Document:

Exhibit 10.6

 

THIS PROMISSORY NOTE (“NOTE”) HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED
FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER
THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	Principal Amount: up to $300,000	Dated as of March 8, 2021
	(as set forth on the Schedule of Borrowings attached hereto)	 

 

Freestone
Acquisition Corp, a Cayman Islands exempted company and blank check company (the “Maker”), promises to
pay to the order of Freestone Sponsor LLC, a Delaware limited liability company, or its registered assigns or successors in interest
(the “Payee”), or order, the principal sum of up to three hundred thousand U.S. dollars ($300,000) (as set forth
on the Schedule of Borrowings attached hereto) in lawful money of the United States of America, on the terms and conditions described
below. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined
by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of
this Note.

 

1.            Principal.
The principal balance of this Note shall be payable by the Maker on the earlier of: (i) December 31, 2021; or (ii) the
date on which Maker consummates an initial public offering of its securities (the “IPO”). The principal balance
may be prepaid at any time. Under no circumstances shall any individual, including but not limited to any officer, director, employee
or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

 

2.            Interest.
No interest shall accrue on the unpaid principal balance of this Note.

 

3.            Drawdown
Requests. Maker and Payee agree that Maker may request up to Three Hundred Thousand Dollars
($300,000) for costs reasonably related to Maker’s initial public offering of its securities. The principal of this Note
may be drawn down from time to time prior to the earlier of: (i) December 31, 2021, or (ii) the date on which Maker
consummates an initial public offering of its securities, upon written request from Maker to Payee (each, a “Drawdown
Request”). Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than One Thousand
Dollars ($1,000) unless agreed upon by Maker and Payee. Payee shall fund each Drawdown Request no later than one (1) business
day after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns collectively under this Note is
Three Hundred Thousand Dollars ($300,000). No fees, payments or other amounts shall be due to Payee in connection with, or as a
result of, any Drawdown Request by Maker.

 

4.            Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due
under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges
and finally to the reduction of the unpaid principal balance of this Note.

 

5.     Events
of Default. The following shall constitute an event
of default (“Event of Default”):

 

(a)            Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business
days of the date specified above.

 

    	 		 

     

    

 

(b)            Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

(c)            Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker
in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period
of 60 consecutive days.

 

6.            Remedies.

 

(a)            Upon
the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare
this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable
thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which
are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)            Upon
the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note, and
all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without
any action on the part of Payee.

 

7.            Waivers.
Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor,
protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by
Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting
any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or
sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment;
and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of
execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

8.            Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other
party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted
by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors,
or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

9.            Notices.
All notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing and
delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic
transmission to the address designated in writing; (ii) by facsimile to the number most recently provided to such party or
such other address or fax number as may be designated in writing by such party; and (iii) by electronic mail, to the electronic
mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such
party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered
personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one
(1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

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10.            Construction.
THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS
THEREOF.

 

11.            Severability.
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 prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

12.            Trust
Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim
of any kind (“Claim”) in or to any distribution of or from the trust account to be established in which the
proceeds of the IPO conducted by the Maker (including the deferred underwriters discounts and commissions) and certain of the proceeds
of the sale of the warrants issued in a private placement to occur in connection with the consummation of the IPO are to be deposited,
as described in greater detail in the registration statement and prospectus to be filed with the Securities and Exchange Commission
in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against
the trust account for any reason whatsoever.

 

13.            Amendment;
Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the
Maker and the Payee.

 

14.            Assignment.
No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of
law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required
consent shall be void.

 

[Signature Page Follows]

 

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IN
WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned
as of the day and year first above written.

 

	 	FREESTONE ACQUISITION CORP,
	 	a Cayman Islands exempted company
	 	 
	 	By:	 
	 	Name:	Edward Herring
	 	Title: 	Director

 

[Signature Page to Promissory Note]

 

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SCHEDULE OF BORROWINGS

 

The following increases or decreases in this Promissory Note
have been made:

 

	Date of Increase or

 Decrease	 	Amount of decrease in

 Principal Amount of this 

Promissory Note	 	Amount of increase in 

Principal Amount of this

 Promissory Note	 	Principal Amount of this 

Promissory Note following 

such decrease or increase
	 	 	 	 	 	 	 

 

    	 	5Exhibit 10.7

 

Freestone
Acquisition Corp

2021 McKinney Ave #1250

Dallas, TX 75201

 

March 8, 2021

 

Freestone Sponsor LLC

2021 McKinney Ave #1250

Dallas, TX 75201

 

	RE:	Securities Subscription Agreement

 

Gentlemen:

 

This agreement (this
 “Agreement”) is entered into on March 8, 2021 by and between Freestone Sponsor LLC, a Delaware limited
liability company (the “Subscriber” or “you”), and Freestone Acquisition Corp, a Cayman Islands
exempted company (the “Company”). Pursuant to the terms hereof, the Company hereby accepts the offer the Subscriber
has made to purchase 5,750,000 Class B ordinary shares, $0.0001 par value per share (the “Shares”), up
to 750,000 of which are subject to surrender and cancellation by you if the underwriters of the initial public offering (“IPO”)
of units (“Units”) of the Company do not fully exercise their over-allotment option (the “Over-allotment
Option”). The Company and the Subscriber’s agreements regarding such Shares are as follows:

 

1.            Purchase
of Securities

 

1.1            Purchase
of Shares

 

For the sum of $25,000
(the “Purchase Price”), which has been paid by the Subscriber to Walkers on behalf of the Company in settlement
of the retainer invoice issued to the Company, the Company hereby issues the Shares to the Subscriber, and the Subscriber hereby
subscribes for and purchases the Shares from the Company, 750,000 of which are subject to surrender and cancellation, on the terms
and subject to the conditions set forth in this Agreement. All references in this Agreement to shares of the Company being surrendered
and canceled shall take effect as surrenders and cancellations for no consideration of such shares as a matter of Cayman Islands
law.

 

1.2            Surrender
of Subscriber Shares. On the issuance of the Shares, the Subscriber hereby irrevocably surrenders to the Company for cancellation
and for no consideration the one Class B ordinary share, $0.0001 par value that the Subscriber holds in its name in the register
of members of the Company.

 

2.            Representations,
Warranties and Agreements

 

2.1            Subscriber’s
Representations, Warranties and Agreements

 

To induce the Company
to issue the Shares to the Subscriber, the Subscriber hereby represents and warrants to the Company and agrees with the Company
as follows:

 

2.1.1            No
Government Recommendation or Approval

 

The Subscriber understands
that no federal or state agency has passed upon or made any recommendation or endorsement of the offering of the Shares.

 

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2.1.2            No
Conflicts

 

The execution, delivery
and performance of this Agreement and the consummation by the Subscriber of the transactions contemplated hereby do not violate,
conflict with or constitute a default under (i) the formation and governing documents of the Subscriber, (ii) any agreement,
indenture or instrument to which the Subscriber is a party or (iii) any law, statute, rule or regulation to which the
Subscriber is subject, or any agreement, order, judgment or decree to which the Subscriber is subject.

 

2.1.3            Registration
and Authority

 

The Subscriber is a Delaware
limited liability company, validly existing and in good standing under the laws of Delaware and possesses all requisite power and
authority necessary to carry out the transactions contemplated by this Agreement. Upon execution and delivery by you, this Agreement
will be a legal, valid and binding agreement of Subscriber, enforceable against Subscriber in accordance with its terms, except
as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the
enforcement of creditors’ rights generally and subject to general principles of equity (regardless of whether enforcement
is sought in a proceeding at law or in equity).

 

2.1.4            Experience,
Financial Capability and Suitability

 

Subscriber is: (i) sophisticated
in financial matters and is able to evaluate the risks and benefits of the investment in the Shares; and (ii) able to bear
the economic risk of its investment in the Shares for an indefinite period of time because the Shares have not been registered
under the Securities Act (as defined below) and therefore cannot be sold unless subsequently registered under the Securities Act
or an exemption from such registration is available. Subscriber is capable of evaluating the merits and risks of its investment
in the Company and has the capacity to protect its own interests. Subscriber must bear the economic risk of this investment until
the Shares are sold pursuant to: (i) an effective registration statement under the Securities Act; or (ii) an exemption
from registration available with respect to such sale. Subscriber is able to bear the economic risks of an investment in the Shares
and to afford a complete loss of Subscriber’s investment in the Shares.

 

2.1.5            Access
to Information; Independent Investigation

 

Prior to the execution
of this Agreement, the Subscriber has had the opportunity to ask questions of and receive answers from representatives of the Company
concerning an investment in the Company, as well as the finances, operations, business and prospects of the Company, and the opportunity
to obtain additional information to verify the accuracy of all information so obtained. In determining whether to make this investment,
Subscriber has relied solely on Subscriber’s own knowledge and understanding of the Company and its business based upon Subscriber’s
own due diligence investigation and the information furnished pursuant to this paragraph. Subscriber understands that no person
has been authorized to give any information or to make any representations which were not furnished pursuant to this Section 2
and Subscriber has not relied on any other representations or information in making its investment decision, whether written or
oral, relating to the Company, its operations and/or its prospects.

 

2.1.6            Regulation
D Offering

 

Subscriber represents
that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D under the Securities
Act of 1933, as amended (the “Securities Act”) and acknowledges the sale contemplated hereby is being made in
reliance on a private placement exemption to “accredited investors” within the meaning of Section 501(a) of
Regulation D under the Securities Act or similar exemptions under federal and state law.

 

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2.1.7            Investment
Purposes

 

The Subscriber is purchasing
the Shares solely for investment purposes, for the Subscriber’s own account and not for the account or benefit of any other
person, and not with a view towards the distribution or dissemination thereof. The Subscriber did not decide to enter into this
Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502 of Regulation D under
the Securities Act.

 

2.1.8            Restrictions
on Transfer; Shell Company

 

Subscriber understands
the Shares are being offered in a transaction not involving a public offering within the meaning of the Securities Act. Subscriber
understands the Shares will be “restricted securities” within the meaning of Rule 144(a)(3) under the Securities
Act, and Subscriber understands that the certificates representing the Shares will contain a legend in respect of such restrictions.
If in the future the Subscriber decides to offer, resell, pledge or otherwise transfer the Shares, such Shares may be offered,
resold, pledged or otherwise transferred only pursuant to: (i) registration under the Securities Act; or (ii) an available
exemption from registration. Subscriber agrees that if any transfer of its Shares or any interest therein is proposed to be made,
as a condition precedent to any such transfer, Subscriber may be required to deliver to the Company an opinion of counsel satisfactory
to the Company. Absent registration or an exemption, the Subscriber agrees not to resell the Shares. Subscriber further acknowledges
that because the Company is a shell company, Rule 144 may not be available to the Subscriber for the resale of the Shares
until one year following consummation of the initial business combination of the Company, despite technical compliance with the
requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

2.1.9            No
Governmental Consents

 

No governmental, administrative
or other third party consents or approvals are required or necessary on the part of Subscriber in connection with the transactions
contemplated by this Agreement.

 

2.2            Company’s
Representations, Warranties and Agreements

 

To induce the Subscriber
to purchase the Shares, the Company hereby represents and warrants to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1            Incorporation
and Corporate Power

 

The Company is a Cayman
Islands exempted company and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably
be expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company
possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement. Upon
execution and delivery by the Company, this Agreement will be a legal, valid and binding agreement of the Company, enforceable
against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles
of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

2.2.2            No
Conflicts

 

The execution, delivery
and performance of this Agreement and the consummation by the Company of the transactions contemplated hereby do not violate, conflict
with or constitute a default under (i) the memorandum and articles of association of the Company, (ii) any agreement,
indenture or instrument to which the Company is a party or (iii) any law, statute, rule or regulation to which the Company
is subject, or any agreement, order, judgment or decree to which the Company is subject.

 

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2.2.3            Title
to Securities

 

Upon issuance in accordance
with, and payment pursuant to, the terms hereof, and registration in the Company’s register of members, the Shares will be
duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof,
and registration in the Company’s register of members, the Subscriber will have or receive good title to the Shares, free
and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and other agreements
to which the Shares may be subject, (ii) transfer restrictions under federal and state securities laws, and (iii) liens,
claims or encumbrances imposed due to the actions of the Subscriber.

 

2.2.4            No
Adverse Actions

 

There are no actions,
suits, investigations or proceedings pending, threatened against or affecting the Company which: (i) seek to restrain, enjoin,
prevent the consummation of or otherwise affect the transactions contemplated by this Agreement; or (ii) question the validity
or legality of any transactions or seeks to recover damages or to obtain other relief in connection with any transactions.

 

3.            Surrender
and Cancellation of Shares

 

3.1            Partial
or No Exercise of the Over-allotment Option

 

In the event the Over-allotment
Option granted to the representative(s) of the underwriters of the Company’s IPO is not exercised in full, the Subscriber
acknowledges and agrees that it shall surrender for cancellation any and all rights to such number of Shares (up to an aggregate
of 750,000 Shares and pro rata based upon the percentage of the Over-allotment Option exercised) such that immediately following
such surrender, the Subscriber (and all other initial shareholders prior to the IPO, if any) will own an aggregate number of Shares
(not including ordinary shares issuable upon exercise of any warrants or any ordinary shares purchased by Subscriber in the Company’s
IPO or in the aftermarket) equal to 20% of the issued and outstanding ordinary shares of the Company immediately following the
IPO.

 

3.2            Termination
of Rights as Shareholder

 

If any of the Shares
are surrendered and cancelled in accordance with this Section 3, then after such time the Subscriber (or successor in interest),
shall no longer have any rights as a holder of such Shares, and the Company shall take such action as is appropriate to cancel
such Shares.

 

4.            Waiver
of Liquidation Distributions; Redemption Rights

 

In connection with the Shares purchased
pursuant to this Agreement, the Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions
by the Company from the trust account which will be established for the benefit of the Company’s public shareholders and
into which substantially all of the proceeds of the IPO will be deposited (the “Trust Account”), in the event
of a liquidation of the Company upon the Company’s failure to timely complete an initial business combination. For purposes
of clarity, in the event the Subscriber purchases ordinary shares in the IPO or in the aftermarket, any additional Shares so purchased
shall be eligible to receive any liquidating distributions by the Company. However, in no event will the Subscriber have the right
to redeem any ordinary shares into funds held in the Trust Account upon the successful completion of an initial business combination.

 

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5.            Restrictions
on Transfer

 

5.1            Securities
Law Restrictions

 

In addition to any
restrictions to be contained in that certain letter agreement (commonly known as an “Insider Letter”) to be
dated as of the closing of the IPO by and between Subscriber and the Company, Subscriber agrees not to sell, transfer, pledge,
hypothecate or otherwise dispose of all or any part of the Shares unless, prior thereto (i) a registration statement on the
appropriate form under the Securities Act and applicable state securities laws with respect to the Shares proposed to be transferred
shall then be effective or (ii) the Company has received an opinion from counsel reasonably satisfactory to the Company, that
such registration is not required because such transaction is exempt from registration under the Securities Act and the rules promulgated
by the Securities and Exchange Commission thereunder and with all applicable state securities laws.

 

5.2            Restrictive
Legends

 

Any certificates representing
the Shares shall have endorsed thereon legends substantially as follows:

 

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

 

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

 

5.3            Additional
Shares or Substituted Securities

 

In the event of the
declaration of a share capitalization, the declaration of an extraordinary dividend payable in a form other than Shares, a spin-off,
a share sub-division, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s
outstanding Shares without receipt of consideration, any new, substituted or additional securities or other property which are
by reason of such transaction distributed with respect to any Shares subject to this Section 5 or into which such Shares thereby
become convertible shall immediately be subject to Section 3 or this Section 5. Appropriate adjustments to reflect the
distribution of such securities or property shall be made to the number and/or class of Shares subject to Section 3 or this
Section 5.

 

5.4            Registration
Rights

 

Subscriber acknowledges
that the Shares are being purchased pursuant to an exemption from the registration requirements of the Securities Act and will
become freely tradable only after certain conditions are met or they are registered pursuant to a Registration and Shareholder
Rights Agreement to be entered into with the Company prior to the closing of the IPO.

 

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6.            Other
Agreements

 

6.1            Further
Assurances

 

Subscriber agrees to
execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this
Agreement.

 

6.2            Notices

 

All notices, statements
or other documents which are required or contemplated by this Agreement shall be: (i) in writing and delivered personally
or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address
designated in writing; (ii) by facsimile to the number most recently provided to such party or such other address or fax number
as may be designated in writing by such party; and (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other
communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business
day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after
delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

6.3            Entire
Agreement

 

This Agreement, together
with that certain Insider Letter to be entered into between Subscriber and the Company, substantially in the form to be filed as
an exhibit to the Registration Statement on Form S-1 associated with the Company’s IPO, embodies the entire agreement
and understanding between the Subscriber and the Company with respect to the subject matter hereof and supersedes all prior oral
or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant
or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the
express terms and provisions of this Agreement.

 

6.4            Modifications
and Amendments

 

The terms and provisions
of this Agreement may be modified or amended only by written agreement executed by all parties hereto.

 

6.5            Waivers
and Consents

 

The terms and provisions
of this Agreement may be waived, or consent for the departure therefrom granted, only by a written document executed by the party
entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute a waiver
or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each such waiver or consent
shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing
waiver or consent.

 

6.6            Assignment

 

The rights and obligations
under this Agreement may not be assigned by either party hereto without the prior written consent of the other party.

 

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6.7            Benefit

 

All statements, representations,
warranties, covenants and agreements in this Agreement shall be binding on the parties hereto and shall inure to the benefit of
the respective successors and permitted assigns of each party hereto. Nothing in this Agreement shall be construed to create any
rights or obligations except among the parties hereto, and no person or entity shall be regarded as a third-party beneficiary of
this Agreement.

 

6.8            Governing
Law

 

This Agreement and
the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws of Delaware
applicable to contracts wholly performed within the borders of such state, without giving effect to the conflict of law principles
thereof.

 

6.9            Severability

 

In the event that any
court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in this Agreement shall be
unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent that such court deems it
reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that such court shall deem any
such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall nevertheless remain
in full force and effect.

 

6.10            No
Waiver of Rights, Powers and Remedies

 

No failure or delay
by a party hereto in exercising any right, power or remedy under this Agreement, and no course of dealing between the parties hereto,
shall operate as a waiver of any such right, power or remedy of such party. No single or partial exercise of any right, power or
remedy under this Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power
or remedy, shall preclude such party from any other or further exercise thereof or the exercise of any other right, power or remedy
hereunder. The election of any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue other
available remedies. No notice to or demand on a party not expressly required under this Agreement shall entitle the party receiving
such notice or demand to any other or further notice or demand in similar or other circumstances or constitute a waiver of the
rights of the party giving such notice or demand to any other or further action in any circumstances without such notice or demand.

 

6.11            Survival
of Representations and Warranties

 

All representations
and warranties made by the parties hereto in this Agreement or in any other agreement, certificate or instrument provided for or
contemplated hereby, shall survive the execution and delivery hereof and any investigations made by or on behalf of the parties.

 

6.12            No
Broker or Finder

 

Each of the parties
hereto represents and warrants to the other that no broker, finder or other financial consultant has acted on its behalf in connection
with this Agreement or the transactions contemplated hereby in such a way as to create any liability on the other. Each of the
parties hereto agrees to indemnify and save the other harmless from any claim or demand for commission or other compensation by
any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf of such party and to bear
the cost of legal expenses incurred in defending against any such claim.

 

    	 	7	 

     

    

 

6.13            Headings
and Captions

 

The headings and captions
of the various subdivisions of this Agreement are for convenience of reference only and shall in no way modify or affect the meaning
or construction of any of the terms or provisions hereof.

 

6.14            Counterparts

 

This Agreement may
be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement and shall
become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both
parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or any other
form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or on whose behalf
such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

6.15            Construction

 

The 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. 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.

 

6.16            Mutual
Drafting

 

This Agreement is the
joint product of the Subscriber and the Company and each provision hereof has been subject to the mutual consultation, negotiation
and agreement of such parties and shall not be construed for or against any party hereto.

 

7.            Voting
and Redemption of Shares

 

Subscriber agrees to vote the Shares in
favor of an initial business combination that the Company negotiates and submits for approval to the Company’s shareholders
and shall not seek redemption or repurchase with respect to such Shares. Additionally, the Subscriber agrees not to tender any
Shares in connection with a tender offer presented to the Company’s shareholders in connection with an initial business combination
negotiated by the Company.

 

[Signature Page Follows]

 

    	 	8	 

     

    

 

If the foregoing accurately
sets forth our understanding and agreement, please sign the enclosed copy of this Agreement and return it to us.

 

	 	Very truly yours,
	 	 
	 	FREESTONE ACQUISITION CORP
	 	 
	 	By:	 
	 	Name: 	Edward Herring
	 	Title:	Director

 

 

 

	Accepted and agreed as of the date first written above.	 
	 	 
	FREESTONE SPONSOR LLC	 
	 	 
	By:	 	 
	Name:	Edward Herring	 
	Title:	 Manager	 

 

Signature Page to Subscription Agreement

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