Document:

Exhibit 10.1

 

Execution Version

PROMISSORY NOTE

 

	Not to Exceed $300,000	August 17, 2020

 

FOR VALUE RECEIVED,
the undersigned Spartan Acquisition Corp. II, a Delaware corporation (“Maker” or the “Company”), whose
address is 9 West 57th Street, 43rd Floor, New York, NY 10019, hereby unconditionally promises to pay to
the order of Spartan Acquisition Sponsor II LLC, a Delaware limited liability company (“Payee”), at Payee’s office
at 9 West 57th Street, 43rd Floor, New York, NY 10019 (or such other address specified by Payee to Maker),
the sum of THREE HUNDRED THOUSAND DOLLARS ($300,000) or such lesser amount as shall have been advanced by Payee to Maker and shall
remain unpaid under this note (this “Note”), in legal and lawful money of the United States of America.

 

Payee may make advances
to Maker from time to time under this Note; provided, however, that notwithstanding anything to the contrary herein, at no time
shall the aggregate of all advances and re-advances outstanding under this Note exceed $300,000.

 

This is a non-interest
bearing Note.

 

The entire unpaid principal
balance of this Note shall be due and payable upon the earlier of (x) the date that is 180 days following the date hereof and (y)
the consummation of a public offering of the Company’s securities.

 

If payment of this
Note or any installment of this Note is not made when due, the entire indebtedness hereunder, at the option of Payee, shall immediately
become due and payable, and Payee shall be entitled to pursue any or all remedies to which Payee is entitled hereunder, or at law
or in equity.

 

This Note may be prepaid,
in whole or in part, without penalty. This Note may not be changed, amended or modified except in a writing expressly intended
for such purpose and executed by the party against whom enforcement of the change, amendment or modification is sought. The loan
evidenced by this Note is made solely for business purposes.

 

THIS NOTE IS BEING
EXECUTED AND DELIVERED, AND IS INTENDED TO BE PERFORMED, IN THE STATE OF NEW YORK. EXCEPT TO THE EXTENT THAT THE LAWS OF THE UNITED
STATES MAY APPLY TO THE TERMS HEREOF, THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE VALIDITY, CONSTRUCTION, ENFORCEMENT
AND INTERPRETATION OF THIS NOTE. IN THE EVENT OF A DISPUTE INVOLVING THIS NOTE OR ANY OTHER INSTRUMENTS EXECUTED IN CONNECTION
HEREWITH, THE UNDERSIGNED PARTIES IRREVOCABLY AGREE THAT VENUE FOR SUCH DISPUTE SHALL LIE IN ANY COURT OF COMPETENT JURISDICTION
IN THE STATE OF NEW YORK.

 

Service of any notice
by Maker to Payee or by Payee to Maker, shall be mailed, postage prepaid by certified United States mail, return receipt requested,
at the address for such party set forth in this Note, or at such subsequent address provided to the other party hereto in the manner
set forth in this paragraph for all notices. Any such notice shall be deemed given three (3) days after deposit thereof in an official
depository under the care and custody of the United States Postal Service.

 

     

     

    

 

Should the indebtedness
represented by this Note or any part thereof be collected at law or in equity or through any bankruptcy, receivership, probate
or other court proceedings or if this Note is placed in the hands of attorneys for collection after default, the undersigned and
all endorsers, guarantors and sureties of this Note jointly and severally agree to pay to the holder of this Note, in addition
to the principal and interest due and payable hereon, reasonable attorneys’ and collection fees.

 

The undersigned and
all endorsers, guarantors and sureties of this Note and all other persons liable or to become liable on this Note severally waive
presentment for payment, demand, notice of demand and of dishonor and nonpayment of this Note, notice of intention to accelerate
the maturity of this Note, notice of acceleration, protest and notice of protest, diligence in collecting, and the bringing of
suit against any other party, and agree to all renewals, extensions, modifications, partial payments, releases or substitutions
of security, in whole or in part, with or without notice, before or after maturity.

 

The undersigned hereby
expressly and unconditionally waives, in connection with any suit, action or proceeding brought by the payee on this Note, any
and every right it may have to (i) injunctive relief, (ii) a trial by jury, (iii) interpose any counterclaim therein and (iv) have
the same consolidated with any other or separate suit, action or proceeding. Nothing herein contained shall prevent or prohibit
the undersigned from instituting or maintaining a separate action against payee with respect to any asserted claim.

 

Any provision contained
in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibitions or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

This Note represents
the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements
of the parties.

 

    2 

     

    

 

EXECUTED AND AGREED
as of the date first above written.

 

	 	SPARTAN ACQUISITION CORP. II,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Geoffrey Strong
	 	Name:	Geoffrey Strong
	 	Title:	Chief Executive Officer

 

[Signature Page to Promissory Note]Exhibit 10.5

 

Execution Version

 

SECURITIES SUBSCRIPTION AGREEMENT

 

This Securities Subscription
Agreement (this “Agreement”), effective as of August 17, 2020, is made and entered into by and between Spartan Acquisition
Corp. II, a Delaware corporation (the “Company”), and Spartan Acquisition Sponsor II LLC, a Delaware limited liability
company (the “Buyer”).

 

RECITALS:

 

WHEREAS, the
Buyer wishes to subscribe for and purchase from the Company an aggregate of 11,500,000 shares (the “Shares”) of the
Company’s Class B Common Stock (as defined below), up to 1,500,000 of which are subject to forfeiture by the Buyer to the
extent that the underwriters of the initial public offering (“IPO”) of the Company’s units do not fully exercise
their over-allotment option (the “Over-allotment Option”). The Company wishes to issue and sell the Shares to the Buyer,
on the terms and subject to the conditions set forth in this Agreement.

 

AGREEMENT:

 

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

 

ARTICLE I

DEFINITIONS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE II

PURCHASE OF THE SHARES

 

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

 

    2

    

    

 

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

 

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

 

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

 

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

 

(b) Company
Deliveries. At the Closing, or within a reasonable time after the Closing but in no event later than thirty (30) days after
the Closing, the Company shall issue the Shares and shall register, or arrange for the registration of, the Shares in the Company’s
register of stockholders.

 

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

 

Section 2.6 Legend.
The Shares shall be imprinted with a legend in substantially the following form:

 

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

 

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

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE
BUYER

 

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

 

    3

    

    

 

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

 

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

 

Section 3.3 Investment
Representations.

 

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

 

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

 

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

 

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

 

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

 

    4

    

    

 

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

 

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

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE
COMPANY

 

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

 

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

 

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

 

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

 

ARTICLE V

MISCELLANEOUS

 

Section 5.1 Partial
or No Exercise of the Over-allotment Option. In the event the Over-allotment Option is not exercised in full, the Buyer acknowledges
and agrees that it (or, if applicable, it and/or any transferees of Shares) shall forfeit any and all rights to such number of
Shares (up to an aggregate of 1,500,000 Shares (as such amount may be adjusted for share splits, share dividends, reorganizations,
recapitalizations and the like) and pro rata based upon the percentage of the Over-allotment Option exercised) such that immediately
following such forfeiture, the Buyer (and all other initial stockholders of the Company prior to the IPO, if any) will own an aggregate
number of Shares equal to 20% of the issued and outstanding Shares immediately following the IPO.

 

Section 5.2 Termination
of Rights as Stockholder. If any of the Shares are forfeited in accordance with this Article V, then after such time the Buyer
(or its successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company shall take
such action as is appropriate to cancel such forfeited Shares.

 

ARTICLE VI

MISCELLANEOUS

 

Section 6.1 Entire
Agreement. This Agreement, together with the certificates, documents, instruments and writings that are delivered pursuant
hereto, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes
all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate
in any way to the subject matter hereof or the transactions contemplated hereby.

 

Section 6.2 Successors.
All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and
inure to the benefit of and are enforceable by, the parties hereto and their respective successors.

 

Section 6.3 Assignments.
Except as otherwise provided herein, no party hereto may assign either this Agreement or any of its rights, interests, or obligations
hereunder without the prior written approval of the other party. Any purported assignment in violation of this Section 5.3 shall
be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee.

 

    6

    

    

 

Section 6.4 Waiver
of Jury Trial. THE PARTIES HERETO EACH HEREBY AGREE TO WAIVE THE RESPECTIVE RIGHTS TO JURY TRIAL OF ANY DISPUTE BASED UPON
OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS.
THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL ACTIONS THAT MAY BE FILED IN ANY COURT AND THAT RELATE
TO THE SUBJECT MATTER OF THE TRANSACTIONS, INCLUDING, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON
LAW AND STATUTORY CLAIMS. THE PARTIES HERETO EACH ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS
RELATIONSHIP AND THAT THEY WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER REPRESENTS
AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL
RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, THIS WAIVER IS IRREVOCABLE,
MEANING THAT IT MAY NOT BE MODIFIED ORALLY OR IN WRITING, AND THE WAIVER WILL APPLY TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING HERETO. IN THE EVENT OF AN ACTION, THIS AGREEMENT
MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY A COURT.

 

Section 6.5 Counterparts.
This Agreement may be executed in two or more counterparts, each of which will be deemed an original but all of which together
will constitute one and the same instrument.

 

Section 6.6 Headings.
The article and section headings contained in this Agreement are inserted for convenience only and will not affect in any way
the meaning or interpretation of this Agreement.

 

Section 6.7 Governing
Law. This Agreement, the entire relationship of the parties hereto, and any litigation between the parties (whether grounded
in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the
laws of the State of Delaware, without giving effect to its choice of laws principles.

 

Section 6.8 Amendments.
This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed
by the parties hereto.

 

Section 6.9 Severability.
The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not
affect the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied
to any party hereto or to any circumstance, is adjudged by a Governmental Body, arbitrator, or mediator not to be enforceable in
accordance with its terms, the parties hereto agree that the Governmental Body, arbitrator, or mediator making such determination
will have the power to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete
specific words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced.

 

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Section 6.10 Expenses.
Except as otherwise expressly provided in this Agreement, each party hereto will bear its own costs and expenses incurred in
connection with the preparation, execution and performance of this Agreement and the consummation of the transactions contemplated
hereby, including all fees and expenses of agents, representatives, financial advisors, legal counsel and accountants.

 

Section 6.11 Construction.
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question
of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement.
Any reference to any federal, state, local, or foreign Law will be deemed also to refer to Law as amended and all rules and regulations
promulgated thereunder, unless the context requires otherwise. The words “include,” “includes,” and “including”
will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be
construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless
the context otherwise requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
“hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless
expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have independent
significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact
that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative
levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party hereto
is in breach of the first representation, warranty, or covenant.

 

Section 6.12 Waiver.
No waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional
or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder
or affect in any way any rights arising because of any prior or subsequent occurrence.

 

    8

    

    

 

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

 

	 	COMPANY:
	 	 	 
	 	SPARTAN ACQUISITION CORP. II
	 	 	 
	 	By:	 /s/ Geoffrey Strong
	 	Name:  	Geoffrey Strong
	 	Title: 	Chief Executive Officer
	 	 	 
	 	BUYER:
	 	 	 
	 	SPARTAN ACQUISITION SPONSOR II LLC
	 	 	 
	 	By: 	/s/ Geoffrey Strong
	 	Name:  	Geoffrey Strong
	 	Title: 	Chief Executive Officer

 

[Signature Page to the Securities Subscription
Agreement]

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