Document:

Exhibit 10.2

   

  [____], 2021

   

  Enphys Acquisition Corp.

  216 East 45th Street

  13th Floor

  New York, New York 10017

   

  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”) entered into or proposed to be entered into by and between Enphys Acquisition Corp., a Cayman Islands exempted company (the “Company”), and Credit Suisse Securities (USA) LLC, as the representative of
    the several underwriters named therein (the “Underwriters”), relating to an underwritten initial public offering (the “Public Offering”), of 28,750,000 of the Company’s units (including up to 3,750,000 units
    that may be purchased to cover over-allotments, if any) (the “Units”), each comprised of one Class A ordinary share of the Company, par value $0.0001 per share (each, an “Ordinary Share”), and
    one-third of one redeemable warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment. The Units shall be sold in the
    Public Offering pursuant to registration statements on Form S-1 and a prospectus (the “Prospectus”) filed by the Company with the Securities and Exchange Commission (the “Commission”). 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, Enphys Acquisition Sponsor LLC, a Cayman Islands limited liability company (the “Sponsor”), and the other undersigned persons (each, an
    “Insider” and collectively, the “Insiders”), hereby agrees with the Company as follows:

   

  1.            The Sponsor and each Insider agrees with the Company 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 (including any proposals recommended by the Company’s Board of
    Directors in connection with such Business Combination) and (ii) not redeem any Shares owned by it, him or her in connection with such shareholder approval.

   

  2.            The Sponsor and each Insider hereby agrees with the Company that in the event that the Company fails to consummate a Business
    Combination within 24 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 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 ten (10) business days thereafter, 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), 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, liquidate and
    dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. The Sponsor and each Insider agrees to not propose any amendment to the Company’s
    amended and restated memorandum and articles of association (i) 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 Offering Shares if
    the Company does not complete its initial Business Combination within 24 months from the closing of the Public Offering, or (ii) 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 or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares held by it. The Sponsor and each Insider hereby further waives, with respect to any 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 amend the Company’s amended and restated memorandum and articles of association (i) 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 Offering Shares if the Company does not complete its initial Business Combination within 24 months from 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 and the Insiders 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 24 months from the date of the closing of the Public Offering).

   

  
     

    
      

    

  

   

  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 Credit Suisse Securities (USA) LLC, offer, sell, contract to sell, pledge or otherwise dispose of (or enter into
    any transaction that is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise)), directly or indirectly, or establish or increase
    a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 (“Section 16”) of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
    promulgated thereunder, 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 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). Each of the Insiders and the Sponsor acknowledges and agrees that, prior to the effective date of
    any release or waiver, of the restrictions set forth in this paragraph 3 or paragraph 7 below, the Company shall announce the impending release or waiver by press release through a major news service at least two business days before the effective date
    of the release or waiver. Any release or waiver granted shall only be effective two business days after the publication date of such press release. 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 share of the Offering Shares or (ii) such lesser amount per share of the Offering Shares 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.

   

  5.            To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 3,375,000 Units
    within 45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees that it shall forfeit, at no cost, a number of Founder Shares in the aggregate equal to 843,750 multiplied by a fraction, (i) the numerator
    of which is 3,375,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (i)  the denominator of which is 3,375,000. All references in this Letter Agreement to Founder Shares of the Company
    being forfeited shall take effect as surrenders for no consideration of such Founder 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 number of Founder Shares will equal an aggregate of 20.0% of the Company’s issued and outstanding Shares after the Public Offering. The Initial Shareholders further agree that to the extent that the size of the Public Offering is increased or
    decreased, the Company will effect a capitalization or share repurchase or redemption, as applicable, immediately prior to the consummation of the Public Offering in such amount as to maintain the number of Founder Shares 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, then (A) the references to 3,375,000 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 Ordinary Shares included in the Units issued in the Public Offering and (B) the reference to 937,500 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 for the number of Founder Shares to equal 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 Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 7(a), 7(b), and 9 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 seek injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach.

   

  7.            (a) The Sponsor and each Insider agrees 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 last reported sale price of the Ordinary Shares
    equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, 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 following the completion of the Company’s initial Business Combination 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 agrees that it, he or she shall not Transfer any Private
    Placement Warrants (or Ordinary Shares issued or issuable upon the conversion 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 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, are permitted (a) to the Company’s officers or directors, any affiliates or
    family members 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, by gift to a member of the individual’s immediate family, or 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, by virtue of laws of descent and distribution upon death of the individual; (d) in the case of
    an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with the consummation of the Company’s 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 Company’s completion of an initial Business Combination; (g) by virtue of the laws of the Cayman Islands or the Sponsor’s limited liability company agreement, as amended,
    upon dissolution of the Sponsor; and (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 shareholders having the right to exchange
    their Ordinary Shares for cash, securities or other property subsequent to the completion of the Company’s 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 in this Agreement.

   

  8.            The Sponsor and each Insider represents and warrants 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, if any (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 such Insider’s background. Each Insider’s questionnaire furnished to the Company, if any, is true and accurate in all respects. Each
    Insider represents and warrants that: it 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; it 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 it is
    not currently a defendant in any such criminal proceeding.

   

  
     

    
      

    

  

   

  9.            Except as disclosed in 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), other than the following, none of which will be made from the proceeds held in the Trust Account prior to the completion of
    the initial Business Combination: (i) repayment of a loan and advances up to an aggregate of $300,000 made to the Company by the Sponsor; (ii) payment to an affiliate of the Sponsor of a total of $10,000 per month for office space, administrative and
    support services; (iii) payment of customary fees for financial advisory services; (iv) reimbursement for any reasonable out-of-pocket expenses related to identifying, investigating and completing an initial Business Combination; and (v) repayment of
    loans, if any, and on such terms as to be determined by the Company from time to time, made by the Sponsor or an affiliate of the Sponsor or any of the Company’s officers or directors to finance transaction costs in connection with an intended initial
    Business Combination; provided that if the Company does not consummate an initial Business Combination, a portion of the working capital held outside the Trust Account may be used by the Company to repay such loaned amounts so long as no proceeds from
    the Trust Account are used for such repayment. Up to $1,500,000 of such loans may be convertible into warrants at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the Private Placement Warrants.

   

  10.          The Sponsor and each Insider has full right and power, without violating any agreement to which it 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 a director on the board of directors of the Company and hereby consents to being
    named in the Prospectus as 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 7,187,000 Class B Ordinary Shares, par value $0.0001 per share, issued and outstanding immediately prior to the consummation of the Public Offering; (iv) “Initial Shareholders” shall mean the Sponsor
    and any other person that holds Founder Shares; (v) “Private Placement Warrants” shall mean the Warrants to purchase an aggregate of 7,000,000 Ordinary Shares of the Company that the Sponsor has agreed
    to purchase for an aggregate purchase price of $7,000,000, 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 shall be deposited; and (viii) “Transfer”
    shall mean the (a) sale 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, (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).

   

  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 (1) each Insider that is the subject of any such change, amendment, modification or
    waiver and (2) the Sponsor.

   

  13.          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 party. 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.          This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York. 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.

   

  15.          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 transmission.

   

  16.          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.

   

  
     

    
      

    

  

   

  17.          This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods and (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, 2021; provided further that paragraph 4 of this Letter Agreement shall survive such
    liquidation.

   

  18.          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.

   

  [Signature page follows]

   

  
     

    
      

    

  

   

  	
           

        	
          Sincerely,

        
	
           

        	
           

        	
           

        
	
           

        	
          ENPHYS ACQUISITION SPONSOR LLC

        
	
           

        	
           

        	
           

        
	
           

        	
          By:

        	
           

        
	
           

        	
           

        	
          Name:

        
	
           

        	
           

        	
          Title:

        
	
           

        	
           

        	
           

        
	
           

        	
          Name: [●]

        
	
           

        	
           

        	
           

        
	
           

        	
          Name: [●]

        
	
           

        	
           

        	
           

        
	
           

        	
          Name: [●]

        
	
           

        	
           

        	
           

        
	
           

        	
          Name: [●]

        
	
           

        	
           

        	
           

        
	
           

        	
          Name: [●]

        

   

  	
          Acknowledged and Agreed:

        	
           

        
	
           

        	
           

        	
           

        
	
          ENPHYS ACQUISITION CORP.

        	
           

        
	
           

        	
           

        	
           

        
	
          By:

        	
           

        	
           

        
	
           

        	
          Name:

        	
           

        
	
           

        	
          Title:

        	
           

        

   

   

  [Signature Page
      to Letter Agreement]Exhibit 10.3

   

  INVESTMENT MANAGEMENT TRUST AGREEMENT

   

  This
    Investment Management Trust Agreement (this “Agreement”) is made effective as of [●], 2021, by
    and between Enphys 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. ____________ (the “Registration Statement”),
    and prospectus (the “Prospectus”) for the initial public offering of the Company’s units (the “Units”),
    each of which consists of one of the Company’s Class A ordinary shares, par value $0.0001 per share (each, an “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 Credit Suisse
    Securities (USA) LLC, as representative of the several underwriters (the “Underwriters”) named therein;
    and

   

  WHEREAS,
    as described in the Prospectus, $250,000,000 of the gross proceeds of the Offering and sale of the Private Placement Warrants (as
    defined in the Underwriting Agreement) (or $287,500,000 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 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 will be referred to as the “Public Shareholders,” and the Public
    Shareholders and the Company will be referred to together as the “Beneficiaries”); and

   

  WHEREAS,
    pursuant to the Underwriting Agreement, a portion of the Property equal to $8,750,000, or $10,062,500 if the Underwriters’
    over-allotment option is exercised in full, is attributable to deferred underwriting discounts and commissions that may be payable
    by the Company to the Underwriters upon 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;

   

  (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 in United States government
    securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, 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; it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the
    Company’s instructions hereunder; while on deposit, 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)           Promptly notify the Company and Credit Suisse
    Securities (USA) LLC 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; provided, that, in
      the case a Termination Letter in the form of Exhibit A is received, or (y) upon the date which is twenty-four (24) 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, 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;

   

  (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 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 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 merger, amalgamation, 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 it does not complete its initial Business Combination within twenty-four (24)
    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

   

  (l)            Not make any withdrawals or distributions from
    the Trust Account other than pursuant to Section 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 or Secretary. 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 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. 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 it is distributed to the Company pursuant to Sections 1(i)
      through 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) and as may be provided in Section 2(b) hereof;

   

  (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 Credit Suisse Securities (USA) LLC 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 Credit Suisse Securities
    (USA) LLC; 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 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 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;

   

  (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 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.

   

  		5.	Termination. 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, 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 Enphys Acquisition Sponsor LLC for purposes of funding the Trust Account shall be promptly
    returned to the Company or Enphys Acquisition Sponsor 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 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.

   

  (c)           This
      Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
      for Section 1(i), 1(j) and 1(k) hereof (which sections 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 his, her or its election to redeem his, her or 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, New York
    10004

  Attn: Francis Wolf & Celeste Gonzalez

   

  Email: fwolf@continentalstock.com

  Email: cgonzalez@continentalstock.com

   

  if to the Company, to:

   

  Enphys Acquisition
    Corp.

  c/o i(x) Investments,
    LLC

  216 East 45th
    Street, 13th Floor

  New York, New York
    10017

  Attn: Chief Executive
    Officer

  Email: plindstrom@ixinvests.com

   

  in each case, with copies to:

   

  Brown Rudnick LLP

  7 Times Square

  New York, New York
    10036

  Attn: Todd Emmerman

  Email: temmerman@brownrudnick.com

   

  and

   

  Credit Suisse Securities
    (USA) LLC

  Eleven Madison Avenue

  New York, New York
    10010-3629

  Attn:

   

  and

   

  Davis Polk Wardwell
    LLP

  450 Lexington Avenue

  New York, New York
    10017

  Attn: Derek J. Dostal

  E-mail: Derek.dostal@davispolk.com

   

  (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 Credit Suisse Securities (USA) LLC is a third party
    beneficiary 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]

  
     

    
      

    

  

   

  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:	 
	 	Name:
	 	Title:
	 	 	 
	 	Enphys Acquisition Corp.
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

   

  [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 Section 1(i) and 1(k)	 	Billed to Company upon delivery of service pursuant to Section 1(i) and 1(k)	 	Prevailing rates

   

  
     

    
      

    

  

   

  EXHIBIT A

   

  [Letterhead of Company]

   

  [Insert date]

   

  Continental Stock Transfer & Trust Company

  One State Street, 30th Floor

  New York, New York 10004

  Attn: Francis Wolf & 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 Enphys Acquisition Corp. (the “Company”)
    and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2021 (the
    “Trust Agreement”), this is to advise you that the Company has entered into an agreement with (the
    “Target Business”) to consummate a merger, amalgamation, share exchange, asset acquisition, share purchase,
    reorganization or similar business combination with the 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 (or
    such shorter time period as you may agree) of the consummation of the Business Combination (“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 JP 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 Credit Suisse Securities (USA) LLC (the “Representative”) (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 [●] awaiting distribution, neither the Company nor the Representative will earn any interest.

   

  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
    Representative 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,
	 	 
	 	Enphys Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name
	 	 	Title:

   

  cc:      Credit Suisse Securities (USA) LLC

   

  
     

    
      

    

  

   

  EXHIBIT B

   

  [Letterhead of Company]

   

  [Insert date]

   

  Continental Stock Transfer & Trust Company

  One State Street, 30th Floor

  New York, New York 10004

  Attn: Francis Wolf & Celeste Gonzalez

   

  Re: Trust Account No.
      - Termination Letter

   

  Dear Mr. Wolf and Ms. Gonzalez:

   

  Pursuant
    to Section 1(i) of the Investment Management Trust Agreement between Enphys Acquisition Corp. (the “Company”)
    and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2021 (the
    “Trust Agreement”), this is to advise you that the Company has been unable to effect a merger, amalgamation,
    share exchange, asset acquisition, share purchase, reorganization or similar business combination with a Target Business (the “Business
        Combination”) within the time frame specified in the Company’s amended and restated memorandum and articles
    of association, 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 Operating
    Account and to transfer the total proceeds into the trust operating account at [●] 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 amended and restated memorandum and articles of association 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,
	 	 
	 	Enphys Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name
	 	 	Title:

    

  cc:      Credit Suisse Securities (USA) LLC

   

  
     

    
      

    

  

   

  EXHIBIT C

   

  [Letterhead of Company]

   

  [Insert date]

   

  Continental Stock Transfer & Trust Company

  One State Street, 30th Floor

  New York, New York 10004

  Attn: Francis Wolf & 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 Enphys Acquisition Corp. (the “Company”)
    and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 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,
	 	 
	 	Enphys Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name
	 	 	Title:

   

  cc:      Credit Suisse Securities (USA) LLC

   

  
     

    
      

    

  

   

  EXHIBIT D

   

  [Letterhead of Company]

   

  [Insert date]

   

  Continental Stock Transfer & Trust Company

  One State Street, 30th Floor

  New York, New York 10004

  Attn: Francis Wolf & Celeste Gonzalez

   

  Dear
    Mr. Wolf and Ms. Gonzalez:

   

  Re: Trust Account - Shareholder Redemption Withdrawal
      Instruction

   

  Pursuant
    to Section 1(k) of the Investment Management Trust Agreement between Enphys Acquisition Corp. (the “Company”)
    and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2021 (the
    “Trust Agreement”), the Company hereby requests that you deliver to the redeeming Public Shareholders
    on behalf of the Company $                                   of the principal and 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 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 certificate of 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,
	 	 
	 	Enphys Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name
	 	 	Title:

   

  cc:      Credit Suisse Securities (USA) LLC

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