Document:

Exhibit 10.5

 

Butler Acquisition Corp

640 Fifth Avenue, 12th Floor

New York, NY 10019

 

December 6, 2019

 

Butler Sponsor LLC

640 Fifth Avenue, 12th Floor

New York, NY 10019

 

RE: Securities Subscription Agreement

 

Ladies and Gentlemen:

 

We are pleased to accept the offer Butler Sponsor LLC (the
 “Subscriber” or “you”) has made to purchase 17,250,000 shares of Class B common stock (the
 “Shares”), $.0001 par value per share (the “Class B Common Stock” together with all other
classes of Company (as defined below) common stock, the “Common Stock”), up to 2,250,000 Shares of which are
subject to complete or partial forfeiture by you if the underwriters of the initial public offering (“IPO”)
of Butler Acquisition Corp, a Delaware corporation (the “Company”), do not fully exercise their over-allotment
option (the “Over-allotment Option”). The terms (this “Agreement”) on which the Company
is willing to sell the Shares to the Subscriber, and the Company and the Subscriber's agreements regarding such Shares, are as
follows:

 

1. 
Purchase of Shares. For the sum of $25,000 (the “Purchase Price”), which the Company acknowledges
receiving in cash, the Company hereby sells and issues the Shares to the Subscriber, and the Subscriber hereby purchases the Shares
from the Company, subject to the forfeiture provisions of Section 3 below, on the terms and subject to the conditions set forth
in this Agreement. Concurrently with the Subscriber's execution of this Agreement, the Company is delivering to the Subscriber
a certificate registered in the Subscriber's name representing the Shares (the “Original Certificate”), receipt
of which the Subscriber hereby acknowledges.

 

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, (iii) any law, statute, rule or regulation to which the Subscriber is subject,
or (iv) any agreement, order, judgment or decree to which the Subscriber is subject.

 

2.1.3. Organization and Authority. The Subscriber
is a Delaware limited liability company, validly existing and in good standing under the laws of Delaware and possesses all requisite
power and authority necessary to carry out the transactions contemplated by this Agreement. Upon execution and delivery by you,
this Agreement will be 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).

 

2.1.4. Experience, Financial Capability and
Suitability. 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 resold
unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber is
capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own
interests. Subscriber must bear the economic risk of this investment until the Shares are sold pursuant to: (x) an effective
registration statement under the Securities Act or (y) an exemption from registration available with respect to such sale.
Subscriber is able to bear the economic risks of an investment in the Shares and to afford a complete loss of 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, 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 and the information furnished pursuant to this
paragraph. 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 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 or its prospects.

 

2.1.6. Accredited Investor. 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 under federal and 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 that would result in a violation of the Securities Act.
The Subscriber did not enter into this Agreement as a result of any general solicitation or general advertising within the meaning
of Rule 502 of Regulation D under the Securities Act.

 

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. Subscriber understands the Shares will be “restricted securities” as defined in Rule 144(a)(3) under
the Securities Act and Subscriber understands that the certificate 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 in accordance with the provisions of Section 5 hereof. 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 an exemption, the Subscriber agrees not to offer, resell, pledge or otherwise transfer the Shares. 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
one year following consummation of the initial business combination of the Company, despite technical compliance with the certain
requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

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 Subscriber in
connection with the transactions contemplated by this Agreement.

 

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

 

2.2.1. Organization and Corporate Power.
The Company is a Delaware corporation 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 Certificate of Incorporation or Bylaws of the Company, (ii) any agreement,
indenture or instrument to which the Company is a party, (iii) any law, statute, rule or regulation to which the Company is subject,
or (iv) any agreement, order, judgment or decree to which the Company is subject.

 

2.2.3. Title to Securities. Upon issuance
in accordance with, and payment pursuant to, the terms hereof, the Shares will be duly and validly issued, fully paid and nonassessable.
Upon issuance in accordance with, and payment pursuant to, the terms hereof 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
other agreements to which the Shares may be subject which have been notified to the Subscriber in writing, (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 seek to recover damages or to obtain other relief in connection with any transactions.

 

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 representative of the underwriters of the IPO is not exercised
in full, the Subscriber acknowledges and agrees that it (and, if applicable, any transferee of Shares) shall forfeit any
and all rights to such number of Shares (up to an aggregate of 2,250,000 Shares and pro rata based upon the percentage of the
Over-allotment Option exercised) such that immediately following such forfeiture, the Subscriber (and any such transferees) will
own an aggregate number of Shares (not including Shares issuable upon exercise of any warrants or any Common Stock purchased by
Subscriber in the IPO or in the aftermarket) equal to 20% of the issued and outstanding Common Stock immediately following the
IPO.

 

    2

     

    

 

3.2. Termination of Rights as Stockholder.
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 Shares, and the Company shall take such action as is appropriate to cancel
such Shares.

 

3.3. Share Certificates. In the event an
adjustment to the Original Certificate is required pursuant to this Section 3, then the Subscriber shall return such Original
Certificate 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”) shall be issued in
such amount representing the adjusted number of Shares held by the Subscriber. The New Certificate shall be returned to the Subscriber
as soon as practicable.

 

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 stockholders and into which substantially all of the
proceeds of the IPO will be deposited (the “Trust Account”), in the event of a liquidation of the Company
upon the Company's failure to timely complete an initial business combination. For purposes of clarity, in the event the Subscriber
purchases Common Stock in the IPO or in the aftermarket, any additional Common Stock 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 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 as of the closing of the IPO by and between Subscriber and the Company, 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 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. Subscriber acknowledges that
the Shares will be subject to lock-up provisions contained in the Insider Letter.

 

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

 

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

 

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

 

5.4. Additional Shares or Substituted Securities.
In the event of the declaration of a stock dividend, the declaration of a special dividend payable in a form other than Common
Stock, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the
Company's outstanding Common Stock 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 or class of 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 arc registered pursuant to a Registration Rights
Agreement to be entered into with the Company prior to the closing of the IPO.

 

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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 and (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 Subscriber and the Company, substantially in the form to be filed as an
exhibit to the Registration Statement, 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, 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.

 

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.

 

    4

     

    

 

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 hold 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 sections of this Agreement are for convenience of reference only and shall in no way modify or affect
the meaning or construction of any of the terms or provisions hereof.

 

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 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 section 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.

 

7. 
Voting and Redemption 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 stockholders and shall not seek redemption with respect to
such Shares. Additionally, the Subscriber agrees not to redeem any Shares in connection with a redemption or tender offer presented
to the Company's stockholders in connection with an initial business combination negotiated by the Company.

 

8. 
Indemnification. Each party shall indemnify (such party, the “Indemnifying Party”) the other
party (such party, the “Indemnified Party”) and its respective officers, employees, and controlling persons
to the fullest extent permitted by law from and against any and all losses, damages, expenses (including reasonable attorneys'
fees and expenses) or other liabilities resulting from or arising out of such party's breach of any representation, warranty,
covenant or agreement in this Agreement. The foregoing indemnification rights apply so long as the action or failure to act by
the Indemnified Party does not constitute fraud, bad faith, willful misconduct or gross negligence. Notwithstanding any of the
foregoing to the contrary, indemnification protections will not be construed so as to relieve (or attempt to relieve) any Indemnified
Party of any liability (including liability under federal securities laws which, under certain circumstances, impose liability
even on persons that act in good faith), to the extent (but only to the extent) that such liability may not be waived, modified
or limited under applicable law, but will only be construed so as to effectuate the indemnification protections to the fullest
extent permitted by law.

 

[Signature Page Follows]

 

    5

     

    

 

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,
	 	 
	 	Butler
Acquisition Corp
	 	 
	 	By:	/s/ Jay
Taragin
	 	Name:   	Jay
Taragin
	 	Title:	Chief
Financial Officer

 

Accepted and agreed December 6, 2019

 

	Butler
Sponsor LLC  	 
	 	 
	By:	/s/
Mark Klein	 
	Name:	Mark
Klein	 
	Title:	Director	 

 

[Signature Page to Subscription Agreement]Exhibit 10.6

 

 

PRIVATE PLACEMENT

WARRANTS PURCHASE AGREEMENT 

 

THIS PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT,
dated as of [•] (this “Agreement”), is entered into by and between Churchill Capital Corp III, a Delaware
corporation (the “Company”), and Churchill Sponsor III LLC, a Delaware 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
share of the Company’s Class A common stock, par value $0.0001 per share (a “Share”), and one-fourth 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 13,000,000 warrants (or 14,800,000 warrants if the underwriters’ over-allotment option is exercised in full)
(the “Warrants”), each Warrant entitling the holder 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)                
As payment in full for the 13,000,000 Warrants being purchased under this Agreement, the Purchaser shall pay $13,000,000
(the “Purchase Price”), by wire transfer of immediately available funds in accordance with the Company’s
wiring instructions, at least one (1) business day prior to the effective date of the Registration Statement, or on such other
date as the Company and the Purchaser may agree.

 

     

     

    

 

(ii)              In
the event that the underwriters’ over-allotment option is exercised in full, the Purchaser shall purchase up to an
additional 1,800,000 Warrants (the “Additional Warrants”), in the same proportion as the amount of the
over-allotment option that is exercised, and simultaneously with such purchase of Additional Warrants, as payment in full for
the Additional Warrants being purchased hereunder, and at least one (1) business day prior to the closing of all or any
portion of the over-allotment option, or on such other date as the Company and the Purchaser may agree, the Purchaser shall
pay $1.00 per Additional Warrant, up to an aggregate amount of $1,800,000, by wire transfer of immediately available funds in
accordance with the Company’s wiring instructions.

 

(iii)           
The closing of the purchase and sale of the Warrants shall take place simultaneously with the closing of the Public Offering
(the “Initial Closing Date”). The closing of the purchase and sale of the Additional Warrants, if applicable,
shall take place simultaneously with the closing of all or any portion of the over-allotment option (such closing date, together
with the Initial Closing Date, the “Closing Dates” and each, a “Closing Date”). The closing
of the purchase and sale of each of the Warrants and the Additional Warrants shall take place at the offices of Paul, Weiss, Rifkind,
Wharton & Garrison LLP, 1285 Avenue of the Americas, New York, New York, 10019, or such other place as may be agreed upon by
the parties hereto.

 

C.                
Terms of the Warrants.

 

(i)                
The Warrants shall have their 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 or prior to the time of the Initial Closing Date, 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 State of Delaware 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 Closing Dates. 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.

 

    2 

     

    

 

(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 capital stock 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 certificate of incorporation 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 stockholders 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”).

 

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).

 

    3 

     

    

 

(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 did not enter into this Agreement as a result of any general solicitation or general advertising within the
meaning of Rule 502(c) under the Securities Act.

 

(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.

 

    4 

     

    

 

(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 investments in the Securities.

 

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 (the “Warrant Agreement”).

 

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.

 

    5 

     

    

 

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 the Warrant Agreement.

 

Section 6.               
Termination. This Agreement may be terminated at any time after [December 31, 2019] upon the election by either the
Company or a Purchaser entitled to purchase a majority of the Warrants upon written notice to the other parties 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.

 

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.

 

    6 

     

    

 

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 letter 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:
	 
	 	CHURCHILL CAPITAL CORP III
	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	CHURCHILL SPONSOR III LLC
	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Private Placement Warrants Purchase Agreement]

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