Enphys Acquisition Corp. announced a private placement of non-convertible promissory note to Enphys Acquisition Sponsor LLC in the principal amount of $400,000 on October 10, 2023. Payee or one or more of its affiliates or designees will deposit into the company?s trust account established in connection with its initial public offering an amount equal to the lesser of $0.025 per Class A ordinary share of the company multiplied by the number of Class A ordinary shares of the Company then outstanding and $100,000, for each calendar month until the earlier of the company?s completion of a business combination and February 8, 2024.

No interest shall be payable on this note.