Document:

Exhibit 10.2

 

September 14, 2021

 

Endurance Acquisition Corp.

630 Fifth Avenue, 20th Floor

New York, NY 10111

 

Re: Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter Agreement”)
is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) to be entered
into by and among Endurance Acquisition Corp., a Cayman Islands exempted company (the “Company”), and Cantor Fitzgerald
 & Co., as representative of the several underwriters (the “Underwriters”) named therein, relating to an underwritten
initial public offering (the “Public Offering”) of 23,000,000 of the Company’s units (including up to 3,000,000
units that may be purchased by the Underwriters to cover over-allotments, if any) (the “Units”), each comprised of
one of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Ordinary Shares”), and one-half
of one redeemable warrant. Each whole warrant (each, a “Warrant”) entitles the holder thereof to purchase one Ordinary
Share at a price of $11.50 per share, subject to adjustment. The Units will be sold in the Public Offering pursuant to a registration
statement on Form S-1 and a prospectus (the “Prospectus”) filed by the Company with the U.S. Securities and Exchange
Commission (the “Commission”), and the Company has applied to have the Units listed on the Nasdaq Capital Market. Certain
capitalized terms used herein are defined in paragraph 11 hereof.

 

In order to induce the Company and the Underwriters
to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Endurance Antarctica Partners, LLC (the “Sponsor”) and each of the
undersigned individuals, each of whom is a member of the Company’s board of directors, management team and/or advisory board (each,
an “Insider” and collectively, the “Insiders”), hereby severally (and not jointly and severally)
agrees with the Company as follows:

 

1.             The
Sponsor and each Insider agrees that if the Company seeks shareholder approval of a proposed Business Combination, then in connection
with such proposed Business Combination, it, he or she shall (i) vote any Shares owned by it, him or her in favor of any proposed Business
Combination and (ii) not redeem any Ordinary Shares owned by it, him or her in connection with such shareholder approval. If the Company
seeks to consummate a proposed Business Combination by engaging in a tender offer, the Sponsor and each Insider agrees that it, he or
she will not sell or tender any Shares owned by it, him or her in connection therewith.

 

     

     

    

 

2.             The
Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination within 18
months from the closing of the Public Offering, or such later period approved by the Company’s shareholders in accordance with
the Company’s Amended and Restated Memorandum and Articles of Association (the “Articles”), the Sponsor and
each Insider shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up,
(ii) as promptly as reasonably possible but not more than 10 business days thereafter, subject to lawfully available funds
therefor, redeem 100% of the Ordinary Shares sold as part of the Units in the Public Offering (the “Offering
Shares”), at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account,
including interest (less up to $100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable),
divided by the number of then issued and outstanding Offering Shares, which redemption will completely extinguish all Public
Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), subject to
applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the
Company’s remaining shareholders and the Company’s board of directors, dissolve and liquidate, subject in each case to
the Company’s obligations under Cayman Islands law to provide for claims of creditors and other requirements of applicable
law. The Sponsor and each Insider agree to not propose any amendment to the Articles that would modify the substance or timing of
the Company’s obligation to allow redemptions in connection with a Business Combination or to redeem 100% of the Offering
Shares if the Company does not complete a Business Combination within 18 months from the closing of the Public Offering, or with
respect to any other provision relating to shareholders’ rights or pre-initial business combination activity, unless the
Company provides its Public Shareholders with the opportunity to redeem their Offering Shares upon approval of any such amendment at
a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which
interest shall be net of taxes payable), divided by the number of then issued and outstanding Offering Shares.

 

The Sponsor and each Insider acknowledges
that it, he or she has no right, title, interest or claim of any kind in or to any monies held in the Trust Account as a result of any
liquidation of the Company with respect to the Founder Shares held by it, him or her. The Sponsor and each Insider hereby further waives,
with respect to any Ordinary Shares held by it, him or her, if any, any redemption rights it, he or she may have in connection with (x)
the consummation of a Business Combination, including, without limitation, any such rights available in the context of a shareholder vote
to approve such Business Combination or in the context of a tender offer made by the Company to purchase Ordinary Shares and (y) a shareholder
vote to approve an amendment to the Articles (i) to modify the substance or timing of the Company’s obligation to allow redemptions
in connection with a Business Combination or to redeem 100% of the Offering Shares if the Company does not complete a Business Combination
within 18 months of the closing of the Public Offering or (ii) with respect to any other provision relating to shareholders’ rights
or pre-initial business combination activity (although the Sponsor, the Insiders and their respective affiliates shall be entitled to
redemption and liquidation rights with respect to any Offering Shares it or they hold if the Company fails to consummate a Business Combination
within 18 months from the closing of the Public Offering ).

 

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3.             Notwithstanding the provisions set forth in paragraphs 7(a) and (b) below, during the period commencing on the effective date
of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each Insider shall not, without the prior written
consent of the Underwriters, directly or indirectly, Transfer (or enter into any transaction that is designed to, or might reasonably
be expected to, result in a Transfer (whether by actual disposition or effective economic disposition due to cash settlement or otherwise)),
with respect to, any Units, Shares, Warrants or any securities convertible into, or exercisable, or exchangeable for, Ordinary Shares,
or publicly announce an intention to effect any such transaction; provided, however, that the foregoing does not apply
to the forfeiture of any Founder Shares pursuant to their terms or any transfer of Founder Shares to any current or future independent
director of the Company (as long as such current or future independent director transferee is subject to this Letter Agreement or executes
an agreement substantially identical to the terms of this Letter Agreement, as applicable to directors and officers of the Company at
the time of such transfer; and as long as, to the extent any Section 16 reporting obligation is triggered as a result of such transfer,
any related Section 16 filing includes a practical explanation as to the nature of the transfer). The provisions of this paragraph will
not apply if the release or waiver is effected solely to permit a transfer not for consideration and the transferee has agreed in writing
to be bound by the same terms described in this Letter Agreement to the extent and for the duration that such terms remain in effect
at the time of the transfer.

 

4.             In
the event of the liquidation of the Trust Account, the Sponsor (which for purposes of clarification shall not extend to any other shareholders,
members or managers of the Sponsor) agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage
and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing
or defending against any litigation, whether pending or threatened, or any claim whatsoever) to which the Company may become subject
as a result of any claim by (i) any third party for services rendered (other than the Company’s independent registered public accountants)
or products sold to the Company or (ii) a prospective target business with which the Company has discussed entering into a transaction
agreement (a “Target”); provided, however, that such indemnification of the Company by the Sponsor shall
apply only to the extent necessary to ensure that such claims by a third party for services rendered (other than the Company’s
independent registered public accountants) or products sold to the Company or a Target do not reduce the amount of funds in the Trust
Account to below (i) $10.00 per Offering Share or (ii) such lesser amount per Offering Share held in the Trust Account as of the date
of the liquidation of the Trust Account due to reductions in the value of the trust assets, in each case, net of the amount of interest
earned on the property in the Trust Account, which may be withdrawn to pay taxes, except as to any claims by a third party who executed
a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of
the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended. In the event that any
such executed waiver is deemed to be unenforceable against such third party, the Sponsor shall not be responsible to the extent of any
liability for such third party claims. The Sponsor shall have the right to defend against any such claim with counsel of its choice reasonably
satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the Sponsor, the Sponsor notifies
the Company in writing that it shall undertake such defense. For the avoidance of doubt, none of the Company’s officers or directors
will indemnify the Company for claims by third parties, including, without limitation, claims by vendors and prospective target businesses.

 

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5.             To
the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 3,000,000 Units within 45
days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit and surrender, for no
consideration, a number of Founder Shares in the aggregate equal to the product of 750,000, multiplied by a fraction, (i) the numerator
of which is 3,000,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii)
the denominator of which is 3,000,000. All references in this Letter Agreement to Shares of the Company being forfeited shall take effect
as surrenders for no consideration of such Shares as a matter of Cayman Islands law. The forfeiture will be adjusted to the extent that
the over-allotment option is not exercised in full by the Underwriters so that the Initial Shareholders will own an aggregate of 20.0%
of the Company’s issued and outstanding Shares after the Public Offering. To the extent that the size of the Public Offering is
increased or decreased, the Company will effect a share capitalization or share repurchase, redemption or share split or other appropriate
mechanism, as applicable, immediately prior to the consummation of the Public Offering in such amount as to maintain the ownership of
the Shares of the Initial Shareholders prior to the Public Offering at 20.0% of the Company’s issued and outstanding Shares upon
the consummation of the Public Offering. In connection with such increase or decrease in the size of the Public Offering, (A) references
to 3,000,000 in the numerator and denominator of the formula in the first sentence of this paragraph shall be changed to a number equal
to 15% of the number of shares included in the Units issued in the Public Offering and (B) the reference to 750,000 in the formula set
forth in the immediately preceding sentence shall be adjusted to such number of Founder Shares that the Sponsor would have to return
to the Company in order to hold (with all of the Initial Shareholders) an aggregate of 20.0% of the Company’s issued and outstanding
Shares after the Public Offering.

 

6.             The
Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably injured in the
event of a breach by such Sponsor or an Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 7(a), 7(b), and 9, as
applicable, of this Letter Agreement, (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching
party shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event
of such breach.

 

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7.             (a)         The
Sponsor and each Insider agree that it, he or she shall not Transfer (as defined below) any Founder Shares (or Ordinary Shares
issuable upon conversion thereof) until the earlier of (A) one year after the completion of the Company’s initial Business
Combination and (B) subsequent to the Business Combination, (x) if the closing price of the Ordinary Shares equals or exceeds $12.00
per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days
within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination or (y) the date
on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in
all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property
(the “Founder Shares Lock-up Period”).

 

(b)         The
Sponsor and each Insider agree that it, he or she shall not Transfer any Private Placement Warrants (or Ordinary Shares issued or issuable
upon the exercise of the Private Placement Warrants) until 30 days after the completion of a Business Combination (the “Private
Placement Warrants Lock-up Period”, together with the Founder Shares Lock-up Period, the “Lock-up Periods”).

 

(c)         Notwithstanding
the provisions set forth in paragraphs 3 and 7(a) and (b), Transfers of the Founder Shares, Private Placement Warrants and Ordinary Shares
issued or issuable upon the exercise or conversion of the Private Placement Warrants or the Founder Shares and that are held by the Sponsor,
any Insider or any of their permitted transferees (that have complied with this paragraph 7(c)), are permitted (a) to the Company’s
officers or directors, any affiliates or family members of any of the Company’s officers or directors, the Sponsor, any members
of the Sponsor, or any affiliates of the Sponsor; (b) in the case of an individual, transfers by gift to a member of the individual’s
immediate family, to a trust, the beneficiary of which is a member of the individual’s immediate family or an affiliate of such
person, or to a charitable organization; (c) in the case of an individual, transfers by virtue of laws of descent and distribution upon
death of the individual; (d) in the case of an individual, transfers pursuant to a qualified domestic relations order; (e) by private
sales or transfers made in connection with the consummation of a Business Combination at prices no greater than the price at which the
securities were originally purchased; (f) in the event of the Company’s liquidation prior to the completion of an initial Business
Combination; (g) in the case of an entity, by virtue of the laws of its jurisdiction or its organizational documents or operating agreement;
or (h) in the event of the Company’s completion of a liquidation, merger, share exchange, reorganization or other similar transaction
which results in all of the Company’s public shareholders having the right to exchange their Ordinary Shares for cash, securities
or other property subsequent to the completion of the initial Business Combination; provided, however, that, in the case
of clauses (a) through (e), these permitted transferees must enter into a written agreement with the Company agreeing to be bound by
the transfer restrictions herein.

 

8.             The
Sponsor and each Insider represent and warrant that it, he or she has never been suspended or expelled from membership in any securities
or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked. Each
Insider’s biographical information furnished to the Company (including any such information included in the Prospectus) is true
and accurate in all respects and does not omit any material information with respect to the Insider’s background. Each Insider’s
questionnaire furnished to the Company is true and accurate in all respects. Each Insider represents and warrants that: he or she is
not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain
from any act or practice relating to the offering of securities in any jurisdiction; he or she has never been convicted of, or pleaded
guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii)
pertaining to any dealings in any securities and he or she is not currently a defendant in any such criminal proceeding.

 

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9.             Except as disclosed in, or as expressly contemplated by, the Prospectus, neither the Sponsor nor any Insider nor any affiliate
of the Sponsor or any Insider, nor any director or officer of the Company, shall receive from the Company any finder’s fee, reimbursement,
consulting fee, monies in respect of any repayment of a loan or other compensation prior to, or in connection with any services rendered
in order to effectuate the consummation of the Company’s initial Business Combination (regardless of the type of transaction that
it is).

 

10.           The Sponsor and each Insider has full right and power, without violating any agreement to which it, he or she is bound (including,
without limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter
Agreement and, as applicable, to serve as an officer and/or a director on the board of directors of the Company and hereby consents to
being named in the Prospectus as an officer and/or a director of the Company.

 

11.           As
used herein, (i) “Business Combination” shall mean a merger, share exchange, asset acquisition, share purchase, reorganization
or similar business combination, involving the Company and one or more businesses; (ii) “Shares” shall mean, collectively,
the Ordinary Shares and the Founder Shares; (iii) “Founder Shares” shall mean the 5,750,000 Class B ordinary shares
of the Company, par value $0.0001 per share, (or 5,000,000 shares if the over-allotment option is not exercised by the Underwriters)
initially held by the Sponsor; (iv) “Initial Shareholders” shall mean the Sponsor and any other holder of Founder
Shares immediately prior to the Public Offering; (v) “Private Placement Warrants” shall mean the warrants to purchase
up to 6,630,000 Ordinary Shares (or 7,230,000 Ordinary Shares if the over-allotment option is exercised in full) that the Sponsor has
agreed to purchase for an aggregate purchase price of $6,630,000 in the aggregate (or $7,230,000 if the over-allotment option is exercised
in full), or $1.00 per warrant, in a private placement that shall occur simultaneously with the consummation of the Public Offering;
(vi) “Public Shareholders” shall mean the holders of securities issued in the Public Offering; (vii) “Trust
Account” shall mean the trust fund into which a portion of the net proceeds of the Public Offering and the sale of the Private
Placement Warrants shall be deposited; and (viii) “Transfer” shall mean the (a) sale or assignment of, offer to sell,
contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of,
directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call
equivalent position within the meaning of Section 16 (“Section 16”) of the Securities Exchange Act of 1934, as amended,
with respect to any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the
economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in
cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b).

 

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12.           This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter
hereof 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. This Letter Agreement may not be
changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written
instrument executed by the Company, the Sponsor and each Insider that is the subject of any such change, amendment, modification or waiver.

 

13.           Except as otherwise provided herein, no party hereto may assign either this Letter Agreement or any of its rights, interests, or
obligations hereunder without the prior written consent of the other parties. Any purported assignment in violation of this paragraph
shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter
Agreement shall be binding on the Sponsor and each Insider and their respective successors, heirs and assigns and permitted transferees.

 

14.           Except
as provided for in paragraph 6, nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or entity
other than the parties hereto any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation,
promise or agreement hereof. Except as provided in paragraph 6, all covenants, conditions, stipulations, promises and agreements contained
in this Letter Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors, heirs, personal representatives
and assigns and permitted transferees.

 

15.           This
Letter Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

16.           This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not
affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such
invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Letter Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

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17.           This
Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties
hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement shall
be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction and venue,
which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue or that such courts
represent an inconvenient forum.

 

18.           Each
party hereto shall not be liable for any breaches or misrepresentations contained in this Letter Agreement by any other party to this
Letter Agreement (including, for the avoidance of doubt, any Insider with respect to any other Insider), and no party shall be liable
or responsible for the obligations of another party, including, without limitation, indemnification obligations and notice obligations.

 

19.           Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be
in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand
delivery or facsimile or other electronic transmission.

 

20.           This
Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation of the Company;
provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated
and closed by December 31, 2022; provided further that paragraph 4 of this Letter Agreement shall survive such liquidation for
a period of six years.

 

[Signature Page Follows]

 

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	 	Sincerely,
	 	 
	 	
    ENDURANCE ANTARCTICA PARTNERS, LLC

     

	 	By: 	/s/ Chandra R. Patel
	 	 	Name: Chandra R. Patel
	 	 	Title: Authorized Signatory

 

[Signature Page to Letter Agreement]

 

     

     

    

 

	/s/ Richard Charles Davis	 
	Name: Richard Charles Davis	 

 

	/s/ Romeo Antonio Reyes 	 
	Name: Romeo Antonio Reyes 	 

 

	/s/ Graeme Shaw 	 
	Name: Graeme Shaw 	 

 

	/s/ Chandra R. Patel	 
	Name: Chandra R. Patel	 

 

[Signature Page to Letter Agreement]

 

     

     

    

 

	/s/ Gary Dean Begeman    	 
	Name: Gary Dean Begeman    	     

 

	/s/ Henry Edward Dubois  	 
	Name: Henry Edward Dubois  	     

 

	/s/ Michael Eric Leitner	 
	Name: Michael Eric Leitner      	     

 

	/s/ Mitsui & Co., LTD	 
	Name: Mitsui & Co., LTD	 

By: Kazutomi Shigeeda

Its: General Manager, Space Business Dept.

         

	/s/ Hideki Kato	 
	Name: Hideki Kato	       

 

	/s/ Simon Cathcart	 
	Name: Simon Cathcart	               

 

[Signature Page to Letter Agreement]

 

     

     

    

 

	Acknowledged and Agreed:	 
	 	 
	
    ENDURANCE ACQUISITION CORP.
	 
	 	 
	By: 	/s/ Romeo Antonio Reyes	 
	 	Name: Romeo Antonio Reyes	 
	 	Title: Chief Financial Officer	 

 

[Signature Page to Letter Agreement]Exhibit 10.3

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management Trust Agreement
(this “Agreement”) is made effective as of September 14, 2021 by and between Endurance Acquisition Corp., a
Cayman Islands exempted company (the “Company”), and Continental Stock Transfer & Trust Company, a New York
corporation (the “Trustee”).

 

WHEREAS, the Company’s registration statement
on Form S-1 (File No. 333-259098) (the “Registration Statement”), including the prospectus therein (the “Prospectus”),
for the initial public offering of the Company’s units (the “Units”), each of which consists of one Class A ordinary
share, par value $0.0001 per share (the “Ordinary Share”), and one-half of one redeemable warrant, each whole warrant
entitling the holder thereof to purchase one Ordinary Share (such initial public offering hereinafter referred to as the “Offering”),
has been declared effective as of the date hereof by the U.S. Securities and Exchange Commission; and

 

WHEREAS, the Company has entered into an Underwriting
Agreement (the “Underwriting Agreement”) with Cantor Fitzgerald & Co. and Truist Securities, Inc., as underwriters
(the “Underwriters”); and

 

WHEREAS, as described in the Prospectus, $201,000,000
of the gross proceeds of the Offering and sale of the Private Placement Warrants (as defined in the Underwriting Agreement) (or $231,150,000
if the Underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held in a
segregated trust account located at all times in the United States (the “Trust Account”) for the benefit of the Company
and the holders of the Ordinary Shares included in the Units issued in the Offering as hereinafter provided (the amount to be delivered
to the Trustee (and any interest subsequently earned thereon) is referred to herein as the “Property,” the shareholders
for whose benefit the Trustee shall hold the Property are referred to herein as the “Public Shareholders,” and the
Public Shareholders and the Company are referred to herein, collectively, as the “Beneficiaries”); and

 

WHEREAS, pursuant to the Underwriting Agreement,
a portion of the Property equal to $9,000,000, or $10,350,000 if the Underwriters’ over-allotment option is exercised in full, is
attributable to deferred underwriting discounts and commissions that will be payable by the Company to the Underwriters upon and concurrently
with the consummation of the Business Combination (as defined below) (the “Deferred Discount”); and

 

WHEREAS, the Company and the Trustee desire to enter
into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property.

 

NOW THEREFORE, IT IS AGREED:

 

 1.            Agreements
and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(a)       Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by the
Trustee located in the United States at J.P. Morgan Chase Bank, N.A. (or at another U.S.-chartered commercial bank with consolidated
assets of $100 billion or more) and at a brokerage institution selected by the Trustee that is reasonably satisfactory to the
Company;

 

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(b)              
Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

(c)              
In a timely manner, upon the written instruction of the Company, invest and reinvest the Property solely in United States government securities
within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (or any successor rule), having a maturity of
185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated
under the Investment Company Act of 1940, as amended, which invest only in direct U.S. government treasury obligations, as determined
by the Company; the Trustee may not invest in any other securities or assets, it being understood that the Trust Account will earn no
interest while account funds are uninvested awaiting the Company’s instructions hereunder; while funds are invested or uninvested,
the Trustee may earn bank credits or other consideration;

 

(d)              
Collect and receive, when due, all interest or other income arising from the Property, which shall become part of the “Property,”
as such term is used herein;

 

(e)              
As soon as practicable, notify the Company and the Underwriters of all communications received by the Trustee with respect to any Property
requiring action by the Company;

 

(f)               
Supply any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with the Company’s
preparation of tax returns relating to assets held in the Trust Account or in connection with the preparation or completion of the audit
of the Company’s financial statements by the Company’s auditors;

 

(g)              
Participate in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed
by the Company to do so;

 

(h)              
Render to the Company monthly written statements of the activities of, and amounts in, the Trust Account reflecting all receipts and disbursements
of the Trust Account;

 

(i)                
Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a
letter from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as either Exhibit
A or Exhibit B signed on behalf of the Company by its Chief Executive Officer, President, Chief Financial Officer, Chief
Operating Officer, General Counsel, Secretary or Chairman of the board of directors of the Company (the “Board”)
or other authorized officer of the Company, and complete the liquidation of the Trust Account and distribute the Property in the
Trust Account, including interest (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses
and which interest shall be net of any taxes payable, it being understood that the Trustee has no obligation to monitor or question
the Company’s position that an allocation has been made for taxes payable), only as directed in the Termination Letter and the
other documents referred to therein;, or (y) upon the date which is eighteen (18) months after the closing of the Offering, or such
later date as may be approved by the Company’s shareholders in accordance with the Company’s Amended and Restated
Memorandum and Articles of Association (“Articles”), as it may be amended from time to time, if a Termination Letter has
not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the
procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest (less
up to $100,000 of interest that may be released to the Company to pay dissolution expenses and which interest shall be net of any
taxes payable), shall be distributed to the Public Shareholders of record as of such date;

 

    2

     

    

 

(j)                
Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as
Exhibit C (a “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account and distribute to the Company
the amount of interest earned on the Property requested by the Company to cover any tax obligation owed by the Company as a result of
assets of the Company or interest or other income earned on the Property, which amount shall be delivered directly to the Company by electronic
funds transfer or other method of prompt payment, and the Company shall forward such payment to the relevant taxing authority; provided,
however, that to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate
such assets held in the Trust Account as shall be designated by the Company in writing to make such distribution so long as there is no
reduction in the principal amount per share initially deposited in the Trust Account; provided, further, however,
that if the tax to be paid is a franchise tax, the written request by the Company to make such distribution shall be accompanied by a
copy of the franchise tax bill for the Company (it being acknowledged and agreed that any such amount in excess of interest income earned
on the Property shall not be payable from the Trust Account). The written request of the Company referenced above shall constitute presumptive
evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request;

 

(k)              
Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit D (a “Shareholder Redemption Withdrawal Instruction”), the Trustee shall distribute on behalf
of the Company the amount requested by the Company to be used to redeem Ordinary Shares from Public Shareholders properly submitted
in connection with a shareholder vote to approve an amendment to the Company’s Articles (A) to modify the substance or
timing of the Company’s obligation to allow redemption in connection with the Company’s initial merger, share exchange,
asset acquisition, share purchase, reorganization or similar business combination involving the Company and one or more businesses
(a “Business Combination”) or to redeem 100% of the Company’s public shares if the Company does not
complete its initial Business Combination within twenty-four eighteen(2418) months from the
closing of the Offering or (B) with respect to any other provision relating to shareholders’ rights or pre-initial Business
Combination activity. The written request of the Company referenced above shall constitute presumptive evidence that the Company is
entitled to distribute said funds, and the Trustee shall have no responsibility to look beyond said request; and

 

    3

     

    

 

(l)                
Not make any withdrawals or distributions from the Trust Account other than pursuant to Sections 1(i), (j) or (k)
above.

  

2.                 
Agreements and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a)              
Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board, President, Chief Executive
Officer, Chief Financial Officer, Chief Operating Officer, General Counsel, Secretary or other authorized officer of the Company. In addition,
except with respect to its duties under Sections 1(i), 1(j) and 1(k) hereof, the Trustee shall be entitled to rely
on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it, in good faith and with reasonable care,
believes to be given by any one of the persons authorized above to give written instructions, provided that the Company shall promptly
confirm such instructions in writing;

 

(b)              
Subject to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all reasonable and documented
expenses, including reasonable outside counsel fees and disbursements, or losses suffered by the Trustee in connection with any action
taken by it hereunder and in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or
in connection with any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder,
or the Property or any interest earned on the Property, except for expenses and losses resulting from the Trustee’s or its representatives’
gross negligence, fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement
of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this Section 2(b), it shall
notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall
have the right to conduct and manage the defense against such Indemnified Claim; provided that the Trustee shall obtain the consent
of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to
settle any Indemnified Claim without the prior written consent of the Company, which such consent shall not be unreasonably withheld;
provided, further, that the Company may conduct and manage the defense against any Indemnified Claim if the Trustee does
not promptly take action to mount such a defense. The Company may participate in such action with its own counsel;

 

(c)              
Pay the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration fee, and
transaction processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood
that the Property shall not be used to pay such fees unless and until the Property is distributed to the Company pursuant to Sections
1(i) and 1(j) hereof. The Company shall pay the Trustee the initial acceptance fee and the first annual administration
fee at the consummation of the Offering. The Company shall not be responsible for any other fees or charges of the Trustee except as
set forth in this Section 2(c), Schedule A hereto and as may be provided in Section 2(b) hereof;

 

    4

     

    

 

(d)              
In connection with any vote of the Company’s shareholders regarding a Business Combination, provide to the Trustee an affidavit
or certificate of the inspector of elections for the shareholder meeting verifying the vote of such shareholders regarding such Business
Combination;

 

(e)              
Provide the Underwriters with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee with respect
to any proposed withdrawal from the Trust Account promptly after it issues the same; 

 

(f)               
Expressly provide in any Instruction Letter (as defined in Exhibit A) delivered in connection with a Termination Letter in the
Form of Exhibit A that the Deferred Discount be paid directly to the account or accounts directed by the Underwriters; and

 

(g)              
Instruct the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the Trustee
to make any distributions that are not permitted under this Agreement.

 

3.                 
Limitations of Liability. The Trustee shall have no responsibility or liability to:

 

(a)              
Imply obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this Agreement
and that which is expressly set forth herein;

 

(b)              
Take any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have no liability
to any party except for liability arising out of the Trustee’s or its representatives’ gross negligence, fraud or willful
misconduct;

 

(c)              
Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding
of any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided
herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any reasonably incurred and documented
expenses incident thereto;

 

(d)              
Refund any depreciation in principal of any Property;

 

(e)              
Assume that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided
otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;

 

    5

     

    

 

(f)               
The other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or
omitted, in good faith and in the Trustee’s best judgment, except for the Trustee’s or its representatives’ gross
negligence, fraud or willful misconduct. The Trustee may rely conclusively and shall be protected in acting upon any order, notice,
demand, certificate, opinion or advice of counsel (including counsel chosen by the Trustee with written notification to the Company,
which counsel may be the Company’s counsel), statement, instrument, report or other paper or document (not only as to its due
execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information
therein contained) which the Trustee believes, in good faith and with reasonable care, to be genuine and to be signed or presented
by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or
rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee, signed
by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written
consent thereto;

  

(g)              
Verify the accuracy of the information contained in the Registration Statement;

 

(h)              
Provide any assurance that any Business Combination entered into by the Company or any other action taken by the Company is as contemplated
by the Registration Statement;

 

(i)                
File information returns with respect to the Trust Account with any local, state or federal taxing authority or provide periodic written
statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned on the Property;

 

(j)                
Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by, and activities
relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but not limited
to, franchise and income tax obligations, except pursuant to Section 1(j) hereof; or

 

(k)              
Verify calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections 1(i),
1(j) or 1(k) hereof.

 

4.                 
Trust Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it
may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including, without limitation,
under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely against the Company and its assets
outside the Trust Account and not against the Property or any monies in the Trust Account.

 

    6

     

    

 

5.                 
Termination; Replacement of Trustee. This Agreement shall terminate as follows:

 

(a)              
If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such time
that the Company notifies the Trustee that a successor trustee has been appointed and has agreed to become subject to the terms of this
Agreement (whether following the Trustee giving notice that it desires to resign under this Agreement or the Company otherwise electing
to replace the Trustee under this Agreement), the Trustee shall transfer the management of the Trust Account to the successor trustee,
including but not limited to the transfer of copies of the reports and statements relating to the Trust Account and any other reasonable
transfer requests the Company may make, whereupon this Agreement shall terminate; provided, however, that in the event that
the Company does not locate a successor trustee within ninety (90) days of receipt of the resignation notice from the Trustee, the Trustee
may submit an application to have the Property deposited with any court in the State of New York or with the United States District Court
for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever;

 

(b)              
At such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with the provisions
of Section 1(i) hereof and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement
shall terminate except with respect to Section 2(b); or

 

(c)              
If the Offering is not consummated within ten (10) business days of the date of this Agreement, in which case any funds received by the
Trustee from the Company or Endurance Antarctica Partners, LLC, as applicable, for purposes of funding the Trust Account shall be promptly
returned to the Company or Endurance Antarctica Partners, LLC, as applicable.

 

6.                 
Miscellaneous.

 

(a)              
The Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds
transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating to such
security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized
persons may have obtained access to such confidential information, or of any change in its authorized personnel. In executing funds transfers,
the Trustee shall rely upon all information supplied to it by the Company, including, account names, account numbers, and all other identifying
information relating to a Beneficiary, Beneficiary’s bank or intermediary bank. Except for any liability arising out of the Trustee’s
or its representatives’ gross negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss, liability or
out-of-pocket expense resulting from any error in the information or transmission of the funds.

 

(b)              
This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect
to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.

 

    7

     

    

 

(c)              
This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for Sections 1(i), 1(j) and 1(k) hereof (which may not be modified, amended or deleted without the affirmative vote
of sixty five percent (65%) of the then outstanding Ordinary Shares and Class B ordinary shares, par value $0.0001 per share, of the Company
voting together as a single class; provided that no such amendment will affect any Public Shareholder who has otherwise indicated its
election to redeem its Ordinary Shares in connection with a shareholder vote sought to amend this Agreement), this Agreement or any provision
hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing signed by each of the parties
hereto.

 

(d)              
The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State of New York,
for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT,
EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

 

(e)              
Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing and
shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery, by electronic
mail or by facsimile transmission:

  

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, NY 10004

Attn: Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com and

cgonzalez@continemtalstock.com

 

if to the Company, to:

 

Endurance Acquisition Corp.

630 Fifth Avenue, 20th Floor

New York, NY 10111

Attn: Richard Davis, Chief Executive Officer

 

in each case, with copies to:

 

Morrison & Foerster LLP

250 West 55th Street

New York, NY 10019

Attn: Larry P. Medvinsky 

Justin R. Salon

Andrew P. Campbell

 

    8

     

    

 

and

 

Cantor Fitzgerald & Co.

110 East 59th Street

New York, NY 10022

Attn.: Tristan Yapalater

  

Truist Securities, Inc.

3333 Peachtree Rd NE

Atlanta, GA 30326

Attn: Gregory Ogborn

 

and

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas

New York, NY 10105

Attn: Stuart Neuhauser

   

(f)               
This Agreement may not be assigned by the Trustee without the prior consent of the Company.

 

(g)              
Each of the Company and the Trustee hereby represents that it has the full right and power and has been duly authorized to enter into
this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall
not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in the Trust
Account under any circumstance.

 

(h)              
This Agreement is the joint product of the Trustee 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.

 

(i)                
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic transmission
shall constitute valid and sufficient delivery thereof.

 

(j)                
Each of the Company and the Trustee hereby acknowledges and agrees that the Underwriters are third party beneficiaries of this Agreement.

 

(k)              
Except as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other person
or entity.

  

[Signature Page Follows]

 

    9

     

    

 

IN WITNESS WHEREOF, the parties have duly
executed this Investment Management Trust Agreement as of the date first written above.

 

	 	Continental Stock Transfer & Trust Company, as Trustee
	 	 
	 	By:	/s/ Francis Wolf
	 	 	Name: Francis Wolf
	 	 	Title: Vice President
	 	 
	 	ENDURANCE ACQUISITION CORP.
	 	 
	 	By:	/s/ Richard Davis
	 	 	Name: Richard Davis
	 	 	Title: CEO

 

[Signature Page to Investment Management Trust
Agreement]

 

     

     

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of the Offering by wire transfer.	 	$	3,500.00	 
	 	 	 	 	 	 	 
	Annual fee	 	First year fee payable at initial closing of the Offering by wire transfer, thereafter on the anniversary of the effective date of the Offering by wire transfer or check.	 	$	10,000.00	 
	 	 	 	 	 	 	 
	Transaction processing fee for disbursements to Company under Sections 1(i) and 1(j)	 	Billed to Company following disbursement made to Company under Sections 1(i) and 1(j)	 	$	250.00	 
	 	 	 	 	 	 	 
	Paying Agent services as required pursuant to Sections 1(i) and 1(k)	 	Billed to Company upon delivery of service pursuant to Sections 1(i) and 1(k)	 	 	Prevailing rates	 

 

    Sched. A-1

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, NY 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of the Investment Management Trust
Agreement between Endurance Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust Company (the
 “Trustee”), dated as of September [●], 2021 (the “Trust Agreement”), this is to advise you
that the Company has entered into an agreement with [insert name] (the “Target Business”) to consummate a business
combination with Target Business (the “Business Combination”) on or about [insert date]. The Company shall notify you
at least seventy-two (72) hours in advance of the actual date of the consummation of the Business Combination (the “Consummation
Date”). Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement. 

 

In accordance with the terms of the Trust Agreement,
we hereby authorize you to commence to liquidate all of the assets of the Trust Account and to transfer the proceeds into the above-referenced
trust operating account at J.P. Morgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of the funds held in the Trust
Account will be immediately available for transfer to the account or accounts that Cantor Fitzgerald & Co. and Truist Securities,
Inc. (the “Underwriters”) (with respect to the Deferred Discount) and the Company shall direct on the Consummation
Date. It is acknowledged and agreed that while the funds are on deposit in the trust operating account at J.P. Morgan Chase Bank, N.A.
awaiting distribution, neither the Company nor the Underwriters will earn any interest on such funds.

 

On the Consummation Date (i) counsel for the
Company shall deliver to you written notification that the Business Combination has been consummated, or will be consummated
substantially, concurrently with your transfer of funds to the accounts as directed by the Company (the
 “Notification”) and (ii) the Company shall deliver to you (a) a certificate of the Chief Executive Officer, which
verifies that the Business Combination has been approved by a vote of the Company’s shareholders, if a vote is held and (b)
joint written instruction signed by the Company and the Underwriters with respect to the transfer of the funds held in the Trust
Account, including payment of the Deferred Discount from the Trust Account (the “Instruction Letter”). You are
hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the Notification and
the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust
Account may not be liquidated by the Consummation Date without penalty, you will notify the Company in writing of the same and the
Company shall direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date
to the Company. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related
to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

In the event that the Business Combination is not
consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original Consummation
Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the funds held in the Trust
Account shall be reinvested as provided in Section 1(c) of the Trust Agreement on the business day immediately following the Consummation
Date as set forth in the notice as soon thereafter as possible.

 

	 	Very Truly Yours,
	 	 
	 	ENDURANCE ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:	 
	 		Title:	 

 

	cc:	
    Cantor Fitzgerald & Co.

    Truist Securities, Inc. as Underwriters

 

    E-A

     

    

 

EXHIBIT B

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, NY 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of the Investment
Management Trust Agreement between Endurance Acquisition Corp. (the “Company”) and Continental Stock Transfer &
Trust Company (the “Trustee”), dated as of September [●], 2021 (the “Trust Agreement”), this
is to advise you that the Company has been unable to effect a Business Combination with a Target Business within the time frame specified
in the Company’s Amended and Restated Memorandum and Articles of Association (“Articles”), as described in the
Company’s Prospectus relating to the Offering. Capitalized terms used but not defined herein shall have the meanings set forth in
the Trust Agreement.

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and to transfer the total proceeds into the trust
operating account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Shareholders. The Company has selected [●]
as the effective date for the purpose of determining when the Public Shareholders will be entitled to receive their share of the liquidation
proceeds. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute said funds directly
to the Company’s Public Shareholders in accordance with the terms of the Trust Agreement and the Articles of the Company. Upon the
distribution of all the funds, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided
in Section 1(j) of the Trust Agreement.

 

	 	Very truly yours,
	 	 
	 	ENDURANCE ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:	 
	 		Title:	 

 

	cc:	
    Cantor Fitzgerald & Co.

    Truist Securities, Inc. as Underwriters

 

    E-B

     

    

 

EXHIBIT C

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, NY 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re: Trust Account Tax Payment Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(j) of the Investment
Management Trust Agreement between Endurance Acquisition Corp. (the “Company”) and Continental Stock Transfer &
Trust Company (the “Trustee”), dated as of September [●], 2021 (the “Trust Agreement”), the
Company hereby requests that you deliver to the Company $[●] of the interest income earned on the Property as of the date hereof.
Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

 The Company needs such funds to pay for the
tax obligations as set forth on the attached tax return or tax statement. In accordance with the terms of the Trust Agreement, you are
hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s
operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 
	 	ENDURANCE ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:	 
	 		Title:	 

 

	cc:	
    Cantor Fitzgerald & Co.

    Truist Securities, Inc. as Underwriters

 

    E-C

     

    

 

EXHIBIT D

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, NY 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Re: Trust Account Shareholder Redemption Withdrawal Instruction

 

Pursuant to Section 1(l) of the Investment
Management Trust Agreement between Endurance Acquisition Corp. (the “Company”) and Continental Stock Transfer &
Trust Company (the “Trustee”), dated as of September [●], 2021 (the “Trust Agreement”), the
Company hereby requests that you deliver to the redeeming Public Shareholders of the Company $[●] of the principal and interest
income earned on the Property as of the date hereof into a segregated account held by you on behalf of the Beneficiaries for distribution
to the Shareholders who have requested redemption of their shares. Capitalized terms used but not defined herein shall have the meanings
set forth in the Trust Agreement.

 

The Company needs such funds to pay its Public
Shareholders who have properly elected to have their Ordinary Shares redeemed by the Company in connection with a shareholder vote to
approve an amendment to the Company’s amended and restated memorandum and articles of association (A) to modify the substance
or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or
to redeem 100% of the Company’s public shares if it does not complete its initial Business Combination within such time as is described
in the Company’s amended and restated memorandum and articles of association or (B) with respect to any other provision relating
to shareholders’ rights or pre-initial Business Combination activity. As such, you are hereby directed and authorized to transfer
(via wire transfer) such funds promptly upon your receipt of this letter to the redeeming Public Shareholders in accordance with your
customary procedures.

 

	 	Very Truly Yours,

 

	 	ENDURANCE ACQUISITION CORP.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc: Cantor Fitzgerald & Co.

Truist Securities, Inc. as
Underwriters

 

    E-D

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