Document:

Exhibit 10.5

 

Execution Version

 

SECURITIES SUBSCRIPTION AGREEMENT

 

February 3, 2021

 

This Securities Subscription
Agreement (this “Agreement”), effective as of February 3, 2021, is made and entered into by and between
TortoiseEcofin Acquisition Corp. III, a Cayman Islands exempted company (the “Company”), and TortoiseEcofin
Sponsor III LLC, a Cayman Islands limited liability company (the “Buyer”).

 

RECITALS:

 

WHEREAS, the
Buyer wishes to subscribe for and purchase from the Company an aggregate of 7,187,500 Class B Ordinary Shares (as defined
below) (the “Shares”), up to 937,500 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 Ordinary Shares” shall mean the Class A Ordinary Shares, $0.0001 par value per share, of the Company.

 

“Class
B Ordinary Shares” shall mean the Class B Ordinary Shares, $0.0001 par value per share, of the Company. Pursuant
to the Company’s memorandum and articles of association, as amended to the date hereof, Class B Ordinary Shares will
automatically convert into Class A Ordinary Shares 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 2.4 of this Agreement.

 

“Closing
Date” shall have the meaning set forth in Section 2.4 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.

 

“forfeiture”
means the shares of the Company being surrendered and cancelled, which shall take effect as surrender and cancellation for no consideration
of such shares as a matter of Cayman Islands law.

 

“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 2.3 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 Class A Ordinary Shares issued upon conversion of the Class B Ordinary
Shares comprising the Shares.

 

Article II

PURCHASE OF THE SHARES

 

Section 2.1 Repurchase.
The Buyer currently holds 1 Class B Ordinary Share in the capital of the Company (the "Subscriber Share"). The
Company and the Subscriber agree that the Company will, prior to the subscription for the Shares as set out in this Agreement,
repurchase the Subscriber Share for $0.0001.

 

Section 2.2 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.

 

Section 2.3 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 2.4 Closing.
The closing of the subscription and issue 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 2.5 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.

 

    2

     

    

 

(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 members.

 

Section 2.6 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 2.7 Legend.
Each certificate evidencing the Shares (if any) and each certificate issued in exchange for or upon the transfer of any Shares
(if any) shall be stamped or otherwise imprinted with a legend in substantially the following form:

 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES 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.”

 

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

 

Article III

REPRESENTATIONS AND WARRANTIES OF THE BUYER

 

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

 

Section 3.1 Formation
and Registration and Good Standing. The Buyer is a Cayman Islands limited liability company duly formed and registered,
validly existing, and in good standing under the laws of the Cayman Islands.

 

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.

 

    3

     

    

 

(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.

 

(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 Incorporation
and Good Standing. The Company is a Cayman Islands exempted company duly incorporated, validly existing, and in good standing
under the laws of the Cayman Islands.

 

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

 

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

 

    4

     

    

 

Section 4.4 Authorization
of the Shares. The Shares have been duly authorized and, when issued in accordance with this Agreement and the memorandum
and articles of association of the Company, and registration in the Company’s register of members, the Shares will be duly
and validly issued as fully paid and non-assessable Class B Ordinary Shares 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

FORFEITURE OF SHARES

 

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 937,500 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 shareholders 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 Shareholder. 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 6.3
shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported
assignee.

 

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.

 

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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 New York applicable to contracts wholly performed within the borders of such state, without giving effect
to the conflict of law principles thereof.

 

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.

 

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.

 

[signature page follows]

 

    6

     

    

 

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

 

	 	COMPANY:
	 	 	 
	 	TORTOISEECOFIN ACQUISITION CORP. III
	 	 	 
	 	By:	/s/ Vincent T. Cubbage
	 	Name:	Vincent T. Cubbage
	 	Title:	President, Chief Executive Officer and Chairman
	 	 	 
	 	BUYER:
	 	 	 
	 	TORTOISEECOFIN SPONSOR III LLC
	 	 	 
	 	By: TortoiseEcofin Borrower LLC,
	 	       its Managing Member
	 	 	 
	 	By:	/s/ Michelle Johnston
	 	Name:	Michelle Johnston
	 	Title:	Chief Financial Officer

 

[Signature Page to Securities Subscription
Agreement]Exhibit 10.6

 

PRIVATE PLACEMENT SHARES PURCHASE AGREEMENT

 

THIS PRIVATE PLACEMENT
SHARES PURCHASE AGREEMENT, dated as of [●] (as it may from time to time be amended, this “Agreement”),
is entered into by and between TortoiseEcofin Acquisition Corp. III, a Cayman Islands exempted company (the “Company”),
and TortoiseEcofin Borrower LLC, a Delaware limited liability company (the “Purchaser”).

 

WHEREAS, the Company
intends to consummate an initial public offering (the “Public Offering”) of the Company’s Class
A ordinary shares, par value $0.0001 per share (each, a “Share”), as set forth in the Company’s
registration statement on Form S-1, filed with the U.S. Securities and Exchange Commission (the “SEC”),
File Number 333-[●] (the “Registration Statement”), under the Securities Act of 1933, as amended
(the “Securities Act”).

 

WHEREAS, the Purchaser
has agreed to purchase an aggregate of 850,000 Shares (or up to 940,000 Shares if the over-allotment option in connection with
the Public Offering is exercised in full) (the “Private Placement Shares”).

 

NOW THEREFORE, in consideration
of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:

 

AGREEMENT

 

Section 1. Authorization,
Purchase and Sale; Terms of the Private Placement Shares.

 

A. Authorization
of the Private Placement Shares. The Company has duly authorized the issuance and sale of the Private Placement Shares to the
Purchaser.

 

B. Purchase
and Sale of the Private Placement Shares.

 

(i) On
the date that is one business day prior to the date of the consummation of the Public Offering or on such earlier time and date
as may be mutually agreed by the Purchaser and the Company (the “Initial Closing Date”), the Company
shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, 850,000 Private Placement Shares at a
price of $10.00 per Private Placement Share for an aggregate purchase price of $8,500,000 (the “Purchase Price”).
The Purchaser shall pay the Purchase Price by wire transfer of immediately available funds in accordance with the Company’s
wiring instructions. On the Initial Closing Date, upon the payment by the Purchaser of the Purchase Price, the Company, at its
option, shall deliver a certificate evidencing the Private Placement Shares purchased by the Purchaser on such date duly registered
in the Purchaser’s name to the Purchaser or effect such delivery in book-entry form.

 

     

     

    

 

(ii) On
the date that is one business day prior to the date of the consummation of the closing of the over-allotment option in connection
with the Public Offering or on such earlier time and date as may be mutually agreed by the Purchaser and the Company (each such
date, an “Over-allotment Closing Date,” and each Over-allotment Closing Date (if any) and the Initial
Closing Date being sometimes referred to herein as a “Closing Date”), the Company shall issue and sell
to the Purchaser, and the Purchaser shall purchase from the Company, up to 940,000 Private Placement Shares at a price of $10.00
per Private Placement Share for an aggregate purchase price of up to $9,400,000 (if the over-allotment option in connection with
the Public Offering is exercised in full) (the “Over-allotment Purchase Price”). The Purchaser shall
pay the Over-allotment Purchase Price by wire transfer of immediately available funds to the Company in accordance with the Company’s
wiring instructions. On the Over-allotment Closing Date, upon the payment by the Purchaser of the Over-allotment Purchase Price,
the Company shall, at its option, deliver a certificate evidencing the Private Placement Shares purchased on such date duly registered
in the Purchaser’s name to the Purchaser or effect such delivery in book-entry form.

 

C. Terms
of the Private Placement Shares.

 

(i) The
Private Placement Shares are substantially identical to the Shares to be offered in the Public Offering except that the Purchaser
agrees that (1) the Private Placement Shares will not, except in limited circumstances, be transferable, assignable or salable
until 30 days after the completion of the Company’s initial business combination (the “Business Combination”)
so long as they are held by the Purchaser or its permitted transferees, and (2) the Private Placement Shares are being purchased
pursuant to an exemption from the registration requirements of the Securities Act and will become freely tradable only after the
expiration of the lockup described above in clause Error! Reference source not found. and they are registered pursuant
to the Registration Rights Agreement (as defined below), or an exemption from registration is available and the restrictions described
above in clause Error! Reference source not found. have expired.

 

(ii) At
the time of the closing of the Public Offering, the Company and the Purchaser shall enter into a registration rights agreement
(the “Registration Rights Agreement”) pursuant to which the Company will grant certain registration rights
to the Purchaser relating to the Private Placement Shares.

 

Section 2. Representations
and Warranties of the Company. As a material inducement to the Purchaser to enter into this Agreement and purchase the Private
Placement Shares, the Company hereby represents and warrants to the Purchaser (which representations and warranties shall survive
each Closing Date) that:

 

A. Incorporation
and Corporate Power. The Company is an exempted company duly incorporated, validly existing and in good standing under the
laws of the Cayman Islands 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.

 

    2

     

    

 

B. Authorization;
No Breach.

 

(i) The
execution, delivery and performance of this Agreement and the Private Placement Shares have been duly authorized by the Company
as of the Closing Date. This Agreement constitutes the valid and binding obligation of the Company, enforceable in accordance with
its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability
relating to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity
or law). Upon issuance in accordance with, and payment pursuant to, the terms of this Agreement, the Private Placement Shares will
constitute valid and binding obligations of the Company, enforceable in accordance with their terms as of the Closing Date, subject
to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to
or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law).

 

(ii) The
execution and delivery by the Company of this Agreement and the Private Placement Shares, the issuance and sale of the Private
Placement Shares and the fulfillment of and compliance with the respective terms hereof and thereof by the Company, do not and
will not as of the Closing Date (1) conflict with or result in a breach of the terms, conditions or provisions of, (2) constitute
a default under, (3) result in the creation of any lien, security interest, charge or encumbrance upon the Company’s
share capital or assets under, (4) result in a violation of, or (5) require any authorization, consent, approval, exemption
or other action by or notice or declaration to, or filing with, any court or administrative or governmental body or agency pursuant
to the amended and restated memorandum and articles of association of the Company (in effect on the date hereof or as may be amended
prior to completion of the contemplated Public Offering) or any material law, statute, rule or regulation to which the Company
is subject, or any agreement, order, judgment or decree to which the Company is subject, except for any filings required after
the date hereof under federal or state securities laws.

 

C. Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and upon registration in the Company’s
register of members, the Private Placement Shares will be duly and validly issued, fully paid and non-assessable. Upon issuance
in accordance with, and payment pursuant to, the terms hereof and upon registration in the Company’s register of members,
the Purchaser will have good title to the Private Placement Shares, free and clear of all liens, claims and encumbrances of any
kind, other than (i) transfer restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer
restrictions under federal and state securities laws, and (iii) liens, claims or encumbrances imposed due to the actions of
the Purchaser.

 

D. Governmental
Consents. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority is
required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by the
Company of any other transactions contemplated hereby.

 

E. Regulation
D Qualification. Neither the Company nor, to its actual knowledge, any of its affiliates, members, officers, directors or beneficial
shareholders of 20% or more of its outstanding securities, has experienced a disqualifying event as enumerated pursuant to Rule
506(d) of Regulation D under the Securities Act.

 

    3

     

    

 

Section 3. Representations
and Warranties of the Purchaser. As a material inducement to the Company to enter into this Agreement and issue and sell the
Private Placement Shares to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations and
warranties shall survive each Closing Date) that:

 

A. Organization
and Requisite Authority. The Purchaser possesses all requisite power and authority necessary to carry out the transactions
contemplated by this Agreement.

 

B. Authorization;
No Breach.

 

(i) This
Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting
creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law).

 

(ii) The
execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by the Purchaser
does not and shall not as of each Closing Date conflict with or result in a breach by the Purchaser of the terms, conditions or
provisions of any agreement, instrument, order, judgment or decree to which the Purchaser is subject.

 

C. Investment
Representations.

 

(i) The
Purchaser is acquiring the Private Placement Shares for its own account, for investment purposes only and not with a view towards,
or for resale in connection with, any public sale or distribution thereof.

 

(ii) The
Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D under the Securities
Act.

 

(iii) The
Purchaser understands that the Private Placement Shares are being offered and will be sold to it in reliance on specific exemptions
from the registration requirements of the United States federal and state securities laws and that the Company is relying upon
the truth and accuracy of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set forth
herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Private Placement
Shares.

 

(iv) The
Purchaser did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the
meaning of Rule 502(c) of Regulation D under the Securities Act.

 

(v) The
Purchaser has been furnished with all materials relating to the business, finances and operations of the Company and materials
relating to the offer and sale of the Private Placement Shares which have been requested by the Purchaser. The Purchaser has been
afforded the opportunity to ask questions of the executive officers and directors of the Company. The Purchaser understands that
its investment in the Private Placement Shares involves a high degree of risk and it has sought such accounting, legal and tax
advice as it has considered necessary to make an informed investment decision with respect to the acquisition of the Private Placement
Shares.

 

    4

     

    

 

(vi) The
Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed on
or made any recommendation or endorsement of the Private Placement Shares or the fairness or suitability of the investment in the
Private Placement Shares by the Purchaser nor have such authorities passed upon or endorsed the merits of the offering of the Private
Placement Shares.

 

(vii) The
Purchaser understands that: (1) the Private Placement Shares have not been and are not being registered under the Securities
Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (a) subsequently registered
thereunder or (b) sold in reliance on an exemption therefrom; (2) except as specifically set forth in the Registration
Rights Agreement, neither the Company nor any other person is under any obligation to register the Private Placement Shares under
the Securities Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder; and (3)
Rule 144 adopted pursuant to the Securities Act will not be available for resale transactions of the Private Placement Shares prior
to a business combination and may not be available for resale transactions of the Private Placement Shares after a business combination.

 

(viii) The
Purchaser has such knowledge and experience in financial and business matters, knows of the high degree of risk associated with
investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and
risks of an investment in the Private Placement Shares and is able to bear the economic risk of an investment in the Private Placement
Shares in the amount contemplated hereunder for an indefinite period of time. The Purchaser has adequate means of providing for
its current financial needs and contingencies and will have no current or anticipated future needs for liquidity which would be
jeopardized by the investment in the Private Placement Shares. The Purchaser can afford a complete loss of its investment in the
Private Placement Shares.

 

(ix) If
the Company issues a certificate representing the Private Placement Shares, the Purchaser understands that the Private Placement
Shares shall bear the following legend and appropriate “stop transfer restrictions”:

 

“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, CHARGED, 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, CHARGED, PLEDGED OR
OTHERWISE DISPOSED OF DURING THE TERM OF THE LOCKUP.”

 

    5

     

    

 

Section 4. Conditions
of the Purchaser’s Obligations. The obligations of the Purchaser to purchase and pay for the Private Placement Shares
are subject to the fulfillment, on or before each Closing Date, of each of the following conditions:

 

A. Representations
and Warranties. The representations and warranties of the Company contained in Section 2 shall be true and correct at and as
of such Closing Date as though then made.

 

B. Performance.
The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by it on or before such Closing Date.

 

C. No
Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement.

 

D. Registration
Rights Agreement. The Company shall have entered into the Registration Rights Agreement on the terms satisfactory to the Purchaser.

 

Section 5. Conditions
of the Company’s Obligations. The obligations of the Company to the Purchaser under this Agreement are subject to the
fulfillment, on or before each Closing Date, of each of the following conditions:

 

A. Representations
and Warranties. The representations and warranties of the Purchaser contained in Section 3 shall be true and correct at and
as of such Closing Date as though then made.

 

B. Performance.
The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that
are required to be performed or complied with by the Purchaser on or before such Closing Date.

 

C. Corporate
Consents. The Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance
of this Agreement and the issuance and sale of the Private Placement Shares hereunder.

 

D. No
Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions
contemplated by this Agreement.

 

    6

     

    

 

Section 6. Termination.
This Agreement may be terminated at any time after [●], 2021 upon the election by either the Company or the Purchaser upon
written notice to the other party if the closing of the Public Offering does not occur prior to such date.

 

Section 7. Survival
of Representations and Warranties. All of the representations and warranties contained herein shall survive each Closing Date.

 

Section 8. Definitions.
Terms used but not otherwise defined in this Agreement shall have the meaning assigned to such terms in the Registration Statement.

 

Section 9. Miscellaneous.

 

A. Successors
and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or
on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether
so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this Agreement,
other than assignments by the Purchaser to affiliates thereof (including, without limitation, one or more of its members).

 

B. Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

C. Counterparts.
This Agreement may be executed simultaneously in two or more counterparts, none of which need contain the signatures of more than
one party, but all such counterparts taken together shall constitute one and the same agreement. Signatures to this Agreement transmitted
via facsimile or e-mail shall be valid and effective to bind the party so signing.

 

D. Descriptive
Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute
a substantive part of this Agreement. The use of the word “including” in this Agreement shall be by way of example
rather than by limitation.

 

E. Governing
Law. This Agreement shall be deemed to be a contract made under the laws of the State of New York and for all purposes shall
be construed in accordance with the internal laws of the State of New York, without giving effect to conflicts of law principles
that would result in the application of the laws of another jurisdiction.

 

F. 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.

 

[Signature page follows]

 

    7

     

    

 

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

 

	   	COMPANY:
	 	 	 
	 	TORTOISEECOFIN ACQUISITION CORP. III
	 	 	 
	 	By:	                                      
	 	Name: 	Vincent T. Cubbage
	 	Title:	Chief Executive Officer
	 	 	 
	 	PURCHASER:
	 	 	 
	 	TORTOISEECOFIN BORROWER LLC
	 	 	 
	 	By:	 
	 	Name:	Michelle Johnston
	 	Title:	Chief Financial Officer

 

[Signature Page to Private Placement
Shares Purchase Agreement]

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