Document:

Exhibit 10.5

 

SECURITIES SUBSCRIPTION AGREEMENT

 

This Securities Subscription
Agreement (this “Agreement”), effective as of March 22, 2021, is made and entered into by and between Activate Permanent Capital
Corp., a Delaware corporation (the “Company”), and APCC Sponsor LLC, a Delaware limited liability company (the “Buyer”).

 

RECITALS:

 

WHEREAS, the Buyer
wishes to purchase from the Company an aggregate of 7,187,500 shares (the “Shares”) of the Company’s Class B Common
Stock (as defined below), and the Company wishes to sell the Shares to the Buyer, on the terms and subject to the conditions set forth
in this Agreement.

 

AGREEMENT:

 

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

 

ARTICLE I

DEFINITIONS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE II

PURCHASE OF THE SHARES

 

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

 

    2 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE BUYER

 

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

 

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

 

    3 

     

    

 

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

 

Section
3.3        Investment Representations.

 

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

 

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

 

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

 

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

 

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

 

    4 

     

    

 

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

 

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

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

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

 

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

 

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

 

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

 

    5 

     

    

 

ARTICLE V

MISCELLANEOUS

 

Section
5.1        Entire Agreement. This Agreement, together with the certificates, documents, instruments and writings that are
delivered pursuant hereto, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter
and supersedes all prior understandings, agreements or representations by or among the parties hereto, written or oral, to the
extent they relate in any way to the subject matter hereof or the transactions contemplated hereby.

 

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

 

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

 

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

 

    6 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    7 

     

    

 

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

 

    8 

     

    

 

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

 

	 	COMPANY:
	 	 	 
	 	ACTIVATE PERMANENT CAPITAL CORP.
	 	 	 
	 	By:	/s/ Tim Healy
	 	Name:	Tim Healy
	 	Title:	Chief Executive Officer
	 	 	 
	 	BUYER:
	 	 	 
	 	APCC SPONSOR LLC
	 	 	 
	 	By:	/s/ David Lincoln
	 	Name:	David Lincoln
	 	Title:	Authorized Member

 

Signature Page to Securities
Subscription AgreementExhibit 10.6

 

PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT

 

THIS PRIVATE PLACEMENT WARRANTS
PURCHASE AGREEMENT, dated as of [•], 2021 (as it may from time to time be amended, this “Agreement”),
is entered into by and between Activate Permanent Capital Corp., a Delaware corporation (the “Company”), and
APCC Sponsor LLC, a Delaware limited liability company (the “Purchaser”).

 

WHEREAS, the Company intends
to consummate a 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-third
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 has
agreed to purchase from the Company an aggregate of 5,666,667 warrants (or 6,166,667 warrants if the over-allotment option in connection
with the Public Offering is exercised in full) (the “Sponsor Warrants”), each Sponsor 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 Sponsor Warrants.

 

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

 

B.            Purchase
and Sale of the Sponsor Warrants.

 

(i)            As
payment in full for the 5,666,667 Sponsor Warrants being purchased under this Agreement, Purchaser shall pay $8,500,000 (the “Purchase
Price”), by wire transfer of immediately available funds or by such other method as may be reasonably acceptable to the
Company, to the trust account (the “Trust Account”) at a financial institution to be chosen by the Company,
maintained by Continental Stock Transfer & Trust Company, acting as trustee, at least one (1) business day prior to the
Initial Closing Date (as defined below).

 

(ii)           In
the event that the over-allotment option is exercised in full or in part, Purchaser shall purchase up to an additional 500,000 Sponsor
Warrants (the “Additional Sponsor Warrants”), in the same proportion as the amount of the over-allotment option
that is exercised, and simultaneously with such purchase of Additional Sponsor Warrants, as payment in full for the Additional Sponsor
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, Purchaser shall pay $1.50 per Additional Sponsor Warrant, up to an aggregate amount of $750,000, by wire transfer of immediately
available funds or by such other method as may be reasonably acceptable to the Company, to the Trust Account.

 

     

     

    

 

(iii)          The
closing of the purchase and sale of the Sponsor 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 Sponsor 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 Sponsor Warrants and the Additional Sponsor Warrants shall take place at the offices of Vinson &
Elkins L.L.P., 1001 Fannin Street, Suite 2500, Houston, Texas 77002, or such other place as may be agreed upon by the parties hereto.

 

C.            Terms
of the Sponsor Warrants.

 

(i)            The
Sponsor 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 Sponsor Warrants and the Shares underlying the Sponsor Warrants.

 

Section 2.        Representations
and Warranties of the Company. As a material inducement to the Purchaser to enter into this
Agreement and purchase the Sponsor 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 Sponsor 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 Sponsor 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 Sponsor Warrants, the issuance and sale of the Sponsor Warrants, the issuance
of the Shares upon exercise of the Sponsor 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 (1) conflict with or result in a breach of the terms, conditions or provisions
of, (2) constitute a default under, (3) result in the creation of any lien, security interest, charge or encumbrance upon the
Company’s capital stock or assets under, (4) result in a violation of, or (5) 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 Sponsor
Warrants will be duly and validly issued and the Shares issuable upon exercise of the Sponsor 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 Sponsor Warrants and the Shares issuable upon exercise of such Sponsor 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.

 

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 Sponsor 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.

 

     3

     

    

 

C.            Investment
Representations.

 

(i)            The
Purchaser is acquiring the Sponsor Warrants and, upon exercise of the Sponsor 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 of the Securities
Act of 1933, as amended (the “Securities Act”), and such 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: (1) 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 (a) subsequently registered thereunder or (b) sold
in reliance on an exemption therefrom; and (2) 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. While such Purchaser understands that Rule 144 under the
Securities Act is not available for the resale of securities initially issued by shell companies (other than business combination related
shell companies) or issuers that have been at any time previously a shell company, such Purchaser understands that Rule 144 includes
an exception to this prohibition if the following conditions are met: (i) the issuer of the securities that was formerly a shell
company has ceased to be a shell company; (ii) the issuer of the securities is subject to the reporting requirements of Section 13
or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”); (iii) the issuer
of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months
(or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and (iv) at
least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status
as an entity that is not a shell company.

 

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(viii)        The
Purchaser has such knowledge and experience in financial and business matters, knows 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.

 

Section 4.         Conditions
of the Purchaser’s Obligations. The obligations of the Purchaser to purchase and pay
for the Sponsor 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 and Registration Rights Agreement. The Company shall have entered into the Warrant Agreement and the Registration Rights
Agreement, each on terms satisfactory to the Purchaser.

 

E.            Corporate
Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance
of this Agreement and the Warrant Agreement and the issuance and sale of the Sponsor Warrants hereunder.

 

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.

 

     5

     

    

 

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 and Registration Rights Agreement. The Company shall have entered into the Warrant Agreement and the Registration Rights
Agreement.

 

E.            Corporate
Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance
of this Agreement and the Warrant Agreement and the issuance and sale of the Sponsor Warrants hereunder.

 

Section 6.         Termination.
This Agreement may be terminated at any time after December 31, 2021 upon the election by either the Company or a Purchaser entitled
to purchase a majority of the Sponsor 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. In the event that any signature is delivered
by facsimile transmission or by e-mail delivery of a “pdf” format data file, 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 facsimile
or “pdf” signature page were an original thereof.

 

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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 shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be
construed in accordance with the internal laws of the State of Delaware.

 

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]

 

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

 

	 	COMPANY:

 

	 	ACTIVATE PERMANENT CAPITAL CORP.

 

	 	By:	 
	 	Name:	Timothy G. Healy
		Title:	Chief Executive Officer

 

APCC SPONSOR LLC

 

	By:	 	 
	Name:	Jacob Susman	 
	Title:	Chief Financial Officer and Chief Operating Officer	 

 

Signature Page to Private Placement Warrants
Purchase Agreement

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