Exhibit 10.4


 


REGISTRATION RIGHTS AGREEMENT


 


THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”), dated as of [●], 2021, is made and entered into by and among TortoiseEcofin
Acquisition Corp. III, a Cayman Islands exempted company (the “Company”), TortoiseEcofin Sponsor III LLC, a
Cayman Islands limited liability company (the “Sponsor”), TortoiseEcofin Borrower LLC, a Delaware limited liability
company (“TortoiseEcofin Borrower”), the qualified institutional buyers or institutional accredited investors
listed under “Anchor Investors” on the signature pages hereto (the “Anchor Investors”) and the
undersigned parties listed under “Holders” on the signature pages hereto (each such party, together with the Sponsor, TortoiseEcofin
Borrower, the Anchor Investors and any person or entity who hereafter becomes a party to this Agreement pursuant to Section 5.2
of this Agreement, a “Holder” and collectively the “Holders”).


 


RECITALS


 


WHEREAS, the Sponsor,
William J. Clinton, Juan J. Daboub, Mary Beth Mandanas and the Anchor Investors own an aggregate of 8,625,000 of the Company’s Class
B ordinary shares, par value $0.0001 per share (the “Founder Shares”);


 


WHEREAS, the Founder
Shares will automatically convert into the Company’s Class A ordinary shares, par value $0.0001 per share (the “Ordinary
Shares”), at the time of the Company’s initial Business Combination (as defined below) on a one-for-one basis, subject
to adjustment, on the terms and conditions provided in the Company’s amended and restated memorandum and articles of association,
as may be further amended from time to time;


 


WHEREAS, on [●],
2021, the Company and TortoiseEcofin Borrower entered into that certain Private Placement Warrants Purchase Agreement, pursuant to which
TortoiseEcofin Borrower agreed to purchase 6,333,333 warrants (or 6,933,333 warrants if the over-allotment option in connection with the
Company’s initial public offering is exercised in full) (the “Private Placement Warrants”) in a private
placement transaction occurring in connection with the closing of the Company’s initial public offering; and


 


WHEREAS, the Company
and the Holders desire to enter into this Agreement, pursuant to which the Company shall grant the Holders certain registration rights
with respect to certain securities of the Company, as set forth in this Agreement.


 


NOW, THEREFORE, in
consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:


 


Article 1

DEFINITIONS


 


1.1 Definitions. The terms defined in this Article 1 shall, for all purposes of this Agreement, have the
respective meanings set forth below:


 


“Adverse Disclosure”
shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief Executive
Officer or principal financial officer of the Company, after consultation with counsel to the Company, (a) would be required to be
made in (i) any Registration Statement in order for the applicable Registration Statement not to contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein
not misleading or (ii) any Prospectus in order for the applicable Prospectus not to include any untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading, (b) would not be required to be made at such time if the Registration Statement were not being filed and (c) the
Company has a bona fide business purpose for not making such information public.


 




    


     


    




 


“Agreement”
shall have the meaning given in the Preamble.


 


“Anchor Investors” shall have the meaning
given in the Preamble.


 


“Board”
shall mean the board of directors of the Company.


 


“Business Combination”
shall mean any merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or other similar business combination
with one or more businesses or entities, involving the Company.


 


“Commission”
shall mean the Securities and Exchange Commission.


 


“Company”
shall have the meaning given in the Preamble.


 


“Demanding Holder”
shall mean any Initial Holder or any Anchor Investor or group of Initial
Holders or group of Anchor Investors, that together elects to dispose of Registrable Securities having an aggregate value of at least
$25 million, at the time of the Underwritten Demand, under a Registration Statement pursuant to an Underwritten Offering.


 


“Effectiveness
Period” shall have the meaning given in subsection 3.1.1.


 


“Exchange Act”
shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.


 


“Founder Shares”
shall have the meaning given in the Recitals hereto.


 


“Holder Indemnified
Persons” shall have the meaning given in subsection 4.1.1.


 


“Holders”
shall have the meaning given in the Preamble.


 


“Initial Holders”
shall mean the Sponsor, TortoiseEcofin Borrower and each of the undersigned officers, directors and director nominees of the Company listed
under Holder on the signature pages hereto.


 


“Maximum Number
of Securities” shall have the meaning given in subsection 2.1.4.


 


“Misstatement”
shall mean, in the case of a Registration Statement, an untrue statement of a material fact or an omission to state a material fact required
to be stated therein, or necessary to make the statements therein not misleading, and in the case of a Prospectus, an untrue statement
of a material fact or an omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading.


 


“Ordinary Shares”
shall have the meaning given in the Recitals hereto.


 




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“Piggyback Registration”
shall have the meaning given in subsection 2.2.1.


 


“Private Placement
Warrants” shall have the meaning given in the Recitals hereto.


 


“Pro Rata”
shall have the meaning given in subsection 2.1.4.


 


“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all material incorporated by reference in such prospectus.


 


“Registrable Security”
shall mean (a) the Ordinary Shares issued or issuable upon the conversion of any Founder Shares, (b) the Private Placement Warrants
(including any Ordinary Shares issued or issuable upon the exercise of any such Private Placement Warrants), (c) any outstanding Ordinary
Shares or any other equity security (including the Ordinary Shares issued or issuable upon the exercise of any other equity security)
of the Company held by a Holder as of the date of this Agreement or acquired prior to or in connection with the Business Combination,
which, for the avoidance of doubt, shall include any Ordinary Shares received by a Holder on or after the date hereof as a distribution
from the Sponsor in connection with its liquidation and dissolution, (d) any equity securities (including the Ordinary Shares issued
or issuable upon the exercise of any such equity security) of the Company issuable upon conversion of any working capital loans in an
amount up to $1,500,000 made to the Company by a Holder and (e) any other equity security of the Company issued or issuable with
respect to any such Ordinary Shares by way of a share capitalization or share sub-division or in connection with a combination of shares,
merger, consolidation or reorganization; provided, however, that, as to any particular Registrable Securities, such securities shall cease
to be Registrable Securities when: (i) a Registration Statement with respect to the sale of such securities shall have become effective
under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration
Statement; (ii) such securities shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting
further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall not require registration
under the Securities Act; (iii) such securities shall have ceased to be outstanding; or (iv) such securities may be sold without registration
pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission) (but with
no volume or other restrictions or limitations).


 


“Registration”
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements
of the Securities Act, and the applicable rules and regulations promulgated thereunder, and any such registration statement having become
effective by the Commission.


 


“Registration
Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:


 


(a)
all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory
Authority) and any securities exchange on which the Ordinary Shares are then listed;


 




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(b)
 fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the
Underwriters in connection with blue sky qualifications of Registrable Securities);


 


(c)
printing, messenger, telephone and delivery expenses;


 


(d)
reasonable fees and disbursements of counsel for the Company;


 


(e)
reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection
with such Registration or Underwritten Offering;


 


(f) the fees
and expenses incurred in connection with the listing of any Registrable Securities on each securities exchange or automated
quotation system on which similar securities issued by the Company are then listed;


 


(g)
the fees and expenses incurred by the Company in connection with any road show for any Underwritten Offerings; and


 


(h)
reasonable fees and expenses of one (1) legal counsel selected jointly by the Demanding Holders initiating an Underwritten
Demand, the Requesting Holders participating in an Underwritten Offering and the Holders participating in a Piggyback Registration, as
applicable.


 


“Registration
Statement” shall mean any registration statement under the Securities Act that covers the Registrable Securities pursuant
to the provisions of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective
amendments) and supplements to such registration statement and all exhibits to and all material incorporated by reference in such registration
statement.


 


“Requesting Holder”
shall have the meaning given in subsection 2.1.3.


 


“Securities Act”
shall mean the Securities Act of 1933, as amended from time to time.


 


“Shelf Registration”
shall have the meaning given in subsection 2.1.1.


 


“Sponsor”
shall have the meaning given in the Preamble.


 


“TortoiseEcofin
Borrower” shall have the meaning given in the Preamble.


 


“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such
dealer’s market-making activities.


 


“Underwritten
Demand” shall have the meaning given in subsection 2.1.3.


 


“Underwritten
Offering” shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting
for distribution to the public.


 




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Article
2


REGISTRATIONS


 


2.1 Registration.


 


2.1.1 Shelf Registration. The Company agrees that, within thirty (30) days after the consummation of the Business Combination,
the Company will file with the Commission (at the Company’s sole cost and expense) a Registration Statement registering the resale
or other disposition of the Registrable Securities (a “Shelf Registration”).


 


2.1.2 Effective Registration. The Company shall use its reasonable best efforts to cause such Registration Statement to become
effective by the Commission as soon as reasonably practicable after the initial filing of the Registration Statement. Subject to the limitations
contained in this Agreement, the Company shall effect any Shelf Registration on such appropriate registration form of the Commission (a) as
shall be selected by the Company and (b) as shall permit the resale or other disposition of the Registrable Securities by the Holders.
If at any time a Registration Statement filed with the Commission pursuant to Section 2.1.1 is effective and a Holder provides
written notice to the Company that it intends to effect an offering of all or part of the Registrable Securities included on such Registration
Statement, the Company will use its reasonable best efforts to amend or supplement such Registration Statement as may be necessary in
order to enable such offering to take place in accordance with the terms of this Agreement.


 


2.1.3 Underwritten Offering. Subject to the provisions of subsection 2.1.4 and Section 2.3 hereof, any
Demanding Holder may make a written demand for an Underwritten Offering pursuant to a Registration Statement filed with the Commission
in accordance with Section 2.1.1 (an “Underwritten Demand”). The Company shall, within five (5) business
days of the Company’s receipt of the Underwritten Demand, notify, in writing, all other Holders of such demand, and each Holder
who thereafter requests to include all or a portion of such Holder’s Registrable Securities in such Underwritten Offering pursuant
to such Underwritten Demand (each such Holder that requests to include all or a portion of such Holder’s Registrable Securities
in such Underwritten Offering, a “Requesting Holder”) shall so notify the Company, in writing, within two (2) days
(one (1) day if such offering is an overnight or bought Underwritten Offering) after the receipt by the Holder of the notice from
the Company. Upon receipt by the Company of any such written notification from a Requesting Holder(s), such Requesting Holder(s) shall
be entitled to have their Registrable Securities included in such Underwritten Offering pursuant to such Underwritten Demand. All such
Holders proposing to distribute their Registrable Securities through such Underwritten Offering under this subsection 2.1.3
shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Demanding
Holders initiating such Underwritten Offering. Notwithstanding the foregoing, the Company is not obligated to effect more than an aggregate
of three (3) Underwritten Offerings pursuant to this subsection 2.1.3 and is not obligated to effect an Underwritten
Offering pursuant to this subsection 2.1.3 within ninety (90) days after the closing of an Underwritten Offering.


 




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2.1.4 Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Offering pursuant to an Underwritten
Demand, in good faith, advises the Company, the Demanding Holders, the Requesting Holders and other persons or entities holding
Ordinary Shares or other equity securities of the Company that the Company is obligated to include pursuant to separate written
contractual arrangements with such persons or entities (if any) in writing that the dollar amount or number of Registrable
Securities or other equity securities of the Company requested to be included in such Underwritten Offering exceeds the maximum
dollar amount or maximum number of equity securities of the Company that can be sold in the Underwritten Offering without adversely
affecting the proposed offering price, the timing, the distribution method or the probability of success of such offering (such
maximum dollar amount or maximum number of such securities, as applicable, the “Maximum Number of
Securities”), then the Company shall include in such Underwritten Offering, as follows: (a) first, the
Registrable Securities of the Demanding Holders (pro rata based on the respective number of Registrable Securities that each
Demanding Holder has requested be included in such Underwritten Offering and the aggregate number of Registrable Securities that the
Demanding Holders have requested be included in such Underwritten Offering (such proportion is referred to herein as
“Pro Rata”)) that can be sold without exceeding the Maximum Number of Securities; (b) second, to the
extent that the Maximum Number of Securities has not been reached under the foregoing clause (a), the Registrable
Securities of the Requesting Holders, Pro Rata, which can be sold without exceeding the Maximum Number of Securities; (c) third, to
the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (a) and (b),
Ordinary Shares or other equity securities of the Company that the Company desires to sell and that can be sold without exceeding
the Maximum Number of Securities; and (d) fourth, to the extent that the Maximum Number of Securities has not been reached
under the foregoing clauses (a), (b) and (c), Ordinary Shares or other equity securities of the
Company held by other persons or entities that the Company is obligated to include pursuant to separate written contractual
arrangements with such persons or entities and that can be sold without exceeding the Maximum Number of Securities.


 


2.2 Piggyback Registration.


 


2.2.1 Piggyback Rights. Subject to the provisions of subsection 2.2.2 and Section 2.3 hereof, if, at any
time on or after the date the Company consummates a Business Combination, the Company proposes to consummate an Underwritten Offering
for its own account or for the account of shareholders of the Company, then the Company shall give written notice of such proposed action
to all of the Holders as soon as practicable, which notice shall (a) describe the amount and type of securities to be included, the
intended method(s) of distribution and the name of the proposed managing Underwriter or Underwriters, if any, and (b) offer to all
of the Holders the opportunity to include of such number of Registrable Securities as such Holders may request in writing within two (2) days
(unless such offering is an overnight or bought Underwritten Offering, then one (1) day), in each case after receipt of such written
notice (such Registration a “Piggyback Registration”). The Company shall, in good faith, cause such Registrable
Securities to be included in such Piggyback Registration and shall use its reasonable best efforts to cause the managing Underwriter or
Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested by the Holders pursuant to this subsection 2.2.1
to be included in a Piggyback Registration on the same terms and conditions as any similar securities of the Company included in such
Piggyback Registration and to permit the resale or other disposition of such Registrable Securities in accordance with the intended method(s)
of distribution thereof. All such Holders proposing to include Registrable Securities in an Underwritten Offering under this subsection 2.2.1
shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company.


 




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2.2.2  Reduction of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Offering that is to
be a Piggyback Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback
Registration in writing that the dollar amount or number of shares or equity securities of the Company that the Company desires to sell,
taken together with (a) the shares or equity securities of the Company, if any, as to which the Underwritten Offering has been demanded
pursuant to separate written contractual arrangements with persons or entities other than the Holders of Registrable Securities hereunder,
(b) the Registrable Securities as to which a Piggyback Registration has been requested pursuant to Section 2.2 hereof
and (c) the shares or equity securities of the Company, if any, as to which inclusion in the Underwritten Offering has been requested
pursuant to separate written contractual piggyback registration rights of other shareholders of the Company, exceeds the Maximum Number
of Securities, then:


 


(i) If the Underwritten Offering is undertaken for the Company’s account, the Company shall include in any such Underwritten
Offering (A) first, the Ordinary Shares or other equity securities of the Company that the Company desires to sell, which can be
sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not
been reached under the foregoing clause (A), the Registrable Securities of Holders requesting a Piggyback Registration pursuant
to subsection 2.2.1 hereof, Pro Rata, which can be sold without exceeding the Maximum Number of Securities; and (C) third,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B),
Ordinary Shares or other equity securities of the Company, if any, as to which inclusion in the Underwritten Offering has been requested
pursuant to written contractual piggyback registration rights of other shareholders of the Company, which can be sold without exceeding
the Maximum Number of Securities; or


 


(ii) If the Underwritten Offering is pursuant to a request by persons or entities other than the Holders of Registrable Securities,
then the Company shall include in any such Underwritten Offering (A) first, Ordinary Shares or other equity securities of the Company,
if any, of such requesting persons or entities, other than the Holders, which can be sold without exceeding the Maximum Number of Securities;
(B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A),
the Registrable Securities of Holders requesting a Piggyback Registration pursuant to subsection 2.2.1, Pro Rata, which can
be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not
been reached under the foregoing clauses (A) and (B), Ordinary Shares or other equity securities of the Company
that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent
that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C),
Ordinary Shares or other equity securities of the Company for the account of other persons or entities that the Company is obligated to
register pursuant to separate written contractual arrangements with such persons or entities, which can be sold without exceeding the
Maximum Number of Securities.


 


2.2.3 Piggyback Registration Withdrawal. Any Holder shall have the right to withdraw from a Piggyback Registration for any or
no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or its intention
to withdraw from such Piggyback Registration prior to the commencement of the Underwritten Offering. Notwithstanding anything to the contrary in this
Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior
to its withdrawal under this subsection 2.2.3.


 




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2.2.4 Unlimited Piggyback Registration Rights. For purposes of clarity, any Registration or Underwritten Offering effected pursuant
to Section 2.2 hereof shall not be counted as an Underwritten Offering pursuant to an Underwritten Demand effected under Section 2.1
hereof.


 


2.3 Restrictions on Registration Rights. If (a) the Holders have requested an Underwritten Offering pursuant to an Underwritten
Demand and the Company and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer; or (b) the
Holders have requested an Underwritten Offering pursuant to an Underwritten Demand and in the good faith judgment of the Board such Underwritten
Offering would be seriously detrimental to the Company and the Board concludes as a result that it is essential to defer the undertaking
of such Underwritten Offering at such time, then in each case the Company shall furnish to such Holders a certificate signed by the Chairman
of the Board stating that in the good faith judgment of the Board it would be seriously detrimental to the Company to undertake such Underwritten
Offering in the near future and that it is therefore essential to defer the undertaking of such Underwritten Offering. In such event,
the Company shall have the right to defer such offering for a period of not more than thirty (30) days; provided, however, that the Company
shall not defer its obligation in this manner more than once in any twelve (12)-month period.


 


Article 3

COMPANY PROCEDURES


 


3.1 General Procedures. The Company shall use its reasonable best efforts to effect such Registration or Underwritten Offering
to permit the resale or other disposition of such Registrable Securities in accordance with the intended plan of distribution thereof,
and pursuant thereto the Company shall, as expeditiously as possible and to the extent applicable:


 


3.1.1 prepare and file with the Commission after the consummation of the Business Combination a Registration Statement with respect to
such Registrable Securities and use its reasonable best efforts to cause such Registration Statement to become effective in accordance
with Section 2.1 and remain effective, including filing a replacement Registration Statement, if necessary, until all Registrable
Securities covered by such Registration Statement have been sold or are no longer outstanding (such period, the “Effectiveness
Period”);


 


3.1.2 prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements
to the Prospectus, as may be reasonably requested by the Holders or any Underwriter or as may be required by the rules, regulations or
instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep
the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with
the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus or are no longer outstanding;


 




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3.1.3  prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the
Underwriters, if any, and the Holders of Registrable Securities included in such Registration or Underwritten Offering, and such Holders’
legal counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement
(in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus (including each preliminary
Prospectus) and such other documents as the Underwriters and the Holders of Registrable Securities included in such Registration or Underwritten
Offering or the legal counsel for any such Holders may reasonably request in order to facilitate the disposition of the Registrable Securities
owned by such Holders; provided, that the Company will not have any obligation to provide any document pursuant to this clause that is
available on the Commission’s EDGAR system;


 


3.1.4 prior to any Underwritten Offering of Registrable Securities, use its best efforts to (a) register or qualify the Registrable
Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions
in the United States as the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan
of distribution) may request and (b) take such action necessary to cause such Registrable Securities covered by the Registration
Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations
of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities
included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided,
however, that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be
required to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction
where it is not then otherwise so subject;


 


3.1.5 cause all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities
issued by the Company are then listed;


 


3.1.6 provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective
date of such Registration Statement or Underwritten Offering;


 


3.1.7 advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance
of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any
proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal
if such stop order should be issued;


 


3.1.8 during the Effectiveness Period, furnish a conformed copy of each filing of any Registration Statement or Prospectus or any amendment
or supplement to such Registration Statement or Prospectus or any document that is to be incorporated by reference into such Registration
Statement or Prospectus, promptly after such filing of such documents with the Commission to each seller of such Registrable Securities
or its counsel; provided, that the Company will not have any obligation to provide any document pursuant to this clause that is available
on the Commission’s EDGAR system;


 




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3.1.9  notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the
Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in
effect, includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof;


 


3.1.10 permit
a representative of the Holders, the Underwriters, if any, and any attorney or accountant retained by such Holders or Underwriter to
participate, at each such person’s own expense, in the preparation of the Registration Statement or the Prospectus, and cause
the Company’s officers, directors and employees to supply all information reasonably requested by any such representative,
Underwriter, attorney or accountant in connection with the Registration; provided, however, that such representatives or
Underwriters enter into a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to the
release or disclosure of any such information;


 


3.1.11 obtain a comfort letter from the Company’s independent registered public accountants in the event of an Underwritten Offering,
in customary form and covering such matters of the type customarily covered by comfort letters as the managing Underwriter may reasonably
request, and reasonably satisfactory to a majority-in-interest of the participating Holders;


 


3.1.12 on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date,
of counsel representing the Company for the purposes of such Registration, addressed to the placement agent or sales agent, if any, and
the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion is being given
as the placement agent, sales agent or Underwriter may reasonably request and as are customarily included in such opinions and negative
assurance letters, and reasonably satisfactory to such placement agent, sales agent or Underwriter;


 


3.1.13 in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and
customary form, with the managing Underwriter of such offering;


 


3.1.14 make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least
twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration
Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule
promulgated thereafter by the Commission);


 


3.1.15 use its reasonable efforts to make available senior executives of the Company to participate in customary “road show”
presentations that may be reasonably requested by the Underwriter in any Underwritten Offering; and


 


3.1.16 otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders,
in connection with such Registration.


 


3.2 Registration Expenses. The Registration Expenses in respect of all Registrations shall be borne by the Company. It is
acknowledged by the Holders that the Holders shall bear all incremental selling expenses relating to the sale
of Registrable Securities, such as Underwriters’ commissions and discounts, brokerage fees, Underwriter marketing costs and, other
than as set forth in the definition of “Registration Expenses,” all reasonable fees and expenses of any legal
counsel representing the Holders.


 




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3.3 Requirements for Participation in Underwritten Offerings. No person or entity may participate in any Underwritten Offering
for equity securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person or entity (a) agrees
to sell such person’s or entity’s securities on the basis provided in any underwriting arrangements approved by the Company
and (b) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements
and other customary documents as may be reasonably required under the terms of such underwriting arrangements.


 


3.4 Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement
or Prospectus contains or includes a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities
until he, she or it has received copies of a supplemented or amended Registration Statement or Prospectus correcting the Misstatement
(it being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon as practicable after the
time of such notice), or until he, she or it is advised in writing by the Company that the use of the Registration Statement or Prospectus
may be resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration or Underwritten
Offering at any time would require the Company to make an Adverse Disclosure or would require the inclusion in such Registration Statement
of financial statements that are unavailable to the Company for reasons beyond the Company’s control, the Company may, upon giving
prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration
Statement for the shortest period of time, but in no event more than thirty (30) days, determined in good faith by the Company to be necessary
for such purpose. In the event the Company exercises its rights under the preceding sentences in this Section 3.4, the Holders
agree to suspend, immediately upon their receipt of the notices referred to in this Section 3.4, their use of the Registration
Statement or Prospectus in connection with any resale or other disposition of Registrable Securities. The Company shall immediately notify
the Holders of the expiration of any period during which it exercised its rights under this Section 3.4.


 


3.5 Reporting Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall
be a reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable
grace period) all reports required to be filed by the Company after the date hereof pursuant to Section 13(a) or 15(d) of the Exchange
Act. The Company further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required
from time to time to enable such Holder to resell or otherwise dispose of Registrable Securities held by such Holder without registration
under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any
successor rule promulgated thereafter by the Commission), including providing any legal opinions. Upon the request of any Holder, the
Company shall deliver to such Holder a written certification of a duly authorized officer as to whether it has complied with such requirements.


 




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Article
4


INDEMNIFICATION AND CONTRIBUTION


 


4.1 Indemnification.


 


4.1.1 The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers, directors,
employees, advisors, agents, representatives, members and each person who controls such Holder (within the meaning of the Securities Act)
(collectively, the “Holder Indemnified Persons”) against all losses, claims, damages, liabilities and expenses
(including reasonable attorneys’ fees and inclusive of all reasonable attorneys’ fees arising out of the enforcement of each
such persons’ rights under this Section 4.1) resulting from any Misstatement, except insofar as the same are caused
by or contained or included in any information furnished in writing to the Company by or on behalf of such Holder Indemnified Person specifically
for use therein.


 


4.1.2 In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish
to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration
Statement or Prospectus and, to the extent permitted by law, shall, severally and not jointly, indemnify the Company, its officers, directors,
employees, advisors, agents, representatives and each person who controls the Company (within the meaning of the Securities Act) against
any losses, claims, damages, liabilities and expenses (including reasonable attorneys’ fees and inclusive of all reasonable attorneys’
fees arising out of the enforcement of each such persons’ rights under this Section 4.1) resulting from any Misstatement,
but only to the extent that the same are made in reliance on and in conformity with information relating to the Holder so furnished in
writing to the Company by or on behalf of such Holder specifically for use therein. In no event shall the liability of any selling Holder
hereunder be greater in amount than the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such
Registration Statement giving rise to such indemnification obligation.


 


4.1.3 Any person entitled to indemnification herein shall (a) give prompt written notice to the indemnifying party of any claim
with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right
to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (b) unless in such
indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with
respect to such claim or there may be reasonable defenses available to the indemnified party that are different from or additional to
those available to the indemnifying party, permit such indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any
settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party
who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than
one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any
indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect
to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter
into any settlement which cannot be settled in all respects by the
payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does
not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability
in respect to such claim or litigation.


 




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4.1.4 The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made
by or on behalf of the indemnified party or any officer, director, employee, advisor, agent, representative, member or controlling person
of such indemnified party and shall survive the transfer of securities.


 


4.1.5 If the indemnification provided under Section 4.1 is held by a court of competent jurisdiction to be unavailable to
an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party,
in lieu of indemnifying the indemnified party, shall to the extent permitted by law contribute to the amount paid or payable by the indemnified
party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative
fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault
of the indemnifying party and indemnified party shall be determined by a court of law by reference to, among other things, whether the
Misstatement relates to information supplied by such indemnifying party or such indemnified party and the indemnifying party’s and
indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action; provided,
however, that the liability of any Holder under this subsection 4.1.5 shall be limited to the amount of the net proceeds received
by such Holder in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other
liabilities referred to above shall be deemed to include, subject to the limitations set forth in subsections 4.1.1, 4.1.2
and 4.1.3 above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation
or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this subsection 4.1.5
were determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations
referred to in this subsection 4.1.5. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution pursuant to this subsection 4.1.5 from any person who was not guilty
of such fraudulent misrepresentation.


 


Article 5

MISCELLANEOUS


 


5.1 Notices. Any notice or communication under this Agreement must be in writing and given by (a) deposit in the United
States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (b) delivery
in person or by courier service or sent by overnight mail via a reputable overnight carrier, in each case providing evidence of delivery
or (c) transmission by facsimile or email. Each notice or communication that is mailed, delivered or transmitted in the manner described
above shall be deemed sufficiently given, served, sent, and received, in the case of mailed notices, on the third (3rd) business day following
the date on which it is mailed, in the case of notices delivered by courier service, hand delivery or overnight mail, at such time as
it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the
addressee upon presentation, and in the case of notices delivered by facsimile or email,
at such time as it is successfully transmitted to the addressee. Any notice or communication under this Agreement must be addressed, if
to the Company, to: 5100 W. 115th Place, Leawood, KS 66211, attention: Steve Schnitzer, or by email at: SSchnitzer@tortoiseecofin.com,
if to the Sponsor or TortoiseEcofin Borrower, to: 5100 W. 115th Place, Leawood, KS 66211, attention: Michelle Johnston, or
by email at: mjohnston@tortoiseecofin.com, and, if to any other Holder, to the address of such Holder as it appears in the applicable
register for the Registrable Securities or such other address as may be designated in writing by such Holder (including on the signature
pages hereto). Any party may change its address for notice at any time and from time to time by written notice to the other parties hereto,
and such change of address shall become effective thirty (30) days after delivery of such notice as provided in this Section 5.1.


 




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5.2 Assignment; No Third Party Beneficiaries.


 


5.2.1 This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company
in whole or in part.


 


5.2.2 This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors.


 


5.2.3 This Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set
forth in this Agreement and Section 5.2 hereof.


 


5.2.4 No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate
the Company unless and until the Company shall have received (a) written notice of such assignment as provided in Section 5.1
hereof and (b) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms
and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer
or assignment made other than as provided in this Section 5.2 shall be null and void.


 


5.3 Counterparts. This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each
of which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced.


 


5.4 Governing Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE
PARTIES EXPRESSLY AGREE THAT THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS
AMONG NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF
SUCH JURISDICTION.


 





 




    14


    


    

 


5.5 Amendments and Modifications. Upon the written consent of the Company and the Holders of at least a majority in interest
of the Registrable Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth in this
Agreement may be waived, or any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding
the foregoing, any amendment hereto or waiver hereof that adversely affects any Holder, solely in his,
her or its capacity as a holder of the shares of the Company, in a manner that is materially different from the other Holders (in such
capacity) shall require the consent of each such Holder so affected. No course of dealing between any Holder or the Company and any other
party hereto or any failure or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement
shall operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies
under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder
by such party.


 


5.6 Other Registration Rights. The Company represents and warrants that no person, other than a Holder, has any right to
require the Company to register any securities of the Company for sale or to include such securities of the Company in any Registration
by the Company for the sale of securities for its own account or for the account of any other person. Further, the Company represents
and warrants that this Agreement supersedes any other registration rights agreement or agreement with similar terms and conditions and
in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail.


 


5.7 Term. This Agreement shall terminate upon the earlier of (a) the tenth (10th) anniversary of the date of this Agreement
and (b) the date as of which the Holders cease to hold any Registrable Securities. The provisions of Article 4 shall
survive any termination.


 


[Signature Page Follows]


 




    15


    


    

 


IN WITNESS WHEREOF,
the undersigned have caused this Agreement to be executed as of the date first written above.


 


	 	COMPANY:
	 	 
	 	TortoiseEcofin Acquisition Corp. III
	 	a Cayman Islands exempted company
	 	 
	 	By:	                                                           
	 	Name:	Vincent T. Cubbage
	 	Title:	Chief Executive Officer
	 	 	 
	 	HOLDERS:
	 	 
	 	TORTOISEECOFIN SPONSOR III LLC,
	 	a Cayman Islands limited liability company
	 	By:  TORTOISEECOFIN BORROWER LLC, its managing member
	 	 
	 	By:	 
	 	Name:	Michelle Johnston
	 	Title:	Chief Financial Officer
	 	 	 
	 	TORTOISEECOFIN BORROWER LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	 
	 	Name:	Michelle Johnston
	 	Title:	Chief Financial Officer
	 	 	 
	 	Vincent T. Cubbage
	 	 
	 	Address for notice:
	 	5100 W. 115th Place
	 	Leawood, KS 66211
	 	Attention: Vincent T. Cubbage
	 	Electronic Mail: vcubbage@tortoiseecofin.com



 


[Signature Page to Registration Rights Agreement]


 



    


     


    

 


	 	 
	 	Stephen Pang
	 	 
	 	Address for notice:
	 	5100 W. 115th Place
	 	Leawood, KS 66211
	 	Attention: Stephen Pang
	 	Electronic Mail: spang@tortoiseecofin.com
	 	 
	 	Steven C. Schnitzer
	 	 
	 	Address for notice:
	 	5100 W. 115th Place
	 	Leawood, KS 66211
	 	Attention: Steven C. Schnitzer
	 	Electronic Mail: sschnitzer@tortoiseecofin.com
	 	 
	 	Darrell Brock, Jr.
	 	 
	 	Address for notice:
	 	5100 W. 115th Place
	 	Leawood, KS 66211
	 	Attention: Darrell Brock, Jr.
	 	Electronic Mail: darrell@brockjr.com
	 	 
	 	Evan Zimmer
	 	 
	 	Address for notice:
	 	5100 W. 115th Place
	 	Leawood, KS 66211
	 	Attention: Evan Zimmer
	 	Electronic Mail: ezimmer@tortoiseecofin.com
	 	 
	 	Ed Russell
	 	 
	 	Address for notice:
	 	5100 W. 115th Place
	 	Leawood, KS 66211
	 	Attention: Ed Russell
	 	Electronic Mail: erussell@tortoiseecofin.com



 


[Signature Page to Registration Rights Agreement]


 











    


     


    

 


	 	 
	 	William J. Clinton
	 	 
	 	Address for notice:
	 	Attention:  
	 	Electronic Mail:
	 	 
	 	Juan J. Daboub
	 	 
	 	Address for notice:
	 	Attention:
	 	Electronic Mail:
	 	 
	 	Mary Beth Mandanas
	 	 
	 	Address for notice:
	 	Attention:
	 	Electronic Mail:



 


	 	ANCHOR INVESTORS:



 


	 	By:	 
	 	Name:	 
	 	Title:	 



 


	 	Address for notice:
	 	Attention:
	 	Electronic Mail:



 


	 	By:	 
	 	Name:	 
	 	Title:	 



 


	 	Address for notice:
	 	Attention:
	 	Electronic Mail:



 


[Signature Page to Registration Rights Agreement]