Agreement and the Warrants have been duly authorized by the Company as of the Initial
Closing Date. This Agreement constitutes a valid and binding obligation of the Company, enforceable in accordance with its terms.
Upon issuance in accordance with, and payment pursuant to, the terms of the Warrant Agreement and this Agreement, the Warrants will
constitute valid and binding obligations of the Company, enforceable in accordance with their terms as of the Closing Dates.

 

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(ii)        
The execution and delivery by the Company of this Agreement and the Warrants, the issuance and sale of the Warrants, the issuance
of the Shares upon exercise of the Warrants and the fulfillment of, and compliance with, the respective terms hereof and thereof by the
Company, do not and will not as of the Closing Dates (a) conflict with or result in a breach of the terms, conditions or provisions of,
(b) constitute a default under, (c) result in the creation of any lien, security interest, charge or encumbrance upon the Company’s
share capital or assets under, (d) result in a violation of, or (e) require any authorization, consent, approval, exemption or other action
by or notice or declaration to, or filing with, any court or administrative or governmental body or agency pursuant to the memorandum
and articles of association of the Company or the bylaws of the Company (in effect on the date hereof or as may be amended prior to completion
of the contemplated Public Offering), or any material law, statute, rule or regulation to which the Company is subject, or any agreement,
order, judgment or decree to which the Company is subject, except for any filings required after the date hereof under federal or state
securities laws.

 

C.           
Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement,
the Shares issuable upon exercise of the Warrants will be duly and validly issued, fully paid and nonassessable. Upon issuance in accordance
with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Purchaser will have good title to the Warrants and the
Shares issuable upon exercise of such Warrants, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer
restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions under federal and state securities
laws, and (iii) liens, claims or encumbrances imposed due to the actions of the Purchaser.

 

D.           
Governmental Consents. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental
authority is required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation
by the Company of any other transactions contemplated hereby.

 

E.            
Regulation D Qualification. Neither the Company nor, to its knowledge, any of its affiliates, officers, directors or beneficial
shareholders of 20% or more of its outstanding securities, has experienced a disqualifying event as enumerated pursuant to Rule 506(d)
of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”).

 

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Section 3.               Representations
and Warranties of the Purchaser. As a material inducement to the Company to enter into this Agreement and issue and sell the
Warrants to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations and warranties shall
survive the Closing Dates) that:

 

A.           
Organization and Requisite Authority. The Purchaser possesses all requisite power and authority necessary to carry out the
transactions contemplated by this Agreement.

 

B.           
Authorization; No Breach.

 

(i)          
This Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting
creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law).

 

(ii)         
The execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by the
Purchaser does not and shall not as of the Closing Dates conflict with or result in a breach by the Purchaser of the terms, conditions
or provisions of any agreement, instrument, order, judgment or decree to which the Purchaser is subject.

 

C.            
Investment Representations.

 

(i)          
The Purchaser is acquiring the Warrants and, upon exercise of the Warrants, the Shares issuable upon such exercise (collectively,
the “Securities”), for the Purchaser’s own account, for investment purposes only and not with a view towards,
or for resale in connection with, any public sale or distribution thereof.

 

(ii)         
The Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D under the Securities
Act and the Purchaser has not experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D under the Securities
Act.

 

(iii)        
The Purchaser understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from
the registration requirements of the United States federal and state securities laws and that the Company is relying upon the truth and
accuracy of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set forth herein in order
to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Securities.

 

(iv)       
The Purchaser’s decision to enter into this Agreement was not the a result of any general solicitation or general advertising
within the meaning of Rule 502(c) under the Securities Act.

 

    4

     

    

 

(v)         The
Purchaser has been furnished with all materials relating to the business, finances and operations of the Company and materials
relating to the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded the
opportunity to ask questions of the executive officers and directors of the Company. The Purchaser understands that its investment
in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered
necessary to make an informed investment decision with respect to the acquisition of the Securities.

 

(vi)       
The Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed
on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities by the
Purchaser nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(vii)      
The Purchaser understands that: (a) the Securities have not been and are not being registered under the Securities Act or any state
securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold
in reliance on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights Agreement, neither the Company
nor any other person is under any obligation to register the Securities under the Securities Act or any state securities laws or to comply
with the terms and conditions of any exemption thereunder. In this regard, the Purchaser understands that the Securities and Exchange
Commission has taken the position that promoters or affiliates of a blank check company and their transferees, both before and after an
initial business combination, are deemed to be “underwriters” under the Securities Act when reselling the securities of a
blank check company. Based on that position, Rule 144 adopted pursuant to the Securities Act would not be available for resale transactions
of the Securities despite technical compliance with the requirements of such Rule, and the Securities can be resold only through a registered
offering or in reliance upon another exemption from the registration requirements of the Securities Act.

 

(viii)     
The Purchaser has such knowledge and experience in financial and business matters, knowledge of the high degree of risk associated
with investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and
risks of an investment in the Securities and is able to bear the economic risk of an investment in the Securities in the amount contemplated
hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current financial needs and contingencies
and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the Securities. The
Purchaser can afford a complete loss of its investment in the Securities.

 

    5

     

    

 

Section 4.              
Conditions of the Purchaser’s Obligations. The obligations of the Purchaser to purchase and pay for the Warrants are
subject to the fulfillment, on or before the Closing Dates, of each of the following conditions:

 

A.          
 Representations and Warranties. The representations and warranties of the Company contained in Section 2 shall be
true and correct at and as of the Closing Dates as though then made.

 

B.            
Performance. The Company shall have performed and complied with all agreements, obligations and conditions contained in
this Agreement that are required to be performed or complied with by it on or before the Closing Dates.

 

C.            
No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization
having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this
Agreement or the Warrant Agreement.

 

D.           
Warrant Agreement. The Company shall have entered into a Warrant Agreement with a warrant agent on terms satisfactory to
the Purchaser.

 

Section 5.              
Conditions of the Company’s Obligations. The obligations of the Company to the Purchaser under this Agreement are
subject to the fulfillment, on or before the Closing Dates, of each of the following conditions:

 

A.           
Representations and Warranties. The representations and warranties of the Purchaser contained in Section 3 shall
be true and correct at and as of the Closing Dates as though then made.

 

B.           
Performance. The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in
this Agreement that are required to be performed or complied with by the Purchaser on or before the Closing Dates.

 

C.           
No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization
having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this
Agreement or the Warrant Agreement.

 

D.           
Warrant Agreement. The Company shall have entered into a Warrant Agreement with a warrant agent on terms satisfactory to
the Company.

 

Section 6.              
Termination. This Agreement may be terminated at any time after December 31, 2021 upon the election by either the Company
or the Purchaser upon written notice to the other party if the closing of the Public Offering does not occur prior to such date.

 

Section 7.              
Survival of Representations and Warranties. All of the representations and warranties contained herein shall survive the
Closing Dates.

 

Section 8.              
Definitions. Terms used but not otherwise defined in this Agreement shall have the meaning assigned to such terms in the Registration
Statement.

 

    6

     

    

 

Section 9.              
Miscellaneous.

 

A.           
Successors and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement
by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether
so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this Agreement, other
than assignments by the Purchaser to affiliates thereof.

 

B.           
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such
provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

C.           
Counterparts. This Agreement may be executed simultaneously in two or more counterparts, none of which need contain the
signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement.

 

D.           
Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do
not constitute a substantive part of this Agreement. The use of the word “including” in this Agreement shall be by way of
example rather than by limitation.

 

E.            
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, without giving effect
to the conflict of law principles thereof. The parties hereto irrevocably submit to the exclusive jurisdiction of any federal court sitting
in the Southern District of New York or any state court located in New York County, State of New York, over any suit, action or proceeding
arising out of or relating to this Agreement. To the fullest extent they may effectively do so under applicable law, the parties hereto
irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that they are not subject to the jurisdiction
of any such court, any objection that they may now or hereafter have to the laying of the venue of any such suit, action or proceeding
brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient
forum.

 

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

 

[Signature page follows]

 

    7

     

    

 

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

 

	 	COMPANY:
	 	 
	 	ENDURANCE ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:   	 
	 	 	Title:	 
	 	 
	 	PURCHASER:
	 	 
	 	ENDURANCE ANTARCTICA PARTNERS, LLC
	 	 	 
	 	By:	 
	 	 	Name:	         
	 	 	Title: 

 

[Signature Page to Sponsor Warrants Purchase
Agreement]

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