# EDGAR Filing Document

**Accession Number:** 0001866501
**File Stem:** 0001193125-23-086130
**Filing Date:** 2023-3
**Character Count:** 1559667
**Document Hash:** 06ab3cb12f8a075b7f34c9525eab7fa5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-086130.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001193125-23-086130

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 177

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230330

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Wallbox N.V.
- **CENTRAL INDEX KEY:** 0001866501
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS TRANSPORTATION EQUIPMENT [3790]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40865
- **FILM NUMBER:** 23782872

**BUSINESS ADDRESS:**
- **STREET 1:** CARRER DEL FOC, 68
- **CITY:** BARCELONA
- **STATE:** U3
- **ZIP:** 08038
- **BUSINESS PHONE:** 34 93.220.43.08

**MAIL ADDRESS:**
- **STREET 1:** CARRER DEL FOC, 68
- **CITY:** BARCELONA
- **STATE:** U3
- **ZIP:** 08038

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Wallbox B.V.
- **DATE OF NAME CHANGE:** 20210609

?xml version="1.0" encoding="utf-8" ? Form 20-F

##### [**Table of Contents**](#toc)
UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark One)

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2022

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

OR

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Commission file number 001-40865

## Wallbox N.V.
(Exact name of Registrant as specified in its charter)

Not Applicable

(Translation of Registrant's name into English)

The Netherlands

(Jurisdiction of incorporation or organization)

Carrer del Foc, 68

Barcelona, Spain 08038

(Address of principal executive offices)

Juan Sagales

General Counsel

Telephone: +1(404)574-1504

investors@wallbox.com

Wallbox N.V.

Carrer del Foc, 68

Barcelona, Spain 08038

(Name, Telephone, E-mail and /or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered, pursuant to Section 12(b) of the Act

---

| | | |
|:---|:---|:---|
| Title of each class | Trading<br>Symbol(s) | Name of each exchange<br>on which registered |
| Class A ordinary shares, nominal value €0.12 per share | WBX | New York Stock Exchange |
| Warrants to purchase Class A Shares | WBXWS | New York Stock Exchange |

---

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report. As of December 31, 2022, the registrant had 148,516,351 Class A Shares and <u>23,250,793</u> Class B Shares outstanding.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

Note-Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☒ | Non-accelerated filer | ☐ |
|  |  |  |  | Emerging growth company | ☒ |

---

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards † provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Financial Reporting Standards as issued Other ☐ <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by the International Accounting Standards Board ☒

If "Other" has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow.&nbsp;&nbsp;&nbsp;&nbsp;Item 17 ☐&nbsp;&nbsp;&nbsp;&nbsp;Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

------

##### [**Table of Contents**](#toc)

#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | Page |
|  [PRESENTATION OF FINANCIAL AND OTHER INFORMATION](#tx455258_1) | [PRESENTATION OF FINANCIAL AND OTHER INFORMATION](#tx455258_1) | 1 |
|  [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#tx455258_2) | [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#tx455258_2) | 5 |
|  [RISK FACTOR SUMMARY](#tx455258_3) | [RISK FACTOR SUMMARY](#tx455258_3) | 7 |
|  [PART I](#tx455258_4) |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1. | [Identity of Directors, Senior Management and Advisers](#tx455258_5) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. | [Offer Statistics and Expected Timetable](#tx455258_6) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3. | [Key Information](#tx455258_7) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 4. | [Information on the Company](#tx455258_8) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 4A. | [Unresolved Staff Comments](#tx455258_8a) | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 5. | [Operating and Financial Review and Prospects](#tx455258_9) | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 6. | [Directors, Senior Management and Employees](#tx455258_10) | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 7. | [Major Shareholders and Related Party Transactions](#tx455258_11) | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 8. | [Financial Information](#tx455258_12) | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 9. | [The Offer and Listing](#tx455258_13) | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 10. | [Additional Information](#tx455258_14) | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 11. | [Quantitative and Qualitative Disclosures About Market Risk](#tx455258_15) | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 12. | [Description of Securities Other than Equity Securities](#tx455258_16) | 108 |
|  [PART II](#tx455258_17) |  | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 13. | [Defaults, Dividend Arrearages and Delinquencies](#tx455258_18) | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 14. | [Material Modifications to the Rights of Security Holders and Use of Proceeds](#tx455258_19) | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 15. | [Controls and Procedures](#tx455258_20) | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16. | [\[Reserved\]](#tx455258_21) | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16A. | [Audit Committee Financial Expert](#tx455258_22) | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16B. | [Code of Ethics](#tx455258_23) | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16C. | [Principal Accountant Fees and Services](#tx455258_24) | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16D. | [Exemptions from the Listing Standards for Audit Committees](#tx455258_25) | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16E. | [Purchases of Equity Securities by the Issuer and Affiliated Purchasers](#tx455258_26) | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16F. | [Change in Registrant's Certifying Accountant](#tx455258_27) | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16G. | [Corporate Governance](#tx455258_28) | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16H. | [Mine Safety Disclosure](#tx455258_29) | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16I. | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#tx455258_30) | 112 |
|  [PART III](#tx455258_32) |  | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 17. | [Financial Statements](#tx455258_33) | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 18. | [Financial Statements](#tx455258_34) | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 19. | [Exhibits](#tx455258_35) | 113 |
|  [SIGNATURES](#tx455258_36) | [SIGNATURES](#tx455258_36) | 115 |
|  [CONSOLIDATED FINANCIAL STATEMENTS](#tx455258_37) | [CONSOLIDATED FINANCIAL STATEMENTS](#tx455258_37) | F-1 |

---

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#### PRESENTATION OF FINANCIAL AND OTHER INFORMATION
We report under International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB)

#### General Information
Our consolidated financial statements are reported in the reporting currency of the Euro (€), which are denoted "Euros," "EUR" or "€" throughout this Annual Report on Form 20-F ("Annual Report"). Also, throughout this Annual Report:

• except where the context otherwise requires or where otherwise indicated, the terms "Wallbox," the "Company," "we," "us," "our," "our Company" and "our business" refer to Wallbox N.V., a Dutch public limited liability company (*naamloze vennootschap*), in each case together with its consolidated subsidiaries as a consolidated entity;

• the terms "€," "EUR," "Euro" or "euro" refer to the currency introduced at the start of the third stage of European economic and monetary union pursuant to the treaty establishing the European Community, as amended; and

• the terms "dollars," "USD" or "$" refer to U.S. dollars.

Certain figures in this Annual Report may not recalculate exactly due to rounding. This is because percentages and/or figures contained herein are calculated based on actual numbers and not the rounded numbers presented.

#### Defined Terms and Key Performance Indicators in this Annual Report
Throughout this Annual Report, we use a number of defined terms and provide information about a number of key performance indicators used by management. Definitions are as follows, and additional information about our key performance indicators is discussed in more detail in Item 5, "Operating and Financial Review and Prospects - Key Operating and Financial Metrics."

"Board" means the board of directors of Wallbox.

"Business Combination" means the business combination on October 1, 2021, of Wallbox Chargers S.L. with the special purpose acquisition company, or SPAC, Kensington Capital Acquisition Corp. II pursuant to the Business Combination Agreement, as a result of which Wallbox N.V. became a publicly traded company on the NYSE.

"Business Combination Agreement" means the Business Combination Agreement, dated June 9, 2021, by and among Wallbox B.V., Merger Sub, Kensington and Wallbox Chargers S.L.

"Class A Shares" means the ordinary shares A, nominal value €0.12 per share, of Wallbox.

"Class B Shares" means the ordinary shares B, nominal value €1.20 per share, of Wallbox.

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"Closing" means the closing of the transactions contemplated by the Business Combination Agreement.

"Code" means the U.S. Internal Revenue Code of 1986, as amended.

"COVID-19" means the coronavirus known as SARS-CoV-2 or COVID-19, and any evolutions, mutations thereof or related or associated epidemics, pandemic or disease outbreaks.

"DCGC" means the Dutch Corporate Governance Code.

"ESPP" means the Wallbox N.V. Amended and Restated 2021 Employee Share Purchase Plan.

"EVs" mean electric vehicles.

"Exchange Act" means the U.S. Securities Exchange Act of 1934, as amended.

"FCPA" means the U.S. Foreign Corrupt Practices Act.

"General Meeting" means the general meeting (*algemene vergadering*) of Wallbox, being the corporate body, or where the context so requires, the physical meeting of shareholders of Wallbox.

"IAS" means the International Accounting Standard.

"IFRS" means the International Financial Reporting Standards as issued by the International Accounting Standards Board.

"Incentive Plan" means the Wallbox N.V. 2021 Equity Incentive Plan.

"JOBS Act" means the Jumpstart Our Business Startups Act of 2012.

"Kensington" means Kensington Capital Acquisition Corp. II, a Delaware corporation.

"NYSE" means the New York Stock Exchange.

"Private Warrants" means the 8,933,333 warrants originally issued to certain shareholders of Kensington in a private placement transaction that occurred concurrently with the closing of Kensington's initial public offering that were converted into warrants to purchase one Class A Share at a price of $11.50 per share, subject to adjustment, at the closing of the Business Combination.

"Public Warrants" means the 5,750,000 warrants originally issued to public shareholders of Kensington in connection with its initial public offering that were converted into warrants to purchase one Class A Share at a price of $11.50, subject to adjustment, at the closing of the Business Combination.

"Sarbanes-Oxley Act" means the Sarbanes-Oxley Act of 2002.

"SEC" means the United States Securities and Exchange Commission.

"Shares" means Class A Shares and Class B Shares.

"Warrants" means Private Warrants and Public Warrants.

#### Non-IFRS and Other Financial and Operating Metrics
We have included in this Annual Report certain financial measures not based on IFRS, including EBITDA and Adjusted EBITDA (together, the "Non-IFRS Measures"), as well as operating metrics, including Gross Margin. See the definitions set forth below for a further explanation of these terms.

Management uses the Non-IFRS Measures:

• as measurements of operating performance because they assist us in comparing our operating performance on a consistent basis, as they remove the impact of items not directly resulting from our core operations;

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• for planning purposes, including the preparation of our internal annual operating budget and financial projections;

• to evaluate the performance and effectiveness of our strategic initiatives; and

• to evaluate our capacity to fund capital expenditures and expand our business.

The Non-IFRS Measures may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate these measures in the same manner. We present the Non-IFRS Measures because we consider them to be important supplemental measures of our performance, and we believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies. Management believes that investors' understanding of our performance is enhanced by including the Non-IFRS Measures as a reasonable basis for comparing our ongoing results of operations. By providing the Non-IFRS Measures, together with reconciliations to IFRS, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives.

Items excluded from the Non-IFRS Measures are significant components in understanding and assessing financial performance. The Non-IFRS Measures have limitations as analytical tools and should not be considered in isolation, or as an alternative to, or a substitute for loss for the year, revenue or other financial statement data presented in our consolidated financial statements as indicators of financial performance. Some of the limitations are:

• such measures do not reflect our expenditures, or future requirements for capital expenditures or contractual commitments;

• such measures do not reflect changes in our working capital needs;

• such measures do not reflect our share based payments, income tax benefit/(expense) or the amounts necessary to pay our taxes;

• although depreciation and amortization are not included in the calculation of Adjusted EBITDA, the assets being depreciated and amortized will often have to be replaced in the future and such measures do not reflect any costs for such replacements; and

• other companies may calculate such measures differently than we do, limiting their usefulness as comparative measures.

Due to these limitations, EBITDA and Adjusted EBITDA should not be considered as measures of discretionary cash available to us to invest in the growth of our business and are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with IFRS. In addition, the Non-IFRS Measures we use may differ from the non-IFRS financial measures used by other companies and are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. Furthermore, not all companies or analysts may calculate similarly titled measures in the same manner. We compensate for these limitations by relying primarily on our IFRS results and using the Non-IFRS Measures only as supplemental measures.

We define our non-IFRS Measures and other financial and operating metrics as follows:

"Gross Margin" is defined as revenue less changes in inventory, raw materials and other consumables used.

"EBITDA" is defined as loss for the year before income tax credit, financial income, interest expenses, amortization and depreciation.

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"Adjusted EBITDA" is defined as loss for the year before depreciation and amortization, income tax credits, and financial income and financial expense further adjusted to take account of the impact of certain non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These non-cash and other items include, but not are limited to, change in fair value of convertible bonds and derivative warrants, share listing expenses, foreign exchange gains/(losses), share based payment expenses, transaction costs related to the Business Combination and other items outside the scope of our ordinary activities.

Refer to Item 5, *"Operating and Financial Review and Prospects – A. Operating Results – Reconciliations of Non-IFRS and Other Financial and Operating Metrics"* included elsewhere in this Annual Report for reconciliations of our Non-IFRS measures to the most directly comparable IFRS financial measures.

#### Market and Industry Data
Unless otherwise indicated, information contained in this Annual Report concerning our industry and the markets in which we operate, including our general expectations, market position and market opportunity, is based on our management's estimates and research, as well as industry and general publications and research, surveys and studies conducted by third parties. We believe the information from these third-party publications, research, surveys and studies included in this Annual Report is reliable. Management's estimates are derived from publicly available information, their knowledge of our industry and their assumptions based on such information and knowledge, which we believe to be reasonable. This data involves a number of assumptions and limitations which are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in this Annual Report under Item 3, "*Key Information – Risk Factors."* These and other factors could cause our future performance to differ materially from our assumptions and estimates.

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#### CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This Annual Report contains statements that constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements contained in this Annual Report other than statements of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our future operating results and financial position, business strategy and plans, market growth and objectives for future operations. The words "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," ""target," will," "would" and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither historical facts nor assurances of future performance. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to numerous known and unknown risks and uncertainties, some of which are beyond our control, and are made in light of the information currently available to us.

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Actual results could differ materially from those anticipated in forward-looking statements for many reasons, including the factors described in Part I., Item 3, "*Key Information," D.* "*Risk Factors*" herein. Accordingly, you should not rely on these forward-looking statements, which speak only as of the date hereof.

We undertake no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date hereof or to reflect the occurrence of unanticipated events.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date hereof. And while we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and you are cautioned not to unduly rely on these statements.

Although we believe the expectations reflected in the forward-looking statements were reasonable at the time made, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should carefully consider the cautionary statements contained or referred to in this section in connection with the forward-looking statements contained herein and any subsequent written or oral forward-looking statements that may be issued by us or persons acting on our behalf.

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#### RISK FACTOR SUMMARY
Our business is subject to numerous risks and uncertainties, including those described in Item 3, *"Key Information – D. Risk Factors"* included elsewhere in this Annual Report. You should carefully consider these risks and uncertainties when investing in our ordinary shares. Principal risks and uncertainties affecting our business include the following.

• We are an early stage company with a history of operating losses, and expect to incur significant expenses and continuing losses at least for the near and medium-term.

• Our growth and success is highly correlated with and thus dependent upon the continuing rapid adoption of, and demand for EVs, as well as, availability of critical components needed for EVs and our products. Among other things, changes to fuel economy standards or the success of alternative fuels, or changes to rebates, tax credits and other financial incentives from governments, utilities and others to offset the purchase or operating cost of EVs and EV charging technology, may negatively impact the EV market and, thus, the demand for our products and services.

• If we fail to manage our growth effectively, our business, operating results and financial condition could be adversely affected.

• We currently face competition from a number of companies and expect to continue to face significant competition in our markets.

• We face risks related to health pandemics, including the COVID-19 pandemic, which have had and could in the future have a material adverse effect on our business, operating results and financial condition.

• A loss or disruption with respect to our supply or manufacturing partners could negatively affect our business.

• Our customers are not under long-term contract and its customer orders may fluctuate.

• We expect to expend resources to maintain consumer awareness of our brands, build brand loyalty and generate interest in our products. Failure to effectively expand our sales and marketing capabilities could harm our ability to increase or maintain our customer base and achieve broader market acceptance of our products.

• We rely on third-parties that we do not control for many aspects of our business, marketing and distribution channels, and our failure to manage and maintain relationships with such third-parties, or any failure by such third-parties to promote or maintain the brand and quality of our products, could harm our brand, reputation and adversely affect our business. Furthermore, we are dependent on third parties for installations, which are subject to risks associated with cost overruns and delays. Third parties may improperly install our products, which may result in additional costs to us and may adversely affect our brand, reputation and business.

• We are dependent on consumer adoption of our products. If we do not continue to offer a high quality product and user experience, our business, brand and reputation will suffer.

• Disruption of operations, including as a result of natural disasters, at our manufacturing sites or those of third-party suppliers could prevent us from filling customer orders on a timely basis and adversely affect our reputation and results of operations.

• Our business is significantly dependent on its ability to meet labor needs, and we may be subject to work stoppages at our facilities or at the facilities of our supply and manufacturing partners, which could negatively impact the profitability of our business.

• We may have to initiate product recalls or withdrawals or may be subject to litigation or regulatory enforcement actions and/or incur material product liability claims, which could increase our costs and harm our brand, reputation and adversely affect our business.

• We are subject to extensive environmental, health and safety laws and regulations which, if not met, could have a material adverse effect on our business, financial condition and results of operations.

• We have a significant presence in international markets and plan to continue to expand our international operations, which exposes us to a number of risks that could affect our future growth.

• Joint ventures that we are party to or that we enter into, including our joint venture in China, present a number of challenges that could have a material adverse effect on our business, operating results and financial condition.

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• We have acquired businesses and may acquire other businesses and/or companies, which could require significant management attention, disrupt our business, dilute shareholder value, and adversely affect our results of operations.

• Exchange rate fluctuations between the Euro and other currencies may negatively affect our earnings.

• The ongoing military action between Russia and Ukraine could adversely affect our business, financial condition and results of operations. Our business may be affected by sanctions, export controls and similar measures targeting Russia and other countries and territories as well as other responses to Russia's military conflict in Ukraine.

• Increases in component costs, shipping costs, long lead times, supply shortages, and supply changes has disrupted and could in the future disrupt our supply chain and factors such as wage rate increases, inflation and interest rate increases can have a material adverse effect on our business, results of operations, financial condition and prospects.

• We may need to defend against intellectual property infringement or misappropriation claims, which may be time-consuming and expensive, and our business could be adversely affected.

• The EV industry is new and evolving as are the standards governing EV charging and the current lack of industry standards could result in future incompatibilities and issues that could require significant resources and or time to remedy.

• We expect to incur research and development costs and devote significant resources to developing new products, which could significantly reduce our profitability.

• We identified material weaknesses in connection with our internal control over financial reporting. Our efforts to remediate these material weaknesses may not be successful in a timely manner, or at all, and we may identify other material weaknesses.

• We are a public company with limited liability (*naamloze vennootschap*) incorporated under the laws of the Netherlands. The rights of our shareholders may be different from the rights of stockholders in companies governed by the laws of U.S. jurisdictions and may not protect investors in a similar fashion afforded by incorporation in a U.S. jurisdiction.

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#### Part I

#### Item 1. Identity of Directors, Senior Management and Advisers
Not applicable.

#### Item 2. Offer Statistics and Expected Timetable
Not applicable.

#### Item 3. Key Information
A. **[Reserved]** 

B. **Capitalization and Indebtedness** 

Not applicable.

C. **Reasons for the Offer and Use of Proceeds** 

Not applicable.

D. **Risk Factors** 

*An investment in our Class A Shares involves risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report, including our audited consolidated financial statements and related notes included elsewhere in this Annual Report, before deciding to invest in our Class A Shares. Additional risks not presently known to us or that we currently deem immaterial may also impair our business and operations. Our business, financial condition or results of operations could be materially and adversely affected by any of these risks. The trading price of our Class A Shares could decline due to any of these risks, and you could lose all or part of your investment.* 

#### Risks Related to Our Business
***We are an early stage company with a history of operating losses, and expect to incur significant expenses and continuing losses at least for the near and medium-term.***

We have a history of operating losses and negative operating cash flows. We incurred a net loss of €62.8 million and €223.8 million for the years ended December 31, 2022 and 2021, respectively. We believe we will continue to incur operating and net losses at least for the near term. A significant portion of our operating expenses are fixed. We anticipate, due to, among other things, ongoing administrative expenses associated with our U.S. listing and related regulations and reporting requirements, we will operate at a loss for the near and medium-term. Additional losses could impair our liquidity and may require us to raise additional capital or to curtail certain of our operations in an effort to preserve capital. Incurring additional losses could also erode investor's confidence in our ability to manage our business effectively and result in a decline in the price of Shares. Even if we achieve profitability, there can be no assurance that we will be able to maintain profitability in the future. We may need to raise additional financing through loans, securities offerings or additional transactions in order to fund our ongoing operations. There is no assurance that we will be able to obtain such additional financing or that we will be able to obtain such additional financing on favorable terms if at all.

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***Our growth and success is highly correlated with and thus dependent upon the continuing rapid adoption of, and demand for EVs, as well as, availability of critical components needed for EVs and our products. Among other things, changes to fuel economy standards or the success of alternative fuels, or changes to rebates, tax credits and other financial incentives from governments, utilities and others to offset the purchase or operating cost of EVs and EV charging technology, may negatively impact the EV market and, thus, the demand for our products and services.***

Our potential profitability and growth is highly dependent upon the continued adoption of Electric Vehicles ("EVs") by consumers, businesses, and fleet operators continued support from regulatory programs and in each case, the use of our chargers and charging stations, any of which may not occur at the levels we currently anticipate or at all. The market for EVs is still rapidly evolving, characterized by rapidly changing technologies, increasing consumer choice as it relates to available EV models, their pricing and performance, evolving government regulation and industry standards, changing consumer preferences and behaviors, intensifying levels of concern related to environmental issues, and governmental initiatives related to climate change and the environment generally. Although demand for EVs has grown in recent years, there is no guarantee of continuing future demand. Residential, commercial and public charging may not develop as expected and may fail to attract projected market share of total EV charging. If the market for EVs develops more slowly than expected, or if demand for EVs decreases, our growth would be reduced and its business, prospects, financial condition and operating results would be harmed. The market for EVs could be affected by numerous factors, such as:

• perceptions about EV features, quality, driver experience, safety, performance and cost;

• perceptions about the limited range over which EVs may be driven on a single battery charge and about availability and access to sufficient public EV charging stations;

• competition, including from other types of alternative fuel vehicles (such as hydrogen fuel cell vehicles), plug-in hybrid EVs and high fuel-economy internal combustion engine ("ICE") vehicles;

• increases in fuel efficiency in legacy ICE and hybrid vehicles;

• volatility in the price of gasoline and diesel at the pump;

• EV supply chain disruptions including but not limited to availability of certain components (such as semiconductors, microchips and lithium), ability of EV OEMs to ramp-up EV production, availability of batteries, and battery materials;

• concerns regarding the stability of the electrical grid;

• the decline of an EV battery's ability to hold a charge over time;

• availability of service for EVs;

• consumers' perception about the convenience, speed, and cost of EV charging;

• government regulations and economic incentives, including adverse changes in, or expiration of, favorable tax incentives related to EVs, EV charging stations or decarbonization generally;

• relaxation of government mandates or quotas regarding the sale of EVs;

• the number, price and variety of EV models available for purchase;

• inflationary pressures on the cost of EVs and the cost of financing EV purchases; and

• concerns about the future viability of EV manufacturers.

In addition, sales of vehicles in the automotive industry can be cyclical, which may affect growth in acceptance of EVs. It is uncertain how macroeconomic factors will impact demand for EVs, particularly since they can be more expensive than traditional gasoline-powered vehicles, when the automotive industry globally has been

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experiencing a recent decline in sales. Furthermore, because fleet operators often make large purchases of EVs, this cyclicality and volatility in the automotive industry may be more pronounced with commercial purchasers, and any significant decline in demand from these customers could reduce demand for EV charging and our products and services in particular.

While many global OEMs and several new market entrants have announced plans for new EV models, the lineup of EV models, with increasing charging needs, expected to come to market over the next several years may not materialize in that timeframe or may fail to attract sufficient customer demand. In addition, market entrants in the EV market may not ultimately succeed, which could reduce market demand, and several startup EV makers have recently filed for bankruptcy. Demand for EVs may also be affected by factors directly impacting automobile prices or the cost of purchasing and operating automobiles, such as sales and financing incentives, prices of raw materials and parts and components, cost of fuel and governmental regulations, including tariffs, import regulation and other taxes. Volatility in demand may lead to lower vehicle unit sales, which may result in reduced demand for EV charging solutions and therefore adversely affect our business, financial condition and operating results.

As regulatory initiatives have required an increase in the mileage capabilities of cars and consumption of renewable transportation fuels, such as ethanol and biodiesel, consumer acceptance of EVs and other alternative vehicles has been increasing. However, the EV fueling model is different from gasoline and other fuel models, requiring behavior changes and education of businesses, consumers, regulatory bodies, local utilities, and other stakeholders. Further developments in, and improvements in affordability of, alternative technologies, such as renewable diesel, biodiesel, ethanol, hydrogen fuel cells or compressed natural gas, proliferation of hybrid powertrains involving such alternative fuels, or improvements in the fuel economy of the ICE vehicles, whether as the result of regulation or otherwise, may materially and adversely affect demand for EVs and EV charging stations in some market verticals. Regulatory bodies may also adopt rules that substantially favor certain alternatives to petroleum-based propulsion over others, which may not necessarily be EVs. Local jurisdictions may also impose restrictions on urban driving due to congestion, which may prioritize and accelerate micro mobility trends and slow EV adoption growth. If any of the above cause or contribute to automakers reducing the availability of EV models or cause or contribute to consumers or businesses to no longer purchase EVs or purchase fewer of them, it would materially and adversely affect our business, operating results, financial condition and prospects.

The U.S. federal government, European states and some state and local governments provide incentives to end users and purchasers of EVs and EV charging stations in the form of rebates, tax credits, and other financial and behavioral incentives, such as payments for regulatory credits. The EV market relies on these governmental rebates, tax credits, and other financial incentives to significantly lower the effective price of EVs and EV charging stations. In the United States, for example, with the passage of the Inflation Reduction Act, the Biden administration has committed over $369 billion towards climate investments, representing the largest single investment in this area in the country's history. The package includes both consumer and corporate incentives and loans with the aims of reducing emissions by 40% by 2030. However, these incentives may expire on a particular date, end when the allocated funding is exhausted, or be reduced or terminated as a matter of regulatory or legislative policy. Any reduction in rebates, tax credits or other financial incentives could negatively affect the EV market and adversely impact our business operations and expansion potential. Furthermore, new tariffs and policy incentives implemented by the Biden Administration that favor equipment manufactured by or assembled at American factories, could put us at a competitive disadvantage if we are not able to develop our U.S. manufacturing capacity on the timelines we currently expect or at all, including by increasing the cost or delaying the availability of charging equipment, by challenging or eliminating our ability to apply or qualify for grants and other government incentives, or by disqualifying us from the ability to compete for certain charging infrastructure buildout solicitations and programs, including those initiated by federal government agencies.

Similarly, even if new legislation incentivizes EV adoption, we cannot predict what form such incentives may take at this time. If we are not eligible for grants or other incentives under such programs, while our competitors are, it may adversely affect our competitiveness or results of operation.

#### If we fail to manage our growth effectively, our business, operating results and financial condition could be adversely affected.
We have experienced rapid growth in recent periods, and historical growth rates may not be sustainable or indicative of future growth. Furthermore, the expected continued growth and expansion of our business may place a significant strain on management, business operations, financial condition and infrastructure and

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corporate culture, and we may not successfully anticipate our business and personnel needs. For example, beginning in January 2023, we began taking cost-saving initiatives to better align our cost structure with the current demand environment and commenced a reduction of approximately 7% of our workforce. These initiatives are subject to known and unknown risks and uncertainties, including whether we have targeted the appropriate areas of the business and at the appropriate scale. In addition, these cost-saving initiatives could take more time and be more costly than anticipated and could place substantial demands on management, which could lead to the diversion of management's attention from other business priorities. Any reduction in force may yield unintended consequences and costs, such as attrition beyond the intended reduction in force, the distraction of employees and reduced employee morale, which could, in turn, adversely impact productivity, including through a loss of continuity, loss of accumulated knowledge or inefficiency during transitional periods. Any of these impacts could also adversely affect our reputation as an employer, make it more difficult for us to hire new employees in the future and increase the risk that we may not achieve the anticipated benefits.

As our business and company evolves, our information technology systems and our internal control over financial reporting and procedures may not be adequate to support our operations and may allow data security incidents that may interrupt business operations and allow third parties to obtain unauthorized access to business information or misappropriate funds. We may also face risks to the extent such third parties infiltrate the information technology infrastructure of our contractors.

To manage our operations and personnel, we will need to continue to improve our operational, financial and management controls and reporting systems and procedures. Failure to manage growth effectively could result in difficulty or delays in attracting new customers, declines in quality or customer satisfaction, increases in costs, difficulties in introducing new products and services or enhancing existing products and services, loss of customers, information security vulnerabilities or other operational difficulties, any of which could adversely affect our business performance and operating results. Our strategy is based on a combination of growth and maintenance of strong performance, and any inability to scale, maintain customer experience related to our charging products or charging stations may impact our growth trajectory and results of operations.

#### Our estimates of market opportunity and forecasts of market growth may prove to be inaccurate.
Estimates of future EV adoption, the total addressable market for our products and services and market opportunity estimates and growth forecasts, whether obtained from third-party sources or developed internally, are subject to significant uncertainty and are based on assumptions and estimates that may prove to be inaccurate. This is especially so during periods of macroeconomic volatility, among other factors outside our control. Management's estimates and forecasts relating to the size and expected growth of the target market, market demand and EV adoption may also prove to be inaccurate. In particular, estimates regarding the current and projected market opportunity for public and residential charging or our market share related to that opportunity are difficult to predict. The estimated addressable market may not materialize in the timeframe of the projections, if ever, and, even if the markets meet the size estimates and growth estimates, our business could fail to grow at similar rates.

#### We currently face competition from a number of companies and expect to continue to face significant competition in our markets.
The EV charging market is relatively new, and we currently face competition from a number of EV charging companies and may face increasing competition from other competitors that may enter the space including but not limited to OEMs, utilities, tech companies, solar companies that branch into EV charging, and other new entrants. The principal competitive factors in the industry include consumer awareness and brand recognition of our residential charging products; technical features of chargers in respect of both hardware and software; relationships with localities and utilities; charger connectivity to EVs and ability to charge all standards; software-enabled services offering and overall customer experience; brand, track record and reputation; access to component vendors and OEMs, service providers, installation professionals; and policy incentives and pricing.

We have varying levels of penetration in our markets and those markets are characterized by unique competitive dynamics. For example, the European EV charging market can be characterized as fragmented.

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There are many small and local players, with only a limited number of parties having sufficient scale and funding to be competitive in the long term. Especially due to the strong government incentives currently in place, EV sales are expected to continue to increase in Europe. From a competitive perspective, the North American market has high barriers to entry due to strict certification and validation requirements. Therefore, this market differs from Europe as the market is less fragmented. Similar to the European market, the APAC market can be characterized as a highly fragmented market with less than a handful of players that have gained significant scale in the industry. From a technology and pricing perspective, EV charging solutions in APAC are cost-competitive as they can be manufactured at a lower cost point. Our growth in each of our markets requires differentiating ourselves as compared to our competition. If we are unable to penetrate, or further penetrate, the market in each of the geographies in which we operate or intend to operate, our future revenue growth and profits may be impacted. In addition, there are competitors, in particular those with limited funding, experience or commitment to quality assurance, which could cause poor experiences, hampering overall EV adoption or trust in any particular provider. Further, our current or potential competitors may be acquired by third parties with different commercial objectives and imperatives and greater available resources.

Additionally, future changes in charging preferences; the development of inductive EV charging capabilities; battery chemistries, ultralong-range batteries or energy storage technologies, industry standards or applications; driver behavior or battery EV efficiency may develop in ways that limit our future share gains in certain high promising markets or slow the growth of our addressable market. We may face competition from other EV charging technologies, such as battery swapping technology or wireless / inductive charging, or technologies which may be developed in the future. Competitors may be able to respond more quickly and effectively than us to new or changing opportunities, technologies, standards or customer requirements, and may be better equipped to initiate or withstand substantial price competition.

The EV charging business may become more competitive, pressuring future increases in utilization and margins. Competition is still developing and is expected to increase as the number of EVs sold increases. New competitors or alliances may emerge in the future that secure greater market share, have proprietary technologies that drivers prefer, more effective marketing abilities and/or face different financial hurdles, which could put us at a competitive disadvantage.

Further, our current strategic initiatives may fail to result in a sustainable competitive advantage for us. Future competitors could also be better positioned to serve certain segments of our current or future target markets, which could create price pressure or erode our market share. In light of these factors, current or potential customers may utilize charging services of competitors. If we fail to adapt to changing market conditions or continue to compete successfully with current charging product providers or new competitors, our growth will be inhibited, adversely affecting our business and results of operations.

***We face risks related to health pandemics, including the COVID-19 pandemic, which have had and could in the future have a material adverse effect on our business, operating results and financial condition.***

Following its onset in March 2020, the COVID-19 pandemic has had an impact on the macroeconomic climate generally and on our business performance specifically. In particular, changes in consumer and business behavior, pandemic fears and market downturns and restrictions on business and individual activities, has created significant volatility in the global and domestic economies and led to reduced economic activity, supply chain disruptions, including charging equipment supply chain and shipping constraints, and inflationary pressures. COVID-19 has also disrupted the manufacturing, delivery and overall supply chain of vehicle manufacturers and suppliers and has led to a decrease in vehicle sales, including EV sales, in markets around the world, and the accompanying demand for our charging products and services. Any sustained downturn in demand for EVs would harm our business and negatively impact growth.

We may continue to experience an adverse impact to its business as a result of the pandemic's global economic impact, including any recession that has occurred or may occur in the future. Specifically, difficult macroeconomic conditions, such as decreases in per capita income and level of disposable income, increased and prolonged unemployment or a decline in consumer confidence as a result of the COVID-19 pandemic, as well as reduced spending by businesses, could each have a material adverse effect on the demand for our products and services.

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#### A loss or disruption with respect to our supply or manufacturing partners could negatively affect our business.
We rely on a limited number of vendors and OEMs for manufacturing of components of our charging products which at this stage of the industry is unique to each supplier and thus singularly sourced with respect to components. This reliance on a limited number of vendors and OEMs increases our risks. In the event of production interruptions or supply chain disruptions including but not limited to availability of certain key components such as semiconductors, which have experienced supply shortages that have significantly affected the overall automotive industry, we may not be able to take advantage of increased production from other sources or develop alternate or secondary vendors without incurring material additional costs and substantial delays. Thus, our business would be adversely affected if one or more of our vendors or OEMs is impacted by any interruption at a particular location. The lack of component parts and delays experienced by our vendors and OEMs have necessitated us having to seek other sources and increase our inventory of component parts.

As the demand for EV charging increases, vendors and OEMs may not be able to dedicate sufficient supply chain, production, or sales channel capacity to keep up with the required pace of charging product and infrastructure expansion. Global supply chains continue to experience a period of unprecedented disruption, in addition to which, as the EV market grows, the industry may be exposed to deteriorating design requirements, undetected faults or the erosion of testing standards by charging equipment and component suppliers, which may adversely impact the performance, reliability and lifecycle cost of the chargers. If we or our suppliers experience a significant increase in demand, or if we need to replace an existing supplier, it may not be possible to supplement service or replace them on acceptable terms, which may undermine our ability to make sales and timely deliveries of chargers. For example, it may take a significant amount of time to identify a vendor that has the capability and resources to supply components in sufficient volume. Identifying and approving suitable vendors could be an extensive process that requires us to become satisfied with their quality control, technical capabilities, responsiveness and service, financial stability, regulatory compliance, and labor and other ethical practices. Accordingly, a loss of any significant vendor or OEM would have an adverse effect on our business, financial condition and operating results.

Further, should the U.S. Government require that charging equipment be manufactured in the U.S. in order to access federal financial support or secure contracts with the federal government, we may have to source components from alternative vendors or OEMs or work with current vendors and OEMs to develop additional manufacturing capacity in the U.S. to participate in the covered federal programs.

***We are dependent upon the efforts of certain key personnel. If we are unable to attract and retain key employees and hire qualified management, technical, engineering and sales and business development personnel, our ability to compete and successfully grow our business would be harmed. Furthermore, the loss of such key personnel could negatively impact the operations and financial results of our business.***

Our success is dependent on the continued services of certain key personnel. From time to time, there may be changes in our executive management team resulting from the hiring or departure of executives, which could disrupt our business. The replacement of one or more of our executive officers or other key employees would likely involve significant time and costs and may significantly delay or prevent the achievement of our business objectives. We also do not maintain any key person life insurance policies.

To continue to execute our growth strategy, we also must attract and retain highly skilled personnel. Competition is intense for qualified professionals. We may experience difficulty in hiring and retaining highly skilled personnel with appropriate qualifications. The pool of qualified personnel with experience working in our market is limited overall. In addition, many of the companies with which we compete for experienced personnel have greater resources.

Volatility in the price of shares may, therefore, negatively impact our ability to attract or retain highly skilled personnel. Further, the requirement to expense stock options and other equity-based compensation may discourage us from granting the size or type of stock option or equity awards that job candidates require to join us. Failure to attract new personnel or failure to retain and motivate our current personnel, could harm our business.

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Additionally, our future success depends on our ability to continue to attract, retain and motivate highly skilled employees, software engineers and other employees with the technical skills in design and engineering that will enable us to deliver quality EV charging products and energy management solutions. Competition for highly skilled employees in our industry is intense, and we expect certain of our key competitors, who generally are larger than us and have access to more substantial resources, to pursue top talent even more aggressively.

#### Our customers are not under long-term contract and its customer orders may fluctuate.
We do not have commitments greater than one year from any of our customers, and we may not be able to retain customers or attract new customers that provide us with revenue that is comparable to the revenue generated by any customers we may lose. The duration of the contracts we do have with our distribution partners is typically one year and such contracts may contain termination clauses and do not provide for minimum volumes or other commitments to purchase our chargers. Additionally, many of the orders for future deliveries of our Supernova charging station are currently under non-binding letters of intent and may not provide the same level of certainty as if such orders were under binding contracts. Our distributor, reseller, and installer customers, which accounted for approximately 46% of its sales, for the year ended December 31, 2022, place orders with it on an ad hoc basis and direct sales made directly through our website or via Amazon accounted for approximately 11% of its sales for the year ended December 31, 2022. Because our customers do not have long-term contracts, it may be difficult for us to accurately predict future revenue streams. We cannot provide assurance that current customers will continue to use our products or services or that we will be able to replace departing customers with new customers that provide we with comparable revenue. We also have in the past experienced customer concentration, with Iberdrola representing greater than 8% of our revenues for the year ended December 31, 2020, 6% for the year ended December 31, 2021 and 3.0% for the year ended December 31, 2022. The loss of a key customer, including but not limited to Iberdrola, could have a material impact on our business.

***We expect to expend resources to maintain consumer awareness of our brands, build brand loyalty and generate interest in our products. Failure to effectively expand our sales and marketing capabilities could harm our ability to increase or maintain our customer base and achieve broader market acceptance of our products.***

Our ability to grow our customer base, achieve broader market acceptance, grow revenue, and achieve and sustain profitability will depend, to a significant extent, on our ability to effectively expand our sales and marketing operations and activities, which will require significant investment. We had €23.9 million, €7.3 million and €1.4 million in marketing expenses in each of the years ended December 31, 2022, 2021 and 2020, respectively, and we expect to expend more resources in the future in order to build consumer awareness of our brands. We rely on our business development, sales and marketing teams to obtain new customers and grow our retail business. We plan to continue to expand in these functional areas but we may not be able to recruit and hire a sufficient number of competent personnel with requisite skills, technical expertise and experience, which may adversely affect our ability to expand our sales capabilities. The hiring process can be costly and time-consuming, and new employees may require significant training and time before they achieve full productivity. Recent hires and planned hires may not become as productive as quickly as anticipated, and we may be unable to hire or retain sufficient numbers of qualified individuals. Our ability to achieve significant revenue growth in the future will depend, in large part, on our success in recruiting, training, incentivizing and retaining a sufficient number of qualified personnel attaining desired productivity levels within a reasonable time. Our business will be harmed if investment in personnel related to business development and related company activities does not generate a significant increase in revenue.

***We rely on third-parties that we do not control for many aspects of our business, marketing and distribution channels, and our failure to manage and maintain relationships with such third-parties, or any failure by such third-parties to promote or maintain the brand and quality of our products, could harm our brand, reputation and adversely affect our business. Furthermore, we are dependent on third parties for installations, which are subject to risks associated with cost overruns and delays. Third parties may improperly install our products, which may result in additional costs to us and may adversely affect our brand, reputation and business.***

We sell our EV charging solutions through various channels. We have built and maintain an ecosystem of partner channels including, installers, resellers and value- add distributors. We provide marketing materials, training and support to our partners to improve sales and enters into contracts with such parties governing certain aspects of their conduct; however, we do not ultimately control such parties. Our failure to manage and maintain relationships with such third-parties, or any failure by such third-parties to promote or maintain the brand and quality of our products, could harm our brand, reputation and adversely affect our business.

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Additionally, outside of the installation services our subsidiary COIL provides in North America, we do not typically install our charging products or charging stations. We offer installation service through our certified installer network that are intended to ensure installation according to local governmental and industrial standards; however, these installation services are often offered through third parties that we do not control. The installation of charging products, particularly its charging stations, is generally subject to oversight and regulation in accordance with state and local laws and ordinances. Installations are subject to risks associated with cost overruns and delays. Third parties may improperly install our products, which may damage or break our products and give the end-user the perception the product is faulty and may adversely affect our brand, reputation and business.

Our business model is predicated on the presence of qualified and capable installation professionals in the new markets it intends to enter. There is no guarantee that there will be an adequate supply of such partners.

A shortage in the number of qualified contractors may impact the viability of the business plan, increase risks around the quality of works performed and increase costs if outside contractors are brought into a new market.

Negative publicity or product quality issues, whether real or perceived, could tarnish our reputation and our brand image. Failure to maintain, enhance and protect our brand image could have a material adverse effect on our results of operations. In addition, any failure to meet customer specifications could result in reduced net sales and income.

***We are dependent on consumer adoption of our products. If we do not continue to offer a high quality product and user experience, our business, brand and reputation will suffer.***

A failure or inability by us to meet customer specifications or consumer expectations could damage our reputation and adversely affect our ability to attract new business and result in delayed or lost sales. our ability to create, maintain, enhance and protect our brand image and reputation and consumers' connection to our brand depends in part on our design and marketing efforts. Negative publicity or product quality issues, whether real or perceived, could tarnish our reputation and brand image. Failure to maintain, enhance and protect our brand image could have a material adverse effect on our results of operations. In addition, any failure to meet customer specifications could result in reduced revenues and increased net losses.

***Computer malware, viruses, ransomware, hacking, phishing attacks and other network disruptions could result in security and privacy breaches, loss of proprietary information and interruption in service, which would harm our business.***

Computer malware, viruses, physical or electronic break-ins and similar disruptions could lead to interruption and delays in our services and operations and loss, misuse or theft of data. Computer malware, viruses, ransomware, hacking, phishing attacks or denial of service, against online networks have become more prevalent and may occur on our systems. Any attempts by cyber attackers to disrupt our services or systems, if successful, could harm our business, introduce liability to data subjects, result in the misappropriation of funds, be expensive to remedy and damage our reputation or brand. Insurance may not be sufficient to cover significant expenses and losses related to cyber-attacks. Even with the security measures we have implemented, our facilities and systems, and those of our third-party service providers, could be vulnerable to security breaches, computer viruses, lost or misplaced data, programming errors, scams, burglary, human errors, acts of vandalism, or other events. Efforts to prevent cyber attackers from entering computer systems are expensive to implement, and we may not be able to cause the implementation or enforcement of such preventions with respect to its third-party vendors. Though it is difficult to determine what, if any, harm may directly result from any specific interruption or attack, any failure to maintain performance, reliability, security and availability of systems and technical infrastructure may, in addition to other losses, harm our reputation, brand and ability to attract customers, even if such actions do not result in any actual security breach or loss of data.

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There are several factors ranging from human error to data corruption that could materially impact the efficacy of any processes and procedures designed to enable us to recover from a disaster or catastrophe, including by lengthening the time services are partially or fully unavailable to customers and users. It may be difficult or impossible to perform some or all recovery steps and continue normal business operations due to the nature of a particular cyber-attack, disaster or catastrophe or other disruption, especially during peak periods, which could cause additional reputational damages, or loss of revenues, any of which would adversely affect its business and financial results.

***Growing our customer base depends upon the effective operation of our mobile applications with mobile operating systems, networks and standards that are beyond our control.***

We are dependent on the interoperability of our mobile applications with mobile operating systems that we do not control, such as Google's Android and Apple's iOS, and any changes in such systems that degrade our products' functionality or give preferential treatment to competitive products could adversely affect the usage of our applications on mobile devices. Additionally, in order to deliver high quality mobile products, it is important that our products work well with a range of mobile technologies, systems, networks and standards that we do not control. we may not be successful in developing relationships with key participants in the mobile industry or in developing products that operate effectively with these technologies, systems, networks or standards.

In addition, a significant portion of our software platform depends on its interest in and partnership with Electromaps, S.L. an electromobility and EV charging management platform ("Electromaps"). We are dependent on Electromaps for a portion of our revenues and to build consumer awareness of its brand and products. Widespread adoption of charging payment mobile platforms or other charging solutions as a competitor with, or an alternative to, Electromaps may negatively impact its business, operating results and financial condition. In order to execute on its business model, Electromaps will need to develop a network of operators of charging stations with integrated payment infrastructure and generate sufficient downloads of its mobile application to take advantage of network effects.

***Disruption of operations, including as a result of natural disasters, at our manufacturing sites or those of third-party suppliers could prevent us from filling customer orders on a timely basis and adversely affect our reputation and results of operations.***

Events beyond our control could have an adverse effect on our business, financial condition, results of operations and cash flows. Disruption to our platform resulting from natural disasters, political events, war, terrorism, pandemics or other reasons could impair our ability to continue to provide our products and services. Similarly, disruptions in the operations of our key third-parties, such as data centers, servers or other technology providers, could have a material adverse effect on our business. If any of these events were to occur, our business, results of operations, or financial condition could be adversely affected.

***Our business is significantly dependent on its ability to meet labor needs, and we may be subject to work stoppages at our facilities or at the facilities of our supply and manufacturing partners, which could negatively impact the profitability of our business.***

The success of our business depends significantly on our ability to hire and retain quality employees, including at our manufacturing and distribution facilities, many of whom are skilled. We may be unable to meet our labor needs and control our costs due to external factors such as the availability of a sufficient number of qualified persons in the workforce of the markets in which we operate, unemployment levels, demand for certain labor expertise, prevailing wage rates, wage inflation, changing demographics, health and other insurance costs, adoption of new or revised employment and labor laws and regulations, and the impacts of man-made or natural disasters, such as tornadoes, hurricanes, and the COVID-19 pandemic. Should we fail to increase our wages competitively in response to increasing wage rates, the quality of its workforce could decline. Any increase in the cost of labor could have an adverse effect on our operating costs, financial condition and results of operations. If we are unable to hire and retain skilled employees, our business could be materially adversely affected.

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If our employees or the employees of our manufacturing and supply partners were to engage in a strike, work stoppage or other slowdown in the future, we could experience a significant disruption of our operations, which could interfere with our ability to deliver products on a timely basis and could have other negative effects, such as decreased productivity and increased labor costs. Any interruption in the delivery of our products could reduce demand for our products and could have a material adverse effect on our Company.

***We may have to initiate product recalls or withdrawals or may be subject to litigation or regulatory enforcement actions and/or incur material product liability claims, which could increase our costs and harm our brand, reputation and adversely affect our business.***

As a manufacturer, marketer and retailer, we may initiate product recalls or withdrawals, or may be subject to seizures, product liability or other litigation claims and adverse public relations if our products are defective or alleged to cause injury, or if we are alleged to have violated governmental regulations in the manufacture, sale or distribution of any products, whether caused by us or someone in our manufacturing or supply chain. We also offer warranties on many of our products which may result in additional payments in the future if our products prove to be defective.

A product recall, withdrawal or seizure could result in destruction of product inventory and inventory write-off, negative publicity, temporary facility closings for us or our contract manufacturers or OEMs, supply chain interruption, fines, substantial and unexpected expenditures, which would reduce operating profit and cash flow. In addition, a product recall, withdrawal or seizure may require significant management attention. Product recalls may materially and adversely affect consumer confidence in our brands, hurt the value of our brands and lead to decreased demand for our products and decline in price charged for our products. Product recalls, withdrawals or seizures also may lead to increased scrutiny by federal, state or international regulatory agencies of our operations and increased litigation and could have a material adverse effect on our business, results of operations, financial condition and cash flows.

We may be subject to various product liability claims, particularly as we expand in the United States. Any such product liability claims may also include allegations of defects in manufacturing, defects in design, a failure to warn of dangers inherent in the product, negligence, strict liability, or a breach of warranties. Claims could also be asserted under state consumer protection laws. If we cannot successfully defend ourselves against product liability claims, we may incur substantial liabilities or be required to limit commercialization of our existing products. Even successful defense would require significant financial and management resources. In addition, our inability to obtain or maintain sufficient insurance coverage at an acceptable cost or to otherwise protect against potential product liability claims could prevent or inhibit the development and commercial production and sale of our products, which could adversely affect our business, financial condition, results of operations, and prospects.

***We are subject to extensive environmental, health and safety laws and regulations which, if not met, could have a material adverse effect on our business, financial condition and results of operations.***

We and our operations, as well as those of our contractors, suppliers, and customers, are subject to certain environmental laws and regulations, including laws related to the use, handling, storage, transportation, and disposal of hazardous substances and wastes as well as electronic wastes and hardware, whether hazardous or not. These laws may require us or others in our value chain to obtain permits and comply with procedures that impose various restrictions and obligations that may have material effects on our operations. If key permits and approvals cannot be obtained on acceptable terms, or if other operational requirements cannot be met in a manner satisfactory for our operations or on a timeline that meets our commercial obligations, it may adversely impact our business.

Throughout the world, electrical appliances are subject to various mandatory and voluntary standards, including requirements in some jurisdictions, including the United States, that products be listed by Underwriters' Laboratories, Inc. or other similar recognized laboratories. In the United States, we are required to undergo certification and testing of compliance with UL standards, as well as other national and industry specific standards. We endeavor to have our products designed to meet the certification requirements of, and to be certified in, each of the jurisdictions in which they are sold. Compliance with such certifications could be costly and if we or our products were to fail to comply with any such certifications, we could be limited in our ability to sell and market our products, which would have a material adverse effect on our business financial condition and results of operations.

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Environmental and health and safety laws and regulations can be complex and may be subject to change, such as through new requirements enacted at the supranational, national, sub-national, and/or local level or new or modified regulations that may be implemented under existing law. The nature and extent of any changes in these laws, rules, regulations and permits may be unpredictable and may have material effects on our business. Future legislation and regulations or changes in existing legislation and regulations, or interpretations thereof, including those relating to hardware manufacturing, electronic waste, or batteries, could cause additional expenditures, restrictions and delays in connection with our operations as well as other future projects, the extent of which cannot be predicted. California may adopt more stringent regulation for DC fast charging by 2024 and, in February 2023, the U.S. Department of Transportation and U.S. Department of Energy announced plans to include minimum standards and "Buy America" requirements for EV chargers funded by certain U.S. federal programs.

Further, we currently rely on third parties to ensure compliance with certain environmental laws, including those related to the disposal of hazardous and non-hazardous wastes. We generally do not manufacture the components of our charging products. Rather, our employees and contractors engage in assembly of charging products at our facilities primarily using components manufactured by OEMs. Nonetheless, any failure to properly handle or dispose of wastes, regardless of whether such failure is our or our contractors, may result in liability under environmental laws in the United States, including, but not limited to, the Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA") and state analogs, under which liability may be imposed without regard to fault or degree of contribution for the investigation and clean-up of contaminated sites, as well as impacts to human health and damages to natural resources. We may also generate or dispose of solid wastes, which may include hazardous wastes that are subject to the requirements of the Resource Conservation and Recovery Act ("RCRA"), and comparable state statutes. While RCRA regulates both solid and hazardous wastes, it imposes strict requirements on the generation, storage, treatment, transportation and disposal of hazardous wastes. Certain components of our chargers may be excluded from RCRA's hazardous waste regulations, provided certain requirements are met. However, if these components do not meet all of the established requirements for the exclusion, or if the requirements for the exclusion change, we may be required to treat such products as hazardous waste, which are subject to more rigorous and costly disposal requirements. Any such changes in the laws and regulations, or our ability to qualify the materials it uses for exclusions under such laws and regulations, could adversely affect our operating expenses. Additionally, we may not be able to secure contracts with third parties to continue their key supply chain and disposal services for our business, which may result in increased costs for compliance with environmental laws and regulations.

***We have a significant presence in international markets and plan to continue to expand our international operations, which exposes us to a number of risks that could affect our future growth.***

Expansion into new international markets requires additional management attention and resources in order to tailor our solutions to the unique aspects of each country. In addition, we face the following additional risks associated with our expansion into international locations:

• challenges caused by distance, language and cultural differences;

• longer payment cycles in some countries;

• credit risk and higher levels of payment fraud;

• compliance with applicable foreign laws and regulations, including laws and regulations with respect to privacy, consumer protection, spam and content, and the risk of penalties to our customers and individual members of management if its practices are deemed to be out of compliance;

• compliance with changing energy, electrical, and power regulations;

• unique or different market dynamics or business practices;

• currency exchange rate fluctuations;

• foreign exchange controls;

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• political and economic instability and export restrictions;

• potentially adverse tax consequences; and

• higher costs associated with doing business internationally.

These risks could harm our international expansion efforts, which could have a materially adverse effect on its business, financial condition or results of operations.

***Joint ventures that we are party to or that we enter into, including our joint venture in China, present a number of challenges that could have a material adverse effect on our business, operating results and financial condition.***

We have entered into joint ventures ("JVs"), including our JV with Wallbox-FAWSN New Energy Vehicle Charging Technology (Suzhou) Co., Ltd. ("Wallbox FAWSN") in China. These transactions typically involve a number of risks and present financial, managerial and operational challenges, including the existence of unknown potential disputes, liabilities or contingencies that arise after entering into the joint venture related to the counterparties to such joint ventures, with whom it shares control. We could experience financial or other setbacks if transactions encounter unanticipated problems due to challenges, including problems related to execution or integration. In some cases, our joint venture partners may have a contractual commitment to provide funding to the joint venture, but we have no assurances that they will actually. With respect to our JV in China, economic uncertainty in China could also cause delays or make financing of operations more difficult. Any of these risks could reduce our revenues or increase our expenses, which could adversely affect our results of operations and cash flows.

Sustained uncertainty about, or worsening of, current global economic conditions and further escalation of trade tensions between the U.S. and its trading partners, especially China, could result in a global economic slowdown and long-term changes to global trade, including retaliatory trade restrictions that could further restrict our ability to operate in China. The Chinese economic, legal, and political landscape also differs from other countries in many respects, including the level of government involvement and regulation, control of foreign exchange and allocation of resources and uncertainty regarding the enforceability and scope of protection for intellectual property rights. The laws, regulations and legal requirements in China are also subject to frequent changes and the exact obligations under and enforcement of laws and regulations are often subject to unpublished internal government interpretations and policies which makes it challenging to ascertain compliance with such laws.

***We have acquired businesses and may acquire other businesses and/or companies, which could require significant management attention, disrupt our business, dilute shareholder value, and adversely affect our results of operations.***

As part of our business strategy, we have made and may make future investments in or acquisitions of complementary companies, products or technologies. These activities involve significant risks to our business. We may not be able to find suitable acquisition candidates, and we may not be able to complete such acquisitions on favorable terms, if at all. If we do complete acquisitions, they may not ultimately strengthen our competitive position. Any acquisitions we complete could be viewed negatively by our partners and clients, which could have an adverse impact on our business. In addition, if we are unsuccessful at integrating employees or technologies acquired, our financial condition and results of operations, including revenue growth, could be adversely affected. Any acquisition and subsequent integration will require significant time and resources. We may not be able to successfully evaluate and use the acquired technology or employees, or otherwise manage the acquisition and integration processes successfully. We will be required to pay cash, incur debt and/or issue equity securities to pay for any such acquisition, each of which could adversely affect our financial condition or result in dilution to shareholders of the Shares. Our use of cash to pay for acquisitions would limit other potential uses of our cash, including investments in sales and marketing and product development organizations, and in infrastructure to support scalability. The issuance or sale of equity or convertible debt securities to finance any such acquisitions would result in dilution to shareholders. If we incur debt, it would result in increased fixed obligations and could also impose covenants or other restrictions that could impede our ability to manage its operations.

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***Our indebtedness could adversely restrict our ability to operate, affect our financial condition, prevent us from complying with requirements under our debt instruments and prevent us from paying cash distributions to our shareholders.***

We have outstanding long-term indebtedness and the ability to incur more debt. As of December 31, 2022, our total non-current loans and borrowings was €44.4 million, including €12.9 million outstanding under our loan agreement with Banco Santander, S.A.. In February 2023, we and our wholly-owned subsidiary Wallbox Chargers S.L., as guarantor and borrower, respectively, entered into a Facility Agreement (as defined below) with Banco Bilbao Vizcaya Argentaria S.A. for a term loan commitment of €25.0 million, which amount was fully drawn down and we received an amount of €24.6 million after deducting fees and expenses. This Facility Agreement and the agreements governing our other indebtedness requires that we comply with various affirmative and negative covenants. Among other things, the covenants under the Facility Agreement limit our ability to incur additional indebtedness or liens, make payments in respect of or redeem or acquire any debt or equity issued by us, sell assets, make loans or investments, make guarantees, enter into any hedging agreement for speculative purposes, acquire or be acquired by other companies, and amend some of our contracts. Our and our subsidiaries' loan agreements may also include certain financial covenants; the Facility Agreement includes financial covenants regarding maintenance as of the end of each fiscal quarter of a maximum senior net debt to gross profit ratio ranging from 1.60x in 2023 to 0.60x in 2026 and thereafter and a minimum level of shareholders' equity of 0.00. In addition, our agreement with Banco Santander contains various covenants, which were waived until 2026 and thereafter require our compliance.

The restrictions under our indebtedness may prevent us from engaging in certain transactions which might otherwise be considered beneficial to us and could have other important consequences to unitholders. For example, they could increase our vulnerability to general adverse economic and industry conditions, limit our ability to make distributions; to fund future working capital, capital expenditures and other general partnership requirements; to engage in future acquisitions, construction or development activities; to access capital markets (debt and equity); or to otherwise fully realize the value of our assets and opportunities because of the need to dedicate a substantial portion of our cash flows from operations to payments on our indebtedness or to comply with any restrictive terms of our indebtedness; limit our flexibility in planning for, or reacting to, changes in our businesses and the industries in which we operate; and place us at a competitive disadvantage as compared to our competitors that have less debt.

We may incur additional indebtedness (public or private) in the future under our existing agreements, by issuing debt instruments, under new credit agreements, under joint venture credit agreements, under new credit agreements of our unrestricted subsidiaries, under finance leases or synthetic leases, or a combination of any of these. Failure to comply with the terms and conditions of any existing or future indebtedness would constitute an event of default. If an event of default occurs, the lenders or noteholders will have the right to accelerate the maturity of such indebtedness and foreclose upon the collateral, if any, securing that indebtedness.

In addition, from time to time, some of our subsidiaries for which we may act as guarantor may have substantial indebtedness, which will include affirmative and negative covenants and other provisions that limit their freedom to conduct certain operations, events of default, prepayment and other customary terms.

#### Our results of operations may fluctuate.
Our results may fluctuate in the future due to a variety of factors, many of which are beyond our control. In addition to the other risks described herein, our results of operations to fluctuate due to, including but limitation:

• the timing and volume of new sales;

• fluctuations in costs;

• the timing of new product rollouts;

• weaker than anticipated demand for charging products and stations, whether due to changes in government incentives and policies or due to other conditions;

• fluctuations in sales and marketing, business development or research and development expenses;

• supply chain interruptions and manufacturing or delivery delays;

• the timing and availability of new products relative to customers' and investors' expectations;

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• the impact of COVID-19 or other pandemics on our workforce, or those of our customers, suppliers, vendors or business partners;

• disruptions in sales, production, service or other business activities or our inability to attract and retain qualified personnel;

• unanticipated changes in federal, state, local, or foreign government incentive programs, which can affect demand for EVs;

• seasonal fluctuations in EV purchases;

• fluctuations in currency exchange rates;

• difficulties in developing effective marketing campaigns in unfamiliar international markets;

• political, social, and economic instability, including the ongoing war between Russia and Ukraine, potential conflict between China and Taiwan, terrorist attacks, and security concerns in general; and

• credit market crises or other adverse market conditions or macroeconomic factors.

Fluctuations in operating results and cash flow could, among other things, give rise to short-term liquidity issues. In addition, revenue, and other operating results may fall short of the expectations of investors and financial analysts, which could have an adverse effect on the price of Class A Shares.

#### Exchange rate fluctuations between the Euro and other currencies may negatively affect our earnings.
We currently have sales denominated in currencies other than the Euro. Fluctuations in the exchange rates of these foreign currencies has had and in the future could have a negative impact on our business, financial condition and results of operations. We have not previously engaged in foreign currency hedging. If we decide to hedge our foreign currency exposure, we may not be able to hedge effectively due to lack of experience, unreasonable costs or illiquid markets. In addition, those activities may be limited in the protection they provide us from foreign currency fluctuations and can themselves result in losses.

#### We and our subsidiaries may be significantly impacted by changes in tax laws and regulations or their interpretation.
Governments in the various jurisdictions in which we and our subsidiaries are established and/ or operate continue to review, reform and modify tax laws, regulations, treaties, interpretations, policy initiatives and tax authority practices, and how we are treated for tax purposes is subject to changes. We are unable to predict whether a tax reform may be proposed or enacted in the future (including with retroactive effect) or whether such changes would have a significant impact on our business, but such changes could result in material changes to the taxes that we are required to provide for and pay in various jurisdictions.

When tax laws and regulations change, or when new tax laws and regulations are introduced and implemented, such changes or new laws and regulations may be unclear in certain respects and could be subject to further potential amendments and technical corrections, and may be subject to interpretations and implementing regulations by the relevant governmental authorities, any of which could mitigate or increase certain adverse effects of the tax changes or of the new tax laws and regulations. Existing tax laws and regulations could also be interpreted or applied in a manner adverse to us or our subsidiaries.

We have incurred and are likely to continue incurring significant tax losses, the use of which may be limited under Spanish and other tax laws, and may be further limited in the future in case of changes in the applicable tax laws or their interpretation by the competent tax authorities. Similarly, we expect to obtain future tax savings from tax credits generated in Spain and in other jurisdictions in which we operate, and such tax losses and credits may eventually be rendered unavailable should a change in tax laws (or in their interpretation) take place. In particular, we are entitled to a significant amount of tax credits with respect to R&D costs under Spanish tax laws. We expect to be able to use such R&D tax credits in future fiscal years to reduce our cash tax liabilities. If the Spanish tax laws and regulations with respect to such R&D credits change in a manner that is detrimental to our position (e.g. by limiting the amount of tax credits that may be applied in a given fiscal year, by amending the criteria currently used to assess the amount of tax credits that may be claimed, or even by derogating the current tax regime), our overall tax expenses may increase. Any increase in our tax expenses due to a forfeiture, limitation or non-availability of tax losses and credits could have a material and adverse effect on our financial condition and results of operations.

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We may also be subject to reviews or audits by tax authorities in the various jurisdictions in which we operate, and although we believe our tax estimates are reasonable, if the applicable taxing authorities disagree with the positions taken on our tax returns or if they deem us not be otherwise compliant with all applicable tax laws and regulations, tax authorities may carry out enforcement actions against us. Enforcement actions may be administrative, civil or criminal in nature, and could result in litigation, payments of additional taxes, penalties, interest or other sanctions. Any such non-compliance with applicable tax laws and regulations and their consequences to us may impact our operations, or even our ability to operate in such jurisdictions, and may adversely affect our business, prospects, financial condition and results of operations.

***We are subject to the FCPA and other anti-corruption laws, as well as export control laws, import and customs laws, trade and economic sanctions laws and other laws governing our international operations.***

We are subject to the FCPA and other anti-bribery laws in countries where we conduct activities, including the U.K. Bribery Act 2010 ("Bribery Act"). These laws generally prohibit companies their employees, and third-party intermediaries acting on their behalf from promising, authorizing, offering, or providing, directly or indirectly, improper payments of anything of value to government officials, political parties, and private-sector recipients for the purpose of obtaining or retaining business, directing business to any person, or securing any improper advantage. In addition, the FCPA requires U.S. issuers to maintain books and records that accurately and fairly represent their transactions and to implement a system of internal accounting controls. Other anti-corruption laws, including the Bribery Act, prohibit commercial bribery of private parties as well as the acceptance of bribes. We operate a global business and may have direct or indirect interactions with officials and employees of government agencies or state-owned or government controlled entities, including in jurisdictions that pose a heightened risk of anti-corruption violations, and we may participate in relationships with third parties whose conduct could potentially subject us to liability under the FCPA other anti-corruption laws, even if we do not explicitly authorize or have actual knowledge of such activities.

We are also subject to other laws and regulations governing our international operations, including regulations administered by the governments of the U.S., U.K. and authorities in the European Union and its member states, including applicable export control regulations, economic sanctions and embargoes on certain countries, regions, and persons, import and customs requirements, collectively referred to as the Trade Control laws. Trade Control Laws are often the subject of frequent change and compliance with these laws regarding the import and export of our products may create delays in the introduction of our products in international markets, and, in some cases, prevent the export of our products to some countries altogether.

We have policies and procedures designed to promote compliance with anti-bribery and Trade Control Laws. However, we cannot provide assurance that our internal controls and compliance systems will always protect us from liability for acts committed by employees, agents or business partners. If we are not in compliance these laws, we may be subject to criminal and civil fines and penalties, disgorgement, injunctions, debarment from debarment from government contracts, collateral litigation, as well as other sanctions and remedial measures. These consequences could have an adverse impact on our business, financial condition, results of operations and liquidity. Likewise, any investigation of potential violations of these laws could also have an adverse impact on our reputation, our business, results of operations and financial condition. In addition, responding to any enforcement action may result in a significant diversion of management's attention and resources and significant defense costs and other professional fees.

#### The ongoing military action between Russia and Ukraine could adversely affect our business, financial condition and results of operations.
On February 24, 2022, Russian military forces launched a military action in Ukraine, and sustained conflict and disruption in the region is likely. Although the length, impact and outcome of the ongoing military conflict in Ukraine is highly unpredictable, this conflict could lead to significant market and other disruptions, including significant volatility in commodity prices and supply of energy resources, instability in financial markets, supply chain interruptions, political and social instability, changes in consumer or purchaser preferences as well as increase in cyberattacks and espionage.

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Russia's recognition of two separatist republics in the Donetsk and Luhansk regions of Ukraine and subsequent military action against Ukraine have led to an unprecedented expansion of sanction programs imposed by the United States, the European Union, the United Kingdom, Canada, Switzerland, Japan and other countries against Russia, Belarus, the Crimea Region of Ukraine, the so-called Donetsk People's Republic and the so-called Luhansk People's Republic, including, among others:

• blocking sanctions against some of the largest state-owned and private Russian financial institutions (and their subsequent removal from the Society for Worldwide Interbank Financial Telecommunication ("SWIFT") payment system) and certain Russian businesses, some of which have significant financial and trade ties to the European Union;

• blocking sanctions against Russian and Belarusian individuals, including the Russian President, other politicians and those with government connections or involved in Russian military activities; and

• blocking of Russia's foreign currency reserves as well as expansion of sectoral sanctions and export and trade restrictions, limitations on investments and access to capital markets and bans on various Russian imports.

The situation is rapidly evolving as a result of the conflict in Ukraine, and the United States, the European Union, the United Kingdom and other countries may implement additional sanctions, export controls or other measures against Russia, Belarus and other countries, regions, officials, individuals or industries in the respective territories. Such sanctions and other measures, as well as the existing and potential further responses from Russia or other countries to such sanctions, tensions and military actions, could adversely affect the global economy and financial markets and could adversely affect our business, financial condition and results of operations. Our operations could be particularly vulnerable to potential interruptions in the supply of certain critical materials, such as nickel, palladium, semiconductors, and wire harnesses, which are used in assembly of automobiles and/or the assembly of our chargers. Any interruption to the delivery or the availability of these materials could significantly impact our ability to conduct our operations.

Prior to the war, for the year ended December 31, 2021, we had net sales of €58.9 thousand in Ukraine and Russia. As a result of the conflict, beginning in February 2022, we ceased selling products in Russia and Ukraine, and do not intend to pursue new opportunities with customers in those countries. The extent, length and impact of the ongoing military conflict are highly unpredictable and could cause additional disruptions to our business in the region.

We are actively monitoring the situation in Ukraine and assessing its impact on our business, including our business partners and customers. To date we have not experienced any material interruptions in our infrastructure, supplies, technology systems or networks needed to support our operations. We have no way to predict the progress or outcome of the conflict in Ukraine or its impacts in Ukraine, Russia or Belarus as the conflict, and any resulting government reactions, are rapidly developing and beyond our control. The extent and duration of the military action, sanctions and resulting market disruptions could be significant and could potentially have substantial impact on the global economy and our business for an unknown period of time. Any of the abovementioned factors could affect our business, financial condition and results of operations. Any such disruptions may also magnify the impact of other risks described in this Annual Report.

***Our business may be affected by sanctions, export controls and similar measures targeting Russia and other countries and territories as well as other responses to Russia's military conflict in Ukraine***

As a result of Russia's military conflict in Ukraine, governmental authorities in the United States, the European Union and the United Kingdom, among others, launched an expansion of coordinated sanctions and export control measures, including:

• blocking sanctions on some of the largest state-owned and private Russian financial institutions (and their subsequent removal from SWIFT);

• blocking sanctions against Russian and Belarusian individuals, including the Russian President, other politicians and those with government connections or involved in Russian military activities;

• blocking sanctions against certain Russian businessmen and their businesses, some of which have significant financial and trade ties to the European Union;

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• blocking of Russia's foreign currency reserves and prohibition on secondary trading in Russian sovereign debt and certain transactions with the Russian Central Bank, National Wealth Fund and the Ministry of Finance of the Russian Federation;

• expansion of sectoral sanctions in various sectors of the Russian and Belarusian economies and the defense sector;

• United Kingdom sanctions introducing restrictions on providing loans to, and dealing in securities issued by, persons connected with Russia;

• restrictions on access to the financial and capital markets in the European Union, as well as prohibitions on aircraft leasing operations;

• sanctions prohibiting most commercial activities of U.S. and EU persons in Crimea and Sevastopol;

• enhanced export controls and trade sanctions targeting Russia's imports of technological goods as a whole, including tighter controls on exports and reexports of dual-use items, stricter licensing policy with respect to issuing export licenses, and/or increased use of "end-use" controls to block or impose licensing requirements on exports, as well as higher import tariffs and a prohibition on exporting luxury goods to Russia and Belarus;

• closure of airspace to Russian aircraft; and

• ban on imports of Russian oil, liquefied natural gas and coal to the United States.

As the conflict in Ukraine continues, there can be no certainty regarding whether the governmental authorities in the United States, the European Union, the United Kingdom or other counties will impose additional sanctions, export controls or other measures targeting Russia, Belarus or other territories. Furthermore, in retaliation against new international sanctions and as part of measures to stabilize and support the volatile Russian financial and currency markets, the Russian authorities also imposed significant currency control measures aimed at restricting the outflow of foreign currency and capital from Russia, imposed various restrictions on transacting with non-Russian parties, banned exports of various products and other economic and financial restrictions.

Our business must be conducted in compliance with applicable economic and trade sanctions laws and regulations. We must be ready to comply with the existing and any other potential additional measures imposed in connection with the conflict in Ukraine. The imposition of such measures could adversely impact our business, including preventing us from performing existing contracts, recognizing revenue, pursuing new business opportunities or receiving payment for products already supplied or services already performed with customers.

***Increases in component costs, shipping costs, long lead times, supply shortages, and supply changes has disrupted and could in the future disrupt our supply chain and factors such as wage rate increases, inflation and interest rate increases can have a material adverse effect on our business, results of operations, financial condition and prospects.***

Meeting customer demand partially depends on our ability to obtain timely and adequate delivery of components for our products. We are subject to the risk of shortages and long lead times in the supply of these components and the risk that our suppliers discontinue or modify components used in our products. In addition, the lead times associated with certain components are lengthy and preclude rapid changes in design, quantities, and delivery schedules. Our ability to meet demand has been, and may in the future be, impacted by our reliance on the availability of components from these suppliers. We may in the future experience component shortages, and the predictability of the availability of these components may be limited, which may be heightened in light of the ongoing COVID-19 pandemic and conflict in Ukraine. In the event of a component shortage or supply interruption from suppliers of these components, we may not be able to develop alternate sources in a timely manner. Developing alternate sources of supply for these components may be time-consuming, difficult, and costly and we may not be able to source these components on terms that are acceptable to us, or at all, which may undermine our ability to fill our orders in a timely manner. Any interruption or delay in the supply of any of these parts or components, or the inability to obtain these parts or components from alternate sources at acceptable prices and

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within a reasonable amount of time, would harm our ability to timely ship our products to our customers. Moreover, volatile economic conditions may make it more likely that our suppliers and logistics providers may be unable to timely deliver supplies, or at all, and there is no guarantee that we will be able to timely locate alternative suppliers of comparable quality at an acceptable price. In addition, international supply chains may be impacted by events outside of our control and limit our ability to procure timely delivery of supplies or finished goods and services. We have seen, and may continue to see, increased congestion at ports that we rely on for our business. In many cases, we have had to secure alternative transportation, or use alternative routes, at increased costs to run our supply chain.

The global economy is currently undergoing a period of high inflationary pressures, which may continue for the foreseeable future. The escalation or prolongment of hostilities in Ukraine may serve to accelerate these inflationary pressures. The ongoing military conflict between Russia and Ukraine has resulted in substantial increases in fuel costs worldwide, and the extent and duration of such increases cannot be predicted at this time. Inflation can adversely affect us by increasing costs of supplies, materials and labor. In addition, inflation is often accompanied by higher interest rates, which may reduce the consumer or commercial demand for our products, increase the borrowing cost of EVs for consumers, or increase our financing costs. In an inflationary environment, depending on other economic conditions, we may be unable to raise prices enough to keep up with the rate of inflation, which would reduce our profit margin. Increases in the prices of components could negatively affect our margins. Changes in prices are dependent on a number of factors beyond our control, including macroeconomic factors that may affect commodity prices; changes in supply and demand; general economic conditions; significant political events; labor costs; competition; import duties, tariffs, anti-dumping duties and other similar costs; currency exchange rates and government regulation; and events such as natural disasters and widespread outbreaks of infectious diseases (such as the ongoing COVID-19 pandemic). If we are unable to increase our prices or experience a delay in our ability to increase our prices or to recover such increases in our costs, our business, financial condition and results of operations could be harmed.

#### Risks Related to Our Technology, Intellectual Property and Infrastructure
***We may need to defend against intellectual property infringement or misappropriation claims, which may be time-consuming and expensive, and our business could be adversely affected.***

From time to time, the holders of intellectual property rights may assert their rights and urge us to take licenses, and/or may bring suits alleging infringement or misappropriation of such rights. There can be no assurance that we will be able to mitigate the risk of potential suits or other legal demands by competitors or other third parties. Accordingly, we may consider entering into licensing agreements with respect to such rights, although no assurance can be given that such licenses can be obtained on acceptable terms or that litigation will not occur, and such licenses and associated litigation could significantly increase our operating expenses. In addition, if we are determined to have or believe there is a high likelihood that we have infringed upon or misappropriated a third party's intellectual property rights, we may be required to cease making, selling or incorporating certain key components or intellectual property into the products and services we offers, to pay substantial damages and/or royalties, to redesign our products and services, and/or to establish and maintain alternative branding. In addition, to the extent that our customers and business partners become the subject of any allegation or claim regarding the infringement or misappropriation of intellectual property rights related to our products and services, we may be required to indemnify such customers and business partners. The scope of these indemnity obligations varies, but may, in some instances, include indemnification for damages and expenses, including attorneys' fees. Even if we are not a party to any litigation between a customer or business partner and a third party relating to infringement by our products, an adverse outcome in any such litigation could make it more difficult for us to defend our products against intellectual property infringement claims in any subsequent litigation in which we are a named party. If we were required to take one or more such actions, our business, prospects, brand, operating results and financial condition could be materially and adversely affected. In addition, any litigation or claims, whether or not valid, could result in substantial costs, negative publicity, reputational harm and diversion of resources and management attention.

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***Our business may be adversely affected if we are unable to obtain patents or otherwise protect our technology and intellectual property from unauthorized use by third parties.***

Our success depends, at least in part, on our ability to protect our core technology and intellectual property. To accomplish this, we rely on, and plan to continue relying on, a combination of trade secrets (including know-how), employee and third-party nondisclosure agreements, copyright, trademarks, intellectual property licenses and other contractual rights to retain ownership of, and protect, our technology. As of December 31, 2022, we have one (1) granted design patent in the U.S.A. and we have filed two (2) international patents which are currently in national phase before the relevant authorities. Failure to adequately protect its technology and intellectual property could result in competitors offering similar products, potentially resulting in the loss of some of our competitive advantage and a decrease in revenue which would adversely affect our business, prospects, financial condition and operating results.

The measures we take to protect our technology intellectual property from unauthorized use by others may not be effective for various reasons, including the following:

• the scope of any issued patents that may result from the pending patent application may not be broad enough to protect proprietary rights;

• the costs associated with enforcing patents, trademarks, confidentiality and invention agreements or other intellectual property rights may make enforcement impracticable;

• current and future competitors may circumvent patents or independently develop similar inventions, trade secrets or works of authorship, such as software;

• know-how and other proprietary information we purport to hold as a trade secret may not qualify as a trade secret under applicable laws; and

• proprietary designs and technology embodied in our products may be discoverable by third parties through means that do not constitute violations of applicable laws.

Intellectual property and trade secret laws vary significantly throughout the world. Some foreign countries do not protect intellectual property rights to the same extent as do the laws of the United States. Further, policing the unauthorized use of our intellectual property in foreign jurisdictions may be costly, difficult or even impossible. Therefore, our intellectual property rights may not be as strong or as easily enforced outside of the United States.

Any issued patent which may result from the pending patent application may come to be considered "standards essential." If this is the case, we may be required to license certain technology on "fair, reasonable and non-discriminatory" terms, decreasing revenue. Further, competitors, vendors, or customers may, in certain instances, be free to create variations or derivative works of our technology and intellectual property, and those derivative works may become directly competitive with our offerings. Finally, we may not be able to leverage, or obtain ownership of, all technology and intellectual property developed by our vendors in connection with design and manufacture of our products, thereby jeopardizing our ability to obtain a competitive advantage over our competitors.

***The EV industry is new and evolving as are the standards governing EV charging and the current lack of industry standards could result in future incompatibilities and issues that could require significant resources and or time to remedy.***

The EV industry is new and evolving as are the standards governing EV charging which have not had the benefit of time-tested use cases. These immature industry standards could result in future incompatibilities and issues that could require significant resources and or time to remedy. Utilities and other large market participants also mandate their own adoption of specifications that have not become widely adopted in the industry, which may hinder innovation or slow new product or new feature introduction.

In addition, automobile manufacturers may choose to develop and promulgate their own proprietary charging standards and systems, which could lock out competition for EV chargers, or may produce proprietary chargers that compete with our chargers. Such automobile manufacturers may use their size and market position to influence the market, which could limit our market and reach to customers, negatively impacting our business.

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Further, should regulatory bodies later impose a standard that is not compatible with our infrastructure or products, we may incur significant costs to adapt our business model to the new regulatory standard, which may require significant time and expense and, as a result, may have a material adverse effect on our revenues or results of operations.

***Our technology, the technology of Electromaps, or services provided by COIL, could have undetected defects, errors or bugs in hardware or software which could reduce market adoption, damage our reputation with current or prospective customers, and/or expose us to product liability and other claims that could materially and adversely affect our business.***

We may be subject to claims that chargers have malfunctioned and persons were injured or purported to be injured due to latent defects. Any insurance that we carry may not be sufficient or it may not apply to all situations. Similarly, to the extent that such malfunctions are related to components obtained from third-party vendors, such vendors may not assume responsibility for such malfunctions. Any of these events could adversely affect our brand, reputation, operating results or financial condition.

Our software platform is complex and includes a number of licensed third-party commercial and open-source software libraries. Our software may contain latent defects or errors that may be difficult to detect and remediate. We are continuing to evolve the features and functionality of its platform through updates and enhancements, and as we do, we may introduce additional defects or errors that may not be detected until after deployment to customers. In addition, if our products and services, including any updates or patches, are not implemented or used correctly or as intended, inadequate performance and disruptions in service may result.

Any defects or errors in product or services offerings, or the perception of such defects or errors, or other performance problems could result in any of the following, each of which could adversely affect our business and results of our operations:

• expenditure of significant financial and product development resources, including recalls, in efforts to analyze, correct, eliminate or work around errors or defects;

• loss of existing or potential customers or partners;

• interruptions or delays in sales;

• equipment replacements;

• delayed or lost revenue;

• delay or failure to attain market acceptance;

• delay in the development or release of new functionality or improvements;

• negative publicity and reputational harm;

• warranties, sales credits or refunds;

• exposure of confidential or proprietary information;

• diversion of development and customer service resources;

• breach of warranty claims;

• legal claims under applicable laws, rules and regulations; and

• the expense and risk of litigation.

We also face the risk that any contractual protections we seek to include in our agreements with customers are rejected, not implemented uniformly or may not fully or effectively protect from claims by customers, resellers, business partners or other third parties. In addition, any insurance coverage or indemnification obligations of suppliers for our benefit may not adequately cover all such claims, or cover only a portion of such claims. A successful product liability, warranty, or other similar claim could have an adverse effect on our business, operating results, and financial condition. In addition, even claims that ultimately are unsuccessful could result in expenditure of funds in litigation, divert management's time and other resources and cause reputational harm.

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***Interruptions, delays in service, communications outages or inability to increase capacity at third-party data center facilities could impair the use or functionality of our subscription services, harm our business and subject us to liability.***

We currently serve customers from third-party data center facilities operated by Amazon Web Services as well as others. Our services are housed in third-party data. Any outage or failure of such data centers could negatively affect our product connectivity and performance. Our primary environments are operated by Amazon, and any interruptions of these primary and backup data centers could negatively affect our product connectivity and performance. Any incident affecting a data center facility's infrastructure or operations, whether caused by fire, flood, storm, earthquake, power loss, telecommunications failures, breach of security protocols, computer viruses and disabling devices, failure of access control mechanisms, natural disasters, war, criminal act, military actions, terrorist attacks and other similar events could negatively affect the use, functionality or availability of our services.

Any damage to, or failure of, our systems, or those of our third-party providers, could interrupt or hinder the use or functionality of our services. Impairment of or interruptions in our services may reduce revenue, subject us to claims and litigation, cause customers to terminate their subscriptions, and adversely affect renewal rates and our ability to attract new customers. Our business will also be harmed if customers and potential customers believe our products and services are unreliable.

***The EV charging market is characterized by rapid technological change, which requires us to continue to develop new products and product innovations. Any delays in such development could adversely affect market adoption of our products and our financial results.***

Continuing technological changes in battery and other EV technologies could adversely affect adoption of current EV charging technology, continuing and increasing reliance on EV charging infrastructure and/or the use of our products and services. Our future success will depend in part upon our ability to develop and introduce a variety of new capabilities and innovations to our existing product offerings, as well as introduce a variety of new product offerings to address the changing needs of the EV charging market.

As EV technologies change, we may need to upgrade or adapt our charger technology and introduce new products and services in order to serve vehicles that have the latest technology, in particular battery technology, which could involve substantial costs. Even if we are able to keep pace with changes in technology and develop new products and services, our research and development expenses could increase, our gross margins could be adversely affected in some periods and our prior products could become obsolete more quickly than expected.

We cannot guarantee that any new products will be released in a timely manner, or at all, or achieve market acceptance. Delays in delivering new products that meet customer requirements could damage our relationships with customers and lead them to seek alternative products or services. Delays in introducing products and innovations or the failure to offer innovative products or services at competitive prices may cause existing and potential customers to use our competitors' products or services.

If we are unable to devote adequate resources to develop products or cannot otherwise successfully develop products or services that meet customer requirements on a timely basis or that remain competitive with technological alternatives, our products and services could lose market share, our revenue will decline, we may experience higher operating losses and our business and prospects will be adversely affected.

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#### We expect to incur research and development costs and devote significant resources to developing new products, which could significantly reduce our profitability.
Our future growth depends on penetrating new markets, adapting existing products to new applications and customer requirements, and introducing new products that achieve market acceptance. We plan to incur significant research and development costs in the future as part of its efforts to design, develop, manufacture and introduce new products and enhance existing products. Further, our research and development program may not produce successful results, and our new products may not achieve market acceptance, create additional revenue or become profitable.

#### We may be unable to leverage customer data in all geographic locations, and this limitation may impact research and development operations.
We rely on data collected through its mobile application. We use this data in connection with, among other things, determining the placement for its charging stations. Our inability to obtain necessary rights to use this data or freely transfer this data could result in delays or otherwise negatively impact our research and development and expansion efforts and limit our ability to derive revenues from value-add customer products and services.

***We are subject to governmental regulation and other legal obligations related to privacy, data protection and information security and may be subject to governmental enforcement actions, litigation, fines and penalties or adverse publicity if we are unable to comply with such obligations.***

We collect, process, store, and use a wide variety of data from current and prospective customers and other individuals, including personal information. Federal, state, local and foreign governments and agencies in the jurisdictions in which we operate, and in which customers operate, have adopted, are considering adopting, or may adopt laws and regulations regarding the collection, use, storage, processing, and disclosure of information regarding consumers and other individuals, which could impact our ability to offer services in certain jurisdictions. Laws and regulations relating to the collection, use, disclosure, security, and other processing of individuals' information can vary significantly from jurisdiction to jurisdiction. The costs of compliance with, and other burdens imposed by, laws, regulations, standards, and other obligations relating to privacy, data protection, and information security are significant. In addition, some companies, particularly larger enterprises, often will not contract with vendors that do not meet these rigorous standards. Accordingly, the failure, or perceived inability, to comply with these laws, regulations, standards, and other obligations may limit the use and adoption of our products and services, reduce overall demand, lead to regulatory investigations, litigation, and significant fines, penalties, or liabilities for actual or alleged noncompliance, or slow the pace at which we close sales transactions, any of which could harm our business. Moreover, if we or any of our employees or contractors fail or are believed to fail to adhere to appropriate practices regarding customers' data, it may damage our reputation and brand.

Additionally, existing laws, regulations, standards, and other obligations may be interpreted in new and differing manners in the future, and may be inconsistent among jurisdictions. Future laws, regulations, standards, and other obligations, and changes in the interpretation of existing laws, regulations, standards, and other obligations could result in increased regulation, increased costs of compliance and penalties for non-compliance, and limitations on data collection, use, disclosure, and transfer for us and our customers. Further, California adopted the California Consumer Privacy Act ("CCPA") and the California State Attorney General has begun enforcement actions. Further, on November 3, 2020, California voters approved the California Privacy Rights Act ("CPRA"). The costs of compliance with, and other burdens imposed by, laws and regulations relating to privacy, data protection, and information security that are applicable to the businesses of customers may adversely affect ability and willingness to process, handle, store, use, and transmit certain types of information, such as demographic and other personal information.

In addition to government activity, privacy advocacy groups, the technology industry, and other industries have established or may establish various new, additional, or different self-regulatory standards that may place additional burdens on technology companies. Customers may expect that we meet voluntary certifications or adhere to other standards established by them or third parties. If we are unable to maintain these certifications or meet these standards, it could reduce demand for our solutions and adversely affect our business.

Personal data information is increasingly subject to legislation and regulations in numerous non-U.S. jurisdictions around the world. We operate in the European Union, where the General Data Protection Regulation 2016/679 ("GDPR"), imposes strict requirements on controllers and processors of personal data, including, for example, higher standards for obtaining consent from individuals to process their personal data, more robust disclosures to individuals, a strong individual rights regime, shortened timelines for data breach notifications and restrictions on the transfer of personal data outside of the European Economic Area.

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Following its departure from the European Union, the United Kingdom has adopted a separate regime based on the GDPR that imposes similarly onerous requirements. Companies that violate the EU or UK regime can face regulatory investigations, private litigation, prohibitions on data processing, and fines of up to the greater of 4% of their worldwide annual revenue or 20 million Euros (for the EU) or £17.5 million (for the U.K.). Other EU and UK data protection laws and evolving regulatory guidance restrict the ability of companies to market electronically, including through the use of cookies and similar technologies, and companies are increasingly subject to strict enforcement action including fines for non-compliance. As a result, operating our business or offering our services in Europe or other countries with similar data protection laws would subject us to substantial compliance costs, potential liability (including class actions) and reputational damage, and may require changes to the ways we collect and use consumer information.

A number of data protection laws (including the GDPR, the UK GDPR and the CCPA) have introduced mandatory breach reporting to regulators and, under certain circumstances, to the individuals whose personal data was compromised in the breach.

Many other jurisdictions are considering or are about to adopt data protection regulations, which are sometimes inconsistent or conflicting. While we strive to monitor and comply with this complex and ever- changing patchwork of laws, a failure or perceived or alleged failure to comply with applicable data privacy requirements in one of the jurisdictions could result in litigation and proceedings against us by governmental entities, customers, or others, fines and civil or criminal penalties, limited ability or inability to operate our business, offer services, or market our business in certain jurisdictions, negative publicity and harm to our brand and reputation, and reduced overall demand for our products and services. Such occurrences could adversely affect our business, financial condition, and results of operations. Our general liability insurance may not cover all potential claims to which we are exposed and may not be adequate to indemnify us for the full extent of our potential liabilities. In addition, we could be adversely affected if data privacy regulations are expanded (through new regulation or through legal rulings) to require major changes in our business practices.

***We rely on the Apple App Store and the Google Play Store to offer and promote our apps. If such platform providers change their terms and conditions to our detriment, our business may be adversely affected.***

The Apple App Store and the Google Play Store are the primary distribution, marketing, promotion and payment platforms for our apps, including *myWallbox* and *Electromaps*. Any deterioration in our relationship with Google or Apple could harm our business and adversely affect the value of our shares.

We are subject to these platforms' standard terms and conditions for app developers, which govern the promotion, distribution and operation of apps. These platforms have policies governing, for example, treatment of virtual credits and gifts, use of user data, personal and sensitive information and advertising identifiers, as well as ones relating to advertising (including deceptive, disruptive and inappropriate ads) and interference with app and device functionality. Each platform has broad discretion to change and interpret its terms of service and other policies with respect to us and those changes may be unfavorable to us. A platform provider may also change its fee structure, add fees associated with access to and use of its platform, alter how we are able to advertise on the platform, change how the personal information of our users is made available to app developers on the platform or limit the use of personal information for advertising purposes. Our business could be harmed if a platform provider modifies its current terms of service or other policies, including fees, in a manner adverse to us.

If we violate, or if a platform provider believes we have violated, these terms and conditions (or if there is any change or deterioration in our relationship with these platform providers), the particular platform provider may discontinue or limit our access to that platform, which could prevent us from making its apps available to or otherwise from serving our mobile customers. Any limit or discontinuation of our access to any platform could adversely affect our business, financial condition or results of operations.

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#### Risks Related to Being a Public Company

#### Our management team has limited experience managing a public company.
Members of our management team have limited experience managing a publicly traded company, interacting with public company investors, and complying with the increasingly complex laws, rules and regulations that govern public companies. As a public company, we are subject to significant obligations relating to reporting, procedures and internal controls, and our management team may not successfully or efficiently manage such obligations. These obligations and scrutiny will require significant attention from our management and could divert their attention away from the day-to-day management of our business, which could adversely affect our business, financial condition and results of operations.

***We will continue to incur increased costs as a result of operating as a public company, and our management will be required to devote substantial time to new compliance initiatives and corporate governance practices.***

As a public company, we incur significant legal, accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the listing requirements of the NYSE and other applicable securities rules and regulations impose various requirements on public companies, including establishment and maintenance of effective disclosure and financial controls and corporate governance practices. Our management and other personnel continue to devote a substantial amount of time to these compliance initiatives. Moreover, these rules and regulations will continue to increase our legal and financial compliance costs and will make some activities more time-consuming and costly. For example, we expect that these rules and regulations may make it more difficult and more expensive for us to obtain director and officer liability insurance, and could also make it more difficult for us to attract and retain qualified members of the Board.

We cannot predict or estimate the amount of additional costs we may incur or the timing of such costs. These rules and regulations are often subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices.

We are required to comply with the SEC's rules implementing Sections 302 and 404 of the Sarbanes-Oxley Act, which will require management to certify financial and other information in our annual reports and provide an annual management report on the effectiveness of control over financial reporting. As a result, we will be required to disclose material changes in internal control over financial reporting on an annual basis. To achieve compliance with Section 404, we are engaged in a process to document and evaluate our internal control over financial reporting, which is both costly and challenging. In this regard, we will need to continue to dedicate internal resources, potentially engage outside consultants and adopt a detailed work plan to assess and document the adequacy of internal control over financial reporting, continue steps to improve control processes as appropriate, validate through testing that controls are functioning as documented and implement a continuous reporting and improvement process for internal control over financial reporting.

Despite our efforts, there is a risk that we will not be able to conclude, within the prescribed timeframe or at all, that our internal control over financial reporting is effective as required by Section 404. We have identified material weaknesses in the past and if we identify one or more material weaknesses in the future, it could result in an adverse reaction in the financial markets due to a loss of confidence in the reliability of our financial statements. As a result, the market price of our shares could be negatively affected, and we could become subject to litigation including shareholder suits or investigations by the stock exchange on which our securities are listed, the SEC or other regulatory authorities, which could require additional financial and management resources.

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***We identified material weaknesses in connection with our internal control over financial reporting. Our efforts to remediate these material weaknesses may not be successful in a timely manner, or at all, and we may identify other material weaknesses.***

As previously reported, in connection with the audits of our consolidated financial statements for each of the years ended December 31, 2020 and 2021, our management and independent registered public accounting firm identified material weaknesses in our internal control over financial reporting. The material weaknesses related to: (i) insufficient personnel in the finance team with an appropriate level of knowledge and experience in the application of International Financial Reporting Standards as issued by the IASB, relating to complex accounting transactions, such as accounting for the business combinations, accounting for listing expenses, share-based payments and also in the application of other IFRS matters such as goodwill impairment testing and cash flow statement disclosures; (ii) IT general controls have not been sufficiently designed or were not operating effectively, and (iii) policies and procedures specifically with respect to the review, supervision and monitoring of the accounting and reporting functions were not operating effectively. In connection with the audit of the our consolidated financial statements for the fiscal year ended December 31, 2022, we identified an additional material weakness related to procedures with respect to the review, supervision and monitoring of issuance, exercise, vesting and valuation of share-based payments, which were not entirely designed and in place, or operating effectively resulting in several adjustments related to share-based payment accounting. To address these material weaknesses, we are making and continue to make a number of changes to our program and controls as set forth in Item 15, "Controls and Procedures."

Further, our independent registered public accounting firm has not been engaged to express, nor have they expressed, an opinion on the effectiveness of our internal control over financial reporting. We are currently in the process of remediating these material weaknesses and we are taking steps that we believe will address their underlying causes, however, we cannot predict the ultimate timing or success of our remediation plan. We have also enlisted the help of external advisors to provide assistance in the areas of internal controls and IFRS accounting in the short term, and are evaluating the longer-term resource needs of our accounting staff, including IFRS expertise. These remediation measures may be time-consuming and costly, and might place significant demands on our financial, accounting and operational resources. These actions and planned actions are subject to ongoing management evaluation and will require validation and testing of the design and operating effectiveness of internal controls over a sustained period of financial reporting cycles before we are able to determine that the controls are operating effectively and the material weaknesses have been remediated. In addition, there is no assurance that we will be successful in hiring any necessary finance and accounting personnel in a timely manner, or at all.

Assessing our procedures to improve our internal control over financial reporting is an ongoing process. We can provide no assurance that our remediation efforts will be successful or that we will not have material weaknesses in the future. Any material weaknesses we identify could result in an adverse reaction in the financial markets due to a loss of confidence in the reliability of our consolidated financial statements.

***Our internal control over financial reporting will not be effective if we cannot detect or prevent material errors at a reasonable level of assurance. Our past or future financial statements may not be accurate and we may not be able to timely report our financial condition or results of operations, which may adversely affect investor confidence in us and the price of Class A Shares.***

As a public company, we have significant requirements for enhanced financial reporting and internal controls. The process of designing, implementing, testing and maintaining effective internal controls is a continuous effort that will require us to anticipate and react to changes in our business and the economic and regulatory environments. In this regard, we need to continue to dedicate internal resources, potentially engage outside consultants, adopt a detailed work plan to assess and document the adequacy of internal control over financial reporting, continue steps to improve control processes as appropriate, validate through testing whether such controls are functioning as documented, and implement a continuous reporting and improvement process for internal control over financial reporting.

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It is possible that our internal control over financial reporting is not effective because it cannot detect or prevent material errors at a reasonable level of assurance. If we are unable to establish or maintain appropriate internal financial reporting controls and procedures, it could cause us to fail to meet our reporting obligations on a timely basis, result in material misstatements in our consolidated financial statements and adversely affect our operating results. In addition, we are required, pursuant to Section 404 of the Sarbanes Oxley Act ("Section 404"), to furnish a report by our management on, among other things, the effectiveness of our internal control over financial reporting in the second annual report filed with the SEC. This assessment is required to include disclosure of any material weaknesses identified by our management in our internal control over financial reporting. The rules governing the standards that must be met for our management to assess our internal control over financial reporting are complex and require significant documentation and testing. Testing and maintaining internal controls may divert our management's attention from other matters that are important to our business. In addition, pursuant to Section 404, once we are no longer an emerging growth company, we will be required to include in the annual reports that we file with the SEC an attestation report on our internal control over financial reporting issued by our independent registered public accounting firm.

Furthermore, as a public company, we may, during the course of our testing of our internal controls over financial reporting, or during the subsequent auditing by our independent registered public accounting firm, identify deficiencies which would have to be remediated to satisfy the SEC rules for certification of our internal controls over financial reporting. As a consequence, we may have to disclose in periodic reports we file with the SEC significant deficiencies or material weaknesses in our system of internal controls. The existence of a material weakness would preclude management from concluding that our internal controls over financial reporting are effective, and would preclude our independent auditors from issuing an unqualified opinion that our internal controls over financial reporting are effective. In addition, disclosures of this type in our SEC reports could cause investors to lose confidence in the accuracy and completeness of our financial reporting and may negatively affect the trading price of Class A Shares, and we could be subject to sanctions or investigations by regulatory authorities. Moreover, effective internal controls are necessary to produce reliable financial reports and to prevent fraud. If we have deficiencies in our disclosure controls and procedures or internal controls over financial reporting, it could negatively impact our business, results of operations and reputation.

***Our failure to timely and effectively implement controls and procedures required by Section 404(a) of the Sarbanes-Oxley Act could have a material adverse effect on our business.***

We are required to provide management's attestation on internal controls. Management may not be able to effectively and timely implement controls and procedures that adequately respond to the increased regulatory compliance and reporting requirements. If we are not able to implement the additional requirements of Section 404(a) in a timely manner or with adequate compliance, we may not be able to assess whether our internal controls over financial reporting are effective, which may subject us to adverse regulatory consequences and could harm investor confidence and the market price of the Class A Shares.

#### Risks Related to Class A Shares

#### The market price of Class A Shares may be volatile, and you may lose all or part of your investment.
The market price of Class A Shares could be highly volatile and may fluctuate substantially as a result of many factors, including, without limitation:

• actual or anticipated fluctuations in our results of operations;

• variance in our financial performance from the expectations of market analysts or others;

• announcements by us or our competitors of significant business developments, changes in significant customers, acquisitions or expansion plans;

• our involvement in litigation;

• our sale of Shares or other securities in the future;

• market conditions in our industry;

• changes in key personnel;

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• the trading volume of our Class A Shares;

• changes in the estimation of the future size and growth rate of our markets; and

• general economic, industry and market conditions, including, for example, the effects of recession or slow economic growth in the U.S. and abroad, interest rates, fuel prices, international currency fluctuations, corruption, political instability, acts of war, including the Russia/Ukraine conflict and the ongoing COVID-19 pandemic or other public health crises.

In addition, the stock markets have experienced extreme price and volume fluctuations. Broad market and industry factors may materially harm the market price of Class A Shares, regardless of our operating performance. In the past, following periods of volatility in the market price of a company's securities, securities class action litigation has often been instituted against that company. If we were involved in any similar litigation, we could incur substantial costs and our management's attention and resources could be diverted.

#### An active trading market for Class A Shares may not be sustained to provide adequate liquidity.
An active trading market may not be sustained for Class A Shares. The lack of an active market may impair your ability to sell your shares at the time you wish to sell them or at a price that you consider reasonable. An inactive market may also impair our ability to raise capital by selling Shares and may impair our ability to acquire other companies by using our shares as consideration.

#### The market price of Class A Shares could be negatively affected by future sales of Shares.
Sales by us or our shareholders of a substantial number of Shares, the issuance of Shares as consideration for acquisitions, or the perception that these sales might occur, could cause the market price of Class A Shares to decline or could impair our ability to raise capital through a future sale of, or pay for acquisitions using, our equity securities.

#### We do not expect to pay any dividends in the foreseeable future.
We have never declared or paid any dividends on the Shares. We do not anticipate paying any dividends in the foreseeable future. We currently intend to retain future earnings, if any, to finance operations and expand our business.

The Board may determine which part of the profits shall be reserved, with due observance of our policy on reserves and dividends. The General Meeting may resolve to distribute any part of the profits remaining after reservation. If the Board decides to make a part of the profits available for distribution of dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that our directors may deem relevant. In addition, the Dutch law imposes restrictions on our ability to declare and pay dividends. Payment of dividends may also be subject to Dutch withholding taxes.

***The number of issued Shares and outstanding Shares and outstanding Warrants may fluctuate substantially, which could lead to adverse tax consequences for the holders thereof.***

It may be that the number of issued and outstanding Shares and outstanding Warrants fluctuates substantially. This may have an impact on interests and certain thresholds that are relevant for investors' tax purposes and positions, which are dependent on their respective circumstances. The potential tax consequences in this regard could potentially be material, and therefore, investors should seek their own tax advice with respect to the tax consequences in connection with the acquisition, ownership and disposal of the Shares and/or Warrants.

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***If securities or industry analysts do not publish research or reports about our business, or if they issue an adverse or misleading opinion regarding Class A Shares, the market price and trading volume of Class A Shares could decline.***

The trading market for Class A Shares can be influenced by the research and reports that industry or securities analysts publish about us or our business. If industry analysts cease coverage of us, the trading price for Class A Shares would be negatively impacted. If any of the analysts who cover us issue an adverse or misleading opinion regarding us, our business model, our intellectual property or our stock performance, or if our results of operations fail to meet the expectations of analysts, our stock price would likely decline. If one or more of these analysts cease coverage of us or fail to publish reports on us regularly, we could lose visibility in the financial markets, which in turn could cause our stock price or trading volume to decline.

***The dual class structure of Shares has the effect of concentrating voting control with our certain shareholders and limiting our other shareholders' ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of Class A Shares may view as beneficial.***

Class B Shares have ten (10) votes per share, while Class A Shares have one (1) vote per share. our co-founders, Enric Asunción Escorsa and Eduard Castañeda, own all of the Class B Shares and collectively control approximately 61% of the voting power of our capital stock. Even though our co-founders are not party to any agreement that requires them to vote together, they may have interests that differ from yours and may vote in a way with which you disagree and which may be adverse to your interests. This concentrated control may have the effect of delaying, preventing or deterring a change in control of our Company, could deprive our shareholders of an opportunity to receive a premium for their capital stock as part of a sale of our Company, and might ultimately affect the market price of shares of Class A Shares.

We cannot predict whether our dual class structure will result in a lower or more volatile market price of Class A Shares or in adverse publicity or other adverse consequences. For example, certain index providers have announced restrictions on including companies with multiple-class share structures in certain of their indexes. S&P Dow Jones and FTSE Russell have announced changes to their eligibility criteria for inclusion of shares of public companies on certain indices, including the S&P 500, pursuant to which companies with multiple classes of shares of common stock are excluded. In addition, several stockholder advisory firms have announced their opposition to the use of multiple class structures. As a result, our dual class structure may cause shareholder advisory firms to publish negative commentary about our corporate governance practices or otherwise seek to cause us to change its capital structure. Any such exclusion from indices or any actions or publications by stockholder advisory firms critical of our corporate governance practices or capital structure could adversely affect the value and trading market of Class A Shares.

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***We are a foreign private issuer and, as a result, we will not be subject to U.S. proxy rules and will be subject to Exchange Act reporting obligations that, to some extent, are more lenient and less frequent than those of a U.S. domestic public company.***

Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including (1) the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act, (2) the sections of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and liability for insiders who profit from trades made in a short period of time and (3) the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information. In addition, foreign private issuers are not required to file their annual report on Form 20-F until 120 days after the end of each fiscal year, while U.S. domestic issuers that are accelerated filers are required to file their annual report on Form 10-K within 75 days after the end of each fiscal year and U.S. domestic issuers that are large accelerated filers are required to file their annual report on Form 10-K within 60 days after the end of each fiscal year. Foreign private issuers are also exempt from Regulation FD, which is intended to prevent issuers from making selective disclosures of material information. As a result of all of the above, you may not have the same protections afforded to shareholders of a company that is not a foreign private issuer.

***As a foreign private issuer, and as permitted by the listing requirements of the NYSE, we follow certain home country governance practices rather than the corporate governance requirements of the NYSE.***

As a foreign private issuer, we have the option to follow certain home country corporate governance practices rather than those of the NYSE, provided that we disclose the requirements we are not following and describe the home country practices we are following. We intend to rely on this "foreign private issuer exemption" with respect to NYSE rules requiring shareholder approval. We may in the future elect to follow home country practices with regard to other matters. As a result, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all NYSE corporate governance requirements.

#### We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.
As discussed above, we are a foreign private issuer, and therefore, we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second fiscal quarter, and, accordingly, the next determination will be made with respect to us on June 30, 2023. In the future, we would lose its foreign private issuer status if (1) more than 50% of our outstanding voting securities are owned by U.S. residents and (2) a majority of our directors or executive officers are U.S. citizens or residents, or we fail to meet additional requirements necessary to avoid loss of foreign private issuer status. If we lose our foreign private issuer status, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms including financial statements prepared in accordance with generally accepted accounting principles in the United States of America, which are more detailed and extensive than the forms available to a foreign private issuer. We will also have to mandatorily comply with U.S. federal proxy requirements, and our officers, directors, and principal shareholders will become

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subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under the listing rules of the NYSE. As a U.S. listed public company that is not a foreign private issuer, we will incur significant additional legal, accounting and other expenses that we will not incur as a foreign private issuer.

***We are an "emerging growth company" and you cannot be certain whether the reduced disclosure requirements applicable to emerging growth companies will make Class A Shares less attractive to investors.***

We are an emerging growth company ("EGC") as defined in the JOBS Act, and we intend to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGCs, including not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act reduced disclosure obligations regarding executive compensation in periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Investors may find the common stock less attractive because we will continue to rely on these exemptions. If some investors find the common stock less attractive as a result, there may be a less active trading market for the Class A Shares, and the stock price may be more volatile.

An EGC may elect to delay the adoption of new or revised accounting standards. With us making this election, Section 102(b)(2) of the JOBS Act allows us to delay adoption of new or revised accounting standards until those standards apply to non-public business entities. As a result, the financial statements contained herein and those that we will file in the future may not be comparable to companies that comply with public business entities revised accounting standards effective dates.

***As we are a holding company with no operations we rely on operating subsidiaries to provide us with funds necessary to meet our financial obligations.***

We are a holding company that does not conduct any business operations of its own. As a result, we are largely dependent upon cash dividends and distributions and other transfers, including for dividends or payments in respect of any indebtedness we may incur, from our subsidiaries to meet our obligations. Any agreements governing the indebtedness of our subsidiaries may impose restrictions on our subsidiaries' ability to pay dividends or other distributions to us. Each of our subsidiaries is a distinct legal entity, and under certain circumstances legal and contractual restrictions may limit our ability to obtain cash from such subsidiaries and us may be limited in our ability to cause any joint ventures to distribute our earnings to it. The deterioration of the earnings from, or other available assets of, our subsidiaries for any reason could also limit or impair their ability to pay dividends or other distributions to us.

#### Investors may suffer adverse tax consequences in connection with the acquisition, ownership and disposal of the Shares and/or Warrants.
The tax consequences in connection with the acquisition, ownership and disposal of the Shares and/or Warrants may differ from the tax consequences in connection with the acquisition, ownership and disposal of securities in another entity and may also differ depending on such an investor's respective circumstances including, without limitation, where such an investor is a tax resident. Any such tax consequences could be materially adverse to an investor and, therefore, each investor should seek its own tax advice in respect of the tax consequences in connection with the acquisition, ownership and disposal of the Shares and/or Warrants.

#### Risks Relating to Our Incorporation in the Netherlands
***We are a public company with limited liability (naamloze vennootschap) incorporated under the laws of the Netherlands. The rights of our shareholders may be different from the rights of stockholders in companies governed by the laws of U.S. jurisdictions and may not protect investors in a similar fashion afforded by incorporation in a U.S. jurisdiction.***

We are a public limited liability company incorporated under Dutch law. Our corporate affairs are governed by our articles of association, internal rules and policies and by the laws governing companies incorporated in the Netherlands. The rights of shareholders may be different from the rights and obligations of

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shareholders in companies governed by the laws of U.S. jurisdictions. The role of the management board in a Dutch company is also materially different, and cannot be compared to, the role of a board of directors in a corporation incorporated in the United States. In the performance of their duties, our management board is required by Dutch law to consider the interests of our company and the sustainable success of our business, with an aim to creating long-term value, taking into account the interests of our shareholders, employees and other stakeholders, in all cases with due observation of the principles of reasonableness and fairness. It is possible that some of these parties will have interests that are different from, or in addition to, your interests as a shareholder.

***Provisions of Dutch law and our amended and restated articles of association may delay, prevent or make undesirable an acquisition of all or a significant portion of our shares or assets.***

Under Dutch law, various protective measures are possible and permissible within the boundaries set by Dutch law and Dutch case law, among which, in accordance with the DCGC, shareholders having the right to put an item on the agenda under the rules described above shall exercise such right only after consulting the Board in that respect. If one or more shareholders intend to request that an item be put on the agenda that may result in a change in our strategy (for example, the dismissal of Directors), the Board must be given the opportunity to invoke a reasonable period to respond to such intention. Such period shall not exceed 180 (hundred eighty) days (or such other period as may be stipulated for such purpose by Dutch law and/or the DCGC from time to time). If invoked, the Board must use such response period for further deliberation and constructive consultation, in any event with the shareholders(s) concerned, and must explore the alternatives. At the end of the response time, the Board must report on this consultation and the exploration of alternatives to the General Meeting. The response period may be invoked only once for any given General Meeting and shall not apply: (a) in respect of a matter for which a response period has been previously invoked; or (b) if a shareholder holds at least 75% of our issued share capital as a consequence of a successful public bid. The response period may also be invoked in response to shareholders or others with meeting rights under Dutch law requesting that a General Meeting be convened, as described above.

Pursuant to Dutch law, one or more shareholders and/or other persons with meeting rights under Dutch law who individually or jointly represent at least 10% of our issued share capital, may request the Board to convene a General Meeting setting out in detail the matters to be discussed. If the Board has not taken the steps necessary to ensure that such meeting can be held within 6 (six) weeks after the request, the requesting shareholder(s) and or other persons with meeting rights may at their request be authorized by the competent Dutch court in preliminary relief proceedings to convene a General Meeting. The court shall refuse the application if it does not appear that the applicant(s) has/have previously requested the Board to convene a General Meeting and the Board has not taken the necessary steps so that the General Meeting could be held within 6 (six) weeks after the request. Such a request to the Board is subject to certain additional requirements. Additionally, the applicant must have a reasonable interest in the meeting being held.

Further thereto, in May 2021, a bill came into force that introduces a statutory cooling-off period of up to 250 days during which the General Meeting would not be able to dismiss, suspend or appoint members of the Board (or amend the provisions in the Articles of Association governing these matters) unless these matters were proposed by the Board. This cooling-off period could be invoked by the Board in the event:

a. shareholders, using either their shareholder proposal right or their right to request a General Meeting, propose an agenda item for the General Meeting to dismiss, suspend or appoint a Director (or to amend any provision in the Articles of Association dealing with those matters); or

b. a public offer for has been announced or made without agreement having been reached with on such offer, provided, in each case, that in the opinion of the Board such proposal or offer materially conflicts with the interests of and its business.

The cooling-off period, if invoked, ends upon the earliest of the following events:

a. the expiration of 250 days from:

i. in case of shareholders using their shareholder proposal right, the day after the deadline for making such proposal for the next General Meeting has expired;

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ii. in case of Shareholders using their right to request a General Meeting, the day when they obtain court authorization to do so; or

iii. in case of a public offer as described above being made without agreement having been reached with on such offer, the first following day;

b. the day after a public offer without agreement having been reached with us on such offer, having been declared unconditional; or

c. the Board deciding to end the cooling-off period earlier.

In addition, one or more shareholders that may (jointly) exercise the shareholder proposal right at the time that the cooling-off period is invoked, may request the Enterprise Chamber (*Ondernemingskamer*) of the Amsterdam Court of Appeals (*Gerechtshof Amsterdam*) for early termination of the cooling-off period. The Enterprise Chamber must rule in favor of the request if the shareholders can demonstrate that:

a. the Board, in light of the circumstances at hand when the cooling-off period was invoked, could not reasonably have come to the conclusion that the relevant shareholder proposal or hostile offer constituted a material conflict with the interests of and its business;

b. the Board cannot reasonably believe that a continuation of the cooling-off period would contribute to careful policy-making;

c. if other defensive measures, having the same purpose, nature and scope as the cooling-off period, have been activated during the cooling-off period and are not terminated or suspended at the relevant shareholders' written request within a reasonable period following the request (i.e., no 'stacking' of defensive measures).

During the cooling-off period, if invoked, the Board must gather all relevant information necessary for a careful decision-making process. In this context, the Board must at least consult with shareholders representing at least 3% of our issued share capital at the time the cooling-off period was invoked and with the our works council, if applicable. Formal statements expressed by these stakeholders during such consultations must be published on our website to the extent these stakeholders have approved that publication.

Ultimately one week following the last day of the cooling-off period, the Board must publish a report in respect of its policy and conduct of affairs during the cooling-off period on our website. This report must also remain available for inspection by our shareholders and others with meeting rights under Dutch law at our office and must be tabled for discussion at the next General Meeting.

Finally, in this respect, certain provisions of the Articles of Association may also make it more difficult for a third-party to acquire control of our Company or effect a change in the composition of the Board, including that suspension or dismissal of directors other than at the proposal of the Board will require a two-thirds majority of the votes cast, representing more than one half of our issued capital.

#### Shareholders may not be able to participate in future issues of Shares.
Under Dutch law, the General Meeting is authorized to issue Shares or to grant rights to subscribe for Shares and to restrict and/or exclude statutory pre-emptive rights in relation to the issuance of Shares or the granting of rights to subscribe for Shares. The General Meeting may designate the Board competent to issue Shares (or grant rights to subscribe for Shares) and to determine the issue price and other conditions of the issue for a specified period not exceeding five years (which period can be extended from time to time for further periods not exceeding five years) and, for a period of 5 years commencing on the date of completion of the Business Combination, the Board has been irrevocably authorized to issue Shares (and to grant rights to subscribe for Shares).

Further thereto, each shareholder has a pre-emptive right in proportion to the aggregate amount of its Shares upon the issuance of Shares (or the granting of rights to subscribe for Shares). This pre-emptive right does not apply to: (i) Shares issued to our employees or a subsidiary of ours as referred to in Section 2:24b Dutch Civil Code, (ii) Shares that are issued against payment other than in cash; and (iii) Shares issued to a person exercising a previously granted right to subscribe for Shares.

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The pre-emptive rights in respect of newly issued Shares or the granting of rights to subscribe for Shares may be restricted or excluded by a resolution of the General Meeting. Pre-emptive rights may also be limited or excluded by a resolution of the Board if the Board has been designated thereto by the General Meeting for a specific period and with due observance of applicable statutory provisions, and the Board has also been designated to issue Shares. A resolution of the General Meeting to limit or exclude pre-emptive rights or a resolution to designate the Board thereto, can only be adopted at the proposal of the Board, and requires a majority of at least two-thirds of the votes cast, if less than half of our issued share capital is present or represented at the General Meeting. Unless otherwise stipulated at its grant the designation may not be withdrawn.

If the resolution of the General Meeting to issue Shares or to designate the authority to issue Shares to the Board is detrimental to the rights of holders of a specific class of Shares, the validity of such resolution of the General Meeting requires a prior or simultaneous approval by the group of holders of such class of Shares.

For a period of 5 years commencing on the date of completion of the Business Combination, the Board has been irrevocably authorized to limit or exclude pre-emptive rights in respect of Shares.

***We are not obligated to and may not comply (but will then explain such non-compliance) with all the best practice provisions of the Dutch Corporate Governance Code. This may affect your rights as a shareholder.***

We will be subject to the DGCG. The DCGC contains both principles and best practice provisions on corporate governance that regulate relations between the management board and the general meeting of shareholders and matters in respect of financial reporting, auditors, disclosure, compliance and enforcement standards. The DCGC is based on a "comply or explain" principle. Accordingly, companies are required to disclose in their annual reports (which are filed in the Netherlands) whether they comply with the provisions of the DCGC. If a company does not comply with those provisions (for example, because of a conflicting NYSE requirement), the company is required to give the reasons for such noncompliance. The DCGC applies to Dutch companies listed on a regulated Market in the EU or a comparable other system, such as the NYSE.

We acknowledge the importance of good corporate governance. However, we do not comply with all the provisions of the DCGC, to a large extent because such provisions conflict with or are inconsistent with the corporate governance rules of the NYSE and U.S. securities laws, or because we believe such provisions do not reflect customary practices of global companies listed on the NYSE. Any such noncompliance may affect your rights as a shareholder, and you may not have the same level of protection as a shareholder in a Dutch company that fully complies with the DCGC.

***We are organized and existing under the laws of the Netherlands, and, as such, the rights of shareholders and the civil liability of our directors and executive officers will be governed in certain respects by the laws of the Netherlands. The ability of shareholders to bring actions or enforce judgments against us or our directors and executive officers may be limited. Claims of U.S. civil liabilities may not be enforceable against us.***

We are organized and existing under the laws of the Netherlands, and, as such, the rights of our shareholders and the civil liability of our directors and executive officers are governed in certain respects by the laws of the Netherlands. The ability of our shareholders in certain countries other than the Netherlands to bring an action against us, our directors and executive officers may be limited under applicable law. In addition, substantially all of our assets are located outside the United States. As a result, it may not be possible for shareholders to effect service of process within the United States upon us or its directors and executive officers or to enforce judgments against us or them in U.S. courts, including judgments predicated upon the civil liability provisions of the federal securities laws of the United States. In addition, it is not clear whether a Dutch court would impose civil liability on us or any of our directors and executive officers in an original action based solely upon the federal securities laws of the United States brought in a court of competent jurisdiction in the Netherlands.

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As of the date of this Annual Report, the United States and the Netherlands do not have a treaty providing for the reciprocal recognition and enforcement of judgments, other than arbitration awards, in civil and commercial matters. Accordingly, a judgment rendered by any federal or state court in the United States, whether or not predicated solely upon U.S. securities laws, would not automatically be recognized and enforced by the competent Dutch courts. However, if a person has obtained a final and conclusive judgment for the payment of money rendered by a court in the United States that is enforceable in the United States and files a claim with the competent Dutch court, the Dutch court will generally give binding effect to such foreign judgment insofar as it finds that (i) the jurisdiction of the U.S. court has been based on a ground of jurisdiction that is generally acceptable according to international standards, (ii) the judgment by the U.S. court was rendered in legal proceedings that comply with the Dutch standards of proper administration of justice including sufficient safeguards (*behoorlijke rechtspleging*) and (iii) the judgment by the U.S. court is not incompatible with a decision rendered between the same parties by a Dutch court, or with a previous decision rendered between the same parties by a foreign court in a dispute that concerns the same subject and is based on the same cause, provided that the previous decision qualifies for acknowledgment in the Netherlands and except to the extent that the foreign judgment contravenes Dutch public policy (*openbare orde*).

Based on the lack of a treaty as described above, U.S. investors may not be able to enforce against us or our directors, representatives or certain experts named herein who are residents of the Netherlands or countries other than the United States any judgments obtained in U.S. courts in civil and commercial matters, including judgments under the U.S. federal securities laws.

Under the Articles of Association, and certain other contractual arrangements between us and our directors, we indemnify and hold our directors harmless against all claims and suits brought against them, subject to limited exceptions. There is doubt, however, as to whether U.S. courts would enforce such indemnity provisions in an action brought against one of our Directors in the United States under U.S. securities laws.

***Dutch, Spanish and European insolvency laws are substantially different from U.S. insolvency laws and may offer our shareholders less protection than they would have under U.S. insolvency laws.***

Pursuant to European Regulation (EU) 2015/848 of the European Parliament and of the Council, of 20 May 2015, on insolvency proceedings, which forms part of both Dutch and Spanish insolvency laws, Spanish courts will have jurisdiction to entertain the main insolvency proceeding of a Dutch public limited liability company that, such as us, has its "center of main interest" located in Spain. If Spanish courts declare the opening of the main insolvency proceeding of a Dutch public limited liability company, Dutch courts will have to recognize such declaration and Spanish insolvency law will apply, subject to the exceptions set forth under the European Regulation (EU) 2015/848, as interpreted by the Court of Justice of the European Union. Dutch courts could have jurisdiction to try a non-main insolvency proceeding following our operations in The Netherlands. Depending on the status of the declaration on insolvency in Spain, the Dutch insolvency proceeding would be secondary or autonomous. Under Spanish law, substantive consolidation is exceptional. As a result, if we were declared insolvent, we would likely not consolidate our assets and liabilities, subject to the coordination of both insolvency proceedings and the rules established for insolvency proceedings of members of a group of companies under the European Regulation (EU) 2015/848.

***Our tax residency might change if the tax residency of dual resident entities is, in the new Dutch-Spanish Tax Treaty, determined by way of reaching mutual agreement.***

We intend to be managed and operate so as to be treated exclusively as a resident of Spain for tax purposes as from our date of incorporation, on the basis that we have our place of effective management in Spain. As a result of its incorporation under Dutch law, we will however also remain a tax resident of the Netherlands for Dutch corporate income tax and dividend withholding tax purposes and, thus, will be considered tax resident in both the Netherlands and Spain (i.e. a so-called 'dual resident entity'). By virtue of the current convention between the government of the Kingdom of the Netherlands and the government of the Kingdom of Spain for the avoidance of double taxation with respect to taxes on income and on capital (the "Dutch-Spanish Tax Treaty"), in such case we will be considered a resident for purposes of the Dutch-Spanish Tax Treaty in the country where we are effectively managed. As noted above, we expect to have our tax residency since our incorporation (and to maintain it afterwards) in Spain. The Dutch-Spanish Tax Treaty is currently being renegotiated and may include a

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provision pursuant to which the tax residency of dual resident entities is determined by way of the Netherlands and Spain reaching mutual agreement, in line with the criterion applied in the OECD-sponsored Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting ("MLI"). The current Dutch-Spanish Tax Treaty is not a "Covered Tax Agreement" (as defined under the MLI) and it is therefore uncertain whether the Dutch and Spanish Tax Authorities may favor such an approach under the new Dutch-Spanish Tax Treaty. Such outcome can nevertheless not be ruled out. In such case, the competent authorities of the Netherlands and Spain would endeavor to determine by mutual agreement the sole tax residency of us. During the period in which a mutual agreement between both states is absent, we may not be entitled to any relief or exemption from tax provided by the new Dutch-Spanish Tax Treaty. During such period, there would also be a risk that both Spain and the Netherlands would levy dividend withholding tax on distributions by us, in addition to the risk of double taxation on our profits.

#### Both Spanish and Dutch dividend withholding tax may have to be withheld in case of distributions to unidentified our shareholders.
As noted above under "*—Risks Related to Class A Shares –we do not expect to pay any dividends in the foreseeable future*," we do not expect to distribute dividends in the foreseeable future. However, should that happen, the Netherlands will not - regardless of the fact that we are intended to be a tax resident of Spain on the grounds of its place of effective management - be prevented from levying Dutch dividend withholding tax if we distribute profits to Dutch resident shareholders and to non-Dutch resident shareholders that have a permanent establishment in the Netherlands to which their respective shareholding is attributable. In order to avoid levying Dutch dividend withholding tax on such future dividend distributions, we may set up procedures to identify its shareholders, in order to assess whether there are our Shareholders in respect of which Dutch dividend withholding tax may have to be withheld. If the identification cannot be made upon the payment of a distribution, both Spanish and Dutch dividend withholding tax may have to be withheld on payments made to our shareholders that fail to provide us, on a timely basis, with the information that may be required in order to prevent the applicability of Dutch dividend withholding taxes. Likewise, there is no guarantee that the procedure that we may put in place to identify its shareholders (which shall be required in order to assess the applicability of both Spanish and Dutch withholding taxes) will be fully effective.

#### Risks Related to U.S. Federal Income Taxation
***If we are a passive foreign investment company for United States federal income tax purposes for any taxable year, U.S. holders of Class A Shares or Warrants could be subject to adverse United States federal income tax consequences.***

If we are or become a "passive foreign investment company," or a PFIC, within the meaning of Section 1297 of the Code for any taxable year during which a U.S. holder holds Class A Shares or Public Warrants, certain adverse U.S. federal income tax consequences may apply to such U.S. holder. A non-U.S. corporation, such as us, will be classified as a PFIC for U.S. federal income tax purposes for any taxable year in which, after applying certain look-through rules, either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (generally determined on the basis of a quarterly average) during such year produce or are held for the production of passive income. Passive income generally includes dividends, interest, royalties, rents, annuities, net gains from the sale or exchange of property producing such income and net foreign currency gains. We do not believe that we will be treated as a PFIC for our current taxable year and do not expect to become one in the future. However, PFIC status depends on the composition of a company's income and assets and the fair market value of its assets from time to time, as well as on the application of complex statutory and regulatory rules that are subject to potentially varying or changing interpretations.

If we are treated as a PFIC for any taxable year, a U.S. holder of Class A Shares or Warrants may be subject to adverse U.S. federal income tax consequences, such as taxation at the highest tax rate in effect (for individuals or corporations, as appropriate) on capital gains and on certain actual or deemed distributions, interest charges on certain taxes treated as deferred, and additional reporting requirements. Please refer to Item 10, "*Additional Information – E. Taxation.*" U.S. holders of Class A Shares and Warrants should consult with their tax advisors regarding the potential application of these rules.

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#### Item 4. Information on the Company
A. **History and Development of the Company** 

#### Corporate Information
Wall Box Chargers, S.L. was incorporated as a Spanish limited liability company (*sociedad limitada*) on May 22, 2015. Wallbox B.V. was incorporated as a Dutch private limited liability company (*besloten vennootschap met beperkte aansprakelijkheid*) on June 7, 2021 solely for the purpose of effectuating the Business Combination..

On October 1, 2021 we closed the Business Combination pursuant to the Business Combination Agreement, dated as of June 9, 2021, as amended, by and among Wallbox B.V., Merger Sub, Kensington and Wallbox Chargers S.L. In connection with the closing of the Business Combination, we converted into a Dutch public limited liability company (*naamloze vennootschap*) and changed our legal name to Wallbox N.V. Our commercial name is "Wallbox." In October 2021, we listed our shares and warrants on NYSE under the symbol "WBX" and "WBX.WS" respectively.

We are registered in the Commercial Register of the Netherlands Chamber of Commerce (*Kamer van Koophandel*) under number 83012559. Our official seat (*statutaire zetel*) is in Amsterdam, the Netherlands and the mailing and business address of our principal executive office is Carrer del Foc 68, 08038 Barcelona, Spain. Our telephone number is +34 930 181 668. Our agent for service of process in the United States is:

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#### Wallbox USA Inc.

#### 800 W. El Camino Real, Suite 180

#### Mountain View, CA 94040
Our website address is www.Wallbox.com. We may use our website as a means of disclosing material non-public information. Such disclosures will be included on our website in the "Investor Relations" section or at investors.wallbox.com. Accordingly, investors should monitor such sections of our website, in addition to following our press releases, SEC filings and public conference calls and webcasts. Information contained on, or that can be accessed through, our website does not constitute a part of this Annual Report and is not incorporated by reference herein. We have included our website address in the Annual Report solely for informational purposes. Our SEC filings are available to you on the SEC's website at http://www.sec.gov. This site contains reports and other information regarding issuers that file electronically with the SEC. The information on that website is not part of this Annual Report and is not incorporated by reference herein.

For a discussion of our principal capital expenditures and divestitures, refer to Item 5**,** "Operating and Financial Review and Prospects — B. Liquidity and Capital Resources," Item 4. "Information on the Company — D. Property, Plant and Equipment" and Note 8, "*Property, Plant and Equipment,"* included within our consolidated financial statements included elsewhere in this Annual Report.

B. **Business Overview** 

#### Overview
We believe we are a global leader in smart electric vehicle charging and energy management. Founded in 2015, we create smart charging systems that combine innovative technology with outstanding design and that manage the communication between user, vehicle, grid, building and charger.

Our mission is to facilitate the adoption of electric vehicles today to make more sustainable use of energy tomorrow. By designing, manufacturing, and distributing charging solutions for residential, business, and public use, we intend to lay the infrastructure required to meet the demands of mass electric vehicle ("EV") ownership everywhere. We believe our customer-centric approach to our holistic hardware, software, installation and service offering allows us to solve existing barriers to EV adoption as well as anticipate potential future opportunities. We are committed to creating solutions that will not only allow for faster, simpler EV charging but that will also change the way the world uses energy. In our pursuit to accomplish this vision, the Company has acquired four private businesses to date:

1. Intelligent Solutions (Acquired in February 2020): We believe Intelligent Solutions is one of the largest distributors of intelligent charging solutions in Northern Europe, with an extensive partner network of car dealers, installers, and utility companies in Norway, Sweden, Finland, and Denmark. Headquartered in Stavanger, Norway, Intelligent Solutions offers a variety of services from hardware to installation service and technical support. We believe this acquisition was a key component in our strategy to expand our business in Northern Europe. On August 13, 2021, we exercised our option to acquire the remaining 33.334% interest in Wallbox AS, which was formerly called Intelligent Solutions AS.

2. Electromaps (Acquired in September 2020): We believe Electromaps is a leading digital platform for accessing free and paid for electric charging points in southern Europe. The app provides its 390,000+ registered users access to the charging points and ability to make payments directly from their mobile phone, unifying the entire charging infrastructure and improving the electric vehicle driving experience. Through this acquisition, we took our first step into the public electric charging space and plan to continue to foster innovation on the Electromaps platform. On July 27, 2022, we exercised our option to acquire the remaining 49% of share capital of Electromaps.

3. ARES (Acquired in July 2022): ARES is an innovative provider of printed circuit boards and through its acquisition, we expanded our design and manufacturing capabilities and believe this acquisition will increase our innovation cycle time and improve our supply chain resilience.

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4. COIL (Acquired in August 2022): COIL is a leading EV charging installer serving the U.S. market, enabling in-house installation and maintenance solutions for commercial, public and residential charging applications, expanding our addressable market into a large and growing segment.

Our smart charging product portfolio includes Level 2 alternating current ("AC") chargers ("Pulsar Plus," Pulsar Max "Commander 2" and "Copper SB") for home and business applications, and direct current ("*DC*") fast chargers ("Supernova" and "Hypernova") for public applications. We also offer the world's first bi-directional DC charger for the home ("Quasar"), which allows users to both charge their electric vehicle and use the energy from the car's battery to power their home or business, or send stored energy back to the grid. Our proprietary residential and business software "*myWallbox*" gives users and charge point owners complete control over their private charging and energy management activities. Meanwhile, our dedicated semi-public and public charging software platform, "*Electromaps*" enables drivers to locate and transact with all public charging stations registered to its brand-agnostic charger database and also allows charge point operators to manage their public charging stations at scale.

As of December 31, 2022, we had offices across four continents and sold over 420,000 units across 113 countries. Our products are currently manufactured in Spain, China, and the U.S., where we opened our first manufacturing facility in Arlington, Texas in October 2022. We remain committed to increasing our worldwide presence and believe the EV market will continue to grow as more countries commit government funds towards climate investments with the aim of reducing CO2 emissions. We believe these regulatory support packages, including the NEVI and Inflation Reduction Act programs in the United States and the European Green Deal will accelerate EV adoption significantly.

Through our vertically-integrated model, we keep development cycles short, enabling an accelerated time to market. Furthermore, we expect our compliance with complex certification requirements paired with our focus on engineering excellence will power our rapid growth as the global supplier of first-class charging products.

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#### Segments
Management determined that we have three reportable operating segments: (i) Europe-Middle East Asia (EMEA), (ii) North America (NORAM), and (iii) Asia-Pacific (APAC) given our organizational structure and the manner in which our business is reviewed and managed. Our reportable operating segments reflect the principal geographies for our commercial activities around the world, and how we are allocating resources and evaluating operating performance. Refer to Item 5, "*Operating and Financial Review and Prospects* – *A. Operating Results* – *Operating Results by Segment*" and Note 7, "*Operating Segments,"* to our consolidated financial statements included elsewhere in this Annual Report for additional information about these segments.

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#### The Wallbox Model
Since its inception, we have been progressively building a charging solutions ecosystem, enabling users worldwide to seamlessly manage their energy needs through a combination of hardware, software, and services. During this journey, we have been closely following the EV user and catering to their needs.

The first phase of this journey started in 2016 with the launching of the Pulsar and Commander AC chargers. Our founders analyzed the EV charging market and saw an unserved demand for compact, smart, and efficient residential charging products, based on an estimated 70% charging happening at home. After providing the residential market with these innovative AC chargers, we launched our complementary software, *myWallbox*, which enabled users to monitor in real time their EV charging utilization and status, and program the charger to charge during off-peak hours enabling compelling cost savings.

In 2019, as EV's started to become widely adopted and the demand for parking spaces with EV-charging solutions increased, we added the Copper charger to our AC charging portfolio and launched a second generation of our Pulsar and Commander chargers. This new generation of semi-public chargers included multi-user capabilities for fleets, offices, and condominiums, including: local load balancing, power sharing, security-locking and payment options for monthly individual invoices, among others.

Also in 2019, we launched its first DC bidirectional charger, Quasar. Quasar enables users to make flexible use of the energy saved in the battery and discharge the EV battery during peak hours when energy costs are high, sell it back to the grid where regulations allow or discharge the energy stored in their vehicle to power their home during blackouts. Moreover, Quasar allows EV owners producing solar or other renewable energy to store that clean energy in their vehicle, when not being fully utilized by the home. Quasar is a compact, affordable and easy-to-use product that is revolutionizing home charging and energy management. In January 2022, we introduced Quasar 2, our newest bi-directional DC charger specifically intended for the US and European markets and compliant with Combined Charging System ("CCS") standards. CCS standards are most common in European and American branded cars, whereas Quasar 1 leveraged ChaDeMo charging systems, most used in Asian branded vehicles.

We believe the demand for public charging will continue to grow with the overall EV market. As EVs become cheaper and therefore penetrate a broader customer demographic, including those who are less likely to own a private parking space, the need for public charging facilities will be further heightened. We aim to address this demand through the commercialization of our first DC fast charger for public use, Supernova. Supernova, which we first introduced in late 2020, is a DC fast charger to be used in semi-public and public environments. The first generation version is designed to be able to charge at speeds of 60 kW and the second generation version is able to charge at speeds of 150 kW. Supernova offers an internal design intended to make it light and easy to install by integrating multiple elements of our bidirectional charger Quasar, including our innovative power electronics modules.

Expanding its product portfolio for the DC fast charging space, we announced our newest product, Hypernova at the IAA Mobility fair in 2021. Hypernova is designed to deliver up to 400 kW that allows it to fully charge an electric car in the time it takes to make a rest stop and make it substantially faster than most other ultrafast chargers on the market. It also employs advanced software that allows it to optimize available power and adapt to the number of EVs connected, making it an ideal option for public charging along highways and national road networks.

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Our offering of public charging solutions is complemented through *Electromaps*, an online platform that enables users to find publicly available charging ports and pay for its use. The data obtained through this platform is highly valuable given it allows us to monitor public charging trends and analyze opportunities for the future deployment of Supernova.

Since 2015, we have been enhancing our hardware and software ecosystem, providing the EV charger user a full suite of EV charging solutions and energy management solutions, catalyzing the EV adoption and sustainable energy use. During these last 6 years, we have based our user-centric business model on the following five key pillars:

1. **Make charging technology simple**: Our goal is to make every person feel confident and comfortable using a Wallbox product; therefore, even our most advanced technology is easy to use.

2. **Smart solutions**: From embedded intelligence that balances the energy use between customer's car and home, to breakthroughs in vehicle-to-grid ("V2G") and vehicle-to-home ("V2H") energy management, our products bring together the best in EV charging technology.

3. **Innovative technology**: Innovation is at our core, focusing not just on customers' needs today, but their needs in the future.

4. **Design-centric solutions**: We believes that design is a necessity, not a luxury. A well-designed product makes for a better experience, and this is what we strive for across our entire product portfolio.

5. **Highly compatible charging solutions**: Our equipment is compatible with all hybrid and electric car manufacturers across the globe, and we sell our products in countries across six continents.

This business model materializes into revenues through the: (i) sale of hardware (chargers & accessories); (ii) hardware installation services; and (iii) software services (subscription fees from businesses and fleets through *myWallbox* and commissions obtained from every charging transaction carried out through *Electromaps*).

#### Portfolio
We offer a broad range of EV charging hardware, software, and services to users in the home, business and public domains. All Wallbox chargers integrate out-of-the-box intelligent software features, which we believe positions us as one of the smartest and most user-friendly solutions on the market. Our software platforms *myWallbox* and *Electromaps* allow users to seamlessly manage their energy and make EV charging a seamless, simple experience.

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![LOGO](g455258g0310043959223.jpg)

• **Home & Business** 

• EV Charging Hardware:

• **Pulsar Plus & Pulsar Max:** AC smart charger for home or multi-family residence with a charging capacity of up to 22 kW. Its key characteristics include Wi-Fi and Bluetooth connectivity, the smart features available on the *myWallbox* app, and compatibility with OCPP communication protocols.

• **Commander 2S:** AC smart charger for fleets and businesses with a 7-inch touchscreen display that provides a personalized and secure user interface for multiple users. It has up to 22 kW of charging capacity and allows user access through the use of password protection, RFID cards or the *myWallbox* app. Commander 2 key characteristics include 4G, WiFi, Ethernet and Bluetooth connectivity, the smart features available on the *myWallbox* app, and compatibility with OCPP communication protocols.

• **Copper SB:** AC smart charger for fleets and businesses with an integrated socket that makes it compatible with both type 1 and type 2 charging cables, allowing it to charge any EV in the market. Copper SB has a charging capacity of up to 22 kW and allows user access through the use of RFID cards or the *myWallbox* app. Its key characteristics include 4G, Wi-Fi, Ethernet and Bluetooth connectivity, the smart features available on the *myWallbox* app, and compatibility with OCPP communication protocols.

• **Quasar 1 & 2:** DC bi-directional charger for home-use that allows users to charge and discharge their electric vehicle, enabling them to use their car battery to power their home or sell energy back to the grid. Its V2H (vehicle-to-home) and V2G (vehicle-to-grid) functionalities turn the EV into a powerful energy source. Quasar 1 has a charging capacity of up to 7,4 kW and a CHAdeMO charging cable. Its key characteristics include facial recognition and gesture control, 4G, Wi-Fi, Ethernet and Bluetooth connectivity, and the smart features available on the *myWallbox* app. In 2022, we introduced Quasar 2, our newest bi-directional DC charger specifically intended for the US and European markets and compliant with CCS standards.

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![LOGO](g455258g0310043959514.jpg)

• **EV Charging Software** 

• **The** *myWallbox* **platform:** A cloud based software designed to provide smart management of our chargers in Residential and Business parking settings such as workplaces, fleets and semi-public parking lots. The *myWallbox* app and portal include a range of management features available for all of our clients. It allows remote control and over the air updates for continuous improvement and maintenance of Wallbox chargers. The *myWallbox* key functionalities include:

• Manage charging status and information from smart devices

• Real-time status, notifications and statistics of our chargers

• Remote locking and unlocking our chargers on the *myWallbox* app

• Manage multiple users and chargers using the *myWallbox* portal

• Accessing an integrated payment system to manage charging fees

• Accessing a range of intelligent energy management features such as:

• Schedules that take advantage of off-peak utility rates

• Power Sharing, that allows connecting multiple chargers to the same electrical circuit and balances the power distribution based on each vehicle's need for power

• Dynamic Power Sharing, that measures the live energy usage at home or in the building and automatically adjusts the charge to all connected EVs in harmony with the local grid's capacity, avoiding blackouts and costly energy bills.

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![LOGO](g455258g0310043959811.jpg)

• Public

• **EV Charging Hardware** 

• **Supernova:** DC fast charger equipment designed for public use provides 60 to 150 kW of charging capacity, providing drivers more than 150 miles of range in 15 min. Offering a charging experience in the segment for up to half the total cost of ownership of its competitors, Supernova was created to satisfy both EV drivers and charge point operators. Due to its innovative modular design, using six Quasar power modules, has shown to be more reliable and efficient, yet significantly lighter than other comparable public chargers, making it easier to transport, install and maintain. A wide array of sensors, real-time data and round-the-clock connectivity can allow for efficient remote and on-site maintenance, reducing costs and simplifying planning and operations. Equipped with CCS & CHAdeMO charging cables, OCPP compatibility and over-the-air software updates, Supernova can easily integrate to any existing charging network and charge any present and future electric vehicle. Supernova offers drivers a seamless charging experience through its interactive lighting system, 10 inch Touchscreen, RFID reader, multiple payment options and wheelchair accessibility. Chargepoint operators can also leverage a custom branding program, wrapping the chargers in their unique logos and color palettes.

• **Hypernova**: Hypernova delivers up to 400 kW that allows it to fully charge an electric car in under 15 minutes, or the approximate time it takes to make a rest stop. It also employs advanced software that allows it to optimize available power and adapt to the number of EVs connected, making it ideal for public charging along highways and transcontinental road networks. Hypernova's integrated cable management system provides for easy handling and stores the cables inside the dispenser unit, maximizing durability and helping to protect and keep the installation clean. It also offers several authentication and payment options, including RFID, screen QR Code and credit card reader accepted worldwide.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supernova Hypernova

• **EV Charging Software** 

• **Electromaps:** Hardware-agnostic e-mobility service provider (eMSP) and charger management software with more than 390,000 users which are connected to more than 244,000 as of December 31, 2022 charge points worldwide and enables users to find publicly available charging ports. In addition, we have established partnerships in Europe with operators of charging points that allow users to pay for their charging directly via *Electromaps*. We intend to extend these relationships with charging operators outside of Europe and enable this payment feature globally.

![LOGO](g455258g01b39.jpg)

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• **Building Energy Management Software** 

• Sirius is an energy management solution that is designed to seamlessly integrate the electric grid with solar, on-site batteries and other renewable energy sources. Sirius is capable of managing various energy sources and can automatically choose the greenest or cheapest one available to meet the building's demand, as well as storing energy surpluses in EVs or battery walls plugged to the system. With its automated intelligence, Sirius is designed to increase a building's renewable energy consumption significantly. It is also designed to help solve one of the biggest challenges of large-scale use of most green energy sources: its weather-dependent availability, which often results in supply/demand imbalances and consumption inefficiencies.

• Sirius is creating savings and reduce the carbon emissions impact from our Headquarters in Barcelona. In August of 2022, we more than doubled the number of solar panels, from 140 kWp to 360kWp, representing close to 3.000 square meters. Sirius increased the percentage of the building's renewable energy consumption despite increased consumption due to added space and new facilities. During 2022, 26% of the total energy consumed in our Headquarters (974 MWh) was generated on-site. Moreover, Sirius managed to store, and use afterwards, +98% of solar energy produced due to Quasar, our bidirectional chargers that allow Sirius to store energy on our fleet of 23 Nissan leaf cars (1,426kWh of storage), and the 560kWh stationary battery available on-site. Because Sirius' intelligence selects the best time to charge from the grid (i.e. when cheaper) or when to use stored solar energy, the system saved approximately +40% of the annual energy bill.

• **Upgrades & Accessories** 

• We provide upgrade options that combine the *myWallbox* platform different subscription plans with our energy meters and accessories, enabling advanced energy management features and seamless charges:

• **Energy meter:** A power meter that measures the available energy at home or in the building in real time. It enables several energy management features such as Dynamic Power Sharing, as well as new functionalities that are be available through remote software updates.

• **EV charging cables:** Cables with Type 2 to Type 2 and Type 2 to Type 1 connectors, available in lengths of 5m and 7m, ensure compatibility with every electric vehicle.

• **Pedestals:** Standard, Onyx and Eiffel pedestals are free standing mounting solutions that provide an alternative solution to hanging chargers on the wall.

• **RFID cards:** Identification cards allow secure shared access to the chargers. Chargers with an RFID reader can be unlocked by approaching a card to it. RFID cards are compatible with Commander 2, Copper SB and Quasar.

• **Services** 

• We offer necessary services intended to provide tailored end-to-end solutions:

• **Installation:** The certified partners of our installer network, receive training from a team of professional engineers. The in-depth acquired knowledge of our products ensure installations according to local governmental and industrial standards. This also allows us to sell charger and installation bundles through its ecommerce website and on 3rd party marketplaces like Amazon. We charge a percentage of the total installation cost to the installer for providing any business opportunity.

• **Maintenance:** Our maintenance plans include any preventive and corrective support necessary to maximize charging network uptime.

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• **Charging network management:** Our Charge Point Operators manage the provided charging networks, making sure every charger is operative and providing support and assistance on any charging related doubt or potential issue.

#### Manufacturing and Sources and Availability of Raw Materials
We design and manufacture our products in-house across our factories located in Catalonia, Spain (Sant Andreu de la Barca) and Suzhou, China (Wallbox FAWSN). In addition, we opened our third factory in Barcelona, Spain (Zona Franca) in December 2021. We opened a factory in the U.S. in Arlington, Texas in October 2022 to service the North American EV charging market. All chargers manufactured in our facilities are certified to be sold across North America, Europe, Latin America and the APAC region.

We source our components and raw materials through a global supply chain, with a majority of the sources currently based in Europe. The components and raw materials needed for our products are impacted by supply constraints, which can result in pressure to increase prices. We look to mitigate these impacts by placing orders in advance with the objective of avoiding material price increases. We also look to our in-house engineering and validations team to integrate both existing and new suppliers, provide in-house testing and end-of-line validation capabilities, which we believe helps us adapt when there are unexpected market changes and shortages and address the lack of critical components like microchips or lithium. We also work to negotiate preferred vendor status with suppliers of critical components so that we are provided the volume we need. We also incentivize cost reduction and engineering initiatives that allow us to reduce the cost of our hardware, offsetting external variable costs including raw materials and freight.

#### Customers and Strategic Partnerships
We have established and maintained strong long-term relationships with a broad range of partners in order to broaden our sales channels across a wide range of customers and geographies. Some of the key types of partners we seek to work with include automotive manufacturers, utility companies, distributors, resellers, installers, enterprises, and eCommerce companies. Some of the key clients we have previously worked with include automotive OEMs and dealerships, energy companies, value-added distributors and resellers, installers, enterprises, and e-commerce.

Of these companies, in the year ended December 31, 2022, approximately 37.5% of our revenues come from automotive manufacturers and utility companies, such as Nissan, Hyundai, and Mercedes, and Iberdrola, Electricity Generating Authority of Thailand ("EGAT"), Électricité de France (EDF), and Ente Nazionale Idrocarburi (ENI). We have a longstanding partnership with Iberdrola, a large multinational electric utility and our largest institutional investor. In July 2020, Iberdrola entered into a non-binding letter of intent with us expressing its interest in purchasing 6,500 Supernova chargers through 2022. During 2022, Iberdrola expressed an interest in increasing their order from 6,500 Supernovas to 10,000 public chargers, adding our ultra-fast powered charger Hypernova. For a description of the non-binding letter of intent, please refer to Item 7, "*Major Shareholders and Related Party Transactions* – *Related Party Transactions*." We intend to leverage our partnership with Iberdrola to assist with global expansion and accelerate the market entrance of our Supernova product.

Roughly 57% of our sales during the year ended December 31, 2022 were due to distributors, resellers, and installers such as Uber, Sunpower, MediaMarkt, Ingram Micro, Crowd Charge, City Electric Supply, and Saltoki. The remaining 5.5% of sales during 2022 were from direct sales, split almost evenly between sales to enterprises and e-commerce sales made directly through our website or via Amazon, where we achieved the distinction of number one bestseller and "Amazon's Choice" in the US for its category, just three months after launch.

#### Go-to-Market Strategy
Our product focus follows the user. Given that more than 70% of EV charging happens at home, we predominantly focus on home and business solutions, but starting in the first quarter of 2022 sold our first units of Supernova for public charging.

One of the many ways in which we differentiates ourselves in the EV charging market is the consumer-focused approach of its product offering. Unlike many of the more traditional industrial-centric EV charging products, we place a particular focus on compact and appealing product designs and ease-of-use for the customers across their whole product experience - from purchase - to installation - to usage.

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We sell our EV charging solutions through various channels. The most logical point of sale of a charger is at automotive OEMs and utility companies. We have built and maintained an ecosystem of partner channels including, installers, resellers and value-add distributors. Additionally, we also sell directly to enterprises and end consumers through e-commerce sales.

We offer customer purchasing experience across all our channels:

• **Own channels** - Customers can purchase the charger and installation as a bundle with delivery within 48 hours. Customers can also pay in installments.

• **Partner channels -** We provide marketing materials, training and support to our partners to improve sales. Through Wallbox Academy, we offer training and educational materials to installers to improve sales performance.

#### Home & Business Go-to-Market Strategy:
We sell EV charging solutions in over 113 countries as of December 31, 2022 and have successfully penetrated several markets that previously had limited EV charging presence.

We intend to enter new markets through partnering with local companies that offer geography specific knowledge, strong installation and charge point operations (CPO) capabilities, and relationships with potential future clients. By leveraging the partner's local expertise combined with our differentiated solution, we pursue various customers, such as, national utilities, OEMs, auto dealerships, and importers. This enables us to build out a network of installation partners, value-add resellers and distributors in the region. We accelerate growth in each region through qualified leads, channel marketing and advertising, installation and commercial training. After achieving scale in the market we then establish field offices and continue to seek other B2B opportunities for further expansion.

#### Public Go-To-Market Strategy:
We began the roll-out of our first public charger, Supernova, in the first half of 2022 and intend to expand this growth through a two-phase approach:

• **Partnerships with utilities and local distributors:** Given that public chargers will be directly connected to the public grid, we intend to develop strategic agreements with local utilities and their corresponding distributors to carry out the installation of the Supernova. We have already made significant progress on this phase, having signed non-binding letters of intent to collaborate with some of the world's biggest utility companies such as Iberdrola, EGAT, COPEC, NKM, ENI and JET Charge.

• **Building a sales network:** The second phase of the Supernova roll-out comprises the development of a set of commercial agreements with trusted partners that might be interested in acquiring the Supernova to deliver a fast-charging solution to either their fleets (e.g. a supermarket which has EVs for their delivery service), or for their customers (e.g. a shopping mall that wants to provide users with the ability to charge their parked car while shopping). We will leverage our already existing commercial agreements on Home & Business chargers to offer these enterprises our new public fast charging solution, Supernova.

#### Competition
We have approached the market with a differentiated, user-focused philosophy: we started our journey within the home segment, built out a strong and compelling brand, and subsequently added the business and public segments to its product portfolio, empowering users everywhere they go. With only a very few companies operating globally, we believe we have a competitive position to support the EV driver on the full spectrum of EV charging. We own the entire process in-house - from design to assembly to certification - allowing us to adapt and respond quickly with a product that fits different customer needs across borders and on a global scale. With our product portfolio of smart charging solutions for residential and work use and fast DC chargers and eMSP solution, we believe we are poised to be a leader in the industry.

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#### Europe
The European EV charging market is characterized as fragmented. There are many small and local players, with only a limited number of parties having sufficient scale and funding to be competitive in the long term. The European market is important as it is expected to grow rapidly, following leading European markets such as Norway and the Netherlands. Even though there are many local parties with a solution for public charging, we believe we offer more stylish, compact, lighter, and feature-rich products, which is appealing for residential charging and caters to the entire continent. In addition to the superior charging solutions and important energy management capabilities, we believe we are well-positioned in Europe with local offices in several countries complemented by a European-wide partnership with installers, OEMs, and distributors.

#### North America
Although the North American market is still in development from an EV penetration perspective, it is an important market for us to position ourselves early. Namely, as one of the largest automobile markets globally, we believe the North American market has a significant sales volume potential. Especially due to the strong government incentives currently in place, EV sales are expected to increase rapidly. From a competitive perspective, the North American market has high barriers to entry due to strict certification and validation requirements. Therefore, this market differs from Europe as the market is less fragmented with only a few large players: a dynamic that we see as ripe for disruption. With its residential offering, we believe we are well-positioned to gain market share as we can capitalize well on the consumer-driven characteristics of this market. Also, We opened a manufacturing facility in October 2022 to produce and distribute Pulsar Plus and Hypernova chargers to the North American market.

#### APAC
The APAC market continues to be one of the leading EV charging markets in the coming years. China is currently, by far, the market leader in public charging in terms of the number of public charge points installed. Yet, similar to the European market, the rest of APAC market can be characterized as a highly fragmented market with less than a handful of players that have gained significant scale in the industry. From a technology and pricing perspective, the EV charging solutions are cost-competitive as they can be manufactured at a lower cost point. However, the charge points in the APAC region tend to have inferior technology in terms of quality, functionalities, and capabilities. With our innovative, advanced, smart, and seamlessly connected EV charging solution technology with easy-to-use functionalities and embedded software, we has developed a differentiated solution for the APAC market. In addition, we have bolstered our position with an office in Shanghai covering China and APAC regions and a joint venture with Fawsn New Energy Vehicle Charging Technology (Suzhou) Co., Ltd. (the "Joint Venture"), one of the largest auto OEMs globally.

#### Competitive Strengths

#### Strong global brand
We have built a brand by taking a very consumer centric approach. We do not white label our products, which we believe allows us to maintain attractive margins and create a recognizable brand. Our award winning product portfolio is third-party validated by highly regarded international trade organizations, including Winner of Reddot Product Award (2022), Winner of iF Design Product Award (2022), Winner of Good Design (2021), Best of CES (2020), and Fast World Changing Ideas finalist (2020) amongst others.

#### Large global total addressable market
We believe the EV market is at an inflection point and is experiencing substantial growth. Mass EV adoption translates to significant charging infrastructure growth. The charging network needs to grow to over 340 million chargers across all locations to support EV adoption by 2040, according to the 2022 version of the BNEF Electric Vehicle Outlook. This total is dominated by home chargers, which are expected to reach 297 million in this time period and account for 88% of the total network. In addition to these it is projected that there would be 25 million public chargers, 13 million workplace chargers and 4 million bus and truck chargers required. Over $1 trillion of cumulative investment would be needed in the network to install all of these chargers. We believe we are positioned to capture and control a large share of this market by leveraging smart charging technology to enable mass EV adoption, fast time to market and robust supply chain to meet demand, global operations and local certifications.

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#### Full-service technology provider
We have a full suite of EV charging solutions spanning proprietary hardware, software, and services for domestic, business and public charging. Our enterprise grade software platform seamlessly connects across all of the chargers. As of December 31, 2022, through *myWallbox* and *Electromaps*, we have managed over 29 million charging sessions and over 412 GWh charged. Additionally, we believe we offer the most innovative features on the market, such as Bluetooth, PV match, gesture control, facial recognition, V2H/V2G, which allows us to maintain high margins.

#### Powerful business model
We have consistently achieved over 100% revenue growth rates year over year due to our scalable business model and ability to successfully implement our sales strategy into new geographies. Our in-house design and manufacturing capability enables us to have very fast development cycles, adapt to the ever-changing global supply chain and never run out of stock. In-house certification allows us to expand to new countries and adapt to new local requirements.

#### Truly global business with strong blue-chip customers
We serve a variety of customers and has established channel distribution in more than 113 countries as of December 31, 2022. Customers include automotive manufacturers, utility companies, resellers, distributors and installers. We also sells direct to consumers via enterprise or e-commerce sales through its website or via Amazon.

#### Uniquely positioned at the intersection of energy and mobility markets
EV owners typically double their home's energy consumption through charging. We believe our embedded software across our products enables customers to control charging and manage energy. For example, our DC bi-directional charger for the home, Quasar, allows the battery of an EV to discharge the energy stored in the vehicle and power a home for up to five days. Quasar also allows EV owners producing renewable energy to store the energy in their vehicles when not fully utilized by their home.

#### Founder-led company, experienced management team and high-profile investors
We are led by a management team with expertise across technology, energy, industrial and financial organizations. As of December 31, 2022, we had a team of over 1,250 individuals, which consisted of mostly software and hardware engineers and a global salesforce. Since the Company's founding in 2015, we have been able to demonstrate our capabilities in expanding the EV charging business in Europe, North America and Asia. We are backed by global leading strategic and financial investors, including Iberdrola.

#### Growth Strategies
We believe our scalable business model will enable us to continue to outperform the growth of the broader EV charging market. We intend to achieve this growth by focusing on the following strategies:

**Continue our global expansion**: We intend to continue to expand beyond the more than 113 countries (as of December 31, 2022) where we currently sell locally-certified products by increasing our presence in the core EV markets, and penetrating rapidly developing markets such as APAC and Eastern Europe.

**Launch new technologies:** We plan to continue to update our product portfolio to include the latest and energy efficient technology—as we have done with the Pulsar Plus and Pulsar Max (upgrades from Pulsar) and Commander 2 (an upgrade from Commander). Additionally, we expect to launch complimentary energy management software features and innovative hardware products, such as ultra-fast powered (400kW) chargers.

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**Provide all-in-one energy solutions with the charger at the center:** Our goal is to unlock the full potential of every EV. There are already several countries (UK, Australia, Germany, amongst others) where we have established partnerships with utilities and energy distributors. These partnerships enable users to connect directly to the grid, "vehicle-to-grid" (V2G), allowing them to sell their excess energy. V2G connectivity gives rise to a broad set of energy functionalities that we expect to launch to redefine the future of charging; energy technology will only get smarter, and we intend to spearhead this movement.

#### Seasonality
For a description of our business seasonality, please refer to Item 5, "*Operating and Financial Review and Prospects.*"

#### Intellectual Property
We rely on a combination of patent, trademark, copyright, unfair competition and trade secret laws, as well as confidentiality procedures and contractual restrictions, to establish, maintain and protect our proprietary rights. Our success depends in part upon our ability to obtain and maintain proprietary protection for our products, technology and know-how, to operate without infringing the proprietary rights of others, and to prevent others from infringing our proprietary rights.

As of December 31, 2022, we have one (1) granted design patent in the U.S.A. and we have two (2) pending international patent applications in the national phase. We continue to regularly assess opportunities for seeking patent protection for those aspects of our technology, designs and methodologies that we believe provide a meaningful competitive advantage.

We intend to continue to regularly assess opportunities for seeking patent protection for those aspects of its technology, designs and methodologies that we believe provide a meaningful competitive advantage. If we are unable to do so, our ability to protect our intellectual property or prevent others from infringing our proprietary rights may be impaired.

#### Government Regulation

#### Product Certifications
Throughout the world, electrical appliances are subject to various mandatory and voluntary standards, including requirements in some jurisdictions, including the United States, that products be listed by Underwriters' Laboratories, Inc. ("UL") or other similar recognized laboratories. In the United States, we are required to undergo certification and testing of compliance with UL standards, as well as other national and industry specific standards. We endeavor to have our products designed to meet the certification requirements of, and to be certified in, each of the jurisdictions in which they are sold. We provide many of our certifications in-house depending on the local requirements; although, the requirements for certification vary from jurisdiction to jurisdiction and may require third party certifications in certain jurisdictions.

#### CPSC
As a marketer and distributor of consumer products, we are subject to the Consumer Products Safety Act and the Federal Hazardous Substances Act, which empower the U.S. Consumer Product Safety Commission ("*CPSC*") to seek to exclude products that are found to be unsafe or hazardous from the market. Under certain circumstances, the CPSC could require us to repair, replace or refund the purchase price of one or more of our products, or we may voluntarily do so.

#### OSHA
We are subject to the Occupational Safety and Health Act of 1970, as amended ("OSHA"). OSHA establishes certain employer responsibilities, including maintenance of a workplace free of recognized hazards likely to cause death or serious injury, compliance with standards promulgated by the Occupational Safety and Health Administration and various record keeping, disclosure and procedural requirements. Various standards, including standards for notices of hazards, safety in excavation and demolition work and the handling of asbestos, may apply to our operations.

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#### NEMA
The National Electrical Manufacturers Association ("NEMA") is the association of electrical equipment and medical imaging manufacturers. NEMA provides a forum for the development of technical standards that are in the best interests of the industry and users, advocacy of industry policies on legislative and regulatory matters, and collection, analysis, and dissemination of industry data.

#### Waste Handling and Disposal
We generally do not manufacture the components of our charging products. Rather, our employees and contractors engage in assembly of charging products at our facilities primarily using components manufactured by OEMs. Nonetheless, we may be subject to laws and regulations regarding the handling and disposal of hazardous substances and solid wastes, including electronic wastes and batteries. These laws generally regulate the generation, storage, treatment, transportation and disposal of solid and hazardous waste, and may impose strict, joint and several liability for the investigation and remediation of areas where hazardous substances may have been released or disposed of. For instance, CERCLA, also known as the Superfund law, in the United States and comparable state laws impose liability, without regard to fault or the legality of the original conduct, on certain classes of persons that contributed to the release of a hazardous substance into the environment. These persons include current and prior owners or operators of the site where the release occurred as well as companies that disposed of or arranged for the disposal of hazardous substances found at the site. Under CERCLA, these persons may be subject to joint and several strict liability for the costs of cleaning up the hazardous substances that have been released into the environment, for damages to natural resources and for the costs of certain health studies. CERCLA also authorizes the EPA and, in some instances, third parties to act in response to threats to the public health or the environment and to seek to recover from the responsible classes of persons the costs they incur. We may handle hazardous substances within the meaning of CERCLA, or similar state statutes, in the course of ordinary operations and, as a result, may be jointly and severally liable under CERCLA for all or part of the costs required to clean up sites at which these hazardous substances have been released into the environment.

We also generate solid wastes, which may include hazardous wastes that are subject to the requirements of the Resource Conservation and Recovery Act ("RCRA") and comparable state statutes. While RCRA regulates both solid and hazardous wastes, it imposes strict requirements on the generation, storage, treatment, transportation and disposal of hazardous wastes. Certain components of our products are excluded from RCRA's hazardous waste regulations, provided certain requirements are met. However, if these components do not meet all of the established requirements for the exclusion, or if the requirements for the exclusion change, we may be required to treat such products as hazardous waste, which are subject to more rigorous and costly disposal requirements. Any such changes in the laws and regulations, or our ability to qualify the materials it uses for exclusions under such laws and regulations, could adversely affect our operating expenses.

Similar laws exist in other jurisdictions where we operate. Additionally, in the EU, we are subject to the Waste Electrical and Electronic Equipment Directive ("WEEE Directive"). The WEEE Directive provides for the creation of a collection scheme where consumers return electrical waste and electronic equipment to merchants, such as us. If we fail to properly manage such electrical waste and electronic equipment, we may be subject to fines, sanctions, or other actions that may adversely affect our financial operations.

#### General
Environmental and health and safety laws and regulations can be complex and may be subject to change, such as through new requirements enacted at the supranational, national, sub-national, and/or local level or new or modified regulations that may be implemented under existing law. The nature and extent of any changes in these laws, rules, regulations and permits may be unpredictable and may have material effects on our business. Future legislation and regulations or changes in existing legislation and regulations, or interpretations thereof, including those relating to hardware manufacturing, electronic waste, or batteries, could cause additional expenditures, restrictions and delays in connection with our operations as well as other future projects, the extent of which cannot be predicted. For instance, California may adopt more stringent regulation for DC fast charging by 2024 and, in February 2023, the U.S. Department of Transportation and U.S. Department of Energy announced plans to include minimum standards and "Buy America" requirements for EV charger stations funded by certain U.S. federal programs. In addition, various local, state, and national incentives exist or may come to exist to encourage the installation of EV charging stations; nevertheless, the level and duration of such incentives are not guaranteed and may be subject to change over time.

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C. **Organizational Structure** 

Please refer to Note 29, "*Details of Wallbox Group Subsidiaries*," within our consolidated financial statements included elsewhere in this Annual Report for a listing of our significant subsidiaries, including name, country of incorporation, and proportion of ownership interest.

D. **Property, Plant and Equipment** 

#### Our Facilities
We design and manufacture our products in-house across its factories located in Catalonia, Spain (Sant Andreu de la Barca) and Suzhou, China (Wallbox FAWSN). In addition, in December 2021, we opened our third factory in Barcelona, Spain (Zona Franca). We opened a factory in the U.S. in October 2022 in Arlington, Texas, to address the North American EV charging market. All chargers manufactured across our facilities are certified to be sold across the United States, the European Union and China.

Our headquarters are located in Barcelona, Spain where it currently leases approximately 11,000 square meters of office space. We believe this space is sufficient to meet its needs for its headquarters in the foreseeable future and that any additional space we may require will be available on commercially reasonable terms. We also maintain two factories in Sant Andreu de la Barca, Barcelona and Zona Franca, Barcelona that combined have 16,800 square meters of space. In addition, we have an American headquarters and research lab located in Mountain View, California, and a manufacturing facility in Arlington, Texas. We have managed our Asia Pacific operations from an office in Shanghai and through our Joint Venture with Wallbox FAWSN, maintain a factory located in Suzhou, China that has a manufacturing capacity of 100,000 units per year.

#### Item 4A. Unresolved Staff Comments
None.

#### Item 5. Operating and Financial Review and Prospects
*You should read the following discussion in conjunction with our consolidated financial statements included elsewhere in this Annual Report. This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in Item 3, "Key Information – D. Risk Factors." Actual results could differ materially from those contained in any forward-looking statements.* 

*When we refer to the "Consolidated Group" or "Group" we are referring to Wallbox N.V. and its consolidated subsidiaries.* 

#### Business Overview
We believe we are a global leader in smart electric vehicle charging and energy management. Founded in 2015, we create smart charging systems that combine innovative technology with outstanding design and that manage the communication between user, vehicle, grid, building and charger.

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Our mission is to facilitate the adoption of electric vehicles today to make more sustainable use of energy tomorrow. By designing, manufacturing, and distributing charging solutions for residential, business, and public use, we intend to lay the infrastructure required to meet the demands of mass electric vehicle ownership everywhere. We believe our customer-centric approach to our holistic hardware, software, and service offering allows us to solve existing barriers to EV adoption as well as anticipate opportunities soon to come. In our pursuit to accomplish this vision, we have acquired four companies to date:

1. Intelligent Solutions (controlling interest acquired in February 2020): Intelligent Solutions is one of the largest distributors of intelligent charging solutions in Northern Europe, with an extensive partner network of car dealers, installers, and utility companies in Norway, Sweden, Finland, and Denmark. Headquartered in Stavanger, Norway, Intelligent Solutions offers a variety of services from hardware to installation service and technical support. We believe this acquisition was a key component in our strategy to expand our business in Northern Europe. On August 13, 2021, we exercised our option to acquire the remaining 33.334% interest in Wallbox AS, which was formerly called Intelligent Solutions AS.

2. Electromaps (controlling interest acquired in September 2020): the leading digital platform for accessing free and paid for electric charging points in southern Europe. The app provides its 200,000+ users access to the charging points and ability to make payments directly from their mobile phone, unifying the entire charging infrastructure and improving the electric vehicle driving experience. Through this acquisition, we took our first step into the public electric charging space and plan to continue to foster innovation at Electromaps. On July 27, 2022, we exercised our option to acquire the remaining 49% of share capital of Electromaps, S.L.

3. ARES (Acquired in July 2022): ARES is an innovative provider of printed circuit boards and through its acquisition, we expanded our design and manufacturing capabilities and believe this acquisition will increase our innovation cycle time and improve our supply chain resilience.

4. COIL (Acquired in August 2022): COIL is a leading EV charging installer serving the U.S. market, enabling in-house installation and maintenance solutions for commercial, public and residential charging applications.

We are committed to creating solutions that will not only allow for faster, simpler EV charging but that will also change the way the world uses energy.

#### Recent Transactions

#### Electromaps
On July 27, 2022, Wallbox Chargers, S.L. acquired the remaining 49% of share capital of Electromaps for a payment of €1.8 million which consisted of (i) a cash payment of €150,000 on July 29, 2022 and a cash payment of €150,000 on August 30, 2022 and (ii) an issuance of 163,861 Class A Shares on July 29, 2022.

#### AR Electronic Solutions, S.L.
On July 29, 2022 (the "ARES Closing Date"), Wallbox Chargers, S.L., closed its acquisition of 100% of all existing shares of AR Electronics Solutions, S.L., a Spanish limited liability company (*sociedad limitada*), ("ARES") for a total purchase consideration of €10.0 million, pursuant the stock purchase agreement, dated July 29, 2022, by and between Wallbox Chargers, S.L., as purchaser, and the sellers thereof (the "ARES SPA"). On the ARES Closing Date, in exchange for the ARES shares, Wallbox (i) made a cash payment of €4.2 million; and (ii) issued an aggregate of 700,777 Class A Shares to the sellers thereof. Additionally under the terms of the acquisition, ARES is entitled to three earn-out payments of up to €1.0 million each, 50% in cash and 50% in Class A Shares each to be paid out in 2023, 2024 and 2025, respectively, provided that, on each of the earn-out payment dates, the earn-out conditions required by the ARES SPA are met. Considering that contingent consideration will be paid to the sellers of AR Electronic Solutions S.L.U. that are currently employed by the group and the payment will be automatically forfeited if employment terminates, the contingent consideration is considered as remuneration for post combination services.

ARES is the manufacturer of innovative printed circuit boards and we believe acquiring these in-house capabilities will further differentiate our technology, improve its vertical integration and will be a key point of differentiation for us in light of global continued supply chain uncertainties.

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#### Coil, Inc.
On August 4, 2022 (the "COIL Closing Date"), Wallbox USA Inc., a Delaware corporation, closed its acquisition of 100% of all existing shares of Coil, Inc., a California corporation, ("COIL") for a total purchase consideration of €3.6 million, pursuant the stock purchase agreement, dated August 4, 2022, by and between Wallbox, as Parent, the former shareholder of COIL, as Seller, Wallbox USA Inc., as Buyer, and COIL (the "COIL SPA"). In exchange for the COIL shares, we (i) on the COIL Closing Date, made a cash payment of €1.2 million; and (ii) in January 2023, issued an aggregate of 272,826 Class A Shares. Additionally subject to terms and conditions set forth in the COIL SPA, the Seller is eligible to receive an earn-out payment of up to 304,350 Class A Shares in 2024. Considering that contingent consideration will be paid to current employees of the group and the payment will be automatically forfeited if employment terminates, the contingent consideration is considered as remuneration for post combination services.

COIL is a provider of electrical installation services for EV charging, battery storage and electrical infrastructure in North America and we believe acquiring COIL will allow it to further enhance service offerings to customers in residential and commercial settings and expand into the rapidly growing DC fast charging installation market.

#### Private Placement Equity Offering
On December 5, 2022, we closed a private placement of Class A Shares, pursuant to which we sold 8,176,694 Class A Shares for aggregate gross proceeds of $43.5 million (€41.7 million) to certain existing investors and strategic partners at a price of $5.32 per share. Pursuant to the registration rights we agreed to as part of the private placement, we filed a registration statement for the resale of the Class A Shares purchased in the private placement on December 14, 2022.

#### Workforce Reduction
On January 19, 2023, we announced that, as a result of disruptions in the global supply chains that have impacted delivery rates of electric vehicles, we were taking measures to reduce costs and better align our cost structure with the current demand environment. Reductions were balanced between operating and personnel expenses, impacting approximately 15% of our workforce.

#### BBVA Facility and Warrant Agreement
On February 9, 2023 (the "Facility Closing Date"), Wallbox, as guarantor, and its wholly-owned direct Spanish subsidiary, Wall Box Chargers, S.L.U., as borrower (the "Borrower") entered into a Facility Agreement (the "Facility Agreement") with Banco Bilbao Vizcaya Argentaria S.A. ("BBVA"). The Facility Agreement provides for an aggregate term loan commitment of €25.0 million (the "Facility"), which amount was fully drawn down on the Facility Closing Date and we received an amount of €24.6 million after the deduction of fees and expenses.

Principal outstanding under the Facility Agreement accrues interest on a daily basis at a rate equal to 1 month EURIBOR plus an amount equal to 8.00% per annum. The Facility is secured by certain intellectual property rights. The Facility matures on the fourth anniversary of the Facility Closing Date and under certain circumstances may be extended to mature on the fifth anniversary of the Facility Closing Date. The Borrower is permitted to prepay the Facility in whole or in part upon notice thereof in accordance with the terms of the Facility Agreement. Upon an event of default specified in the Facility Agreement that remains uncured after 15 business days, the Facility may become due and payable in full upon provision of notice thereof in accordance with the terms of the Facility Agreement. The Facility Agreement contains affirmative and negative covenants, including without limitation a minimum cash requirement and restrictions on incurrence of additional debt, liens, fundamental changes, asset sales, restricted payments and transactions with affiliates. The Facility Agreement also contains financial covenants regarding maintenance as of the end of each fiscal quarter of a maximum net debt to gross profit ratio ranging from 1.60x in 2023 to 0.60x in 2026 and thereafter and a minimum level of shareholders' equity of 0.00.

Substantially concurrently with the closing of the Facility Agreement and in consideration thereof, we entered into a Warrant Agreement (the "Warrant Agreement") and Subscription Agreement (the "Subscription Agreement") with BBVA (together with its assignees, the "Warrantholder") pursuant to which we issued to the Warrantholder, and the Warrantholder subscribed for and acquired, an aggregate of 1,007,894 warrants exercisable for 1,007,894 Class A Shares, for an exercise price of $5.32 per share. Pursuant to the Subscription Agreement, we agreed to file a registration statement for the resale of the Class A Shares issuable upon exercise of the Warrant. The Warrant Agreement provides for a redemption right in our favor when the Class A Shares achieve a value of $11.00 per share.

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#### Reporting Segments
For management purposes, we are organized into business units based on geographical areas and therefore have three existing reportable business segments. Our existing business segments are:

• EMEA: Europe-Middle East Asia

• NORAM: North America

• APAC: Asia-Pacific

NORAM and APAC segments had limited revenues during 2022. Refer to Note 7, "*Operating Segments,"* included within our consolidated financial statements for further details.

#### Key Factors Affecting Operating Results
We believe our performance and future success depend on several factors that present significant opportunities for it but also pose risks and challenges, including those discussed below and in the section of this Annual Report titled "*Risk Factors.*"

#### Growth in EV Adoption
Our revenue growth is directly tied to the continued acceptance of passenger and commercial EVs sold, which it believes drives the demand for charging products and infrastructure. The market for EVs is still rapidly evolving and although demand for EVs has grown in recent years, there is no guarantee such demand will continue into the future. Factors impacting the adoption of EVs include but are not limited to: perceptions about EV features, quality, safety, performance and cost; perceptions about the limited range over which EVs may be driven on a single battery charge; volatility in the cost of oil, gasoline, and electricity; availability of services for EVs; consumers' perception about the convenience and cost of charging EVs; government subsidies for EVs and electricity; the development, prevalence and market adoption of EV fleets; and increases in fuel efficiency of non-EV transportation. In addition, macroeconomic factors could impact demand for EVs, particularly since EVs can be more expensive than traditional gasoline-powered vehicles and the automotive industry globally has been experiencing a recent decline in sales. If the market for EVs does not develop as expected or if there is any slow-down or delay in overall EV adoption rates, this would impact our ability to increase its revenue or grow its business.

#### Competition
We believe we are currently one of the market leaders in Europe and NORAM in residential EV charging solutions based on the number of charging units sold compared to EVs sold on a country by country basis. We also provide and derive revenue from installation services and Electromaps, our online platform that enables users to find and pay for publicly available charging ports and manage their charging fleet. We intend to expand our market share over time in our product categories, including public charging stations, leveraging the network effect of its products, our partnership with Iberdrola and the Electromaps platform. Additionally, we intend to expand and grow our revenues via the rollout of the Supernova and Hypernova public charging stations. Nonetheless, existing competitors may expand their product offerings and sales strategies, and new competitors may enter the market. Furthermore, our competition includes competition resulting from acceptance of other types of alternative fuel vehicles, plug-in hybrid electric vehicles and high fuel-economy gasoline powered vehicles. If our market share decreases due to increased competition, our revenue and ability to generate profits in the future may be impacted.

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*Global Expansion* 

We operate in Europe, North America, Latin America and APAC. Europe and North America are expected to be significant contributors to our revenue in future years with manufacturing capacity added to North America in 2022.

The European EV charging market can be characterized as fragmented. There are many small and local players, with only a limited number of parties having sufficient scale and funding to be competitive in the long term. Especially due to the strong government incentives currently in place, the EV sales are expected to increase rapidly in Europe. From a competitive perspective, the North American market has high barriers to entry due to strict certification and validation requirements. Therefore, this market differs from Europe as the market is less fragmented with only a few large players.

Similar to the European market, the APAC market can be characterized as a highly fragmented market with a small number of players that have gained significant scale in the industry. From a technology and pricing perspective, EV charging solutions in APAC are cost-competitive as they can be manufactured at a lower cost point. Our growth in each of our markets requires us to differentiate ourselves as compared to our competition. If we are unable to penetrate, or further penetrate, the market in each of the geographies in which we operate or intend to operate, our future revenue growth and profits may be impacted.

#### Impact of New Product Releases
As we introduce new products, such as the market introduction of our Supernova and Hypernova public charging stations, our profitability may be temporarily impacted by launch costs until our supply chain achieves targeted cost reductions. In addition, we may accelerate our operating expenditures where we see growth opportunities which may impact profitability until upfront costs and inefficiencies are absorbed and normalized operations are achieved. We also continuously evaluate and may adjust our operating expenditures based on our launch plans for our new products, as well as other factors including the pace and prioritization of current projects under development and the addition of new projects. As we attain higher revenue, we expect operating expenses as a percentage of total revenue to continue to decrease in the future as we focus on increasing operational efficiency and process automation.

#### Government Mandates, Incentives and Programs
The U.S. federal, state and local government, European member states, and China provide incentives to end users and buyers of EVs and EV charging products in the form of rebates, tax credits and other financial incentives. These governmental rebates, tax credits and other financial incentives significantly lower the effective price of EVs and EV charging products or stations to customers. However, these incentives may expire on specified dates, end when the allocated funding is no longer available, or be reduced or terminated as a matter of regulatory or legislative policy. Any reduction in rebates, tax credits or other financial incentives could reduce the demand for EVs and for charging infrastructure, including infrastructure offered by us.

In the fall of 2021, the Infrastructure Investment and Jobs Act ("IIJA"), a bipartisan infrastructure bill, was signed into law in the United States. The IIJA authorized almost $20 billion to fund new and existing EV-related programs, including $5 billion in new funding to develop and build a nationwide network of half a million EV charging stations, also referred to as the National Electric Vehicle Infrastructure Formula Program (often called "the NEVI Program"); $2.5 billion for publicly accessible alternative fuel infrastructure (i.e., EV charging stations and hydrogen, propane and natural gas fueling infrastructure), referred to as the competitive Charging and Fueling Infrastructure Grants program (the "Competitive Grants Program"); and approximately $11 billion in funding to transition public transportation vehicles including school buses and transit buses to zero-emissions alternatives.

*NEVI Program* 

Under the NEVI Program, eligible public entities like Wallbox may engage with operators and project managers to acquire and install EV charging stations in their designated areas. This program is intended to provide funding to states to deploy EV charging infrastructure and establish a network to facilitate data collection, access and reliability. The first stage of funding is expected to be focused on building a national EV charging station network, primarily along interstate highways. Throughout 2022, the Federal Highway Administration ("FHWA"), the U.S. Department of Transportation, and The U.S. Department of Energy published guidance for the NEVI Program, and announced that all 50 states had submitted their EV Infrastructure Deployment Plans. These plans, a prerequisite to receiving funding under the program, indicate how each state intends to utilize the funding it receives under the NEVI Program.

In addition, in June of 2022, the FHWA issued a Notice of Proposed Rulemaking ("NOPR") on minimum standards and requirements for projects funded under the NEVI Program and for funded EV charger construction projects. The NOPR seeks to ensure there will be a nationwide network of EV chargers that can be used by any type of EV. The NEVI Program also has several guidelines in the use of program funds relating to user experience and reliability, strategic and efficient locations, equity, labor and workforce, private investment and data and cybersecurity, among other things. Worth noting, with respect to user experience and reliability, under the NEVI Program charging infrastructure must be interoperable across payment systems, EV brands, EV supply equipment, EV service providers, and the grid and must also provide 24-hour access to power on a reliable network and achieve 97% reliability.

Both the NEVI Program and the Competitive Grants Program prioritize charging infrastructure along the National Alternative Fuels Corridor, a network of highways nominated by states with charging stations to be open to the public and easily accessible. We have targeted these funding programs and intend on participating as either a direct recipient or by supporting charging equipment operators that have selected our hardware. If our equipment fails to meet the standards or requirements implemented in connection with these programs, we may not be able to access those funds.

*Inflation Reduction Act* 

In the United States, with the passage of the Inflation Reduction Act, the Biden administration has committed over $369 billion towards climate investments, representing the largest single investment in this area in the country's history. The package includes both consumer and corporate incentives and loans with the aims of reducing emissions by 40% by 2030. However, new tariffs and policy incentives implemented by the Biden Administration that favor equipment manufactured by or assembled at American factories, could put us at a competitive disadvantage if we are not able to develop our U.S. manufacturing capacity on the timelines we currently expect or at all, including by increasing the cost or delaying the availability of charging equipment, by challenging or eliminating our ability to apply or qualify for grants and other government incentives, or by disqualifying us from the ability to compete for certain charging infrastructure buildout solicitations and programs, including those initiated by federal government agencies.

#### Penetration into the Public Market
We commenced commercialization of the Supernova, our first DC fast charger for public use, during the first quarter of 2022. We have signed letters of intent ("LOI") to collaborate with some of the world's biggest utility companies for delivery of Supernova, and expect in the future to expand beyond utilities into additional distribution channels. In June 2020, Iberdrola announced its intention to acquire the first 1,000 of our Supernova fast chargers as part of its five-year sustainable mobility plan to deploy more than 150,000 chargers in homes, businesses and public road networks, and entered into a non-binding letter of intent with us in July 2020 expressing its interest in purchasing 6,500 Supernova chargers. During 2022, Iberdrola expressed an interest in purchasing 3,500 additional public chargers, bringing their total potential purchase to 10,000 public chargers. Our offering of public charging solutions is complemented through Electromaps, an online platform that enables users to find publicly available charging ports and pay for their use. We have established partnerships in Europe with operators of charging points that allow users to pay for their charging directly via Electromaps. We intend to extend these relationships with charging operators outside of Europe and enable this payment feature globally.

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#### Seasonality
Our business is seasonal in nature. Typically, consumers purchase more EVs in the second half of the year, particularly in the fourth quarter, and the seasonal variation in the timing of sales of our residential products tend to be correlated with sales of Evs. As a result, sales in the second half, and particularly in the fourth quarter, would, after controlling for our growth, be higher than in the first half of the fiscal year and our results of operations may be subject to seasonal fluctuations as a result.

#### Impact of COVID-19
Following its onset in March 2020, the COVID-19 pandemic has had an impact on the macroeconomic climate generally and on our business performance specifically. In particular, changes in consumer and business behavior, pandemic fears and market downturns and restrictions on business and individual activities, has created significant volatility in the global and domestic economies and led to reduced economic activity, supply chain disruptions, including charging equipment supply chain and shipping constraints, and inflationary pressures. COVID-19 has also disrupted the manufacturing, delivery and overall supply chain of vehicle manufacturers and suppliers and has led to a decrease in vehicle sales, including EV sales, in markets around the world, and the accompanying demand for our charging products and services.

While the ultimate duration and extent of the COVID-19 pandemic depends on future developments that cannot be accurately predicted, such as the extent and effectiveness of containment actions, it has already had an adverse effect on the global economy and the ultimate societal and economic impact of the COVID-19 pandemic remains unknown, all of which could adversely affect our business, results of operations and financial condition. For example, government-imposed lockdowns in Shanghai resulted in a delay in our receipt of certain raw materials and components, as well as delays in customer deliveries.

#### Impact of the war between Russia and Ukraine
As a result of the war between Russia and Ukraine as well as escalating tensions along the U.S. and certain allies in Europe imposed sanctions on Russia and could impose further sanctions against it. Russia could respond in kind. Sanctions imposed by any of these countries could disrupt our supply of critical components among our manufacturing facilities in Barcelona as well as our production and the sales of EVs. As a result of the war, we stopped selling our products in Ukraine and Russia, and will not pursue new opportunities with customers in those countries. Although such sales in these regions have not been significant to our business (€147 thousand in the year ended December 31, 2022, before we stopped selling our products in Ukraine and Russia), if the war were to be extended worldwide, this could cause additional disruptions to our operations. Such disruptions could negatively affect our ability to provide critical components to affiliates or produce finished goods for customers, which could increase our costs, require capital expenditures and harm our results of operations and financial condition. We continue to monitor the situation closely.

#### The Global Economic Environment
Certain factors in the global economic environment that may impact our global operations include, among other things currency fluctuations, capital and exchange controls, global economic conditions including inflation, restrictive government actions, changes in intellectual property, legal protections and remedies, trade regulations, tax laws and regulations and procedures and actions affecting approval, production, pricing, and marketing of, reimbursement for and access to our products, as well as impacts of political or civil unrest or military action, including the current conflict between Russia and Ukraine, tensions between China and the U.S., the U.K., the EU, India and other countries that were heightened during 2021, terrorist activity, unstable governments and legal systems, inter-governmental disputes, public health outbreaks, epidemics, pandemics, natural disasters or disruptions related to climate change. During 2022, global supply chains experienced disruptions that impacted and continues to impact delivery rates of electric vehicles. As a result, in January 2023, we announced cost reduction measures balanced between operating and personnel expenses, impacting approximately 15% of our workforce.

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#### Key Components of Results of Operations

#### Revenue
Our revenue consists of retail sales and sales from distributors, resellers and installer customers of charging solutions for EVs, which includes electronic chargers and other services. We recognize revenue from contracts with customers when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services.

*Sale of Chargers* 

Revenue related to the sale of chargers consists of sales of public and home & business charging devices, as well as accessories. Revenue from the sale of goods is recognized at the point in time when control of the asset is transferred to the customer, generally when the charger leaves our warehouse.

As of September 28, 2022, we had commercialized our Supernova public chargers and expect sales of all of our public chargers, including Hypernova, will be fully commercialized in 2023. In 2022, we continued expansion of our European footprint, our most mature market, and focused on the expansion of NORAM and APAC.

*Sale of Services* 

Revenue related to the rendering of services consists of installation and software services, including commissions obtained from every charging transaction carried out through Electromaps; although, at this time, such revenue consists primarily of installation services.

Revenue from contracts with customers for installation services is recognized when control of the services are transferred to the customer (at a point in time given the short period that the service is rendered). Revenue is recognized at an amount that reflects the consideration to which we expect to be entitled in exchange for those services. For installations' contracts, where the time required to complete execution is longer, the revenue recognition for each period is calculated taking into account the percentage of completion at the end of each financial period, considering the work in progress and the costs incurred until this date compared to the budgeted costs.

#### Changes in Inventories and Raw Materials and Consumables Used
Changes to inventory are recorded in consumption of finished goods, raw materials and other consumables. Inventory consists of electric chargers and related parts, which are available for sale or for warranty requirements. Inventories are stated at the lower of cost or market. Cost is determined by the first-in, first-out method. Inventory that is sold to third parties is included within changes in inventories and raw materials and consumables used. We periodically review for slow-moving, excess or obsolete inventories. Products that are determined to be obsolete, if any, are written down to net realizable value.

#### Employee Benefits
Employee benefits consist primarily of wages and salaries, share-based payment plan expenses and social security. We have 5 different share-based plans: i) 2018 Legacy Stock Option Program for Founders; (ii) 2020 Legacy Stock Option Program for Employees ("ESOP"); iii) 2018 Legacy Stock Option Program for Management ("MSOP"); iv) Wallbox N.V. Amended & Restated 2021 Employee Stock Purchase Plan; and (v) Wallbox N.V. 2021 Equity Incentive Plan ("RSU"). For the MSOP, ESOP and RSU we record share-based payments based on the estimated fair value of the award at the grant date. It is recognized as an expense in the consolidated statements of profit or loss over the requisite service period. The estimated fair value of the award granted after the Business Combination is based on the market price of our common stock listed in the NYSE on the date of grant. Employee benefits also includes the impact from Coil and Ares earn-outs to sellers as it is linked to their continued provision of services in future.

For the 2018 Legacy Stock Option Program for Founders, we record share-based payments based on the estimated fair value using the American Option Chain and considering the conditions established in the plan. This plan is considered fully vested from their date of concession.

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#### Other Operating Expenses
Other operating expenses primarily consist of professional services, marketing expenses, external temporary workers expense, delivery expense, insurance premiums and other expenses, including leases of machinery with lease terms of twelve months or less and leases of office equipment with low value, including IT equipment. We expect our operating expenses to increase in absolute euro amounts as we continue to grow our business but to decrease over time as a percentage of revenue. Since the Business Combination, we have incurred and expect to continue incurring additional expenses as a result of operating as a public company, including expenses necessary to comply with the rules and regulations applicable to companies listed on a national securities exchange and related to compliance and reporting obligations pursuant to the rules and regulations of the SEC, as well as higher expenses for general and director and officer insurance, investor relations and other professional services.

#### Amortization and Depreciation
Depreciation, amortization and accretion relates to our intangible assets, right-of-use assets, property and equipment.

#### Net Other income
Other income consists of all other income and expenses linked to activities that are outside the core of our operating activities and may include income or losses related to gain or loss of assets, liabilities, and grants.

#### Operating Loss
Operating loss consists of our revenue and net other income less changes in inventories and raw materials and consumables used, employee benefits, other operating expenses and amortization and depreciation.

#### Financial Income and Financial Expenses
Financial income consists of interest income on outstanding cash positions and fair value adjustments on the put option liability and valuation of financial instruments. Financial expenses consist of interest expense on loan and borrowings including leases, fair value adjustments on the convertible bonds, valuation of financial instruments and the unwinding effect on the put option liabilities. During 2022 we finished implementing a cash pool system within our subsidiaries which we expect to reduce our net finance cost.

#### Change in Fair Value of Derivative Warrant Liabilities
Public and Private Warrants originally issued by Kensington to its public shareholders and its sponsors were converted on the closing date of the Business Combination, into a right to acquire one Class A Share (a "Wallbox Warrant") on substantially the same terms as were in effect immediately prior to the closing date. These warrants were considered part of the net assets of Kensington at the time of the Business Combination.

According to management's assessment, both the Public and Private Warrants fall within the scope of IAS 32 and have been classified as a derivative financial liability. In accordance with IFRS 9 guidance, derivatives that are classified as financial liabilities shall be measured at fair value with subsequent changes in fair value to be recognized in profit and loss.

#### Share Listing Expense
The contribution in kind of Kensington shares has been accounted for within the scope of IFRS 2. Therefore, Kensington has been treated as the "acquired" company for financial reporting purposes and its net assets have been recognized at historical cost, with no goodwill or other intangible assets recorded. Based on IFRS 2, and from an analysis of the transaction, it has been considered that the excess of fair value of our Shares issued over the fair value of Kensington's identifiable net assets acquired represents compensation for the service of stock exchange listing for its shares and has been expensed as incurred.

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##### [**Table of Contents**](#toc)

#### Foreign Exchange Gains /(Losses)
Foreign exchange gains (losses) consist of realized and unrealized gains (losses) on foreign currency transactions and outstanding balances at year-end.

#### Share of Loss of Equity-Accounted Investees
Share of loss of equity-accounted investees consists of recognized losses attributable to our 50% interest in Wallbox-Fawsn Joint Venture started on June 15, 2019, and over which we have joint control and a 50% economic interest. The principal activity of the joint venture in China is the manufacture and sale of charging solutions with a clear focus on the automotive sector. Due to the losses realized by the JV, the investment value has been zero since the year ended December 31, 2020. During the first six months ended June 30, 2022, an investment was made, but immediately impaired to the recoverable amount to cover historical losses.

#### Income Tax Credit
Income tax credit relates to a percentage of research and development ("R&D") related expenses that are expected to be eligible for tax deductions. As a deduction as a result of our tax residency in Spain, the tax credit is available as a deduction for certain eligible R&D expenses, including IT and product development. The year ended December 31, 2020 was the first year in which we applied for such tax deductions, but we applied for the tax deductions for the years ended December 31, 2022 and 2021 and expect we will continue to apply similar tax deductions in subsequent years. As of December 31, 2022, we had recognized €7,335 thousand in tax deductions.

#### Loss for the Year
Loss for the year consists of our operating loss, net financial loss, share of loss of equity-accounted investees and income tax credit.

A. **Operating Results** 

#### Comparison of the years ended December 31, 2022 and 2021
The results of operations presented below should be reviewed in conjunction with our consolidated financial statements and the notes thereto included elsewhere in this Annual Report. The following table sets forth our consolidated results of operations data for the years ended December 31, 2022 and 2021:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Variance** | **Variance** | **Variance** |
|  | **2022** | **2022** | **2021** | **2021** | **€** | **€** | **%** |
|  | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** |
|  Sales of goods | € | 136372 | € | 69105 | € | 67267 | 97% |
|  Sales of services |  | 7813 |  | 2474 |  | 5339 | 216% |
|  **Revenue** | € | 144185 | € | 71579 | € | 72606 | 101% |
|  Changes in inventories and raw materials and consumables used | € | (85605) | € | (44253) | € | (41352) | 93% |
|  Employee benefits |  | (88814) |  | (29666) |  | (59148) | 199% |
|  Other operating expenses |  | (91555) |  | (43405) |  | (48150) | 111% |
|  Amortization and depreciation |  | (18890) |  | (8483) |  | (10407) | 123% |
|  Net other income |  | 1844 |  | 656 |  | 1188 | 181% |
|  **Operating loss** | € | (138835) | € | (53572) | € | (85263) | 159% |
|  Financial income | € | 2307 | € | 155 | € | 2152 | 1388% |
|  Financial expenses |  | (7998) |  | (32068) |  | 24070 | (75)% |
|  Change in fair value of derivative warrant liabilities |  | 80748 |  | (68953) |  | 149701 | (217)% |
|  Share listing expense |  |  |  | (72172) |  | 72172 | n/m |
|  Foreign exchange gains/(losses) |  | (3618) |  | 1026 |  | (4644) | (453)% |
|  **Net Financial Result** | € | 71439 | € | (172012) | € | 243451 | (142)% |
|  Share of loss of equity-accounted investees |  | (330) |  |  |  | (330) | (100)% |
|  **Loss before Tax** | € | (67726) | € | (225584) | € | 157858 | (70)% |
|  Income tax credit |  | 4926 |  | 1807 |  | 3119 | 173% |
|  **Loss for the year** | € | (62800) | € | (223777) | € | 160977 | (72)% |

---

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n/m = not meaningful

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##### [**Table of Contents**](#toc)

#### Revenues
Sales of goods revenue increased by €67,267 thousand, or 97%, for the year ended December 31, 2022 as compared to the year ended December 31, 2021, primarily due to increased sales of our residential chargers, in particular our Pulsar Plus.

Sales of services revenue increased by €5,339 thousand, or 216%, for the year ended December 31, 2022 as compared to the year ended December 31, 2021, primarily due to an increase in fees from installation services offered by us, including in connection with the services offered by COIL, a subsidiary we acquired in the second half of 2022.

#### Operating Loss
Expenses related to changes in inventories and raw materials and consumables used increased by €41,352 thousand, or 93%, for the year ended December 31, 2022 as compared to the year ended December 31, 2021. These expenses increased, primarily as a result of expenses associated with the accelerated launch of new products and changes in product mix.

Employee benefits expense increased by €59,148 thousand, or 199%, for the year ended December 31, 2022 as compared to the year ended December 31, 2021, primarily due to an increase in personnel expenses stemming from hiring of employees to support our growth and the compensation expense from equity awards under our benefits plans, primarily equity awards granted to employees and founders.

Other operating expenses increased by €48,150 thousand, or 111%, for the year ended December 31, 2022 as compared to the year ended December 31, 2021, primarily due to €16,605 thousand related to new marketing campaigns, €3,139 thousand related to the increase in travel expenses and €6,641 thousand related to increased delivery costs in connection with increases in sales and production. In addition, the operating expenses have increased due to our growth in 2022.

Amortization and depreciation increased by €10,407 thousand, or 123%, for the year ended December 31, 2022 as compared to the year ended December 31, 2021, primarily due to investments in leasehold improvements to the leased headquarters in Barcelona, the new factory in Zona Franca and the amortization of internally developed intangibles with respect to EV chargers.

Net other income increased by €1,188 thousand, or 181%, for the year ended December 31, 2022 as compared to the year ended December 31, 2021, primarily due to government subsidies recognized in 2022.

#### Net Financial Result
Financial income increased by €2,152 thousand for the year ended December 31, 2022 as compared to the year ended December 31, 2021, primarily resulting from revaluing the put option on Electromaps, S.L. following the acquisition of the remaining 49% of its share capital in July 2022 .

Financial expenses decreased by €24,070 thousand for the year ended December 31, 2022 as compared to the year ended December 31, 2021, primarily due to a fair value loss that incurred in year ended December 31, 2021 on the issuance of a convertible loan.

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Change in fair value of derivative warrant liabilities increased by €149,701 thousand for the year ended December 31, 2022 as compared to the year ended December 31, 2021, primarily due to the decrease in 2022 of the fair value of the outstanding warrants from their fair value in the previous period.

Share listing expense for the year ended December 31, 2021 corresponded to a one-time, non-cash listing expense of €72,172 thousand that was recognized in accordance with IFRS 2 as part of the Business Combination.

Foreign exchange gains decreased by €4,644 thousand for the year ended December 31, 2022 as compared to the year ended December 31, 2021, primarily due to fluctuations in GBP, USD and the Norwegian Krone against the Euro.

#### Share of Loss of Equity-Accounted Investees
Share of loss of equity-accounted investees increased by €330 thousand, or 100%, for the year ended December 31, 2022 as compared to the year ended December 31, 2021, as a result of a net book value of the Joint Venture as of December 31, 2022.

#### Income Tax Credit
Income tax credit increased by €3,119 thousand, or 173%, for the year ended December 31, 2022 as compared to the year ended December 31, 2021, primarily due to the recognition of a tax credit receivable for certain R&D expenses. No deferred tax assets were recorded for losses carried forward and hence that no regular corporate income charge is recorded in both years.

#### Comparison of the years ended December 31, 2021 and 2020
The results of operations presented below should be reviewed in conjunction with our consolidated financial statements and the notes thereto included elsewhere in this Annual Report. The following table sets forth our consolidated results of operations data for the years ended December 31, 2021 and 2020:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Variance** | **Variance** | **Variance** |
|  | **2021** | **2021** | **2020** | **2020** | **€** | **€** | **%** |
|  | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** |
|  Sales of goods | € | 69105 | € | 18516 | € | 50589 | 273% |
|  Sales of services |  | 2474 |  | 1161 |  | 1313 | 113% |
|  **Revenue** | € | 71579 | € | 19677 | € | 51902 | 264% |
|  Changes in inventories and raw materials and consumables used | € | (44253) | € | (10574) | € | (33679) | 319% |
|  Employee benefits |  | (29666) |  | (9806) |  | (19860) | 203% |
|  Other operating expenses |  | (43405) |  | (8192) |  | (35213) | 430% |
|  Amortization and depreciation |  | (8483) |  | (2379) |  | (6104) | 257% |
|  Net other income |  | 656 |  | 289 |  | 367 | 127% |
|  **Operating loss** | € | (53572) | € | (10985) | € | (42587) | 388% |
|  Financial income | € | 155 | € | 6 | € | 149 | 2483% |
|  Financial expenses |  | (32068) |  | (1011) |  | (31057) | 3072% |
|  Change in fair value of derivative warrant liabilities |  | (68953) |  |  |  | (68953) | n/m |
|  Share listing expense |  | (72172) |  |  |  | (72172) | n/m |
|  Foreign exchange gains/(losses) |  | 1026 |  | (69) |  | 1095 | (1587)% |
|  **Net Financial Loss** | € | (172012) | € | (1074) | € | (170938) | 15916% |
|  Share of loss of equity-accounted investees |  |  |  | (253) |  | 253 | (100)% |
|  **Loss before Tax** | € | (225584) | € | (12312) | € | (213272) | 1732% |
|  Income tax credit |  | 1807 |  | 910 |  | 897 | n/m |
|  **Loss for the year** | € | (223777) | € | (11402) | € | (212375) | 1863% |

---

------

n/m = not meaningful

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##### [**Table of Contents**](#toc)

#### Revenues
Sales of goods revenue increased by €50,589 thousand, or 273%, for the year ended December 31, 2021 as compared to the year ended December 31, 2020, primarily due to increased sales of our residential chargers, primarily our Pulsar Plus, which sales growth is directly correlated to growth in consumer adoption of EVs.

Sales of services revenue increased by €1,313 thousand, or 113%, for the year ended December 31, 2021 as compared to the year ended December 31, 2020, primarily due to an increase in fees from installation services offered by us, including in connection of the launch of our installation team in the fiscal quarter ended September 30, 2020, as well as installation revenues in Norway resulting from the acquisition of Wallbox AS, formerly called Intelligent Solutions, in February 2020.

#### Operating Loss
Expenses related to changes in inventories and raw materials and consumables used increased by €33,679 thousand, or 319%, for the year ended December 31, 2021 as compared to the year ended December 31, 2020. These expenses increased at a higher rate than our revenues, primarily as a result of expenses associated with the accelerated launch of new products and changes in product mix. We also experienced increased expenses related to costs of outsourcing production to third parties as a result of the growth in sales.

Employee benefits expense increased by €19,860 thousand, or 203%, for the year ended December 31, 2021 as compared to the year ended December 31, 2020, primarily due to an increase in personnel expenses stemming from hiring of employees to support our growth.

Other operating expenses increased by €35,213 thousand, or 430%, for the year ended December 31, 2021 as compared to the year ended December 31, 2020, primarily due to increases of (i) €13,954 thousand of professional services and fees which includes €8,046 thousands corresponding to the non-incremental or directly attributable costs to the issuance of shares per the Business Combination, (ii) marketing of €5,977 thousand related to the high investment and the Business Combination, and (iii) €2,702 thousand related to increased delivery costs in connection with increases in sales and production.

Amortization and depreciation increased by €6,104 thousand, or 257%, for the year ended December 31, 2021 as compared to the year ended December 31, 2020, primarily due to investments in leasehold improvements to the leased headquarters in Barcelona and capitalization of internally developed intangibles with respect to EV chargers.

Net other income increased by €367 thousand, or 127%, for the year ended December 31, 2021 as compared to the year ended December 31, 2020, primarily due to government subsidies recognized.

#### Net Financial Loss
Financial income increased by €149 thousand for the year ended December 31, 2021 as compared to the year ended December 31, 2020, primarily due to additional interest over loans to the Joint Venture (€55 thousand) and €83 thousand of investments fair valuation at year end.

Financial expenses increased by €31,057 thousand for the year ended December 31, 2021 as compared to the year ended December 31, 2020, primarily due to a fair value loss incurred on a newly issued convertible loan during the year and the incurrence of new bank loans and working capital credit lines.

Change in fair value of derivative warrant liabilities increased by €68,953 thousand for the year ended December 31, 2021 as compared to the year ended December 31, 2020, primarily due to the increase in price per warrant from the amounts as of the Closing Date.

A one-time, non-cash listing expense of €72,172 thousand was recognized in accordance with IFRS2 as part of the Business Combination for the year ended December 31, 2021.

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Foreign exchange gains increased by €1,095 thousand for the year ended December 31, 2021 as compared to the year ended December 31, 2020, primarily due to fluctuations in GBP, USD and the Norwegian Krone against the Euro.

#### Share of Loss of Equity-Accounted Investees
Share of loss of equity-accounted investees decreased by €253 thousand, or 100%, for the year ended December 31, 2021 as compared to the year ended December 31, 2020, as a result of a net book value of the joint venture with Wallbox FAWSN (the "Joint Venture") at zero as of December 31, 2021. For the year ended December 31, 2020, the Joint Venture losses were limited to the amount of the net book value (€253 thousand) of such Joint Venture.

#### Income Tax Credit
Income tax credit increased by €897 thousand, or 99%, for the year ended December 31, 2021 as compared to the year ended December 31, 2020, primarily due to the recognition of a tax credit receivable of €1,666 thousand for certain R&D expenses. No deferred tax assets were recorded for losses carried forward and hence that no regular corporate income charge is recorded in both years.

#### Operating Results by Segments

#### EMEA Segment

#### Comparison of the years ended December 31, 2022 and 2021
The following table presents our results of operations at a segment level for EMEA for the years ending December 31, 2022 and 2021:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Variance** | **Variance** | **Variance** |
|  | **2022** | **2022** | **2021** | **2021** | **€** | **€** | **%** |
|  | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** |
|  **Revenue** | € | 140145 | € | 74279 | € | 65866 | 89% |
|  Changes in inventories and raw materials and consumables used | € | (88104) | € | (47056) | € | (41048) | 87% |
|  Employee benefits |  | (74895) |  | (27130) |  | (47765) | 176% |
|  Other operating expenses |  | (72844) |  | (42273) |  | (30571) | 72% |
|  Amortization and depreciation |  | (17058) |  | (8214) |  | (8844) | 108% |
|  Net other income |  | 1508 |  | 962 |  | 546 | 57% |
|  **Operating loss** | € | (111248) | € | (49432) | € | (61816) | 125% |

---

------

Revenue increased by €65,866 thousand, or 89%, for the year ended December 31, 2022 as compared to the year ended December 31, 2021, primarily due to increased sales of our residential chargers, in particular our Pulsar Plus, which sales growth is directly correlated to growth in consumer adoption of EVs.

Expenses related to changes in inventories and raw materials and consumables used increased by €41,048 thousand, or 87%, for the year ended December 31, 2022 as compared to the year ended December 31, 2021. These expenses increased primarily as a result of expenses associated with the accelerated launch of new products and changes in product mix. We also experienced increased expenses related to costs of outsourcing production to third parties as a result of the growth in sales.

Employee benefits expense increased by €47,765 thousand, or 176%, for the year ended December 31, 2022 as compared to the year ended December 31, 2021, primarily due to an increase in personnel expenses stemming from hiring of employees to support our growth and the compensation expense from our benefits plans, primarily equity awards granted to employees and founders.

Other operating expenses increased by €30,571 thousand, or 72%, for the year ended December 31, 2022 as compared to the year ended December 31, 2021, primarily due to our growth in this segment.

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##### [**Table of Contents**](#toc)

#### Comparison of the years ended December 31, 2021 and 2020
The following table presents our results of operations at a segment level for EMEA for the years ending December 31, 2021 and 2020:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Variance** | **Variance** | **Variance** |
|  | **2021** | **2021** | **2020** | **2020** | **€** | **€** | **%** |
|  | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** |
|  **Revenue** | € | 74279 | € | 19673 | € | 54606 | 278% |
|  Changes in inventories and raw materials and consumables used | € | (47056) | € | (10557) | € | (36499) | 346% |
|  Employee benefits |  | (27130) |  | (9128) |  | (18002) | 197% |
|  Other operating expenses |  | (42273) |  | (7765) |  | (34508) | 444% |
|  Amortization and depreciation |  | (8214) |  | (2264) |  | (5950) | 263% |
|  Net other income |  | 962 |  | 288 |  | 674 | 234% |
|  **Operating loss** | € | (49432) | € | (9753) | € | (39679) | 407% |

---

Revenue increased by €54,606 thousand, or 278%, for the year ended December 31, 2021 as compared to the year ended December 31, 2020, primarily due to increased sales of residential chargers and increased revenue from installation services in connection with the acquisition of Wallbox SA in February 2020.

Operating loss increased by €39,679 thousand, or 407%, for the year ended December 31, 2021 as compared to the year ended December 31, 2020, primarily due to the accelerated launch of new products and changes in product mix.

#### NORAM Segment

#### Comparison of the years ended December 31, 2022 and 2021
The following table presents our results of operations at a segment level for NORAM for the years ending December 31, 2022 and 2021:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Variance** | **Variance** | **Variance** |
|  | **2022** | **2022** | **2021** | **2021** | **€** | **€** | **%** |
|  | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** |
|  **Revenue** | € | 23552 | € | 4687 | € | 18865 | 402% |
|  Changes in inventories and raw materials and consumables used | € | (15787) | € | (3345) | € | (12442) | 372% |
|  Employee benefits |  | (13533) |  | (2309) |  | (11224) | 486% |
|  Other operating expenses |  | (21026) |  | (1778) |  | (19248) | 1083% |
|  Amortization and depreciation |  | (1830) |  | (268) |  | (1562) | 583% |
|  Net other income |  | 335 |  | (306) |  | 641 | (209)% |
|  **Operating loss** | € | (28289) | € | (3319) | € | (24970) | 752% |

---

------

n/m = not meaningful

The increase in revenues of €18,865 thousand for the year ended December 31, 2022 as compared to the year ended December 31, 2021 is driven by the expansion of our sales presence across the region.

Employee benefits expense increased by €11,224 thousand, or 486%, for the year ended December 31, 2022 as compared to the year ended December 31, 2021, primarily due to an increase in personnel expenses stemming from hiring of employees to support our growth and the compensation expense from our benefits plans, primarily equity awards granted to employees.

Operating loss increased by €24,970 thousand, or 752%, for the year ended December 31, 2022 as compared to the year ended December 31, 2021, primarily due to headcount for regional expansion efforts and market penetration.

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##### [**Table of Contents**](#toc)

#### Comparison of the years ended December 31, 2021 and 2020
The following table presents our results of operations at a segment level for NORAM for the years ending December 31, 2021 and 2020:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Variance** | **Variance** | **Variance** |
|  | **2021** | **2021** | **2020** | **2020** | **€** | **€** | **%** |
|  | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** |
|  **Revenue** | € | 4687 | € | 1 | € | 4686 | n/m |
|  Changes in inventories and raw materials and consumables used | € | (3345) | € | (13) | € | (3332) | n/m |
|  Employee benefits |  | (2309) |  | (617) |  | (1692) | 274% |
|  Other operating expenses |  | (1778) |  | (427) |  | (1351) | 316% |
|  Amortization and depreciation |  | (268) |  | (114) |  | (154) | 135% |
|  Net other income |  | (306) |  |  |  | (306) | n/m |
|  **Operating loss** | € | (3319) | € | (1170) | € | (2149) | 184% |

---

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n/m = not meaningful

Operating loss increased by €2,149 thousand, or 184%, for the year ended December 31, 2021 as compared to the year ended December 31, 2020, primarily due to headcount for regional expansion efforts and market penetration.

#### APAC Segment

#### Comparison of the years ended December 31, 2022 and 2021
The following table presents our results of operations at a segment level for APAC for the years ended December 31, 2022 and 2021:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Variance** | **Variance** | **Variance** |
|  | **2022** | **2022** | **2021** | **2021** | **€** | **€** | **%** |
|  | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** |
|  **Revenue** | € | 414 | € | 298 | € | 116 | 39% |
|  Changes in inventories and raw materials and consumables used | € | (16) | € | (19) | € | 3 | (16)% |
|  Employee benefits |  | (386) |  | (227) |  | (159) | 70% |
|  Other operating expenses |  | (113) |  | (63) |  | (50) | 79% |
|  Amortization and depreciation |  | (2) |  | (1) |  | (1) | n/m |
|  Net other income |  | 1 |  |  |  | 1 | n/m |
|  **Operating loss** | € | (102) | € | (12) | € | (90) | 750% |

---

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n/m = not meaningful

We had revenue of €414 thousand for the year ended December 31, 2022 and €298 thousand the year ended December 31, 2021, the increase was primarily a result of the expansion of our sales in this region. The fluctuation of the operating results for the year ended December 31, 2022 is as a consequence of our growth in this segment.

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##### [**Table of Contents**](#toc)

#### Comparison of the years ended December 31, 2021 and 2020
The following table presents our results of operations at a segment level for APAC for the years ending December 31, 2021 and 2020:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Variance** | **Variance** | **Variance** |
|  | **2021** | **2021** | **2020** | **2020** | **€** | **€** | **%** |
|  | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** |
|  **Revenue** | € | 298 | € | 57 | € | 241 | 423% |
|  Changes in inventories and raw materials and consumables used | € | (19) | € | (20) | € | 1 | (5)% |
|  Employee benefits |  | (227) |  | (61) |  | (166) | 272% |
|  Other operating expenses |  | (63) |  | (37) |  | (26) | 70% |
|  Amortization and depreciation |  | (1) |  |  |  | (1) | n/m |
|  Net other income |  |  |  |  |  |  | n/m |
|  **Operating loss** | € | (12) | € | (61) | € | 49 | (80)% |

---

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n/m = not meaningful

We had revenue of €298 thousand for the year ended December 31, 2021 as compared to €57 thousand for the year ended December 31, 2020, the increase was a result of the developing and growing of Shanghai entity after its incorporation in June 2019.

Operating loss decreased by €49 thousand, or 80%, for the year ended December 31, 2021 as compared to the year ended December 31, 2020, primarily due to increase in revenues, partially offset by the increase in operating expenses.

#### Reconciliations of Non-IFRS and Other Financial and Operating Metrics
The following table reconciles Adjusted EBITDA to the most directly comparable IFRS financial measures, which is loss for the year:

For additional information about our use of Adjusted EBITDA, please refer to "*Presentation of Financial and Other Information*."

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2021** | **2021** | **2020** | **2020** |
|  | **€ in thousands** | **€ in thousands** | **€ in thousands** | **€ in thousands** | **€ in thousands** | **€ in thousands** |
|  Loss for the year | € | (62800) | € | (223777) | € | (11402) |
|  Income tax credit | € | (4926) | € | (1807) | € | (910) |
|  Amortization and depreciation | € | 18890 | € | 8483 | € | 2379 |
|  Financial income | € | (2307) | € | (155) | € | (6) |
|  Financial expenses (1) | € | 7998 | € | 6576 | € | 1011 |
|  **EBITDA** | **€** | **(43145)** | **€** | **(210680)** | **€** | **(8928)** |
|  Fair value adjustment of convertible bonds-(2) | € |  | € | 25491 | € |  |
|  Change in fair value of derivative warrant liabilities-(3) | € | (80748) | € | 68953 | € |  |
|  Share listing expense-(4) | € |  | € | 72172 | € |  |
|  Foreign exchange gains/(losses) | € | 3618 | € | (1026) | € | 69 |
|  Share based payment expenses-(5) | € | 32625 | € | 2455 | € | 2785 |
|  Transaction costs relating to the Business Combination-(6) | € |  | € | 8046 | € |  |
|  Other items-(7) | € | (1844) | € | (656) | € | (289) |
|  **Adjusted EBITDA** | **€** | **(89494)** | **€** | **(35245)** | **€** | **(6363)** |

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(1) Financial expenses is comprised of interest and fees on bank loans, interest on lease liabilities, interest on shareholder and other borrowings, interest on convertible bonds, accretion of discount on put option liabilities and other finance costs (such as fair value loss on financial investments and impairment on financial investments), excluding fair value adjustment of convertible bonds.

(2) Represents expenses related to fair value of convertible bonds. Please refer to Note 23 to our consolidated financial statements include elsewhere in this Annual Report.

(3) Represents expenses or incomes related to change the fair value of the warrants liabilities. Please refer to Note 13 to our consolidated financial statements include elsewhere in this Annual Report.

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(4) The excess of fair value of Wallbox Shares issued in connection with the Business Combination over the fair value of Kensington's identifiable net assets acquired was deemed to represent compensation for the service of stock exchange listing for its shares and was accordingly expensed as incurred. Please refer to Note 6 to our consolidated financial statements include elsewhere in this Annual Report.

(5) Represents share based payments expense. Please refer to Note 22 to our consolidated financial statements include elsewhere in this Annual Report.

(6) Represents expenses related to the Business Combination.

(7) Other items consists of all other income and expenses linked to activities that are outside the core of our operating activities and may include income or losses related to gain or loss of assets, liabilities, and grants. The amounts set forth in the table above represent net other income for the periods presented.

B. **Liquidity and Capital Resources** 

#### Sources of Liquidity
We have a history of operating losses and negative operating cash flows. We have experienced net losses and significant cash outflows from cash used in operating activities over the past years as it has been investing significantly in the development of its EV charging products. During the year ended December 31, 2022, we incurred a loss for the year of €62.8 million and net cash used in operating activities of €136.3 million. As of December 31, 2022, we had cash and cash equivalents of €83.3 million, outstanding non-current loans and borrowings of €44.4 million and an accumulated deficit of €306.7 million.

Our current working capital needs relate mainly to the growth of the current business and continuing operations. Our ability to expand and grow our business will depend on many factors, including our working capital needs and the evolution of our operating cash flows.

Our primary sources of liquidity have historically been cash generated from operations, the issuance of debt and equity instruments and under bank loans.

In April 2021, we entered into a loan agreement with Banco Santander, S.A. for a loan in the amount of €12.6 million with a maturity of 2027 to finance the investments for a new factory in Zona Franca, Barcelona. Among other things, this loan originally prohibited the payment of dividends and the incurrence of liens without equally and ratably securing such loan, although in September 2021 we obtained a waiver of the loan's prohibition of the payment of dividends. During 2020, convertible bonds were issued for an amount of €25.9 million, and in 2021 issued convertible bonds in an amount of €34.6 million. Our primary cash requirements include operating expenses, satisfaction of commitments to various counterparties and suppliers, and capital expenditures (including property and equipment). Our principal uses of cash in recent periods have been funding of our operations and development of intangibles with respect to EV chargers and energy management software.

In December 2022 we received gross proceeds of $43.5 million (€41.7 million) from the private placement of our equity securities.

On December 30, 2022, we entered into a loan agreement with Banco Santander, S.A. for a loan in the amount of €17.9 million with a maturity date in 2029.

On February 9, 2023 (the "Facility Closing Date"), Wallbox, as guarantor, and its wholly-owned direct Spanish subsidiary, Wall Box Chargers, S.L.U., as borrower (the "Borrower") entered into a Facility Agreement (the "Facility Agreement") with Banco Bilbao Vizcaya Argentaria S.A. ("BBVA"). The Facility Agreement provides for an aggregate term loan commitment of €25.0 million (the "Facility"), and we received net borrowings of €24.6 million after deducting fees and expenses.

The Facility is secured by certain intellectual property rights. The Facility matures on the fourth anniversary of the Facility Closing Date and under certain circumstances may be extended to mature on the fifth anniversary of the Facility Closing Date. The Borrower is permitted to prepay the Facility in whole or in part upon notice thereof in accordance with the terms of the Facility Agreement. Upon an event of default specified in the Facility Agreement that remains uncured after 15 business days, the Facility may become due and payable in full upon provision of notice thereof in accordance with the terms of the Facility Agreement. The Facility Agreement contains affirmative and negative covenants, including without limitation a minimum cash requirement and

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restrictions on incurrence of additional debt, liens, fundamental changes, asset sales, restricted payments and transactions with affiliates. The Facility Agreement also contains financial covenants regarding maintenance as of the end of each fiscal quarter of a maximum senior net debt to gross profit ratio ranging from 1.60x in 2023 to 0.60x in 2026 and thereafter and a minimum level of shareholders' equity of 0.00. The Facility Agreement is governed by Spanish law.

Substantially concurrently with the closing of the Facility Agreement and in consideration thereof, we entered into a Warrant Agreement (the "Warrant Agreement") and Subscription Agreement (the "Subscription Agreement") with BBVA (together with its assignees, the "Warrantholder") pursuant to which we issued to the Warrantholder, and the Warrantholder subscribed for and acquired, an aggregate of 1,007,894 warrants exercisable for 1,007,894 Class A Shares, for an exercise price of $5.32 per share. Pursuant to the Subscription Agreement, we agreed to file a registration statement for the resale of the Class A Shares issuable upon exercise of the Warrant. The Warrant Agreement provides for a redemption right in favor of Wallbox when the Class A Shares achieve a value of $11.00 per share.

We believe that our sources of liquidity and capital will be sufficient to meet our business needs for at least the next twelve months. We also expect these sources of liquidity will be sufficient to fund our long-term contractual obligations and capital needs. However, this is subject, to a certain extent, to general economic, financial, competitive, regulatory and other factors that are beyond our control. If we are unable to generate sufficient cash flows from operations in the future, we may have to obtain additional financing, which may include equity or debt issuances and/or credit financing. If we obtain additional capital by issuing equity, the interests of our existing shareholders will be diluted and, if we incur additional indebtedness, that indebtedness may contain significant financial and other covenants that may significantly restrict our operations. We cannot assure you that we could obtain additional financing on favorable terms or at all.

As of December 31, 2022, we were in compliance with the covenants under our the agreements governing our indebtedness.

#### Contractual Obligations and Commitments
As of December 31, 2022, we had contractual obligations to purchase, construct or develop property, plant and equipment assets, for an amount of €3,318 thousand (€11,438 thousand as of December 31, 2021) and commitments for the acquisition of intangible assets of €1,728 thousand (€1,024 thousand as of December 31, 2021). These commitments mainly correspond to the work that, as of December 31, 2022, are being executed in the investments in machinery and tools for the factories located in Texas and Barcelona. Please refer to Note 8, "*Property, Plant and Equipment*," and Note 10, "*Intangible Assets and Goodwill*," of the consolidated financial statements included elsewhere in this Annual Report for more information.

Additionally, our lease agreements provide for lease obligations and the future interest payable under these agreements is as set forth in the table below. Please refer to Note 9, *"Assets for Rights of Use and Lease Liabilities"* of the consolidated financial statements included elsewhere in this Annual Report for more information.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
|  | **€ in thousands** | **€ in thousands** | **€ in thousands** | **€ in thousands** | **€ in thousands** | **€ in thousands** | **€ in thousands** | **€ in thousands** |
|  | **Total** | **Total** | **Less than 1**<br> **year** | **Less than 1**<br> **year** | **1-2 years** | **1-2 years** | **2-5 years** | **More than**<br> **5 years** |
|  Lease obligations | € | 35387 | € | 3844 | € | 3879 | 9844 | 17820 |

---

#### Capital Expenditures
For the year ended December 31, 2022, our capital expenditures for property, plant and equipment were €36,262 thousand. We expect to spend approximately €26,177 in 2023 for capital expenditures, primarily related to machinery and tools for the factories for the Group and intend to fund these expenditures with the financing to be obtained through the banks.

#### Liquidity Policy
As an early-stage company, we maintain a strong focus on liquidity and define our liquidity risk tolerance based on uses and sources to maintain a sufficient liquidity position to meet our obligations under both normal and stressed conditions. We manage our liquidity to provide access to sufficient funding to meet our business needs and financial obligations, as well as capital allocation and growth objectives.

#### Cash Flow Summary

#### Comparison of the years ended December 31, 2022 and 2021
The following table summarizes our cash flows for the years ended December 31, 2022 and 2021:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Variance** | **Variance** | **Variance** |
|  | **2022** | **2022** | **2021** | **2021** | **€** | **€** | **%** |
|  | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** |
|  Net cash used in operating activities | € | (136292) | € | (69631) | € | (66661) | 96% |
|  Net cash used in investing activities | € | (13959) | € | (88297) | € | 74338 | (84)% |
|  Net cash from financing activities | € | 111747 | € | 246925 | € | (135178) | (55)% |

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*Operating Activities* 

Net cash used in operating activities increased by €66,661 thousand, or 96%, for the year ended December 31, 2022 as compared to year ended December 31, 2021, primarily due to the increase in inventories of €53,066 thousand in order to get the enough level of inventory to avoid disruptions on the manufacturing process due to the limited availability of certain key components such as semiconductors, which have recently experienced supply shortages that have significantly affected the overall automotive industry.

*Investing Activities* 

Net cash used in investing activities decreased by €74,338 thousand, or 84%, for the year ended December 31, 2022 as compared to the year ended December 31, 2021. The net cash that was recognized from investments that were sold for €64,181 thousand offset the cash used for the acquisition of property, plant and equipment of €27,091 thousand (leasehold improvements at the headquarters located in Barcelona and the investment in the new factory in Arlington, Texas) and cash used for the acquisition of intangible assets of €7,751 thousand.

*Financing Activities* 

Net cash from financing activities of December 31, 2022 was €111,747 thousand, primarily due to proceeds from issuing equity instruments in relation to a private placement offering of €41,726 thousand, proceeds from issuing equity instruments in relation to warrants conversions and others of €4,641 thousand, proceeds from loans net of repayments of €72,302 thousand and payments of interest, lease liabilities and bank fees of €6,880 thousand in 2022.

#### Comparison of the years ended December 31, 2021 and 2020
The following table summarizes our cash flows for the years ended December 31, 2021 and 2020:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Variance** | **Variance** | **Variance** |
|  | **2021** | **2021** | **2020** | **2020** | **€** | **€** | **%** |
|  | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** | **(€ in thousands, except percentages)** |
|  Net cash used in operating activities | € | (69631) | € | (11629) | € | (58002) | 499% |
|  Net cash used in investing activities | € | (88297) | € | (19318) | € | (68979) | 357% |
|  Net cash from financing activities | € | 246925 | € | 46745 | € | 200180 | 428% |

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*Operating Activities* 

Net cash used in operating activities increased by €58,002 thousand, or 499%, for the year ended December 31, 2021 as compared to year ended December 31, 2020, primarily due to the increase in loss of €212,375 thousand which is partially offset by the following non-cash expenses, which were not incurred during 2020, of €72,172 thousand in listing expense, €68,953 thousand change in fair value of warrants and €25,491 thousand change in fair value of bonds. Main drivers of the working capital related to the cash outflows were an increase in inventories, receivables, and other assets and partially offset by an increase in trade and other financial payables.

*Investing Activities* 

Net cash used in investing activities increased by €68,979 thousand, or 357%, for year ended December 31, 2021 as compared to the year ended December 31, 2020, primarily due to increases in the acquisition of financial assets at fair value through profit or loss of €57,344 thousand, property, plant and equipment of €6,563 thousand, intangible assets of €4,990 thousand, loans granted to joint venture of €302 thousand, partially offset by proceeds from sale of assets of €1,098 thousand.

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*Financing Activities* 

Net cash from financing activities increased by €200,180 thousand, or 428%, for the year ended December 31, 2021 as compared to the year ended December 31, 2020, primarily due to the increase of proceeds from issuing equity instruments of €181,958 thousand, proceeds from loans net of repayments of €17,459 thousand, and proceeds from convertible bonds of €8,670 thousand and partially offset by increases in payments of interest, principal balances, put option liabilities, and other payments for €6,637 thousand.

C. **Research and Development, Patents and Licenses, etc.** 

For information regarding research and development policies for the last three years, Please refer to Item 4, "*Information on the Company – Business Overview*."

D. **Trend Information** 

Other than as disclosed elsewhere in this Annual Report, we are not aware of any trends, uncertainties, demands, commitments or events since December 31, 2021 that are reasonably likely to have a material adverse effect on our revenues, income, profitability, liquidity or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future operating results or financial conditions.

E. **Critical Accounting Estimates** 

Our discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with IFRS. The preparation of these financial statements requires us to make estimates, assumptions and judgements that affect the reported amounts of assets, liabilities, revenues, costs and expenses. We evaluate our estimates and judgements on an ongoing basis, and our actual results may differ from these estimates. We base our estimates on historical experience, known trends and events, contractual milestones and other various factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources.

Our critical accounting policies are described in Note 3, "Use of Judgements and Estimates," within our consolidated financial statements included elsewhere in this Annual Report. Actual results may differ from these estimates.

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#### JOBS Act
The JOBS Act permits an EGC such as us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. We have elected to use the extended transition period under the JOBS Act until the earlier of the date we (1) are no longer an emerging growth company or (2) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, our consolidated financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.

We will remain an emerging growth company until the earliest to occur of: (1) the last day of the fiscal year in which we have more than $1.235 billion in annual revenue; (2) the date on which we are deemed to be a "large accelerated filer," which would occur if the market value of our equity securities held by non-affiliates exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter; (3) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period; and (4) the last day of the fiscal year ending after the fifth anniversary of Kensington's initial public offering, or March 2, 2026.

#### Recent Accounting Pronouncements
Please refer to Note 4, "*New IFRS and IFRIC Not Yet Effective*," of our consolidated financial statements included elsewhere in this Annual Report for more information regarding recently issued accounting pronouncements and discussion of the impact of recent accounting pronouncements, respectively.

#### Off Balance Sheet Arrangements
None.

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#### Item 6. Directors, Senior Management and Employees
A. **Directors and Senior Management** 

We have a one-tier board, consisting of one or more executive directors and one or more non-executive directors.

The number of executive directors and the number of non-executive directors are determined by the Board. The executive directors and non-executive directors shall be appointed as such by the General Meeting at the nomination of the Board.

A director shall be appointed for a term of approximately one year, which term of office shall lapse immediately after the close of the annual General Meeting held in the year after his or her appointment. A director may be reappointed with due observance of the preceding sentence. A non-executive director may be in office for a period not exceeding twelve (12) years, which period may or may not be interrupted, unless at the proposal of the Board the General Meeting resolves otherwise. In the event of reappointment of a non-executive director after an eight-year period (or any reappointment thereafter), the our management report shall include the reasons for such reappointment, in accordance with the principles and best practice provisions of the DCGC.

The General Meeting may at all times suspend or dismiss any director. The Board may at all times suspend an executive director.

The Board is comprised of seven directors.

The Board has adopted written rules and regulations dealing with, *inter alia*, its internal organization, the manner in which decisions are taken, the composition, duties and organization of committees and any other matters concerning the Board, the executive directors, the non-executive directors and committees established by the Board.

The following table lists the names, ages and positions of those individuals who serve as our directors and executive officers as of December 31, 2022. The Board is comprised of seven directors. The Board consists of an executive director and six non-executive directors. We anticipate appointing one additional non-executive director in the future.

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| **Executive Officers** |  |  |
| Enric Asunción Escorsa | 37 | Chief Executive Officer, Director |
| Jordi Lainz | 54 | Chief Financial Officer |
| Eduard Castañeda | 37 | Chief Innovation Officer |
| **Board Members** |  |  |
| Enric Asunción Escorsa | 37 | Executive Director |
| Beatriz González Ordóñez | 48 | Non-executive Director |
| Francisco Riberas | 58 | Non-executive Director |
| Anders Pettersson | 63 | Non-executive Director |
| César Ruipérez Cassinello | 39 | Acting non-executive Director |
| Pol Soler | 42 | Non-executive Director |
| Donna J. Kinzel | 55 | Non-executive Director |

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#### Executive Officers
**Enric Asunción Escorsa**. Mr. Asunción is the Chief Executive Officer and Executive Director of the Board. Mr. Asunción is a Wallbox co-founder and has served as our Chief Executive Officer and as a member of the Board since 2015. Previously, Mr. Asunción served as Program Manager of Charging Installations at Tesla, Inc., an American electric vehicle and clean energy company, from June 2014 to June 2015. Prior to Tesla, Inc., Mr. Asunción worked as an engineer at Applus+ IDIADA, an engineering company providing design, testing, engineering and homologation services to the automotive industry, from July 2011 to June 2014. Mr. Asunción holds an Engineering degree from Universitat Politecnica de Catalunya (DNF). We believe Mr. Asunción is well qualified to serve on the Board due to the perspective and experience he brings as our Chief Executive Officer and co-founder and his extensive experience in the automotive industry.

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**Jordi Lainz**. Mr. Lainz is the Chief Financial Officer. Mr. Lainz has served as our Chief Financial Officer since March 2019, and served on the Board of directors from July 2017 to May 2019. Prior to joining Wallbox, Mr. Lainz served as Corporate Director and Chief Financial Officer of Eurofred Group, distributor of air conditioning and industrial heating systems, from June 2011 to February 2019. Prior to Eurofred Group, Mr. Lainz served as a director and member of the audit committee of Ficosa International SA, an automotive global supplier, from May 1998 to May 2011. Mr. Lainz holds an Economics degree from Universitat de Barcelona and is an auditor in Spain (Censor Jurado de Cuentas).

**Eduard Castañeda**. Mr. Castañeda is the Chief Innovation Officer. Mr. Castañeda is a Wallbox co-founder and has served as our Chief Innovation Officer since November 2022, and was formerly Chief Product officer from 2020 to 2022 and Chief Technology Officer from 2018 to 2020. Mr. Castañeda also served on the Board of directors as a technical director from 2015 to 2020. Prior to Wallbox, Mr. Castañeda served as a Track Engineering at TPV Racing, a company that introduced telemetry data into real-time motorsports racing teams, from 2005 to 2015.

#### The Board
**Anders Pettersson***.* Mr. Pettersson serves as a member of the Board. Mr. Pettersson is the former Chief Executive Officer of Thule, a leading automotive aftermarket company. Under Mr. Pettersson's leadership, he transformed Thule from an automotive aftermarket accessories business into a lifestyle consumer brand company. Mr. Pettersson brings over 30 years of experience in sourcing, evaluating and acquiring automotive businesses around the world. Mr. Pettersson has served as Chairman of Brink Group B.V., a leading towing hitch business in Europe, since 2014, and has served as a director at ZetaDisplay AB since 2014, at KlaraBo Sverige AB since 2014, at Skabholmen Invest AB since 2009 and at PS Enterprise AB since 2005. As noted above, Mr. Pettersson served as Chief Executive Officer of Thule from 2002 to 2010, where he oversaw international expansion through the strategic acquisitions of Konig, Omnistor, Case Logic, TrackRac and Sportrack.

Mr. Pettersson has also served as Chief Executive Officer of Hilding Anders AB from 2011 to 2014 and Capital Safety Group Inc. from 2010 to 2012, and previously held executive and managerial positions with AkzoNobel N.V. and Trelleborg AB. Mr. Pettersson served as a director of Pure Safety from 2010 to 2020, a director of Pure Power from 2016 to 2019, a director of Alite International AB from 2014 to 2019, a director of Victoria Park AB from 2011 to 2019, Chairman of the board of directors of Hilding Anders AB from 2012 to 2014 and a member of the operating review board of Arle Capital Partners Limited from 2012 to 2014. Mr. Pettersson holds a Master of Science in Civil Engineering and Bachelor of Science in Business and Economics from Lund University. We believe Mr. Pettersson is qualified to serve on the Board because his extensive experience in the automotive industry. We believe Mr. Pettersson is well qualified to serve on the Board based on his extensive experience sourcing, evaluating and acquiring automotive businesses.

**César Ruipérez Cassinello**. Mr. Ruipérez has served as a Director of Corporate Development at Iberdrola, S.A., a Spanish multinational electric utility company ("Iberdrola"), an investor and commercial partner of Wallbox, since October 2008. At Iberdrola, Mr. Ruipérez led various acquisitions, divestments and joint ventures in different geographies and business segments. Prior to joining Iberdrola, from September 2005 to October 2008, Mr. Ruipérez served as analyst at Deloitte and 360 Corporate in the mergers and acquisitions departments, advising industrial customers and financial sponsors in various transactions, including acquisitions, divestments and restructurings. Mr. Ruipérez holds an International Business Administration degree by Universidad Pontificia Comillas in Madrid (ICADE) and Dublin City University (DCU).

**Pol Soler**. Mr. Soler serves as a member of the Board. Mr. Soler is the Chief Executive Officer of Quadis, a leading Spanish car dealership group. He is also a board member of Escapa, a leading Spanish bicycle distributor. Mr. Soler holds a Bachelor's degree in Business Administration and MBA from Esade Business School. We believe that Mr. Soler is qualified to serve on the Board because of his extensive experience in the automobile industry.

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**Francisco Riberas**. Mr. Riberas serves as a member of the Board. Mr. Riberas has been on the board of directors of Gestamp, a Spanish multinational automotive engineering company, since our inception, and was appointed the Executive Chairman on March 23, 2017. Mr. Riberas holds a Law degree and Economics and Business Administration degree from Comillas Pontifical University. Mr. Riberas began his professional career in the Gonvarri Group as director of Corporate Development and later as Managing Director. In 1977, Mr. Riberas formed Gestamp. Mr. Riberas sits on the management bodies of other Gestamp affiliates and of companies in Acek Group, including in the Gonvarri Group, Acek Energias Renovables and Inmobiliaria Acek. He is also a member of other boards of directors, including Telefonica and CIE Automotive. In addition he is chairman of the Endeavor Foundation, chairman of the Spanish Association of Automotive Suppliers (Sernauto) and chairman of the Fundación Consejo España China. We believe that Mr. Riberas is qualified to serve on the Board because of his extensive experience in the automobile industry.

**Beatriz González Ordóñez**. Ms. González serves as a member of the Board. Ms. González is the Founding and Managing Partner of Seaya Ventures, a Spanish venture capital firm specializing in technology companies. In addition to Wallbox, she has served as a board member of Cabify, Glovo, Spotahome, Filmin, Bewe, Revelock and Toqio, since 2014, 2016, 2016, 2020, 2015, 2019, and 2021, respectively. She also serves as an independent board member of Endeavor Spain and Idealista. Prior to founding Seaya in 2012, Ms. González worked at Morgan Stanley, in the finance and investment industry, from 1998 to 2000, Darby Overseas Investments, a private equity firm, from 2002 to 2003, Excel Partners, a private equity firm, from 2003 to 2004, and Fonditel, the largest pension fund in Spain, from 2005 to 2011. Ms. González holds a Finance degree from CUNEF and an MBA from Columbia Business School. We believe Ms. González is qualified to serve on the Board based on her extensive experience managing funds in the technology sector.

**Donna J. Kinzel***.* Ms. Kinzel serves as a member of the Board. Ms. Kinzel is the Chief Financial Officer of Ursuline Academy in Wilmington, Delaware. In her role, she is responsible for all aspects of Ursuline Academy's financial and operating functions to ensure support of the school's mission, core values, and strategic plan. Prior to her current role, Ms. Kinzel served as Senior Vice President, Chief Financial Officer and Treasurer atPepco Holdings. In this role, she oversaw the financial planning and analysis, operational finance, accounting, treasury and risk management functions for Pepco Holdings. Ms. Kinzel was elected as the chair of our audit committee in 2022, and brings with her an extensive history of accounting and finance with large, public organizations. We believe Ms. Kinzel's expertise has helped us and will continue to help us to develop best practices as a public company.

There are no family relationships among any of our executive officers or directors.

#### Director Nomination and Appointment Rights
Iberdrola is the indirect owner of 100% of the interests in Inversiones Financieras Perseo, S.L. ("Perseo"), a shareholder and commercial partner of Wallbox. On October 5, 2021, Enric Asunción Escorsa furnished a letter to Inversiones Financieras Perseo, S.L. Pursuant to such letter, Mr. Asunción agreed to take best efforts to support the election of one director as Perseo may designate, for so long as Perseo owns shares representing 3% of the share capital outstanding of Wallbox N.V. Cesar Ruiperez Cassinello currently serves as Iberdrola's acting director designee on the Board.

B. **Compensation** 

We set out below the amount of compensation paid and benefits in kind provided by us or our subsidiaries to our executive officers and members of the Board for services in all capacities to us or our subsidiaries for the year ended December 31, 2022, as well as the amount contributed by us or our subsidiaries to retirement benefit plans for our executive officers and members of the Board.

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#### Compensation of Our Executive Officers
The amount of compensation, including benefits in kind, accrued or paid to our executive officers with respect to the year ended December 31, 2022 is described in the table below:

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| | | |
|:---|:---|:---|
|  | **All executives** | **All executives** |
|  | **(Euros thousand)** | **(Euros thousand)** |
|  Periodically-paid remuneration | € | 886 |
|  Bonuses | € | 526 |
|  Share based payments<sup>(1)</sup> | € | 9769 |
|  Additional benefit payments<sup>(2)</sup> |  |  |
|  Total compensation | € | 11181 |

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(1) Includes the stock options granted to our founders in April 2022 under the Legacy Stock Option Program. These stock options will, for a period of three years, become exercisable in equal monthly installments and will expire five years from the grant date. See "— Wallbox Legacy Employee Stock Option Programs" for additional information about these stock options.

(2) No amounts were set aside or accrued by Wallbox in 2022 to provide pension, retirement or similar benefits for our executive officers.

#### Remuneration for Members of the Board
The compensation of the executive directors shall be determined by the Board with observance of the remuneration policy adopted by the General Meeting at the proposal of the Board. The executive directors shall not participate in the deliberations and decision-making regarding the determination of the remuneration of the executive directors. The compensation of the non-executive directors shall be determined by the Board with observance of the remuneration policy adopted by the General Meeting.

Any compensation in the form of our Shares or rights to subscribe for our Shares will be subject to the approval of the General Meeting. Such proposal shall state at least the maximum number of Shares or rights to subscribe for Shares that may be granted to directors and the criteria for making or amending such grants.

Our remuneration policy authorizes the Board to determine the amount, level and structure of the compensation packages of our directors at the recommendation of our compensation committee. These compensation packages may consist of a mix of fixed and variable compensation components, including base salary, short-term incentives, long-term incentives, fringe benefits, severance pay and pension arrangements, as determined by the Board.

With respect to the year ended December 31, 2022, our non-executive directors are entitled to receive the cash compensation, as described in the table below (in Euros thousand):

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Non-executive director** | **Member of the<br>Board** | **Member of the<br>Board** |  | **Member of the<br>Compensation<br>Committee** | **Member of the<br>Compensation<br>Committee** |  | **Member of the Audit<br>Committee** | **Member of the Audit<br>Committee** |  | **Member of the<br>Nominating and<br>Governance<br>Committee** | **Member of the<br>Nominating and<br>Governance<br>Committee** |  | **Total** | **Total** |
|  **Beatriz González Ordóñez** | € | 40 |  | **€** | 0 |  | € | 10 | (\*,\*\*) | € | 5 |  | € | 55 |
|  **Francisco Riberas** | € | 40 |  | € | 10 | (\*) | € | 2 | (\*\*) | € | 0 |  | € | 52 |
|  **Anders Pettersson** | € | 60 | (\*) | € | 5 |  | € | 0 |  | € | 0 |  | € | 65 |
|  **César Ruipérez Cassinello** | € | 2 | (\*\*) | € | 0 |  | € | 0 |  | € | 0 | (\*,\*\*) | € | 2 |
|  **Pol Soler** | € | 40 |  | € | 5 |  | € | 5 |  | € | 5 |  | € | 55 |
|  **Donna Kinzel** | € | 21 | (\*\*) | € | 0 |  | € | 8 | (\*,\*\*) | € | 0 |  | € | 29 |
|  **Diego Dĺaz Pilas** | € | 38 | (\*\*) | € | 0 |  | € | 0 |  | € | 7 | (\*,\*\*) | € | 45 |

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(\*) Chairman of the Board or the applicable committee.

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| | |
|:---|:---|
| (\*\*) | Pro-rated amount based on the time served on the Board or applicable committee during 2022.  |

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#### Equity Awards
Our founders, directors and executive officers held the following stock options (both vested and unvested) as of December 31, 2022:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Beneficiary** | **Grant date** | **Number of options**<br>**outstanding** | **Strike price** | **Strike price** |
|  Enric Asunción Escorsa (\*) | April 6, 2022 | 775267 | € | 1.93 |
|  Jordi Lainz | October 1, 2021 | 1906924 | € | 0.0021 |
|  Jordi Lainz | April 8, 2022 | 350000 |  |  |
|  Eduard Castañeda (\*) | April 6, 2022 | 258342 | € | 1.93 |
|  Jordi Lainz | October 1, 2021 | 2161447 | € | 0.0021 |

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| | |
|:---|:---|
| (\*) | As of December 31, 2021, both Enric Asuncion Escorsa and Eduard Castaneda were already participating in the Founders Stock Option Plan as discussed in Note 22 of the consolidated financial statements included elsewhere in this Annual Report. On April 6, 2022, Enric Asuncion Escorsa was granted 777,267 options and Eduard Castaneda was granted 258,342, in each case, with a strike price of €1.93.  |

---

#### Wallbox Legacy Employee Stock Option Programs
Prior to the Business Combination, certain beneficiaries were given the opportunity to participate in an Employee Stock Option Program (the "Legacy Stock Option Program") as part of a long-term equity incentive scheme. The Legacy Stock Option Program consists of three different programs: one for founders, one for management and one for other employees. The Legacy Stock Option Program for founders was adopted by our shareholders in June 2021. The Legacy Stock Option Program for management was adopted by our shareholders in July 2018. The Legacy Stock Option Program for employees was adopted by our shareholders in May 2020.

Under the Legacy Stock Option Program for founders, we have reserved for issuance to the beneficiaries 1,033,610 stock options to purchase our shares at a per share exercise price equal to €1.93. Stock options granted under the Legacy Stock Option Program for founders will, for a period of 3 years, only become exercisable in equal monthly installments, determined by pro rating the options (i.e. 1/36th per month) over such three year period, on the last day of each calendar month and will be freely exercisable thereafter; provided all such options will expire after five years from the grant date. Founders who terminate employment with we may retain any stock options vested as of the applicable termination date. On April 6, 2022, Enric Asuncion Escorsa was granted 777,267 options and Eduard Castañeda was granted 258,342, in each case, with a strike price of €1.93.

Under the Legacy Stock Option Program for management, the beneficiaries received 7,253,823 stock options to purchase Class A Shares at a per share exercise price equal to €0.0021. Stock options granted under the Legacy Stock Option Program for managers generally vest in equal yearly instalments on the last day of each year over a 3 year period and expire 2 years from the last of such vesting dates. Managers who terminate employment with we may retain any stock options vested.

Under the Legacy Stock Option Program for employees, the beneficiaries received 1,626,206 stock options to purchase Class A Shares at a per share exercise price equal to €0.0021. We have agreed to reimburse such employees for the amount of any exercise price paid in connection with the exercise of such options. Stock options granted under the Legacy Stock Option Program for employees generally vest in equal monthly installments on the last day of each calendar month over an 8 month period. Employees who terminate employment with we may retain any stock options vested as of the applicable termination date.

In accordance with the terms of the Legacy Stock Option Programs for employees, participants were entitled to execute their vested shares at the occurrence of an "Exit Event" and were not exercisable until an "Exit Event" occurs. Notwithstanding the foregoing, following the consent of each individual award holder, this "Exit Event" requirement was waived and the stock options will instead became vested and exercisable based on the conditions applicable to such stock options as of immediately prior to the Business Combination without regard to the "Exit Event" condition.

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#### Wallbox N.V. 2021 Equity Incentive Plan
We maintain the Incentive Plan (an omnibus equity incentive plan), as a means to attract, retain and incentivize service providers (including executive officers), consultants and directors, and employees and consultants of any of our subsidiaries, as well as such other persons designated as eligible for participation by the plan administrator in its discretion are eligible to receive awards under the Incentive Plan.

The number of shares initially available for issuance under awards granted pursuant to the Incentive Plan was 17,090,419. The number of shares initially available for issuance will be increased on January 1 of each calendar year beginning in 2022 and ending in 2031, by an amount equal to the lesser of (a) 2.5% of the shares of Class A Shares outstanding on the final day of the immediately preceding calendar year and (b) such smaller number of shares as determined by the Board.

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#### Wallbox N.V. Amended and Restated 2021 Employee Stock Purchase Plan
In connection with the Business Combination, the Board adopted an ESPP (as amended by the Board on December 14, 2022) in order to facilitate employees of ours and our affiliates to purchase Class A Shares at a discount through payroll deductions and to benefit from share price appreciation, thus enhancing the alignment of employee and shareholder interests, which is essential to our long term success. The material terms of the ESPP are summarized below.

#### Summary of the ESPP
This section summarizes certain principal features of the ESPP. The summary is qualified in its entirety by reference to the complete text of the ESPP.

The ESPP is comprised of two distinct components in order to provide increased flexibility to grant the right to purchase shares of Class A Shares under the ESPP to U.S. and to non-U.S. employees. Specifically, the ESPP authorizes (1) the grant of the right to purchase shares of Class A Shares by U.S. employees that are intended to qualify as rights granted pursuant to an "employee stock purchase plan" under Section 423 of the Code (the "Section 423 Component"), and (2) the grant of the right to purchase shares of Class A Shares that are not intended to qualify as rights granted pursuant to an "employee stock purchase plan" under Section 423 of the Code to facilitate participation for employees located outside of the U.S. who do not benefit from favorable U.S. federal tax treatment or who otherwise are not eligible or not intended to participate in the Section 423 Component and to provide flexibility to comply with non-U.S. law and other considerations (the "Non-Section 423 Component"). Where permitted under local law and custom, we expect that the Non-Section 423 Component will generally be operated and administered on terms and conditions similar to the Section 423 Component.

#### Shares Available for Awards; Administration
8,545,209 shares were initially reserved for issuance under the ESPP, which was increased by 1,377,838 on January 1, 2022. In addition, the number of shares available for issuance under the ESPP will be annually increased on January 1 of each calendar year beginning in 2022 and ending on and including January 31, 2031, by an amount equal to the lesser of (A) 1% of the aggregate number of shares of Class A Shares outstanding on the final day of the immediately preceding calendar year and (B) such smaller number of shares as is determined by the Board. The Board or the compensation committee of the Board will administer and will have authority to interpret the terms of the ESPP and determine eligibility of participants. We expect that the compensation committee will be the initial administrator of ESPP.

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#### Eligibility
We expect that substantially all of our employees will be eligible to participate in the ESPP.

However, an employee may not be granted rights to purchase stock under the ESPP if the employee, immediately after the grant, would own (directly or through attribution) stock possessing 5% or more of the total combined voting power or value of all classes of stock and other securities of Wallbox, or a parent or subsidiary corporation of Wallbox. Directors who are not employees are not eligible to participate. Employees who choose not to participate, or are not eligible to participate at the start of an offering period but who become eligible thereafter, may enroll in any subsequent offering period. Additionally, the plan administrator may provide that an employee will not be eligible to participate in an offering period under the Section 423 Component if (i) such employee is a highly compensated employee under Section 414(q) of the Code, (ii) such employee has not met a service requirement designated by the plan administrator, (iii) such employee's customary employment is for twenty hours per week or less, (iv) such employee's customary employment is for less than five months in any calendar year and/or (v) such employee is a citizen or resident of a non-U.S. jurisdiction or the grant of a right to purchase shares of Class A Shares under the ESPP to such employee would be prohibited under the laws of such non-U.S. jurisdiction or the grant of a right to purchase such shares under the ESPP to such employee in compliance with the laws of such non-U.S. jurisdiction would cause the ESPP to violate the requirements of Section 423 of the Code.

#### Grant of Rights
Stock will be offered under the ESPP during offering periods. The length of the offering periods under the ESPP will be determined by the plan administrator and may be up to twenty-seven months long. The plan administrator will establish one or more purchase periods within each offering period. The number of purchase periods within, and purchase dates during each offering period, will be established by the plan administrator prior to the commencement of each offering period. The length of the purchase periods will be determined by the plan administrator and may be up to twenty-seven months long. Employee payroll deductions will be used to purchase shares on each purchase date during an offering period. The purchase dates for each offering period will be the final trading day of the purchase period or such other date as determined by the plan administrator. Payroll deductions for each offering periods under the ESPP will commence for a participant on the first regular payday following the applicable enrollment date of an offering period and will end on the last such payday in the offering period to which such participant's authorization is applicable, unless sooner terminated or suspended by the participant or plan administrator under the ESPP. The plan administrator may, in its discretion, modify the terms of future offering periods. In non-U.S. jurisdictions where participation in the ESPP through payroll deductions is prohibited, the plan administrator may provide that an eligible employee may elect to participate through contributions to the participant's account under the ESPP in a form acceptable to the plan administrator in lieu of or in addition to payroll deductions.

The ESPP permits participants to purchase Class A Shares through payroll deductions of a specified percentage or a fixed dollar amount of their eligible compensation, which, in either event, may not be less than 1% and may not be more than the maximum percentage specified by the plan administrator for the applicable offering period or purchase period. In the absence of a contrary designation, such maximum percentage will be 20%. The plan administrator will establish a maximum number of shares that may be purchased by a participant during any offering period or purchase period. In addition, no employee will be permitted to accrue the right to purchase stock under the Section 423 Component at a rate in excess of $25,000 worth of shares during any calendar year during which such a purchase right is outstanding (based on the fair market value per share of Class A Shares as of the first day of the offering period).

On the first trading day of each offering period, each participant will be granted the right to purchase shares of Class A Shares. The right will expire on the earlier of, the end of the applicable offering period, the last purchase date of the offering period, and the date on which the participant withdraws from the ESPP, and will be exercised at that time to the extent of the payroll deductions (or contributions) accumulated during the offering period. The purchase price of the shares, in the absence of a contrary designation, with respect to the Section 423 Component will be 85% of the lower of the fair market value of Class A Shares on the first trading day of the offering period or

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on the purchase date. Participants may voluntarily end their participation in the ESPP at any time during a specified period prior to the end of the applicable offering period, and will be paid their accrued payroll deductions (and contributions, if applicable) that have not yet been used to purchase shares of Class A Shares. If a participant withdraws from the ESPP during an offering period, the participant cannot rejoin until the next offering period. Participation ends automatically upon a participant's termination of employment.

A participant may not transfer rights granted under the ESPP other than by will or the laws of descent and distribution, and are generally exercisable only by the participant.

#### Certain Transactions
In the event of certain non-reciprocal transactions or events affecting Class A Shares, including, without limitation, any dividend or other distribution, change in control, reorganization, merger, repurchase, redemption, recapitalization, liquidation, dissolution, sale of all or substantially all of our assets or sale or exchange of our shares of Class A Shares, or other similar corporate transaction or event, the plan administrator will make equitable adjustments to the ESPP and outstanding rights. In the event of any events or transactions set forth in the immediately preceding sentence or any unusual or non-recurring events or transactions, the plan administrator may provide for (1) either the replacement of outstanding rights with other rights or property or termination of outstanding rights in exchange for cash, (2) the assumption or substitution of outstanding rights by the successor or survivor corporation or parent or subsidiary thereof, if any, (3) the adjustment in the number and type of shares of stock subject to outstanding rights, (4) the use of participants' accumulated payroll deductions to purchase stock on a new purchase date prior to the next scheduled purchase date and termination of any rights under ongoing offering periods or (5) the termination of all outstanding rights.

#### Plan Amendment; Termination
The plan administrator may amend, suspend or terminate the ESPP at any time. However, shareholder approval will be obtained for any amendment that increases the aggregate number or changes the type of shares that may be sold pursuant to rights under the ESPP, in excess of the initial pool and annual increase as described above, or changes the corporations or classes of corporations whose employees are eligible to participate in the ESPP. The ESPP will continue until terminated by the Board.

C. **Board Practices** 

#### Director and Officer Qualifications
We are not expected to formally establish any specific, minimum qualifications that must be met by each of its officers. However, we expect generally to evaluate several qualities, including the following: educational background, diversity of professional experience, including whether the person is a current or was a former chief executive officer or chief financial officer of a public company or the head of a division of a prominent international organization, knowledge of our business, nationality, integrity, professional reputation, independence, wisdom, and ability to represent the best interests of our shareholders.

The Board has adopted a Board Profile Policy, a Diversity Policy and Board Regulations regarding director qualification considerations.

#### Corporate Governance Practices
*DCGC* 

As a listed Dutch public limited liability company (*naamloze vennootschap*), we are subject to the DCGC. The DCGC contains both principles and best practice provisions on corporate governance that regulate relations between the board and the general meeting and matters in respect of financial reporting, auditors, disclosure, compliance and enforcement standards. The DCGC is based on a "comply or explain" principle. Accordingly, companies are required to disclose in their statutory management report, filed in the Netherlands, whether they comply with the provisions of the DCGC. For further information and the full text of the DCGC please refer to: www.mccg.nl.

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On December 20, 2022, the Corporate Governance Code Monitoring Committee published an update to the DCGC. The updated DCGC entered into force as for the financial year beginning on or after January 1, 2023, meaning that compliance with the updated DCGC will need to be accounted for in the management report for the financial year 2023.

We acknowledge the importance of good corporate governance. However, we do not comply with all the provisions of the DCGC, to a large extent because such provisions conflict with or are inconsistent with the corporate governance rules of the NYSE and U.S. securities laws, or because we believe such provisions do not reflect customary practices of global companies listed on the NYSE.

Except as set out below, during the fiscal year to which this report relates, we have complied with the principles and best practice provisions of the DCGC, to the extent that these are directed at the Board.

*Compensation (best practice provisions 3.1.2, 3.2.3, 3.3.2, 3.3.3 and 3.4.1)* 

Consistent with market practice in the United States, and for as long as that is the trading jurisdiction of our Class A Shares, and in order to further support our ability to attract and retain the right highly qualified candidates for the Board:

• options awarded to our executive directors as part of their compensation could (subject to the terms of the option awards) vest and become exercisable during the first three years after the date of grant;

• though individual and Company performance are considered when granting any variable pay, no pre-defined measurable performance criteria apply, and no scenario analyses have been performed in relation to variable pay;

• our directors may generally sell our Class A Shares held by them at any point in time, subject to applicable law, Company policy and applicable lock-up arrangements;

• our non-executive directors may be granted compensation in the form of shares, options and/or other equity-based compensation; and

• our executive directors may be entitled to a severance payment in excess of their respective annual base salaries.

The non-executive directors confirm that the statements required to be made pursuant to best practice provision 5.1.5 of the DCGC, to the extent applicable, are included in this management report and for the purposes of this best practice provision should be regarded as statements made by the non-executive directors.

#### Committees of the Board of Directors
The Board established three standing committees from among its non-executive directors, including an Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee. The Board shall remain collectively responsible for decisions prepared by the committees.

#### Audit Committee
Audit committee members are non-executive directors of the Board and are Beatriz González, Donna J. Kinzel, and Pol Soler. Donna J. Kinzel serves as chair of the audit committee.

Each member of the audit committee is expected to be financially literate and at least one member is expected to qualify as an "audit committee financial expert" as defined in applicable SEC rules.

The audit committee advises the Board in relation to its responsibilities, undertakes preparatory work for the Board's decision-making regarding the supervision of the integrity and quality of our financial reporting and the effectiveness of our internal risk management and control systems and shall prepare resolutions of the Board in relation thereto. The our Board adopted an audit committee charter, which details the principal functions of the audit committee, including, among other things:

• meeting with our independent registered public accounting firm regarding, among other issues, audits, and adequacy of our accounting and control systems;

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• monitoring the independence of our independent registered public accounting firm;

• verifying the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible for reviewing the audit as required by law;

• inquiring and discussing with management our compliance with applicable laws and regulations;

• pre-approving all audit services and permitted non-audit services to be performed by our independent registered public accounting firm, including the fees and terms of the services to be performed;

• appointing or replacing our independent registered public accounting firm;

• determining the compensation and oversight of the work of our independent registered public accounting firm (including resolution of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work;

• establishing procedures for the receipt, retention and treatment of complaints received by us regarding accounting, internal accounting controls or reports which raise material issues regarding our financial statements or accounting policies; and

• reviewing and approving related party transactions in accordance with our Related Party Transaction Policy and Procedures.

#### Compensation Committee
Compensation committee members are non-executive directors of the Board and include Francisco Riberas, Pol Soler and Anders Pettersson. Francisco Riberas serves as chairman of the compensation committee.

The compensation committee advises the Board in relation to its responsibilities and shall prepare resolutions of the Board in relation thereto. The Board adopted a compensation committee charter which details the principal functions of the compensation committee, including, among other things:

• reviewing and approving on an annual basis the corporate goals and objectives relevant to our Chair of the Board and Chief Executive Officer's compensation, evaluating the Chair of the Board and Chief Executive Officer's performance in light of such goals;

• reviewing and approving the compensation of all of its other executive officers;

• reviewing its executive compensation policies and plans;

• implementing and administering its incentive compensation equity-based remuneration plans;

• assisting management in complying with its annual report disclosure requirements;

• approving all special perquisites, special cash payments and other special compensation and benefit arrangements for its executive officers and employees; and

• reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.

The charter also provides that the compensation committee may, in its sole discretion, retain or obtain the advice of a compensation consultant, legal counsel or other adviser and is directly responsible for the appointment, compensation and oversight of the work of any such adviser. However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other adviser, the compensation committee will consider the independence of each such adviser, including the factors required by the NYSE and the SEC.

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#### Nominating and Corporate Governance Committee
Nominating and corporate governance committee members are non-executive directors of the Board and are César Ruipérez Cassinello (as acting non-executive director), Pol Soler and Beatriz González Ordóñez. César Ruipérez Cassinello serves as chairman of the nominating and corporate governance committee.

The nominating and corporate governance committee advises the Board in relation to its responsibilities and shall prepare resolutions of the Board in relation thereto. The nominating and corporate governance committee is also responsible for overseeing the selection of persons to be nominated to serve on the Board and shaping our corporate governance. The nominating and corporate governance committee will consider persons identified by its members, management, shareholders and others. the Board adopted a nominating and corporate governance committee charter which details the principal functions of the nominating and corporate governance committee, including, among other things:

• developing and recommending to the Board a set of corporate governance guidelines;

• assessing the functioning of individual directors of the Board and making recommendations for appointments and reappointments to the Board and the committees of the Board;

• supervising the policy of the Board on the selection criteria and appointment procedures for senior management;

• participating in our succession planning for the Chair of the Board and Chief Executive Officer and other executive officers, including an emergency succession plan for the Chair of the Board and Chief Executive Officer; and

• making recommendations to the Board regarding other company governance matters.

#### Duties of Board Members and Conflicts of Interest
The Board is entrusted with the management of our Company and, for such purpose, has all the powers within the limits of the law that are not granted by our Articles of Association to others. We have a one-tier board, consisting of one or more executive directors and one or more non-executive directors.

The executive directors are primarily responsible for all of our day-to-day operations. The non-executive directors supervise (i) the executive directors' policy and performance of duties and (ii) our general affairs and its business, and render advice and direction to the executive directors. The executive directors shall timely provide the non-executive directors with the information they need to carry out their duties. The directors furthermore perform any duties allocated to them under or pursuant to the law or Articles of Association. Each director has a duty to our Company to properly perform its duties. In the performance of their tasks, the directors shall be guided by the interests of our Company and the enterprise connected with it. Under Dutch law, the interests of our Company and the enterprise connected with it extend to the interests of all stakeholders, such as shareholders, creditors, employees, customers and suppliers.

Pursuant to our Articles of Association and the regulations of the Board (the "Board Regulations"), a Director shall not participate in the discussions and/or decision-making process on a subject or transaction in relation to which he/she has a direct or indirect personal conflict of interest with our Company within the meaning of Article 13.2 of the Board Regulations or Section 2:140 paragraph 5 DCC ("Conflict of Interest"). Such transaction must be concluded on terms which are customary in the market concerned and be approved by the Board.

During the year ended December 31, 2022, there were no transactions where there was a Conflict of Interest.

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#### Executive Officer Employment Agreements and Board Member Service Agreements
We have entered into management services agreements with each of our executive management team members, including our executive director. The management services agreements contain a termination notice period for us and the executive directors. All of the management services agreements provide that the manager or executive director, as the case might be, may be terminated in the event of an urgent cause (*dringende reden*) without advance notice. The management services agreements contain post-termination restrictive covenants, including confidentiality, and post-termination non-competition and non-solicitation covenants.

Additionally, the shareholders approved a remuneration policy for non-executive directors that provides for compensation, including an annual cash fee, an annual equity grant, an annual fee for membership on a committee of the Board, an annual fee for acting as a chairperson of the Board and annual fee for acting as a chairperson of a committee of the Board. The remuneration policy was adopted by non-executive directors.

#### Board Observers
Mr. Marc Sabé served during the year ended December 31, 2022 and continues to serve as an observer on our Board. Mr Sabé is an employee of Eurofred, S.A., which is company affiliated with one of our major shareholders, Mingkiri, S.L.

In March 2023, we appointed two observers to our Board, Dr. Dieter Zetsche, Chairman of TUI AG and former Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz (XETRA: MBG), and Justin Mirro, Founder and President of Kensington Capital Partners LLC.

D. **Employees** 

#### Average number of employees in the last 3 years is:

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| | | | |
|:---|:---|:---|:---|
| **(Average number of employees)** | **2022** | **2021** | **2020** |
|  Directives | 41 | 22 | 20 |
|  Administrative | 445 | 261 | 79 |
|  Commercials | 194 | 117 | 55 |
|  Operators | 38 | 23 | 11 |
|  Engineers | 464 | 177 | 107 |
|  **Total** | **1.182** | **600** | **272** |

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We strive to offer competitive employee compensation and benefits in order to attract and retain a skilled and diverse workforce. As of December 31, 2022, we had 1267 employees, more than 359 of whom are hardware engineers, more than 258 of whom are software developers and more than 240 of whom are focused on product sales. Most of our employees are located in Spain, although its global footprint has employees working in offices across seven European countries, an office in China and another in the United States. We have not experienced a work stoppage and believe it maintains positive relationships with our employees. The employment terms and conditions of the employees based in Spain are governed by the collective bargaining agreement of the metal sector applied at a regional sector in Madrid and in Barcelona (published within the Official Gazette of Madrid and Barcelona on February 14, 2019 and January 18, 2021, respectively).

E. **Share Ownership** 

For information regarding the share ownership of Directors and officers, refer to Item 7, "*Major Shareholders and Related Party Transactions – Major Shareholders*" included elsewhere in this Annual Report. For information regarding our equity incentive plans, refer to Item 6, "*Directors, Senior Management and Employees – B. Compensation*" included elsewhere in this Annual Report.

**F.** **Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation** 

Not applicable.

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#### Item 7. Major Shareholders and Related Party Transactions
A. **Major Shareholders** 

The following table sets forth information relating to the beneficial ownership of our Class A Shares and Class B Shares as of March 1, 2023, for:

• each person, or group of affiliated persons, known by us to beneficially own 5% or more of our outstanding Class A Shares or Class B Shares;

• each of our current executive officers and our Directors; and

• all of our current executive officers and our Directors as a group.

For further information regarding material transactions between us and principal shareholders, Please refer to "*Related Party Transactions*" below.

The number of Class A Shares and/or Class B Shares beneficially owned by each entity, person, executive officer or Board member is determined in accordance with the rules of the SEC, and the information is not necessarily indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any shares over which the individual has sole or shared voting power or investment power as well as any shares that the individual has the right to acquire within 60 days of March 1, 2023 through the exercise of any option, warrant or other right. Except as otherwise indicated, and subject to applicable community property laws, the persons named in the table have sole voting and investment power with respect to all Class A Shares or Class B Shares held by that person.

As of March 1, 2023, there were 149,154,571 Class A Shares outstanding and 23,250,793 Class B Shares outstanding.

Unless otherwise indicated, the address of each person named below is c/o Wallbox N.V. Carrer del Foc, 68 Barcelona, Spain 08038.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A Shares** | **Class A Shares** | **Class B Shares<sup>(1</sup>)** | **Class B Shares<sup>(1</sup>)** | **Combined Voting Power**<br> **(%)<sup>(2)</sup>** |
| **Beneficial Owner** | **Number** | **%** | **Number** | **%** |  |
|  ***Executive Officers and Directors of Wallbox*** |  |  |  |  |  |
|  Enric Asunción Escorsa<sup>(3)</sup> | 921053 | \* | 18898908 | 80.3% | 49.7% |
|  Jordi Lainz<sup>(4)</sup> | 1869672 | 1.2% |  |  | \* |
|  Eduard Castañeda |  |  | 4725133 | 20.2% | 12.4% |
|  Anders Pettersson | 1545000 | 1.0% |  |  | \* |
|  Francisco Riberas<sup>(5)</sup> | 8037541 | 5.4% |  |  | 2.1% |
|  Pol Soler<sup>(6)</sup> | 13616214 | 9.1% |  |  | 3.6% |
|  Beatriz González Ordóñez<sup>(7)</sup> | 11505865 | 7.7% |  |  | 3.0% |
|  Donna J. Kinzel |  |  |  |  |  |
|  Cesar Ruiperez Cassinello |  |  |  |  |  |
|  **All executive officers and directors of Wallbox as a group** (9 persons) | 37495345 | 24.8% | 3624041 | 100% | 71.2% |
|  ***5% and Greater Shareholders*** |  |  |  |  |  |
|  KARIEGA VENTURES, S.L.<sup>(3)</sup> |  |  | 18618950 | 80.1% | 48.8% |
|  Inversiones Financieras Perseo, S.L.U.<sup>(8)</sup> | 17073470 | 11.4% |  |  | 4.5% |
|  Mingkiri, S.L. (Eurofred Spain, S.L.)<sup>(9)</sup> | 15404538 | 10.3% |  |  | 4.0% |
|  Infisol 3000, S.L.<sup>(6)</sup> | 13240274 | 8.9% |  |  | 3.5% |
|  Seaya Ventures II, Fondo De Capital Riesgo<sup>(7)</sup> | 11505865 | 7.7% |  |  | 3.0% |
|  Black Label Equity I SCR SA<sup>(10)</sup> | 9110175 | 6.1% |  |  | 2.4% |
|  AM Gestió, S.L.<sup>(11)</sup> | 8469293 | 5.7% |  |  | 2.2% |
|  Cathay Innovation SAS<sup>(12)</sup> | 8732888 | 5.9% |  |  | 2.3% |

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\* Indicates a shareholding of less than 1%. 

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(1) Each Class B Share is convertible at any time at the option of the holder into one Class A Share and one Conversion Share. Beneficial ownership of Class B Shares reflected in this table has not also been reflected as beneficial ownership of Class A Shares into which the Class B shares may be exchanged.

(2) The percentage reported under "Combined Voting Power" represents the voting power with respect to all of our Class A Shares and Class B Shares outstanding as of March 1, 2023, voting as a single class. Holders of our Class A Shares are entitled to one vote per share, and holders of our Class B Shares are entitled to ten votes per share.

(3) Each of KARIEGA VENTURES, S.L. and Enric Asunción Escorsa has shared voting power and shared investment power over 18,618,950 Class B Shares held of record by KARIEGA VENTURES, S.L.. Enric Asunción Escorsa has sole voting power and sole dispositive power over 921,053 Class A Shares, and 279,958 Class B Shares underlying stock options that are exercisable within 60 days of March 1, 2023. The address of KARIEGA VENTURES, S.L. is Av. Diagonal 419, 4 Planta, Barcelona, Spain 08008. Enric Asunción Escorsa is the Chief Executive Officer and a member of the Board.

(4) Includes 58,333 restricted stock units to be settled in Class A Shares within 60 days of March 1, 2023 and 1,780,164 Class A Shares underlying stock options that are exercisable within 60 days of March 1, 2023.

(5) Francisco Jose Riberas Mera is the Sole Administrator of Orilla Asset Management, S.L., which holds 8,037,541 Class A Shares. Investment and voting decisions with respect to the shares held by Orilla Asset Management are made by Francisco Jose Riberas Mera who has sole dispositive power over such shares. The address of Orilla Asset Management, S.L. is The address of Orilla Asset Management, S.L. is Alcala nº 52, Piso 3º, Puerta Izquierda, Madrid 28014, Spain.

(6) Based solely on a Schedule 13D filed on February 14, 2022, Infisol 3000, S.L. has sole voting power and sole investment over 13,240,274 Class A Shares, and Mesrrs. Juan Manuel Soler Pujol, Lluis Soler Masferrer, Daniel Soler Masferrer and Pol Soler may be deemed to have shared voting power and shared dispositive power over such shares. Pol Soler has sole voting power and sole dispositive power over 375,940 Class A Shares. The address of the foregoing named beneficial owners Calle Josep Irla i Bosch, numeros 1-3, Barcelona, Spain 08034. Pol Soler is a member of the Board.

(7) Based solely on a Schedule 13G filed on February 11, 2022, Seaya Ventures II, Fondo De Capital Riesgo, Beatriz González Ordóñez and José Maria Múgica Murga have shared voting power and shared dispositive power over 11,505,865 Class A Shares. Seaya Ventures II, Fondo De Capital Riesgo is the record holder, and Ms. Beatriz González Ordóñez and Mr. José Marĺa Múgica Murga share investment and dispositive power over the securities held of record by Seaya.The address of the foregoing named beneficial owners is Calle Alcala, numero 54, Madrid, Spain 28014. Ms. González Ordóñez is a member of the Board.

(8) Based solely on a Schedule 13G/A filed on February 10, 2023, Iberdrola, S.A., Iberdrola Participaciones S.A.U. and Inversiones Financieras Perseo S.L.U. have shared voting power and shared investment power over 17,073,470 Class A Shares. The address of the foregoing beneficial owners is Plaza Euskadi, 5, Bilbao (Bizkaia), Spain 48009.

(9) Based solely on a Schedule 13G filed on February 10, 2022, MINGKIRI, S.L. has shared voting power and shared investment power over 15,304,538 Class A Shares and Marta Santacana Gri has shared voting power and shared investment power over 15,404,538 Class A Shares. Marta Santacana Gri may be deemed the beneficial owner of 15,404,538 Class A Ordinary Shares, which consist of (i) 15,304,538 Class A Ordinary Shares held of record by MINGKIRI, S.L. and (ii) 100,000 Class A Ordinary Shares held of record by Anangu Grup S.L. Marta Santacana Gri has sole investment and dispositive power over the securities held of record by MINGKIRI, S.L. and shares investment and dispositive power over the securities held of record by Anangu Grup S.L. The address of the foregoing named reporting persons is Marquest de Sentmenat 97, Barcelona, Spain 08029.

(10) Based solely on a Schedule 13G filed on February 9, 2022, Black Label Equity I SCR, S.A. and Alexandre Pierron-Darbonne have shared voting power and shared investment power over 9,110,175 Class A Shares. All investment and voting decisions with respect to the shares held by Black Label Equity I SCR SA are made by Mr. Alexandre Pierron Darbonne. The address of the foregoing named beneficial owners is Plaza de la Independencia 6, Madrid, Spain 28001.

(11) Based solely on a Schedule 13G filed on March 9, 2022. AM Gestió, S.L. has sole voting power over 8,469,293 Class A Shares. The address of the foregoing named beneficial owner Rossello Street 224, 3. Barcelona, Spain 08008.

(12) Based solely on a Schedule 13G filed on February 1, 2022, Cathay Innovation SAS has sole voting power and sole dispositive power over 8,732,888 Class A Shares. The address of the foregoing named beneficial owner is 52 Rue d'Anjou, Paris, France 75008.

#### Significant Changes in Ownership
To our knowledge, other than as provided in the table above, other filings with the SEC, public disclosure and this Annual Report, there has been no significant change in the percentage ownership held by any major shareholder during the past three years.

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#### Registered Holders
To our knowledge, 65,496,020 Class A Shares, representing approximately 44% of our total outstanding Class A Shares, were held by 23 record shareholders with registered addresses in the United States. To our knowledge, no Class B Shares were held by record shareholders with registered addresses in the United States.

#### Change in Control Arrangements
We are not aware of any arrangement that may at a subsequent date result in a change of control of our Company.

B. **Related Party Transactions** 

The following includes, among other information, a description of related party transactions, as defined under Item 7.B of Form 20-F, since January 1, 2022.

#### Loan with Wallbox FAWSN
At December 31, 2022, we classified the investment with Wallbox FAWSN as an asset held for sale and as of the year ended December 31, 2022, we have committed to a plan to sell this investment with the intention to complete the sale by year's end. The loans with Wallbox FAWSN are equal to €1,411 thousand at December 31, 2022 and €1,251 thousand at December 31, 2021 and fully depreciated in 2022. These loans bear an interest rate of 5%. We booked an interest income of €47 thousand and €61 thousand in the years ended December 31. 2022 and 2021, respectively. In addition, the outstanding trade receivables as of December 31, 2022 and 2021 were €534 thousand and €535 thousand, respectively. These trade receivables are also fully depreciated in 2022.

#### Private Placement Equity Offering
In connection with the December 2022 private placement of Class A Shares, Enric Asunción Escorsa purchased 921,053 Class A Shares, Orilla Asset Management, S.L. purchased 3,759,399 Class A Shares, AM Gestió, S.L. purchased 751,880 Class A Shares and each of Infisol 3000, S.L., Inversiones Financieras Perseo S.L. and Anangu Grup, S.L. purchase 375,940 Class A Shares, in each case, at price of $5.32 per share, the same terms as other investors.

#### Iberdrola
Iberdrola S.A. (together with its affiliates, "Iberdrola") is the indirect owner of 100% of the interests in Inversiones Financieras Perseo, S.L. ("Perseo") a greater than 5% shareholder of Wallbox.

In June 2021, we entered into a lease with a subsidiary of Iberdrola for Company offices located in Barcelona. The lease agreement provides for a monthly payment to be annually updated. This lease agreement covers the period until August 2031. During the year ended December 31, 2022, the Company paid Iberdrola an aggregate of €609 thousand in rent and other expenses under the lease agreement.

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In July 2020, Iberdrola entered into Letter of Intent to purchase Supernova charging stations from Wallbox. The terms of this letter of intent, in which Iberdrola expressed its interest in purchasing 6,500 Supernova chargers and, in 2022, express an interest to increase the number of public use chargers it plans to purchase for a total of 10,000 chargers. During 2022, no public chargers were sold to Iberdrola under the letter of intent. In the normal course of business, we enter into transactions and commercial arrangements with affiliates of Iberdrola, which, for the year ended December 31, 2022, involved sales of our chargers in an aggregate amount of €4.3 million which represent the same purchase price as is sold to unrelated third parties.

On September 27, 2021, we, as buyer, entered into a Power Purchase Agreement ("PPA") with Iberdrola Clientes, S.A.U. ("Iberdrola Clientes"), a Spanish limited liability company and affiliate of Iberdrola, as seller, for the supply of renewable energy to meet the energy demands of our Zona Franca factory located in Poligono Industrial Zona Franca Calle D, 26-08040 Barcelona, Spain (the "Zona Franca Factory"). Pursuant to the PPA, Iberdrola Clientes, installed, commissioned and operates certain photovoltaic facilities (the "Facilities"). The Facilities are considered a "self-consumption" facility and as such, Iberdrola Clientes is entitled to market any excess energy generated by the Facilities that remain after our Zona Franca Factory's energy needs have been met. The PPA has an initial term of ten (10) years and is renewable for an additional period of fifteen (15) years. In the fiscal year ended December 31, 2022, we paid Iberdrola Clientes €8,800 under this agreement.

On October 5, 2021, Enric Asunción Escorsa furnished a letter to Perseo pursuant to which Mr. Asunción agreed to take best efforts to support the election of the director Perseo designates under the designation right Perseo has for so long as it owns shares representing 3% of our outstanding share capital. Cesar Ruiperez Cassinello currently serves as such director designee on the Board.

#### Remuneration Arrangements with the Board and Senior Management
For a description of our remuneration arrangements with members of the Board and senior management, Please refer to Item 6, "*Directors, Senior Management and Employees – B. Compensation.*"

#### Indemnification
Our Articles of Association provides for certain indemnification rights for our directors relating to claims, suits or proceedings arising from his or her service to our Company or, at our request, service to other entities, as directors or officers to the maximum extent permitted by Dutch law.

#### Review, Approval or Ratification of Transactions with Related Persons
Our Board of Directors has adopted a written Related Parties Transaction Policy and Procedures to set forth the policies and procedures for the review and approval or ratification of related party transactions. This policy covers material transactions or loans reportable under this Item between the Company and a related party, including without limitation our directors and senior management as well as their family members, and certain shareholders, and provides that such transactions be reviewed and approved or ratified by the Audit Committee. Such review shall assess if the transaction is on terms comparable to those that could be obtained in arm's length dealings with an unrelated third party, whether the transaction is inconsistent with the interest of the Company and its shareholders, the extent of the related party's interest in the transaction, and shall also take into account the conflicts of interest and corporate opportunity provisions of our organizational documents.

In addition to the conflict of interest rules included in the Board Regulations, we adopted a Code of Ethics & Conduct that applies to all of its employees, officers and directors, including those officers responsible for financial reporting, relating to, inter alia, conflicts of interest and transactions that may result in a conflict of interest with our Company, our Code of Ethics & Conduct is available on its website. We intend to disclose any amendment to the code, or any waivers of its requirements, on its website to the extent required under applicable law, rules, regulations or stock exchange requirements.

C. **Interests of Experts and Counsel** 

Not applicable.

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#### Item 8. Financial Information

#### Consolidated Statements and Other Financial Information

#### Consolidated financial statements
Refer to Item 18, "Financial Statements" included elsewhere in this Annual Report, which are incorporated herein by reference.

#### Legal and Arbitration Proceedings
We are not party to any material legal proceedings. From time to time, we may be involved in legal proceedings or subject to claims incident to the ordinary course of business. Regardless of the outcome, such proceedings or claims can have an adverse impact on us because of defense and settlement costs, diversion of resources and other factors, and there can be no assurances that favorable outcomes will be obtained.

#### Dividend Policy
We have not paid any cash dividends on the our shares to date and does not intend to pay cash dividends. For the foreseeable future, we intend to retain all available funds and any future earnings to fund the development and expansion of our business. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of the Business Combination. Under Dutch law, we may only pay dividends to the extent our equity (*eigen vermogen*) exceeds the sum of its paid up and called up part of its issued capital and the reserves which must be maintained pursuant to the law and (if it concerns a distribution of profits) after adoption by the General Meeting of the annual accounts from which it appears that such distribution is permitted. Subject to such restrictions, any future determination to pay dividends will be at the discretion of the Board. The Board may decide that all or part of the remaining profits shall be added to the reserves. After such reservation, any remaining profit will be at the disposal of the General Meeting. The Board may resolve to make interim distributions on Shares, subject to certain requirements, and with observance of (other) applicable statutory provisions, without the approval of the General Meeting. However, we do not anticipate paying any dividends on the our shares for the foreseeable future.

We have not declared or paid dividends in the years ended December 31, 2020, 2021 and 2022.

#### Significant Changes
Please refer to Note 28, *"Events After the Reporting Period,"* within our consolidated financial statements included elsewhere in this Annual Report for details regarding events subsequent to the reporting period.

#### Item 9. The Offer and Listing
A. **Offer and Listing Details** 

Our Class A Shares commenced trading on the NYSE on October 4, 2021 under the symbol "WBX." Our Warrants commenced trading on the NYSE on October 4, 2021 under the symbol "WBXWS." Prior to this, no public market existed for our Class A Shares or our Warrants. Our Class B ordinary shares are not listed to trade on any securities market.

B. **Plan of Distribution** 

Not applicable.

C. **Markets** 

Our Class A Shares commenced trading on the NYSE on October 4, 2021 under the symbol "WBX."

Our Warrants commenced trading on the NYSE on October 4, 2021 under the symbol "WBXWS."

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D. **Selling Shareholders** 

Not applicable.

E. **Dilution** 

Not applicable

F. **Expenses of the Issue** 

Not applicable.

#### Item 10. Additional Information
A. **Share Capital** 

Not applicable.

B. **Memorandum and Articles of Association** 

A copy of our Articles is incorporated by reference as Exhibit 1.1 to this Annual Report. The information called for by this Item is set forth in Exhibit 2.2 to this Annual Report and is incorporated by reference into this Annual Report.

C. **Material Contracts** 

Except as otherwise disclosed in this Annual Report (including the Exhibits), we are not currently, nor have we been for the past two years, party to any material contract, other than contracts entered into in the ordinary course of business.

D. **Exchange Controls** 

There are currently no Netherlands/Spanish exchange control regulations that would affect the import or export of capital or the remittance of dividends, interest or other payments to non-resident holders of our shares.

**E.** **Taxation** 

The following discussion is a summary of the material U.S. federal income tax consequences to U.S. Holders and Non-U.S. Holders (each as defined below) of the purchase, ownership and disposition of Class A Shares and Warrants and does not purport to be a complete analysis of all potential tax effects. The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local, or non-U.S. tax laws are not discussed. This discussion is based on the Code, Treasury regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the U.S. Internal Revenue Service (the "IRS"), in each case in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect a holder. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance the IRS or a court will not take a contrary position to that discussed below regarding the tax consequences discussed below.

This discussion does not address all U.S. federal income tax consequences that may be relevant to a holder's particular circumstances, including the impact of the Medicare contribution tax on net investment income. In addition, it does not address all U.S. federal income tax consequences relevant to holders subject to special rules, including, without limitation:

• regulated investment companies ("RICs") or real estate investment trusts ("REITs");

• brokers, dealers, or traders in securities;

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• tax-exempt organizations or governmental organizations;

• U.S. expatriates and former citizens or long-term residents of the United States;

• persons subject to the alternative minimum tax;

• persons holding Class A Shares and/or Warrants, as the case may be, as part of a hedge, straddle, constructive sale, or other risk reduction strategy or as part of a conversion transaction or other integrated investment;

• banks, insurance companies, and other financial institutions;

• persons subject to special tax accounting rules as a result of any item of gross income with respect to Class A Shares or Warrants being taken into account in an applicable financial statement;

• persons that actually or constructively own 10% or more (by vote or value) of our common stock;

• "controlled foreign corporations," "passive foreign investment companies," and corporations that accumulate earnings to avoid U.S. federal income tax;

• S corporations, partnerships or other entities or arrangements treated as partnerships or other flow-through entities for U.S. federal income tax purposes (and investors therein);

• U.S. Holders (as defined below) whose functional currency is not the U.S. dollar;

• persons who hold or received Class A Shares and/or Warrants, as the case may be, pursuant to the exercise of any employee stock option or otherwise as compensation; and

• tax-qualified retirement plans.

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds Class A Shares or Warrants, the tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership, and certain determinations made at the partner level. Accordingly, partnerships holding Class A Shares or Warrants and the partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax consequences to them.

**THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP, AND DISPOSITION OF THE CLASS A SHARES OR WARRANTS ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL, OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.** 

#### Definition of a U.S. Holder
For purposes of this discussion, a "U.S. Holder" is any beneficial owner of Class A Shares and/or Warrants, as the case may be, that is for U.S. federal income tax purposes:

• an individual who is a citizen or resident of the United States;

• a corporation (or other entity taxable as a corporation) created or organized under the laws of the United States, any state thereof, or the District of Columbia;

• an estate, the income of which is subject to U.S. federal income tax regardless of its source; or

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• a trust that (1) is subject to the primary supervision of a U.S. court and the control of one or more "United States persons" (within the meaning of Section 7701(a)(30) of the Code), or (2) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes.

#### U.S. Holders

#### Distributions on Class A Shares
Subject to the discussion below under "—*Passive Foreign Investment Company Rules*," if we make distributions of cash or property on the Class A Shares, the gross amount of such distributions (including any amount of foreign taxes withheld) to a U.S. Holder will generally be treated for U.S. federal income tax purposes first as a dividend to the extent of our current or accumulated earnings and profits (as determined for U.S. federal income tax purposes), and then as a tax-free return of capital to the extent of the U.S. Holder's tax basis in the Class A Shares, with any excess treated as capital gain from the sale or exchange of the shares. Because we do not expect to maintain calculations of its earnings and profits under U.S. federal income tax principles, a U.S. Holder should expect all cash distributions to be reported as dividends for U.S. federal income tax purposes. Any dividend will not be eligible for the dividends received deduction allowed to corporations in respect of dividends received from U.S. corporations.

Dividends received by certain non-corporate U.S. Holders (including individuals) may be "qualified dividend income," which is taxed at the lower applicable capital gains rates, provided that:

• either (a) the Shares are readily tradable on an established securities market in the United States, or (b) we are eligible for the benefits of a qualifying income tax treaty with the United States that includes an exchange of information program;

• we are neither a PFIC (as discussed below under "—Passive Foreign Investment Company Rules") nor treated as such with respect to a U.S. Holder in our taxable year in which the dividend is paid or the preceding taxable year;

• the U.S. Holder satisfies certain holding period requirements; and

• the U.S. Holder is not under an obligation to make related payments with respect to positions in substantially similar or related property.

U.S. Treasury Department guidance indicates that the Class A Shares, which are listed on the NYSE, are readily tradable on an established securities market in the United States. Thus, we believe that any dividends that we pays on the Class A Shares will be potentially eligible for the lower tax rates. U.S. Holders should consult their own tax advisors regarding the availability of the lower tax rates for dividends paid with respect to Class A Shares.

The amount of any dividends paid in Euros will be the U.S. dollar amount calculated by reference to the exchange rate in effect on the date of actual or constructive receipt, regardless of whether the payment is in fact converted into U.S. dollars at that time. A U.S. Holder may have foreign currency gain or loss (which will generally will be treated as U.S. source ordinary income or loss) if the dividend is converted into U.S. dollars after the date of receipt.

Subject to certain conditions and limitations (including a minimum holding period requirement), any foreign withholding taxes on dividends may be treated as foreign taxes eligible for credit against a U.S. Holder's U.S. federal income tax liability. However, recently issued Treasury regulations that apply to taxes paid or accrued in taxable years beginning on or after December 28, 2021 (the "Foreign Tax Credit Regulations") impose additional requirements for foreign taxes to be eligible for a foreign tax credit, and there can be no assurance that those requirements will be satisfied. Subject to certain exceptions, dividends on Class A Shares will constitute foreign source income for foreign tax credit limitation purposes. If such dividends are qualified dividend income (as discussed above), the amount of the dividend taken into account for purposes of calculating the foreign tax credit limitation will be limited to the gross amount of the dividend, multiplied by a fraction, the numerator of which is the reduced rate applicable to qualified dividend income and the denominator of which is the highest rate of tax

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normally applicable to dividends. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income. For this purpose, dividends distributed by us with respect to the Class A Shares generally will constitute "passive category income" but could, in the case of certain U.S. Holders, constitute "general category income." Instead of claiming a foreign tax credit, a U.S. Holder may be able to deduct any foreign withholding taxes on dividends in computing such U.S. Holder's taxable income, subject to generally applicable limitations under U.S. law (including that a U.S. Holder is not eligible for a deduction for foreign income taxes paid or accrued in a taxable year if such U.S. Holder claims a foreign tax credit for any foreign income taxes paid or accrued in the same taxable year). The rules governing the foreign tax credit and deductions for foreign taxes are complex. U.S. Holders should consult their own tax advisors regarding the availability of the foreign tax credit or a deduction under their particular circumstances.

#### Sale, Exchange, Redemption or Other Taxable Disposition of Class A Shares and Warrants.
Subject to the discussion below under "—*Passive Foreign Investment Company Rules*," a U.S. Holder generally will recognize gain or loss on any sale, exchange, redemption or other taxable disposition of Class A Shares or Warrants in an amount equal to the difference between (i) the amount realized on the disposition and (ii) such U.S. Holder's adjusted tax basis in such Class A Shares or Warrants, in each case, as determined in U.S. dollars. Any gain or loss recognized by a U.S. Holder on a taxable disposition of Class A Shares or Warrants generally will be capital gain or loss and will be long-term capital gain or loss if the U.S. Holder had a holding period in the Class A Shares or Warrants of more than one year. A non-corporate U.S. Holder, including an individual, who has held the Class A Shares and/or Warrants for more than one year generally will be eligible for reduced tax rates for such long-term capital gains. The deductibility of capital losses is subject to limitations.

Any such gain or loss recognized generally will be treated as U.S. source gain or loss. Accordingly, in the event any foreign tax (including withholding tax) is imposed upon the sale, exchange, redemption or other taxable disposition of Class A Shares or Warrants, a U.S. Holder may not be able to utilize foreign tax credits unless such U.S. Holder has foreign source income or gain in the same category from other sources. Moreover, pursuant to the Foreign Tax Credit Regulations, unless a U.S. Holder is eligible for and elects the benefits of an applicable income tax treaty, any such foreign tax would generally not be a foreign income tax eligible for a foreign tax credit (regardless of any other foreign source income or gain that the U.S. Holder may have). In such case, however, the non-creditable foreign tax may reduce the amount realized on the sale, exchange, redemption or other taxable disposition of the Class A Shares or Warrants. U.S. Holders are urged to consult their own tax advisors regarding the ability to claim a foreign tax credit and the application of any applicable income tax treaty to such U.S. Holder's particular circumstances.

#### Exercise or Lapse of Warrants
Except as discussed below with respect to the cashless exercise of Warrants, a U.S. Holder generally will not recognize gain or loss upon the acquisition of Class A Shares on the exercise of Warrants for cash. A U.S. Holder's tax basis in Class A Shares received upon the exercise of Warrants generally will be an amount equal to the sum of the U.S. Holder's tax basis in the Warrants exercised therefor and the exercise price. Subject to the discussion below under "—Passive Foreign Investment Company Rules," the U.S. Holder's holding period for Class A Shares received upon the exercise of Warrants will begin on the date following the date of exercise (or possibly the date of exercise) of the Warrants and will not include the period during which the U.S. Holder held the Warrants. If Warrants are allowed to lapse unexercised, a U.S. Holder that has otherwise not disposed of the Warrants generally will recognize a capital loss equal to such U.S. Holder's tax basis in the Warrants.

The tax consequences of a cashless exercise of Warrants are not clear under current U.S. federal income tax law. A cashless exercise may not be a taxable event to a U.S. Holder, either because the exercise is not a realization event or because the exercise is treated as a recapitalization for U.S. federal income tax purposes. In either situation, a U.S. Holder's tax basis in the Class A Shares received would equal the U.S. Holder's tax basis in the Warrants exercised, therefor. If the cashless exercise is not treated as a realization event, a U.S. Holder's holding period in the Class A Shares would be treated as commencing on the date following the date of exercise (or possibly the date of exercise) of the Warrants. If the cashless exercise were treated as a recapitalization, the holding period of the Class A Shares would include the holding period of the Warrants exercised, therefore.

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It is also possible that a cashless exercise of Warrants could be treated in part as a taxable exchange in which gain or loss would be recognized in the manner set forth above under "—*Sale, Exchange, Redemption or Other Taxable Disposition of Class A Shares and Warrants*." In such event, a U.S. Holder could be deemed to have surrendered the number of Warrants having an aggregate fair market value equal to the exercise price for the total number of Warrants to be exercised. The U.S. Holder would recognize capital gain or loss in an amount generally equal to the difference between (i) the fair market value of the Warrants deemed surrendered and (ii) the U.S. Holder's tax basis in such Warrants deemed surrendered. Such gain or loss would be long-term or short-term, depending on the U.S. Holder's holding period for the Warrants deemed surrendered. In this case, a U.S. Holder's tax basis in the Class A Shares received would equal the sum of the U.S. Holder's tax basis in the Warrants deemed exercised and the exercise price of such Warrants. A U.S. Holder's holding period for the Class A Shares received in such case generally would begin on the date following the date of exercise (or possibly the date of exercise) of the Warrants.

Due to the absence of authority on the U.S. federal income tax treatment of a cashless exercise of the Warrants, there can be no assurance which, if any, of the alternative tax consequences and holding periods described above would be adopted by the IRS or a court of law. Accordingly, U.S. Holders should consult their own tax advisors regarding the tax consequences of a cashless exercise of Warrants.

#### Possible Constructive Distributions
The terms of each Warrant provide for an adjustment to the number of Class A Shares for which the Warrant may be exercised or to the exercise price of the Warrant in certain events. An adjustment that has the effect of preventing dilution in a reasonable manner generally is not taxable. A U.S. Holder of a Warrant would, however, generally be treated as receiving a constructive distribution from us if, for example, there is an adjustment that increases the holder's proportionate interest in our assets or earnings and profits (for instance, through an increase in the number of Class A Shares that would be obtained upon exercise of such Warrant) as a result of a distribution of cash or other property such as other securities to the holders of the Class A Shares which is taxable to the U.S. Holders of such shares as described under "—*Distributions on Class A Shares*" above. Such constructive distribution would be subject to tax as described under that section in the same manner as if the U.S. Holder of such Warrant received a cash distribution from us equal to the fair market value of such increased interest. A U.S. Holder's adjusted tax basis in a Warrant will generally be increased to the extent of any such constructive distribution that is treated as a dividend for U.S. federal income tax purposes.

#### Passive Foreign Investment Company Rules
We will be classified as a passive foreign investment company (a "PFIC"), within the meaning of Section 1297 of the Code, for any taxable year if either: (a) at least 75% of its gross income is "passive income" for purposes of the PFIC rules or (b) at least 50% of the value of its assets (generally determined on the basis of a quarterly average) is attributable to assets that produce or are held for the production of passive income. For this purpose, we will be treated as owning its proportionate share of the assets and earning its proportionate share of the income of any other corporation in which it owns, directly or indirectly, 25% or more (by value) of the stock. Passive income generally includes dividends, interest, royalties, rents, annuities, net gains from the sale or exchange of property producing such income and net foreign currency gains.

Under the PFIC rules, if we were considered a PFIC at any time that a U.S. Holder owns Class A Shares or Warrants, we would continue to be treated as a PFIC with respect to such investment unless (i) we cease to be a PFIC and (ii) such U.S. Holder makes a "deemed sale" election under the PFIC rules.

Based on the recent, current and anticipated composition of our and our subsidiaries' income, assets and operations of, we do not expect to be treated as a PFIC in the current taxable year or in future taxable years. This is a factual determination, however, that depends on, among other things, the composition of the income and assets, and the market value of the shares and assets, of us and our subsidiaries from time to time as well as on the application of complex statutory and regulatory rules that are subject to potentially varying or changing interpretations. Thus, the determination can only be made annually after the close of each taxable year and there can be no assurances that we will not be classified as a PFIC for the current taxable year or for any future taxable year.

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If we are considered a PFIC at any time that a U.S. Holder owns Class A Shares, any gain such U.S. Holder recognizes on a sale or other disposition of the Class A Shares, as well as the amount of any "excess distribution" (defined below) such U.S. Holder receives, would be allocated ratably over such U.S. Holder's holding period for the Class A Shares. In the case of Class A Shares acquired upon the exercise of Warrants, such holding period would, pursuant to proposed Treasury regulations, generally include the holding period of such Warrants. The amounts allocated to the taxable year of the sale or other disposition (or the taxable year of receipt, in the case of an excess distribution) and to any year before we became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate in effect for individuals or corporations, as appropriate, for that taxable year, and an interest charge would be imposed. For purposes of these rules, distributions on the Class A Shares that are received in a taxable year by a U.S. Holder will be treated as excess distributions to the extent that they exceed 125% of the average of the annual distributions on the Class A Shares received during the preceding three years or the U.S. Holder's holding period, whichever is shorter.

Pursuant to proposed Treasury regulations, an option to acquire stock of a PFIC is considered PFIC stock for the purpose of determining tax due on any gain recognized from a disposition of the option. Accordingly, if we are considered a PFIC at any time during which a U.S. Holder holds Warrants, such U.S. Holder will generally be subject to the rules described above with respect to any gain realized from a sale or other disposition of such Warrants.

Certain elections may be available that would result in alternative treatments (such as qualified electing fund treatment or mark-to-market treatment) of the Class A Shares if we are considered a PFIC. We do not intend to provide the information necessary for U.S. Holders of Class A Shares to make qualified electing fund elections, which, if available, would result in tax treatment different from the general tax treatment for an investment in a PFIC described above. If we are treated as a PFIC with respect to a U.S. Holder for any taxable year, such U.S. Holder will be deemed to own shares in any of our subsidiaries that are also PFICs. However, an election for mark-to-market treatment would likely not be available with respect to any such subsidiaries. In addition, an election for mark-to-market treatment is currently not available with respect to Warrants.

If we are considered a PFIC at any time that a U.S. Holder owns Class A Shares, such a U.S. Holder would generally also be subject to annual information reporting requirements. Failure to comply with such information reporting requirements may result in significant penalties and may suspend the running of the statute of limitations. U.S. Holders should consult their tax advisors about the potential application of the PFIC rules to an investment in Class A Shares or Warrants.

#### Non-U.S. Holders
The section applies to Non-U.S. Holders of Class A Shares and Warrants. For purposes of this discussion, a non-U.S. Holder means a beneficial owner (other than a partnership or an entity or arrangement so characterized for U.S. federal income tax purposes) of Class A Shares or Warrants that is not a U.S. Holder, including:

• a nonresident alien individual, other than certain former citizens and residents of the United States;

• a foreign corporation; or

• a foreign estate or trust.

#### U.S. Federal Income Tax Consequences of the Ownership and Disposition of Class A Shares and Warrants
Any (i) distributions of cash or property paid to a non-U.S. Holder in respect of Class A Shares or (ii) gain realized upon the sale or other taxable disposition of Class A Shares and/or Warrants generally will not be subject to U.S. federal income taxation unless:

• the gain or distribution is effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such gain or distribution is attributable); or

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• in the case of any gain, the non-U.S. Holder is a nonresident alien individual present in the United States for 183 days or more during the taxable year of the disposition and certain other requirements are met.

Any distribution or gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular rates in the same manner as if the Non-U.S. Holder were a U.S. Holder. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected distribution or gain, as adjusted for certain items.

Gain described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty), which gain may be offset by U.S. source capital losses of the Non-U.S. Holder (even though the individual is not considered a resident of the United States), provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.

The U.S. federal income tax treatment of a Non-U.S. Holder's exercise of a Warrant, or the lapse of a Warrant held by a Non-U.S. Holder, generally will correspond to the U.S. federal income tax treatment of the exercise or lapse of a warrant by a U.S. Holder, as described under "—*U.S. Holders-Exercise or Lapse of Warrants*," above, although to the extent a cashless exercise or lapse results in a taxable exchange, the consequences would be similar to those described in the preceding paragraphs above for a Non-U.S. Holder's gain on the sale or other taxable disposition of Class A Shares or Warrants.

Non-U.S. Holders should consult their own tax advisors regarding potentially applicable income tax treaties that may provide for different rules.

#### Information Reporting and Backup Withholding
Information reporting requirements may apply to distributions received by U.S. Holders of Class A Shares (as well as any constructive distributions to a U.S. Holder that holds Warrants, as described above under "—U.S. Holders–Constructive Distributions"), and the proceeds received by U.S. Holders on the sale or other taxable the disposition of Class A Shares or Warrants effected within the United States (and, in certain cases, outside the United States), in each case other than for U.S. Holders that are exempt recipients (such as corporations). Backup withholding (currently at a rate of 24%) may apply to such amounts if the U.S. Holder is not an exempt recipient and fails to provide an accurate taxpayer identification number (generally on an IRS Form W-9 provided to the applicable withholding agent) and to certify that it is not subject to backup withholding. U.S. Holders should consult their own tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

Information returns may be filed with the IRS in connection with, and Non-U.S. Holders may be subject to backup withholding with respect to, distributions received by Non-U.S. Holders of Class A Shares (as well as any constructive distributions to a Non-U.S. Holder that holds Warrants, as described above under "—U.S. Holders—Constructive Distributions"), and the proceeds received by Non-U.S. Holders on the sale or other taxable disposition of Class A Shares or Warrants within the United States or conducted through certain U.S.- related financial intermediaries, unless the Non-U.S. Holder furnishes to the applicable withholding agent the required certification as to its non-U.S. status, such as by providing a valid IRS Form W-8BEN, IRS Form W-8BEN-E or IRS Form W-8ECI, as applicable, or the Non-U.S. Holder otherwise establishes an exemption.

Backup withholding is not an additional tax. Amounts withheld as backup withholding generally may be credited against the taxpayer's U.S. federal income tax liability, and a taxpayer may obtain a refund of any excess amounts withheld under the backup withholding rules by timely filing the appropriate claim for a refund with the IRS and furnishing any required information.

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F. **Dividends and Paying Agents** 

Not applicable.

G. **Statement by Experts** 

Not applicable.

H. **Documents on Display** 

We are required to make certain filings with the SEC. The SEC maintains an internet website that contains reports, proxy statements and other information about issuers, like us, that file electronically with the SEC. The address of that site is www.sec.gov.

We also make available on our website, free of charge, our annual reports on Form 20-F and the text of our reports on Form 6-K, including any amendments to these reports, as well as certain other SEC filings, as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. Our website address is *investors.wallbox.com*. The information contained on our website is not incorporated by reference into this Annual Report.

References made in this Annual Report to any contract or certain other documents are not necessarily complete and you should refer to the exhibits attached or incorporated by reference into this Annual Report for copies of the actual contract or documents.

I. **Subsidiary Information** 

Not applicable.

**J.** **Annual Report to Securities Holders** 

We intend to submit any annual report provided to security holders in electronic format as an exhibit to a Current Report on Form 6-K.

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#### Item 11. Quantitative and Qualitative Disclosures About Market Risk
Refer to Note 27, "*Financial Risk Management,*" of our audited consolidated financial statements included elsewhere in this Annual Report for more information.

#### Interest Rate Risk
We are exposed to Interest rate risk from possible losses due to changes in the fair value or the future cash flows of a financial instrument because of fluctuations in market interest rates. A hypothetical 10% change in interest rates would mean an increase (decrease) in profit or loss as of December 31, 2022, December 31, 2021 and 2020 by €1,317 thousand, €691 thousand and €85 thousand, respectively.

#### Foreign Currency Risk
We have foreign currency risks related to its revenue and operating expenses denominated in currencies other than the Euro, causing both its revenue and its operating results to be impacted by fluctuations in the exchange rates.

Gains or losses from the revaluation of certain cash balances, accounts receivable balances and intercompany balances that are denominated in these currencies impact our net loss. A hypothetical decrease in all foreign currencies against the Euro of 10% would not result in a material foreign currency loss on foreign-denominated balances, for the years ended December 31, 2022, 2021 and 2020, except for the USD currency (please refer to Note 27.b, "Currency risk"). As our global operations expand, its results may be more materially impacted by fluctuations in the exchange rates of the currencies in which it does business.

At this time, we do not enter into financial instruments to hedge its foreign currency exchange risk, but it may in the future.

#### Other Market Price Risk
We held €5,030 thousand, €56,852 thousand and €0 of investments in funds as of December 31, 2022, December 31, 2021 and December 31, 2020, respectively, that have been measured at fair value through profit or loss (please refer to Note 13, *"Financial Assets and Financial Liabilities"*). We also hold investments in funds measured at fair value through other comprehensive income (please refer to Note 13, *"Financial Assets and Financial Liabilities"*) that amounted to €239 thousand, €210 thousand and €239 thousand as of December 31, 2022, December 31, 2021, and 2020, respectively, and therefore the exposure is evaluated as not significant. Additionally, we have derivative warrant liabilities (please refer to Note 13, *"Financial Assets and Financial Liabilities"*) that were subject to an adjustment of €80,748 thousand recognized as an income in the consolidated statement of profit or loss of 2022.

#### Item 12. Description of Securities Other than Equity Securities
Not applicable.

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#### Part II

#### Item 13. Defaults, Dividend Arrearages and Delinquencies
None.

#### Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds
None.

#### Item 15. Controls and Procedures

#### Disclosure Controls and Procedures
We maintain disclosure controls and procedures (as that term is defined in Rules 13a-15e and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2022. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as a result of the material weaknesses in our internal control over financial reporting described below, the design and operation of our disclosure controls and procedures were not effective as of December 31, 2022.

#### Remediation of Material Weaknesses
As previously reported, in connection with the audits of our consolidated financial statements for each of the years ended December 31, 2020, 2021 and 2022, our management and independent registered public accounting firm identified material weaknesses in our internal control over financial reporting. The material weaknesses related to:

(i) insufficient personnel in the finance team with an appropriate level of knowledge and experience in the application of International Financial Reporting Standards as issued by the IASB, relating to complex accounting transactions, such as accounting for the business combinations, accounting for listing expenses, share-based payments and also in the application of other IFRS matters such as goodwill impairment testing and cash flow statement disclosures;

(ii) IT general controls have not been sufficiently designed or were not operating effectively; and

(iii) policies and procedures specifically with respect to the review, supervision and monitoring of the accounting and reporting functions were not operating effectively.

In connection with the audit of the Company's consolidated financial statements for the year ended December 31, 2022, we identified an additional material weakness related to procedures with respect to the review, supervision and monitoring of issuance, exercise, vesting and valuation of share-based payments, which were not entirely designed and in place, or operating effectively resulting in several adjustments related to share-based payment accounting.

To address these material weaknesses, we have made a number of changes to our program and controls, which have included:

(i) We have hired additional members for our Finance Department to incorporate new knowledge in the Consolidation and IFRS area to address that we had insufficient personnel in the finance team with an appropriate level of knowledge and experience in the application of International Financial Reporting Standards as issued by the IASB, relating to both complex accounting transactions, such as accounting for the Business Combination and related listing expenses, share-based payments and also in the application of other IFRS matters such as goodwill impairment testing and purchase price allocation.

(ii) We have hired a Head of IT and working with external advisors to implement new procedures and ITGC controls to address that our IT general controls were not sufficiently designed or were not operating effectively.

(iii) We have acquired and implemented a new SaaS tool to facilitate proper monitoring and supervision of the accounting and reporting procedures as well as hiring more personnel in the Finance and Controlling areas to address that our policies and procedures with respect to the review, supervision and monitoring of the accounting and reporting functions were not operating effectively in some areas.

The material weaknesses resulted in a number of significant adjustments in our financial statements and related disclosures. The actions that we are taking are subject to ongoing senior management review, as well as oversight of the audit committee of the Board of Directors. We also may conclude that additional measures may be required to

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remediate the material weaknesses or determine to modify the remediation plans described above. We will not be able to conclude that we have remediated the material weaknesses until the applicable controls are fully implemented and operate for a sufficient period of time and management has concluded, through formal testing, that these controls are operating effectively. While we are working to remediate the material weakness as effectively and efficiently as possible, we cannot predict the timing or success of our remediation plan. We will continue to monitor the design and effectiveness of these and other processes, procedures, and controls and make any further changes management deems appropriate.

#### Management's Annual Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over our financial reporting (as such term is defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act). Our management, With the participation of the Chief Executive Officer and the Chief Financial Officer, conducted an assessment of the effectiveness of our internal control over financial reporting as of December 31, 2022 based on the criteria set forth in "Internal Control — Integrated Framework (2013)" issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, our management concluded that, as of December 31, 2022, our internal control over financial reporting was not effective due to the material weaknesses described above.

#### Attestation Report of Independent Registered Public Accounting Firm
This Annual Report does not include an attestation report of our registered public accounting firm due to an exemption by the JOBS act for "Emerging Growth Companies."

#### Changes in Internal Control over Financial Reporting
Except for the remediation efforts described above being taken to address the material weaknesses, during the year ended December 31, 2022, there were no other changes in our internal control over financial reporting that occurred during the period covered by this Annual Report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

#### Item 16. [Reserved]

#### Item 16A. Audit Committee Financial Expert
The Board has determined that Pol Soler, Donna J. Kinzel and Beatriz González Ordóñez each satisfies the "independence" requirements set forth in Rule 10A-3 under the Exchange Act. The Board has also determined that Donna J. Kinzel is considered an "audit committee financial expert" as defined in Item 16A of Form 20-F under the Exchange Act.

#### Item 16B. Code of Ethics
We adopted a Code of Ethics & Conduct that applies to all of its employees, officers and directors, including those officers responsible for financial reporting. Our Code of Ethics & Conduct is available on our website. We intend to disclose any amendment to the code, or any waivers of its requirements, on its website to the extent required under applicable law, rules, regulations or stock exchange requirements. The information contained on our website is not incorporated by reference in this Annual Report. We granted no waivers under our Code of Business Conduct and Ethics in 2022.

#### Item 16C. Principal Accountant Fees and Services
BDO Bedrijfsrevisoren BV ("BDO") acted as the independent registered public accounting firm of Wall Box Chargers, S.L. and Wallbox for the fiscal years ended December 31, 2022 and 2021. The table below sets out the total amount incurred, for services performed in the years ended December 31, 2022 and 2021, and breaks down these amounts by category of service:

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| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  | **(in thousands EUR)** | **(in thousands EUR)** |
|  Audit Services | 1289 | 1337 |
|  Other services | 10 | 9 |
|  Tax Services | 0 | 0 |
|  **Total** | **1299** | **1346** |

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#### Audit Services
Audit fees for the years ended December 31, 2022 and 2021 were related to the audit of our consolidated financial statements and interim review services provided in connection with regulatory filings or engagements.

#### Other Services
Other fees in the year ended December 31, 2022 and 2021 were related to assurance services in connection with non-financial information.

#### Tax Services
No tax services for the years ended December 31, 2022 and 2021 have been performed Pre-Approval Policies and Procedures

#### Pre-Approval Policies and Procedures
The advance approval of the Audit Committee or members thereof, to whom approval authority has been delegated, is required for all audit and non-audit services provided by our auditors.

All services provided by our auditors are approved in advance by either the Audit Committee or members thereof, to whom authority has been delegated, in accordance with the Audit Committee's pre-approval policy.

#### Item 16D. Exemptions from the Listing Standards for Audit Committees
Not applicable.

#### Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers
None.

#### Item 16F. Change in Registrant's Certifying Accountant
None.

#### Item 16G. Corporate Governance
We are a "foreign private issuer" (as such term is defined in Rule 3b-4 under the Exchange Act), and our Class A Shares are listed on the NYSE. We believe the following to be the significant differences between our corporate governance practices and those applicable to U.S. companies under the NYSE listing standards. Under the NYSE rules, NYSE-listed companies that are foreign private issuers are permitted to follow home country practice in-lieu of the corporate governance provisions specified by the NYSE, with limited exceptions. Accordingly, we follow certain corporate governance practices of our home country, the Netherlands, in-lieu of certain of the corporate governance requirements of the NYSE.

Under the NYSE rules, U.S. domestic listed companies are required to have a majority independent board, which is not required under the DGCG of the Netherlands, our home country. In addition, the NYSE rules require U.S. domestic listed companies to have a Compensation Committee and a Nominating and Corporate Governance Committee, each composed entirely of independent Directors, which are not required under our home country laws.

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We currently follow and intend to continue to follow the foregoing governance practices and not avail ourselves of the independence exemptions afforded to foreign private issuers under the NYSE rules. We may in the future, however, decide to use other foreign private issuer exemptions with respect to some or all of the other NYSE listing requirements. Following our home country governance practices may provide less protection than is accorded to investors under the NYSE listing requirements applicable to domestic issuers.

The NYSE also requires that a listed company obtain, in specified circumstances, (1) shareholder approval to adopt or materially revise equity compensation plans, as well as (2) shareholder approval prior to an issuance (a) of more than 1% of its common stock (including derivative securities thereof) in either number or voting power to related parties, (b) of more than 20% of its outstanding common stock (including derivative securities thereof) in either number or voting power or (c) that would result in a change of control, none of which require shareholder approval under the laws of the Netherlands. We intend to follow home country law in determining whether shareholder approval is required.

Due to our status as a foreign private issuer and our intent to follow certain home country corporate governance practices, our shareholders do not have the same protections afforded to shareholders of companies that are subject to all the NYSE corporate governance standards and shareholder approval requirements.

For more information on our corporate governance practices, please refer to Item 6, "*Directors, Senior Management, and Employees—C. Board Practices- Corporate Governance Practices.*"

#### Item 16H. Mine Safety Disclosure
Not applicable.

#### Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.

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#### Part III

#### Item 17. Financial Statements
We have provided consolidated financial statements pursuant to Item 18.

#### Item 18. Financial Statements
The audited consolidated financial statements as required under Item 18 are attached hereto starting on page F-1 of this Annual Report and are incorporated herein by reference. The audit report of BDO Bedrijfsrevisoren BV, Zaventem, Belgium, PCAOB ID: 1432, an independent registered public accounting firm, is included herein preceding the audited consolidated financial statements.

#### Item 19. Exhibits

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exhibit**<br>**No.** | **Description** | **Form** | **File No.** | **Exhibit**<br> **No.** | **Filing Date** |
| 1.1 | [Articles of Association of Wallbox N.V.](http://www.sec.gov/Archives/edgar/data/1866501/000119312521290038/d237192dex31.htm) | 6-K | 001-40865 | 3.1 | 10/04/2021 |
| 2.1 | [Description of Securities](d455258dex21.htm) |  |  |  | \* |
| 2.2 | [Form of Subscription Agreement dated June 9, 2021](http://www.sec.gov/Archives/edgar/data/0001866501/000119312521314654/d243599dex101.htm) | F-1 | 333-260652 | 10.1 | 11/01/2021 |
| 2.3 | [Form of Subscription Agreement dated September 29, 2021](http://www.sec.gov/Archives/edgar/data/0001866501/000119312521314654/d243599dex102.htm) | F-1 | 333-260652 | 10.2 | 11/01/2021 |
| 2.4 | [Warrant Assignment, Assumption and Amended & Restated Agreement dated October 1, 2021](http://www.sec.gov/Archives/edgar/data/0001866501/000119312521314654/d243599dex41.htm) | F-1 | 333-260652 | 4.1 | 11/01/2021 |
| 2.5 | [Form of Subscription Agreement dated November 29, 2022](d455258dex25.htm) |  |  |  | \* |
| 2.6 | [Warrant Agreement, dated February 9, 2023, by and between Wallbox N.V. and Banco Bilbao Vizcaya Argentaria, S.A.](d455258dex26.htm) |  |  |  | \* |
| 2.7 | [Subscription Agreement, dated February 9, 2023, by and between Wallbox N.V. and Banco Bilbao Vizcaya Argentaria, S.A.](d455258dex27.htm) |  |  |  | \* |
| 4.1 | [Business Combination Agreement, dated as of June 9, 2021, by and among Kensington Capital Acquisition Corp. II, Wall Box Chargers, S.L., Wallbox B.V. and Orion Merger Sub Corp](http://www.sec.gov/Archives/edgar/data/1866501/000119312521314654/d243599dex21.htm) | F-1 | 333-260652 | 2.1 | 11/01/2021 |
| 4.2 | [Registration Rights Agreement and Lock-up Agreement, dated October 1, 2021](http://www.sec.gov/Archives/edgar/data/1866501/000119312521314654/d243599dex104.htm) | F-1 | 333-260652 | 10.4 | 11/01/2021 |
| 4.3† | [Wallbox N.V. 2021 Equity Incentive Plan](http://www.sec.gov/Archives/edgar/data/1866501/000119312521290038/d237192dex103.htm) | 6-K | 001-40865 | 10.3 | 10/4/2021 |
| 4.4† | [Wallbox N.V. Amended & Restated 2021 Employee Stock Purchase Plan](d455258dex44.htm) |  |  |  | \* |
| 4.5† | [2018 Legacy Stock Option Program for Management](http://www.sec.gov/Archives/edgar/data/0001866501/000119312522082799/d247204dex993.htm) | S-8 | 333-263795 | 99.3 | 03/23/2022 |
| 4.6† | [2020 Legacy Stock Option Program for Employees](http://www.sec.gov/Archives/edgar/data/0001866501/000119312522082799/d247204dex994.htm) | S-8 | 333-263795 | 99.4 | 03/23/2022 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Exhibit**<br>**No.** | **Description** | **Form** | **File No.** | **Exhibit**<br> **No.** | **Filing Date** | **Filed/**<br> **Furnished** |
| 4.7† | [2018 Legacy Stock Option Program for Founders](http://www.sec.gov/Archives/edgar/data/0001866501/000119312522082799/d247204dex995.htm) | S-8 | 333-263795 | 99.5 | 03/23/2022 |  |
| 4.8† | [Subrogation, Assignment and Plan Amendment Agreement dated September 29, 2021](http://www.sec.gov/Archives/edgar/data/0001866501/000119312522082799/d247204dex996.htm) | S-8 | 333-263795 | 99.6 | 03/23/2022 |  |
| 4.9 | [Side Letter from Enric Asunción Escorsa to Inversiones Financieras Perseo, S.L. dated October 5, 2021](http://www.sec.gov/Archives/edgar/data/0001866501/000119312521314654/d243599dex107.htm) | F-1 | 333-260652 | 10.7 | 11/01/2021 |  |
| 4.10 | [Lease Agreement, dated September 24, 2021, by and between Forum Drive Industrial Properties, LLC and Wallbox USA Inc.](http://www.sec.gov/Archives/edgar/data/1866501/000119312522253412/d387337dex1012.htm) | POS AM | 333-260652 | 10.12 | 09/28/2022 |  |
| 4.11 | [Lease Agreement, dated March 5, 2021, by and between Consorcio de la Zona Franca de Barcelona and Wall Box Chargers, S.L. (translated into English from its original text in Spanish)](d455258dex411.htm) |  |  |  |  | \* |
| 4.12 | [Power Purchase Agreement, dated September 27, 2021, by and between Iberdola Clientes, S.A.U. and Wall Box Chargers, S.L.](d455258dex412.htm) |  |  |  |  | \* |
| 4.13 | [Lease Agreement, dated August 11, 2021, by and between Iberdola Inmobiliaria Patrimonio, S.A.U. and Wall Box Chargers, S.L.](d455258dex413.htm) |  |  |  |  | \* |
| 4.14 | [Facility Agreement, dated February 9, 2023, by and among Wall Box Chargers, S.L.U., Wallbox N.V. and Banco Bilbao Vizcaya Argentaria, S.A.](d455258dex414.htm) |  |  |  |  | \* |
| 8.1 | [List of Subsidiaries](d455258dex81.htm) |  |  |  |  | \* |
| 12.1 | [Principal Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d455258dex121.htm) |  |  |  |  | \* |
| 12.2 | [Principal Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d455258dex122.htm) |  |  |  |  | \* |
| 13.1 | [Principal Executive Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](d455258dex131.htm) |  |  |  |  | \*\* |
| 13.2 | [Principal Financial Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](d455258dex132.htm) |  |  |  |  | \*\* |
| 15.1 | [Consent of BDO Bedrijfsrevisoren BV, independent registered public accounting firm](d455258dex151.htm) |  |  |  |  | \* |
| 20.1 | [Non-binding Letter of Intent, dated July 31, 2020, by Iberdola Clientes, S.A.U, to Wall Box Chargers S.L.(translated into English from its original text in Spanish)](http://www.sec.gov/Archives/edgar/data/1866501/000119312521314654/d243599dex201.htm) | F-1 | 333-260652 | 20.1 | 11/1/2021 |  |
| 101.INS | Inline XBRL Instance Document |  |  |  |  | \* |

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##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exhibit**<br>**No.** | **Description** | **Form** | **File No.** | **Exhibit**<br> **No.** | **Filing Date** |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |  |  |  | \* |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |  |  |  | \* |
| 101.DEF | Inline XBRL Taxonomy Definition Linkbase Document |  |  |  | \* |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |  |  |  | \* |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |  |  |  | \* |
| 104 | Inline XBRL for the cover page of this Annual Report on Form 20-F, included in the Exhibit 101 Inline XBRL Document Set |  |  |  | \* |

---

------

\* Filed herewith.

\*\* Furnished herewith.

† This document has been identified as a management contract or compensatory plan or arrangement.

Certain agreements filed as exhibits to this Annual Report contain representations and warranties that the parties thereto made to each other. These representations and warranties have been made solely for the benefit of the other parties to such agreements and may have been qualified by certain information that has been disclosed to the other parties to such agreements and that may not be reflected in such agreements. In addition, these representations and warranties may be intended as a way of allocating risks among parties if the statements contained therein prove to be incorrect, rather than as actual statements of fact. Accordingly, there can be no reliance on any such representations and warranties as characterizations of the actual state of facts. Moreover, information concerning the subject matter of any such representations and warranties may have changed since the date of such agreements.

#### SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

---

| | | |
|:---|:---|:---|
|  | **Wallbox N.V.** | **Wallbox N.V.** |
| Date: March 30, 2023 | By: | /s/ Enric Asunción Escorsa |
|  |  | Enric Asunción Escorsa |
|  |  | Chief Executive Officer |

---

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##### [**Table of Contents**](#toc)
WALLBOX N.V.

Index to consolidated Financial Statements

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm (BDO Bedrijfsrevisoren BV: Zaventem, Belgium: PCAOB ID #1432)](#fin455258_1) | F-2 |
| [Consolidated statements of financial position as at December 31, 2022 and 2021](#fin455258_2) | F-3 |
| [Consolidated statements of profit or loss and other comprehensive income for the years ended December 31, 2022, 2021 and 2020](#fin455258_3) | F-4 |
| [Consolidated statements of changes in equity for the years ended December 31, 2022, 2021 and 2020](#fin455258_4) | F-5 |
| [Consolidated statements of cash flows for the years ended December 31, 2022, 2021 and 2020](#fin455258_5) | F-6 |
| [Notes to the consolidated financial statements](#fin455258_6) | F-8 |

---

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#### **Table of Contents**
Report of Independent Registered Public Accounting Firm

Shareholders and Board of Directors

Wallbox N.V.

Barcelona, Spain

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statements of financial position of Wallbox N.V. (the "Company") as of December 31, 2022 and 2021, the related consolidated statements of profit or loss and other comprehensive income, changes in equity, and cash flows for each of the three years in the period ended December 31, 2022, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ BDO Bedrijfsrevisoren BV

BDO Bedrijfsrevisoren BV

We have served as the Company's auditor since 2021.

Zaventem, Belgium

March 30, 2023

------

WALLBOX N.V.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT DECEMBER 31, 2022 AND 2021

---

| | | | |
|:---|:---|:---|:---|
|  | | December 31, | December 31, |
| (In thousand Euros) | Notes | 2022 | 2021 |
| Assets |  |  |  |
| Non-Current Assets |  |  |  |
| Property, plant and equipment | 8 | 57878 | 25274 |
| Right-of - use assets | 9 | 24888 | 18504 |
| Intangible assets | 10 a) | 60800 | 37310 |
| Goodw ill | 10 b) and 11 | 15101 | 6146 |
| Equity-accounted investees | 12 |  |  |
| Non-current financial assets | 13 | 1133 | 1299 |
| Tax credit receivables | 25 | 6629 | 2589 |
| Total Non-Current Assets |  | 166429 | 91122 |
| Assets held for sale | 12 and 14 | 384 |  |
| Current Assets |  |  |  |
| Inventories | 15 | 106569 | 27489 |
| Trade and other financial receivables | 13 | 39827 | 23757 |
| Other receivables | 25 | 14846 | 17468 |
| Other current financial assets | 13 | 5957 | 57674 |
| Other current assets / deferred charges |  | 1633 | 9130 |
| Advance payments | 15 | 3031 | 2108 |
| Cash and cash equivalents | 13 and 16 | 83308 | 113865 |
| Total Current Assets |  | 255171 | 251491 |
| Total Assets |  | 421984 | 342613 |
| Equity and Liabilities |  |  |  |
| Equity |  |  |  |
| Share capital | 17 | 45769 | 44480 |
| Share premium | 17 | 378240 | 322391 |
| Accumulated deficit | 17 | (306696) | (243896) |
| Other equity components | 17 | 41240 | 5496 |
| Foreign currency translation reserve | 17 | 10597 | 2601 |
| Total Equity attributable to owners of the Company Liabilities |  | 169150 | 131072 |
| Non-Current Liabilities |  |  |  |
| Loans and borrow ings | 13 | 44359 | 17577 |
| Lease liabilities | 9 and 13 | 24657 | 18172 |
| Put option liabilities | 6 and 13 |  | 3776 |
| Provisions | 18 | 1439 | 362 |
| Government grants | 19 | 2198 | 1255 |
| Deferred tax liabilities | 25 | 1388 | 31 |
| Total Non-Current Liabilities |  | 74041 | 41173 |
| Current Liabilities |  |  |  |
| Loans and borrow ings | 13 | 89268 | 33769 |
| Derivative w arrants liabilities | 13 | 5834 | 83252 |
| Lease liabilities | 9 and 13 | 2644 | 1537 |
| Trade and other financial payables | 13 | 71249 | 44291 |
| Current income tax liabilities | 25 | 1186 |  |
| Other payables | 25 | 5819 | 5005 |
| Provisions | 18 | 1318 | 541 |
| Government grants | 19 | 708 | 1535 |
| Contract liabilities |  | 767 | 438 |
| Total Current Liabilities |  | 178793 | 170368 |
| Total Liabilities |  | 252834 | 211541 |
| Total Equity and Liabilities |  | 421984 | 342613 |

---

The accompanying notes form an integral part of these consolidated financial statements

------

WALLBOX N.V.

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | December 31, | December 31, | December 31, |
| (In thousand Euros except per share data) | Notes | 2022 | 2021 | 2020 |
| Revenue | 20 | 144185 | 71579 | 19677 |
| Changes in inventories and raw materials and consumables used | 21 | (85605) | (44253) | (10574) |
| Employee benefits | 22 | (88814) | (29666) | (9806) |
| Other operating expenses | 21 | (91555) | (43405) | (8192) |
| Amortization and depreciation | 8, 9 and 10 | (18890) | (8483) | (2379) |
| Net other income |  | 1844 | 656 | 289 |
| Operating Loss |  | (138835) | (53572) | (10985) |
| Financial income | 23 | 2307 | 155 | 6 |
| Financial expenses | 23 | (7998) | (32068) | (1011) |
| Change in fair value of derivative warrant liabilities | 13 | 80748 | (68953) |  |
| Share listing expense | 17 |  | (72172) |  |
| Foreign exchange gains/(losses) |  | (3618) | 1026 | (69) |
| Financial Results |  | 71439 | (172012) | (1074) |
| Share of loss of equity-accounted investees | 12 | (330) |  | (253) |
| Loss before Tax |  | (67726) | (225584) | (12312) |
| Income tax credit | 25 | 4926 | 1807 | 910 |
| Loss for the Year |  | (62800) | (223777) | (11402) |
| Earnings per share |  |  |  |  |
| Basic and diluted losses per share (euros per share)  | 24 | (0.38) | (1.99) | (0.12) |
| Loss for the Year |  | (62800) | (223777) | (11402) |
| Other comprehensive (loss)/income |  |  |  |  |
| Other comprehensive (loss)/income that may be reclassified to profit or loss in subsequent periods |  |  |  |  |
| Currency translation differences in foreign operations, net of tax |  | 7996 | 2524 | 92 |
| Changes in the fair value of debt instruments at fair value through other comprehensive income, net of tax |  | (9) |  |  |
| Net other comprehensive (loss)/income that may be reclassified to profit or loss in subsequent periods |  | 7987 | 2524 | 92 |
| Other comprehensive income/(loss) for the year |  | 7987 | 2524 | 92 |
| Total comprehensive loss for the year |  | (54813) | (221253) | (11310) |

---

The accompanying notes form an integral part of these consolidated financial statements

------

WALLBOX N.V.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Attributable to owners of the Company | Attributable to owners of the Company | Attributable to owners of the Company | Attributable to owners of the Company | Attributable to owners of the Company | Attributable to owners of the Company |
| (In thousand Euros) | Notes | Share<br>capital | Share<br>premium | Accumulated<br>deficit | Other<br>equity<br>components | Foreign<br>currency<br>translation<br>reserve | Total equity |
| **Balance at January 1, 2020**<br>|  | 169 | 17375 | (8717) | 571 | (14) | 9384 |
| Total comprehensive (loss)/income for the year |  |  |  |  |  |  |  |
| Loss for the year |  |  |  | (11402) |  |  | (11402) |
| Other Comprehensive (loss)/income for the year |  |  |  |  | 1 | 91 | 92 |
| Total comprehensive income for the year |  |  |  | (11402) | 1 | 93 | (11310) |
| Transactions with owners of the Company |  |  |  |  |  |  |  |
| Contributions of equity |  | 27 | 11350 |  |  |  | 11377 |
| Share based payments |  |  |  |  | 2781 |  | 2781 |
| Total contributions and distributions |  | 27 | 11350 |  | 2781 |  | 14158 |
| Total transactions with owners of the Company |  | 27 | 11350 | (11402) | 2782 | 93 | 2850 |
| Balance at December 31, 2020 |  | 196 | 28725 | (20119) | 3353 | 77 | 12232 |
| Total comprehensive (loss)/income for the year |  |  |  |  |  |  |  |
| Loss for the year |  |  |  | (223777) |  |  | (223777) |
| Other Comprehensive (loss)/income for the year |  |  |  |  |  | 2524 | 2524 |
| Total comprehensive income for the year |  |  |  | (223777) |  | 2524 | (221253) |
| Transactions with owners of the Company |  |  |  |  |  |  |  |
| Contributions of equity (PIPE financing) | 17 | 1332 | 94528 |  |  |  | 95860 |
| Contributions of equity (Kensington Shareholders) | 17 | 2383 | 169313 |  |  |  | 171696 |
| Contributions of equity (Wall Box Chargers Shareholders) | 17 | 40445 | (40445) |  |  |  | **—** |
| Contributions of equity (Convertible bonds and others) | 17 | 124 | 87667 |  |  |  | 87791 |
| Issuance costs | 17 |  | (17397) |  |  |  | (17397) |
| Share based payments | 22 |  |  |  | 2143 |  | 2143 |
| Total contributions and distributions |  | 44284 | 293666 |  | 2143 |  | 340093 |
| Total transactions with owners of the Company |  | 44284 | 293666 | (223777) | 2143 | 2524 | 118840 |
| Balance at December 31, 2021 |  | 44480 | 322391 | (243896) | 5496 | 2601 | 131072 |
| Total comprehensive (loss)/income for the year |  |  |  |  |  |  |  |
| Loss for the year |  |  |  | (62800) |  |  | (62800) |
| Other Comprehensive (loss)/income for the year |  |  |  |  | (9) | 7996 | 7987 |
| Total comprehensive income for the year |  |  |  | (62800) | (9) | 7996 | (54813) |
| Transactions with owners of the Company |  |  |  |  |  |  |  |
| Contribution of equity (Private Placement) | 17 | 981 | 40745 |  |  |  | 41726 |
| Contribution of equity (Ares acquisition) | 6 | 84 | 6216 |  |  |  | 6300 |
| Contribution of equity (Electromaps acquisition) | 13 | 20 | 1480 |  |  |  | 1500 |
| Contribution of equity (Execution of options and <br>Warrants) | 17 | 204 | 7408 |  | (1291) |  | 6321 |
| Share based payments | 22 |  |  |  | 34837 |  | 34837 |
| Business Combinations to be settled in equity instruments | 17 |  |  |  | 2207 |  | 2207 |
| Total contributions and distributions |  | 1289 | 55849 |  | 35753 |  | 92891 |
| Total transactions with owners of the Company |  | 1289 | 55849 | (62800) | 35744 | 7996 | 38078 |
| Balance at December 31, 2022 |  | 45769 | 378240 | (306696) | 41240 | 10597 | 169150 |

---

The accompanying notes form an integral part of these consolidated financial statements

------

WALLBOX N.V.

CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | December 31, | December 31, | December 31, |
| (In thousand Euros) | Notes | 2022 | 2021 | 2020 |
| Cash flows from Operating Activities |  |  |  |  |
| Loss for the Year |  | (62800) | (223777) | (11402) |
| Adjustments for: |  |  |  |  |
| Amortisation and depreciation | 8, 9 and 10 | 18890 | 8483 | 2379 |
| Expected credit loss for trade and other receivables | 13 and 21 | 3873 | 479 | 134 |
| Impairments of inventories | 15 and 21 | 1575 | 311 |  |
| Impairments of financial assets | 23 | 1411 |  |  |
| Fair value change of financial instruments | 13 |  | (60) |  |
| Others impairments and losses | 21 |  |  | 281 |
| Change in provisions | 18 | 1737 | 730 | 134 |
| Government grants | 19 | (718) | (712) |  |
| Financial income | 23 | (2307) | (155) | (6) |
| Financial expenses | 23 | 6743 | 32067 | 1011 |
| Change in fair value of derivative warrant liabilities  | 16 | (80748) | 68954 |  |
| Share listing expense  | 17 |  | 72172 |  |
| Exchange differences |  | 3618 | (1026) | 70 |
| Income tax credit | 25 | (4926) | (1807) | (910) |
| Credit insurance warranty | 13 and 21 |  |  | 145 |
| Share based payments expense | 22 | 32625 | 2455 | 2781 |
| Share of loss of equity accounted associates | 12 | 330 |  | 253 |
| Proceeds form government grants |  | 479 | 233 |  |
| Other paid |  |  | (59) |  |
| Changes in |  |  |  |  |
| - inventories |  | (73622) | (20556) | (2952) |
| - trade and other financial receivables |  | (11801) | (25513) | (6029) |
| - other assets |  | 7297 | (10772) | (336) |
| - trade and other financial payables |  | 21723 | 28552 | 2676 |
| - other non-current assets and liabilities |  |  | 131 | (41) |
| - contract liabilities |  | 329 | 239 | 183 |
| Net cash used in operating activities |  | (136292) | (69631) | (11629) |
| Cash flows from Investing Activities |  |  |  |  |
| Investment in equity-accounted investees | 12 | (714) |  |  |
| Loans granted to equity-accounted investees | 13 | (140) | (777) | (474) |
| Acquisition of intangible assets | 10 | (27384) | (19633) | (14643) |
| Acquisition of property, plant and equipment | 8 | (37795) | (10704) | (4140) |
| Acquisition of financial assets at amortized costs | 13 |  | (247) |  |
| Acquisition of financial assets at fair value through profit or loss | 13 | (12450) | (57344) |  |
| Other financial assets, net | 13 |  | (690) | (113) |
| Proceeds from sale of intangible assets | 10 |  | 58 |  |
| Proceeds from sale of property, plant and equipment | 8 |  | 80 |  |
| Proceeds from sale of financial assets at amortized | 13 |  | 117 |  |
| Proceeds from sale of financial assets at fair value through profit or loss | 13 | 64994 | 813 |  |
| Proceeds from sale of financial assets at fair value through other comprehensive income | 13 |  | 30 |  |
| Interest received | 23 |  |  | 6 |
| Acquisition of subsidiaries, net of cash acquired | 6 | (470) |  | 46 |
| Net cash used in investing activities |  | (13959) | (88297) | (19318) |

---

The accompanying notes form an integral part of these consolidated financial statements

------

WALLBOX N.V.

CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | December 31, | December 31, | December 31, |
| (In thousand Euros) | Notes | 2022 | 2021 | 2020 |
| Cash flows from Financing Activities |  |  |  |  |
| Proceeds from issuing equity instruments | 17 |  |  | 11013 |
| Proceeds from issuing equity instruments (PIPE financing) | 17 | 41726 | 95860 |  |
| Proceeds from issuing equity instruments (Kensigton shares) | 17 |  | 114015 |  |
| Issuance cost |  |  | (17397) |  |
| Proceeds from issuing equity instruments (Warrants conversions and others) | 13 and 17 | 4641 | 493 |  |
| Purchase of share-based payments plan |  |  | (312) |  |
| Proceeds from borrowings | 13 |  | 124 |  |
| Proceeds from loans | 13 | 291204 | 204677 | 37013 |
| Proceeds from convertible bonds | 13 |  | 34550 | 25880 |
| Repayments of loans | 13 | (218902) | (176323) | (26119) |
| Repayments of related parties loans | 13 | (42) | (87) |  |
| Interest paid of convertible bonds | 13 | (223) | (997) |  |
| Payment of principal portion of lease liabilities | 9 | (2191) | (828) | (467) |
| Payment of interest on lease liabilities | 9 | (1267) | (631) | (107) |
| Payment of put option liabilities | 6 |  | (2875) |  |
| Interest and bank fees paid | 23 | (3199) | (3047) | (462) |
| Other payments |  |  | (297) | (6) |
| Net cash from financing activities |  | 111747 | 246925 | 46745 |
| Net increase in cash and cash equivalents |  | (38504) | 88997 | 15798 |
| Cash and cash equivalents at beginning of year |  | 113865 | 22338 | 6448 |
| Exchange gains/(losses) |  | 7947 | 2530 | 92 |
| Cash and cash equivalents at 31 December |  | 83308 | 113865 | 22238 |

---

The accompanying notes form an integral part of these consolidated financial statements

------

WALLBOX N.V.

Notes to the consolidated financial statements

1. REPORTING ENTITY

Wallbox N.V. (the "Company" or "Wallbox") was incorporated as a Dutch private limited liability company under the name Wallbox B.V. on June 7, 2021 and was subsequently converted into a Dutch public limited liability company. Wallbox is registered in the Commercial Registry of the Netherlands Chamber of Commerce under ID number 83012559. Its statutory seat is in Amsterdam, the Netherlands, and the mailing and business address of its principal executive office is Carrer del Foc 68, 08038 Barcelona, Spain.

These consolidated financial statements comprise the Company and its subsidiaries (together referred to as the "Group"). The Group is primarily involved in the development, manufacturing, and sales of innovative solutions for charging electric vehicles. Further information about the Group's business activities, reportable segments, and the related party relationships of the Group is included in Note 20 on Revenue, Note 7 on Segment reporting, and Note 26 on Group information, respectively.

Wallbox is the Parent of the Group. The Group's principal subsidiaries as of December 31, 2022, 2021 and 2020 are set out in Note 29. Unless otherwise stated, their share capital consists solely of ordinary shares which are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group. The Group also has investments in a joint venture (see Notes 12 and 26). Refer to Note 2 and Note 3 for background on why the consolidated financial statements of Wallbox N.V. include comparative information despite only being incorporated on June 7, 2021 (see Note 6).

Wallbox is listed on the New York Stock Exchange with the ticker WBX.

2. BASIS OF ACCOUNTING

These consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

These consolidated financial statements are approved and authorized for issuance on behalf of the Company's board of directors on March 30, 2023.

Refer to Note 5 for details of the Group's significant accounting policies.

Disclosures in respect of the years ended December 31, 2021 and 2020 are presented as have been previously reported, with the exception of certain disclosures in note 9 which have been revised to reflect the correct contractual maturity of lease liabilities at the end of December 31, 2021. During 2022, the company identified that the contractual maturities of the lease of the factory in Arlington, USA had been incorrectly included in the contractual maturities table and overstated the contractual maturities by Euros 9,603 thousand at December 31, 2021. As the lease commenced only from January 1, 2022 this comparative disclosure as at December 31, 2021 has been revised to reflect this. The adjustment of Euros 9,603 thousand had no effect on the Company's financial position, results of operations or cash flow statement as of and for the year ended December 31, 2021.

Going concern

The accompanying consolidated financial statements of the Company have been prepared assuming the Company will continue as a going concern. The going concern basis of presentation assumes that Wallbox will continue in operation for a period of at least one year after the date these financial statements are issued and contemplates the realization of assets and the settlement of liabilities in the normal course of business.

Wallbox has incurred net losses and significant cash outflows from cash used in operating activities during past years, as it has been investing significantly in the development of its electric vehicle charging products. During the fiscal year ended December 31, 2022, the Company incurred a consolidated net loss of Euros 62,800 thousand and net cash flows used in operations amounted to Euros 136,292 thousand. As of December 31, 2022, the Company had an accumulated deficit of Euros 306,696 thousand but a positive total equity balance of Euros 169,150 thousand. As of December 31, 2022, it had cash and cash equivalents of Euros 83,308 thousand.

In assessing the going concern basis of preparation of the consolidated financial statements, Wallbox had to estimate the expected cash flows for the next 12 months, including the compliance with covenants, the exercise of warrants and availability of other financial funding from banks, like the one obtained in February 2023 (Note 28).

Based on these estimations, management has assessed that Wallbox will be able to fund the expected cash outflows in the next 12 months. Although the expectation for the coming year is that the Company will continue to have net losses and make additional investments, the cash and funding availability is sufficient for more than the next 12 months from the issuance of these consolidated financial statements.

We have analyzed the potential impacts of external factors such as the Ukraine-Russia conflict, which has the potential to disrupt our supply of critical components from our manufacturing facilities in Barcelona as well as our production and the sales of EVs. As a result of the war, we stopped selling our products in Ukraine and Russia, and are not able to pursue new deals with customers in those countries. Although such sales were insignificant to our business, if the war were to expand to other countries, this could cause additional disruptions to our operations. Such disruptions could negatively affect our ability to provide critical components to affiliates or produce finished goods for customers, which could increase our costs, require capital expenditures, and harm our results of operations and financial condition. However, considering that Ukraine and Russia are not significant to our business and that we have managed the supply chain constraints encountered to date, the higher prices of energy could accelerate the demand for smarter EV chargers that have intelligent energy management features, resulting in potential growth opportunities for Wallbox. Overall, we conclude that the conflict will not significantly affect the normal course of the business.

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WALLBOX N.V.

Notes to the consolidated financial statements

Basis of measurement

These consolidated financial statements have been prepared primarily on a historical cost basis. The only exceptions to the application of the cost basis during their preparation have been the subsequent measurement of:

• financial assets related to investment (see Note 13), which are measured at fair value through other comprehensive income (FVTOCI);

• financial investments related to investment funds with financial institutions (see Note 13), which are measured at fair value through profit or loss (FVTPL); and

• the derivative warrant liabilities (see Note 13) and the contingent consideration related to the business acquisitions (see Note 6), which are measured at fair value through profit or loss (FVTPL).

Basis of consolidation

These consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of December 31, 2022. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and can affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has the following:

• Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee).

• Exposure, or rights, to variable returns from its involvement with the investee.

• The ability to use its power over the investee to affect its returns.

• Generally, there is a presumption that a majority of voting rights results in control. When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:

• The contractual arrangement(s) with the other vote holders of the investee.

• Rights arising from other contractual arrangements.

• The Group's voting rights and potential voting rights.

The Group re-assesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. The consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.

Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group's accounting policies. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in consolidation.

A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.

If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resulting gain or loss is recognized in the statement of profit or loss. Any investment retained when the group loses control is recognized at fair value.

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WALLBOX N.V.

Notes to the consolidated financial statements

Functional and presentation currency

These consolidated financial statements are presented in Euros, which is also the Company's functional currency. All amounts have been rounded to the nearest unit of thousand Euros, unless otherwise indicated.

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WALLBOX N.V.

Notes to the consolidated financial statements

Limitations on the distribution of dividends

Once the appropriations required by law or the by-laws of the Parent Company have been made, dividends may only be distributed with a charge to freely distributable reserves, provided that equity is not reduced to an amount below share capital. Profit recognized directly in equity cannot be distributed, either directly or indirectly. In the event of prior years' losses causing the Company's equity to be lower than share capital, profit will be used to offset these losses.

In accordance with Dutch law, the foreign currency translation reserve as shown on the face of the consolidated statement of financial position is not freely distributable. Furthermore, a free distribution is restricted for the amount of capitalized internal development costs as carried on the consolidated statement of financial position. As at December 31, 2022 the amount of capitalized development costs as carried on the consolidated statement of financial position amounts to Euros 49,537 thousand (2021: Euros 31,514 thousand) as further detailed in Note 10.

3. USE OF JUDGEMENTS AND ESTIMATES

We prepare our financial statements in accordance with IFRS, which requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Critical judgement and estimates:

Below is a summary of the areas which involve a greater degree of judgement or complexity, and which have the most significant effect on the amounts recognized in the consolidated financial statements:

• Going concern

The Company's management assesses the going concern of the company on an ongoing basis by estimating the future cashflows and anticipating cash outflows for the following 12 months. The Company's management makes judgements about the future expected cash outflows and cash inflows based on the budget approved by the Board of Directors. This includes estimates about the expected growth rate, Wallbox's market share, the gross margins, compliance with covenants, the exercise of warrants and availability of other financial funding from banks.

• Impairment of non-current assets (including goodwill)

Goodwill is tested for impairment at the cash-generating unit level ("CGU") on an annual basis, or if an event occurs or circumstances change that could reduce the recoverable amount of a CGU below its carrying amount. Potential events or circumstances of this nature would include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposal of a significant portion of a reporting unit.

The Company makes judgements about the allocation of goodwill to each cash generated unit, the process of determining the cash generating units and the recoverability of non-current assets with finite lives whenever events or changes in circumstances indicate that impairment may exist. Recoverability of finite life assets is measured by comparing the carrying amount of the asset to the future undiscounted cash flows the asset is expected to generate. If the asset is impaired, then the amount of any impairment is measured as the difference between the carrying amount and the recoverable amount of the impaired asset. The assumptions and estimates about the future values and remaining useful lives of its non-current assets are complex and subjective. They can be affected by a variety of factors, including external factors such as industry and economic trends, as well as internal factors such as changes in business strategy and internal forecasts.

In order to determine the recoverable amount, the Company estimates expected future cash flows from the assets and applies an appropriate discount rate to calculate the present value of these cash flows. Future cash flows are dependent on whether the budgets and forecasts for the next five years are achieved, whereas the discount rates depend on the interest rate and risk premium associated with each of the companies.

There was no impairment of goodwill or non-current assets for the years ended December 31, 2022 and 2021. (Refer to Note 11).

• Capitalization of development costs and determination of the useful life of intangible assets

The Company's management reviews expenditures, including wages and benefits for employees, incurred on development activities and, based on its judgement of the costs incurred, assesses whether the expenditure meets the capitalization criteria set out in IAS 38 and the intangible assets accounting policy disclosed in Note 5. The Company's management considers whether additional expenditures on projects relate to maintenance or new development projects. Only qualifying expenditures for new development projects will be capitalized.

The useful life of capitalized development costs is determined by management at the time the newly developed charger is brought into use and is regularly reviewed for appropriateness. For unique charger products controlled and developed by the Company, the useful life is based on historical experience with similar products as well as anticipation of future events, such as changes in technology, which may impact their useful economic life. (See Note 10).

• Measurement of convertible bonds

At December 31, 2020, compound financial instruments issued by Wall Box Chargers, S.L. comprised the convertible bonds issued during 2020 for an amount of Euros 25,880 thousand with a nominal interest rate of 8%. In addition, in the first half of 2021, convertible bonds were issued for an amount of Euros 7,000 thousand with the same conditions as the bond issued in 2020. Also during the first six months of 2021 Wall Box Chargers, S.L. issued a new convertible financial instrument for an amount of Euros 27,550 thousand with a nominal interest rate of 5%.

These convertible bonds were denominated in Euros and could be converted to ordinary shares at the discretion of the holder.

The liability component of the first two convertible bonds was initially recognized at the fair value of a similar liability that did not have an equity conversion option. The determination of this fair value was based on an estimated incremental rate which reflected the risk of the country where the company was located, the currency of payments, the specific risk of the sector and the Company's particular situation, in order to determine the discount factor estimates needed to be made in respect of the risk-free rate, the country risk premium and the credit spread are considered.

The equity component was initially recognized as the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. The equity component at issue date was estimated to be nil as the fair value of the liability component was calculated to be close to the fair value of the compound financial instrument as a whole.

Based on the analysis performed, Wall Box Chargers, S.L. concluded that the third convertible bond was a hybrid instrument that contained a non-derivative financial instrument which comprised an obligation for the issuer to settle in cash or by a way of delivering a variable amount of its own equity instruments and embedded derivatives with different probabilities of contingent events occurring.

Therefore, Wall Box Chargers, S.L. chose to measure the hybrid contract at fair value through profit or loss since its inception. The fair value at issue date was equal to the par value. Subsequently, the convertible bond was valued at fair value through profit or loss. The fair value implies judgement in relation to whether the bond will convert or be paid in cash, the conversion price and the number of shares to be issued in exchange for the bonds. It was also estimated that a conversion would take place. The share price was estimated based on the company value included in the Business Combination Agreement with Kensington Capital Acquisition II which was signed on 6 June 2021. The first two convertible bonds (Euros 25,880 thousand and Euros 7,000 thousand) were recognized at amortized cost after the initial recognition.

The third convertible bond (Euros 27,550 thousand) was recognized at fair value until September 16, 2021, the date of conversion. The conversion of the convertible bonds lead to the issue of 147,443 Class A ordinary shares by Wallbox Chargers, S.L. with a par value of Euros 0.50 each and share premium.

• Business combinations (including put options liabilities)

The Company accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Company. In determining whether a particular set of activities and assets is a business, the Company assesses whether the set of assets and activities acquired includes, at a minimum, an input and a substantive process and whether the acquired set has the ability to produce outputs.

The Company determines and allocates the purchase price of an acquired business to the assets acquired and liabilities assumed as of the business combination date. The purchase price allocation process requires the Company to use significant estimates and assumptions with respect to the identification of assets previously not recognized, such as customer relationships, brand name and intangible assets, and the determination of the fair value of assets and liabilities acquired.

On July 27, 2022, Wall box Chargers, S.L.U. acquired the remaining 49% of share capital of Electromaps, S.L.U., resulting in ownership of 100% of its share capital as of that date, for purchase consideration of Euros 1,799 thousand. The transaction resulted in recognition of a gain on the settlement of the associated financial liability totaling Euros 2,002 thousand (Note 21), which was recorded as financial income in the statement of profit or loss. The payment of the consideration was made through a cash payment of Euros 150 thousand on July 29, 2022 and Euros 150 thousand on August 30, 2022. The remaining amount was paid through the issuance of 163,861 Class A shares of Wallbox NV whose nominal value is Euros 0.12 per share.

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WALLBOX N.V.

Notes to the consolidated financial statements

• Share-Based Payment

The Company's management measures equity settled share-based payments at fair value at the grant date and expenses the cost over the vesting period, with a corresponding increase in equity. The expense is based upon management's estimate of the percentage of equity instruments which will eventually vest. At each statement of financial position date, management revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognized in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity reserves.

Prior to the completion of the Business Combination on October 1, 2021, as the ordinary shares of Wallbox Chargers, S.L.U. were not listed on a public marketplace, the calculation of the fair value of its ordinary shares was subject to a greater degree of estimation in determining the basis for share-based options that it issued. Given the absence of a public market during the first months of the year, management was required to estimate the fair value of the ordinary shares at each grant date.

The Company's management determined the estimated fair value of its awards based on the estimated market price of the Parent's stock on the date of grant, in practice the share price of Wallbox NV at grant date, and by applying methodologies generally accepted for this kind of valuation (see Note 22).

The date at which the fair value of the equity instruments granted is measured for the purposes of IFRS 2 for transactions with employees and others providing similar services is the grant date. Grant date is the date at which the entity and the employee agree to a share-based payment arrangement, at which point the entity and the counterparty have a shared understanding of the terms and conditions of the arrangement. At grant date, the entity confers on the counterparty the right to cash, other assets, or equity instruments of the entity, provided the specified vesting conditions, if any, are met. If that agreement is subject to an approval process (for example, by shareholders), the grant date is the date when that approval is obtained.

The assumptions underlying the valuations represent the Company's best estimates, which involve inherent uncertainties and the application of management judgement. (See Note 22).

• Income taxes

Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilized. In order to determine the amount of the deferred tax assets to be recognized, the directors consider the amounts and dates on which future taxable profits will be obtained and the reversal period for taxable temporary differences. The Company has not recognized deferred tax assets as of December 31, 2022 or December 31, 2021. The key area of judgement is therefore an assessment of whether it is probable that there will be suitable taxable profits against which any deferred tax assets can be utilized. The Company operates in a number of international tax jurisdictions. Further details of the Company's accounting policy in relation to deferred tax assets are discussed in Note 5.

Research and development tax credits are recognized as an asset once it is considered that there is sufficient assurance that any amount claimable will be received. The key judgement therefore arises in respect of the likelihood of a claim being successful when a claim has been quantified but has not yet been received. In making this judgement, the Company considers the nature of the claim and the track record of success of previous claims.

The Company is subject to income taxes in numerous jurisdictions and there are transactions for which the ultimate tax determination cannot be assessed with certainty in the ordinary course of business. An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely to be made on examination. For tax positions not meeting this "more likely than not" test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. (See Note 25).

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WALLBOX N.V.

Notes to the consolidated financial statements

• Critical judgements derived from the Business Combination Agreement and the Transaction

On October 1, 2021 (the "Closing Date"), Wallbox closed a denominated business combination (the "Business Combination") pursuant to the Business Combination Agreement, dated June 9, 2021, (the "Business Combination Agreement"), entered by and between Wallbox, Orion Merger Sub Corp., Kensington Capital Acquisition Corp. II, (hereinafter Kensington), and Wallbox Chargers.

The Group considered the following significant estimations and judgements associated with the Transaction:

<u>Wallbox Chargers acquisition</u> (refer to Note 6)

From an accounting perspective, the contribution in kind of Wallbox Chargers and subsidiaries qualifies as a "business combination involving entities or businesses under common control", which is not in the scope of IFRS 3. IFRS has currently no guidance yet on how to account for these kind of transactions.

After analyzing all the factors involving the Transaction, and considering interpretations applied by other issuers in similar scenarios, management concluded that Wallbox N.V. could not be considered as a separate entity acting as an acquirer in a business combination (as it acts on behalf of the same shareholders of Wallbox Chargers, S.L.U.). Additionally, the economic substance of its incorporation and the holding of the shares of Wallbox Chargers, S.L.U. was intended only for a reorganization of the group with the sole purpose of realizing an IPO and attracting new investors.

Consequently, management decided that Wallbox N.V. would recognize in its consolidated financial statements the net assets of Wallbox Chargers and its subsidiaries as per their previous carrying amounts (book value/pooling of interests (carry-over basis) method of accounting) and will apply this accounting treatment to similar transactions in the future.

In addition, Kensington was treated as the "acquired" company for financial reporting purposes and its net assets were recognized at historical cost, with no goodwill or other intangible assets recorded.

Acquisition of Kensington Acquisition Corp._II

The contribution in kind of Kensington is not within the scope of IFRS 3 as Kensington does not meet the definition of a business in accordance with IFRS 3.

Therefore, Wallbox has not acquired a business through the contribution in kind but accounted for the Kensington shares in accordance with IFRS Share-based payments. Kensington has been treated as the "acquired" company for financial reporting purposes and its net assets have been recognized at historical cost, with no goodwill or other intangible assets recorded.

As a result of this Transaction Kensington shareholders became shareholders of Wallbox, Based on IFRS 2, and from an analysis of the transaction, it has been considered that the excess of fair value of Wallbox shares issued over the fair value of Kensington's identifiable net assets acquired represents compensation for the service of stock exchange listing for its shares and has been expensed as incurred.

In this regard, Kensington's net assets at the closing date amounted to USD 115,244 thousand or Euros 99,524 thousand plus the cash proceeds to be received from PIPE Investors amounting USD 111,000 thousand or Euros 95,860 thousand totaling Euros 195,384 thousand.

The fair value of the Wallbox Chargers business agreed between the independent parties involved in the Transaction amounted to USD 1,400,000 thousand (Euros 1,209,040 thousand) in accordance with the Business Combination Agreement. Therefore, based on an 18.1% equity interest in Wallbox issued to Kensington shareholders, the fair value of the Wallbox shares provided to the Kensington shareholders has been estimated at Euros 267,556 thousand.

Consequently, the difference between the fair value of the Wallbox shares provided (Euros 267,556 thousand) and Kensington's net assets (Euros 195,384 thousand), amounted to Euros 72,172 thousand, and has been considered as a finance expense in the statement of profit or loss of Wallbox at closing date, representing the value of the stock exchange listing services rendered by Kensington and its shareholders.

Treatment of transaction costs

In accordance with IAS 32, Wallbox has analyzed or the total costs incurred in the Transaction to determine which were incremental and directly attributable to the issue of new shares, and hence are to be deducted from equity directly rather than being expenses through profit or loss.

Some costs have been considered 100% attributable to the issuance of the new shares in exchange for cash, while other costs incurred related to a combination of the issuance of new shares and obtaining the listing. For this latter group of costs, only the part that could be attributed to the issuance of new shares in exchange for cash are deducted from equity, which percentage was determined as the ratio of the number of new shares issued in exchange for cash compared to the total number of outstanding shares after the Transaction.

A total amount of Euros 17,397 thousand of incremental and directly attributable costs for the issuance of new shares has been deducted from share premium directly. Non-incremental and not directly attributable costs for the issuance of shares in the amount of Euros 8,046 thousand are expensed in profit or loss.

Warrants

Public and Private Warrants originally issued by Kensington to its public shareholders and its sponsors were converted on the closing date of the Business Combination Agreement, into a right to acquire one Class A ordinary share of Wallbox N.V. (a "Wallbox Warrant") on substantially the same terms as were in effect immediately prior to the closing date. These warrants were considered part of the net assets of Kensington at the time of the Transaction.

On the closing date of the Business Combination Agreement, Wallbox N.V. issued Warrants to registered holders of Kensington's Public and Private Warrants in exchange for the originally issued Warrants. The terms of the replacement Warrants issued by Wallbox N.V. were for the same terms as the original Warrants (to the extent applicable), and the exchange was treated as the assumption of the original Warrants.

According to management's assessment, both the Public and Private Warrants fall within the scope of IAS 32 and have been classified as derivative financial liabilities as they fail the fixed for fixed criterion, amongst others because of their exercise price in a foreign currency (USD) and because of certain redemption clauses in place. Additionally, the Private Warrants can be exercised on a cashless basis in return for a variable number of shares as further detailed in Note 13. In accordance with IFRS 9 guidance, derivatives that are classified as financial liabilities shall be measured at fair value with subsequent changes in fair value to be recognized in profit or loss (refer to Note 13).

Although these estimates made by the Company's directors were based on the best information available on December 31, 2022, it is possible that events which might take place in the future would result in adjustments being necessary in future years.

4. NEW IFRS AND IFRIC NOT YET EFFECTIVE

Standards and interpretations that will be effective after the reporting date are as follows:

The following amended standards and interpretations had no significant impact on the Group's financial position and results of operations.

a) New standards, amendments and interpretations effective and EU-endorsed as of January 1, 2022

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| | |
|:---|:---|
|  Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37) | Jan 1, 2022 |
|  Annual Improvements to IFRS Standards 2018-2020 | Jan 1, 2022 |
|  Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) | Jan 1, 2022 |
|  Reference to the Conceptual Framework (Amendments to IFRS 3) | Jan 1, 2022 |

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The following amended standards and interpretations are not expected to have a significant impact on the future Group's financial position and results of operations.

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WALLBOX N.V.

Notes to the consolidated financial statements

b) New standards, amendments and interpretations effective and EU endorsed as of January 1, 2023

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| | |
|:---|:---|
| Insurance Contracts (IFRS 17) | Jan 1, 2023 |
| Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) | Jan 1, 2023 |
| Definition of Accounting Estimates (Amendments to IAS 8) | Jan 1, 2023 |
| Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) | Jan 1, 2023 |

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c) New standards, amendments and interpretations effective as of January 1, 2024

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| | | |
|:---|:---|:---|
|  Classification of liabilities as current or non-current (Amendments to IAS 1) | Jan 1, 2024 | (\*) |
|  Non-current liabilities with Covenants | Jan 1, 2024 | (\*) |
|  Lease liability in a Sale and Leaseback (Amendment to IFRS 16) | Jan 1, 2024 | (\*) |

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(\*) Not yet endorsed by the EU.

5. SIGNIFICANT ACCOUNTING POLICIES

The Group has consistently applied the following significant accounting policies to all periods presented in these consolidated financial statements.

A. Basis of consolidation

i. Business combinations

The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs.

The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment (see (M)(ii)). Any gain on a bargain purchase is recognized in profit or loss immediately. Transaction costs are expensed as incurred.

The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognized in profit or loss.

Any contingent consideration is measured at fair value as of the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognized in profit or loss.

When the contingent consideration to be paid to the sellers of the acquired business combination that are currently employed by the group and the payment will be automatically forfeited if employment terminates, the contingent consideration is considered as remuneration for post combination services.

When business combinations involve the granting of put options to non-controlling entities to be settled in cash, the Group recognizes at acquisition date a financial liability for the present value of the exercise price of the option, and it is remeasured at fair value until it is paid. In these cases, the Group has elected to apply a policy choice that allows it to recognize the acquisition of 100% of the interests in the subsidiary against the consideration paid, reflected by the financial liability derived from the put option. As a result, the Group does not recognize non-controlling interests.

Business combinations involving entities under common control are not within the scope of IFRS 3, and IFRS currently does not

indicate how to recognize these transactions.

Following the guidance of IAS 8, when a transaction is not regulated by a standard, entities shall develop an accounting policy that results in relevant and reliable information. In this regard, the company has used the book value/pooling of interests (carry-over basis) method of accounting on the basis that the investment has simply been moved from one part of the group to another (i.e., a reorganization or capital reorganization). The chosen accounting policy must be applied consistently to all similar common control transactions. If the transaction does not have economic substance, then it must be recognized at book value.

Management decided that Wallbox would recognize in its consolidated financial statements the net assets of Wallbox Chargers, S.L.U. and subsidiaries as per their previous carrying amounts (book value/pooling of interests (carry-over basis) method of accounting) and will apply this accounting treatment to similar transactions in the future.

ii. Subsidiaries

Subsidiaries are entities controlled by the Group. The Group 'controls' an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.

iii. Non-controlling interests

Non-controlling interests (NCI) are measured initially at their proportionate share of the acquiree's identifiable net assets at the date of acquisition.

Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.

For business combinations that include a put option liability to acquire the remaining non-controlling interests of that business, the Group will make use of the policy choice to recognize the interest of the acquired business in full without the recognition of any non-controlling interests. The fair value of the put option liability on transaction date is then accounted for as part of the consideration paid for the business and will be remeasured at each reporting date.

iv. Loss of control

When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost.

v. Interests in equity-accounted investees

Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities.

Interests in associates and joint ventures are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group's share of the profit or loss and other comprehensive income (OCI) of equity-accounted investees, until the date on which significant influence or joint control ceases.

As of December 31, 2022 and December 31, 2021, the Group's interests in equity-accounted investees result from its interest in one joint venture.

vi. Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealized income and expenses (except for foreign currency transaction gains or losses) arising from intra-group transactions are eliminated. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group's interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.

B. Foreign currency

i. Foreign currency transactions

Transactions in foreign currencies are translated into the respective functional currencies of Group companies at the exchange rates at the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognized in profit or loss and presented within finance costs.

ii. Foreign currency operations

The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into Euros using the exchange rates as of the reporting date. The income and expenses of foreign operations are translated into Euros using the exchange rates on the dates of the transactions.

Foreign currency differences are recognized in OCI and accumulated in the translation reserve, except to the extent that the translation difference is allocated to NCI.

When a foreign operation is disposed of in its entirety or partially such that control, significant influence, or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is reattributed to NCI. When the Group disposes of only part of an associate or joint venture while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss.

C. Revenue from contracts with customers

The Company develops, manufactures, and retails charging solutions for EVs, which includes electronic chargers and other services.

Revenue from contracts with customers is recognized when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services.

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WALLBOX N.V.

Notes to the consolidated financial statements

Sale of chargers and Printed Circuit Boards ("PCBs")

Revenue from the sale of chargers and PCBs are recognized at the point in time when control of the asset is transferred to the customer, which is generally when the charger or the PCB leaves the Company warehouse.

In case of the bill-and-hold agreements, the control of the asset is transferred to the client as soon as the chargers are ready to pick up for the client, even though the chargers remain in the warehouse of Wallbox. Revenue on bill-and-hold agreements are only recorded if the customer has the ability to direct the use of the products. This means that these products are identified separately as belonging to the customer in the Group's warehouse, that the products are ready for physical transfer to the customer upon their request, and that the Group has no ability to use the products or to direct the products to another customer.

The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated (e.g., warranties, warehousing). In determining the transaction price for the sale of chargers and PCBs, the Group considers the effects of variable consideration (if any).

Contracts with customers do not include variable payments or significant financing components. There are no obligations for returns, refunds, or similar, other than regular warranty liabilities for products that are working unproperly based on warranty laws and regulations in each country in which Wallbox operates. These warranties are not considered a separate performance obligation under the contract. In addition, there are certain contract with clients which include rebates for sales volumes.

Sale of services

Revenue related to the rendering of services mainly consists of revenue from installation services and services related to managing solutions of charging point operators using software developed internally.

Revenue from contracts with customers for installation services is recognized when control of the services is transferred to the customer (at a point in time given the short period that the service is rendered). Revenue is recognized at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services. For installation contracts, where the time required to complete execution is longer, the revenue recognition for each period is calculated taking into account the percentage of completion at the end of each financial period, considering the work in progress and the costs incurred until this date compared to the budgeted costs.

The sale of installation services is always made in combination with the sale of a charger, although they are considered distinct performance obligations. Delivery of the charger and the installation services do not always happen at the same time, leading, in some cases, to chargers being delivered to customers with the installation pending. In this scenario, a contract liability is recognized when invoicing both services prior to rendering the installation services.

A contract liability is recognized if a payment is received or if a payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. Contract liabilities are recognized as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer).

D. Employee benefits

i. Short – term employee benefits

Short-term employee benefits are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and if the obligation can be estimated reliably. For the post-acquisition remuneration see Business combinations (see 5. A.i.).

ii. Share-based payment arrangements

The grant-date fair value of equity-settled share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. For the post-acquisition remuneration see Business combinations (see 5. A.i.).

iii. Termination benefits

Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of those benefits or when the Group recognizes costs for a restructuring process. If benefits are not expected to be settled wholly within 12 months of the reporting date, they are discounted.

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WALLBOX N.V.

Notes to the consolidated financial statements

E. Finance income and finance costs

The Group's finance income and finance costs include:

• interest income;

• interest expense;

• the foreign currency gain or loss on financial assets and financial liabilities;

• valuation of convertible bonds and derivatives warrant liabilities at FVTPL;

• the net gain or loss on the disposal of investments in debt securities measured at FVTOCI;

• impairment losses (and reversals) on investments in debt securities carried at amortized cost or FVTOCI.

Interest income or expense is recognized using the effective interest method. Dividend income is recognized in profit or loss on the date on which the Group's right to receive payment is established.

The 'effective interest rate' is the rate that discounts estimated future cash payments or receipts through the expected life of the financial instrument to exactly:

• the gross carrying amount of the financial asset; or

• the amortized cost of the financial liability.

In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortized cost of the liability. However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortized cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis.

F. Income tax

Income tax expense consists of current and deferred tax. It is recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in OCI.

i. Current tax

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The current tax payable or receivable amount is the best estimate of the tax amount expected to be paid or received that reflects any uncertainty related to income taxes. It is measured using tax rates enacted or substantively enacted at the reporting date. The current tax also includes any tax arising from dividends.

Current tax assets and liabilities are offset only if certain criteria are met.

ii. Deferred tax

Deferred tax is recognized as the result of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for:

• temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss;

• temporary differences related to investments in subsidiaries, associates and jointly-controlled entities to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and

• taxable temporary differences arising on the initial recognition of goodwill.

Deferred tax assets are recognized for unused tax losses and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves.

Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against which they can be used.

Deferred tax is measured using the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects any uncertainty related to income taxes, if any.

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WALLBOX N.V.

Notes to the consolidated financial statements

iii. Tax credit receivables

As per the accounting policy choice, tax credit receivables derived from government incentive schemes delivered through the tax system are accounted for using IAS 12 by analogy, as it has been concluded that it better reflects the economic substance of the incentive (tax allowance for R&D investments) rather than applying IAS 20 Government Grants. Consequently, these incentives are presented in profit or loss as a deduction from the current tax expense to the extent that the entity is entitled to claim the credit in the current reporting period, and as tax credit receivables in the statement of financial position.

G. Inventories

Inventories are valued at the lower of cost or net realizable value. Costs incurred in bringing each product to its present location and condition are accounted for, as follows:

• Raw materials: purchase cost on a first-in/first-out basis;

• Finished goods and work in progress: cost of direct materials and labor and a proportion of manufacturing overheads based on the normal operating capacity but excluding borrowing costs.

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.

H. Property, plant and equipment

i. Recognition and measurement

Items of property, plant and equipment are measured at cost, which includes capitalized borrowing costs when their construction or manufacture takes more than a year, less accumulated depreciation and any accumulated impairment losses. Assets under construction are also measured at cost plus capitalized borrowing costs when their construction or manufacture takes more than one year and are not depreciated until they are ready for use.

If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment.

Any gain or loss on disposal of an item of property, plant and equipment is recognized in profit or loss.

ii. Subsequent expenditure

Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with the expenditure will flow to the Group.

iii. Depreciation

Depreciation is calculated to write off the cost of items of property, plant and equipment, less their estimated residual values using the straight-line method over their estimated useful lives and is generally recognized in profit or loss. Property, plant and equipment will be depreciated from the moment they are ready for use. Land is not depreciated.

The estimated useful lives of property, plant and equipment for current and comparative periods are as follows:

---

| | |
|:---|:---|
|  | Useful life (years) |
| Buildings | 50 years |
| Technical installations | 33 years |
| Machinery | 8 years |
| Equipment | 4-8 years |
| Furniture | 10 years |
| IT equipment | 4 years |
| Motor vehicles | 10 years |
| Leasehold improvements | (\*) |
| Other property, plant and equipment | 10 years |

---

(\*) The shorter of the lease term or useful life of the asset.

Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

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WALLBOX N.V.

Notes to the consolidated financial statements

I. Intangible assets and goodwill

i. Recognition and measurement

Goodwill: Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses.

Research and development: Expenses related to research activities are recognized in profit or loss as incurred.

Development expenditure is capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognized in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortization and any accumulated impairment losses.

Software: Expenses capitalized as software are those incurred in the ongoing development of a centralized system that will streamline the Group's business structure by integrating various underlying software platforms and adding new specific functionalities for the Group.

Other intangible assets: Other intangible assets, including customer relationships, patents, and trademarks, that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortization and any accumulated impairment losses.

ii. Subsequent expenditure

Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.

iii. Amortization

Amortization is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives and is generally recognized in profit or loss. Goodwill is not amortized.

The estimated useful lives for current and comparative periods are as follows:

---

| | |
|:---|:---|
|  | Useful life (years) |
| Patents | (\*) |
| Customer relationships | 5-8 years |
| Trademarks | 5 years |
| Computer software | 4-6 years |
| Development | 5 years |

---

(\*) the shorter of legal or useful life of the asset.

Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

J. Financial instruments

i. Recognition and initial measurement

Trade receivables and debt securities issued are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument.

A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus or minus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.

ii. Classification and subsequent measurement

Financial assets

On initial recognition, a financial asset is classified as measured at: amortized cost; FVTOCI – debt investment; FVTOCI – equity investment; or FVTPL.

Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.

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WALLBOX N.V.

Notes to the consolidated financial statements

A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as measured at FVTPL:

• it is held within a business model whose objective is to hold assets to collect contractual cash flows; and

• its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A hedge fund investment is measured at FVTOCI if it meets both of the following conditions and is not designated as measured at FVTPL:

• it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and

• its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis.

All financial assets not classified as measured at amortized cost or FVTOCI as described above are measured at FVTPL. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVTOCI as measured at FVTPL, if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

Financial assets – Business model assessment

The Group assesses the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and how information is provided to management. The information considered includes:

• the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management's strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets;

• how the performance of the portfolio is evaluated and reported to the Group's management;

• the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed;

• how managers of the business are compensated – e.g., whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and

• the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity.

Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with the Group's continuing recognition of the assets.

Financial assets that are held for trading or are managed, and whose performance is evaluated on a fair value basis, are measured at FVTPL.

Financial assets – Assessment whether contractual cash flows are solely payments of principal and interest

For the purposes of this assessment, 'principal' is defined as the fair value of the financial asset on initial recognition. 'Interest' is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g., liquidity risk and administrative costs), as well as a profit margin.

In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers:

• contingent events that would change the amount or timing of cash flows;

• terms that may adjust the contractual coupon rate, including variable-rate features;

• prepayment and extension features; and

• terms that limit the Group's claim to cash flows from specified assets (e.g., non-recourse features).

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WALLBOX N.V.

Notes to the consolidated financial statements

A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable compensation for early termination of the contract. Additionally, for a financial asset acquired at a discount or premium relative to its contractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition.

Financial assets at FVTPL: These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss.

Financial assets at amortized cost: These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss.

Debt investments at FVTOCI: These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss.

Equity investments at FVTOCI: These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss.

Financial liabilities – Classification, subsequent measurement and gains and losses

Financial liabilities are classified as measured at amortized cost or at FVTPL. A financial liability is classified as measured at FVTPL if it is classified as held-for-trading, it is a derivative, or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and any corresponding net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss.

The Group's financial liabilities include trade and other financial payables, other payables, loans and borrowings, convertible bonds, put option liabilities and warrants.

Changes in the carrying amount of the put option liability recognized in a business combination (refer to Note 5.A.i for background on policy election) are recognized in profit or loss. Any potential dividends paid to the other shareholders are recognized as an expense in the consolidated financial statements. If the put option liability is exercised, then the financial liability is extinguished by the payment of the exercise price.

If warrants meet the definition of a derivative, they are accounted for as derivative financial instruments and are recorded as financial liabilities at fair value through profit or loss, as commented in Note 13. Such derivative financial instruments were initially recognized at fair value and subsequently remeasured at fair value through profit or loss.

iii. Derecognition

Financial assets

The Group derecognizes a financial asset when:

• the contractual rights to the cash flows from the financial asset expire; or

• it transfers the rights to receive the contractual cash flows in a transaction in which either:

1. substantially all the risks and rewards of ownership of the financial asset are transferred; or

2. the Group neither transfers nor retains substantially all the risks and rewards of ownership and it does not retain control of the financial asset.

The Group periodically enters into transactions whereby it transfers assets recognized in its statement of financial position but retains either all or substantially all the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognized.

Financial liabilities

The Group derecognizes a financial liability when its contractual obligations are discharged, cancelled or expire. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.

On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss. The cash flows associated with financial liabilities are presented gross in the statement of cash flows regardless of their maturity date.

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WALLBOX N.V.

Notes to the consolidated financial statements

iv. Offsetting

Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.

K. Share capital

i. Ordinary shares

Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with IAS 12.

ii. Repurchase and reissue of ordinary shares (treasury shares)

When shares recognized as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity and the resulting surplus or deficit on the transaction is presented within share premium.

L. Compound financial instruments

Compound financial instruments issued by the Group comprise convertible bonds denominated in Euros that can be converted to ordinary shares at the option of the holder, where the number of shares to be issued is fixed and does not vary with changes in fair value.

For the convertible bonds issued in March 2020 and January 2021, their liability components were initially recognized at the fair value of a similar liability that did not have an equity conversion option. The determination of this fair value was based on an estimated incremental rate which reflected the risk of the country where the company is located, the currency of payments, the specific risk of the sector and the company's particular situation. In order to determine the discount factor, estimates needed to be made in respect of the risk-free rate, the country risk premium, and the credit spread.

The equity component was initially recognized as the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. The equity component at issue date was estimated to be nil as the fair value of the liability component was calculated to be close to the fair value of the compound financial instrument as a whole.

Subsequent to initial recognition, the liability component of the compound financial instrument was measured at amortized cost using the effective interest method. The equity component was not remeasured in the following periods. (See Note 13).

Regarding the convertible bond issued in April 2021, the Company concluded that it was a hybrid instrument that contained a non-derivative financial instrument which comprised an obligation for the issuer to settle in cash or by way of delivering a variable amount of its own equity instruments and embedded derivatives with different probabilities of contingent events occurring. The Company elected to measure the hybrid contract at fair value through profit or loss.

The convertible bonds issued in 2020 and 2021 were already converted into equity the prior year and no new bonds were issued during 2022. Hence, no convertible bonds are outstanding as at December 31, 2022.

M. Impairment

i. Non-derivative financial assets

Financial instruments and contract assets

The Group recognizes loss allowances for expected credit losses (ECLs) on:

• financial assets measured at amortized cost;

• debt investments measured at FVTOCI; and

• contract assets.

The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs:

• debt securities that are determined to have low credit risk at the reporting date; and

• other debt securities and bank balances for which credit risk (the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition.

Loss allowances for trade receivables (including lease receivables) and contract assets are always measured at an amount equal to lifetime ECLs.

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis based on the Group's historical experience and informed credit assessment, as well as forward-looking information.

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WALLBOX N.V.

Notes to the consolidated financial statements

The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due.

The Group considers a financial asset to be in default when the debtor is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realizing security (if any is held).

Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument.

12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.

Measurement of ECLs

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e., the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive).

ECLs are discounted at the effective interest rate of the financial asset.

Credit-impaired financial assets

At each reporting date, the Group assesses whether financial assets carried at amortized cost and debt securities at FVTOCI are credit-impaired. A financial asset is 'credit-impaired' when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

Evidence that a financial asset is credit-impaired includes the following observable data:

• significant financial difficulty of the debtor;

• a breach of contract such as a default or being more than 90 days past due;

• the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;

• it is probable that the debtor will enter bankruptcy or other financial reorganization; or

• the disappearance of an active market for a security because of financial difficulties.

Presentation of allowance for ECL in the statement of financial position

Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.

Write-offs

The gross carrying amount of a financial asset is written off when the Group has no reasonable expectation of recovering a financial asset in its entirety or a portion thereof. For individual customers, the Group has a policy of writing off the gross carrying amount when the financial asset is 180 days past due based on historical experience with recoveries of similar assets. For corporate customers, the Group individually makes an assessment with respect to the timing and amount of the write-off based on whether there is a reasonable expectation of recovery. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group's procedures for recovery of amounts due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Non-financial assets

At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than inventories, contract assets and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. Goodwill is tested at least annually for impairment.

For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets, or Cash Generating Units (CGUs). Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination.

An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount.

The recoverable amount of an asset or CGU is the higher of its fair value less costs of disposal and its value in use. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU.

Impairment losses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis.

An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

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WALLBOX N.V.

Notes to the consolidated financial statements

N. Provisions

Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as a finance cost.

Warranties: A provision for legal warranties is recognized when the underlying products or services are sold and is based on historical warranty data and a weighting of possible outcomes against their associated probabilities.

O. Grants

Government grants are recognized where there is reasonable assurance that the grant will be received and that all attached conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs it is intended to compensate are expensed. When the grant relates to an asset, it is recognized as income in equal amounts over the expected useful life of the related asset.

When the Group receives grants of non-monetary assets, the asset and the grant are recorded at nominal amounts and released to profit or loss over the expected useful life of the asset, based on the pattern of consumption of the benefits of the underlying asset by equal annual instalments.

P. Leases (the Group as a lessee)

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

At commencement, or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone price. However, for the leases of property, the Group has elected not to separate lease and non-lease components and to account for them as a single lease component.

The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case, the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as that of property, plant and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

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WALLBOX N.V.

Notes to the consolidated financial statements

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group's incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.

The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased.

Lease payments included in the measurement of the lease liability comprise the following:

• fixed payments, including in-substance fixed payments;

• variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;

• amounts expected to be payable under a residual value guarantee; and

• the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.

The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group's estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option, or if there is a revised in-substance fixed lease payment.

When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

Short-term leases and leases of low-value assets

The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets (less than Euros 5,000) and short-term leases, including IT equipment. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

------

WALLBOX N.V.

Notes to the consolidated financial statements

Q. Fair value measurement

'Fair value' is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal market or, in its absence, the most advantageous market to which the Group has access at that date. The fair value of a liability reflects its non-performance risk.

Several of the Group's accounting policies and disclosures require the measurement of fair values for both financial and non-financial assets and liabilities.

The Group measures the fair value of an instrument using the quoted price in an active market for that instrument, if that price is available. A market is regarded as 'active' if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

If there is no quoted price in an active market, then the Group uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account when pricing a transaction.

If an asset or a liability measured at fair value has a bid price and an ask price, then the Group measures assets and long positions at a bid price and liabilities and short positions at an ask price.

The best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price – i.e., the fair value of the consideration given or received. If the Group determines that the fair value on initial recognition differs from the transaction price and the fair value is evidenced neither by a quoted price in an active market for an identical asset or liability nor based on a valuation technique for which any unobservable inputs are judged to be insignificant in relation to the measurement, then the financial instrument is initially measured at fair value, adjusted to defer the difference between the fair value on initial recognition and the transaction price. Subsequently, that difference is recognized in profit or loss on an appropriate basis over the life of the instrument but no later than when the valuation is wholly supported by observable market data or the transaction is closed out.

The Group uses observable market data to the extent possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

Further information about the assumptions made in measuring fair values is included in the following notes:

Note 22 – Employee benefits (share-based payment arrangements);

Note 13 – Financial assets and financial liabilities; and

Note 6 – Business combinations.

R. Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits with an original maturity of three months or less, both for the statement of financial position and for the statement of cash flows.

We maintain cash and cash equivalents with major Financial institutions. Our cash and cash equivalents of bank deposits held with banks that, at the time, exceed federally or locally insured limits.

S. Assets held for sale

An entity shall be classified as a non-current asset (or disposal group) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use.

For this to be the case, the asset (or disposal group) must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (or disposal groups) and its sale must be highly probable.

For the sale to be highly probable, the appropriate level of management must be committed to a plan to sell the asset (or disposal group), and an active process to locate a buyer and complete the plan must have been initiated. Further, the asset (or disposal group) must be actively marketed for sale at a price that is reasonable in relation to its current fair value. In addition, the sale should be expected to qualify for recognition as a completed sale within one year from the date of classification and actions required to complete the plan should indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The probability of shareholders' approval (if required in the jurisdiction) should be considered as part of the assessment of whether the sale is highly probable.

An entity that is committed to a sale plan involving loss of control of a subsidiary shall classify all the assets and liabilities of that subsidiary as held for sale, regardless of whether the entity will retain a non-controlling interest in its former subsidiary after the sale.

------

WALLBOX N.V.

Notes to the consolidated financial statements

An entity shall measure a non-current asset (or disposal group) classified as held for sale at the lower of its carrying amount and fair value less costs to sell.

6. BUSINESS COMBINATIONS AND CAPITAL REORGANIZATION

A – AR Electronic Solutions, S.L.

On July 29, 2022, Wallbox Chargers, S.L.U. acquired 100% of shares of AR Electronics Solutions, S.L.U., incorporated in Spain, a provider of innovative printed circuit boards (PCBs). The total consideration for this transaction was Euros 10,035 thousand and consisted of a cash payment of Euros 4,200 thousand at the date of acquisition and the issuance of 700,777 Class A shares of Wallbox N.V., whose fair value is Euros 8,99 per share. In addition, there are three earn-out payments (contingent consideration) which total a maximum of Euros 1,000 thousand each, to be paid in 2023, 2024 and 2025 if certain conditions established in the acquisition contract are met. The earn-outs will be paid 50% in cash and the remaining 50% by Class A shares of Wallbox NV based on the actual share price at settlement date. Considering that contingent consideration will be paid to the sellers of AR Electronic Solutions S.L.U. that are currently employed by the group and the payment will be automatically forfeited if employment terminates, the contingent consideration is considered as remuneration for post combination services and has been accounted for in accordance with IFRS 2 and IAS 19. Additionally, the group granted 111,236 RSUs to the sellers as post-acquisition remuneration (See Note 22). The Company considered that the underlying required conditions will be completely achieved, as these conditions are aligned with the Group objectives. The total amount of expenses recognized in the 2022 profit and loss is Euro 539 thousand.

The acquisition of AR Electronics Solutions, S.L.U. is expected to bring unique capabilities that further differentiate the Group's technology while also improving the vertical integration of the Group. In a time where continued supply chain uncertainty persists, bringing this critical component in-house is a key differentiator for the transaction.

The goodwill recognized upon this acquisition is mainly made up of expected synergies from the combining operations, resulting in an overall improvement of the Group's gross margin on the sales of chargers.

Details of the purchase consideration are as follows:

---

| | |
|:---|:---|
| (In thousand Euros) |  |
| Purchase consideration: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid (in cash) | 4200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid (in shares) | 6300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Setlement of pre-existing trade receivables with Wallbox group | (1463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Setlement of pre-existing trade payables with Wallbox group | 998 |
| Total | 10035 |

---

Assets and liabilities recognized at fair value as a result of the acquisition were as follows:

---

| | |
|:---|:---|
| (In thousand Euros) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment | 1567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets | 1919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right of use | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current financial assets | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 6891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other financial receivables | 2670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 5078 |
| Total Assets | 19408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current loans and borrowings | (4383) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | (988) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | (1086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other financial payables | (5697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current loans and borrowings | (2790) |
| Total Liabilities | (14944) |
| Identifiable net assets acquired | 4464 |
| Purchase consideration | 10035 |
| Goodwill arising on acquisition | 5571 |

---

The contribution in 2022 of the acquired business to the consolidated revenue has been Euros 5,273 thousand, and the contribution to the consolidated net result for the year has been a profit of Euros 850 thousand. If the business combination had taken place on January 1, 2022, the contribution to consolidated revenue and to the consolidated net result of the year would have amounted to Euros 9,561 thousand and Euros 3,350 thousand, respectively.

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WALLBOX N.V.

Notes to the consolidated financial statements

The costs related to the Business Combination during 2022 amounted to Euros 69 thousand and have been recognized as operating expenses in the Consolidated Statement of Profit or Loss.

B – Coil, Inc.

On August 4, 2022, Wallbox USA, Inc. acquired 100% of the outstanding shares of Coil, Inc., incorporated in the United States of America, which is a provider of electrical installation services for EV charging, battery storage and electrical infrastructure in North America. The total consideration for this transaction was Euro 3,572 thousand and consisted of a cash payment of Euro 1,155 thousand at the date of acquisition and the issuance of 272,826 Class A shares of Wallbox N.V. in January 2023, whose fair value is Euros 8,09 per share. In addition, there is an earn-out payment (contingent consideration) of up to 304,350 Class A Shares if certain conditions established in the acquisition contract are met. This earn-out will be paid with Class A shares of Wallbox NV based on the share price at acquisition date. Considering that contingent consideration will be paid to current employees of the group and the payment will be automatically forfeited if employment terminates, the contingent consideration is considered as remuneration for post combination services and has been accounted for in accordance with IFRS 2. the Company considered that the underlying required conditions will be completely achieved, as these conditions are aligned with the Group objectives Additionally, the group granted 384,783 RSUs to the sellers as post-acquisition remuneration (See Note 22). The total amount of expenses recognized in the 2022 profit and loss is Euro 1,769 thousand. A convertible loan of USD 1,000 thousand has been settled with the related noteholder and recognized at fair value in the Net assets at acquisition date for USD 2,000 thousand.

The acquisition of Coil, Inc. will allow the Group to further enhance its service offerings to customers in residential and commercial settings, while also expanding into the rapidly growing DC Fast Charging installation market. The goodwill recognized upon this acquisition is mainly made up of expected synergies from the combining operations, resulting in an increase of the Group's sale of (public) chargers in the US market.

Details of the purchase consideration are as follows:

---

| | |
|:---|:---|
| (In thousand Euros) |  |
| Purchase consideration: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount paid (in cash) | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To be paid (in shares) (Note 17) | 2417 |
| Total | 3572 |

---

Assets and liabilities recognized at fair value as a result of the acquisition were as follows:

---

| | |
|:---|:---|
| (In thousand Euros) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets | 2057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other financial receivables | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 97 |
| Total Assets | 3113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current Loans and borrowings | (2195) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current Loans and borrowings | (71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | (438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other financial payables | (452) |
| Total Liabilities | (3156) |
| Identifiable net assets acquired | (43) |
| Purchase consideration | 3572 |
| Goodwill arising on acquisition | 3615 |

---

The contribution in 2022 of the acquired business to the consolidated revenue has been Euros 3,590 thousand, and contribution to the consolidated net result for the year has been a loss of Euros 1,340 thousand. If the business combination had taken place at the January 1, 2022, the contribution to consolidated revenue and to the consolidated net loss of the year would have amounted to Euros 5,888 thousand and Euros 1,832 thousand, respectively.

The costs related to the Business Combination during 2022 amounted to Euros 84 thousand and have been recognized as operating expenses in the Consolidated Statement of profit or loss.

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WALLBOX N.V.

Notes to the consolidated financial statements

C -Transaction with Wallbox Chargers and Kensington

The Business Combination Agreement was executed with the sole aim of performing an Initial Public Offering (IPO) to list on the New York Stock Exchange (NYSE) and integrating new investors and does not qualify as business combination under IFRS 3, as explained below. The execution of the following steps, as agreed between the parties, was involved in the Transaction:

a) Incorporating up Wallbox B.V. in the Netherlands on June 7, 2021;

b) Converting Wallbox Chargers convertible bonds into shares of Wallbox Chargers on September 16, 2021;

c) Converting Wallbox B.V. into Wallbox N.V.;

d) Reverse subsidiary merger between Orion Merger Sub Corp. with Kensington Capital Acquisition Corp. II (Kensington);

e) Share-for-share exchange of Wallbox Chargers shares into Wallbox N.V.;

f) Share-for-share exchange of Kensington shares into Wallbox N.V.;

g) PIPE investment;

h) Listing;

Steps c to g took place at the same time at the Closing date of October 1, 2021. Listing on the NYSE started on October 4, 2021. Regarding steps e to g, on the Closing Date of October 1, 2021:

i. Each outstanding Class A ordinary share of Wallbox Chargers, S.L.U. (including each such share resulting from the conversion of convertible bonds of Wallbox Chargers, S.L.U. prior to the Closing Date by the noteholders thereof), and each outstanding Class B ordinary share was exchanged by means of a contribution in kind in exchange for the issuance of a number of Class A Shares or Wallbox Class B Shares by Wallbox N.V., as applicable, determined in each case by reference to an "Exchange Ratio," calculated in accordance with the Business Combination Agreement (240.990795184659). All Wallbox shareholders, other than Enric Asunción Escorsa and Eduard Castañeda, received Wallbox Class A Shares in the exchange. Both Enric Asunción Escorsa and Eduard Castañeda received Class B Shares in the share capital of Wallbox;

ii. each share of Kensington Class A Common Stock and Kensington Class B Common Stock outstanding immediately prior to the effective date of the merger with Orion Merger Sub Corp. (the "Merger Effective Time") was converted into and become one share of new Kensington common stock, and each such share of new Kensington common stock was immediately thereafter exchanged by means of a contribution in kind in exchange for the issuance of Class A Shares of Wallbox N.V., whereby Wallbox N.V. issued one Class A Share for each share of new Kensington common stock exchanged;

iii. In connection with the foregoing and concurrently with the execution of the Business Combination Agreement on September 29, 2021, Kensington and Wallbox N.V. entered into Subscription Agreements (the "Subscription Agreements") with certain investors (the "PIPE Investors"), pursuant to which the PIPE Investors agreed to subscribe to, and Wallbox N.V. agreed to issue to such PIPE Investors, an aggregate of 11,100,000 Wallbox Class A Shares at USD 10.00 per share for gross proceeds of thousand USD 111,000 (the "PIPE Financing") on the Closing Date.

Wallbox N.V. was incorporated on June 7, 2021 with ten shares, Euros 0.12 par value, with the sole aim of reorganizing the previous group headed by Wallbox Chargers, S.L.U. and executing the Business Combination Agreement to implement the IPO of shares (new and old shares) to be listed on the NYSE. Consequently, all the steps were designed as a single transaction with a single aim (listing Wallbox Chargers' business on the NYSE and integrating new investors), and this purpose has been considered as the basis of the accounting treatment applied in order to present an accurate account of the transaction in Wallbox's consolidated financial statements. In this regard, Wallbox N.V. became the parent of the group as per the contribution in kind of the shares of Wallbox Chargers and Kensington shares on October 1, 2021.

Wallbox Chargers acquisition

As per the Business Combination Agreement, Wallbox N.V. became the new parent of the Wallbox Group as per a contribution in kind of the shares of Wallbox Chargers, S.L.U. on October 1, 2021.

From an accounting perspective, the contribution in kind of Wallbox Chargers and subsidiaries qualified as a 'business combination involving entities or businesses under common control' which are not in the scope of IFRS 3. IFRS currently has no guidance on how to account for transactions of this nature.

After analyzing all the factors involving the Transaction, management concluded that Wallbox N.V. could not be considered as a separate entity acting in its own right as an acquirer in a business combination (as it acts on the behalf of the same shareholders of Wallbox Chargers) and the economic substance of its incorporation and the holding of the shares of Wallbox Chargers was considered to be intended only for a reorganization of the group for the sole purpose of the IPO and the integration of new investors.

Consequently, management decided that Wallbox N.V. would recognize in its consolidated financial statements the net assets of Wallbox Chargers and its subsidiaries as per their previous carrying amounts (book value/pooling of interests (carry-over basis) method of accounting) and will apply this accounting treatment to similar transactions in the future.

------

WALLBOX N.V.

Notes to the consolidated financial statements

Acquisition of Kensington Acquisition Corp. II

The contribution in kind of Kensington was not within the scope of IFRS 3 as Kensington did not meet the definition of a business in accordance with IFRS 3.

Therefore, Wallbox did not acquire a business through the contribution in kind and accounted for the Kensington shares within the scope of IFRS 2 Share-based payments. Kensington was treated as the "acquired" company for financial reporting purposes and its net assets were recognized at historical cost, with no goodwill or other intangible assets recorded.

As a result of the Transaction, Kensington shareholders became shareholders of Wallbox.

In accordance with IFRS 2, the excess of fair value of Wallbox shares issued over the fair value of Kensington's identifiable net assets acquired represented compensation for the service of a stock exchange listing for its shares and was expensed as incurred.

In this regard, the fair value of Kensington's net assets at the closing date amounted to USD 115,244 thousand or Euros 99,524 thousand (comprised of cash and cash equivalents of Euros 114,015 thousand and derivative warrant liabilities of Euros 14,491 thousand) plus the cash proceeds received from PIPE Investors amounting to USD 111,000 thousand or Euros 95,860 thousand, totaling Euros 195,384 thousand.

The fair value of the Wallbox Chargers business agreed between the independent parties involved in the Transaction amounted to USD 1,400,000 thousand (Euros 1,209,040 thousand) in accordance with the Business Combination Agreement. Therefore, based on an 18.1% equity interest in Wallbox issued to Kensington shareholders, the fair value of the Wallbox shares exchanged in the transaction was estimated at Euros 267,556 thousand.

Consequently, the difference between the fair value of the Wallbox shares provided (Euros 267,556 thousand) and Kensington's net assets (Euros 195,384 thousand), amounting to Euros 72,172 thousand, was recorded as a finance expense in the statement of profit or loss of Wallbox at the closing date, representing the value of the stock exchange listing services rendered by Kensington and its shareholders.

Comparative information

There is no approved guidance in IFRS regarding the presentation of comparatives when applying the pooling of interests method for business combinations between entities under common control.

Considering this lack of guidance and IAS 8, Management determined that Wallbox would restate its comparatives and adjust its current reporting period before the date of the transaction as if the combination has occurred at the start of the earliest period presented.

Wallbox has decided to present comparatives, as the consolidated financial statements of Wallbox are considered to be a continuation of those of Wallbox Chargers.

Consequently, Wallbox N.V. is considered the parent of the Wallbox Group at January 1, 2019 and has included comparatives for the year ended December 31, 2020. From this date, Wallbox's consolidated financial statements will be the continuation of those issued by Wallbox Chargers, recognizing the incorporation of Kensington as of October 1, 2021.

From January 1, 2020 and until October 1, 2021, the structure of Wallbox's equity and net assets remained the same as that of Wallbox Chargers. On October 1, 2021, as a result of the share capital increases in Wallbox N.V. due to the legal contribution in kind of Wallbox Chargers and Kensington, certain adjustments were made to estimate the net equity and to present the share capital of Wallbox, considering that the Wallbox Group's losses for the period until September 30, 2021 include those for Wallbox N.V. as of its date of incorporation (June 7, 2021) and those for the WallBox Chargers Group from January 1, 2021 to September 30, 2021:

---

| | |
|:---|:---|
| (In thousand Euros) | October 1, 2021 |
| Share capital | 44430 |
| Share premium | 321789 |
| Loss for the period | (154680) |
| Other equity components | 4371 |
| Foreign currency translation reserve | 118 |
| Total equity attributable to owners of the company | 216028 |

---

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WALLBOX N.V.

Notes to the consolidated financial statements

Treatment of transaction costs

In accordance with IAS 32, Wallbox analyzed the total costs incurred in the Transaction to determine which were incremental and directly attributable to the issuance of new shares, which would qualify to be deducted from equity directly rather than expensed through profit or loss.

Some costs were 100% attributable to the issuance of the new shares in exchange for cash, while other costs incurred were related to a combination of the issuance of new shares and obtaining the listing. For this latter group of costs, only the part that could be attributed to the issuance of new shares in exchange for cash was deducted from equity. The percentage for this allocation was determined as the ratio of the number of new shares issued in exchange for cash compared to the total number of outstanding shares after the Transaction.

A total amount of Euros 17,397 thousand (Note 17) of incremental and directly attributable costs for the issuance of new shares has been deducted from share premium directly. Costs which are not incremental and directly attributable to the issuance of shares totaled Euros 8,046 thousand (Note 21) and are expensed in profit or loss.

Impact of the Transaction on earnings-per-share (the EPS)

The contribution in kind of the shares of Wallbox Chargers did not impact the number of ordinary shares and had no change in resources. Since Wallbox N.V. would be considered the parent of the Wallbox Group at January 1, 2019 for comparison purposes, it has been considered reasonable to apply the same Exchange Ratio of 240.990795184659 used at October 1, 2021.

The contribution in kind of Kensington shares modified the number of ordinary shares with a corresponding change in resources (the net assets of Kensington are new in the Wallbox Group and are considered a change in resources). Therefore, such new shares would impact the weighted average number of ordinary shares outstanding from October 1, 2021.

Consequently, the weighted average number of ordinary shares outstanding for basic and diluted EPS for the prior periods is as follows:

OUTSTANDING SHARES

---

| | |
|:---|:---|
|  | December 31,<br>2020 |
| Shares | Outstanding shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 280737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | 111381 |
|  Total | 392118 |
|  Shares for Basic EPS Wallbox Chargers | 392118 |
|  Exchange ratio | 240.99 |
|  Adjusted number of shares | 94496837 |

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7. OPERATING SEGMENTS

Basis for segmentation

The Group's business segment information included in this note is presented in accordance with the disclosure requirements set forth in IFRS 8. Segment reporting is a basic tool used for monitoring and managing the Group's different activities. Segment reporting is prepared based on the lowest level units, which are then aggregated in line with the structure established by Group management to set up higher level units and, finally, the actual business segments.

The Group has consistently aligned the information from this item with the information used internally for top management reports (Group top management consists of all Chief Officers acting as decision makers). The Group's operating segments reflect its organizational and management structures. Group management reviews the Group's internal reports and uses these segments to assess performance and allocate resources.

The segments are differentiated by geographical areas from which revenue is or will be generated. The financial information for each segment is prepared by aggregating figures from the different geographical areas and business units existing in the Group. This information links both the accounting data from the units included in each segment and that provided by the management reporting systems. In all cases, the same general principles are applied as those used in the Group.

For management purposes, the Group is organized into business units based on geographical areas and therefore has three reportable business segments. The business segments are as follows:

• EMEA: Europe-Middle East Asia

• NORAM: North America

• APAC: Asia-Pacific

Transfer prices between operating segments are on an arm's-length basis in a manner similar to transactions with third parties.

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WALLBOX N.V.

Notes to the consolidated financial statements

Information on reportable segments

Information related to each reportable segment is set out below. Segment operating profit (loss) is used to measure performance, as management believes that this information is the most relevant when evaluating the results of the respective segments relative to other entities operating in the same industries.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended December 31, 2022 | Year ended December 31, 2022 | Year ended December 31, 2022 | Year ended December 31, 2022 | Year ended December 31, 2022 | Year ended December 31, 2022 |
|  | | | | | Consolidated | |
|  | | | | | adjustments and | |
| (In Thousand Euros) | EMEA | NORAM | APAC | Total segments | eliminations | Consolidated |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue | 140145 | 23552 | 414 | 164111 | (19926) | 144185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in inventories and raw materials and consumables used | (88104) | (15787) | (16) | (103907) | 18302 | (85605) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee benefits | (74895) | (13533) | (386) | (88814) |  | (88814) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating expenses | (72844) | (21026) | (113) | (93983) | 2428 | (91555) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization and depreciation | (17058) | (1830) | (2) | (18890) |  | (18890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 1508 | 335 | 1 | 1844 |  | 1844 |
|  Operating Loss | (111248) | (28289) | (102) | (139639) | 804 | (138835) |
|  Total Assets | 515796 | 155529 | 60 | 671385 | (249401) | 421984 |
|  Total Liabilities | 336356 | 32001 | 47 | 368404 | (115570) | 252834 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended December 31, 2021 | Year ended December 31, 2021 | Year ended December 31, 2021 | Year ended December 31, 2021 | Year ended December 31, 2021 | Year ended December 31, 2021 |
|  | | | | | Consolidated | |
|  | | | | | adjustments and | |
| (In thousand Euros) | EMEA | NORAM | APAC | Total segments | eliminations | Consolidated |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue | 74280 | 4687 | 298 | 79265 | (7686) | 71579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in inventories and raw materials and consumables used | (47056) | (3345) | (19) | (50420) | 6167 | (44253) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee benefits | (27130) | (2309) | (227) | (29666) |  | (29666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating expenses | (42273) | (1778) | (63) | (44114) | 709 | (43405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization and depreciation | (8214) | (268) | (1) | (8483) |  | (8483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income/(expense) | 962 | (306) |  | 656 |  | 656 |
|  Operating Loss | (49431) | (3319) | (12) | (52762) | (810) | (53572) |
|  Total Assets | 343320 | 128312 | 84 | 471716 | (129103) | 342613 |
|  Total Liabilities | 210418 | 15622 | 16 | 226056 | (14515) | 211541 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended December 31, 2020 | Year ended December 31, 2020 | Year ended December 31, 2020 | Year ended December 31, 2020 | Year ended December 31, 2020 | Year ended December 31, 2020 |
|  | | | | | Consolidated | |
|  | | | | | adjustments and | |
| (In thousand Euros) | EMEA | NORAM | APAC | Total segments | eliminations | Consolidated |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue | 19673 | 1 | 57 | 19731 | (54) | 19677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in inventories and raw materials and consumables used | (10557) | (13) | (20) | (10590) | 16 | (10574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee benefits | (9128) | (617) | (61) | (9806) |  | (9806) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating expenses | (7765) | (427) | (37) | (8229) | 37 | (8192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization and depreciation | (2265) | (114) |  | (2379) |  | (2379) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 289 |  |  | 289 |  | 289 |
|  Operating Loss | (9753) | (1170) | (61) | (10984) | (1) | (10985) |
|  Total Assets | 83202 | 233 | 26 | 83461 | (1617) | 81844 |
|  Total Liabilities | 69231 | 708 | 21 | 69960 | (350) | 69610 |

---

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WALLBOX N.V.

Notes to the consolidated financial statements

Eliminations and unallocated items

There have been no significant transactions between segments for the years ended December 31, 2022, 2021 and 2020, except for inter-segment revenues which are eliminated in the column 'Consolidated adjustments and eliminations'. The elimination of revenue and changes in inventories and raw materials and consumables used mainly relates to eliminating the intercompany sales of EMEA to NORAM and APAC. The impact of this elimination on consolidated operating loss relates to the elimination of profit on stock of inventories held by the NORAM segment.

Certain financial assets and liabilities are not allocated to these segments, as they are managed on a Group basis. These are reflected in the 'Consolidated adjustments and eliminations' column. All finance income and expenses are considered to be part of the Corporate segment and hence not further allocated to the operating segments EMEA, NORAM and APAC.

External revenue by location of customers

Operating Segments

External revenue by location of customers

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| (In thousand Euros) | 2022 | 2022 | 2021 | 2021 | 2020 | 2020 |
| Country | Revenue | % | Revenue | % | Revenue | % |
| Spain | 20076 | 14% | 6910 | 10% | 4441 | 23% |
| United States | 19412 | 13% | 4713 | 7% | 121 | 1% |
| Italy | 14927 | 10% | 7338 | 10% | 1026 | 5% |
| France | 13689 | 9% | 4346 | 6% | 1368 | 7% |
| Netherlands | 11895 | 8% | 5381 | 8% | 1991 | 10% |
| United Kingdom | 8124 | 6% | 6598 | 9% | 2097 | 11% |
| Germany | 7944 | 6% | 12034 | 17% | 1046 | 5% |
| Belgium | 7581 | 5% | 2394 | 3% | 540 | 3% |
| Sweden | 6518 | 5% | 3527 | 5% | 581 | 3% |
| Canada | 4120 | 3% | &nbsp;&nbsp;&nbsp;&nbsp;— | 0% |  | 0% |
| Portugal | 2471 | 2% | 977 | 1% | 391 | 2% |
| Ireland | 2390 | 2% | 1638 | 2% | 410 | 2% |
| Australia | 2334 | 2% | 1224 | 2% | 328 | 2% |
| Israel | 2253 | 2% | 1170 | 2% | 85 | 0% |
| New Zeeland | 2082 | 1% | 733 | 1% | 166 | 1% |
| Czech Republic | 1473 | 1% | 137 | 0% | 37 | 0% |
| Greece | 1240 | 1% | 538 | 1% | 131 | 1% |
| Thailand | 1172 | 1% | 333 | 0% | 122 | 1% |
| Denmark | 1065 | 1% | 974 | 1% | 18 | 0% |
| Finland | 893 | 1% | 116 | 0% | 4 | 0% |
| Brazil | 887 | 1% | 179 | 0% | 3 | 0% |
| Norway | 848 | 1% | 5319 | 7% | 3273 | 17% |
| Other Countries | 10791 | 7% | 5000 | 7% | 1498 | 8% |
| Total | 144185 | 100% | 71579 | 100% | 19677 | 100% |

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WALLBOX N.V.

Notes to the consolidated financial statements

8. PROPERTY, PLANT AND EQUIPMENT

A. Reconciliation of carrying amount

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (In thousand Euros) | Leasehold<br> improvements | Fixtures<br> and fittings | Plant and<br> equipment | Assets<br> under<br> construction | Total |
| Balance at January 1, 2021 | 2036 | 922 | 1478 | 986 | 5422 |
| Additions | 10178 | 1900 | 8030 | 838 | 20946 |
| Disposals | (75) | (5) |  |  | (80) |
| Transfers | 804 | 127 | 86 | (986) | 31 |
| Depreciation for the year | (320) | (299) | (427) |  | (1046) |
| Translation differences |  | 1 |  |  | 1 |
| Balance at December 31, 2021 | 12623 | 2646 | 9167 | 838 | 25274 |
| Additions | 7105 | 1542 | 27443 | 172 | 36262 |
| Disposals |  |  |  |  |  |
| Business Combination |  | 126 | 1441 |  | 1567 |
| Transfers | 640 | 18 | 180 | (838) |  |
| Depreciation for the year | (1693) | (525) | (2781) |  | (4999) |
| Translation differences |  | 2 | (228) |  | (226) |
| Balance at December 31, 2022 | 18675 | 3809 | 35222 | 172 | 57878 |
| Cost |  |  |  |  |  |
| At December 31, 2020 | 2177 | 1038 | 1755 | 986 | 5956 |
| At December 31, 2021 | 13084 | 3061 | 9871 | 838 | 26854 |
| At December 31, 2022 | 20829 | 4749 | 38707 | 172 | 64457 |
| Accumulated depreciation |  |  |  |  |  |
| At December 31, 2020 | (140) | (117) | (277) |  | (534) |
| At December 31, 2021 | (460) | (416) | (704) |  | (1580) |
| At December 31, 2022 | (2153) | (941) | (3485) |  | (6579) |

---

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WALLBOX N.V.

Notes to the consolidated financial statements

Additions of property, plant and equipment for 2022 totaling Euros 36,262 thousand (Euros 20,946 thousand in 2021) mainly due to leasehold improvements at the headquarters located in Barcelona and the investment in the new factory in Arlington, Texas, USA.

At December 31, 2022, additions of property, plant and equipment for which payment was still pending totaled Euros 8,979 thousand (Euros 10,512 thousand at December 31, 2021).

Other information

The Group has obtained insurance policies that cover the carrying amount of its property, plant and equipment.

The commitments amount to Euros 3,318 thousand (Euros 11,438 thousand at December 31, 2021). These commitments mainly correspond to the machinery and tools for the Texas and Barcelona plants.

There are no other significant contractual obligations to purchase, construct or develop property, plant and equipment assets.

The Group has no restrictions on the sale of its property, plant and equipment and no pledge exists on these assets at December 31, 2022 and 2021, except for the leasehold improvement which cannot be realized and which totals Euros 20,829 thousand at December 31, 2022 (Euros 13,084 thousand at December 31, 2021).

9. ASSETS FOR RIGHTS OF USE AND LEASE LIABILITIES

Group as a lessee

The Group has lease contracts for various items of plant, machinery, vehicles and other equipment used in its operations. Leases of plant and machinery generally have lease terms between 3 and 20 years, while motor vehicles and other equipment generally have lease terms between 3 and 5 years. The Group's obligations under its leases are secured by the lessor's title to the leased assets. Generally, the Group is restricted from assigning and subleasing the leased assets.

a) Set out below are the carrying amounts of right-of-use assets recognized and the movements during the periods:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (In thousand Euros) | Buildings | Vehicles | Other assets | Total |
| Balance at January 1, 2021 | 2978 | 429 | 438 | 3845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions | 15060 | 860 | 503 | 16423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation for the year | (1217) | (323) | (222) | (1762) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation differences | (2) |  |  | (2) |
| Balance at December 31, 2021 | 16819 | 966 | 719 | 18504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions | 7877 | 758 | 64 | 8699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business combinations | 402 |  | 822 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation for the year | (2560) | (527) | (310) | (3397) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | (553) |  |  | (553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation differences | 413 | (2) |  | 411 |
| Balance at December 31, 2022 | 22398 | 1195 | 1295 | 24888 |

---

Additions in 2022 primarily relate to the facility in Arlington, Texas (USA) with a lease term of 10 years.

Additions in 2021 primarily relate to the 20-year agreement with "Consorcio de la Zona Franca de Barcelona", and the leased offices in France and the United States of America. In August 2021, a 10-year lease was agreed to for the new offices located in Barcelona.

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WALLBOX N.V.

Notes to the consolidated financial statements

b) Set out below are the carrying amounts of lease liabilities and the movements during the periods:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>(In thousand Euros) | Buildings | Vehicles | Other assets | Total |
| Balance at January 1, 2021 | 3280 | 432 | 405 | 4117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions to liabilities | 15060 | 860 | 503 | 16423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on lease liabilities | 588 | 25 | 18 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease payments | (811) | (349) | (300) | (1460) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation differences | (2) |  |  | (2) |
| Balance at December 31, 2021 | 18115 | 968 | 626 | 19709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions to liabilities | 7783 | 663 | 71 | 8517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business combinations | 402 |  | 586 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on lease liabilities | 1210 | 40 | 17 | 1267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease payments | (2322) | (492) | (315) | (3129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | (340) |  |  | (340) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation differences | 289 |  |  | 289 |
| Balance at December 31, 2022 | 25137 | 1179 | 985 | 27301 |

---

An analysis of the contractual maturity of lease liabilities, including future interest payable, is as follows:

---

| | | |
|:---|:---|:---|
| (In thousand Euros) | December 31,<br>2022 | December 31,<br>2021 (\*) |
| 6 months or less | 1892 | 1189 |
| 6 months to 1 year | 1952 | 1223 |
| From 1 to 2 years | 3879 | 2371 |
| From 2 to 5 years | 9844 | 6713 |
| More than 5 years | 17820 | 15320 |
| Total | 35387 | 26816 |

---

\* December 31, 2021 presentation has been revised to retrospectively present the contractual maturity of lease liabilities at December 31, 2021. This has been decreased with Euros 9,603 thousand in total and Euros 5,079 thousand for more than 5 years, as the lease of the factory in Arlington, USA incepted on January 1, 2022. 

Amounts recognized in profit or loss derived from lease liabilities and expenses on short-term and low value leases (IFRS 16 exemption applied) are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (In thousand Euros) | 2022 | 2022 | 2021 | 2021 | 2020 | 2020 |
| Interest on lease liabilities (see note 23) |  | 1267 |  | 631 |  | 107 |
| Expenses relating to short-term and low value leases (see note 21) |  | 3454 |  | 567 |  | 305 |

---

Of the leasing contracts, those related to vehicle rental do not have extension options, whereas leasing contracts for plants and office buildings may include extension options that have been considered from the inception of the lease.

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WALLBOX N.V.

Notes to the consolidated financial statements

10. INTANGIBLE ASSETS AND GOODWILL

a) Intangible assets

Details of and movement in items comprising intangible assets are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (In thousand Euros) | Software | Patents and<br> customer<br> relationships | Development<br> costs | Other | Total |
| Balance at January 1, 2021 | 3390 | 682 | 19035 | 14 | 23121 |
| Additions | 2276 | 261 | 17309 | 108 | 19954 |
| Disposals | (5) |  | (53) |  | (58) |
| Transfers |  |  | (31) |  | (31) |
| Amortization for the year | (818) | (112) | (4746) |  | (5676) |
| Translation differences |  |  |  |  |  |
| Balance at December 31, 2021 | 4843 | 831 | 31514 | 122 | 37310 |
| Additions | 2409 | 4 | 26807 | 845 | 30065 |
| Disposals |  |  |  |  |  |
| Business Combination | 350 | 3613 |  |  | 3963 |
| Transfers |  |  | 123 | (123) |  |
| Amortization for the year | (1223) | (363) | (8908) |  | (10494) |
| Translation differences | (2) | (43) | 1 |  | (44) |
| Balance at December 31, 2022 | 6377 | 4042 | 49537 | 844 | 60800 |
| Cost |  |  |  |  |  |
| At December 31, 2020 | 3749 | 743 | 20422 | 14 | 24928 |
| At December 31, 2021 | 6020 | 1004 | 37647 | 122 | 44793 |
| At December 31, 2022 | 8777 | 4578 | 64577 | 844 | 78776 |
| Accumulated amortization |  |  |  |  |  |
| At December 31, 2020 | (359) | (61) | (1386) |  | (1806) |
| At December 31, 2021 | (1177) | (173) | (6132) |  | (7482) |
| At December 31, 2022 | (2400) | (536) | (15040) |  | (17976) |

---

During 2022, the Group made investments in several development projects, consisting of payroll expenses and other costs totaling Euros 26,807 thousand (Euros 17,309 thousand in 2021), for which the associated development expenditures met the requirements for capitalization.

From the total development expenditure, Euros 20,204 thousand (Euros 11,686 thousand in 2021) corresponds to the capitalization of internal payroll costs in relation to the product development process, particularly in the DC products Quasar and Supernova, the AC products Pulsar and the MyWallbox software.

The average remaining amortization term for these assets is between 3 and 5 years.

Additions of patents, licenses and similar, and computer software totaled Euros 2,413 thousand (Euros 2,537 thousand in 2021) due primarily to the implementation of new software applications. The patents and customer relationships category also include the registration of brands, logos, and design patents for different chargers.

During 2022, the Group has additions coming from the business combinations disclosed in Note 6.

At December 31, 2022, additions of intangible assets for which payment was still pending totaled Euros 845 thousand (Euros 376 thousand at December 31, 2021). The Group has no restrictions on the realizability of its intangible assets and no pledge exists on these assets as of December 31, 2022 and 2021.

At December 31, 2022, there are commitments for the acquisition of intangible assets for Euros 1,728 thousand (Euros 1,024 thousand at December 31, 2021).

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WALLBOX N.V.

Notes to the consolidated financial statements

b) Goodwill

The Goodwill breakdown by CGU as of December 31, 2022 and December 31, 2021 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (In thousand Euros) | ARES | Coil | Nordics | Electromaps/<br> Software | Total |
| 2022 | 5571 | 3503 | 2570 | 3457 | 15101 |
| 2021 |  |  | 2689 | 3457 | 6146 |

---

The change in the carrying amount of goodwill corresponds to the business combinations of 2022 (Note 6) and to the exchange differences from the Nordics business combination.

11. IMPAIRMENT TESTING OF GOODWILL

For impairment testing purposes, goodwill acquired through business combinations is allocated to the Nordics and Electromaps/Software CGUs, as well as to AR Electronic Solutions, S.L.U. and Coil, Inc.

The Group performed its annual impairment testing on December 31, 2022 and 2021.

Nordics

Nordics is the cash-generating unit focused on the development of the electric charger market for the Group in Scandinavia, capitalizing on the existing customer base and institutional experience obtained as the installation provider of Intelligent Solutions. The recoverable amount of the Nordics CGU has been determined based on a value in use calculation, which utilized cash flow projections from financial budgets approved by senior management covering a five-year period.

The projected cash flows have been built to reflect the increasing demand for EV chargers and associated services in this region. The pre-tax discount rate applied to cash flow projections is 14.87% (2021: 10%), and cash flows beyond the five-year period are extrapolated using a 1.5% (2021: 1.5%) growth rate. As a result of this analysis, no impairment has been recognized, as there is sufficient headroom available. The recoverable amount is largely depending on the future growth of the company in 2026 and 2027 and the terminal growth value resulting from it.

Key assumptions utilized in the value in use calculation, and a corresponding sensitivity analysis to demonstrate the impact of changes in assumptions for this unit, are as follows:

• Revenue and Ebitda:

Even in the maturity market in the Nordics countries, we have considered an increase in revenue to maintain the quote of sales aligned with the Wallbox group budgets. Also, in terms of Ebitda we have considered increases of Ebitda levels achieved through the savings applied mainly in 2023 in the operational expenses and the employee benefits.

• Discount rates:

Discount rates represent the current market assessment of the risks specific to each CGU and take into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates.

The discount rate calculation is based on the specific circumstances of the Group and its CGUs and is derived from the Group's weighted average cost of capital (WACC). The WACC takes into account costs associated with both debt and equity. The cost of equity is derived from the expected return on investment by the Group's investors. The cost of debt is based on the interest-bearing borrowings the Group is obliged to service.

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WALLBOX N.V.

Notes to the consolidated financial statements

Business-specific risk is incorporated by applying individual beta factors. The beta factors have been evaluated annually based on publicly available market data.

Alpha factor adjustments to the discount rate are made to consider unit specific factors such as the size, liquidity, and market (in addition to other factors) in order to reflect a pre-tax discount rate.

Based on the impairment test performed no impairment is needed and we have a headroom of around Euros 13 million.

A rise in the unit's pre-tax discount rate to 16.87% (i.e., +2%) would not result in impairment, given the existing headroom.

• Growth rates used to extrapolate cash flows beyond the forecast period:

Potential growth rates in this business could be higher than that used in the impairment test and a reduction of this rate to 0.75% would not result in impairment, given the existing headroom.

Electromaps/Software

Electromaps/Software is the cash-generating unit focused on the development and sale of software for the Group's electric chargers. The recoverable amount of the Electromaps/Software CGU has been determined based on a value in use calculation, which utilizes cash flow projections from financial budgets approved by senior management covering a five-year period.

The projected cash flows have been built to reflect increased demand for the software and services associated with EV sales. The pre-tax discount rate applied to the cash flow projections is 19.60% (2021: 9.04%). and cash flows beyond the five-year period are extrapolated using a 1.5% (2021: 1.5%) growth rate. As a result of this analysis, no impairment has been recognized, as there is sufficient headroom available. The recoverable amount is largely depending on the future growth of the company and the terminal value calculated.

Key assumptions utilized in the value in use calculation, and a corresponding sensitivity analysis to demonstrate the impact of changes in assumptions for this unit, are as follows:

• Number of future users and market share during the forecast period:

The number of future users in this CGUs is rapidly increasing and the unit has high market share in the Spanish market. Even a slight reduction of the market share would be counteracted by the increase in the aggregate number of users anticipated to enter the market.

• Gross margins:

Gross margins are based on average values achieved in the most recent quarters preceding the beginning of the budget period and based on peers in the software business. The gross margins for this CGU are currently around 66.4% and are expected to decrease in the future to reach approximately 55%.

• Discount rates:

Discount rates represent the current market assessment of the risks specific to each CGU, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates.

The discount rate calculation is based on the specific circumstances of the Group and its CGUs and is derived from the Group's weighted average cost of capital (WACC). The WACC takes into account costs associated with both debt and equity. The cost of equity is derived from the expected return on investment by the Group's investors. The cost of debt is based on the interest-bearing borrowings the Group is obliged to service.

Business-specific risk is incorporated by applying individual beta factors. The beta factors have been evaluated based on publicly available market data.

Alpha factor adjustments to the discount rate are made to consider unit specific factors such as the size, liquidity, and market (in addition to other factors) in order to reflect a pre-tax discount rate.

Based on the impairment test performed no impairment is needed and we have a headroom of around Euros 11 million.

A rise in the unit's pre-tax discount rate to 21.60% (i.e., +2%) would not result in an impairment, given the existing significant headroom.

• Growth rates used to extrapolate cash flows beyond the forecast period:

Potential growth rates in this business could be higher than that used in the impairment test and a reduction of this rate to 0.75% would not result in impairment, given the existing headroom.

Ares

Ares is the cash-generating unit focused on providing to Wallbox innovative printed circuit boards (PCBs). The recoverable amount of the Ares CGU has been determined based on the value derived from bringing unique capabilities that further differentiate the technology while improving the vertical integration in the Group. In a time where continued supply chain uncertainty persists, bringing this critical component in-house is a key differentiator.

The projected cash flows have been built to reflect the increasing demand for EV chargers and associated services around the world. The pre-tax discount rate applied to cash flow projections is 11.22%, and cash flows beyond the five-year period are extrapolated considering an "Exit multiple" of 4x. As a result of this analysis, no impairment has been recognized, as there is sufficient headroom available.

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WALLBOX N.V.

Notes to the consolidated financial statements

Key assumptions utilized in the value in use calculation, and a corresponding sensitivity analysis to demonstrate the impact of changes in assumptions for this unit, are as follows:

• Discount rates:

Discount rates represent the current market assessment of the risks specific to each CGU and take into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates.

The discount rate calculation is based on the specific circumstances of the Group and its CGUs and is derived from the Group's weighted average cost of capital (WACC). The WACC takes into account costs associated with both debt and equity. The cost of equity is derived from the expected return on investment by the Group's investors. The cost of debt is based on the interest-bearing borrowings the Group is obliged to service.

Business-specific risk is incorporated by applying individual beta factors. The beta factors have been evaluated annually based on publicly available market data.

Alpha factor adjustments to the discount rate are made to consider unit specific factors such as the size, liquidity, and market (in addition to other factors) in order to reflect a pre-tax discount rate.

A rise in the unit's pre-tax discount rate to 13.22% (i.e., +2%) would not result in impairment, given the existing headroom.

• Growth rates used to extrapolate cash flows beyond the forecast period:

Potential growth rates in this business could be higher than that used in the impairment test and a reduction of this rate to 50% would not result in impairment, given the existing headroom.

Coil

Coil is the cash-generating unit focused on providing electrical installation services for EV charging, battery storage and electrical infrastructure in North America. The recoverable amount of the Coil CGU has been determined based on the fact that this acquisition allows to the Group to further enhance the service offerings to customers in residential and commercial settings, while also expanding into the rapidly growing DC Fast Charging installation market.

The projected cash flows have been built to reflect the increasing demand for EV chargers and associated services in the USA. The pre-tax discount rate applied to cash flow projections is 24.50%, and cash flows beyond the five-year period are extrapolated using a 1.5% growth rate. As a result of this analysis, no impairment has been recognized, as there is sufficient headroom available.

Key assumptions utilized in the value in use calculation, and a corresponding sensitivity analysis to demonstrate the impact of changes in assumptions for this unit, are as follows:

• Discount rates:

Discount rates represent the current market assessment of the risks specific to each CGU and take into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates.

The discount rate calculation is based on the specific circumstances of the Group and its CGUs and is derived from the Group's weighted average cost of capital (WACC). The WACC takes into account costs associated with both debt and equity. The cost of equity is derived from the expected return on investment by the Group's investors. The cost of debt is based on the interest-bearing borrowings the Group is obliged to service.

Business-specific risk is incorporated by applying individual beta factors. The beta factors have been evaluated annually based on publicly available market data.

Alpha factor adjustments to the discount rate are made to consider unit specific factors such as the size, liquidity, and market (in addition to other factors) in order to reflect a pre-tax discount rate.

A rise in the unit's pre-tax discount rate to 26.50% (i.e., +2%) would not result in impairment, given the existing headroom.

• Growth rates used to extrapolate cash flows beyond the forecast period:

Potential growth rates in this business could be higher than that used in the impairment test and a reduction of this rate to 0.75% would not result in impairment, given the existing headroom.

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WALLBOX N.V.

Notes to the consolidated financial statements

12. EQUITY-ACCOUNTED INVESTEES

Joint venture

Wallbox-Fawsn New Energy Vehicle Charging Technology (Suzhou) Co., Ltd. (hereinafter "Wallbox Fawsn") is a joint venture incorporated on June 15, 2019 over which the Group has joint control and a 50% interest. This company is not listed on the stock exchange.

Wallbox Fawsn is structured as a separate vehicle and the Group has a residual interest in its net assets. Consequently, the Group has classified its investment in Wallbox Fawsn as a joint venture, pursuant to the agreement for the incorporation of Wallbox Fawsn.

The principal activity of the joint venture in China is the manufacturing and sale of charging solutions with a clear focus on the automotive sector.

The table below provides a summary of the financial information of Wallbox Fawsn, as disclosed in its financial statements. The table also reconciles the summarized financial information with the carrying amount of the Group's investment in Wallbox Fawsn (including movement in the value of these investments using the equity method during 2022 and 2021):

The summarized statement of financial position of Wallbox Fawsn is as follows:

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| | | |
|:---|:---|:---|
|  | Wallbox Fawsn | Wallbox Fawsn |
| (In thousand Euros) | Dec 31, 2022 | Dec 31, 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment | 211 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current financial assets | 81 | 144 |
| Non-Current Assets | 292 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 724 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other financial receivables | 492 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance payments | 17 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 186 | 198 |
| Current Assets | 1419 | 1408 |
| Total Assets | 1711 | 1739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans and borrowings (intercompany loan) | 1359 | 2502 |
| Non-Current Liabilities | 1359 | 2502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other financial payables | 943 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans and borrowings (intercompany loan) | 1406 |  |
| Current Liabilities | 2350 | 1021 |
| Total Liabilities | 3709 | 3523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation reserve |  | 148 |
| Net Assets (Liabilities) | (1998) | (1636) |

---

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WALLBOX N.V.

Notes to the consolidated financial statements

As of December 31, 2022 and 2021 there were no pending commitment.

The summarized statement of profit and loss of Wallbox Fawsn at December 31, 2022, 2021and 2020:

---

| | | | |
|:---|:---|:---|:---|
|  | Wallbox Fawsn | Wallbox Fawsn | |
| (In thousand Euros) | 2022 | 2021 | 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue | 1681 | 1852 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in inventories and raw materials and consumables used | (1636) | (1642) | (540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | (1761) | (1448) | (649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization and depreciation | (92) | (8) | (4) |
| Operating Loss | (1808) | (1246) | (840) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance (costs)/income | (28) | (59) | (5) |
| Loss before Tax | (1836) | (1305) | (845) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | —  | —  | —  |
| Loss for the Year | (1836) | (1305) | (845) |
| Group's share of loss for the year - 50% (2021 and 2020: 50%) | (918) | (653) | (423) |

---

Details and movement of equity-accounted investees are as follows:

---

| | | | |
|:---|:---|:---|:---|
| (In thousand Euros) | Group's<br> share of loss<br> for the year | Equity-<br> Accounted<br> Investees | Unrecognized<br> share of<br> losses |
| At June 15, 2019 |  | 641 |  |
| Loss for the Year 2019 | (388) | (388) |  |
| At December 31, 2019 |  | 253 |  |
| Loss for the Year 2020 | (423) | (253) | (170) |
| At December 31, 2020 |  |  | (170) |
| Loss for the Year 2021 | (653) |  | (653) |
| At December 31, 2021 |  |  | (823) |
| Group loan |  |  |  |
| Capital increase |  | 714 |  |
| Loss for the Year 2022 | (918) | (330) | (588) |
| At December 31, 2022 |  | 384 | (1411) |
| Reclassification to held for sale (Note 14) |  | (384) |  |
| At December 31, 2022 |  |  | (1411) |

---

The Group's share of the joint venture loss for the year ended December 31, 2022 was Euros 918 thousand (Euros 653 thousand at December 31, 2021), of which Euros 330 thousand has been recognized during 2022 (2021: Euros 0).

At December 31, 2022 the outstanding balances of the joint venture are classified as assets held for sale as the sale of the investment is highly probable to happen in the short term (Note 14).

The estimated fair value of the Group's consideration receivable at disposal of the joint venture amounts to Euros 384 thousand, representing approximately 50% of the net asset position of the joint venture after excluding the loans that were granted to the joint venture by its shareholders (Note 14). Additionally, the loans receivable issued to the joint venture by the Group are fully impaired as at 31 December 2022 (Note 13).

------

WALLBOX N.V.

Notes to the consolidated financial statements

13. FINANCIAL ASSETS AND FINANCIAL LIABILITIES

The following table shows the carrying amounts and fair values of financial assets, including their levels in the fair value hierarchy.

Financial assets

A breakdown of financial assets at December 31, is as follows:

A. Current and non-current financial assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2022 | December 31, 2022 | December 31, 2021 | December 31, 2021 |
| (In thousand Euros) | Non-current | Current | Non-current | Current |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer sales and services |  | 39797 |  | 22528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables |  | 16 |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans to employees |  | 14 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans granted to Joint Venture |  |  |  | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from Joint Venture |  |  |  | 535 |
| Trade and other financial receivables |  | 39827 |  | 23757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans granted to Joint Venture |  |  | 566 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantee deposit | 1133 |  | 733 |  |
| Non-current financial assets | 1133 |  | 1299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantee deposit |  | 560 |  | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial investments |  | 5397 |  | 57192 |
| Other current financial assets |  | 5957 |  | 57674 |
| Cash and cash equivalents |  | 83308 |  | 113865 |
| Total | 1133 | 129092 | 1299 | 195296 |

---

Trade and other financial receivables are mainly amounts due from customers for goods sold or services performed in the ordinary course of business. They are due for settlement in the short term (less than 1 year) and therefore are classified as current. Trade and other financial receivables are recognized initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognized at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest method.

The carrying amounts of the customer sales and services include receivables which are subject to a factoring arrangement. Under this arrangement, the Group has transferred the relevant receivables to the factor in exchange for cash and is prevented from selling or pledging the receivables. However, the Group has retained late payment and credit risk. The Group therefore continues to recognize the transferred assets in their entirety in its statement of financial position.

The amount repayable under the factoring agreement is presented as secured borrowing. The Group considers that the held to collect business model remains appropriate for these receivables and hence continues to measure them at amortized cost.

The growth of the Wallbox brand globally, as well as the creation of new products, has led to an increase in the sales of products and income from services generated during both 2022 and 2021.

At December 31, 2022, other current financial assets include financial investments, such as investment funds in financial institutions, totaling Euros 5,397 thousand (Euros 57,192 thousand at December 31, 2021).

These financial investments are deposits managed by financial institutions in investment funds to obtain profitability. The Group has considered their classification as current assets because it expects to liquidate these investments in the following 12 months.

During 2022 no sales were made to the joint venture (euros 535 thousand for the year 2021).

The joint venture was also given a loan of Euros 1,411 thousand for 2022 (Euros 1,251 thousand for 2021 of which Euros 685 thousand are recorded as current loans granted to Joint Venture and Euros 566 thousand are recorded as non-current loans granted to Joint Venture). Both loans were fully impaired at year end (Note 14).

------

WALLBOX N.V.

Notes to the consolidated financial statements

B. Expected credit loss assessment for corporate customers at December 31, 2022 and 2021.

The Group applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables and contract assets. To measure expected credit losses on a collective basis, trade receivables and contract assets are grouped based on similar credit risk and aging. The contract assets have similar risk characteristics to the trade receivables for similar types of contracts.

The impairment of trade receivables is recognized under the "Expected credit loss for trade and other receivables" in the other operating expenses. The total expense recognized in profit or loss during 2022 is Euros 3,873 thousand and Euros 478 thousand for 2021 (Note 21). The expected loss allowance recognized as of December 31, 2022, was Euros 1,656 thousand (Euros 653 thousand as of December 31, 2021) for amounts outstanding less than 180 days as at reporting date. Additionally, the Company has recognized as at December 31, 2022 a bad debt provision for Euros 2,870 thousand (Euros 0 thousand as of December 31, 2021) for amounts outstanding 180 days or longer as at reporting date.

The expected loss rates are based on the Group's historical credit losses.

C. Financial assets by class and category

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2022 | December 31, 2022 | December 31, 2022 | December 31, 2022 |
| (In thousand Euros) | assets<br> measured at<br> amortized cost | assets<br> measured at<br> FTVPL | assets<br> measured at<br> FVTOCI | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer sales and services | 39797 |  |  | 39797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 16 |  |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans to employees | 14 |  |  | 14 |
| Trade and other financial receivable | 39827 |  |  | 39827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantee deposit | 1133 |  |  | 1133 |
| Non-current financial assets | 1133 |  |  | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantee deposit | 560 |  |  | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial investments | 128 | 5030 | 239 | 5397 |
| Other current financial assets | 688 | 5030 | 239 | 5957 |
| Cash and cash equivalents | 83308 |  |  | 83308 |
| Total | 124956 | 5030 | 239 | 130225 |

---

------

WALLBOX N.V.

Notes to the consolidated financial statements

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2021 | December 31, 2021 | December 31, 2021 | December 31, 2021 |
| (In thousand Euros) | Financial assets<br> measured at<br> amortized cost | Financial assets<br> measured at<br> FTVPL | Financial assets<br> measured at<br> FVTOCI | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer sales and services | 22528 |  |  | 22528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 7 |  |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans to employees | 2 |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans granted to Joint Venture | 685 |  |  | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from Joint Venture | 535 |  |  | 535 |
| Trade and other financial receivables | 23757 |  |  | 23757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans granted to Joint Venture | 566 |  |  | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantee deposit | 733 |  |  | 733 |
| Non-current financial assets | 1299 |  |  | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantee deposit | 482 |  |  | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial investments | 130 | 56852 | 210 | 57192 |
| Other current financial assets | 612 | 56852 | 210 | 57674 |
| Cash and cash equivalents | 113865 |  |  | 113865 |
| Total | 139533 | 56852 | 210 | 196595 |

---

Financial assets measured at FVTOCI correspond to investments in hedge funds whose quotation is considered level 1 for fair value purposes.

The financial investments valued at FVTPL relate to investment funds held at financial institutions. During 2022, the Group sold a large part of these investments, resulting in a decrease of the outstanding position.

These financial assets are also considered level 1 for fair value purposes.

The rest of the financial assets (both current and non-current) are measured at their amortized cost, which does not materially differ from their fair value.

Financial liabilities

Loans and borrowings

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2022 | December 31, 2022 | December 31, 2021 | December 31, 2021 |
| (In thousand Euros) | Non-current | Current | Non-current | Current |
| Loans and borrowings | 44359 | 89268 | 17577 | 33769 |
| Derivative warrant liabilities |  | 5834 |  | 83252 |
| Lease liabilities (see note 9) | 24657 | 2644 | 18172 | 1537 |
| Put option liability |  |  | 3776 |  |
| Total | 69016 | 97746 | 39525 | 118558 |

---

Financial liabilities are measured at their amortized cost, which does not differ from their fair value (it is considered that the applicable interest rates still represent market spreads), except for the derivative warrant liabilities and the put option liability which are measured at FVTPL.

On July 27, 2022, Wallbox Chargers, S.L.U. acquired the remaining 49% of share capital of Electromaps, S.L.U., resulting in ownership of 100% of its share capital as of that date, for purchase consideration of Euros 1,799 thousand, therefore the put option liability has been cancelled. The transaction resulted in recognition of a gain on the settlement of the associated financial liability totaling Euros 2,002 thousand, which was recorded as financial income in the statement of profit or loss. The payment of the consideration is made through a cash payment of 150,000 euros on July 29, 2022 and 150,000 euros on August 30, 2022. The remaining amount has been paid through the issuance of 163,861 Class A shares of Wallbox NV for a total amount of EUR 1,500 thousand whose nominal value is Euros 0.12 per share.

------

WALLBOX N.V.

Notes to the consolidated financial statements

Details of loans and borrowings at December 31, 2022 and 2021 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (In thousand Euros) |  |  |  | December 31, 2022 | December 31, 2022 |  |
| Company | Currency | Effective<br> interest rate | Less than 1<br> year | 1 to 3 years | Over 3<br> years | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank loans |  |  |  |  |  |  |
| Fixed rate loan | EUR | 1.05% - 6.32% | 13135 | 11694 | 5376 | 30205 |
| Floating rate loan | EUR | Euribor+ (3%-5%) | 75353 | 4240 | 9478 | 89071 |
| Covenant Loan | EUR | Euribor+6,79% | 609 | 6197 | 5625 | 12431 |
| Total |  |  | 89097 | 22131 | 20479 | 131707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings |  |  |  |  |  |  |
| Fixed rate loan | EUR | 0% | 171 | 384 | 1365 | 1920 |
| Total |  |  | 171 | 384 | 1365 | 1920 |
| Total |  |  | 89268 | 22515 | 21844 | 133627 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (In thousand Euros) |  |  |  | December 31, 2021 | December 31, 2021 |  |
| Company | Currency | Effective<br> interest rate | Less than 1<br> year | 1 to 3 years | Over 3<br> years | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank loans |  |  |  |  |  |  |
| Fixed rate loan | EUR | 1.55% - 3.85% | 13829 | 1901 | 1060 | 16790 |
| Floating rate loan | EUR | Euribor + 1,35% - 4% | 19514 | 782 |  | 20296 |
| Covenant Loan | EUR | Euribor + 4,75% - 7.70% | 360 | 4171 | 8825 | 13356 |
| Total |  |  | 33703 | 6854 | 9885 | 50442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings |  |  |  |  |  |  |
| Fixed rate loan | EUR | 0% | 66 | 98 | 741 | 905 |
| Total |  |  | 66 | 98 | 741 | 905 |
| Total |  |  | 33769 | 6952 | 10626 | 51347 |

---

Bank loans

At December 31, 2022, the Group had credit lines and other financing products of Euros 120,220 thousand (Euros 21,370 thousand at December 31, 2021), of which a total of Euros 81,920 thousand has been drawn down (Euros 5,078 thousand at December 31, 2021).

Interest expense on bank loans was Euros 3,711 thousand at December 31, 2022 (Euros 722 thousand at December 31, 2021) (See Note 23). At December 31, 2022, accrued interest payable was Euros 128 thousand (Euros 60 thousand at December 31, 2021).

The group has loans which require compliance with certain financial covenants. On December 31, 2022, the Group achieved these financial covenants.

Borrowings

At December 31, 2022, credit accounts with shareholders totaled Euros 0 thousand (Euros 42 thousand at December 31, 2021), and a loan from a Government entity (CDTI) was outstanding for Euros 1,920 thousand (Euros 863 thousand at December 31, 2021).

------

WALLBOX N.V.

Notes to the consolidated financial statements

Interest expense for borrowings was Euros 0 thousand at December 31, 2022 (Euros 3 thousand at December 31, 2021) (see Note 23).

Details of the maturities, by year, of the principal and interest of the loans and borrowings at December 31, are as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
| (In thousand Euros) | 2022 | 2021 |
| 2022 |  | 34827 |
| 2023 | 92581 | 3220 |
| 2024 | 14851 | 5500 |
| 2025 | 12741 | 4170 |
| 2026 | 9460 | 3870 |
| 2027 | 7780 |  |
| More than five years | 7438 | 3571 |
| Total | 144851 | 55158 |

---

B. Derivative warrant liabilities

As mentioned in Note 6, as part of the Transaction, 5,750,000 Public Warrants and 8,933,333 Private Warrants issued by Kensington were assumed by Wallbox.

Movement in the derivative warrant liabilities for the year ended December 31, 2022 and 2021 is summarized as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Public Warrant | Public Warrant | Private Warrant | Private Warrant | Total | Total |
|  | Number of | Thousand | Number of | Thousand | Number of | Thousand |
| (In thousand euros) | warrants | euros | warrants | euros | warrants | euros |
| At December 31, 2021 | 5705972 | 24887 | 8933333 | 58365 | 14639305 | 83252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Public and Private Warrants on Transaction date |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public and Private Warrants exercised on January 11, 2022 | (141808) | (472) | (50000) | (276) | (191808) | (748) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Warrants exercised on February 1, 2022 | (304635) | (933) |  |  | (304635) | (933) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Warrants exercised on March 23, 2022 | (22) | (1) |  |  | (22) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Warrants exercised on October 10, 2022 | (1) |  |  |  | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of derivative w arrant liabilities |  | (22730) |  | (58018) |  | (80748) |
| Exchange differences |  | 1419 |  | 3593 |  | 5012 |
| At December 31, 2022 | 5259506 | 2170 | 8883333 | 3664 | 14142839 | 5834 |

---

------

WALLBOX N.V.

Notes to the consolidated financial statements

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Public Warrant | Public Warrant | Private Warrant | Private Warrant | Total | Total |
|  | Number of<br>warrants | Thousand of<br>Euros | Number of<br>warrants | Thousand of<br>Euros | Number of<br>warrants | Thousand of<br>Euros |
| At September 30, 2021 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Public and Private Warrants on Transaction date | 5750000 | 5675 | 8933333 | 8816 | 14683333 | 14491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Warrants exercised on November 23, 2021 | (43028) | (188) |  |  | (43028) | (188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Warrants exercised on December 21, 2021 | (1000) | (4) |  |  | (1000) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of derivative warrant liabilities |  | 19404 |  | 49549 |  | 68953 |
| At December 31, 2021 | 5705972 | 24887 | 8933333 | 58365 | 14639305 | 83252 |

---

Public Warrants entitle the holder to convert each warrant into one Class A ordinary share of Wallbox, Euros 0.12 par value, at an exercise price of USD 11.50.

Private Warrants, on a cash-less basis, entitle their holder to convert the warrants into a number of Wallbox Class A ordinary shares, Euros 0.12 par value, equal to the product of the number of warrants to convert multiplied by the quotient obtained by dividing the excess of 'Sponsor's Fair Market Value' over the exercise price of USD 11.50 by the Sponsor's Fair Market Value'.

The Sponsor Fair Market Value shall mean the average last reported sale price of the ordinary shares for the ten (10) trading days ending on the third trading day prior to the date on which notice of exercise of the Private Warrant is provided.

Until warrant holders acquire the ordinary shares upon exercise of such warrants, they will have no voting or economic rights. The warrants will expire on October 1, 2026, five years after the Transaction, or earlier upon redemption or liquidation, in accordance with their terms.

As there are no elements in the warrant agreements that give Wallbox the option to prevent the warrant owners from converting their warrants within 12 months, Wallbox has classified the derivative warrant liabilities as a current liability.

Fair value measurements

The financial liability for the derivative warrants is accounted for at fair value through profit or loss. The Private Warrants have been measured at fair value using a Monte Carlo simulation (Level 3). The Public Warrants are listed and have been measured at fair value using the quoted price (Level 1).

During 2022, the fair value of the Public Warrants decreased from USD 4.94 per warrant as at December 31, 2021, to USD 0.44 per warrant at December 31, 2022. Likewise, the fair value of the Private Warrants decreased from USD 7.40 per warrant as at December 31, 2021 to USD 0.44 per warrant at December 31, 2022. Consequently, for the year ended December 31, 2022, the Group has recognized a fair value gain of Euros 80,748 thousand in the statement of profit or loss.

During 2021, the fair value of the Public Warrants increased from USD 1.14 per warrant as of the Transaction date (October 1, 2021) to USD 4.94 per warrant at December 31, 2021. Likewise, the fair value of the Private Warrants increased from USD 1.14 per warrant as of the Transaction date to USD 7.40 per warrant at December 31, 2021. Consequently, for the year ended December 31, 2021, the Group recognized a fair value loss of Euros 68,953 thousand in the statement of profit or loss.

Inherent to a Monte Carlo simulation are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Group estimates the volatility of its common stock warrants based on implied volatility from the Company's traded warrants and from historical volatility of selected peer company's common stock that matches the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates will remain at zero.

------

WALLBOX N.V.

Notes to the consolidated financial statements

Reconciliation of movements of liabilities to cash flows arising from financing activities

---

| | | | | |
|:---|:---|:---|:---|:---|
| (In thousand Euros) | Loans and<br> borrowings | Derivative<br> warrant<br> liabilities | Lease<br> liabilities | Total |
| Balance at January 1, 2022 | 51345 | 83252 | 19710 | 154307 |
| Proceeds from loans | 291204 |  |  | 291204 |
| Proceeds from warrants (Public and Private) |  | 4625 |  | 4625 |
| Principal paid on lease liabilities |  |  | (2191) | (2191) |
| Interest paid on lease liabilities |  |  | (1267) | (1267) |
| Repayments of loans | (218902) |  |  | (218902) |
| Repayments of borrowings | (42) |  |  | (42) |
| Interest and bank fees paid | (3199) |  |  | (3199) |
| Interest paid on convertible bonds | (223) |  |  | (223) |
| Total changes from financing cash flows | 68838 | 4625 | (3458) | 70005 |
| The effect of changes in foreign exchange rates | 46 | 5011 | 278 | 5335 |
| Change in fair value of derivative warrant liabilities |  | (80748) |  | (80748) |
| New leases |  |  | 8517 | 8517 |
| Governmental loan receivable | 248 |  |  | 248 |
| Public Warrants exercised |  | (6306) |  | **(6306**) |
| Business combinations | 9439 |  | 988 | 10427 |
| Interest and bank fees expenses | 3711 |  | 1266 | 4977 |
| Total liability-related other changes | 13398 | (87054) | 10771 | (62885) |
| Balance at December 31, 2022 | 133627 | 5834 | 27301 | 166762 |

---

------

WALLBOX N.V.

Notes to the consolidated financial statements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Derivative | | | |
|  | Loans and | warrant | Lease | Convertible | |
| (In thousand Euros) | borrowings | liabilities | liabilities | bonds | Total |
| Balance at January 1, 2021 | 22372 |  | 4117 | 26146 | 52635 |
| Proceeds from loans | 204677 |  |  |  | 204677 |
| Proceeds from borrowings | 124 |  |  |  | 124 |
| Proceeds from warrants (Public and Private) |  |  |  |  |  |
| Proceeds from convertible bonds |  |  |  | 34550 | 34550 |
| Principal paid on lease liabilities |  |  | (828) |  | (828) |
| Interest paid on lease liabilities |  |  | (631) |  | (631) |
| Repayments of loans | (176324) |  |  |  | (176324) |
| Repayments of borrowings | (87) |  |  |  | (87) |
| Interest and bank fees paid | (3047) |  |  |  | (3047) |
| Interest paid on convertible bonds |  |  |  | (997) | (997) |
| Other payments | (297) |  |  |  | (297) |
| Total changes from financing cash flows | 25046 |  | (1459) | 33553 | 57140 |
| The effect of changes in foreign exchange rates |  |  | (2) |  | (2) |
| Issuance of Public and Private Warrants on Transaction date |  | 14491 |  |  | 14491 |
| Public Warrants exercised |  | (193) |  |  | (193) |
| Change in fair value of derivative warrant liabilities |  | 68954 |  |  | 68954 |
| Valuation of convertible bonds |  |  |  | 25491 | 25491 |
| Redemption of convertible bonds and convertible note |  |  |  | (87105) | (87105) |
| New leases |  |  | 16423 |  | 16423 |
| Interest accrual | 470 |  |  | (470) |  |
| Governmental loan receivable | 365 |  |  |  | 365 |
| Interest and bank fees expenses | 3092 |  | 631 | 2385 | 6108 |
| Total liability-related other changes | 3927 | 83252 | 17054 | (59699) | 44534 |
| Balance at December 31, 2021 | 51345 | 83252 | 19710 |  | 154307 |

---

------

WALLBOX N.V.

Notes to the consolidated financial statements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Derivative | | | |
|  | Loans and | warrant | Lease | Convertible | |
| (In thousand Euros) | borrowings | liabilities | liabilities | bonds | Total |
| Balance at January 1, 2020 | 11776 |  | 4013 |  | 15789 |
| Proceeds from loans and borrowings | 37013 |  |  |  | 37013 |
| Proceeds from convertible bonds |  |  |  | 25880 | 25880 |
| Principal paid on lease liabilities |  |  | (467) |  | (467) |
| Interest paid on lease liabilities |  |  | (107) |  | (107) |
| Repayments of loans and borrowings | (26119) |  |  |  | (26119) |
| Interest paid | (462) |  |  |  | (462) |
| Other payments | (6) |  |  |  | (6) |
| Total changes from financing cash flows | 10426 |  | (574) | 25880 | 35732 |
| The effect of changes in foreign exchange rates |  |  | (6) |  | (6) |
| New leases |  |  | 577 |  | 577 |
| Capital Increases | (364) |  |  |  | **(364**) |
| Interest expenses | 534 |  | 107 | 266 | 907 |
| Total liability-related other changes | 170 |  | 684 | 266 | 1120 |
| Balance at December 31, 2020 | 22372 |  | 4117 | 26146 | 52635 |

---

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WALLBOX N.V.

Notes to the consolidated financial statements

Trade and other payables

Details of trade and other payables at December 31, 2022 and 2021 are as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
| (In thousand Euros) | 2022 | 2021 |
| Suppliers | 65830 | 40926 |
| Personnel (salaries payable) | 5351 | 3255 |
| Customer advances | 68 | 110 |
| Total | 71249 | 44291 |

---

Trade and other payables are unsecured and are typically paid in less than 12 months upon recognition. The carrying amounts of trade and other payables are considered equal to their fair values, due to their short-term nature.

14. ASSETS HELD FOR SALE

The company has classified the non-current assets relating to the equity accounted investee (Wallbox Fawsn) (refer to Note 12) as assets held for sale, as at December 31, 2022 the Group is committed to a plan to sell the investment and expects to recover the value of these assets through this sale transaction. The management expects to settle this transaction in the following 12 months. Moreover, the Group has received multiple offers from potential acquirers where the offer price is aligned with the net book value of these assets.

During fiscal year 2022, the Group has invoiced Euros 47 thousand for the interests generated by the non-current loan granted to the joint venture (refer to Note 26). Additionally, during 2022, the group has recognized an impairment loss of Euros 1,411 thousand on outstanding loans (refer to Note 23) and Euros 534 thousand for trade receivables.

15. INVENTORIES

Details of inventories at December 31, 2022 and 2021 are as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
| (In thousand Euros) | 2022 | 2021 |
| Raw materials | 47668 | 5225 |
| Semi-finished goods | 31195 | 11999 |
| Finished goods | 27706 | 10265 |
| Total | 106569 | 27489 |

---

There were no commitments for the acquisition of inventories at the end of 2022 and 2021. Advance payments for the acquisition of inventories at December 31, 2022 were Euros 3,031 thousand (Euros 2,108 thousand at December 31, 2021).

Based on current information, the group has booked an inventory provision of Euros 1,886 thousand at December 31, 2022 to cover the impact of slow-moving and obsolete inventories (Euros 311 thousand at December 31, 2021). (See Note 21).

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WALLBOX N.V.

Notes to the consolidated financial statements

16. CASH AND CASH EQUIVALENTS

Detail of cash and equivalents at December 31, 2022 and 2021 are as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
| (In thousand Euros) | 2022 | 2021 |
| Cash | 3 | 3 |
| Banks and other credit institutions | 18873 | 2926 |
| Banks and other credit institutions, foreign currency | 63623 | 110877 |
| Other cash equivalents | 809 | 59 |
| Total | 83308 | 113865 |

---

We maintain cash and cash equivalents with major Financial institutions. Our cash and cash equivalents of bank deposits held with banks that, at the time, exceed federally or locally insured limits.

The current accounts earn interest at applicable market rates and this interest is not significant.

Details of banks and other credit institutions with balances held in foreign currency are as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
| (In thousand Euros) | 2022 | 2021 |
| USD | 63109 | 108295 |
| GBP | 237 | 1500 |
| NOK | 44 | 406 |
| SEK | 125 | 360 |
| DKK | 108 | 246 |
| CNY |  | 70 |
| Total | 63623 | 110877 |

---

Significant non-cash transactions from investing and financing activities are as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
| (In thousand Euros) | 2022 | 2021 |
| Fair value changes in derivative warrant liabilities (Note 23) | (80748) | 68954 |
| Addition of lease liabilities | 8517 | 16423 |
| Issuance of shares for the acquisition of a significant non-cash investing activity (ARES) | 6300 |  |
| Issuance of shares for the acquisition of a significant non-cash investing activity (Electromaps) | 1500 |  |
| Conversion of convertible bonds and convertible note (Note 13) |  | (87105) |
| Contribution in kind of Kensington shares (Note 17) |  | 9058 |

---

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WALLBOX N.V.

Notes to the consolidated financial statements

17. CAPITAL AND RESERVES

Share capital and share premium

As of December 31, issued share capital is as follows:

---

| | | |
|:---|:---|:---|
| (In thousand Euros) | Total Shares | Share capital |
| December 31, 2022 |  |  |
| Class A shares of euro 0.12 nominal value each | 148900355 | 17868 |
| Class B shares of euro 1.20 nominal value each | 23250793 | 27901 |
| Total | 172151148 | 45769 |

---

---

| | | |
|:---|:---|:---|
| (In thousand Euros) | Total Shares | Share<br> capital |
| December 31, 2021 |  |  |
| Class A shares of euro 0.12 nominal value each | 138158783 | 16579 |
| Class B shares of euro 1.20 nominal value each | 23250793 | 27901 |
| Total | 161409576 | 44480 |

---

As at December 31, 2022 and 2021, authorized share capital is as follows:

---

| | | | |
|:---|:---|:---|:---|
| (In thousand Euros) | Total Shares | Nominal | Amount |
| Class A | 400000000 | 0.12 | 48000 |
| Class B | 50000000 | 1.20 | 60000 |
| Conversion shares | 2 | 1.00 | 0 |
| Total | 450000002 |  | 108000 |

---

All the shares issued were fully paid as of the date of the capital increase. Wallbox Class A ordinary shares and Wallbox Class B ordinary shares provide their holders with same economic rights; however, Class B provides them with 10 voting rights and Class A only 1 voting right.

Wallbox Class A Shares began trading on the NYSE under the "WBX" symbol on October 4, 2021.

Movement of share capital and share premium are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Price per | | |
| (In thousand Euros) | Shares | Share (Euros) | Share Capital | Share Premium |
| At December 31, 2020 | 392118 |  | 196 | 28726 |
| September 2021 convertible bonds conversion | 147443 | 0.50 | 73.72 | 87032 |
| October 2021 elimination old shares class A y B | (539561) | 0.50 | (269.78) | (47692) |
| October 2021 share capital Class A increase | 107153437 | 0.12 | 12858.41 | 7247 |
| October 2021 share capital Class B increase | 23250793 | 1.20 | 27900.95 |  |
| October 2021 share capital Class A for Kensington (\*) | 19861318 | 0.12 | 2383.00 | 151915 |
| October 2021 share capital Class A for PIPE | 11100000 | 0.12 | 1332.00 | 94528 |
| November 2021 Kensington Warrant conversion (Class A Shares) | 43028 | 0.12 | 5.00 | 621 |
| December 2021 Kensington Warrant conversion (Class A Shares) | 1000 | 0.12 | 0.12 | 14 |
| At December 31, 2021 | 161409576 |  | 44480 | 322391 |

---

(\*) Includes Euros 17,397 thousand for issuance costs.

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WALLBOX N.V.

Notes to the consolidated financial statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| (In thousand Euros) | Shares | Price per<br>Share (Euros) | Share Capital | Share Premium |
| At December 31, 2021 | 161409576 |  | 44480 | 322391 |
| January 2022: Kensington Warrant conversion (Class A Shares) | 156699 | 0.12 | 18.80 | 2205 |
| February 2022: Kensington Warrant conversion (Class A Shares) | 304635 | 0.12 | 36.56 | 4032 |
| March 2022: Kensington Warrant conversion (Class A Shares) | 22 | 0.12 |  | 14 |
| April 2022: Stock option plan execution (MSOP/ESOP) (Class A Shares) | 17208 | 0.12 | 2.06 | 12 |
| May 2022: Stock option plan execution (MSOP/ESOP) (Class A Shares) | 401598 | 0.12 | 48.00 | 234 |
| June 2022: Stock option plan execution (MSOP/ESOP) (Class A Shares) | 380176 | 0.12 | 45.62 | 203 |
| July 2022: Stock option plan execution (MSOP/ESOP) (Class A Shares) | 40930 | 0.12 | 4.91 | 27 |
| July 2022: Payment in share Electromaps Acquisition | 163861 | 0.12 | 19.66 | 1480 |
| July 2022: Payment in share Ares Acquisition | 700777 | 0.12 | 84.09 | 6216 |
| September 2022: Stock option plan execution (MSOP/ESOP) (Class A Shares) | 129336 | 0.12 | 15.52 | 377 |
| October 2022: Stock option plan execution (MSOP/ESOP) (Class A Shares) | 73460 | 0.12 | 8.82 | 48 |
| October 2022: Kensington Warrant conversion (Class A Shares) | 1 | 0.12 |  |  |
| November 2022: Stock option plan execution (MSOP/ESOP) (Class A Shares) | 56992 | 0.12 | 6.84 | 40 |
| December 2022: Stock option plan execution (MSOP/ESOP/RSU) (Class A Shares) | 139183 | 0.12 | 16.70 | 216 |
| December 5, 2022 Capital Incresase (Private Placement) (Class A Shares) | 8176694 | 0.12 | 981.00 | 40745 |
| At December 31, 2022 | 172151148 |  | 45768 | 378240 |

---

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WALLBOX N.V.

Notes to the consolidated financial statements

On December 31, 2020, share capital of Wallbox Chargers S.L.U. totaled Euros 196 thousand and consisted of 392,118 shares with a par value of Euro 0.50 each (at December 31, 2019, share capital amounted to thousand Euros 169 and consisted of 337,300 shares with a par value of Euros 0.50 each).

On September 16, 2021, convertible bonds and a convertible note were converted, resulting in a capital issuance of 147,443 Class A ordinary shares of Wallbox Chargers S.L.U. with a par value of Euros 0.50 each, with a corresponding increase in share capital and share premium totaling Euros 74 thousand and Euros 87,032 thousand, respectively (see Note 13).

As indicated in Note 6, on October 1, 2021, pursuant to the Business Combination Agreement, each holder of Wallbox Chargers S.L.U. ordinary shares exchanged by means of a contribution in kind its Wallbox Chargers S.L.U. ordinary shares to Wallbox N.V. in exchange for the issuance of shares in accordance with the Exchange Ratio. As a result, Wallbox Chargers became a wholly owned subsidiary of Wallbox N.V. The contribution consisted of 539,561 Wallbox Chargers S.L.U. ordinary shares, Euros 0.50 par value, being exchanged for 106,778,437 Class A ordinary shares of Wallbox N.V., Euros 0.12 par value, and 23,250,793 Class B ordinary shares, Euros 1.20 par value. Share capital increased by Euros 40,445 thousand and the share premium decreased by the same amount.

Furthermore, on October 1, 2021, each share of Kensington's common stock was exchanged by means of a contribution in kind in exchange for the issuance of Class A Shares, whereby Wallbox issued one Class A Share for each share of new Kensington common stock exchanged, resulting in the issuance of 19,861,318 Wallbox Class A ordinary shares, Euros 0.12 par value. Consequently, share capital increased by Euros 2,383 thousand and share premium by Euros 151,915 thousand, which includes the impact of the IFRS 2 share listing expense totaling thousand Euros 72,172 (see Note 6) and the deduction of the net balance of transaction costs totaling Euros 17,397 thousand (see Note 6).

Concurrently with the execution of the Business Combination Agreement, Kensington and Wallbox entered into Subscription Agreements (the "Subscription Agreements"), dated June 9, 2021 and September 29, 2021, with certain investors (the "PIPE Investors"), pursuant to which the PIPE Investors agreed to subscribe to and purchase, and Wallbox agreed to issue and sell, an aggregate of 11,100,000 Class A Shares (the "PIPE Shares") at a price of USD 10.00 per share for an aggregate of USD 111,000 thousand in proceeds (the "PIPE Financing") on the Closing Date. Such 11,100,000 Class A Shares resulted in increases to share capital and share premium totaling Euros 1,332 thousand and Euros 94,528 thousand, respectively.

In September 2021, Wallbox NV issued 375,000 Class A ordinary shares, par value Euro 0.12, increasing share capital by Euros 45 thousand.

Finally, as indicated in Note 13, on November 23, 2021 and December 21, 2021, 43,028 and 1,000 Public Warrants, respectively, were converted into 43,028 and 1,000 Wallbox Class A ordinary shares, par value Euros 0.12, increasing share capital by thousand Euros 5 and raising share premium by Euros 636 thousand.

The capital increase that had taken place during fiscal year 2022 corresponds mainly due to the private placement, execution of the Stock Plan (see Note 22), the Kensington warrant conversion (refer to Note 13) and payment with shares of the Ares acquisition (See Note 6) and Electromaps acquisition (See Note 13).

The share premium is freely distributable, provided that equity is not lower than the aggregate of share capital as a result of such distributions and the legal reserves.

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[**Table of Contents**](#toc)

WALLBOX N.V.

Notes to the consolidated financial statements

Nature and purpose of reserves

Consolidated prior years' accumulated deficit

At December 31, 2022, total consolidated accumulated deficit was Euros 306,696 thousand (Euros 243,896 thousand at December 31, 2021).

A free distribution is restricted for the amount of capitalized internal development costs as carried on the consolidated statement of financial position. As at December 31, 2022 the amount of capitalized development costs as carried on the consolidated statement of financial position amounts to Euros 49,536 thousand (2021: Euros 31,514 thousand) as further detailed in Note 10.

Foreign currency translation reserve

The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations, as well as the foreign currency differences arising from the effective portion of hedges of a net investment in a foreign operation. This legal reserve is not freely distributable. This reserve was Euros 10,597 thousand at December 31, 2022 (Euros 2,601 thousand at December 31, 2021).

Other equity components

Share-based payments

The share-based payments reserve is used to recognize the value of equity-settled share-based payments provided to employees, including key management personnel, as part of their remuneration. This reserve was Euros 39,002 thousand at December 31, 2022 (Euros 5,483 thousand at December 31, 2021). Refer to Note 22 for further details of these plans.

In addition, this caption includes Euros 2,207 thousand corresponding to the amount to be paid in shares corresponding to the acquisition of Coil (see Note 6).

Measurement adjustments to financial assets through OCI

Investments in hedge funds referred to in Note 13 are measured at fair value at year end. The change in their valuation is recognized as other equity components through other comprehensive income.

18. PROVISIONS

Details of the provisions are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| At December 31, 2022 | Non-current | Non-current |  | Current |  |
| (In thousand Euros) | Other | Service<br> warranties | Total Non-<br> current | Service<br> warranties | Total<br> Current |
| Carrying amount at the beginning of the year | 4 | 358 | 362 | 541 | 541 |
| Charge / (Credit) to results: | 116 | 961 | 1077 | 777 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(+) additional provisions recognized (net) | 117 | 2935 | 3052 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(+/-) Short-term transferred |  | (1416) | (1416) | 1415 | 1415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(-) Amounts used during the year | (1) | (558) | (559) | (638) | (638) |
| Carrying amount at year end | 120 | 1319 | 1439 | 1318 | 1318 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| At December 31, 2021 | Non-current | Non-current |  | Current |  |
| (In thousand Euros) | Other | Service<br> warranties | Total Non-<br> current | Service<br> warranties | Total<br> Current |
| Carrying amount at the beginning of the year | 6 | 225 | 231 |  |  |
| Charge / (Credit) to results: | (2) | 133 | 131 | 541 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(+) additional provisions recognized (net) |  | 731 | 731 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(+/-) Short-term transferred |  | (598) | (598) | 598 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(-) Amounts used during the year | (2) |  | (2) | (57) | (57) |
| Carrying amount at year end | 4 | 358 | 362 | 541 | 541 |

---

Service warranties

Products developed and sold by the Group are under warranty for a period of three years and, therefore, a provision is made annually to cover the estimated costs that could be incurred in relation to projects and products under warranty at year end. This provision is calculated based on an estimate of warranty costs incurred and their relation to the volume of sales under warranty.

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WALLBOX N.V.

Notes to the consolidated financial statements

19. GOVERNMENT GRANTS

Details of Government grants at December 31, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (In thousand Euros) | (In thousand Euros) | December 31, 2022 | December 31, 2022 | December 31, 2021 | December 31, 2021 |
|  |  | Non-current | Current | Non-current | Current |
| Grants | Government Entity | liability | liability | liability | liability |
| Movilidad 2030 | Centro para el Desarrollo Tecnológico<br> Industrial, E.P.E. (CDTI) | 591 | 287 | 246 | 786 |
| Movilidad 2030 | Centro para el Desarrollo Tecnológico<br> Industrial, E.P.E. (CDTI) | 591 | 287 | 246 | 786 |
| Movilidad 2030 | Centro para el Desarrollo Tecnológico<br> Industrial, E.P.E. (CDTI) | 591 | 287 | 246 | 786 |
| Flexener | Centro para el Desarrollo Tecnológico<br> Industrial, E.P.E. (CDTI) | 228 | 57 | 181 | 183 |
| Flexener | Centro para el Desarrollo Tecnológico<br> Industrial, E.P.E. (CDTI) | 228 | 57 | 181 | 183 |
| Flexener | Centro para el Desarrollo Tecnológico<br> Industrial, E.P.E. (CDTI) | 228 | 57 | 181 | 183 |
| Magnetor | Centro para el Desarrollo Tecnológico<br> Industrial, E.P.E. (CDTI) |  | 28 |  | 35 |
| Magnetor | Centro para el Desarrollo Tecnológico<br> Industrial, E.P.E. (CDTI) |  | 28 |  | 35 |
| Magnetor | Centro para el Desarrollo Tecnológico<br> Industrial, E.P.E. (CDTI) |  | 28 |  | 35 |
| Zeus Ptas | Centro para el Desarrollo Tecnológico<br> Industrial, E.P.E. (CDTI) | 404 | 102 | 284 | 531 |
| Zeus Ptas | Centro para el Desarrollo Tecnológico<br> Industrial, E.P.E. (CDTI) | 404 | 102 | 284 | 531 |
| Zeus Ptas | Centro para el Desarrollo Tecnológico<br> Industrial, E.P.E. (CDTI) | 404 | 102 | 284 | 531 |
| Alt impacte | Agencia para la Competitividad de la<br> Empresa de la Generalitat de Cataluña<br> (ACCIÓ) | 392 | 98 | 544 |  |
| Alt impacte | Agencia para la Competitividad de la<br> Empresa de la Generalitat de Cataluña<br> (ACCIÓ) | 392 | 98 | 544 |  |
| Alt impacte | Agencia para la Competitividad de la<br> Empresa de la Generalitat de Cataluña<br> (ACCIÓ) | 392 | 98 | 544 |  |
| Coldpost | Agencia para la Competitividad de la<br> Empresa de la Generalitat de Cataluña<br> (ACCIÓ) |  | 12 |  |  |
| Coldpost | Agencia para la Competitividad de la<br> Empresa de la Generalitat de Cataluña<br> (ACCIÓ) |  | 12 |  |  |
| Coldpost | Agencia para la Competitividad de la<br> Empresa de la Generalitat de Cataluña<br> (ACCIÓ) |  | 12 |  |  |
| Cupons Industria | Agencia para la Competitividad de la<br> Empresa de la Generalitat de Cataluña<br> (ACCIÓ) |  |  |  |  |
| Cupons Industria | Agencia para la Competitividad de la<br> Empresa de la Generalitat de Cataluña<br> (ACCIÓ) |  |  |  |  |
| Cupons Industria | Agencia para la Competitividad de la<br> Empresa de la Generalitat de Cataluña<br> (ACCIÓ) |  |  |  |  |
| Minichargers | Centro para el Desarrollo Tecnológico<br> Industrial, E.P.E. (CDTI) | 63 | 16 |  |  |
| Minichargers | Centro para el Desarrollo Tecnológico<br> Industrial, E.P.E. (CDTI) | 63 | 16 |  |  |
| Minichargers | Centro para el Desarrollo Tecnológico<br> Industrial, E.P.E. (CDTI) | 63 | 16 |  |  |
| Electrolinera | Instituto para la Diversificación y Ahorro de la<br> Energía (IDAE) | 337 | 83 |  |  |
| Electrolinera | Instituto para la Diversificación y Ahorro de la<br> Energía (IDAE) | 337 | 83 |  |  |
| Electrolinera | Instituto para la Diversificación y Ahorro de la<br> Energía (IDAE) | 337 | 83 |  |  |
| Accio - creació<br>lloc treballs  | Agencia para la Competitividad de la<br> Empresa de la Generalitat de Cataluña (ACCIÓ) | 183 |  |  |  |
| V2BUILD | Innovate UK - UKRI |  | 25 |  |  |
| Total |  | 2198 | 708 | 1255 | 1535 |

---

Government grants include the grants assigned to the Group by the "Centro para el Desarrollo Tecnológico Industrial, E.P.E. (CDTI)" and "Agencia para la Competitividad de la Empresa de la Generalitat de Cataluña (ACCIÓ)" and "Instituto para la Diversificación y Ahorro de la Energía (IDAE)" for an amount of Euros 3,672 thousand, Euros 794 thousand and Euros 421 thousand, respectively.

As at December 31, 2022 a total of Euros 654 thousand has already been collected, and Euros 4,049 thousand is still receivable (see Note 25)

The impact in the statement of profit or loss (recognized in the "Other income" caption) for 2022 amounts to Euros 680 thousand, as a result of the established conditions agreed with the aforementioned entities (Euros 712 thousand for 2021).

20. REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregation of revenue from contracts with customers

The Group's revenues derived from the transfer of goods and services are recognized at a point in time. Revenues are shown below based on product lines and geographical segments:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| (In thousand Euros) | 2022 | 2021 | 2020 |
| Lines: |  |  |  |
| Sales of goods | 136372 | 69105 | 18516 |
| Sales of services | 7813 | 2474 | 1161 |
| Total | 144185 | 71579 | 19677 |
| Geographical markets (\*): |  |  |  |
| EMEA | 120619 | 66872 | 19656 |
| NORAM | 23552 | 4687 | 1 |
| APAC | 14 | 20 | 20 |
| Total | 144185 | 71579 | 19677 |

---

(\*) The differences between geographical markets information and the segment disclosures in the Note 7 comes from the intercompany eliminations.

There is no individual customer exceeding 10% of total revenues during 2022, 2021 or 2020.

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WALLBOX N.V.

Notes to the consolidated financial statements

21. EXPENSES

A. Changes in inventories and raw materials and consumables used

Details of changes in inventories and raw materials and consumables used are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| (In thousand Euros) | 2022 | 2021 | 2020 |
|  Consumption of finished goods, raw materials and other consumables | 81002 | 42224 | 9595 |
|  Scrap stock, slow moving & obsolete accrual | 864 | 311 |  |
|  Work carried out by other companies | 3739 | 1718 | 979 |
|  Total | 85605 | 44253 | 10574 |

---

Changes to inventories are recorded within the consumption of finished goods, raw materials and other consumables caption.

B. Other operating expenses

Other operating expenses are primarily as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| (In thousand Euros) | 2022 | 2021 | 2020 |
|  Professional services | 14129 | 15484 | 1530 |
|  Marketing expenses | 23934 | 7329 | 1352 |
|  Delivery | 10291 | 3650 | 948 |
|  External temporary workers | 4994 | 3582 | 1610 |
|  Office expense | 7296 | 3427 | 335 |
|  Insurance premium | 3350 | 1594 | 387 |
|  Utilities and similar expenses | 4471 | 1560 | 322 |
|  Online plattforms fees | 3381 | 1410 | 140 |
|  Customs duty tax | 887 | 1134 | 43 |
|  Travel expenses | 4139 | 1000 | 291 |
|  Short-term and low value leases | 3454 | 567 | 283 |
|  Bank Services | 880 | 509 | 406 |
|  Expected credit loss for trade and other receivables (Note 13) | 1003 | 478 | 134 |
|  Repairs | 509 | 232 | 38 |
|  Other impairment and losses (see Note 13) | 2870 |  | 281 |
|  Warranty provision (see Note 18) | 1738 | 674 |  |
|  Other | 4229 | 775 | 92 |
|  Total | 91555 | 43405 | 8192 |

---

At December 31, 2021, professional services included thousand Euros 8,046 corresponding to costs which were not incremental and directly attributable to the issuance of shares for the Transaction as mentioned in Note 6.

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WALLBOX N.V.

Notes to the consolidated financial statements

22. EMPLOYEE BENEFITS

Details of employee benefits for the years ended December 31, 2022, 2021 and 2020 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| (In thousand Euros) | 2022 | 2021 | 2020 |
|  Wages and salaries | 43106 | 20438 | 4266 |
|  Share-based payments | 32625 | 2455 | 2785 |
|  Social Security | 13083 | 6773 | 2755 |
|  Total | 88814 | 29666 | 9806 |

---

The notable rise in personnel expenses in 2022 and 2021 is primarily the result of the significant growth of the Wallbox Group, which required the hiring of additional personnel. Furthermore, this increase is also explained by the new share-based payment plan for employees, founders, and management as described below, and the accelerated vesting of the management stock options plan for certain managers. The Group has not entered into any defined contribution or defined benefit plans for which pensions costs are incurred. The majority of employees are working in Spain and are participating in a state pension plan for which the expenses are included in social security.

Details of the personnel expense recognized for share-based payment transactions are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| (In thousand Euros) | 2022 | 2021 | 2020 |
|  Management stock option plan | 14377 | 2382 | 1192 |
|  Employee stock option plan |  | 73 | 1593 |
|  Founder Stock options plan | 8195 |  |  |
|  RSU Employees | 6862 |  |  |
|  Performance based earn out in shares and RSU's management Ares<br>| 531 |  |  |
|  Performance based earn out in shares and RSU's management COIL<br>| 1769 |  |  |
|  RSU Management | 3103 |  |  |
|  Capitalization of share-based payment transactions in intangible assets<br>| (2212) |  |  |
|  Total | 32625 | 2455 | 2785 |

---

Management Stock Option Plan

At a meeting held on July 25, 2018, the shareholders agreed to implement a share-based payment plan to strengthen management's link with Wallbox Chargers and to provide a more direct incentive structure.

This arrangement was an equity-settled plan. Consequently, the Group recognizes a personnel expense against an increase in equity based on the fair value of the options at grant date, i.e., the day on which the Management Stock Option Plan contract is signed by the Company and the member of management.

Each of the tranches had vesting conditions linked to the employment of the beneficiaries and to their performance.

In accordance with the terms and conditions of the Transaction, these options will be available to be executed in exchange for Wallbox NV shares, Euros 0.12 par value (previously Euros 0.50 par value) in a period of 10 years from the Closing date, and each outstanding option was converted into 240.990795184659 options based on the Exchange Ratio.

The Company records this share-based payments plan based on the estimated fair value of the award at the grant date and is recognized as an expense in the consolidated statements of profit or loss over the requisite service period. The estimated fair value of the award was based on the closest financial round of share capital issued for the firsts grants and the latest ones are based on the estimated market price of the Parent's stock on the date of the grant, in practice the share price of Wallbox NV at the grant date is used during this reporting period.

Employee Stock Option Plan

During the COVID-19 pandemic, shareholders agreed to offer all employees of Wallbox Chargers, S.L.U. (the "Beneficiaries" or, individually, the "Beneficiary") the possibility of participating in a share-based payment plan over shares (the "Options") which gave all Beneficiaries the opportunity to acquire a certain number of ordinary shares (the "Shares") of Wallbox Chargers. Participation in this Plan was voluntary, and it was created as a cash saving measure, as it was offered in exchange for a reduction in the salaries of the Beneficiaries, which has resulted in strategic cash maintenance during the uncertain period caused by the COVID-19 pandemic. The exercise price of the options is Euros 0.50. Furthermore, because of these savings, the Company has been able to continue with its strategic plans and continues to hire the best professionals from the industry to exit the COVID-19 period with a strong position relative to its competitors.

------

WALLBOX N.V.

Notes to the consolidated financial statements

This arrangement was an equity-settled plan. Consequently, the Group recognized a personnel expense against an increase in equity based on the fair value of the options at grant date, which in this case was May 1, 2020.

The Employee Stock Option Plan vesting period finished at the end of 2020 and all of the options granted were available for execution when one of the liquidity events defined in this Plan took place. In accordance with the terms and conditions of the Transaction, these options will be available for execution in exchange for Wallbox NV shares, Euros 0.12 par value (previously Euros 0.50 par value), in a period of 10 years from the Closing date, and each outstanding option was converted into 240.990795184659 options based on the Exchange Ratio.

During January 2021, there was an agreement with some employees to settle their options held in exchange for cash (1,254 options were settled at fair value on the settlement date). Additionally, it was agreed with the same employees to pay an additional benefit of Euros 73 thousand for the sale of the options. As a consequence, the Group has recognized this effect as a reduction of Euros 239 thousand in equity, and recognized personnel expenses of Euros 73 thousand, for a total cash payment of Euros 313 thousand.

The Company recorded this share-based payments plan based on the estimated fair value of the award at the grant date and recognizes an expense in the consolidated statements of profit or loss over the requisite service period. The estimated fair value of the award was based on the closest financial round of share capital issued for the firsts grants and the latest ones are based on the estimated market price of the Parent's stock on the date of the grant, in practice the share price of Wallbox NV at the grant date is used during this reporting period.

Founders Stock Option Plan

At a meeting held on June 30, 2021, the shareholders of Wallbox Chargers, S.L.U. agreed to implement a share-based payment plan (Legacy Stock Option Program) to strengthen the bond with the founders of Wallbox and in order to align the interests of the founders with the creation of additional value for the Company. This would be accomplished via Options with a strike price at a valuation equal to or higher than current market value and by allowing the founders to benefit from more liquid Options which are fully vested and transferable from their date of concession.

The maximum number of Shares that shall underlie all of the Options included in this plan shall be, at the Effective Date, the equivalent of 4,289 shares of Wallbox Chargers, S.L.U. (1,033,610 shares of Wallbox NV after applying the Exchange Ratio). Options under this plan shall be granted on Class B ordinary shares of the Company.

The Board of Directors of the Company shall deliver a personal notice to each Beneficiary, with an invitation to participate in the Plan, which shall contain, among others, the number of Options granted to each Beneficiary; and, where appropriate, the individual conditions governing the participation of the Beneficiary in the Plan. For the purposes of this Plan, the date of concession shall be that date indicated in the Invitation Notice.

In accordance with the terms and conditions of the Plan, these options will be available to be executed in exchange for Wallbox NV shares, Euros 0.12 par value (previously Euros 0.50 par value), and the exercise price of the options will be equivalent to Euros 1.93 per share after applying the Exchange Ratio of 240.990795184659 (previously Euros 466.24 per share).

Compliance with each and every one of the following conditions shall be an essential requisite for a Beneficiary to exercise the Options:

i. The Beneficiary will have a lock-up period of three years, during which time they will be able to exercise the options proportionally on a monthly basis;

ii. The Company has not initiated a Temporary Suspension of exercise; and

iii. Any other specific conditions included in the Beneficiary's Invitation Notice have been fulfilled.

During 2021, no personnel expense was recognized in the statement of profit or loss in relation to this plan, as the Beneficiary's Invitation Notice established by the plan agreement has not been sent.

These invitations have been sent in 2022, so the Group has recognized the expense accordingly to the valuation of these options in total in 2022 as they were vested when granted. The group has valuated each option to USD 8.66. To determine the fair value at grant date of these options the Group has used American option chain, where each option has a maturity of 5 years.

RSU for Employees

At a meeting held on April 6, 2022, the compensation committee approved the implementation of an Incentive Award Plan pursuant to which Awards of Restricted Stock Units (RSU) were granted to employees. Each RSU granted represents a right to receive one listed share of Wallbox NV at the end of each vesting period.

RSU will vest according to the below schedule:

i. 33 % will vest on the 1st Anniversary Date as from the Date of Grant,

ii. 33 % will vest on the 2nd Anniversary Date as from the Date of Grant.

iii. 34 % will vest on the 3rd Anniversary Date as from the Date of Grant.

------

WALLBOX N.V.

Notes to the consolidated financial statements

In addition, the Company has granted new RSUs to the employees of the subsidiaries acquired in the second half of 2022. These RSUs have conditions of performance which have been considered 100% covered when valuing these RSUs.

The Company records this share-based payments plan based on the estimated fair value of the award at the grant date and recognized an expense in the consolidated statements of profit or loss over the requisite service period. Considering that there is no exercise price applicable, the estimated fair value of the award is based on the listed share price of Wallbox, NV on the date of grant.

RSU for Management

At a meeting held on April 6, 2022, the compensation committee approved to grant an Incentive Award Plan pursuant to which Awards of Restricted Stock Units (RSU) were granted to management. Each RSU granted represents a right to receive one listed share of Wallbox N.V. at the end of each vesting period.

RSU will vest according to the following conditions:

i. Time based: 33 % will vest as follows:

• 50 % of this 33 % will vest on the 1 <sup>st</sup> Anniversary Date as from the Date of Grant,

• 50 % of this 33 % will vest on the 2 <sup>nd</sup> Anniversary Date as from the Date of Grant.

ii. Performance based: 66% will vest if the employee meets the following performance conditions:

• Period 1: 50% of this 66 % will vest as follows:

• If between April 8, 2025 and April 8, 2029 (both dates included), at any time, the closing stock price (the last price at which the Company stock trades during the regular trading session) equals or exceeds $25 per share for any 20 trading days within any 30 trading days period.

• Accelerator event: If the Company announces results for Fourth Quarter and Full Year 2024 reporting (i) revenue of at least Euro 1 billion , (ii) the Company's auditor confirms that the cash flows corresponding to 2024 is positive, and (iii) if from December 1, 2024, at any time, the closing stock price (the last price at which the Company stock trades during the regular trading session) equals or exceeds $25 per share for any 20 trading days within any 30 trading days period.

• Period 2: 50% of this 66 % will vest as follows:

• If between April 8, 2027 and April 8, 2029 (both dates included), at any time, the closing stock price (the last price at which the Company stock trades during the regular trading session) equals or exceeds $30 per share for any 20 trading days within any 30 trading days period.

Also on November 11, 2022 the Compensation committee has approved granting new RSUs to certain management personnel of the group. These RSUs will vest according only to performance conditions which are aligned with the performance conditions disclosed above.

The Group has valued each option, considering each tranche/portion of RSU plan:

Time vesting plan: This fair value has been determined by discounting the forward price of Wallbox NV stock at each vesting date. The price in this tranche has been based on the spot price at grant date.

Performance vesting plan: This fair value has been based on Wallbox's price developments according to the Black-Scholes model. Prices for each averaging window are obtained via Monte Carlo simulation.

For Performance based earn out in shares and RSU's management of Ares and COIL see note 6.

Movements during the year

The following table illustrates the movements in stock options at December 31, excluding earn out payments in shares for the business combinations in 2022 (see Note 6):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Number of warrants | ESOP | MSOP | Founders | RSU Employees | RSU Management | RSU Coil & Ares | Total |
| At December 31, 2021 | 1584192 | 7253823 |  |  |  |  | 8838015 |
| Granted |  | 33000 | 1033609 | 2198289 | 2000000 | 496019 | 5760917 |
| Exercised | (298573) | (927410) |  | (12800) |  |  | (1238783) |
| Cancelled |  | (121097) |  | (157724) |  |  | (278821) |
| At December 31, 2022 | 1285619 | 6238316 | 1033609 | 2027765 | 2000000 | 496019 | 13081328 |

---

---

| | | |
|:---|:---|:---|
| Number of warrants | ESOP | MSOP |
| At December 31, 2020 | 1999660 | 3052471 |
| Granted |  | 4201352 |
| Exercised |  |  |
| Cancelled | (415468) |  |
| At December 31, 2021 | 1584192 | 7253823 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number of warrants | ESOP | ESOP | MSOP | MSOP |
| At December 31, 2019 |  |  |  | 1301832 |
| Granted |  | 1999660 |  | 1750639 |
| Exercised |  |  |  |  |
| Cancelled |  |  |  |  |
| At December 31, 2020 |  | 1999660 |  | 3052471 |

---

------

WALLBOX N.V.

Notes to the consolidated financial statements

The number of exercisable options at December, 31:

---

| | | | |
|:---|:---|:---|:---|
| Number of exercisable options | 2022 | 2021 | 2020 |
| ESOP | 1285619 | 1584192 |  |
| MSOP | 4873644 | 3463263 |  |
| Founders | 258402 |  |  |
| RSU |  |  |  |
| Total | 6417665 | 5047455 |  |

---

The ESOPs and MSOP's weren't exercisable until an "Exit event" occurred. As the company was listed as from October 2021, the vested options became exercisable. As a listing on a stock market qualifies as an "Exit event".

The weighted average fair value and exercise price for each plan is calculated as follows, excluding earn out payments in shares for the business combinations in 2022 (see Note 6):

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Units | Units | Units | Exercise price | Exercise price | Exercise price | Average fair value | Average fair value | Average fair value | Remaining |
|  | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | contractual life |
| Management stock option plan | 6238316 | 7253823 | 1999660 | 0.0021 | 0.0021 | 0.0021 | 3.10 | 0.57 | 0.88 | 2023-2024 |
| Employee stock option plan | 1285619 | 1584192 | 3052471 |  |  |  | 0.85 | 0.85 | 1.01 | All options are vested |
| Founder Stock options plan | 1033609 |  | —  | 1.93 |  |  | 7.93 |  |  | All options are vested |
| RSU Employees | 2027765 |  | —  |  |  |  | 9.32 |  |  | 1/3 per year 2023-2025 |
| RSU Coil & Ares | 496019 |  |  |  |  |  | 9.43 |  |  | 2023-2024 |
| RSU Management | 2000000 |  |  |  |  |  | 2.81 |  |  | 2023-2029 |
|  | 13081328 | 8838015 | 5052131  |  |  |  |  |  |  |  |

---

23. FINANCIAL INCOME AND EXPENSES

Details of financial income and expenses are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (In thousand Euros) | Note | December 31,<br> 2022 | December 31,<br> 2021 | December 31,<br> 2020 |
| Financial income |  |  |  |  |
| Interest on shareholder and other loans |  |  | 61 | 6 |
| Fair value gain on financial investments |  | 280 | 11 |  |
| Other finance income |  | 2027 | 83 |  |
| Total financial income |  | 2307 | 155 | 6 |
| Financial expenses |  |  |  |  |
| Fair value adjustment of convertible bonds | 13 |  | 25491 |  |
| Interest and fees on bank loans | 13 | 3711 | 3222 | 534 |
| Interest on lease liabilities | 9 | 1267 | 631 | 107 |
| Interest on shareholder and other borrowings | 13 |  | 3 | 8 |
| Interest on convertible bonds | 13 |  | 2385 | 266 |
| Accretion of discount on put option liabilities | 6 |  | 313 | 96 |
| Fair value loss on financial investments |  | 1343 |  |  |
| Impairment of financial investments | 12 | 1411 |  |  |
| Other finance costs |  | 266 | 23 |  |
| Total financial expenses |  | 7998 | 32068 | 1011 |

---

On July 27, 2022, Wallbox Chargers, S.L.U. acquired the remaining 49% of share capital of Electromaps, S.L.U., resulting in ownership of 100% of its share capital as of that date, for purchase consideration of Euros 1,799 thousand. The transaction resulted in recognition of a gain on the settlement of the associated financial liability totaling Euros 2,002 thousand, which was recorded as financial income in the statement of profit or loss. The payment of the consideration was made through a cash payment of Euros 150 thousand on July 29, 2022 and Euros 150 thousand on August 30, 2022. The remaining amount was paid through the issuance of 163,861 Class A shares of Wallbox NV whose nominal value is Euros 0.12 per share.

------

WALLBOX N.V.

Notes to the consolidated financial statements

24. EARNINGS PER SHARE

Basic earnings per share are calculated by dividing net loss for the year attributable to equity holders of the Parent by the weighted average number of ordinary shares outstanding during the year (see explanations regarding the impact of the Transaction on the weighted average number of ordinary shares outstanding in Note 6).

As the Company has losses in all three periods, potential ordinary shares from Management Stock Options, Employee Stock Options, RSU plans and Warrants are not dilutive (losses per share would be less and anti-dilution would exist), Hence, these shares are not considered in the calculation of losses per diluted share.

Details of the calculation of basic and diluted earnings/loss per share are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| (In thousand Euros) | 2022 | 2021 | 2020 |
| Loss for the year | (62800) | (223777) | (11402) |
| Dilutive effects on earnings per share |  |  |  |
| Total loss for basic and diluted earnings per share | (62800) | (223777) | (11402) |
| Number of shares | December 31, 2022 | December 31, 2021 | December 31, 2020 |
| Weighted average number of ordinary shares for basic and diluted earnings per share (thousand shares) | 163367 | 112725 | 91746 |
| (In Euros) | December 31, 2022 | December 31, 2021 | December 31, 2020 |
| Basic and diluted losses per share | (0.38) | (1.99) | (0.12) |

---

See note 6 for further details on the impact of the Transaction on EPS.

25. TAX CREDIT AND OTHER RECEIVABLES/OTHER PAYABLES

A. Tax credit and other receivables/Other payables

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
| (In thousand Euros) | 2022 | 2021 |
| VAT receivable | 10091 | 13834 |
| Government grants receivable | 4049 | 3634 |
| Income tax credit receivable (short term) | 706 |  |
| Income tax credit receivable (long term) | 6629 | 2589 |
| Total | 21475 | 20057 |
|  | December 31, | December 31, |
| (In thousand Euros) | 2022 | 2021 |
| VAT payable | 2585 | 3077 |
| Current income tax liability | 1186 |  |
| Social Security payable | 1328 | 774 |
| Personal Income Tax payable | 1906 | 1154 |
| Deferred tax liabilities | 1388 | 31 |
| Total | 8393 | 5036 |

---

------

WALLBOX N.V.

Notes to the consolidated financial statements

B. Amounts recognized in profit or loss

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| (In thousand Euros) | 2022 | 2021 | 2020 |
| Loss before Tax / Profit | (67726) | (225584) | (12312) |
| Tax income (at 25%) | 16932 | 56396 | 3078 |
| Unrecognized deferred tax assets on tax losses | (16932) | (56396) | (3078) |
| R&D tax credits | (5468) | (1666) | (923) |
| Amortization of intangible assets identified |  | (10) |  |
| Tax expense<br>| 542 | (131) | 13 |
| Income tax credit | (4926) | (1807) | (910) |

---

As Wallbox N.V. is a Spanish tax resident, is the corporate tax rate of Spain used, which is a nominal tax rate of 25%.

Deductible temporary and permanent differences for which no deferred tax assets have been recognized totaled Euros 37,584 thousand and Euros 36 thousand at December 31, 2022, respectively. At December 31, 2021 deductible temporary and permanent differences for which no deferred tax asset were recognized in the statement of financial position amounted to Euros 101,921 thousand and Euros 54,756 thousand, respectively.

The amount of Euros 37,584 thousand (Euros 101,921 thousand at 2021) was related to deductible temporary differences primarily associated with the share-based payment plan provision, and part of the financial expenses. In 2021, the amount of Euros 54,756 thousand, reflecting deductible permanent differences, primarily relates to deductible expenses recognized against share premium and listing expenses for the services provided by Kensington.

At December 31, details of the tax losses to be offset are as follows:

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| | | |
|:---|:---|:---|
| (In thousand Euros) | December 31, 2022 | December 31, 2021 |
| 2015 | 47 | 47 |
| 2016 | 439 | 439 |
| 2017 | 56 | 56 |
| 2018 | 1579 | 1579 |
| 2019 | 3318 | 3318 |
| 2020 | 12312 | 12312 |
| 2021 | 68907 | 68907 |
| 2022 | 28631 |  |
| Total | 115289 | 86658 |

---

Tax losses may be offset indefinitely in the future (see Note 5).

The existence of unused tax losses is strong evidence that future taxable profit may not be available to the Group. Having considered all evidence available, management determined that there was insufficient positive evidence to support the fact that it is probable that future taxable profits will be available against which to offset the tax losses. Accordingly, no deferred tax asset is recognized in the financial statements.

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WALLBOX N.V.

Notes to the consolidated financial statements

26. GROUP INFORMATION

A. Related parties

Details of transactions and balances with related parties are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended December 31, 2022 | Year ended December 31, 2022 | Year ended December 31, 2022 | Year ended December 31, 2022 |
| (In Thousand Euros) | Shareholders | Joint Venture | Key<br>management | Total |
| Income |  |  |  |  |
| Revenue | 67 |  |  | 67 |
| Interest |  | 47 |  | 47 |
| Impairment of financial assets |  | (1945) |  |  |
| Statement of financial position |  |  |  |  |
| Loans granted to Joint Venture (see Note 13) |  | 1411 |  | 1411 |
| Receivables from Joint Venture (see Note 13) |  | 534 |  | 534 |
| Impairment of financial assets |  | (1945) |  | (1945) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended December 31, 2021 | Year ended December 31, 2021 | Year ended December 31, 2021 | Year ended December 31, 2021 |
| (In Thousand Euros) | Shareholders | Joint Venture | Key<br>management | Total |
| Expenses |  |  |  |  |
| Interest on shareholder and other loans (see Note 23) | 3 | 61 |  | 64 |
| Statement of financial position |  |  |  |  |
| Non-current loans granted to Joint Venture (see Note 13) |  | 566 |  | 566 |
| Current loans granted to Joint Venture (see Note 13) |  | 685 |  | 685 |
| Receivables from Joint Venture (see Note 13) |  | 535 |  | 535 |
| Borrowings (see note 13) | (21) |  |  | (21) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended December 31, 2020 | Year ended December 31, 2020 | Year ended December 31, 2020 | Year ended December 31, 2020 |
| (In Thousand Euros) | Shareholders | Joint Venture | Key<br>management | Total |
| Expenses |  |  |  |  |
| Interest on shareholder and other loans (see Note 23) | 8 |  |  | 8 |
| Other financial interest |  |  | 10 | 10 |
| Professional services |  |  | 64 | 64 |

---

Only revenues to shareholders holding a minimal interest in the Group of 50% has been disclosed as a related party transaction in accordance with IAS 24 definitions.

In connection with the December 2022 private placement of Class A Shares, Enric Asunción Escorsa purchased 921,053 Class A Shares, Orilla Asset Management, S.L. purchased 3,759,399 Class A Shares, AM Gestió, S.L. purchased 751,880 Class A Shares and each of Infisol 3000, S.L., Inversiones Finanncieras Perseo S.L. and Anangu Grup, S.L. purchase 375,940 Class A Shares, in each case, at price of $5.32 per share, the same terms as other investors.

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WALLBOX N.V.

Notes to the consolidated financial statements

B. Remuneration of Directors and Key Management

The remuneration expenses recorded for the members of the Board of Directors in 2022, 2021 and 2020 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| (thousand Euros) | 2022 | 2021 | 2020 |
| Short-term benefits | 774 | 770 | 189 |
| Cost of non-executive directors | 303 | 71 |  |
| Share-based payment plan expenses | 6146 |  |  |
| Total | 7223 | 841 | 189 |

---

Details of the remuneration expenses recorded for the Company's senior management (excluding the executive members of the Board of Directors) are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, |
| (thousand Euros) | 2022 | 2021 | 2020 |
| Short-term benefits<br>| 1908 | 2151 | 681 |
| Termination benefits | 206 |  |  |
| Share-based payment plan expenses | 13842 | 1756 | 1339 |
| Total | 15956 | 3907 | 2020 |

---

Remuneration expenses incurred for executive functions relates to those individuals who perform senior management functions for the Company, including the directors.

No expenses for post-employment benefits were incurred during 2022, 2021 and 2020.

At December 31, 2022 and 2021 the group had no pension or life insurance obligations with members of senior management.

At December 31, 2022 and 2021 no advances or loans had been granted to members of senior management, nor had the Company extended any guarantees on their behalf.

During 2022, public liability insurance premiums of Euros 1,580 thousand (Euros 432 thousand in 2021) had been incurred to be covered for damages or losses that may be incurred by directors in the performance of their duties. These insurance premiums do however not form part of the remuneration of the Directors and has therefore not be included in the table above.

27. FINANCIAL RISK MANAGEMENT

Risk management policies are established by management, having previously been approved by the Company's directors. Based on these policies, the Finance department has established a number of procedures and controls to identify, measure and manage risks associated with the use of financial instruments. These policies, inter alia, prohibit the Company from speculating with derivatives.

Any activity involving financial instruments exposes the Company to credit risk, market risk and liquidity risk.

a) Credit risk

Credit risk arises from possible losses deriving from failure to comply with contractual obligations on the part of the Group's counterparties, i.e., the possibility of not recovering financial assets at the amount recognized and within the established term.

The maximum credit risk exposure is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2022 | December 31, 2022 | December 31, 2021 | December 31, 2021 |
| (In thousand Euros) | Non-current | Current | Non-current | Current |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer sales and services |  | 39797 |  | 22528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables |  | 16 |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans to employees |  | 14 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans granted to Joint Venture |  |  |  | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from Joint Venture |  |  |  | 535 |
| Trade and other financial receivables |  | 39827 |  | 23757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans granted to Joint Venture |  |  | 566 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantee deposit | 1133 |  | 733 |  |
| Non-current financial assets | 1133 |  | 1299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantee deposit |  | 560 |  | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial investments |  | 5397 |  | 57192 |
| Other current financial assets |  | 5957 |  | 57674 |
| Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;— | 83308 |  | 113865 |
| Total | 1133 | 89265 | 1299 | 195296 |

---

The Sales and Finance departments establish credit limits for each customer based on information received from an entity specializing in commercial solvency analysis. Refer to Note 13B for further disclosure on the expected credit loss of customer sales and services.

b) Market risk

Market risk arises from possible losses deriving from fluctuations in the fair value or in future cash flows of financial instruments because of changes in market prices. Market risk includes interest rate, currency and other price risks.

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WALLBOX N.V.

Notes to the consolidated financial statements

Interest rate risk

Interest rate risk arises from possible losses due to changes in the fair value or the future cash flows of a financial instrument because of fluctuations in market interest rates.

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| | | | |
|:---|:---|:---|:---|
| (In thousand Euros) | Currency | December 31, 2022 | December 31, 2021 |
| Fixed rate Loan | EUR | 32125 | 31050 |
| Floating rate loan | EUR | 101502 | 20296 |
| Total |  | 133627 | 51346 |

---

A 100 basis point change in interest rates would mean an increase (decrease) in profit or loss at December 31, 2022 of Euros 1,317 thousand (Euros 691 thousand at December 31, 2021). This calculation assumes that the change occurred on the date of the report applied to the risk exposures existing on that date. This analysis assumes that all other variables are held constant and considers the effect of interest rates.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2022 | 2022 | 2021 | 2021 | 2020 | 2020 |
| (In thousand Euros) | Profit or loss | Profit or loss | Profit or loss | Profit or loss | Profit or loss | Profit or loss |
|  | 100 bp | 100 bp | 100 bp | 100 bp | 100 bp | 100 bp |
|  | increase | decrease | increase | decrease | increase | decrease |
| Floating rate loan | (1317) | 1317 | (691) | 691 | (85) | 85 |

---

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WALLBOX N.V.

Notes to the consolidated financial statements

Currency risk

Currency risk is the risk of possible losses due to changes in the fair value of and future cash flows from financial instruments as a result of exchange rate fluctuations.

Cash and cash equivalents, trade and other financial receivables and other current assets / deferred charges are primarily the items included within the Group's assets and liabilities that are denominated in a currency other than the functional currency.

The following table shows the sensitivity of monetary assets and liabilities to a reasonably possible strengthening (weakening) of the Euro in each of the foreign currencies as of December 31. This analysis assumes that all other variables, particularly interest rates, remain constant and ignores any impact from anticipated sales and purchases. The Group's exposure to foreign currency exchange for all other currencies is not significant.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 2022 | 2022 | 2021 | 2021 |
|  | Profit or loss | Profit or loss | Profit or loss | Profit or loss |
| (In thousand Euros) | Strengthening | Weakening | Strengthening | Weakening |
| USD (10% movement) | (565) | 691 | (8819) | 10779 |

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Other market price risk

The Group has derivative warrant liabilities (see Note 13) measured at FVTPL.

The derivative warrant liabilities of Euros 5,834 thousand at December 31, 2022 (Euros 83,252 thousand at December 31, 2021) included a fair value adjustment of Euros 80,748 thousand compared to the December 31, 2021.

A change of the warrant price by 1% would result in an increase/decrease of the underlying warrant liabilities of Euros 58 thousand.

c) Liquidity risk

Liquidity risk arises where the Group might not hold, or have access to, sufficient liquid funds at an appropriate cost to settle its payment obligations at any given time.

Details of working capital are as follows:

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| | | |
|:---|:---|:---|
| (In thousand Euros) | December 31, 2022 | December 31, 2021 |
| Current assets | 255171 | 251491 |
| Current liabilities | 178793 | 170366 |
| Total | 76378 | 81125 |

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The working capital presented by the Group is sufficient to cover the various commitments arising from its activity.

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WALLBOX N.V.

Notes to the consolidated financial statements

Details of the maturities, by year, of the principal of the loans and borrowings at December 31, are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | December 31, 2022 | December 31, 2022 |  |
| (In Euros) | Capital | Interest | Total |
| 2023 | 89268 | 3428 | 92696 |
| 2024 | 12063 | 2785 | 14848 |
| 2025 | 10688 | 2014 | 12702 |
| 2026 | 8024 | 1398 | 9422 |
| 2027 | 6907 | 838 | 7745 |
| More than five years | 6677 | 759 | 7436 |
| Total | 133627 | 11222 | 144849 |

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| | | | |
|:---|:---|:---|:---|
|  | December 31, 2021 | December 31, 2021 | December 31, 2021 |
| (In Euros) | Capital | Interest | Total |
| 2022 | 33769 | 1058 | 34827 |
| 2023 | 2253 | 967 | 3220 |
| 2024 | 4699 | 801 | 5500 |
| 2025 | 3619 | 551 | 4170 |
| 2026 | 3543 | 327 | 3870 |
| More than five years | 3464 | 107 | 3571 |
| Total | 51347 | 3811 | 55158 |

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d) Capital management

For the purpose of the Group's capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders of the Parent. The primary objective of the Group's capital management is to maximize shareholder value. The Group manages its capital structure and makes adjustments to compensate for changes in economic conditions or its financial requirements in order to execute its business plans. The Group may also issue new shares or issue/repay debt financial instruments to maintain or adjust the capital structure. The Group monitors capital management to ensure that it meets its financial needs to achieve its business objectives while maintaining its solvency.

No changes were made in the objectives, policies or processes for managing capital during the years ended December 31, 2022 and 2021.

28. EVENTS AFTER THE REPORTING PERIOD

After the reporting date of December 31, 2022, the following significant events have occurred:

In the first quarter of 2023, certain employees converted 374,765 options, as part of their stock option plan, into 374,765 Class A ordinary shares of Euros 0.12 of par value, resulting in an increase of share capital of Euros 45 thousand.

On January 19, 2023 the Company announced measures to reduce costs to better align with its 2023 full year guidance and the current macroeconomic situation. Reductions are balanced between operating and personnel expenses and will impact around 96 employees. As a result, and in accordance with Spanish law, the subsidiary Wallbox Chargers, S.L.U. has initiated a collective dismissal process (ERE) affecting the employees of this subsidiary.

In January 2023, the Group launched the Employee Stock Options Plan (ESPP) for a length of one year, with the purpose of increasing employee engagement and motivation. The offering has been designed in accordance with the 2021 Employee Stock Purchase Plan approved by the Company upon listing in October 2021. The Employee Stock Purchase Plan consists of an offer to buy a maximum of 20,000 shares by each employee of the company with a discount of up to 15%, with a limit of 1% to 10% of annual salary per year.

On January 31, 2023 as part of the payment for the Coil acquisition disclosed in Note 6, the Company has issued 272,826 Class A shares with a nominal value of Euros 0.12 each.

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WALLBOX N.V.

Notes to the consolidated financial statements

On February 9, 2023, Wallbox N.V., as guarantor, and its wholly-owned direct Spanish subsidiary, WallBox Chargers, S.L.U., as borrower entered into a Facility Agreement with Banco Bilbao Vizcaya Argentaria S.A. The Facility Agreement provides for an aggregate term loan commitment of €25.0 million. The group has fully drawn down the commitment and received an amount of €24.6 million, net after deducting expenses. The Facility Agreement provides for an aggregate term loan commitment of €25.0 million. The Facility matures on the fourth anniversary of the date of the contract and under certain circumstances may be extended to mature on the fifth anniversary. The Facility Agreement contains financial covenants regarding maintenance as of the end of each fiscal quarter of a maximum senior net debt to gross profit ratio.

Substantially concurrently with the closing of the Facility Agreement and in consideration thereof, we entered into a Warrant Agreement and Subscription Agreement with BBVA pursuant to which we issued to the Warrantholder, and the Warrantholder subscribed for and acquired, an aggregate of 1,007,894 warrants exercisable for 1,007,894 Class A Shares, for an exercise price of $5.32 per share. Pursuant to the Subscription Agreement, we agreed to file a registration statement for the resale of the Class A Shares issuable upon exercise of the Warrant. The Warrant Agreement provides for a redemption right in favor of Wallbox when the Class A Shares achieve a value of $11.00 per share.

On 22 March 2023, one of the beneficiary of Founder warrants plan (Note 22) has exercised 20,000 vested option shares from the "Legacy Stock Option Program for Founders" plan for Class B ordinary shares, with nominal value of €1.20 per share and subsequently, the Company has agreed to convert 20,000 Class B Shares to: (i) 20,000 Class A ordinary shares with nominal value of EUR 0.12 per share; and (ii) 20,000 conversion shares with nominal value of EUR 1.08 per share. The said conversion shares have been transferred in favor of the Company for no consideration.

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WALLBOX N.V.

Notes to the consolidated financial statements

29. DETAILS OF WALLBOX GROUP SUBSIDIARIE S

Details of subsidiaries at December 31, 2022

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | % Equity interest | % Equity interest | |
| Company name | Registered office | Activity | Company holding<br>investment | December<br>2022 | December<br>2021 | Consolidation<br>method |
| Wall Box Chargers, S.L.U. | Paseo de la Castellana, 95. Planta 28, 28046, Madrid, Spain | Retail innovative solutions for charging Electric Vehicles | Wallbox NV | 100% | 100% | \* Fully consolidated |
| Kensington Capital Acquisition Corp II | 1400 Old Country Road, Suite 301, Westbury, NY 11590 | Special purpose acquisition company | Wallbox NV | 100% | 100% | \* Fully consolidated |
| Wallbox Energy, S.L.U. | Calle Foc 68, 08038, Barcelona, Spain | Retail innovative solutions for charging Electric Vehicles | Wall Box Chargers, S.L.U. | 100% | 100% | - Fully consolidated |
| Wallbox UK Limited | 378-380 Deansgate, Manchester, United Kingdom M3 4LY | Retail innovative solutions for charging Electric Vehicles | Wall Box Chargers, S.L.U. | 100% | 100% | - Fully consolidated |
| SAS Wallbox France | Avenue des Champs Elysées 102, 75008, Paris, France | Retail innovative solutions for charging Electric Vehicles | Wall Box Chargers, S.L.U. | 100% | 100% | - Fully consolidated |
| WBC Wallbox Chargers Deutschland GmbH | Oskar-von-Miller-Ring 20, 80333 Munich, Germany | Retail innovative solutions for charging Electric Vehicles | Wall Box Chargers, S.L.U. | 100% | 100% | - Fully consolidated |
| Wallbox Italy, S.R.L. | Piazza Tre Torri 2, 20145 CAP, Milano, Italy | Retail innovative solutions for charging Electric Vehicles | Wall Box Chargers, S.L.U. | 100% | 100% | - Fully consolidated |
| Wallbox Netherlands B.V. | Kingsfordw eg 151, 1042 GR Amsterdam, The Netherlands | Retail innovative solutions for charging Electric Vehicles | Wall Box Chargers, S.L.U. | 100% | 100% | - Fully consolidated |
| Wallbox USA Inc. | 800 W. El Camino Real Suite 180, Mountain View CA 94040, United States | Retail innovative solutions for charging Electric Vehicles | Wall Box Chargers, S.L.U. | 100% | 100% | - Fully consolidated |
| Wallbox Shanghai Ldt. | Unit 05-129 Level 5, No. 482, 488, 492, <br> 518 Xinjiang Road, Jingan District, <br> Shanghai Municipality, China | Retail innovative solutions for charging Electric Vehicles | Wall Box Chargers, S.L.U. | 100% | 100% | - Fully consolidated |
| Wallbox AS <br> *(Intelligent Solution AS)* | Professor Olav Hanssens vei 7A, 4021 Stavanger, Norw ay | Retail innovative solutions for charging Electric Vehicles | Wall Box Chargers, S.L.U. | 100% | 100% | - Fully consolidated |
| Wallbox ApS | Rådhuspladsen 16, 1550 København, Denmark | Retail innovative solutions for charging Electric Vehicles | Wallbox Norw ay AS | 100% | 100% | - Fully consolidated |
| Wallbox AB <br>*(Intelligent Solution <br>Sweden AB)* | Kistagången 12, 164 40 Kista, Sweden | Retail innovative solutions for charging Electric Vehicles | Wallbox Norw ay AS | 100% | 100% | - Fully consolidated |
| Wallbox Oy | PL 747, 00101 Helsinki, Finland | Retail innovative solutions for charging Electric Vehicles | Wallbox Norw ay AS | 100% | 100% | - Fully consolidated |
| Electromaps, S.L.U. | Calle Foc 68, 08038, Barcelona, Spain | Retail innovative solutions for charging Electric Vehicles | Wall Box Chargers, S.L.U. | 100% | 51% | - Fully consolidated |
| Coil, Inc. | 1307 Hayes Street Suite 5 San Francisco, CA 94117 US | EV Charge installer | Wallbox USA, Inc. | 100% |  | - Fully consolidated |
| AR Electronics Solutions, S.L.U. | Calle Foc 68, 08038, Barcelona, Spain | Manufacture of Electronical components | Wall Box Chargers, S.L.U. | 100% |  | - Fully consolidated |
| Wallbox Australia PTY, Ltd | 152 Elizabeth Street - Level 4 - Melbourne VIC 3000 | Retail innovative solutions for charging Electric Vehicles | Wall Box Chargers, S.L.U. | 100% |  | - Fully consolidated |
| WBX Chargers Portugal, Unipessoal Lda | Edifício Scala, Rua de Vilar, 235, <br>2.o andar Porto Concelho: Porto <br>Freguesia: Lordelo do Ouro e <br>Massarelos 4050 626 Porto | Retail innovative solutions for charging Electric Vehicles | Wall Box Chargers, S.L.U. | 100% |  | - Fully consolidated |

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(\*) direct ownership

(-) indirect ownership

## Exhibit 2.1

**Exhibit 2.1** 

**DESCRIPTION OF THE REGISTRANT'S SECURITIES** 

**REGISTERED PURSUANT TO SECTION 12 OF THE** 

**SECURITIES EXCHANGE ACT OF 1934, AS AMENDED** 

Wallbox N.V. has one class of securities and one class of warrants registered under Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). References herein to "we," "us," "our" and the "Company" refer to Wallbox N.V. and not to any of its subsidiaries.

The following description of our securities and certain provisions of our Articles of Association are summaries and are qualified in their entirety by reference to the full text of our Articles of Association and the Warrant Assignment, Assumption and Amended & Restated Warrant Agreement, dated October 1, 2021 (the "Wallbox Warrant Agreement"), which have been publicly filed with the Securities and Exchange Commission (the "SEC"). We encourage you to read our Articles of Association, Wallbox Warrant Agreement and the applicable provisions of the Dutch law. Terms not defined in this Exhibit 2.1 shall have the meaning ascribed to them in the Articles of Association, the Wallbox Warrant Agreement and the Annual Report on Form 20-F, as applicable.

**SHARE CAPITAL AND ARTICLES OF ASSOCIATION** 

**Share Capital** 

***Authorized Share Capital***

Wallbox has three classes of shares: (i) Class A ordinary shares, each with a nominal value of €0.12 (the "Class A Shares"), (ii) Class B ordinary shares, each with a nominal value of €1.20 (the "Class B Shares"), and (iii) conversion shares, each with a nominal value of €1.08 (the "Conversion Shares").

Wallbox's authorized share capital amounts to €108,000,002.16. Following and pursuant to a conversion of 20,000 Class B Shares into Class A Shares and Conversion Shares on March 22, 2023, in accordance with Clause 5 of the articles of association, Wallbox's authorized share capital is divided 400,020,000 Class A Shares, 49,980,000 Class B Shares and 20,002 Conversion Shares.

Under Dutch law, the authorized share capital is the maximum share capital that Wallbox may issue without amending the articles of association.

***Form of Shares***

Pursuant to the articles of association, Wallbox's shares (the "Shares") are registered shares.

***Transfer of Shares***

Under Dutch law, transfers of Shares (other than in book-entry form) shall require a deed executed for that purpose and, save in the event Wallbox itself is a party to such legal act, written acknowledgement by Wallbox of the transfer.

Under the articles of association, if and as long as one or more Class A Shares are admitted to trading on the NYSE, or if it may reasonably be expected that one or more Class A Shares shall shortly be admitted to trading on the NYSE, Wallbox's board of directors (the "Board") may resolve that the laws of the State of New York, United States of America, shall apply to the property law aspects of the Class A Shares, subject to certain overriding exceptions under the Dutch Civil Code. Such resolution and the revocation thereof shall be made available for inspection on the Wallbox's website and at the Dutch trade register. The Board has adopted such resolution.

***Conversion of Shares***

Class A Shares are not convertible into any other shares of capital stock of Wallbox. Each Class B Share is convertible at any time at the option of the holder into one Class A Share and one Conversion Share. In addition, Class

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B Shares shall automatically convert into Class A Shares and Conversion Shares in the same ratio referred above, upon the occurrence of a conversion event set forth by the Wallbox articles of association, including (i) the sale or transfer of such shares, but excluding certain transfers permitted by the Wallbox's articles of association, or (ii) the death or disability of the excluded holder (within the meaning of the Wallbox articles of association) of such shares, and with effect as of the conversion date (being the date that the non-executive directors determine, in their sole discretion, that a conversion event has occurred).

Notwithstanding the foregoing, all outstanding Class B Shares shall convert into Class A Shares and Conversion Shares in the same ratio referred above, upon the occurrence of the final conversion event (and with effect as per the date on which Wallbox becomes aware the final conversion event has occurred), being: (i) the date set by the Board that is no less than 61 days and no more than 180 days following the date after the date on which the aggregate number of issued and outstanding Class B Shares held (jointly) by the holders that were issued Class B Shares pursuant to the Business Combination Agreement, and their permitted transferees, represents less than 20% of the aggregate number of issued and outstanding Class B Shares held by the initial holders on the date on which Wallbox issues Class B Shares for the first time; or (ii) the date set by the meeting of holders of Class B Shares.

Upon the occurrence of a conversion event, the shareholder concerned shall be obliged to notify the Board thereof by means of a written notice addressed to the Board.

If a Conversion Share is held by anyone other than Wallbox (the "Transferor"), such Transferor shall be obliged to offer and transfer such Conversion Shares to Wallbox unencumbered (without any usufruct, right of pledge, attachment or other encumbrance and without depositary receipts issued for such Conversion Shares) and for no consideration. If and for as long as the Transferor fails to offer and transfer the relevant Conversion Shares to Wallbox, the voting rights, meeting rights and rights to receive distributions attached to the relevant Conversion Shares are suspended. If the Transferor fails to offer and transfer the relevant Conversion Shares to Wallbox within the number of days after the conversion date set forth by the Wallbox articles of association, Wallbox is irrevocably empowered and authorized to offer and transfer the relevant Conversion Shares to Wallbox and until such transaction occurs.

The end result of the conversion of Class B Shares and subsequent transfer to Wallbox of Conversion Shares is that a Wallbox shareholder will hold one Class A Share for each Class B Share it held at the time of conversion.

***Issuance of Shares and Pre-emptive Rights***

*Issuance of Shares* 

Under Dutch law, the general meeting of Wallbox is authorized to issue Shares or to grant rights to subscribe for Shares and to restrict and/or exclude statutory pre-emptive rights in relation to the issuance of Shares or the granting of rights to subscribe for Shares. The general meeting of Wallbox may designate the Board competent to issue Shares (or grant rights to subscribe for Shares) and to determine the issue price and other conditions of the issue for a specified period not exceeding five years (which period can be extended from time to time for further periods not exceeding five years).

Such designation by the general meeting of Wallbox must state the number of Shares that may be issued. The designation of the Board by the general meeting of Wallbox cannot be withdrawn unless determined otherwise at the time of designation. A resolution of the Board to issue Shares (or grant rights to subscribe for Shares) and a resolution to designate the Board thereto can only be adopted at the proposal of the Board. The general meeting of Wallbox shall, in addition to the Board, remain authorized to issue Shares if such is specifically stipulated in the resolution authorizing the Board to issue Shares.

For a period of 5 years commencing on the date of completion of the Business Combination, the Board has been irrevocably authorized to issue Shares (and to grant rights to subscribe for Shares).

*Pre-emptive Rights* 

Under Dutch law and the articles of association, each shareholder has a pre-emptive right in proportion to the aggregate amount of its Class A Shares and Class B Shares upon the issuance of Class A Shares and Class B Shares

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(or the granting of rights to subscribe for Class A Shares and Class B Shares). No pre-emptive rights shall apply in respect of any issuance of Conversion Shares. This pre-emptive right does not apply to: (i) Shares issued to employees of Wallbox or a group company of Wallbox as referred to in Section 2:24b Dutch Civil Code, (ii) Shares that are issued against payment other than in cash; and (iii) Shares issued to a person exercising a previously granted right to subscribe for Shares.

The pre-emptive rights in respect of newly issued Shares or the granting of rights to subscribe for Shares may be restricted or excluded by a resolution of the general meeting of Wallbox. Pre-emptive rights may also be limited or excluded by a resolution of the Board if the Board has been designated thereto by the general meeting of Wallbox for a specific period and with due observance of applicable statutory provisions, and the Board has also been designated to issue Shares.

A resolution of the general meeting of Wallbox to limit or exclude pre-emptive rights or a resolution to designate the Board thereto, can only be adopted at the proposal of the Board, and requires a majority of at least two-thirds of the votes cast, if less than half of the issued share capital of Wallbox is present or represented at the general meeting. Unless otherwise stipulated at its grant the designation may not be withdrawn.

If the resolution of the general meeting of Wallbox to issue Shares or to designate the authority to issue Shares to the Board is detrimental to the rights of holders of a specific class of Shares, the validity of such resolution of the general meeting of Wallbox requires a prior or simultaneous approval by the group of holders of such class of Shares.

For a period of 5 years commencing on the date of completion of the Business Combination, the Board has been irrevocably authorized to limit or exclude pre-emptive rights in respect of Shares.

***Repurchase of Shares***

Subject to Dutch law and the articles of association, Wallbox may acquire fully paid-up Shares either for no consideration or under universal title of succession, or if, (i) its shareholders' equity less the payment required to make the acquisition, does not fall below the sum of called-up and paid-in share capital and any reserves to be maintained by Dutch law and/or the articles of association, (ii) Wallbox and its subsidiaries would thereafter not hold Shares or hold a pledge over Shares with an aggregate nominal value exceeding 50% of Wallbox's issued share capital and (iii) the Board has been authorized thereto by the general meeting of Wallbox. Any acquisition by Wallbox of Wallbox Shares that are not fully paid-up shall be null and void.

The authorization to the Board to acquire own Shares is valid for a maximum of 18 months. As part of the authorization, the general meeting of Wallbox must specify the number of Shares that may be repurchased, the manner in which the Shares may be acquired and the price range within which the Shares may be acquired. The authorization is not required if Wallbox repurchases fully paid-up Shares for the purpose of transferring these Shares to employees of Wallbox or a group company of Wallbox as referred to in Section 2:24b Dutch Civil Code under any applicable equity compensation plan, *provided* that those Shares are quoted on an official list of a stock exchange.

Wallbox can, jointly with its subsidiaries, hold Shares in its own capital exceeding 10% of its issued share capital for no more than three years after acquisition of Shares for no consideration or under universal title of succession. Owned Shares pledged by Wallbox and its subsidiaries are taken into account in this respect. Any Shares held by Wallbox in excess of the amount permitted shall automatically transfer to the directors jointly at the end of the last day of such three-year period. Each director shall be jointly and severally liable to compensate Wallbox for the value of the Shares at such time, with interest at the statutory rate thereon from such time. The same applies to the acquisition of Shares for employees of Wallbox under any applicable equity compensation plan, *provided* that those Shares are quoted on an official list of a stock exchange and held by Wallbox for more than one year after acquisition thereof.

For a period of 18 months commencing on the date of completion of the Business Combination, the Board has been irrevocably authorized to repurchase Shares. At the annual general meeting held on June 22, 2022, this authorization has been renewed for a period of 18 months following the date of the annual general meeting.

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***Reduction of Share Capital***

The general meeting of Wallbox may, only upon a proposal of the Board, resolve to reduce the issued share capital by (i) cancelling Shares held by Wallbox itself or (ii) amending the articles of association to reduce the nominal value of the Shares. In either case, this reduction would be subject to provisions of Dutch law and the articles of association. Under Dutch law, a resolution of the general meeting of Wallbox to reduce the number of Shares must designate the Shares to which the resolution applies and must lay down rules for the implementation of the resolution. A resolution to reduce the issued share capital requires a majority of at least two-thirds of the votes cast, if less than half of the issued share capital of Wallbox is present or represented at the general meeting.

If the resolution of the general meeting of Wallbox to reduce Wallbox's issued share capital by reducing the nominal value of Shares through amendment of the articles of association is detrimental to the rights of holders of a specific class of Shares, the validity of such resolution of the general meeting of Wallbox requires a prior or simultaneous approval by the group of holders of such class of Shares.

In addition, a reduction of capital involves a two-month waiting period during which creditors have the right to object to a reduction of capital under specified circumstances.

***Wallbox's Shareholders' Register***

The Board must keep a shareholders' register; the Board may appoint a registrar to keep the register on its behalf. The register must be regularly updated. The shareholders' register may be kept in several copies and in several places. Part of the register may be kept outside the Netherlands to comply with applicable local law or pursuant to stock exchange rules.

The shareholders' register and records names and addresses of all holders of Shares, showing the date on which the Shares were acquired, the date of the acknowledgement by or notification of Wallbox as well as the amount paid on each share. The register also includes the names and addresses of those with a right of usufruct on Shares belonging to another or a right of pledge in respect of such Shares.

Certain Class A Shares are held through The Depositary Trust Company, or DTC, therefore DTC or its nominee is recorded in the shareholders' register as the holder of those Class A Shares.

**General Meetings and Voting Rights** 

***General Meeting***

General meetings of Wallbox are to be held in a location determined in accordance with Dutch law and the Articles of Association. The annual general meeting of Wallbox shall be held each year within six months after the end of Wallbox's financial year. Other general meetings of Wallbox shall be held as often as the Board or the Chair & CEO deems necessary, and shall be held within three months after the Board has considered it to be likely that Wallbox's equity has decreased to an amount equal to or lower than half of its paid-up and called-up share capital, in order to discuss the measures to be taken if so required.

General meetings are convened by the Board or the Chair & CEO. Pursuant to Dutch law, one or more shareholders and/or other persons with meeting rights who individually or jointly represent at least the part of Wallbox's issued share capital prescribed by law for this purpose, may request the Board in writing to convene a general meeting setting out in detail the matters to be discussed. If the Board has not taken the steps necessary to ensure that the general meeting could be held within the relevant statutory period after the request, the requesting shareholders and/or other persons with meeting rights may at their request be authorized by the preliminary relief judge of the district court to convene a general meeting.

The notice of a general meeting shall be given by the Board by means of an announcement with due observance of the statutory notice period and in accordance with the law. The notice of a general meeting shall in any event state the items to be dealt with, the items to be discussed and which items to be voted on, the place and time of the meeting and the procedure for participating at the meeting whether or not by written proxy-holder.

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The notice of a general meeting shall also state the record date and the manner in which the persons with meeting rights may procure their registration and exercise their rights. Those persons with meeting rights and those persons with voting rights who are listed on the record date for a general meeting as such in a register designated for that purpose by the Board, are deemed persons with meeting rights or persons with voting rights, respectively, for that general meeting, regardless of who is entitled to the Shares at the date of the general meeting of Wallbox. Under Dutch law, the record date is currently the 28th day prior to the date of a general meeting.

Pursuant to the Dutch law, a subject for discussion which has been requested in writing by one or more shareholders and/or other persons with meeting rights who individually or jointly represent at least three percent of Wallbox's issued share capital, shall be included in the notice of the general meeting of Wallbox or shall be notified in the same manner as the other subjects for discussion, provided Wallbox has received the request (including the reasons for such request) not later than sixty days before the day of the meeting. Such written requests must comply with the conditions stipulated by the Board as to be posted on Wallbox's website.

The general meeting of Wallbox shall be presided over by the chairman of the Board or another director designated for that purpose by the Board. If the chairman of the Board is not present at the meeting and no other director has been designated by the Board to preside over the general meeting, the general meeting itself shall appoint a chairperson. The chairperson of the general meeting shall appoint a secretary of the general meeting. Minutes of the proceedings at a general meeting shall in principle be kept by the secretary.

***Voting Rights and Decision-Making***

Each Class A Share confers the right on the holder to cast one vote at the general meeting of Wallbox and each Class B Share confers the right on the holder to cast ten votes at the general meeting of Wallbox. If and to the extent voting rights are not suspended, each Conversion Share confers the right on the holder to cast nine votes at the general meeting of Wallbox. To the extent the law or the articles of association do not require a qualified majority, all resolutions of the general meeting of Wallbox shall be adopted by a simple majority of the votes cast.

The chairperson of the general meeting of Wallbox shall decide on the method of voting. Abstentions, blank votes and invalid votes shall not be counted as votes. The ruling by the chairperson of the general meeting of Wallbox on the outcome of a vote shall be decisive. All disputes concerning voting for which neither the law nor the articles of association provide a solution are decided by the chairperson of the general meeting of Wallbox.

No votes may be cast at the general meeting of Wallbox for a Share held by Wallbox or a subsidiary of Wallbox. Wallbox or a subsidiary of Wallbox may not cast a vote in respect of a Share on which it holds a right of pledge or a right of usufruct. However, holders of a right of pledge or a right of usufruct on Shares held by Wallbox or a subsidiary of Wallbox are not excluded from voting, if the right of pledge or the usufruct was created before the Share belonged to Wallbox or the subsidiary.

When determining how many votes are cast by shareholders, how many shareholders are present or represented, or which part of Wallbox's issued share capital is represented at the general meeting of Wallbox, no account shall be taken of Shares for which, pursuant to the law or the articles of association, no vote can be cast.

***Certain Major Transactions***

Pursuant to Dutch law and the articles of association, the Board shall require the approval of the general meeting of Wallbox for resolutions regarding a significant change in the identity or nature of Wallbox or the enterprise connected with it, including in any event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the transfer of the business enterprise, or practically the entire business enterprise, to a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) concluding or cancelling any long-lasting cooperation of Wallbox or a subsidiary of Wallbox with any other legal person or company or as a fully-liable general partner in a partnership, *provided* that such cooperation or cancellation thereof is of material significance to Wallbox; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) acquiring or disposing of a participating interest in the share capital of a company with a value of at least one-third of Wallbox's assets, as shown in the consolidated balance sheet with explanatory notes thereto according to the last adopted annual accounts of Wallbox, by Wallbox or a subsidiary of Wallbox.

**Board** 

***Appointment of Directors***

The number of executive directors and the number of non-executive directors are determined by the Board. The executive directors and non-executive directors shall be appointed as such by the general meeting at the nomination of the Board.

A director shall be appointed for a term of approximately one year, which term of office shall lapse immediately after the close of the annual general meeting held in the year after his or her appointment. A director may be reappointed with due observance of the preceding sentence. A non-executive director may be in office for a period not exceeding twelve (12) years, which period may or may not be interrupted, unless at the proposal of the Board the General Meeting resolves otherwise. In the event of reappointment of a non-executive director after an eight-year period (or any reappointment thereafter), the our management report shall include the reasons for such reappointment, in accordance with the principles and best practice provisions of Dutch law.

The general meeting may at all times suspend or dismiss any director. The Board may at all times suspend an executive director.

If the seat of an executive director or the seat of a non-executive director is vacant or upon the inability of such director, the remaining executive directors (as to an executive director vacancy or inability) shall temporarily be entrusted with the executive management of the Company, provided that the Board may provide for a temporary replacement, and the remaining non-executive directors (as to a non-executive director vacancy or inability) shall temporarily be entrusted with the performance of the duties and the exercise of the authorities of that non-executive director, provided that the Board may provide for a temporary replacement.

***Liabilities of Directors***

Under Dutch law, the management of a company is a joint undertaking and each director can be held jointly and severally liable to the company for damages in the event of improper or negligent performance of their duties. In such a scenario, all directors are jointly and severally liable to the company for failure of one or more co-directors. An individual director is only exempted from liability if such director proves that he or she cannot be held liable for serious culpable conduct for the mismanagement and that he or she has not been negligent in seeking to prevent the consequences of the mismanagement. In this regard, a director may refer to the allocation of tasks between the directors. Further, individual directors can be held liable to third parties based on tort, pursuant to certain provisions of the Dutch Civil Code (*Burgerlijk Wetboek*). In certain circumstances, including in the event of bankruptcy of the company, directors may incur additional specific civil and criminal liabilities.

Please refer to Item 7. "Major Shareholders and Related Party Transactions" included in our most recent Annual Report on Form 20-F and incorporated by reference herein for a description of the indemnification provisions in the articles of association.

Wallbox's articles of association provide for certain indemnification rights for Wallbox's directors relating to claims, suits or proceedings arising from his or her service to Wallbox or, at Wallbox's request, service to other entities, as directors or officers to the maximum extent permitted by Dutch law. In addition to the indemnification rights contained in Wallbox's articles of association, we may enter into indemnification agreements with our directors.

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**Dividends and Other Distributions** 

***General***

Wallbox may only make distributions to the extent Wallbox's equity exceeds the sum of its paid-up and called-up part of its issued share capital and the reserves which must be maintained pursuant to the law. Distribution of profits shall be made after the adoption of the annual accounts from which it appears that the distribution is allowed.

The holders of Class A Shares and Class B Shares shall be entitled pari passu to distributions, as any and all distributions on the Shares shall be made in such a way that on each Share an equal amount or value will be distributed *provided* that and with observance of the following order of priority: (a) in the event of a distribution of profits in respect of a financial year, a distribution for an amount equal to one percent (1%) of the nominal value of Conversion Shares shall first be distributed on each issued and outstanding Conversion Share, and (b) following such distribution on Conversion Shares, no further distribution shall be made on Conversion Shares in respect of such financial year.

***Right to Reserve and Dividend Policy***

The Board may determine which part of the profits shall be reserved, with due observance of Wallbox's policy on reserves and dividends. The general meeting of Wallbox may resolve to distribute any part of the profits remaining after reservation. If the general meeting of Wallbox does not resolve to distribute these profits in whole or in part, such profits (or any profits remaining after distribution) shall also be reserved.

***Interim Distribution***

Subject to Dutch law and the articles of association, the Board may resolve to make an interim distribution of profits *provided* that it appears from an interim statement of assets signed by the Board that the Wallbox's equity exceeds the sum of its paid up and called up part of its issued share capital and the reserves which must be maintained pursuant to the law.

***Notices and Payment***

The date on which dividends and other distributions shall be made payable shall be announced in accordance with the law and published on Wallbox's website. Distributions shall be payable on the date determined by the Board.

The persons entitled to a distribution shall be the relevant shareholders, holders of a right of usufruct on Shares and holders of a right of pledge on Shares, at a date to be determined by the Board for that purpose. This date shall not be earlier than the date on which the distribution was announced.

Distributions which have not been claimed upon the expiry of five years and one day after the date when they became payable will be forfeited to Wallbox and will be carried to the reserves. The Board may determine that distributions on Shares will be made payable either in euro or in another currency.

**Exchange controls** 

Under Dutch law, there are no exchange controls applicable to the transfer to persons outside of the Netherlands of dividends or other distributions with respect to, or of the proceeds from the sale of, shares of a Dutch company, subject to applicable restrictions under sanctions and measures, including those concerning export control, pursuant to European Union regulations, the Sanctions Act 1977 (*Sanctiewet 1977*) or other legislation, applicable anti-boycott regulations and similar rules. There are no special restrictions in the articles of association or Dutch law that limit the right of shareholders who are not citizens or residents of the Netherlands to hold or vote shares.

**Squeeze-out Procedures** 

A shareholder who alone or together with group companies holds at least 95% of the issued share capital of Wallbox for his or her own account may initiate proceedings against the other shareholders jointly for the transfer of their shares to such shareholder. The proceedings are held before the Enterprise Chamber of the Amsterdam Court of Appeal (*Ondernemingskamer*) (*Enterprise Chamber*), and can be instituted by means of a writ of summons served upon each of the other shareholders in accordance with the provisions of the Dutch Code of Civil Procedure (*Wetboek van Burgerlijke Rechtsvordering*). The Enterprise Chamber may grant the claim for squeeze-out in relation to the other shareholders and will determine the price to be paid for the shares, if necessary after appointment of one or three

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experts who will offer an opinion to the Enterprise Chamber on the value to be paid for the shares of the other shareholders. Once the order to transfer becomes final before the Enterprise Chamber, the person acquiring the shares shall give written notice of the date and place of payment and the price to the holders of the shares to be acquired whose addresses are known to him. Unless the addresses of all of them are known to the acquiring person, such person is required to publish the same in a daily newspaper with a national circulation.

A shareholder that holds a majority of Wallbox's issued share capital, but less than the 95% required to institute the squeeze-out proceedings described above, may seek to propose and implement one or more restructuring transactions with the objective of obtaining at least 95% of Wallbox's issued share capital so the shareholder may initiate squeeze-out proceedings. Those restructuring transactions could, among other things, include a merger or demerger involving Wallbox, a contribution of cash and/or assets against issuance of Shares, the issue of new Shares to the majority shareholder without preemptive rights for minority shareholders or an asset sale transaction.

Depending on the circumstances, an asset sale of a Dutch public limited liability company (*naamloze vennootschap*) is sometimes used as a way to squeeze out minority shareholders, for example, after a successful tender offer through which a third party acquires a supermajority, but less than all, of the company's shares. In such a scenario, the business of the target company is sold to a third party or a special purpose vehicle, followed by the liquidation of the target company. The purchase price is distributed to all shareholders in proportion to their respective shareholding as liquidation proceeds, thus separating the business from the company in which minority shareholders had an interest.

**Amendments to the Articles of Association** 

The general meeting of Wallbox may resolve to amend the articles of association at the proposal of the Board. The rights of shareholders may be changed only by amending the articles of association in compliance with Dutch law.

**Dissolution and Liquidation** 

The general meeting of Wallbox may resolve to dissolve Wallbox at the proposal of the Board. If Wallbox is dissolved pursuant to a resolution of the general meeting of Wallbox, the members of the Board shall become liquidators of the dissolved Wallbox's property. The general meeting of Wallbox may decide to appoint other persons as liquidators.

During liquidation, to the extent possible the articles of association shall continue to apply. The Class A Shares and Class B Shares have equal economic rights at liquidation such that any balance remaining after payment of the debts of the dissolved Wallbox shall be transferred to the shareholders *pro rata* in proportion to the number of Class A Shares and Class B Shares held by each shareholder, *provided* that and with observance of the following order of priority: an amount equal to the nominal value of Conversion Shares shall first be transferred on each Conversion Share to the holders of the Conversion Shares.

**Certain Disclosure Obligations of Wallbox** 

Wallbox is subject to certain disclosure obligations under U.S. rules of the NYSE and the SEC. The following is a description of the general disclosure obligations of public companies under Dutch and U.S. law and the rules of the NYSE as such laws and rules exist as of the date of this document, and should not be viewed as legal advice for specific circumstances.

***Dutch Financial Reporting Supervision Act***

On the basis of the Dutch Financial Reporting Supervision Act (*Wet toezicht financiële verslaggeving*), or the FRSA, the Dutch Authority for the Financial Markets (*Stichting Autoriteit Financiële Markten*), or AFM supervises the application of financial reporting standards by Dutch companies whose securities are listed on a regulated market or comparable non-EEA trading venue.

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Pursuant to the FRSA, the AFM has an independent right to (i) request an explanation from Wallbox regarding its application of the applicable financial reporting standards if, based on publicly known facts or circumstances, it has reason to doubt that Wallbox's financial reporting meets such standards and (ii) recommend to Wallbox the making available of further explanations. If Wallbox does not comply with such a request or recommendation, the AFM may request that the Enterprise Chamber of the Amsterdam Court of Appeal (*Ondernemingskamer*) orders Wallbox to (i) make available further explanations as recommended by the AFM (ii) provide an explanation of the way Wallbox has applied the applicable financial reporting standards to its financial reports or (iii) prepare or restate our financial reports in accordance with the Enterprise Chamber's orders.

***Periodic Reporting under U.S. Securities Law***

Wallbox is a "foreign private issuer" under the securities laws of the United States and the rules of the NYSE. Under the securities laws of the United States, "foreign private issuers" are subject to different disclosure requirements than U.S. registrants. Wallbox intends to take all actions necessary to maintain compliance as a foreign private issuer under the applicable corporate governance requirements of the Sarbanes-Oxley Act of 2002, the rules adopted by the SEC and NYSE's listing standards. Subject to certain exceptions, the NYSE rules permit a "foreign private issuer" to comply with its home country rules in lieu of the listing requirements of NYSE.

**Certain Insider Trading and Market Manipulation Laws** 

U.S. law contains rules intended to prevent insider trading and market manipulation. The following is a general description of those laws as such laws exist as of the date of this document and should not be viewed as legal advice for specific circumstances. In connection with its listing on NYSE, Wallbox has adopted an insider trading policy. This policy provides for, among other things, rules on transactions by members of the Wallbox Board and Wallbox employees in Shares or in financial instruments the value of which is determined by the value of the shares.

***United States***

The United States securities laws generally prohibits any person from trading in a security while in possession of material, non-public information or assisting someone who is engaged in doing the same. The insider trading laws cover not only those who trade based on material, non-public information, but also those who disclose material nonpublic information to others who might trade on the basis of that information (known as "tipping"). A "security" includes not just equity securities, but any security (e.g., derivatives). Thus, Wallbox's board of directors, officers and other employees may not purchase or sell shares or other securities of Wallbox when he or she is in possession of material, non-public information about Wallbox (including Wallbox's business, prospects or financial condition), nor may they tip any other person by disclosing material, non-public information about Wallbox.

**Certain Disclosure and Reporting Obligations of Directors, Officers and Shareholders of Wallbox** 

Wallbox's directors, executive officers and shareholders are subject to certain disclosure and reporting obligations under Dutch and U.S. law. The following is a description of the general disclosure obligations of directors, officers, and shareholders under Dutch law as such laws exist as of the date of this document and should not be viewed as legal advice for specific circumstances.

***DCGC***

With respect to the DCGC, please refer to Item 6. "Directors, Senior Management and Employees" included in our most recent Annual Report on Form 20-F and incorporated by reference herein.

***Dutch Civil Code***

The Dutch Civil Code provides for certain disclosure obligations in Wallbox's annual accounts. Information on directors' remuneration and rights to acquire Shares must be disclosed in Wallbox's annual accounts.

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**Transfer Agent** 

Wallbox lists the Class A Shares in book-entry form and such Class A Shares, through the transfer agent, will not be certificated. Wallbox appointed Continental Stock Transfer & Trust Company as its agent in New York to maintain Wallbox's shareholders' register on behalf of the Board and to act as transfer agent and registrar for the Shares. The Class A Shares will trade on NYSE in book-entry form.

**Listing of Shares** 

Wallbox's Class A Shares are listed on the NYSE under the symbol "WBX." Beneficial interests in the Class A Shares that are traded on the NYSE are held through the electronic book-entry system provided by The Depository Trust Company, or DTC. Each person holding Class A Shares held through DTC must rely on the procedures thereof and on institutions that have accounts therewith to exercise any rights of a holder of the Class A Shares.

The Class B Shares and the Conversion Shares are not, and are not expected to be, listed on a stock exchange.

**DESCRIPTION OF WARRANTS** 

**Outstanding Warrants** 

***Public Warrants***

The Public Warrants, which entitle the holder to purchase one Class A Share at an exercise price of $11.50 per Class A Share, became exercisable thirty days after the completion of the Business Combination. The Public Warrants will expire five years after the completion of the Business Combination or earlier upon redemption or liquidation in accordance with their terms.

Each whole warrant entitles the registered holder to purchase one Class A Share at a price of $11.50 per share, subject to adjustment as discussed below, at any time, except as described below. Pursuant to the warrant assignment, assumption and amendment agreement, a warrant holder may exercise its warrants only for a whole number of Class A Shares. This means that only a whole warrant may be exercised at any given time by a warrant holder. The warrants will expire five years after the completion of the Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

We will not be obligated to deliver any Class A Shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act, as amended, of 1933 (the "Securities Act") covering the issuance of the Class A Shares underlying the warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration. No warrant will be exercisable and we will not be obligated to issue Class A Shares upon exercise of a warrant unless the Class A Shares issuable upon such warrant exercise have been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required to net cash settle any warrant.

We have filed a shelf registration statement for the registration, under the Securities Act, covering the issuance of the Class A Shares issuable upon exercise of the warrants. We will use our commercially reasonable efforts to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant assignment, assumption and amended and restated warrant agreement, dated as of October 1, 2021, by and between Kensington, Wallbox and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the "Wallbox Warrant Agreement"). Warrant holders may during any period when we will have failed to maintain an effective registration statement, exercise warrants on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act or another exemption. If our Class A Shares are at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a "covered security" under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, but we will be required to use our best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

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***Redemption of warrants when the price per Class A Share equals or exceeds $18.00.***

We may redeem the outstanding warrants (except as described herein with respect to the private placement warrants):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in whole and not in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at a price of $0.01 per warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon not less than 30 days' prior written notice of redemption (the "30-day redemption period") to each warrant holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, and only if, the last reported sale price of the Class A Shares equals or exceeds $18.00 per share (as
adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like and as described under the heading "*—Anti-dilution Adjustments*" below) for any 20-trading days
within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders.

We will not redeem the warrants unless a registration statement under the Securities Act covering the issuance of the Class A Shares issuable upon exercise of the warrants is effective and a current prospectus relating to those Class A Shares is available throughout the 30-day redemption period, except if the warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under the Securities Act. If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws. As a result, we may redeem the warrants as set forth above even if the holders are otherwise unable to exercise the warrants.

We have established the $18.00 per share (subject to adjustment) redemption criteria discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled to exercise its warrant prior to the scheduled redemption date. However, the price of the Class A Shares may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued.

If we call the warrants for redemption for cash as described above, Wallbox's management will have the option to require any holder that wishes to exercise its warrant to do so on a "cashless basis." In determining whether to require all holders to exercise their warrants on a "cashless basis," our management will consider, among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum number of Class A Shares issuable upon the exercise of our warrants. If our management takes advantage of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that number of Class A Shares equal to the quotient obtained by dividing (x) the product of the number of Class A Shares underlying the warrants, multiplied by the excess of the "fair market value" (defined below) over the exercise price of the warrants by (y) the fair market value. The "fair market value" shall mean the average last reported sale price of the Class A Shares for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. If our management takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number of Class A Shares to be received upon exercise of the warrants, including the "fair market value" in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. We believe this feature is an attractive option to us if we do not need the cash from the exercise of the warrants. If we call our warrants for redemption and our management does not take advantage of this option, our sponsor and its permitted transferees would still be entitled to exercise their private placement warrants for cash or on a cashless basis using the same formula described above that other warrant holders would have been required to use had all warrant holders been required to exercise their warrants on a cashless basis, as described in more detail below.

***Redemption of warrants when the price per share of Class A common stock equals or exceeds $10.00.***

We may redeem the outstanding warrants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in whole and not in part;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at $0.10 per warrant upon a minimum of 30 days' prior written notice of redemption *provided* that
holders will be able to exercise their warrants prior to redemption and receive that number of shares of Class A common stock to be determined by reference to the table below, based on the redemption date and the "fair market value"
of our Class A Shares (as defined below) except as otherwise described below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, and only if, the last reported sale price of our Class A Shares equals or exceeds $10.00 per share (as
adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like and as described under the heading "*—Anti-dilution Adjustments*" below) on the trading day prior to the date on which we send the notice
of redemption to the warrant holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, and only if, the private placement warrants are also concurrently called for redemption at the same price and
terms as the outstanding public warrants, as described above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, and only if, there is an effective registration statement covering the issuance of the Class A Shares
issuable upon exercise of the warrants and a current prospectus relating thereto available throughout the 30-day period after written notice of redemption is given.

The numbers in the table below represent the number of Class A Shares that a warrant holder will receive upon exercise in connection with a redemption by us pursuant to this redemption feature, based on the "fair market value" of our Class A Shares on the corresponding redemption date (assuming holders elect to exercise their warrants and such warrants are not redeemed for $0.10 per warrant), determined based on the average of the last reported sales price for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants, and the number of months that the corresponding redemption date precedes the expiration date of the warrants, each as set forth in the table below.

The stock prices set forth in the column headings of the table below will be adjusted as of any date on which the number of shares issuable upon exercise of a warrant is adjusted as set forth in the first three paragraphs under the heading "*—Anti-dilution Adjustments*" below. The adjusted stock prices in the column headings will equal the stock prices immediately prior to such adjustment, *multiplied by* a fraction, the numerator of which is the number of shares deliverable upon exercise of a warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a warrant as so adjusted. The number of shares in the table below shall be adjusted in the same manner and at the same time as the number of shares issuable upon exercise of a warrant.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Redemption Date**<br> **(period to expiration of warrants)** | **Fair Market Value of Class A Common Stock** | **Fair Market Value of Class A Common Stock** | **Fair Market Value of Class A Common Stock** | **Fair Market Value of Class A Common Stock** | **Fair Market Value of Class A Common Stock** | **Fair Market Value of Class A Common Stock** | **Fair Market Value of Class A Common Stock** | **Fair Market Value of Class A Common Stock** | **Fair Market Value of Class A Common Stock** |
|  | **<$10.00** | **$11.00** | **$12.00** | **$13.00** | **$14.00** | **$15.00** | **$16.00** | **$17.00** | **>$18.00** |
|  57 months | 0.257 | 0.277 | 0.294 | 0.31 | 0.324 | 0.337 | 0.348 | 0.358 | 0.365 |
|  54 months | 0.252 | 0.272 | 0.291 | 0.307 | 0.322 | 0.335 | 0.347 | 0.357 | 0.365 |
|  51 months | 0.246 | 0.268 | 0.287 | 0.304 | 0.32 | 0.333 | 0.346 | 0.357 | 0.365 |
|  48 months | 0.241 | 0.263 | 0.283 | 0.301 | 0.317 | 0.332 | 0.344 | 0.356 | 0.365 |
|  45 months | 0.235 | 0.258 | 0.279 | 0.298 | 0.315 | 0.33 | 0.343 | 0.356 | 0.365 |
|  42 months | 0.228 | 0.252 | 0.274 | 0.294 | 0.312 | 0.328 | 0.342 | 0.355 | 0.364 |
|  39 months | 0.221 | 0.246 | 0.269 | 0.29 | 0.309 | 0.325 | 0.34 | 0.354 | 0.364 |
|  36 months | 0.213 | 0.239 | 0.263 | 0.285 | 0.305 | 0.323 | 0.339 | 0.353 | 0.364 |
|  33 months | 0.205 | 0.232 | 0.257 | 0.28 | 0.301 | 0.32 | 0.337 | 0.352 | 0.364 |
|  30 months | 0.196 | 0.224 | 0.25 | 0.274 | 0.297 | 0.316 | 0.335 | 0.351 | 0.364 |
|  27 months | 0.185 | 0.214 | 0.242 | 0.268 | 0.291 | 0.313 | 0.332 | 0.35 | 0.364 |
|  24 months | 0.173 | 0.204 | 0.233 | 0.26 | 0.285 | 0.308 | 0.329 | 0.348 | 0.364 |
|  21 months | 0.161 | 0.193 | 0.223 | 0.252 | 0.279 | 0.304 | 0.326 | 0.347 | 0.364 |
|  18 months | 0.146 | 0.179 | 0.211 | 0.242 | 0.271 | 0.298 | 0.322 | 0.345 | 0.363 |
|  15 months | 0.13 | 0.164 | 0.197 | 0.23 | 0.262 | 0.291 | 0.317 | 0.342 | 0.363 |
|  12 months | 0.111 | 0.146 | 0.181 | 0.216 | 0.25 | 0.282 | 0.312 | 0.339 | 0.363 |
|  9 months | 0.09 | 0.125 | 0.162 | 0.199 | 0.237 | 0.272 | 0.305 | 0.336 | 0.362 |
|  6 months | 0.065 | 0.099 | 0.137 | 0.178 | 0.219 | 0.259 | 0.296 | 0.331 | 0.362 |
|  3 months | 0.034 | 0.065 | 0.104 | 0.15 | 0.197 | 0.243 | 0.286 | 0.326 | 0.361 |
|  0 months |  |  | 0.042 | 0.115 | 0.179 | 0.233 | 0.281 | 0.323 | 0.361 |

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The exact fair market value and redemption date may not be set forth in the table above, in which case, if the fair market value is between two values in the table or the redemption date is between two redemption dates in the table, the number of Class A Shares to be issued for each warrant exercised will be determined by a straight-line interpolation between the number of shares set forth for the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as applicable. For example, if the average last reported sale price of our Class A Shares for the 10 trading days ending on the third trading date prior to the date on which the notice of redemption is sent to the holders of the warrants is $11 per share, and at such time there are 57 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.277 Class A Share for each whole warrant. For an example where the exact fair market value and redemption date are not as set forth in the table above, if the average last reported sale price of our Class A Shares for the 10 trading days ending on the third trading date prior to the date on which the notice of redemption is sent to the holders of the warrants is $13.50 per share, and at such time there are 38 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.298 share of Class A common stock for each whole warrant. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.365 share of Class A Shares stock per warrant. Finally, as reflected in the table above, if the warrants are out of the money and about to expire, they cannot be exercised on a cashless basis in connection with a redemption by us pursuant to this redemption feature, since they will not be exercisable for any Class A Shares.

This redemption feature differs from the typical warrant redemption features used in other blank check offerings, which typically only provide for a redemption of warrants for cash (other than the private placement warrants) when the trading price for the Class A Shares exceeds $18.00 per share for a specified period of time.

This redemption feature is structured to allow for all of the outstanding warrants to be redeemed when the Class A Shares are trading at or above $10.00 per share, which may be at a time when the trading price of our Class A Shares is below the exercise price of the warrants. We have established this redemption feature to provide us with the flexibility to redeem the warrants without the warrants having to reach the $18.00 per share threshold set forth above under "*—Redemption of warrants when the price per Class A Share equals or exceeds $18.00*." Holders choosing to exercise their warrants in connection with a redemption pursuant to this feature will, in effect, receive a number of shares representing the applicable redemption price for their warrants based on an option pricing model with a fixed volatility input as described in the Wallbox Warrant Agreement. This redemption right provides us with an additional mechanism by which to redeem all of the outstanding warrants, and therefore have certainty as to our capital structure as the warrants would no longer be outstanding and would have been exercised or redeemed and we will be required to pay the redemption price to warrant holders if we choose to exercise this redemption right and it will allow us to quickly proceed with a redemption of the warrants if we determine it is in our best interest to do so. As such, we would redeem the warrants in this manner when we believe it is in our best interest to update our capital structure to remove the warrants and pay the redemption price to the warrant holders.

As stated above, we can redeem the warrants when the Class A Shares are trading at a price starting at $10.00, which is below the exercise price of $11.50, because it will provide certainty with respect to our capital structure and cash position while providing warrant holders with the opportunity to exercise their warrants on a cashless basis for the applicable number of shares. If we choose to redeem the warrants when the Class A Shares are trading at a price below the exercise price of the warrants, this could result in the warrant holders receiving fewer Class A Shares than they would have received if they had chosen to wait to exercise their warrants for Class A Shares if and when such Class A Shares trade at a price higher than the exercise price of $11.50.

No fractional Class A Shares will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional interest in a share, we will round down to the nearest whole number of the number of Class A Shares to be issued to the holder.

***Exercise Limitation.***

A holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person's affiliates), to the warrant agent's actual knowledge, would beneficially own in excess of 4.8% or 9.8% (or such other amount as a holder may specify) of the Class A Shares outstanding immediately after giving effect to such exercise.

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***Anti-Dilution Adjustments.***

If the number of outstanding Class A Shares is increased by a stock dividend payable in Class A Shares, or by a split-up of Class A Shares or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of Class A Shares issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding Class A Shares. A rights offering to holders of Class A Shares entitling holders to purchase Class A Shares at a price less than the fair market value will be deemed a stock dividend of a number of Class A Shares equal to the product of (i) the number of Class A Shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Class A Shares) multiplied by (ii) one (1) minus the quotient of (x) the price per Class A Share paid in such rights offering divided by (y) the fair market value. For these purposes (i) if the rights offering is for securities convertible into or exercisable for Class A Shares, in determining the price payable for Class A Shares, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of Class A Shares as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the Class A Shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

In addition, if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of Class A Shares on account of such Class A Shares (or other shares of our capital stock into which the warrants are convertible), other than (a) as described above, or (b) certain ordinary cash dividends, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each Class A Share in respect of such event.

If the number of outstanding Class A Shares is decreased by a consolidation, combination, reverse stock split or reclassification of Class A Shares or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of Class A Shares issuable on exercise of each warrant will be decreased in proportion to such decrease in outstanding Class A Shares.

Whenever the number of Class A Shares purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of Class A Shares purchasable upon the exercise of the warrants immediately prior to such adjustment, and (y) the denominator of which will be the number of Class A Shares so purchasable immediately thereafter.

In case of any reclassification or reorganization of the outstanding Class A Shares (other than those described above or that solely affects the par value of such Class A Shares), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding Class A Shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the shares of our Class A Shares immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event. However, if the holders of the Class A Shares were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets for which each warrant will become exercisable will be deemed to be the weighted average of the kind and amount received per share by such holders of Class A Shares in such consolidation or merger that affirmatively make such election, and if a tender, exchange or redemption offer has been made to and accepted by such holders under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act (or any successor rule)) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act (or any successor rule)) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act

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(or any successor rule)) more than 50% of the outstanding Class A Shares, the holder of a warrant will be entitled to receive the highest amount of cash, securities or other property to which such holder would actually have been entitled as a stockholder if such warrant holder had exercised the warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Class Shares held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in the Wallbox Warrant Agreement. Additionally, if less than 70% of the consideration receivable by the holders of Class A Shares in such a transaction is payable in the form of common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the Wallbox Warrant Agreement based on the Black-Scholes value (as defined in the Wallbox Warrant Agreement) of the warrant. The warrants will be assumed by Wallbox pursuant to the Wallbox Warrant Agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. You should review a copy of the Wallbox Warrant Agreement, a copy of which the Company has filed with the SEC, for a complete description of the terms and conditions applicable to the warrants. The Wallbox Warrant Agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, but requires the approval by the holders of at least 50% of the then outstanding public warrants to make any change that adversely affects the interests of the registered holders of public warrants and, solely with respect to any amendment to the terms of the private placement warrants or working capital warrants or any provision of the Wallbox Warrant Agreement with respect to the private placement warrants or working capital warrants, 50% of the number of the then outstanding private placement warrants or working capital warrants, as applicable.

The warrant holders do not have the rights or privileges of holders of Class A Shares or any voting rights until they exercise their warrants and receive Class A Shares. After the issuance of Class A Shares upon exercise of the warrants, each holder will be entitled to one (1) vote for each share held of record on all matters to be voted on by stockholders.

No fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number of Class A Shares to be issued to the warrant holder.

We have agreed that, subject to applicable law, any action, proceeding or claim against us arising out of or relating in any way to the Wallbox Warrant Agreement will be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive forum for any such action, proceeding or claim. This provision applies to claims under the Securities Act but does not apply to claims under the Exchange Act or any claim for which the federal district courts of the United States of America are the sole and exclusive forum.

## Exhibit 2.5

**Exhibit 2.5** 

<u>SUBSCRIPTION AGREEMENT</u> 

Wallbox N.V.

Carrer del Foc, 68

Barcelona, Spain 08038

Ladies and Gentlemen:

Wallbox N.V., a limited liability company (*naamloze vennootschap*), having its official seat in Amsterdam, the Netherlands, and registered with the trade register of the Dutch Chamber of Commerce under number 83012559 and resident for tax purposes in Spain with address at Carrer del Foc 68, 08038 Barcelona, Spain (the "<u>Company</u>") desires to issue to the undersigned, and each of the undersigned desires to subscribe for and accept from the Company, that number of Class A ordinary shares, nominal value €0.12 per share (the "<u>Class</u> <u>A Shares</u>")set forth on the signature page hereto for a subscription price of $5.32 per share (the "<u>Per Share Price</u>" and the aggregate of such Per Share Price for all Shares subscribed for by the undersigned being referred to herein as the "<u>Subscription Price</u>"), on the terms and subject to the conditions contained herein, (the "Subscription"). Certain other (i) "qualified institutional buyer" (as defined under the Securities Act) and (ii) "accredited investors" (each, an "<u>Other Subscriber</u>") (as defined in rule 501 under the Securities Act of 1933, as amended (the "<u>Securities Act</u>")) have entered into separate subscription agreements with the Company (the "<u>Other Subscription Agreements</u>"), pursuant to which, among other things, such investors have, severally and not jointly, together with the undersigned pursuant to this Subscription Agreement, agreed to subscribe for and accept an aggregate of 8,176,694 Class A Shares at the Per Share Price (each such investor, including each of the undersigned, a "<u>Subscriber</u>" and together, the "<u>Subscribers</u>"). In connection therewith, the undersigned and the Company agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Subscription</u>. Subject to the terms and conditions of this Subscription Agreement, (i) the undersigned hereby, severally and not jointly, irrevocably subscribes for and agrees to acquire from the Company such number of Class A Shares as is set forth on its respective signature page of this Subscription Agreement on the terms and subject to the conditions provided for herein (the "<u>Shares</u>"); and (ii) the Company hereby irrevocably undertakes to issue and assign to the undersigned the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Closing</u>. The closing of the issuance of the Shares contemplated hereby (the "<u>Subscription Closing</u>") is expected to occur on or about 5 of December 2022 (the "Closing Date"). The Company shall provide wire instructions for delivery of the Subscription Price by the undersigned to the Company. The undersigned shall instruct its custodian bank to deliver to the Company, until the Closing Date, the Subscription Price by wire transfer of United States dollars in immediately available funds to the account specified by the Company in such wire instructions. On the Closing Date, upon satisfaction (or, if applicable, waiver) of the conditions set forth in <u>Section</u> <u>3</u> hereof and prior to the release of the Subscription Price by the undersigned, the Company shall deliver to the undersigned (i) the Shares in book-entry form, free and clear of any liens or other restrictions whatsoever (other than those arising under state or federal securities laws as set forth herein), in the name of the undersigned (or its nominee in accordance with its delivery

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instructions) or to a custodian designated by the undersigned, as applicable, and (ii) if requested, a copy of the records of the Company's transfer agent (the "<u>Transfer Agent</u>") showing the undersigned (or such nominee or custodian) as the owner of the Shares on and as of the Closing Date; <u>provided</u> that, (x) if such book entry is made prior to the Company's receipt of the Subscription Price from the undersigned and (y) such Subscription Price is not received by the Company on the Closing Date, then without limiting any rights of any party under this Subscription Agreement, the Company may, without any action of the undersigned, cause such book entries to be automatically cancelled, void and of no further force and effect.

For the purposes of this Subscription Agreement, "<u>business day</u>" means any day other than a Saturday, Sunday or a day on which the Federal Reserve Bank of New York or any banks in the Netherlands and Spain are closed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Closing Conditions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The obligations of the Company to consummate the transactions contemplated hereunder are subject to the conditions that, at the Subscription Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. all representations and warranties of the undersigned contained in this Subscription Agreement shall be true
and correct in all material respects (other than representations and warranties that are qualified as to "materiality" or "Material Adverse Effect", which representations and warranties shall be true and correct in all respects)
at and as of the Subscription Closing as though made on the Closing Date (except for those representations and warranties that speak as of a specific date, which shall be so true and correct in all material respects as of such specified date), and
consummation of the Subscription Closing shall constitute a reaffirmation by the undersigned of each of the representations, warranties and agreements of such party contained in this Subscription Agreement as of the Subscription Closing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the undersigned shall have performed or complied in all material respects with all agreements and covenants
required by this Subscription Agreement to be performed or complied by the undersigned at or prior to the Subscription Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The obligations of the undersigned to consummate the transactions contemplated hereunder are subject to the conditions that, at the Subscription Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. all representations and warranties of the Company contained in this Subscription Agreement shall be true and
correct in all material respects (other than representations and warranties that are qualified as to "materiality" or "Material Adverse Effect", which representations and warranties shall be true and correct in all respects) at
and as of the Subscription Closing as though made on

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the Closing Date (except for those representations and warranties that speak as of a specific date, which shall be so true and correct in all material respects as of such specified date), other than representations and warranties that are qualified as to materiality or Material Adverse Effect, which representations and warranties shall be true and correct as of such specified date in all respects), and consummation of the Subscription Closing shall constitute a reaffirmation by the Company to the undersigned of its representations, warranties and agreements contained in this Subscription Agreement as of the Subscription Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the Company shall have performed or complied in all material respects with all agreements and covenants
required by this Subscription Agreement to be performed or complied by the Company at or prior to the Subscription Closing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. there shall have been no amendment, waiver or modification to one or more of the Other Subscription Agreements
that reasonably would be expected to materially benefit one or more of the Other Subscribers thereunder unless the undersigned has been offered the same benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The obligations of each of the Company and the undersigned to consummate the transactions contemplated hereunder are subject to the conditions that, at the Subscription Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. no governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order,
law, rule or regulation (whether temporary, preliminary or permanent) which is then in effect and has the effect of making consummation of the transactions contemplated hereby illegal or otherwise restraining or prohibiting consummation of the
transactions contemplated hereby, and no governmental authority shall have instituted or threatened in writing a proceeding seeking to impose any such restraint or prohibition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. no suspension of the qualification of the Shares for offering or sale or trading in any jurisdiction, or
initiation or threatening of any proceedings for any of such purposes, shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Further Assurances</u>. At the Subscription Closing, the parties hereto shall execute and deliver or cause to be executed and delivered such additional documents and instruments and take such further action as may be reasonably necessary to consummate the transactions contemplated by this Subscription Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Company Representations and Warranties</u>. The Company represents and warrants to the undersigned that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Company has been duly organized and is validly existing under the laws of the Netherlands, with corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Shares have been duly authorized and, when issued and delivered to the undersigned against full payment therefor in accordance with the terms of this Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable, free and clear of any liens, charges or encumbrances (other than restrictions under applicable securities laws) and will not have been issued in violation of or subject to any preemptive or similar rights created under the Company's organizational documents or under the laws of the Netherlands, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. This Subscription Agreement has been duly authorized, executed and delivered by the Company and is enforceable in accordance with its respective terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The issuance of the Shares and the compliance by the Company with all of the provisions of this Subscription Agreement and the consummation of the transactions herein will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the Company is a party or by which the Company is bound or to which any of the property or assets of the Company are subject, which would have a material adverse effect on the business, properties, financial condition, stockholders' equity or results of operations of the Company (a "<u>Material Adverse Effect</u>") or affect the validity of the Shares or the legal authority of the Company to comply in all material respects with the terms of this Subscription Agreement; (ii) result in any violation of the provisions of the organizational documents of the Company; or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of its properties that would have a Material Adverse Effect or materially affect the validity of the Shares or the legal authority of the Company to comply with this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization or other person in connection with the execution, delivery and performance of this Subscription Agreement (including, without limitation, the issuance of the Shares), other than (i) filings required by the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and the rules of <u>Commission</u>, (ii) filings required by applicable

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state securities laws, (iii) filings required by the New York Stock Exchange ("<u>NYSE</u>") or Nasdaq in connection with the listing of the Shares, (iv) any filings required to be made with the trade register of the Dutch Chamber of Commerce in order to register the issuance of the Shares (if any) and (v) where the failure of which to obtain would not reasonably be expected to have a Material Adverse Effect or have a material adverse effect on the Company's ability to consummate the transactions contemplated hereby, including the issuance and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Company has not received any written communication from a governmental entity that alleges that the Company is not in compliance with or is in default or violation of any applicable law, except where such non-compliance, default or violation would not be reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The issued and outstanding Class A Shares are registered pursuant to Section 12(b) of the Exchange Act, and are listed for trading on the NYSE under the symbol "WBX." There is no suit, action, proceeding or investigation pending or, to the knowledge of the Company, threatened against the Company by the NYSE or the Commission with respect to any intention by such entity to deregister the Class A Shares or prohibit or terminate the listing of the Class A Shares on the NYSE. The Company has taken no action that is designed to terminate the registration of the Class A Shares under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Assuming the accuracy of the undersigned's representations and warranties set forth in <u>Section</u> <u>6</u> of this Subscription Agreement, no registration under the Securities Act is required for the offer, issuance and sale of the Shares by the Company to the undersigned or to any Other Subscriber pursuant to the Other Subscription Agreements. The Shares offered hereby and pursuant to each Other Subscription Agreement (i) were not offered by any form of general solicitation or general advertising (within the meaning of Regulation D of the Securities Act) and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Except for such matters as have not had and would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect, there is no (i) action, suit, claim or other proceeding, in each case by or before any governmental authority pending, or, to the knowledge of the Company, threatened against the Company or (ii) judgment, decree, injunction, ruling or order of any governmental entity or arbitrator outstanding against the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. As of the date of this Subscription Agreement, the issued share capital of the Company consists of 140,205,478 Class A Shares, 23,250,793 Class B ordinary shares of the Company with a nominal value of €1.20 per share ("Class B Shares"), 14,099,785 warrants to purchase Class A Shares, 8,845,255 options to purchase Class A Shares or Class B Shares, and 4,682,130 restricted stock units. As of the date of this Subscription Agreement, other than pursuant to the Other Subscription Agreements, and for the warrants to purchase Class A Shares and the options to purchase Class A Shares or Class B Shares described in the preceding sentence, there are no outstanding options, warrants or other rights to subscribe for, purchase or acquire from the Company any shares or other equity interests in the Company (collectively, "Company Equity Interests") or securities convertible into or exchangeable or exercisable for Company Equity Interests

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Other than the Other Subscription Agreements, the Company has not entered into any side letter or similar agreement with any Other Subscriber in connection with such Other Subscriber's direct or indirect investment in the Company or with or any other investor, and such Other Subscription Agreements have not been amended following the date of this Subscription Agreement and reflect the same Per Share Price and terms that are no more favorable to any such Other Subscriber thereunder than the terms of this Subscription Agreement. The Company shall not release any Other Subscriber (or any of its affiliates) under any Other Subscription Agreement from any of its material obligations thereunder or any other agreements (including side letters or similar agreements in respect thereof) with any Other Subscriber (or any of its affiliates) under any Other Subscription Agreement unless it offers a similar release to the undersigned with respect to any similar obligations it has hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Neither the Company, nor any person acting on its behalf has, directly or indirectly, made any offers or sales of any Company security or solicited any offers to buy any security, under circumstances that would adversely affect reliance by the Company on Rule 4(a)(2) under the Securities Act for the exemption from registration for the transactions contemplated hereby or would require registration of the Shares under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Neither the Company nor any person acting on its behalf has conducted any general solicitation or general advertising (as those terms are used in Regulation D of the Securities Act) in connection with the offer or sale of any of the Shares, and assuming the accuracy of the representations and warranties of the undersigned herein and the representations and warranties of the Other Subscribers in the Other Subscription Agreements, the Shares are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. The Company is not, and immediately after receipt of payment for the Shares will not be, an "investment company" within the meaning of the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. Neither the Company, nor any person acting on its behalf has entered into any agreement or arrangement entitling any agent, broker, investment banker, financial advisor or other person to any broker's or finder's fee or any other commission or similar fee in connection with the transactions contemplated by this Subscription Agreement for which the undersigned could become liable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. The Company, and, to the knowledge of the Company, the officers, directors, employees, and agents of the Company, in each case, acting on behalf of the Company, have been in compliance in all material respects with all applicable Anti-Corruption Laws, (ii) the Company has not been convicted of violating any Anti-Corruption Laws or, to the knowledge of the Company, subjected to any investigation by a governmental authority for violation of any applicable Anti-Corruption Laws, (iii) the Company has not conducted or initiated any internal investigation or made a voluntary, directed, or involuntary disclosure to any governmental

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authority regarding any alleged act or omission arising under or relating to any noncompliance with any Anti-Corruption Laws and (iv) the Company has not received any written notice or citation from a governmental authority for any actual or potential noncompliance with any applicable Anti-Corruption Laws. As used in this Subscription Agreement, "Anti-Corruption Laws" means any applicable laws relating to corruption and bribery, including the U.S. Foreign Corrupt Practices Act of 1977 (as amended), the UK Bribery Act 2010, and any similar law that prohibits bribery or corruption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. A copy of each form, report, statement, schedule, prospectus, proxy, registration statement and other document, if any, filed by the Company with the Commission since its initial registration of the Class A Shares under the Exchange Act (the "SEC Documents") is available to the undersigned via the Commission's EDGAR system. None of the SEC Documents contained, when filed or, if amended (such amendment to be deemed to supersede the applicable prior filings), as of the date of such amendment with respect to those disclosures that are amended, any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company has timely filed each report, statement, schedule, prospectus, and registration statement that the Company was required to file with the Commission since its initial registration of the Class A Shares under the Exchange Act. The financial statements of the Company included in the SEC Documents comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing and fairly present in all material respects the financial position of the Company as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, year-end audit adjustments. There are no material outstanding or unresolved comments in comment letters from the staff of the Division of Corporation Finance (the "Staff") of the Commission with respect to any of the SEC Documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Subscriber Representations and Warranties</u>. Each of the undersigned, severally and not jointly, represents and warrants to the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The undersigned is (i) a "qualified institutional buyer" (as defined under the Securities Act) or (ii) an institutional "accredited investor" (within the meaning of Rule 501(a) under the Securities Act), in each case, satisfying the requirements set forth on <u>Schedule A</u>, and is acquiring the Shares only for its own account and not for the account of others, and not on behalf of any other account or person or with a view to, or for offer or issuance in connection with, any distribution thereof in violation of the Securities Act (and shall provide the requested information on <u>Schedule A</u> following the signature page hereto). Likewise, if Subscriber is a not a U.S. person (within the meaning of Regulation S under the Securities Act), and Subscriber is organized or resident in the European Economic Area, Subscriber is (x) a "qualified investor" within the meaning of Regulation (EU) 2017/1129, as amended and (y) not a person who is one (or more) of: (a) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU on markets in financial instruments, as amended (the "Markets in Financial Instruments Directive"); or (b) a customer within the meaning of Directive (EU) 2016/97, as amended, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of the Markets in Financial Instruments Directive.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The undersigned understands that the Shares are being offered in a transaction not involving any public offering within the meaning of the Securities Act and that the Shares have not been registered under the Securities Act. The undersigned understands that the Shares may not be resold, transferred, pledged or otherwise disposed of by the undersigned absent an effective registration statement under the Securities Act except (i) to the Company, (ii) to non-U.S. persons pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act or (iii) pursuant to another applicable exemption from the registration requirements of the Securities Act, and in each of cases (i) and (iii) in accordance with any applicable securities laws of the states and other jurisdictions of the United States, and that any certificates or book-entry positions representing the Shares shall contain a legend to such effect. The undersigned acknowledges that the Shares will not initially be eligible for resale pursuant to Rule 144A promulgated under the Securities Act. The undersigned understands and agrees that the Shares will be subject to the foregoing transfer restrictions and, as a result of these transfer restrictions, the undersigned may not be able to readily resell the Shares and may be required to bear the financial risk of an investment in the Shares for an indefinite period of time. The undersigned understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The undersigned understands and agrees that the undersigned is subscribing and accepting Shares directly issued from the Company. The undersigned further acknowledges that there have been no representations, warranties, covenants and agreements made to the undersigned by the Company, or any of their officers or directors, expressly or by implication, other than those representations, warranties, covenants and agreements included in this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Either (i) the undersigned is not a Benefit Plan Investor as contemplated by the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>"), or (ii) the undersigned's subscription and acceptance and holding of the Shares will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Internal Revenue Code of 1986, as amended, or any applicable similar law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The undersigned acknowledges and agrees that the undersigned has received, and has had an adequate opportunity to review, such financial and other information as the undersigned deems necessary in order to make an investment decision with respect to the Shares, the Company and made its own assessment and is satisfied concerning the relevant tax and other economic considerations relevant to the undersigned's investment in the Shares. Without limiting the generality of the foregoing, the undersigned acknowledges that it has reviewed the documents provided to the undersigned by the Company. The undersigned represents and agrees that the undersigned and the undersigned's professional advisor(s), if any, have had the opportunity to ask such questions, receive such answers and obtain such information as the undersigned and such undersigned's professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The undersigned became aware of this offering of the Shares solely by means of direct contact between the undersigned and the Company or a representative of the Company, and the Shares were offered to the undersigned solely by direct contact between the undersigned and Company or a representative of the Company. The undersigned did not become aware of this offering of the Shares, nor were the Shares offered to the undersigned, by any other means. The undersigned acknowledges that the Company represents and warrants that the Shares (i) were not offered by any form of general solicitation or general advertising and (ii) to the knowledge of the undersigned, the Shares are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The undersigned acknowledges that it is aware that there are substantial risks incident to the issuance and ownership of the Shares. The undersigned is able to fend for itself in the transactions contemplated herein, has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Shares and has the ability to bear the economic risks of such investment in the Shares and can afford a complete loss of such investment. The undersigned has sought such accounting, legal and tax advice as the undersigned has considered necessary to make an informed investment decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. In making its decision to subscribe for and accept the Shares, the undersigned has relied solely upon independent investigation made by the undersigned and the representations, warranties, covenants and agreements contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The undersigned understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Shares or made any findings or determination as to the fairness of this investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. The undersigned has been duly formed or incorporated and is validly existing in good standing under the laws of its jurisdiction of incorporation or formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. The execution, delivery and performance by the undersigned of this Subscription Agreement are within the powers of the undersigned, have been duly authorized and will not constitute or result in a breach or default under or conflict with any order, ruling or regulation of any court or other tribunal or of any governmental commission or agency, or any agreement or other undertaking, to which the undersigned is a party or by which the undersigned is bound, which, in each case, would reasonably be expected to have a material adverse effect on the legal authority of the undersigned to enter into and timely perform its obligations under this Subscription Agreement, and, if the undersigned is not an individual, will not violate any provisions of the undersigned's charter documents, including, without limitation, its incorporation or formation papers, bylaws, indenture of trust or partnership or operating agreement, as may be applicable. The signature on this Subscription Agreement is genuine, and the signatory has been duly authorized to execute the same, and this Subscription Agreement constitutes a legal, valid and binding obligation of the undersigned, enforceable against the undersigned in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Neither the due diligence investigation conducted by the undersigned in connection with making its decision to acquire the Shares nor any representations and warranties made by the undersigned herein shall modify, amend or affect the undersigned's right to rely on the truth, accuracy and completeness of the Company's representations and warranties contained herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. The undersigned is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by the U.S. Treasury Department's Office of Foreign Assets Control ("<u>OFAC</u>") or in any Executive Order issued by the President of the United States and administered by OFAC ("<u>OFAC List</u>"), or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank (collectively, a "<u>Prohibited Investor</u>"). The undersigned agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable law, <u>provided</u>, <u>however</u>, that the undersigned is permitted to do so under applicable law. If the undersigned is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the "<u>BSA</u>"), as amended by the USA PATRIOT Act of 2001 (the "<u>PATRIOT Act</u>"), and its implementing regulations (collectively, the "<u>BSA/PATRIOT Act</u>"), the undersigned maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. To the extent required, the undersigned maintains policies and procedures reasonably designed (a) for the screening of its investors against the OFAC sanctions programs, including the OFAC List, and (b) to ensure that the funds held by the undersigned and used to issue the Shares were legally derived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. As of the date of this Subscription Agreement the undersigned does not have, and during the thirty (30) day period immediately prior to the date of this Subscription Agreement the undersigned has not entered into, any "put equivalent position" as such term is defined in Rule 16a-1 under the Exchange Act or Short Sale positions with respect to the securities of the Company. For purposes of this Subscription Agreement, "Short Sales" shall include, without limitation, all "short sales" as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, and all types of direct and indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers. Notwithstanding the foregoing, in case the undersigned is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Subscriber's assets, the representation set forth above in this paragraph shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Shares covered by this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. If the undersigned is a resident of Canada, the undersigned hereby declares, represents, warrants and agrees as set forth in the attached <u>Schedule B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Additional Subscriber Agreement</u>. The undersigned hereby agrees that, from the date of this Subscription Agreement and until the Subscription Closing, no person or entity, while acting in connection with this Subscription and on behalf of the undersigned or any of its controlled affiliates or pursuant to any understanding in connection with this Subscription with the undersigned or any of its controlled affiliates, will engage in any Short Sales with respect to securities of the Company. For purposes hereof, "Short Sales" shall include, without limitation, all

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"short sales" as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act. Solely for purposes of this paragraph, subject to the undersigned's compliance with its obligations under the U.S. federal securities laws and the undersigned's internal policies, the restrictions set forth above in this paragraph shall not apply to any employees, subsidiaries, desks, groups, or affiliates of the undersigned that are effectively walled off by appropriate "fire wall" information barriers approved by the undersigned's legal or compliance department. Notwithstanding the foregoing, if the undersigned is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Subscriber's assets, this <u>Section</u> <u>7</u> shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Shares covered by this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Registration Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Company agrees that, within thirty (30) calendar days after the Closing Date (the "<u>Filing Deadline</u>"), the Company will file with the Commission (at the Company's sole cost and expense) a registration statement (the "<u>Registration Statement</u>") registering the resale of the Shares, and the Company shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof, but no later than the earlier of (i) 60 calendar days (or 120 calendar days if the Commission notifies the Company that it will "review" the Registration Statement) following the Filing Deadline, and (ii) five (5) business days after the Company is notified (orally or in writing, whichever is earlier) by the Commission that the Registration Statement will not be "reviewed" or will not be subject to further review (such earlier date, the "<u>Effectiveness Date</u>"); <u>provided</u>, <u>however</u>, that the Company's obligations to include the Shares in the Registration Statement are contingent upon the undersigned furnishing in writing to the Company such information regarding the undersigned, the securities of the Company held by the undersigned and the intended method of disposition of the Shares as shall be reasonably requested in writing by the Company to effect the registration of the Shares, and the undersigned shall execute such documents in connection with such registration as the Company may reasonably request that are customary of a selling stockholder in similar situations, including providing that the Company shall be entitled to postpone and suspend the use of the Registration Statement as permitted hereunder; <u>provided</u>, <u>further</u>, <u>however</u>, that the undersigned shall not in connection with the foregoing be required to execute any lock-up or similar agreement or otherwise be subject to any contractual restriction on the ability to transfer the Shares. With respect to the information to be provided by the undersigned pursuant to this <u>Section</u> <u>8</u>, the Company shall request such information at least ten (10) business days prior to the anticipated initial filing date of the Registration Statement. The Company will provide a draft of the Registration Statement to the undersigned for review at least two (2) business days in advance of its anticipated initial filing date. Notwithstanding the foregoing, if the Commission prevents the Company from including any or all of the shares proposed to be registered under the Registration Statement due to limitations on the use of Rule 415 of the Securities Act for the resale of the Shares by the applicable stockholders or otherwise, such Registration Statement shall register for resale such number of Shares which is equal to the maximum number of Shares as is permitted by the Commission. In such event, the number of Shares to be registered for each selling stockholder named in the Registration Statement shall be reduced pro rata among all such selling stockholders, and as promptly as practicable after being permitted to register additional Shares under Rule 415 under

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the Securities Act, the Company shall file a new Registration Statement to register such Shares not included in the initial Registration Statement and cause such Registration Statement to become effective as promptly as practicable consistent with the terms of this <u>Section</u> <u>8</u>. In no event shall the undersigned be identified as a statutory underwriter in the Registration Statement unless in response to a comment or request from the staff of the Commission or another regulatory agency; <u>provided</u>, <u>however</u>, that if the Commission requests that the undersigned be identified as a statutory underwriter in the Registration Statement, the undersigned will have an opportunity to withdraw from the Registration Statement. The Company will use its commercially reasonable efforts to maintain the continuous effectiveness of the Registration Statement until the earliest of (i) the date on which the Shares subscribed for by the undersigned hereunder may be resold without volume or manner of sale limitations pursuant to Rule 144 promulgated under the Securities Act and without the requirement for the Company to be in compliance with the current public information required under Rule 144(c)(2) (or Rule 144(i)(2), if applicable), (ii) the date on which all Shares subscribed for by the undersigned hereunder have actually been sold and (iii) the date which is three (3) years after the initial Registration Statement filed hereunder is declared effective (the "<u>Effectiveness Period</u>"). For as long as the Registration Statement shall remain effective pursuant to the immediately preceding sentence, the Company will use commercially reasonable efforts to file all reports, and provide all customary and reasonable cooperation, necessary to enable the undersigned to resell the Shares pursuant to the Registration Statement or Rule 144 of the Securities Act (when Rule 144 of the Securities Act becomes available to the undersigned), as applicable, qualify the Shares for listing on NYSE, Nasdaq or other applicable stock exchange on which the Class A Shares are then listed, and update or amend the Registration Statement as necessary to include the Shares. For purposes of clarification, any failure by the Company to file the Registration Statement by the Filing Deadline or to effect such Registration Statement by the Effectiveness Date shall not otherwise relieve the Company of its obligations to file or effect the Registration Statement set forth in this <u>Section</u> <u>7</u>. The undersigned shall not be entitled to use the Registration Statement for an underwritten offering of Shares and notwithstanding anything to the contrary in this Subscription Agreement, the Company shall not have any obligation to prepare any prospectus supplement, participate in any due diligence, execute any agreements or certificates or deliver legal opinions or obtain comfort letters in connection with any sales of the Shares under the Registration Statement. For purposes of this Section 8, "Shares" shall mean, as of any date of determination, the Shares acquired by the undersigned pursuant to this Subscription Agreement and any other equity security issued or issuable with respect to such Shares by way of stock split, dividend, distribution, recapitalization, merger, exchange, replacement or similar event, and "undersigned" shall include any affiliate of the undersigned to which the rights under this <u>Section</u> <u>8</u> have been duly assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In the case of the registration, qualification, exemption or compliance effected by the Company pursuant to this Subscription Agreement, the Company shall inform the undersigned as to the status of such registration, qualification, exemption and compliance. At its expense the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. advise the undersigned within two (2) business days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) when a Registration Statement or any amendment thereto has been filed with the Commission and when such Registration Statement or any post-effective amendment thereto has become effective;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) of any request by the Commission for amendments or supplements to any Registration Statement or the prospectus included therein or for additional information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) of the issuance by the Commission of any stop order suspending the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) subject to the provisions in this Subscription Agreement, of the occurrence of any event that requires the making of any changes in any Registration Statement or prospectus so that, as of such date, the statements therein are not misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in the light of the circumstances under which they were made) not misleading.

Notwithstanding anything to the contrary set forth herein, the Company shall not, when so advising the undersigned of such events, provide the undersigned with any material, nonpublic information regarding the Company other than to the extent that providing notice to the undersigned of the occurrence of the events listed in (1) through (5) above constitutes material, nonpublic information regarding the Company and the undersigned is notified that such events are material, nonpublic information at the time of notification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. use commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any
Registration Statement as soon as reasonably practicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. upon the occurrence of any event contemplated in <u>Section</u> <u>8.b.i(5)</u> above, except for
such times as the Company is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, the Company shall use its commercially reasonable efforts to as soon as reasonably practicable prepare
a post-effective amendment to such Registration Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Shares included therein, such prospectus will not include
any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. use its commercially reasonable efforts to cause all Shares to be listed on each securities exchange or market,
if any, on which the Class A Shares have been listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. use its commercially reasonable efforts to file all reports and other materials required to be filed by the
Exchange Act until the expiry of the Effectiveness Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. if in the opinion of counsel to the Company, it is then permissible to remove the restrictive legend from the
Shares pursuant to Rule 144 under the Securities Act, then at Subscriber's request, the Company will request its transfer agent to remove the legend set forth in <u>Section</u> <u>6.c.</u> above. In the event that the undersigned
and its broker(s) provide any certifications requested by the Company or its counsel, the Company shall use its commercially reasonable efforts to have the legend removal referenced above apply to all shares held by the Subscriber in a single
transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Notwithstanding anything to the contrary in this Subscription Agreement, the Company shall be entitled to delay or postpone the effectiveness of the Registration Statement, and from time to time to require any Subscriber not to sell under the Registration Statement or to suspend the effectiveness thereof, if the negotiation or consummation of a transaction by the Company or its subsidiaries is pending or an event has occurred, which negotiation, consummation or event, the Company's board of directors reasonably believes, upon the advice of legal counsel, would require additional disclosure by the Company in the Registration Statement of material information that the Company has a bona fide business purpose for keeping confidential and the non-disclosure of which in the Registration Statement would be expected, in the reasonable determination of the Company's board of directors, upon the advice of legal counsel, to cause the Registration Statement to fail to comply with applicable disclosure requirements (each such circumstance, a "<u>Suspension Event</u>"); <u>provided</u>, <u>however</u>, that (x) the Company may not delay or suspend the Registration Statement on more than two (2) occasions, for more than sixty (60) consecutive calendar days, or for more than ninety (90) total calendar days, in each case during any twelve-month period and (y) the Company shall use commercially reasonable efforts to make such registration statement available for the sale by the undersigned of such securities as soon as practicable thereafter. Upon receipt of any written notice from the Company of the happening of any Suspension Event (which notice shall not contain material non-public information) during the period that the Registration Statement is effective or if as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made (in the case of the prospectus) not misleading, each of the undersigned agrees that (i) it will immediately discontinue offers and sales of the Shares under the Registration Statement (excluding, for the avoidance of doubt, sales conducted pursuant to Rule 144) until the undersigned receives copies of a supplemental or amended prospectus (which the Company agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective

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amendment has become effective or unless otherwise notified by the Company that it may resume such offers and sales, and (ii) it will maintain the confidentiality of any information included in such written notice delivered by the Company except (A) for disclosure to the undersigned's employees, agents and professional advisers who need to know such information and are obligated to keep it confidential, and (B) as otherwise required by law or subpoena. Notwithstanding anything to the contrary, after the Effectiveness Date, the Company shall cause its transfer agent to deliver unlegended Shares to a transferee of the undersigned in connection with any sale of Shares with respect to which the undersigned has entered into a contract for sale prior to the undersigned's receipt of the notice of a Suspension Event and which has not yet settled. If so directed by the Company, each of the undersigned will deliver to the Company or, in the undersigned's sole discretion destroy, all copies of the prospectus covering the Shares in its possession; <u>provided</u>, <u>however</u>, that this obligation to deliver or destroy all copies of the prospectus covering the Shares shall not apply (i) to the extent the undersigned is required to retain a copy of such prospectus (a) in order to comply with applicable legal, regulatory, self-regulatory or professional requirements or (b) in accordance with a bona fide pre-existing document retention policy or (ii) to copies stored electronically on archival servers as a result of automatic data back-up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Subscriber may deliver written notice (including via email) (an "<u>Opt-Out</u> <u>Notice</u>") to the Issuer requesting that Subscriber not receive notices from the Issuer otherwise required by this <u>Section</u> <u>8</u>; provided, however, that Subscriber may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from Subscriber (unless and until subsequently revoked), (i) the Company shall not deliver any such notices to Subscriber and Subscriber shall no longer be entitled to the rights associated with any such notice and (ii) each time prior to Subscriber's intended use of an effective registration statement, Subscriber will notify the Company in writing at least two (2) business days in advance of such intended use, and if a notice of a Suspension Event was previously delivered (or would have been delivered but for the provisions of this <u>Section</u> <u>8.e.d</u>) and the related suspension period remains in effect, the Company will so notify Subscriber, within one (1) business day of Subscriber's notification, by delivering to Subscriber a copy of such notice of Suspension Event that would have been provided, and thereafter will provide Subscriber with the related notice of the conclusion of such Suspension Event immediately upon its availability, and Subscriber shall comply with any restrictions on using such Registration Statement during such Suspension Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Company shall, notwithstanding any termination of this Subscription Agreement, indemnify, defend and hold harmless the undersigned (to the extent a seller under the Registration Statement), the officers, directors, employees, investment advisers and agents of each of them, and each person who controls the undersigned (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys' fees) and expenses (collectively, "<u>Losses</u>"), as incurred, that arise out of or are based upon (i) any untrue or alleged untrue statement of a material fact contained in the Registration Statement, any prospectus included in the Registration Statement or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission to state a material fact required to be stated

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therein or necessary to make the statements therein (in the case of any prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, or (ii) any violation or alleged violation by the Company of the Securities Act, Exchange Act or any state securities law or any rule or regulation thereunder, in connection with the performance of its obligations under this <u>Section</u> <u>7</u>, except to the extent, but only to the extent, that such untrue statements, alleged untrue statements, omissions or alleged omissions are based upon information regarding such Subscriber furnished in writing to the Company by such Subscriber expressly for use therein or such Subscriber has omitted a material fact from such information <u>provided</u>, <u>however</u>, that the Company shall not be liable for any Losses to the extent they arise out of or are based upon a violation which occurs (A) in reliance upon and in conformity with written information furnished by a Subscriber, (B) in connection with any failure of such person to deliver or cause to be delivered a prospectus made available by the Company in a timely manner (to the extent a prospectus was required to be delivered by Subscriber under applicable law), (C) as a result of offers or sales effected by or on behalf of any person by means of a free writing prospectus (as defined in Rule 405 of the Securities Act) that was not authorized in writing by the Company, or (D) in connection with any offers or sales effected by or on behalf of a Subscriber in violation of <u>Section</u> <u>8.e</u> hereof. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive the transfer of the Shares by such Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Each of the undersigned shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers, agents and employees, and each person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), to the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising out of or are based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any prospectus included in the Registration Statement or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any prospectus, or any form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading to the extent, but only to the extent, that such untrue statements or omissions are based upon information regarding such Subscriber furnished in writing to the Company by such Subscriber expressly for use therein. In no event shall the liability of any of the undersigned be greater in amount than the dollar amount of the net proceeds received by the undersigned upon the sale of the Shares giving rise to such indemnification obligation. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive the transfer of the Shares by such Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Any person entitled to indemnification pursuant to this <u>Section</u> <u>8</u> shall (i) 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 prejudiced the indemnifying party) and (ii) 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

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its consent (which consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who 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 legal counsel to any indemnified party a conflict of interest exists 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 for which indemnification could be sought hereunder 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. If the indemnification provided under this <u>Section</u> <u>8</u> from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any Losses, in lieu of indemnifying the indemnified party shall contribute to the amount paid or payable by the indemnified party as a result of such Losses 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 reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or 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. 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 this <u>Section</u> <u>8</u>, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. 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 <u>Section</u> <u>8</u> from any person who was not guilty of such fraudulent misrepresentation. Each indemnifying party's obligation to make a contribution pursuant to this <u>Section</u> <u>8.h.</u> shall be individual, not joint and several, and in no event shall the liability of the Subscriber hereunder be greater in amount than the dollar amount of the net proceeds received by the Subscriber upon the sale of the Shares giving rise to such indemnification or contribution obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Termination</u>. This Subscription Agreement shall terminate and be void and of no further force or effect, and all rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earliest to occur of (a) upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement or (b) if any of the conditions to the Subscription Closing set forth in <u>Section</u> <u>3</u> of this Subscription Agreement are not satisfied or waived on or prior to the Subscription Closing and, as a result thereof, the transactions contemplated by this Subscription Agreement are not consummated at the Subscription Closing; <u>provided</u>, that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from such breach.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by e-mail or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses or e-mail addresses (or at such other address or email address for a party as shall be specified in a notice given in accordance with this <u>Section</u> <u>10.a.</u>):

Wallbox N.V.

Carrer del Foc, 68

Barcelona, Spain 08038

Attention: Enric Asunción

Email: enric@wallbox.com

with a copy (which shall not constitute notice) to:

Latham & Watkins LLP

811 Main Street

Suite 3700

Houston, TX 77002

United States

Attention: Ryan Maierson

Email: Ryan.Maierson@lw.com

Plaza de la Independencia 6

28001 Madrid

Spain

Attention: José Antonio Sánchez

Email: Jose.Sanchez@lw.com

If to the undersigned, to the address or email address set forth for the undersigned on the signature page hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. All the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Subscription Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If any term or other provision of this Subscription Agreement is invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Subscription Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Subscription Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This Subscription Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the parties, or any of them, with respect to the subject matter hereof. This Subscription Agreement shall not be assigned (whether pursuant to a merger, by operation of law or otherwise), by any party without the prior express written consent of the other parties hereto except that (i) this Subscription Agreement and any of the Subscriber's rights and obligations hereunder may be assigned to any fund or account managed by the same investment manager as the Subscriber or by an "affiliate" (as defined in Rule 12b-2 under the Exchange Act) of such investment manager without the prior consent of the Company and (ii) the Subscriber's rights under <u>Section</u> <u>8</u> are deemed to be assigned to an assignee or transferee of the Shares, <u>provided</u>, that such assignee will be deemed to have made each of the representations, warranties and covenants of the Subscriber set forth in <u>Section</u> <u>6</u> as of the date of such assignment and as of the Subscription Closing, and no such assignment by the Subscriber will relieve the Subscriber of its obligations under this Subscription Agreement and the Subscriber will remain secondarily liable under this Subscription Agreement for the obligations of the assignee hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. This Subscription Agreement shall be binding upon and inure solely to the benefit of each party hereto, and except as otherwise expressly set forth in subsection (p) of this <u>Section</u> <u>10</u>, nothing in this Subscription Agreement, express or implied, is intended to or shall confer upon any other person any right, benefit or remedy of any nature whatsoever under or by reason of this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. This Subscription Agreement shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts executed in and to be performed in that State. All legal actions and proceedings arising out of or relating to this Subscription Agreement shall be heard and determined exclusively in any Supreme Court of the State of New York; <u>provided</u>, <u>however</u>, that if jurisdiction is not then available in the Supreme Court of the State of New York, then any such legal action may be brought in any federal court located in the State of New York or any other New York state court. The parties hereto hereby (a) irrevocably submit to the exclusive jurisdiction of the aforesaid courts for themselves and with respect to their respective properties for the purpose of any action arising out of or relating to this Subscription Agreement brought by any party hereto, and (b) agree not to commence any action relating thereto except in the courts described above in New York, other than actions in any court of competent jurisdiction to enforce any judgment, decree or award rendered by any such court in New York as described herein. Each of the parties further agrees that notice as provided herein shall constitute sufficient service of process and the parties further waive any argument that such service is insufficient. Each of the parties hereby irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any action arising out of or relating to this Subscription Agreement or the transactions contemplated hereby, (a) any claim that it is not personally subject to the jurisdiction of the courts in New York as described herein for any reason, (b) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) that (i) the action in any such court is brought in an inconvenient forum, (ii) the venue of such action is improper or (iii) this Subscription Agreement, or the subject matter hereof, may not be enforced in or by such courts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS SUBSCRIPTION AGREEMENT. EACH OF THE PARTIES HERETO (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS SUBSCRIPTION AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 10.G</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The descriptive headings contained in this Subscription Agreement are included for convenience of reference only and shall not affect in any way the meaning or interpretation of this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. This Subscription Agreement may be executed and delivered (including by facsimile or portable document format (pdf) transmission) in counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. The parties hereto agree that irreparable damage would occur in the event any provision of this Subscription Agreement was not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or in equity. Each of the parties hereby further waives (a) any defense in any action for specific performance that a remedy at law would be adequate and (b) any requirement under any law to post security or a bond as a prerequisite to obtaining equitable relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Except as otherwise provided herein, all costs and expenses incurred in connection with this Subscription Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses, whether or not the transactions contemplated hereby are consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. This Subscription Agreement may be amended in writing by the parties hereto at any time prior to the Subscription Closing. This Subscription Agreement may not be amended except by an instrument in writing signed by each of the parties hereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. At any time, the Company may (a) extend the time for the performance of any obligation or other act of the undersigned, (b) waive any inaccuracy in the representations and warranties of the undersigned contained herein or in any document delivered by the undersigned pursuant hereto and (c) waive compliance with any agreement of the undersigned or any condition to its own obligations contained herein. At any time, the undersigned may (a) extend the time for the performance of any obligation or other act of the Company, (b) waive any inaccuracy in the representations and warranties of the Company contained herein or in any document delivered by the Company pursuant hereto and (c) waive compliance with any agreement of the Company or any condition to its own obligations contained herein. Any such extension or waiver shall be valid if set forth in an instrument in writing signed by the party or parties to be bound thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. The language used in this Subscription Agreement shall be deemed to be the language chosen by the parties to express their mutual intent and no rule of strict construction shall be applied against any party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. The Company may request from the undersigned such additional information as the Company may deem necessary to evaluate the eligibility of the undersigned to acquire the Shares, and the undersigned shall provide such information as may reasonably be requested, to the extent readily available and to the extent consistent with its internal policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. The undersigned acknowledges that the Company will rely on the undersigned's acknowledgments, understandings, agreements, representations and warranties contained in this Subscription Agreement. The Company acknowledges that the undersigned will rely on the Company's acknowledgments, understandings, agreements, representations and warranties contained in this Subscription Agreement. Prior to the Subscription Closing, each of the parties agrees to promptly notify the other parties if (i) any of such party's acknowledgments, understandings, agreements, representations and warranties (other than any such representations and warranties that are qualified by materiality) made herein are no longer accurate in any material respect or (ii) any of such party's representations and warranties made herein that are qualified by materiality are no longer accurate in any respect. Each of the parties agrees that the purchase by the undersigned of Shares from the Company and the issuance of Shares by the Company to the undersigned will constitute a reaffirmation of the acknowledgments, understandings, agreements, representations and warranties herein (as modified by any such notice) by such party as of the time of such subscription and/or purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. Each of the Company and the undersigned is entitled to rely upon this Subscription Agreement and is irrevocably authorized to produce this Subscription Agreement or a copy hereof when required by law, regulatory authority or NYSE, as applicable, to do so in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Separate Obligations</u>. The obligations of the Subscriber under this Subscription Agreement are several and not joint with the obligations of any Other Subscriber or any other investor under the Other Subscription Agreements, and the Subscriber shall not be responsible in any way for the performance of the obligations of any Other Subscriber under the Other Subscription Agreements. The decision of the Subscriber to purchase the Shares pursuant to this

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Subscription Agreement has been made by the Subscriber independently of any Other Subscriber or any other investor and independently of any information, materials, statements or opinions as to the business, affairs, operations, assets, properties, liabilities, results of operations, condition (financial or otherwise) or prospects of the Company or any of its subsidiaries which may have been made or given by any Other Subscriber or other investor or by any agent or employee of any Other Subscriber or other investor, and neither the Subscriber nor any of its agents or employees shall have any liability to any Other Subscriber or other investor (or any other person) relating to or arising from any such information, materials, statements or opinions. Nothing contained herein or in any Other Subscription Agreement, and no action taken by the Subscriber or any Other Subscriber or other investor pursuant hereto or thereto, shall be deemed to constitute the Subscriber, on the one hand, and any Other Subscriber or other investor, on the other hand, as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Subscriber and any Other Subscriber or other investor are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Subscription Agreement and the Other Subscription Agreements; provided, that it is acknowledged that the Subscriber may be under common management with one or more Other Subscribers. Subscriber acknowledges that no Other Subscriber has acted as agent for the Subscriber in connection with making its investment hereunder and no Other Subscriber will be acting as agent of the Subscriber in connection with monitoring its investment in the Shares or enforcing its rights under this Subscription Agreement. Subscriber shall be entitled to independently protect and enforce its rights, including without limitation the rights arising out of this Subscription Agreement, and it shall not be necessary for any Other Subscriber or investor to be joined as an additional party in any proceeding for such purpose.

[SIGNATURE PAGES FOLLOW]

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**IN WITNESS WHEREOF**, the undersigned has executed or caused this Subscription Agreement to be executed by its duly authorized representative as of the date set forth below.

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| | |
|:---|:---|
| Name of Investor: | State/Country of Formation or Domicile: |
| By: |  |
| Name: |  |
| Title: |  |

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| | |
|:---|:---|
| Name in which shares are to be registered (if different): | Date: November 29, 2022 |
| Business Address-Street: | Mailing Address-Street (if different): |
| City, State, Zip: | City, State, Zip: |
| Attn:__________________ | Attn:__________________ |
| Telephone No.: | Telephone No.: |
| Number of Shares subscribed for: |  |
| Aggregate Subscription Amount: $| Price Per Share: $5.32 |

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You must pay the Subscription Amount by wire transfer of United States dollars in immediately available funds to the account specified by the Company in the wire instructions.

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**IN WITNESS WHEREOF,** Wallbox N.V. has accepted this Subscription Agreement as of the date set forth below.

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| | |
|:---|:---|
|  | WALLBOX N.V. |
|  | By: |
|  | Name: |
|  | Title: |
| Date: November 29, 2022 |  |

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**SCHEDULE A** 

**ELIGIBILITY REPRESENTATIONS OF THE INVESTOR** 

A. QUALIFIED INSTITUTIONAL BUYER STATUS

(Please check the applicable subparagraphs):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ☐ We are a "qualified institutional buyer" (as defined in Rule 144A under the Securities Act).

B. ACCREDITED INVESTOR STATUS

(Please check the applicable subparagraphs):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ☐ We are an "accredited investor" (within the meaning of Rule 501(a) under the Securities Act)
for one or more of the following reasons (Please check the applicable subparagraphs):

☐ Any bank, registered broker or dealer, insurance company, registered investment company, business development company, small business investment company, private business development company, or rural business investment company;

☐ Any investment adviser registered pursuant to section 203 of the Investment Advisers Act or registered pursuant to the laws of a state;

☐ Any investment adviser relying on the exemption from registering with the Commission under section 203(l) or (m) of the Investment Advisers Act;

☐ Any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000; 

☐ Any employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974 ("ERISA"), if (i) the investment decision is made by a plan fiduciary, as defined in section 3(21) of ERISA, which is either a bank, a savings and loan association, an insurance company, or a registered investment adviser, (ii) the employee benefit plan has total assets in excess of $5,000,000 or, (iii) such plan is a self-directed plan, with investment decisions made solely by persons that are "accredited investors"; 

☐ Any (i) corporation, limited liability company or partnership, (ii) Massachusetts or similar business trust, or (iii) organization described in section 501(c)(3) of the Internal Revenue Code, in each case that was not formed for the specific purpose of acquiring the securities offered and that has total assets in excess of $5,000,000; 

Schedule A

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☐ Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose subscription/purchase is directed by a sophisticated person as described in Section 230.506(b)(2)(ii) of Regulation D under the Securities Act; 

☐ Any entity, other than an entity described in the categories of "accredited investors" above, not formed for the specific purpose of acquiring the securities offered, owning investments in excess of $5,000,000; 

☐ Any "family office," as defined under the Investment Advisers Act that satisfies all of the following conditions: (i) with assets under management in excess of $5,000,000, (ii) that is not formed for the specific purpose of acquiring the securities offered, and (iii) whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment; 

☐ Any "family client," as defined under the Investment Advisers Act, of a family office meeting the requirements in the previous paragraph and whose prospective investment in the issuer is directed by such family office pursuant to the previous paragraph and that is an institution; or

☐ We are an entity in which all of the equity owners are accredited investors (Please check the applicable subparagraphs):

☐ Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner of a general partner of that issuer;

☐ Any natural person whose individual net worth, or joint net worth with that person's spouse or spousal equivalent, exceeds $1,000,000. For purposes of calculating a natural person's net worth: (a) the person's primary residence shall not be included as an asset; (b) indebtedness that is secured by the person's primary residence, up to the estimated fair market value of the primary residence at the time of the sale of securities, 

Schedule A

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shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of sale of securities exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and (c) indebtedness that is secured by the person's primary residence in excess of the estimated fair market value of the primary residence at the time of the sale of securities shall be included as a liability;

☐ Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person's spouse or spousal equivalent in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; 

☐ Any natural person holding in good standing one or more professional certifications or designations or credentials from an accredited educational institution that the Commission has designated as qualifying an individual for accredited investor status; or

☐ Any natural person who is a "knowledgeable employee," as defined in the Investment Company Act, of the issuer of the securities being offered or sold where the issuer would be an investment company, as defined in section 3 of such act, but for the exclusion provided by either section 3(c)(1) or section 3(c)(7) of such act. 

☐ Any natural person whose individual net worth, or joint net worth with that person's spouse or spousal equivalent, exceeds $1,000,000. For purposes of calculating a natural person's net worth: (a) the person's primary residence shall not be included as an asset; (b) indebtedness that is secured by the person's primary residence, up to the estimated fair market value of the primary residence at the time of the sale of securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of sale of securities exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and (c) indebtedness that is secured by the person's primary residence in excess of the estimated fair market value of the primary residence at the time of the sale of securities shall be included as a liability; 

Schedule A

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☐ Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner of a general partner of that issuer;

C. AFFILIATE STATUS

(Please check the applicable box)

THE INVESTOR:

☐ is: 

☐ is not: 

an "affiliate" (as defined in Rule 144 under the Securities Act) of the Company or acting on behalf of an affiliate of the Company.

***This page should be completed by the Investor.***

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| | |
|:---|:---|
| Name of Investor: | State/Country of Formation or Domicile: |
| By: |  |
| Name: |  |
| Title: |  |

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Schedule A

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**SCHEDULE B** 

**ELIGIBILITY REPRESENTATIONS OF THE INVESTOR (Canadian Investors Only)** 

1. We hereby declare, represent and warrant that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) we are subscribing for the Shares as principal for our own account, or are deemed to be subscribing for the
Shares as principal for our own account in accordance with applicable Canadian securities laws, and not as agent for the benefit of another investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) we are residents in or subject to the laws of one of the provinces or territories of Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) we are entitled under applicable securities laws to subscribe and accept the Shares without the benefit of a
prospectus qualified under such securities laws and, without limiting the generality of the foregoing, are both:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. an "accredited investor" as defined in section 1.1 of National Instrument 45-106 *Prospectus Exemptions* ("NI 45-106") or section 73.3(2) of the *Securities Act* (Ontario) by virtue of satisfying the indicated criterion in
Section 10 below, and we are not a person created or used solely to purchase or hold securities as an "accredited investor" as described in paragraph (m) of the definition of "accredited investor" in section 1.1 of NI 45-106; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. a "permitted client" as defined in section 1.1 of National Instrument 31-103 *Registration Requirements, Exemptions and Ongoing Registrant Obligations* ("NI 31-103") by virtue of satisfying the indicated criterion in
Section 12 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) we have received, reviewed and understood, this Subscription Agreement and certain disclosure materials
relating to the placing of Shares in Canada and, are basing our investment decision solely on this Subscription and the materials provided by the Company and not on any other information concerning the Company or the offering of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the acquisition of Shares does not and will not contravene any applicable Canadian securities laws, rules or
policies of the jurisdiction in which we are resident and does not trigger (i) any obligation to prepare and file a prospectus or similar document or (ii) any registration or other similar obligation on the part of any person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) we will execute and deliver within the applicable time periods all documentation as may be required by
applicable Canadian securities laws to permit the subscription for the Shares on the terms set forth herein and, if required by applicable Canadian securities laws, will execute, deliver and file or assist the Company in obtaining and filing such
reports, undertakings and other documents relating to the subscription for the Shares as may be required by any applicable Canadian securities laws, securities regulator, stock exchange or other regulatory authority; and

Schedule B

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) neither we nor any party on whose behalf we are acting has been established, formed or incorporated solely to
acquire or permit the subscription of Shares without a prospectus in reliance on an exemption from the prospectus requirements of applicable Canadian securities laws.

2. We are aware of the characteristics of the Shares, the risks relating to an investment therein and agree that
we must bear the economic risk of its investment in the Shares. We understand that we will not be able to resell the Shares under applicable Canadian securities laws except in accordance with limited exemptions and compliance with other requirements
of applicable law, and we (and not the Company) are responsible for compliance with applicable resale restrictions or hold periods and will comply with all relevant Canadian securities laws in connection with any resale of the Shares.

3. We hereby undertake to notify the Company immediately of any change to any declaration, representation,
warranty or other information relating to us set forth herein which takes place prior to the closing of the subscription and acceptance of the Shares applied for hereby.

4. We understand and acknowledge that (i) the Company is not a reporting issuer in any province or territory
in Canada and its securities are not listed on any stock exchange in Canada and there is currently no public market for the Shares in Canada; and (ii) the Company currently has no intention of becoming a reporting issuer in Canada and the
Company is not obligated to file and has no present intention of filing a prospectus with any securities regulatory authority in Canada to qualify the resale of the Shares to the public, or listing the Company's securities on any stock exchange
in Canada and thus the applicable restricted period or hold period may not commence and the Shares may be subject to an unlimited hold period or restricted period in Canada and in that case may only be sold pursuant to limited exemptions under
applicable securities legislation.

5. We confirm we have reviewed applicable resale restrictions under relevant Canadian legislation and regulations.

6. It is acknowledged that we should consult our own legal and tax advisors with respect to the tax consequences
of an investment in the Shares in our particular circumstances and with respect to the eligibility of the Shares for investment by us and resale restrictions under relevant Canadian legislation and regulations, and that we have not relied on the
Company or on the contents of the disclosure materials provided by the Company, for any legal, tax or financial advice.

Schedule B

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7. If we are a resident of Quebec, we acknowledge that it is our express wish that all documents evidencing or
relating in any way to the sale of the Shares be drawn in the English language only. *Si nous sommes résidents de la province de Québec, nous reconnaissons par les présentes que c'est notre volonté expresse que tous les documents faisant foi ou se rapportant de quelque manière à la vente des engagements soient rédigés en anglais seulement*.

8. We understand and acknowledge that we are making the representations, warranties and agreements contained
herein with the intent that they may be relied upon by the Company and the agents in determining our eligibility to subscribe for the Shares, including the availability of exemptions from the prospectus requirements of applicable Canadian securities
laws in connection with the issuance of the Shares.

9. We consent to the collection, use and disclosure of certain personal information for the purposes of meeting
legal, regulatory, self-regulatory, security and audit requirements (including any applicable tax, securities, money laundering or anti-terrorism legislation, rules or regulations) and as otherwise permitted or required by law, which disclosures may
include disclosures to tax, securities or other regulatory or self-regulatory authorities in Canada and/or in foreign jurisdictions, if applicable, in connection with the regulatory oversight mandate of such authorities.

10. If we are an individual resident in Canada, we acknowledge that: (A) the Company or the agents may be
required to provide personal information pertaining to us as required to be disclosed in Schedule I of Form 45-106F1 Report of Exempt Distribution ("Form 45-106F1") under NI 45-106 (including its name, email address, address, telephone number and the aggregate Subscription Price paid by the subscriber)
("personal information") to the securities regulatory authority or regulator in the local jurisdiction (the "Regulator"); (B) the personal information is being collected indirectly by the Regulator under the authority granted to
it in securities legislation; and (C) the personal information is being collected for the purposes of the administration and enforcement of the securities legislation; and by subscribing/purchasing the securities, we shall be deemed to have
authorized such indirect collection of personal information by the Regulator. Questions about the indirect collection of information should be directed to the Regulator in the local jurisdiction, using the contact information set out below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in Alberta, the Alberta Securities Commission, Suite 600, 250—5th Street SW, Calgary, Alberta T2P 0R4,
Telephone: (403) 297-6454, toll free in Canada: 1-877-355-0585;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in British Columbia, the British Columbia Securities Commission, P.O. Box 10142, Pacific Centre, 701 West
Georgia Street, Vancouver, British Columbia V7Y 1L2, Inquiries: (604) 899-6581, toll free in Canada: 1-800-373-6393, Email: inquiries@bcsc.bc.ca;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in Manitoba, The Manitoba Securities Commission, 500—400 St. Mary Avenue, Winnipeg, Manitoba R3C 4K5,
Telephone: (204) 945-2548, toll free in Manitoba 1-800-655-5244;

Schedule B

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in New Brunswick, Financial and Consumer Services Commission (New Brunswick), 85 Charlotte Street, Suite 300,
Saint John, New Brunswick E2L 2J2, Telephone: (506) 658-3060, toll free in Canada: 1-866-933-2222, Email: info@fcnb.ca;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in Newfoundland and Labrador, Government of Newfoundland and Labrador, Financial Services Regulation Division,
P.O. Box 8700, Confederation Building, 2nd Floor, West Block, Prince Philip Drive, St. John's, Newfoundland and Labrador, A1B 4J6, Attention: Director of Securities, Telephone: (709) 729-4189,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the Northwest Territories, the Government of the Northwest Territories, Office of the Superintendent of
Securities, P.O. Box 1320, Yellowknife, Northwest Territories X1A 2L9, Attention: Deputy Superintendent, Legal & Enforcement, Telephone: (867) 920-8984;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in Nova Scotia, the Nova Scotia Securities Commission, Suite 400, 5251 Duke Street, Duke Tower, P.O. Box 458,
Halifax, Nova Scotia B3J 2P8, Telephone: (902) 424-7768;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) in Nunavut, Government of Nunavut, Department of Justice, Legal Registries Division, P.O. Box 1000, Station
570, 1st Floor, Brown Building, Iqaluit, Nunavut X0A 0H0, Telephone: (867) 975-6590;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in Ontario, the Inquiries Officer at the Ontario Securities Commission, 20 Queen Street West, 22nd Floor,
Toronto, Ontario M5H 3S8, Telephone: (416) 593-8314, toll free in Canada: 1-877-785-1555, Email: exemptmarketfilings@osc.gov.on.ca;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) in Prince Edward Island, the Prince Edward Island Securities Office, 95 Rochford Street, 4th Floor Shaw
Building, P.O. Box 2000, Charlottetown, Prince Edward Island C1A 7N8, Telephone: (902) 368-4569;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) in Québec, the Autorité des marchés financiers, 800, Square Victoria, 22e étage,
C.P. 246, Tour de la Bourse, Montréal, Québec H4Z 1G3, Telephone: (514) 395-0337 or 1-877-525-0337, Email:financementdessocietes@lautorite.qc.ca (For corporate finance issuers),
fonds_dinvestissement@lautorite.qc.ca (For investment fund issuers);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) in Saskatchewan, the Financial and Consumer Affairs Authority of Saskatchewan, Suite 601—1919 Saskatchewan
Drive, Regina, Saskatchewan S4P 4H2, Telephone: (306) 787-5879; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) in Yukon, Government of Yukon, Department of Community Services, Law Centre, 3rd Floor, 2130 Second Avenue,
Whitehorse, Yukon Y1A 5H6, Telephone: (867) 667-5314.

Schedule B

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11. We hereby represent, warrant, covenant and certify that we are, or any party on whose behalf we are acting is,
an "accredited investor" as defined in NI 45-106 or section 73.3(1) of the *Securities Act* (Ontario) by virtue of satisfying the indicated criterion below:

**Please check the category that applies:** 

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| | | |
|:---|:---|:---|
| ☐ |  | a Canadian financial institution or a Schedule III bank of the Bank Act (Canada), |
| ☐ |  | the Business Development Bank of Canada incorporated under the *Business Development Bank of Canada Act* (Canada), |
| ☐ |  | a subsidiary of any person or company referred to in paragraphs (a) or (b) if the person or company owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary, |
| ☐ |  | a person or company registered under the securities legislation of a province or territory of Canada as an adviser or dealer, except as otherwise prescribed by the regulations, |
|  |  | [omitted] |
|  | (e.1) | [omitted] |
| ☐ |  | the Government of Canada, the government of a province or territory of Canada, or any Crown corporation, agency or wholly-owned entity of the Government of Canada or of the government of a province or territory of Canada, |
| ☐ |  | a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l'île de Montréal or an intermunicipal management board in Québec, |
| ☐ |  | any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government, |
| ☐ | (i) | a pension fund that is regulated by either the Office of the Superintendent of Financial Institutions (Canada) or a pension commission or similar regulatory authority of a province or territory of Canada, |
|  |  | [omitted] |
| ☐ | (j.1) | an individual who beneficially owns financial assets having an aggregate realizable value that before taxes, but net of any related liabilities, exceeds CAD$5,000,000, |
|  |  | [omitted] |
|  |  | [omitted] |

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Schedule B

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☐ a person, other than an individual or investment fund, that has net assets of at least $5,000,000 as shown on its most recently prepared financial statements,

☐ an investment fund that distributes or has distributed its securities only to a person that is or was an accredited investor at the time of the distribution, a person that acquires or acquired securities in the circumstances referred to in sections 2.10 of NI 45-106 [Minimum amount investment], or 2.19 of NI 45-106 [Additional investment in investment funds], or a person described in paragraph (i) or (ii) that acquires or acquired securities under section 2.18 of NI 45-106 [Investment fund reinvestment],

☐ an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Québec, the securities regulatory authority, has issued a receipt,

☐ a trust company or trust corporation registered or authorized to carry on business under the *Trust and Loan Companies Act* (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be,

☐ a person acting on behalf of a fully managed account<sup>1</sup> managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction,

☐ a registered charity under the *Income Tax Act* (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded,

☐ an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) through (d) or paragraph (i) in form and function,

☐ a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors,

☐ an investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser,

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<sup>1</sup> . A "<u>fully managed account</u>" means an account of a client for which a person makes the investment decisions if that person has full discretion to trade in securities for the account without requiring the client's express consent to a transaction.

Schedule B

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☐ a person that is recognized or designated by the Commission as an accredited investor,

☐ a trust established by an accredited investor for the benefit of the accredited investor's family members of which a majority of the trustees are accredited investors and all of the beneficiaries are the accredited investor's spouse, a former spouse of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited investor, of that accredited investor's spouse or of that accredited investor's former spouse.

12. We hereby represent, warrant, covenant and certify that we are, or any party on whose behalf we are acting is,
a "permitted client" by virtue of the criterion indicated below,

**Please check the category that applies:** 

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| | | |
|:---|:---|:---|
| ☐ | (a) | a Canadian financial institution or a Schedule III bank; |
| ☐ | (b) | the Business Development Bank of Canada incorporated under the *Business Development Bank of Canada Act* (Canada); |
| ☐ | (c) | a subsidiary of any person or company referred to in paragraph (a) or (b), if the person or company owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of the subsidiary; |
| ☐ | (d) | a person or company registered under the securities legislation of a jurisdiction of Canada as an adviser, investment dealer, mutual fund dealer or exempt market dealer; |
| ☐ | (e) | a pension fund that is regulated by either the Office of the Superintendent of Financial Institutions or a pension commission or similar regulatory authority of a jurisdiction of Canada or a wholly-owned subsidiary of such a pension fund; |
| ☐ | (f) | an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) through (e); |
| ☐ | (g) | the Government of Canada or a jurisdiction of Canada, or any Crown corporation, agency or wholly-owned entity of the Government of Canada or a jurisdiction of Canada; |
| ☐ | (h) | any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government; |
| ☐ | (i) | a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l'île de Montréal or an intermunicipal management board in Quebec; |
| ☐ | (j) | a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a managed account managed by the trust company or trust corporation, as the case may be; |

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Schedule B

------

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| | |
|:---|:---|
| ☐(k) | a person or company acting on behalf of a managed account managed by person or company, if the person or company is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction; |
| ☐ (l) | an investment fund if one or both of the following apply: |
|  | (i) the fund is managed by a person or company registered as an investment fund manager under the securities legislation of a jurisdiction of Canada; |
|  | (ii) the fund is advised by a person or company authorized to act as an adviser under the securities legislation of a jurisdiction of Canada; |
| ☐ (m) | in respect of a dealer, a registered charity under the *Income Tax Act* (Canada) that obtains advice on the securities to be traded from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity; |
| ☐ (n) | in respect of an adviser, a registered charity under the Income Tax Act (Canada) that is advised by an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity; |
| ☐ (o) | a registered charity under the Income Tax Act (Canada) that obtains advice on the securities to be traded from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity; |
| ☐ (p) | an individual who beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds $5 million; |
| ☐ (q) | a person or company that is entirely owned by an individual or individuals referred to in paragraph (o), who holds the beneficial ownership interest in the person or company directly or through a trust, the trustee of which is a trust company or trust corporation registered or authorized to carry on business under the *Trust and Loan Companies Act* (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction; |
| ☐ (r) | a person or company, other than an individual or an investment fund, that has net assets of at least Cad$25,000,000 as shown on its most recently prepared financial statements; or |
| ☐ (s) | a person or company that distributes securities of its own issue in Canada only to persons or companies referred to in paragraphs (a) through (r). |

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Schedule B

## Exhibit 2.6

**Exhibit 2.6** 

THIS WARRANT AGREEMENT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY STATE SECURITIES LAWS, AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL (WHICH MAY BE COMPANY COUNSEL) REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT, OR ANY APPLICABLE STATE SECURITIES LAWS.

**WARRANT AGREEMENT** 

between

WALLBOX N.V.

and

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

THIS WARRANT AGREEMENT (this "***Agreement***"), dated as of February 9, 2023 (the "***Effective Date***"), is by and between Wallbox N.V., a public company with limited liability (*naamloze vennootschap*) incorporated under the laws of the Netherlands, having its official seat in Amsterdam, the Netherlands and resident for tax purposes in Spain and registered with the Dutch trade register under number [\*\*\*] (the "***Company***") and Banco Bilbao Vizcaya Argentaria, S.A. (together with its assigns, the "***Warrantholder***").

**WHEREAS**, substantially concurrently with the execution of this Agreement, the Company, as guarantor, will enter into that certain Facility Agreement (the "***Financing Agreement***") with Wall box Chargers, S.L.U., a wholly-owned subsidiary of the Company, as borrower, Warrantholder, as lender, and the other lender parties from time to time thereto;

**WHEREAS**, the Company desires to grant to the Warrantholder, in consideration for, among other things, the financial accommodations provided for in the Financing Agreement, warrants (the "***Warrants***" and each a "***Warrant***", and such terms shall include any New Warrants (as defined below)), each comprising the right to subscribe for one (1) Class A ordinary share of the Company with a nominal value of €0.12 (the "***Ordinary Shares***") pursuant to this Agreement;

**WHEREAS**, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company and Warrantholder; and

------

**WHEREAS**, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf of Warrantholder, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement.

**NOW, THEREFORE**, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

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| | |
|:---|:---|
| **Schedule I – Summary of Select Warrant Provisions** | **Schedule I – Summary of Select Warrant Provisions** |
| **Warrant Section** | **Warrant Provision** |
| 1 – Ordinary Shares for which Warrant is exercisable | 1,007,894 Class A ordinary shares of the Company with a nominal value of €0.12 ("***Ordinary Shares***" as defined in the Recitals) |
| 3.1 – initial Exercise Price | $5.32 per share |
| 3.2 – Expiration Date | February 9, 2033 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Grant of the Right to Subscribe for Ordinary Shares</u>. For value received, the Company hereby grants to the Warrantholder, and the Warrantholder is entitled, upon the terms and subject to the conditions hereinafter set forth, to subscribe for and purchase, from the Company, 1,007,894 Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Warrants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Warrant Register</u>. The Company shall maintain books (the "***Warrant Register***") for the registration of original issuance and the registration of transfer of the Warrants, showing the name of the record Warrantholder(s) from time to time. Upon the initial issuance of the Warrant, the Company shall issue and register the Warrant in the name of the Warrantholder.

This Agreement shall be signed by, or bear the facsimile signature of, the Chairman of the Board, Chief Executive Officer, Chief Financial Officer, Secretary or other principal officer of the Company. In the event the person whose facsimile signature has been placed upon this Agreement shall have ceased to serve in the capacity in which such person signed this Agreement before the Warrants are issued, they may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Registered Holder</u>. Prior to due presentment for registration of transfer of any Warrant, the Company may deem and treat the person in whose name such Warrant is registered in the Warrant Register (the "***Registered Holder***") as the absolute owner of such Warrant (notwithstanding any notation of ownership or other writing on any Warrant Agreement made by anyone other than the Company), for the purpose of any exercise thereof, and for all other purposes, and the Company shall not be affected by any notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>No Fractional Warrants</u>. The Company shall not issue fractional Warrants. If a holder of a Warrant would be entitled to receive a fractional warrant, the Company shall round down to the nearest whole number the number of Warrants to be issued to such holder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Terms and Exercise of the Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Exercise Price</u>. This Agreement shall entitle the Warrantholder and any of its affiliates and direct and indirect subsidiaries (collectively, the "***Warrantholder Group***"), subject to the provisions of this Agreement, to purchase from the Company the number of Ordinary Shares stated therein, at the price of $5.32 per share, subject to the adjustments provided in <u>Section</u> <u>4</u> hereof and in the third sentence of this <u>Section</u> <u>3.1</u>. The term "***Exercise Price***" as used in this Agreement shall mean the price per share at which the Ordinary Shares may be purchased at the time this Agreement is exercised. The Company in its sole discretion may lower the Exercise Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business Days, <u>provided</u>, that the Company shall provide at least twenty (20) days prior written notice of such reduction to Registered Holders of the Warrants and, <u>provided</u>, <u>further</u>, that any such reduction shall be identical among all of the Warrants, made at any time the "exercise price" of any other warrant issued by the Company is lowered, and proportionate as between the Warrants and all other warrants issued by the Company pursuant to an analogous voluntary reduction provision. The term "***Business Day***" as used in this Agreement shall mean any day other than Saturday, Sunday or other day on which commercial banks are authorized or required by law to remain closed in (i) New York, NY, United States of America, (ii) Amsterdam, the Netherlands, (iii) Madrid, Spain, and (iv) Barcelona, Spain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Duration of the Agreement</u>. This Agreement may be exercised only during the period (the "***Exercise Period***") commencing on the signing date of the Financing Agreement (the "***Financing Agreement Signing Date***") and terminating on the earliest to occur of: (x) the date that is ten (10) years after the Financing Agreement Signing Date and (y) the Redemption Date (as defined below) as provided in <u>Section</u> <u>6</u><u>.2</u> hereof (the "***Expiration Date***"); <u>provided</u>, <u>however</u>, that the exercise of this Agreement shall be subject to the satisfaction of any applicable conditions, as set forth in <u>subsection 3.3.2</u> below with respect to an effective registration statement. Except with respect to the right to receive the Redemption Price (as defined below) in the event of a redemption (as set forth in <u>Section</u> <u>6</u> hereof), any Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. Madrid time on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; <u>provided</u>, that (1) the Company shall provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants and (2) any such extension shall be identical in duration among all the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Exercise of Warrants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1 <u>Payment</u>. Subject to the provisions of this Agreement, a Warrant may be exercised by the Registered Holder thereof by tendering to the Company at its principal office a notice of exercise in the form attached hereto as <u>Exhibit A</u> (the "***Notice of Exercise***"), properly completed and executed by the Registered Holder, and by paying in full the Exercise Price for each full share of Ordinary Share as to which the Warrant is exercised and any and all applicable taxes (including withholding taxes) due in connection with or upon the exercise of the Warrant, the exchange of the Warrant for the Ordinary Shares and the issuance of such Ordinary Shares, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in lawful money of the United States, in good certified check or good bank draft payable to the Company or by wire transfer of immediately available funds, such with due observation of Section 2:93a of the Dutch Civil Code; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as provided in <u>Section</u> <u>7.4</u> hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2 <u>Issuance of</u> <u>Ordinary</u> <u>Shares on Exercise</u>. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Exercise Price (if payment is pursuant to <u>subsection 3.3.1(a))</u>, the Company shall issue to the Registered Holder of such Warrant a book-entry position for the number of Ordinary Shares to which it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new countersigned Agreement, as applicable, for the number of Ordinary Shares as to which such Agreement shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any Ordinary Shares pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under the Securities Act of 1933, as amended (the "***Securities Act***") with respect to the Ordinary Shares underlying the Warrants is then effective and a prospectus relating thereto is current or a valid exemption from registration is available. No Warrant shall be exercisable and the Company shall not be obligated to issue Ordinary Shares upon exercise of a Warrant unless the resale of the Ordinary Shares issuable upon such Warrant exercise have been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the Registered Holder of the Warrants. If, by reason of any exercise of Warrants on a "cashless basis", the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in an Ordinary Share, the Company shall round down to the nearest whole number, the number of Ordinary Shares to be issued to such holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.3 <u>Valid Issuance</u>. All Ordinary Shares issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.4 <u>Date of Issuance</u>. Each person in whose name any book-entry position for Ordinary Shares is issued shall for all purposes be deemed to have become the holder of record of such Ordinary Shares on the date on which this Agreement was surrendered and payment of the Exercise Price was made, except that, if the date of such surrender and payment is a date when the share transfer books of the Company are closed, such person shall be deemed to have become the holder of such Ordinary Shares at the close of business on the next succeeding date on which the share transfer books are open.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.5 <u>Maximum Percentage</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this Agreement, the Warrantholder is referred to as the "***BHCA Shareholder***" to the extent it is Banco Bilbao Vizcaya Argentaria, S.A. or any of its Affiliates (as defined in the Financing Agreement).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company agrees that the BHCA Shareholder should not "control" the Company within the meaning of the Bank Holding Company Act of 1956, as amended, together with the rules and regulations promulgated thereunder (the "***BHCA***"). The Company agrees to take all actions reasonably necessary to ensure that the BHCA Shareholder does not "control" the Company within the meaning of the BHCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The BHCA Shareholder shall not at any time hold, in the aggregate (together with all other voting securities of the Company held or previously transferred by the BHCA Shareholder and any of its BHCA affiliates), more than 4.99% of any "class of voting securities" (as such term is defined and such percentage is calculated in accordance with the BHCA) of the Company (the "***BHCA Limit***"). If the BHCA Shareholder, along with its BHCA affiliates, at the time of (i) admission of such BHCA Shareholder as a shareholder of the Company; (ii) exit of another shareholder; or (iii) any other event that causes a change in the relative voting power of the BHCA Shareholder (including as a result of changes in ownership percentages resulting from, for example, any merger between two or more shareholders), hold shares of capital stock that would exceed the BHCA Limit, then the Company will use its commercially reasonable efforts to enable the BHCA Shareholder to include such shares of Ordinary Shares exceeding the BHCA Limit in the underwriting necessary so the BHCA Shareholder is in compliance with the BHCA Limit. Such underwriting actions may include the purchase by the Company or, without objection from the Company and to the extent any other shareholder agrees, by any other shareholder of the Company those shares of Ordinary Stock that exceed the BHCA Limit at a fair market value to be agreed by the BHCA Shareholder and all other parties to such sale, such agreement not to be unreasonably withheld by any party to such sale. Upon the admission of a new shareholder, the exit of an existing shareholder or any other event that causes a change in the relative voting interests of the shareholders, the Company must promptly recalculate the voting interests of shares of Ordinary Stock held by the BHCA Shareholder (in the aggregate, including with any of its BHCA affiliates) so as to comply with the obligations included in this <u>subsection 3.3.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At no time shall the BHCA Shareholder, together with its BHCA affiliates, hold shares representing 25% or more of the "total equity" of the Company (as such term is defined and as such percentage is calculated in accordance with the BHCA) (the "***BHCA Total Equity Cap***"). In the event the BHCA Shareholder's shares (together with the shares of any of the BHCA Shareholder's BHCA affiliates) exceed the BHCA Total Equity Cap, the Company will use its commercially reasonable efforts to enable the BHCA Shareholder to include the shares of Ordinary Stock exceeding the BHCA Total Equity Cap in the underwriting necessary so that the BHCA Shareholder is in compliance with the BHCA Total Equity Cap requirement. Such underwriting actions may include the purchase by the Company or, without objection from the Company and to the extent any other shareholder agrees, by any other shareholder those shares that exceed the BHCA Total Equity Cap at a fair market value to be agreed by the BHCA Shareholder and all other parties to such sale, such agreement not to be unreasonably withheld by any party to such sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The parties acknowledge and agree that the BHCA Shareholder (and its respective BHCA affiliates) shall have no right to enforce against any other shareholders of the Company any provision of the Warrant that requires a shareholder to vote for or against any matter or that restricts or conditions the ability of a shareholder to transfer its shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Split-Ups</u>. If after the date hereof, and subject to the provisions of <u>Section</u> <u>4.6</u> below, the number of outstanding Ordinary Shares is increased by a stock split or reclassification of the Ordinary Shares or other similar event, then, on the effective date of such split-up or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall be increased in proportion to such increase in the outstanding Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Aggregation of Shares</u>. If after the date hereof, and subject to the provisions of <u>Section</u> <u>4.6</u> hereof, the number of outstanding Ordinary Shares is decreased by a consolidation, combination or reclassification of Ordinary Shares or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Adjustments in</u> <u>Exercise</u><u> </u><u>Price</u>. Whenever the number of Ordinary Shares purchasable upon the exercise of the Warrants is adjusted, as provided in <u>Section</u> <u>4.1</u> or <u>Section</u> <u>4.2</u> above, the Exercise Price shall be adjusted (to the nearest cent) by multiplying such Exercise Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of Ordinary Shares purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of Ordinary Shares so purchasable immediately thereafter, <u>provided</u> that any adjustment does not result in the Exercise Price being lower than the nominal value of Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Replacement of Securities upon Reorganization</u><u>, etc</u>. In case of any reclassification or reorganization of the outstanding Ordinary Shares (other than a change under <u>Section</u> <u>4.1</u> or <u>Section</u> <u>4.2</u> hereof or that solely affects the par value of such Ordinary Shares), or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding Ordinary Shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the Ordinary Shares of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior to such event (the "***Alternative Issuance***"); <u>provided</u>, <u>however</u>, that (i) if the holders of the Ordinary Shares were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall

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become exercisable shall be deemed to be the weighted average of the kind and amount received per share by the holders of the Ordinary Shares in such consolidation or merger that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders of the Ordinary Shares under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act (or any successor rule)) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act (or any successor rule)) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act (or any successor rule)) more than 50% of the outstanding Ordinary Shares, the holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest amount of cash, securities or other property to which such holder would actually have been entitled as a shareholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Ordinary Shares held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in this <u>Section</u> <u>4</u>; <u>provided</u>, <u>further</u>, <u>however</u>, that if less than 70% of the consideration receivable by the holders of the Ordinary Shares in the applicable event is payable in the form of capital stock or shares in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the Registered Holder properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable event by the Company pursuant to a Current Report on Form 6-K filed with the Commission, the Exercise Price shall be reduced by an amount (in dollars) (but in no event less than zero) equal to the difference of (i) the Exercise Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below) minus (B) the Black-Scholes Warrant Value (as defined below). The "***Black-Scholes Warrant Value***" means the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets ("***Bloomberg***"). For purposes of calculating such amount, (1) <u>Section</u> <u>6</u> of this Agreement shall be taken into account, (2) the price of each Ordinary Share shall be the volume weighted average price of the Ordinary Shares as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event, (3) the assumed volatility shall be the 90 day volatility obtained from the HVT function on Bloomberg determined as of the trading day immediately prior to the day of the announcement of the applicable event, and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the Warrant. "***Per Share Consideration***" means (i) if the consideration paid to holders of the Ordinary Shares consists exclusively of cash, the amount of such cash per Ordinary Share, and (ii) in all other cases, the volume weighted average price of the Ordinary Shares as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event. If any reclassification or reorganization also results in a change in Ordinary Shares covered by <u>Section</u> <u>4.1</u>, then such adjustment shall be made pursuant to <u>Section</u> <u>4.1</u> or <u>Sections 4.2</u>, <u>4.3</u> and this <u>Section</u> <u>4.4</u>. The provisions of this <u>Section</u> <u>4.4</u> shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will the Exercise Price be reduced to less than the par value per share issuable upon exercise of the Warrant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Notices of Changes in Warran</u>t. Upon every adjustment of the Exercise Price or the number of Ordinary Shares issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Registered Holders, which notice shall state the Exercise Price resulting from such adjustment and the increase or decrease, if any, in the number of Ordinary Shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in <u>Sections 4.1</u>, <u>4.2</u>, <u>4.3</u> or <u>4.4</u>, the Company shall give written notice of the occurrence of such event to each holder of a Warrant, at the last address set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <u>No Fractional Shares</u>. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional Ordinary Shares upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this <u>Section</u> <u>4</u>, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round down to the nearest whole number the number of Ordinary Shares to be issued to such holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 <u>Form of Warran</u>t. The form of Warrant need not be changed because of any adjustment pursuant to this <u>Section</u> <u>4</u>, and Warrants issued after such adjustment may state the same Exercise Price and the same number of Ordinary Shares as is stated in the Warrants initially issued pursuant to this Agreement; <u>provided</u>, <u>however</u>, that the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 <u>Other Events</u>. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of this <u>Section</u> 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this <u>Section</u> <u>4</u>, then, in each such case, the Company shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose of this <u>Section</u> <u>4</u> and, if they determine that an adjustment is necessary, the terms of such adjustment. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Transfer and Exchange of Warrants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Transfers</u>. Subject to the restrictions on transfer set forth in this Agreement and compliance with applicable federal and state securities laws, this Agreement and all rights hereunder may not be assigned by the Warrantholder without the written consent of the Company, in whole or in part, except to an entity in the Warrantholder Group. The Company shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register, upon receipt

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by the Company of a notice of transfer in the form attached hereto as <u>Exhibit B</u> (the "***Transfer Notice***"), accompanied by the transferee's correct, complete and duly executed IRS Form W-9 (or successor applicable form) or an appropriate IRS Form W-8 (or successor applicable form) with all required attachments, at its principal offices and the payment to the Company of all transfer taxes and other governmental charges imposed on such transfer. Until the Company receives such Transfer Notice, the Company may treat the registered owner hereof as the owner for all purposes. After the Company's registration of a transfer of the Warrant, the Company will issue and deliver to the transferee a new warrant (representing the portion of the Warrant so transferred) upon the same terms and conditions as the Warrant Agreement and in substantially identical form (any such new warrant, a "***New Warrant***"), which the Company will register in the new holder's name. In the event of registration of a partial transfer of the Warrant, the Company shall concurrently issue and deliver to the transferring holder a New Warrant that entitles the transferring holder to the balance of the Warrant not so transferred and that otherwise is upon the same terms and conditions as the Warrant. Upon the delivery of the Warrant for transfer, the transferee holder shall for all purposes become the holder of the New Warrant issued for the portion of the Warrant so transferred, irrespective of the date of actual delivery of the New Warrant representing the portion of the Warrant so transferred. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations in respect of the New Warrant that the Warrantholder has in respect of this Warrant Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Representation by the Warrantholder</u>. The Warrantholder, by the acceptance hereof, represents and warrants that it is acquiring the Warrants and, upon any exercise hereof, will acquire the Ordinary Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Ordinary Shares or any part thereof in violation of the Securities Act of 1933, as amended (the "***Securities Act***") or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Transfer Restrictions</u>. The Warrantholder acknowledges that the Ordinary Shares acquired upon the exercise of this Agreement, if not registered pursuant to an effective registration statement under the Securities Act or eligible for resale without volume or manner-of-sale restrictions or current public information requirements pursuant to Rule 144 promulgated under the Securities Act, will have restrictions upon resale imposed by state and federal securities laws and such Ordinary Shares will be imprinted with the following legend:

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"). THE HOLDER MAY NOT OFFER, SELL, TRANSFER, ASSIGN, PLEDGE, HYPOTHECATE, OR OTHERWISE DISPOSE OF OR ENCUMBER SUCH SECURITIES EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR PROSPECTUS UNDER THE SECURITIES ACT AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAW, RESPECTIVELY, OR WITH AN EXEMPTION FROM SUCH REGISTRATION OR PROSPECTUS REQUIREMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Service Charges</u>. No service charge shall be made for any exchange or transfer of Warrants.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 The Company shall not bear any taxes, notarial costs, security registration or perfection fees or costs, that arise directly or indirectly because of an assignment, exchange or transfer made by the Warrantholder with respect of the Warrants or the Ordinary Shares acquired upon exercise of the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Redemption</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Redemption of Warrants for</u> <u>when the price per share equals or exceeds $11.00</u>. Not less than all of the outstanding Warrants may be redeemed, at the option of the Company, commencing on the date that is five (5) years after the Financing Agreement Signing Date and prior to the Expiration Date, at the office of the Company, upon notice to the Registered Holders of the Warrants, as described in <u>Section</u> <u>6.2</u> below, at the price (the *"****Redemption Price***") of $0.01 per Warrant, <u>provided</u> that the last reported sales price of the Ordinary Shares has been at least $11.00 per share (subject to adjustment in compliance with <u>Section</u> <u>4</u> hereof), on each of twenty (20) trading days within the thirty (30) trading-day period ending on the third (3rd) Business Day prior to the date on which notice of the redemption is given; <u>provided</u> that there is an effective registration statement covering the Ordinary Shares issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day Redemption Period (as defined in <u>Section</u> <u>6.2</u> below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Date Fixed for, and Notice of, Redemption</u>. In the event that the Company elects to redeem all of the Warrants pursuant to <u>Section</u> <u>6.1</u>, the Company shall fix a date for the redemption (the "***Redemption Date***"). Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date (the "***30-day Redemption Period***") to the Registered Holders of the Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Registered Holder received such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Exercise After Notice of Redemption</u>. The Warrants may be exercised, for cash at any time after notice of redemption shall have been given by the Company pursuant to <u>Section</u> <u>6.2</u> hereof and prior to the Redemption Date. On and after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Other Provisions Relating to Rights of the Warrantholder; Cashless Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>No Rights as</u> <u>Shareholder</u>. A Warrant does not entitle the Registered Holder thereof to any of the rights of a shareholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders or the election of directors of the Company or any other matter.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Lost, Stolen, Mutilated, or Destroyed Warrant Agreement</u>. If any Warrant is lost, stolen, mutilated, or destroyed, the Company may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant Agreement of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant Agreement shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Reservation of</u> <u>Ordinary Shares</u>. The Company shall at all times reserve and keep available a number of unissued Ordinary Shares in its authorized share capital as provided for in the Company's articles of association that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement; <u>provided</u>, that the Ordinary Shares issuable pursuant to this Agreement may be subject to restrictions on transfer under state and/or federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Cashless Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.1 At any time and from time to time during the Exercise Period, the Warrantholder shall have the right to exercise the Warrant on a "cashless basis," by exchanging the Warrant (in accordance with Section 3(a)(9) of the Securities Act (or any successor rule) or another exemption) for that number of Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrant, multiplied by the excess of the "Fair Market Value" (as defined below) over the Exercise Price by (y) the Fair Market Value; <u>provided</u>, that the Warrantholder shall provide at least three (3) days prior written notice of cashless exercise to the Company. The nominal value of Ordinary Shares issued upon exercise of the Warrant on a "cashless basis" may be paid-up at the expense of the reserves of the Company. Solely for purposes of this <u>subsection 7.4.1</u>, "***Fair Market Value***" shall mean the volume weighted average price of the Ordinary Shares as reported during the ten (10) trading day period ending on the trading day prior to the date that notice of cashless exercise is received by the Company from the holder of such Warrants or its securities broker or intermediary; <u>provided</u>, <u>however</u>, if the Ordinary Shares are not then traded or quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market, "***Fair Market Value***" shall be determined by the Board of Directors of the Company in its reasonable, good-faith judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.2 In the event that, upon expiration of the Exercise Period, the Fair Market Value is greater than the Exercise Price, then the Warrants will automatically be deemed to be exercised pursuant to <u>subsection 7.4.1</u> as to all Ordinary Shares for which the Warrants are exercisable on and as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>U.S. Tax Treatment</u>. The Company and the Warrantholder agree that the Warrants and loans issued under the Financing Agreement are intended to constitute an "investment unit" as that term is defined in Section 1273(c)(2) of the U.S. Internal Revenue Code of 1986, as amended (the "***Code***"), and such loans will be treated as issued with original issue discount within the meaning of the Code. The issue price, amount of original issue discount, issue date and yield to maturity of such loans may be obtained by writing to Wall Box Chargers, S.L.U. at the address specified in the Financing Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Tax Deductions</u>. All payments to be made by the Company to the Warrantholder (or the Registered Holder, if different) under this Agreement shall be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges (a "***Tax Deduction***") unless the Company is compelled by law to make such Tax Deduction. In this regard, the Company and the Warrantholder shall cooperate and take all reasonable steps to mitigate any circumstances which arise and which would result in any Tax Deduction being due and payable by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Miscellaneous Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Successors</u>. Subject to applicable securities laws, all the covenants and provisions of this Agreement by or for the benefit of the Company shall bind and inure to the benefit of their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Notices</u>. Any notice, statement or demand authorized by this Agreement to be given or made by the parties hereto shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the parties hereto) or upon actual receipt if given by electornic notice, as follows:

If to the Company:

Wallbox N.V.

Carrer del Foc, 68 Barcelona, Spain 08038

Attention:

Email:

With a copy to:

Latham & Watkins LLP

811 Main Street

Suite 3700

Houston, TX 77002

Attn:

Email:

If to the Warrantholder:

Banco Bilbao Vizcaya Argentaria, S.A.

C/ Azul 4

28050 Madrid, Spain

Attention:

With a copy to:

DLA Piper (US) LLP

33 Arch Street, 27th Floor

Boston MA 02110

Attn:

Email:

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Any person or entity purchasing or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have consented to the forum provisions in this <u>Section</u> <u>10.3</u>. If any action, the subject matter of which is within the scope the forum provisions above, is filed in a court other than a court located within the State of New York or the United States District Court for the Southern District of New York (a "***NY foreign action***") in the name of any warrant holder, such warrant holder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located within the State of New York or the United States District Court for the Southern District of New York in connection with any action brought in any such court to enforce the forum provisions (an "***NY enforcement action***"), and (y) having service of process made upon such warrant holder in any such NY enforcement action by service upon such warrant holder's counsel in the NY foreign action as agent for such warrant holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Persons Having Rights under this Agreement</u>. Nothing in this Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the Registered Holders of the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <u>Examination of the Warrant Agreement</u>. A copy of this Agreement shall be available at all reasonable times at the principal office of the Company for inspection by the Registered Holder of any Warrant. The Company may require any such holder to submit his Warrant for inspection by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 <u>Counterparts</u>. This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 <u>Effect of Headings</u>. The section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 <u>Amendments</u>. All modifications to this Agreement, amendments to this Agreement, or waivers (either generally or in a particular instance and either retroactively or prospectively) with respect to this Agreement, including any amendment to increase the Exercise Price or shorten the Exercise Period, shall require an instrument in writing signed by Warrantholder and the Company. Notwithstanding the foregoing, the Company may lower the Exercise Price or extend the duration of the Exercise Period pursuant to <u>Sections 3.1</u> and <u>3.2</u>, respectively, without the consent of the Warrantholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 <u>Severability</u>. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 <u>Service of Process</u>. Each of the parties also agrees that delivery of any process, summons, notice or document to a party hereof in compliance with <u>Section</u> <u>10.2</u> and <u>Section</u> <u>10.3</u> shall be effective service of process for any action, suit or proceeding in a Designated Court with respect to any matters to which the parties have submitted to jurisdiction as set forth above.

[*Signature Page Follows*]

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

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| | |
|:---|:---|
|  | **WALLBOX N.V.** |
| By: | /s/ Enric Asunción |

---

Name: Enric Asunción <br> Title: Chief Executive Officer

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| | |
|:---|:---|
|  | **BANCO BILBAO VIZCAYA ARGENTARIA,<br>S.A.** |
| By: | /s/ Jan de Dreu; /s/ Fernando Galea Pla |

---

Name: Jan de Dreu; Fernando Galea Pla <br> Title: Representatives

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**EXHIBIT A** 

**Form of Notice of Exercise** 

**[To Be Executed Upon Exercise of Warrant]** 

The undersigned hereby irrevocably elects to exercise the right, represented by this Notice of Exercise, to receive [•] Ordinary Shares, pursuant to the terms of the Warrant Agreement, dated February 9, 2023 (the "***Warrant Agreement***") between Wallbox N.V., a public company with limited liability (*naamloze vennootschap*) incorporated under the laws of the Netherlands, having its official seat in Amsterdam, the Netherlands and registered with the Dutch trade register under number [\*\*\*] (the **"*Company*"**) and the Warrantholder. Capitalized terms used herein and not otherwise defined herein have the respective meanings set forth in the Warrant Agreement.

Provided that the Ordinary Shares are registered for resale on an effective registration statement or are eligible for resale without volume or manner-of-sale restrictions or current public information requirements pursuant to Rule 144, the Ordinary Shares shall be delivered to the following DWAC Account Number:

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| |
|:---|
| <u> </u> |
| <u> </u> |
| <u> </u> |

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In the event that the Warrantholder has elected a cash exercise, the Warrantholder shall pay the sum of $[•] in immediately available funds to the Company in accordance with the terms of the Warrant Agreement.

In the event that the Warrant is to be exercised on a "cashless" basis pursuant to <u>Section</u> <u>7.4</u> of the Warrant Agreement, the number of Ordinary Shares that the Warrant is exercisable for shall be determined in accordance with <u>Section</u> <u>7.4</u> of the Warrant Agreement.

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In the event that the Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of Ordinary Shares that the Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement which allows for such cashless exercise and (ii) the Warrantholder shall complete the following: The undersigned hereby irrevocably elects to exercise the right, represented by the Warrant Agreement, through the cashless exercise provisions of the Warrant Agreement, to receive Ordinary Shares. If said number of shares is less than all of the Ordinary Shares purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Agreement representing the remaining balance of such Ordinary Shares be registered in the name of [•], whose address is [•] and that such Warrant Agreement be delivered to [•], whose address is [•].

[Signature Page Follows]

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| | |
|:---|:---|
| WARRANTHOLDER: | BANCO BILBAO VIZCAYA ARGENTARIA, S.A. |
|  | By: |
|  | Name: |
|  | Title: |
|  | Date: |

---

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**EXHIBIT B** 

**Transfer Notice** 

(To transfer or assign the foregoing Agreement execute this form and supply required information. Do not use this form to purchase shares.)

FOR VALUE RECEIVED, the foregoing Agreement and all rights evidenced thereby are hereby transferred and assigned to

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| |
|:---|
| (Please Print) |
| whose address is |

---

Dated:   

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| |
|:---|
| Warrantholder's Signature: |
| Warrantholder's Address: |

---

## Exhibit 2.7

**Exhibit 2.7** 

<u>SUBSCRIPTION AGREEMENT</u> 

Wallbox N.V.

Carrer del Foc, 68

Barcelona, Spain 08038

Ladies and Gentlemen:

In connection with that certain Facility Agreement (the "***Financing Agreement***"), dated February 9, 2023, by and among Wallbox N.V., a limited liability company (*naamloze vennootschap*), having its official seat in Amsterdam, the Netherlands, and registered with the trade register of the Dutch Chamber of Commerce under number [\*\*\*] and resident for tax purposes in Spain with address at Carrer del Foc 68, 08038 Barcelona, Spain (the "<u>Company</u>"), as guarantor, Wall Box Chargers, S.L.U., as borrower, Banco Bilbao Vizcaya Argentaria, S.A. (the "<u>Subscriber</u>"), as lender, and the other lender parties from time to time thereto, the Company desires to grant to the Subscriber, and the Subscriber desires to subscribe for and accept from the Company, warrants in accordance with, and having the terms and conditions set out in, a warrant agreement substantially in the form attached hereto as <u>Exhibit A</u> (the "<u>Warrant Agreement</u>" and the warrants granted pursuant to the Warrant Agreement the "<u>Warrants</u>") , each Warrant comprising the right to subscribe for (*recht tot het nemen van*) 1 (one) Class A ordinary share in the share capital of the Company, nominal value €0.12 per share (the "<u>Class</u> <u>A Shares</u>"), set forth on the signature page hereto, on the terms and subject to the conditions contained herein and in the Warrant Agreement, at an exercise price of $5.32 per share (the "<u>Exercise Price</u>"), subject to the terms and conditions set forth in the Warrant Agreement (the "<u>Subscription</u>"). In connection therewith, the Subscriber and the Company agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Subscription</u>. Subject to the terms and conditions of this Subscription Agreement, (i) the undersigned hereby irrevocably subscribes for and agrees to acquire from the Company Warrants, evidencing a right to subscribe for such number of Class A Shares as is set forth on its respective signature page of this Subscription Agreement, on the terms and subject to the conditions provided for herein and the Warrant Agreement (such Class A Shares issuable upon exercise of the Warrant, the "<u>Shares</u>"); and (ii) the Company hereby irrevocably undertakes to grant and assign to the undersigned the Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Closing</u>. The closing of the issuance of the Warrants contemplated hereby (the "<u>Subscription Closing</u>") is expected to occur substantially concurrently with the closing of the Financing Agreement (the "<u>Closing Date</u>"). On the Closing Date, upon satisfaction (or, if applicable, waiver) of the conditions set forth in <u>Section</u> <u>3</u> hereof and prior to the release of the Facility Amount (as defined in the Financing Agreement) by the undersigned, the Company shall deliver to the Subscriber (i) the Warrants being purchased by the Subscriber and (ii) if requested, a copy of the books of the Company for the registration of the Warrants, showing the undersigned as the record owner on and as of the Closing Date; <u>provided</u> that, (x) if such registration is made prior to the Company's receipt of the Facility Amount from the undersigned and (y) such Facility Amount is not received by the Company on the Closing Date, then without limiting any rights of any party under this Subscription Agreement, the Company may, without any action of the undersigned, cause such registration to be automatically cancelled, void and of no further force and effect.

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For the purposes of this Subscription Agreement, "<u>business day</u>" means any day other than Saturday, Sunday or other day on which commercial banks are authorized or required by law to remain closed in (i) New York, NY, United States of America, (ii) Amsterdam, the Netherlands, (iii) Madrid, Spain and (iv) Barcelona, Spain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Closing Conditions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The obligations of the Company to consummate the transactions contemplated hereunder are subject to the conditions that, at the Subscription Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. all representations and warranties of the undersigned contained in this Subscription Agreement shall be true
and correct in all material respects (other than representations and warranties that are qualified as to "materiality" or "Material Adverse Effect", which representations and warranties shall be true and correct in all respects)
at and as of the Subscription Closing as though made on the Closing Date (except for those representations and warranties that speak as of a specific date, which shall be so true and correct in all material respects as of such specified date), and
consummation of the Subscription Closing shall constitute a reaffirmation by the undersigned of each of the representations, warranties and agreements of such party contained in this Subscription Agreement as of the Subscription Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the undersigned shall have performed or complied in all material respects with all agreements and covenants
required by this Subscription Agreement to be performed or complied by the undersigned at or prior to the Subscription Closing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the Financing Agreement shall have become effective and the Company shall have received from the Subscriber an
amount no less than the Facility Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The obligations of the undersigned to consummate the transactions contemplated hereunder are subject to the conditions that, at the Subscription Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. all representations and warranties of the Company contained in this Subscription Agreement shall be true and
correct in all material respects (other than representations and warranties that are qualified as to "materiality" or "Material Adverse Effect", which representations and warranties shall be true and correct in all respects) at
and as of the Subscription Closing as though made on the Closing Date (except for those representations and warranties

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that speak as of a specific date, which shall be so true and correct in all material respects as of such specified date), other than representations and warranties that are qualified as to materiality or Material Adverse Effect, which representations and warranties shall be true and correct as of such specified date in all respects, and consummation of the Subscription Closing shall constitute a reaffirmation by the Company to the undersigned of its representations, warranties and agreements contained in this Subscription Agreement as of the Subscription Closing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the Company shall have performed or complied in all material respects with all agreements and covenants
required by this Subscription Agreement to be performed or complied by the Company at or prior to the Subscription Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The obligations of each of the Company and the undersigned to consummate the transactions contemplated hereunder are subject to the conditions that, at the Subscription Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. no governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order,
law, rule or regulation (whether temporary, preliminary or permanent) which is then in effect and has the effect of making consummation of the transactions contemplated hereby illegal or otherwise restraining or prohibiting consummation of the
transactions contemplated hereby, and no governmental authority shall have instituted or threatened in writing a proceeding seeking to impose any such restraint or prohibition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. no suspension of the qualification of the Shares for offering or sale or trading in any jurisdiction, or
initiation or threatening of any proceedings for any of such purposes, shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Further Assurances</u>. At the Subscription Closing, the parties hereto shall execute and deliver or cause to be executed and delivered such additional documents and instruments and take such further action as may be reasonably necessary to consummate the transactions contemplated by this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Company Representations and Warranties</u>. The Company represents and warrants to the undersigned that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Company has been duly organized and is validly existing under the laws of the Netherlands, with corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Company has reserved a sufficient number of Shares to permit the exercise of the Warrants being sold hereunder and such Shares, when issued and delivered to the undersigned in accordance with the terms of the Warrant Agreement, will be duly authorized, validly issued, fully paid and non-assessable, free and clear of any liens, charges or encumbrances (other than restrictions under applicable securities laws) and will not have been issued in violation of or subject to any preemptive or similar rights created under the Company's organizational documents or under the laws of the Netherlands, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. This Subscription Agreement has been duly authorized, executed and delivered by the Company and is enforceable in accordance with its respective terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The grant of the Warrants and the compliance by the Company with all of the provisions of this Subscription Agreement and the Warrant Agreement and the consummation of the transactions herein will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the Company is a party or by which the Company is bound or to which any of the property or assets of the Company are subject, which would have a material adverse effect on the business, properties, financial condition, stockholders' equity or results of operations of the Company (a "<u>Material Adverse Effect</u>") or affect the validity of the Warrants or the legal authority of the Company to comply in all material respects with the terms of this Subscription Agreement; (ii) result in any violation of the provisions of the organizational documents of the Company; or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of its properties that would have a Material Adverse Effect or materially affect the validity of the Warrants or the legal authority of the Company to comply with this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization or other person in connection with the execution, delivery and performance of this Subscription Agreement (including, without limitation, the issuance of the Shares), other than, as applicable, (i) filings required by the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and the rules of the Securities and Exchange Commission (the "<u>Commission</u>"), (ii) filings required by applicable state securities laws, (iii) filings required by the New York Stock Exchange ("<u>NYSE</u>") in connection with the listing of the Shares, (iv) any filings required to be made with the trade register of the Dutch Chamber of Commerce in order to register the issuance of the Shares (if any) and (v) where the failure of which to obtain would not reasonably be expected to have a Material Adverse Effect or have a material adverse effect on the Company's ability to consummate the transactions contemplated hereby, including the issuance and sale of the Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Company has not received any written communication from a governmental entity that alleges that the Company is not in compliance with or is in default or violation of any applicable law, except where such non-compliance, default or violation would not be reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The issued and outstanding Class A Shares are registered pursuant to Section 12(b) of the Exchange Act, and are listed for trading on the NYSE under the symbol "WBX." There is no suit, action, proceeding or investigation pending or, to the knowledge of the Company, threatened against the Company by the NYSE or the Commission with respect to any intention by such entity to deregister the Class A Shares or prohibit or terminate the listing of the Class A Shares on the NYSE. The Company has taken no action that is designed to terminate the registration of the Class A Shares under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Assuming the accuracy of the undersigned's representations and warranties set forth in <u>Section</u> <u>6</u> of this Subscription Agreement, no registration under the Securities Act is required for the offer, grant and sale of the Warrants by the Company to the undersigned. The Securities offered hereby (i) were not offered by any form of general solicitation or general advertising (within the meaning of Regulation D of the Securities Act) and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Except for such matters as have not had and would not be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect, there is no (i) action, suit, claim or other proceeding, in each case by or before any governmental authority pending, or, to the knowledge of the Company, threatened against the Company or (ii) judgment, decree, injunction, ruling or order of any governmental entity or arbitrator outstanding against the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. As of the date of this Subscription Agreement, the issued share capital of the Company consists of 148,986,504 Class A Shares, 23,250,793 Class B ordinary shares of the Company with a nominal value of €1.20 per share ("<u>Class</u> <u>B Shares</u>"), 14,142,812 warrants to purchase Class A Shares, 8,845,255 options to purchase Class A Shares or Class B Shares, and 4,682,130 restricted stock units. The Shares collectively represent 0.223976% of the authorized capital stock of the Company, calculated on a fully-diluted, common stock-equivalent basis, assuming the conversion into common stock of all outstanding securities and instruments convertible by their terms into shares of common stock (regardless of whether such securities or instruments are by their terms now so convertible), the exercise in full of all outstanding options, warrants (including, without limitation, the Warrant) and other rights to purchase or acquire shares of common stock or securities exercisable for or convertible into shares of common stock (regardless of whether such options, warrants or other rights to purchase or acquire are by their terms now exercisable), and the inclusion of all shares of common stock reserved for issuance under all of the Company's incentive stock and stock option plans and not now subject to outstanding grants or options. As of the date of this Subscription Agreement, and for the warrants to purchase Class A Shares and the options to purchase Class A Shares or Class B Shares described in the preceding sentence, there are no outstanding options, warrants or other rights to subscribe for, purchase or acquire from the Company any shares or other equity interests in the Company (collectively, "<u>Company Equity Interests</u>") or securities convertible into or exchangeable or exercisable for Company Equity Interests.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Neither the Company nor any person acting on its behalf has conducted any general solicitation or general advertising (as those terms are used in Regulation D of the Securities Act) in connection with the offer or sale of any of the Securities, and assuming the accuracy of the representations and warranties of the undersigned herein, the Securities are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. The Company is not, and immediately after receipt of payment for the Shares will not be, an "investment company" within the meaning of the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. The Company, and, to the knowledge of the Company, the officers, directors, employees, and agents of the Company, in each case, acting on behalf of the Company, have been in compliance in all material respects with all applicable Anti-Corruption Laws, (ii) the Company has not been convicted of violating any Anti-Corruption Laws or, to the knowledge of the Company, subjected to any investigation by a governmental authority for violation of any applicable Anti-Corruption Laws, (iii) the Company has not conducted or initiated any internal investigation or made a voluntary, directed, or involuntary disclosure to any governmental authority regarding any alleged act or omission arising under or relating to any noncompliance with any Anti-Corruption Laws and (iv) the Company has not received any written notice or citation from a governmental authority for any actual or potential noncompliance with any applicable Anti-Corruption Laws. As used in this Subscription Agreement, "Anti-Corruption Laws" means any applicable laws relating to corruption and bribery, including the U.S. Foreign Corrupt Practices Act of 1977 (as amended), the UK Bribery Act 2010, and any similar law that prohibits bribery or corruption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Subscriber Representations and Warranties</u>. The undersigned represents and warrants to the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The undersigned is (i) a "qualified institutional buyer" (as defined under the Securities Act) or (ii) an institutional "accredited investor" (within the meaning of Rule 501(a) under the Securities Act), in each case, satisfying the requirements set forth on <u>Schedule A</u>, and is acquiring the Warrants and the Shares (collectively, the "<u>Securities</u>") only for its own account and not for the account of others, and not on behalf of any other account or person or with a view to, or for offer or issuance in connection with, any distribution thereof in violation of the Securities Act (and shall provide the requested information on <u>Schedule A</u> following the signature page

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hereto). Likewise, if Subscriber is a not a U.S. person (within the meaning of Regulation S under the Securities Act), and Subscriber is organized or resident in the European Economic Area, Subscriber is (x) a "qualified investor" within the meaning of Regulation (EU) 2017/1129, as amended and (y) not a person who is one (or more) of: (a) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU on markets in financial instruments, as amended (the "<u>Markets in Financial Instruments Directive</u>"); or (b) a customer within the meaning of Directive (EU) 2016/97, as amended, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of the Markets in Financial Instruments Directive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The undersigned understands that the Warrants are being offered in a transaction not involving any public offering within the meaning of the Securities Act and that none of the Securities have been registered under the Securities Act. The undersigned understands that the Warrants will be subject to the transfer limitations set forth therein and may be disposed of only in compliance with state and federal securities laws and in accordance with the terms specified therein. The undersigned acknowledges that the Securities will not be eligible for resale pursuant to Rule 144A promulgated under the Securities Act. The undersigned understands and agrees that the Securities will be subject to the foregoing transfer restrictions and, as a result of these transfer restrictions, the undersigned may not be able to readily resell the Securities and may be required to bear the financial risk of an investment in the Securities for an indefinite period of time. The undersigned understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any Securities. For the avoidance of doubt, the undersigned acknowledges that the Company has no obligation to register the Warrants for issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The undersigned understands and agrees that the undersigned is subscribing and accepting Warrants directly issued from the Company. The undersigned further acknowledges that there have been no representations, warranties, covenants and agreements made to the undersigned by the Company, or any of their officers or directors, expressly or by implication, other than those representations, warranties, covenants and agreements included in this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Either (i) the undersigned is not a Benefit Plan Investor as contemplated by the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>"), or (ii) the undersigned's subscription and acceptance and holding of the Warrant will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Internal Revenue Code of 1986, as amended, or any applicable similar law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The undersigned acknowledges and agrees that the undersigned has received, and has had an adequate opportunity to review, such financial and other information as the undersigned deems necessary in order to make an investment decision with respect to the Warrant, the Company and made its own assessment and is satisfied concerning the relevant tax and other economic considerations relevant to the undersigned's investment in the Warrants. Without limiting the generality of the foregoing, the undersigned acknowledges that it has reviewed the documents provided to the undersigned by the Company. The undersigned represents and agrees that the undersigned and the undersigned's professional advisor(s), if any, have had the opportunity to ask such questions, receive such answers and obtain such information as the undersigned and such undersigned's professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The undersigned became aware of this offering of the Warrant solely by means of direct contact between the undersigned and the Company or a representative of the Company, and the Warrants were offered to the undersigned solely by direct contact between the undersigned and Company or a representative of the Company. The undersigned did not become aware of this offering of the Warrants, nor were the Warrants offered to the undersigned, by any other means. The undersigned acknowledges that the Company represents and warrants that none of the Securities (i) was offered by any form of general solicitation or general advertising and (ii) to the knowledge of the undersigned, are being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The undersigned acknowledges that it is aware that there are substantial risks incident to the issuance and ownership of the Securities. The undersigned is able to fend for itself in the transactions contemplated herein, has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Securities and has the ability to bear the economic risks of such investment in the Securities and can afford a complete loss of such investment. The undersigned has sought such accounting, legal and tax advice as the undersigned has considered necessary to make an informed investment decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. In making its decision to subscribe for and accept the Warrants, the undersigned has relied solely upon independent investigation made by the undersigned and the representations, warranties, covenants and agreements contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The undersigned understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Securities or made any findings or determination as to the fairness of this investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. The undersigned has been duly formed or incorporated and is validly existing in good standing under the laws of its jurisdiction of incorporation or formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. The execution, delivery and performance by the undersigned of this Subscription Agreement are within the powers of the undersigned, have been duly authorized and will not constitute or result in a breach or default under or conflict with any order, ruling or regulation of any court or other tribunal or of any governmental commission or agency, or any agreement or other undertaking, to which the undersigned is a party or by which the undersigned is bound, which, in each case, would reasonably be expected to have a material adverse effect on the legal authority of the undersigned to enter into and timely perform its obligations under this Subscription Agreement, and, if the undersigned is not an individual, will not violate any provisions of the undersigned's charter documents, including, without limitation, its incorporation or formation papers, bylaws, indenture of trust or partnership or operating agreement, as may be applicable. The signature on this Subscription Agreement is genuine, and the signatory has been duly authorized to execute the same, and this Subscription Agreement constitutes a legal, valid and binding obligation of the undersigned, enforceable against the undersigned in accordance with its terms.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Neither the due diligence investigation conducted by the undersigned in connection with making its decision to acquire the Warrants nor any representations and warranties made by the undersigned herein shall modify, amend or affect the undersigned's right to rely on the truth, accuracy and completeness of the Company's representations and warranties contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. The undersigned is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by the U.S. Treasury Department's Office of Foreign Assets Control ("<u>OFAC</u>") or in any Executive Order issued by the President of the United States and administered by OFAC ("<u>OFAC List</u>"), or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank. The undersigned agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable law, <u>provided</u>, <u>however</u>, that the undersigned is permitted to do so under applicable law. If the undersigned is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the "<u>BSA</u>"), as amended by the USA PATRIOT Act of 2001 (the "<u>PATRIOT Act</u>"), and its implementing regulations (collectively, the "<u>BSA/PATRIOT Act</u>"), the undersigned maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. To the extent required, the undersigned maintains policies and procedures reasonably designed (a) for the screening of its investors against the OFAC sanctions programs, including the OFAC List, and (b) to ensure that the funds held by the undersigned and used to issue the Securities were legally derived. The sanctions representation and undertaking in this <u>Section</u> <u>6(m)</u> will not apply to any party hereto to which Council Regulation (EC) No. 2271/96 as amended (including as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018) (the "<u>Blocking Regulation</u>") applies, if and to the extent that such representation and undertaking are or would be unenforceable by reason of breach of any provision of the Blocking Regulation (or any law or regulation implementing such Blocking Regulation in any member state of the European Union or the United Kingdom).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. As of the date of this Subscription Agreement the undersigned does not have, and during the thirty (30) day period immediately prior to the date of this Subscription Agreement the undersigned has not entered into, any "put equivalent position" as such term is defined in Rule 16a-1 under the Exchange Act or Short Sale positions with respect to the securities of the Company. For purposes of this Subscription Agreement, "Short Sales" shall include, without limitation, all "short sales" as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, and all types of direct and indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers. Notwithstanding the foregoing, in case the undersigned is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Subscriber's assets, the representation set forth above in this paragraph shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Subscription Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Additional Subscriber Agreement</u>. The undersigned hereby agrees that, from the date of this Subscription Agreement and until the Subscription Closing, no person or entity, while acting in connection with this Subscription and on behalf of the undersigned or any of its controlled affiliates or pursuant to any understanding in connection with this Subscription with the undersigned or any of its controlled affiliates, will engage in any Short Sales with respect to securities of the Company. For purposes hereof, "Short Sales" shall include, without limitation, all "short sales" as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act. Solely for purposes of this paragraph, subject to the undersigned's compliance with its obligations under the U.S. federal securities laws and the undersigned's internal policies, the restrictions set forth above in this paragraph shall not apply to any employees, subsidiaries, desks, groups, or affiliates of the undersigned that are effectively walled off by appropriate "fire wall" information barriers approved by the undersigned's legal or compliance department. Notwithstanding the foregoing, if the undersigned is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Subscriber's assets, this <u>Section</u> <u>7</u> shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Registration Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Company agrees that, within thirty (30) calendar days after the Closing Date (the "<u>Filing Deadline</u>"), the Company will file with the Commission (at the Company's sole cost and expense) a registration statement (the "<u>Registration Statement</u>") registering the resale of the Shares, and the Company shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof, but no later than the earlier of (i) 60 calendar days (or 120 calendar days if the Commission notifies the Company that it will "review" the Registration Statement) following the Filing Deadline, and (ii) five (5) business days after the Company is notified (orally or in writing, whichever is earlier) by the Commission that the Registration Statement will not be "reviewed" or will not be subject to further review (such earlier date, the "<u>Effectiveness Date</u>"); <u>provided</u>, <u>however</u>, that the Company's obligations to include the Shares in the Registration Statement are contingent upon the undersigned furnishing in writing to the Company such information regarding the undersigned, the securities of the Company held by the undersigned and the intended method of disposition of the Shares as shall be reasonably requested in writing by the Company to effect the registration of the Shares, and the undersigned shall execute such documents in connection with such registration as the Company may reasonably request that are customary of a selling stockholder in similar situations, including providing that the Company shall be entitled to postpone and suspend the use of the Registration Statement as permitted hereunder; <u>provided</u>, <u>further</u>, <u>however</u>, that the undersigned shall not in connection with the foregoing be required to execute any lock-up or similar agreement or otherwise be subject to any contractual restriction on the ability to transfer the Shares. With respect to the information to be provided by the undersigned pursuant to this <u>Section</u> <u>8</u>, the Company shall request such information at least ten (10) business days prior to the anticipated initial filing date of the Registration Statement. The Company will provide a draft of the Registration Statement to

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the undersigned for review at least five (5) business days in advance of its anticipated initial filing date. Notwithstanding the foregoing, if the Commission prevents the Company from including any or all of the shares proposed to be registered under the Registration Statement due to limitations on the use of Rule 415 of the Securities Act for the resale of the Shares by the applicable stockholders or otherwise, such Registration Statement shall register for resale such number of Shares which is equal to the maximum number of Shares as is permitted by the Commission. In such event, the number of Shares to be registered for each selling stockholder named in the Registration Statement shall be reduced pro rata among all such selling stockholders required to be registered, and as promptly as practicable after being permitted to register additional Shares under Rule 415 under the Securities Act, the Company shall file a new Registration Statement to register such Shares not included in the initial Registration Statement and cause such Registration Statement to become effective as promptly as practicable consistent with the terms of this <u>Section</u> <u>8</u>. In no event shall the undersigned be identified as a statutory underwriter in the Registration Statement unless in response to a comment or request from the staff of the Commission or another regulatory agency; <u>provided</u>, <u>however</u>, that if the Commission requests that the undersigned be identified as a statutory underwriter in the Registration Statement, the undersigned will have an opportunity to withdraw from the Registration Statement. The Company will use its commercially reasonable efforts to maintain the continuous effectiveness of the Registration Statement until the earliest of (i) the date on which the Shares subscribed for by the undersigned hereunder may be resold without volume or manner of sale limitations pursuant to Rule 144 promulgated under the Securities Act, (ii) the date on which all Shares subscribed for by the undersigned hereunder have actually been sold and (iii) the date which is three (3) years after the initial Registration Statement filed hereunder is declared effective (the "<u>Effectiveness Period</u>"). For as long as the Registration Statement shall remain effective pursuant to the immediately preceding sentence, the Company will use commercially reasonable efforts to file all reports, and provide all customary and reasonable cooperation, necessary to enable the undersigned to resell the Shares pursuant to the Registration Statement or Rule 144 of the Securities Act (when Rule 144 of the Securities Act becomes available to the undersigned), as applicable, qualify the Shares for listing on NYSE, Nasdaq or other applicable stock exchange on which the Class A Shares are then listed, and update or amend the Registration Statement as necessary to include the Shares. For purposes of clarification, any failure by the Company to file the Registration Statement by the Filing Deadline or to effect such Registration Statement by the Effectiveness Date shall not otherwise relieve the Company of its obligations to file or effect the Registration Statement set forth in this <u>Section</u> <u>8</u>. The undersigned shall not be entitled to use the Registration Statement for an underwritten offering of Shares and notwithstanding anything to the contrary in this Subscription Agreement, the Company shall not have any obligation to prepare any prospectus supplement, participate in any due diligence, execute any agreements or certificates or deliver legal opinions or obtain comfort letters in connection with any sales of the Shares under the Registration Statement. For purposes of this Section 8, "Shares" shall mean, as of any date of determination, the Shares acquired by the undersigned pursuant to this Subscription Agreement and any other equity security issued or issuable with respect to such Shares by way of stock split, dividend, distribution, recapitalization, merger, exchange, replacement or similar event, and "undersigned" shall include any affiliate of the undersigned to which the rights under this <u>Section</u> <u>8</u> have been duly assigned.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In the case of the registration, qualification, exemption or compliance effected by the Company pursuant to this Subscription Agreement, the Company shall inform the undersigned as to the status of such registration, qualification, exemption and compliance. At its expense the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. advise the undersigned within two (2) business days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) when a Registration Statement or any amendment thereto has been filed with the Commission and when such Registration Statement or any post-effective amendment thereto has become effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) of any request by the Commission for amendments or supplements to any Registration Statement or the prospectus included therein or for additional information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) of the issuance by the Commission of any stop order suspending the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) subject to the provisions in this Subscription Agreement, of the occurrence of any event that requires the making of any changes in any Registration Statement or prospectus so that, as of such date, the statements therein are not misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in the light of the circumstances under which they were made) not misleading.

Notwithstanding anything to the contrary set forth herein, the Company shall not, when so advising the undersigned of such events, provide the undersigned with any material, nonpublic information regarding the Company other than to the extent that providing notice to the undersigned of the occurrence of the events listed in (1) through (5) above constitutes material, nonpublic information regarding the Company and the undersigned is notified that such events are material, nonpublic information at the time of notification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. use commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any
Registration Statement as soon as reasonably practicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. upon the occurrence of any event contemplated in <u>Section</u> <u>8.b.i(5)</u> above, except for
such times as the Company is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, the Company shall use its commercially reasonable efforts to as soon as reasonably practicable prepare
a

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post-effective amendment to such Registration Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Shares included therein, such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. use its commercially reasonable efforts to cause all Shares to be listed on each securities exchange or market,
if any, on which the Class A Shares have been listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. use its commercially reasonable efforts to file all reports and other materials required to be filed by the
Exchange Act until the expiry of the Effectiveness Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. if in the opinion of counsel to the Company, it is then permissible to remove the restrictive legend from the
Shares pursuant to Rule 144 under the Securities Act, then at Subscriber's request, the Company will request its transfer agent to remove the legend set forth in <u>Section</u> <u>6(c)</u> above. In the event that the undersigned
and its broker(s) provide any certifications requested by the Company or its counsel, the Company shall use its commercially reasonable efforts to have the legend removal referenced above apply to all shares held by the Subscriber in a single
transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Notwithstanding anything to the contrary in this Subscription Agreement, the Company shall be entitled to delay or postpone the effectiveness of the Registration Statement, and from time to time to require any Subscriber not to sell under the Registration Statement or to suspend the effectiveness thereof, if the negotiation or consummation of a transaction by the Company or its subsidiaries is pending or an event has occurred, which negotiation, consummation or event, the Company's board of directors reasonably believes, upon the advice of legal counsel, would require additional disclosure by the Company in the Registration Statement of material information that the Company has a bona fide business purpose for keeping confidential and the non-disclosure of which in the Registration Statement would be expected, in the reasonable determination of the Company's board of directors, upon the advice of legal counsel, to cause the Registration Statement to fail to comply with applicable disclosure requirements (each such circumstance, a "<u>Suspension Event</u>"); <u>provided</u>, <u>however</u>, that (x) the Company may not delay or suspend the Registration Statement on more than two (2) occasions, for more than sixty (60) consecutive calendar days, or for more than ninety (90) total calendar days, in each case during any twelve-month period and (y) the Company shall use commercially reasonable efforts to make such registration statement available for the sale by the undersigned of such securities as soon as practicable thereafter. Upon receipt of any written notice from the Company of the happening of any Suspension Event (which notice shall not contain material non-public information) during the period that the Registration Statement is effective or if as a result of a Suspension Event the

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Registration Statement or related prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made (in the case of the prospectus) not misleading, the undersigned agrees that (i) it will immediately discontinue offers and sales of the Shares under the Registration Statement (excluding, for the avoidance of doubt, sales conducted pursuant to Rule 144) until the undersigned receives copies of a supplemental or amended prospectus (which the Company agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become effective or unless otherwise notified by the Company that it may resume such offers and sales, and (ii) it will maintain the confidentiality of any information included in such written notice delivered by the Company except (A) for disclosure to the undersigned's employees, agents and professional advisers who need to know such information and are obligated to keep it confidential, and (B) as otherwise required by law or subpoena. Notwithstanding anything to the contrary, after the Effectiveness Date, the Company shall cause its transfer agent to deliver unlegended Shares to a transferee of the undersigned in connection with any sale of Shares with respect to which the undersigned has entered into a contract for sale prior to the undersigned's receipt of the notice of a Suspension Event and which has not yet settled. If so directed by the Company, the undersigned will deliver to the Company or, in the undersigned's sole discretion destroy, all copies of the prospectus covering the Shares in its possession; <u>provided</u>, <u>however</u>, that this obligation to deliver or destroy all copies of the prospectus covering the Shares shall not apply (i) to the extent the undersigned is required to retain a copy of such prospectus (a) in order to comply with applicable legal, regulatory, self-regulatory or professional requirements or (b) in accordance with a bona fide pre-existing document retention policy or (ii) to copies stored electronically on archival servers as a result of automatic data back-up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Subscriber may deliver written notice (including via email) (an "<u>Opt-Out</u> <u>Notice</u>") to the Company requesting that Subscriber not receive notices from the Company otherwise required by this <u>Section</u> <u>8</u>; provided, however, that Subscriber may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from Subscriber (unless and until subsequently revoked), (i) the Company shall not deliver any such notices to Subscriber and Subscriber shall no longer be entitled to the rights associated with any such notice and (ii) each time prior to Subscriber's intended use of an effective registration statement, Subscriber will notify the Company in writing at least two (2) business days in advance of such intended use, and if a notice of a Suspension Event was previously delivered (or would have been delivered but for the provisions of this <u>Section</u> <u>8(d</u>) and the related suspension period remains in effect, the Company will so notify Subscriber, within one (1) business day of Subscriber's notification, by delivering to Subscriber a copy of such notice of Suspension Event that would have been provided, and thereafter will provide Subscriber with the related notice of the conclusion of such Suspension Event immediately upon its availability, and Subscriber shall comply with any restrictions on using such Registration Statement during such Suspension Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Company shall, notwithstanding any termination of this Subscription Agreement, indemnify, defend and hold harmless the undersigned (to the extent a seller under the Registration Statement), the officers, directors, employees, investment advisers and agents of each of them, and each person who controls the undersigned (within the meaning of Section 15 of the

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Securities Act or Section 20 of the Exchange Act) to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys' fees) and expenses (collectively, "<u>Losses</u>"), as incurred, that arise out of or are based upon (i) any untrue or alleged untrue statement of a material fact contained in the Registration Statement, any prospectus included in the Registration Statement or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein (in the case of any prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, or (ii) any violation or alleged violation by the Company of the Securities Act, Exchange Act or any state securities law or any rule or regulation thereunder, in connection with the performance of its obligations under this <u>Section</u> <u>8</u>, except to the extent, but only to the extent, that such untrue statements, alleged untrue statements, omissions or alleged omissions are based upon information regarding such Subscriber furnished in writing to the Company by such Subscriber expressly for use therein or such Subscriber has omitted a material fact from such information; <u>provided</u>, <u>however</u>, that the Company shall not be liable for any Losses to the extent they arise out of or are based upon a violation which occurs (A) in reliance upon and in conformity with written information furnished by a Subscriber, (B) in connection with any failure of such person to deliver or cause to be delivered a prospectus made available by the Company in a timely manner (to the extent a prospectus was required to be delivered by Subscriber under applicable law), (C) as a result of offers or sales effected by or on behalf of any person by means of a free writing prospectus (as defined in Rule 405 of the Securities Act) that was not authorized in writing by the Company, or (D) in connection with any offers or sales effected by or on behalf of a Subscriber in violation of <u>Section 8(c)</u> hereof. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive the transfer of the Shares by such Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The undersigned shall indemnify and hold harmless the Company, its directors, officers, agents and employees, and each person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), to the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising out of or are based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any prospectus included in the Registration Statement or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any prospectus, or any form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading to the extent, but only to the extent, that such untrue statements or omissions are based upon information regarding such Subscriber furnished in writing to the Company by such Subscriber expressly for use therein. In no event shall the liability of any of the undersigned be greater in amount than the dollar amount of the net proceeds received by the undersigned upon the sale of the Shares giving rise to such indemnification obligation. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive the transfer of the Shares by such Subscriber.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Any person entitled to indemnification pursuant to this <u>Section</u> <u>8</u> shall (i) 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 prejudiced the indemnifying party) and (ii) 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 (which consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who 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 legal counsel to any indemnified party a conflict of interest exists 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 for which indemnification could be sought hereunder 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. If the indemnification provided under this <u>Section</u> <u>8</u> from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any Losses, in lieu of indemnifying, the indemnified party shall contribute to the amount paid or payable by the indemnifying party as a result of such Losses 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 reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or 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. 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 this <u>Section</u> <u>8</u>, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. 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 <u>Section</u> <u>8</u> from any person who was not guilty of such fraudulent misrepresentation. Each indemnifying party's obligation to make a contribution pursuant to this <u>Section</u> <u>8(h)</u> shall be individual, not joint and several, and in no event shall the liability of the Subscriber hereunder be greater in amount than the dollar amount of the net proceeds received by the Subscriber upon the sale of the Shares giving rise to such indemnification or contribution obligation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Termination</u>. This Subscription Agreement shall terminate and be void and of no further force or effect, and all rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earliest to occur of (a) upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement or (b) if any of the conditions to the Subscription Closing set forth in <u>Section</u> <u>3</u> of this Subscription Agreement are not satisfied or waived on or prior to the Subscription Closing and, as a result thereof, the transactions contemplated by this Subscription Agreement are not consummated at the Subscription Closing; <u>provided</u>, that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by e-mail or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses or e-mail addresses (or at such other address or email address for a party as shall be specified in a notice given in accordance with this <u>Section 10(a)</u>:

Wallbox N.V.

Carrer del Foc, 68

Barcelona, Spain 08038

Attention:

Email:

with a copy (which shall not constitute notice) to:

Latham & Watkins LLP

811 Main Street

Suite 3700

Houston, TX 77002

United States

Attention:

Email:

Plaza de la Independencia 6

28001 Madrid

Spain

Attention:

Email:

If to the undersigned, to the address or email address set forth for the undersigned on the signature page hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. All the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Subscription Closing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If any term or other provision of this Subscription Agreement is invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Subscription Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Subscription Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This Subscription Agreement, the Financing Agreement and the Warrant Agreement together constitute the entire agreement among the parties with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the parties, or any of them, with respect to the subject matter hereof. This Subscription Agreement shall not be assigned (whether pursuant to a merger, by operation of law or otherwise), by any party without the prior express written consent of the other parties hereto; <u>provided</u>, that such assignee will be deemed to have made each of the representations, warranties and covenants of the Subscriber set forth in <u>Section</u> <u>6</u> as of the date of such assignment and as of the Subscription Closing, and no such assignment by the Subscriber will relieve the Subscriber of its obligations under this Subscription Agreement and the Subscriber will remain secondarily liable under this Subscription Agreement for the obligations of the assignee hereunder; <u>provided</u>, <u>further</u>, <u>however</u>, notwithstanding the foregoing, the undersigned may transfer or assign this Subscription Agreement to any entity in the Warrantholder Group (as defined in the Warrant) without the prior consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. This Subscription Agreement shall be binding upon and inure solely to the benefit of each party hereto, and except as otherwise expressly set forth in subsection (q) of this <u>Section</u> <u>10</u>, nothing in this Subscription Agreement, express or implied, is intended to or shall confer upon any other person any right, benefit or remedy of any nature whatsoever under or by reason of this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. This Subscription Agreement shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts executed in and to be performed in that State. All legal actions and proceedings arising out of or relating to this Subscription Agreement shall be heard and determined exclusively in any Supreme Court of the State of New York; <u>provided</u>, <u>however</u>, that if jurisdiction is not then available in the Supreme Court of the State of New York, then any such legal action may be brought in any federal court located in the State of New York or any other New York state court. The parties hereto hereby (a) irrevocably submit to the exclusive jurisdiction of the aforesaid courts for themselves and with respect to their respective properties for the purpose of any action arising out of or relating to this Subscription Agreement brought by any party hereto, and (b) agree not to commence any action relating thereto except in the courts described above in New York, other than actions in any court of competent jurisdiction to enforce any judgment, decree or award rendered by any such court in New York as described herein. Each of the parties further agrees that notice as provided herein shall constitute sufficient service of process and the parties further waive any argument that such service is insufficient. Each of the parties hereby irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any action

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arising out of or relating to this Subscription Agreement or the transactions contemplated hereby, (a) any claim that it is not personally subject to the jurisdiction of the courts in New York as described herein for any reason, (b) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) that (i) the action in any such court is brought in an inconvenient forum, (ii) the venue of such action is improper or (iii) this Subscription Agreement, or the subject matter hereof, may not be enforced in or by such courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS SUBSCRIPTION AGREEMENT. EACH OF THE PARTIES HERETO (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS SUBSCRIPTION AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 10(G</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The descriptive headings contained in this Subscription Agreement are included for convenience of reference only and shall not affect in any way the meaning or interpretation of this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. This Subscription Agreement may be executed and delivered (including by facsimile or portable document format (pdf) transmission) in counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. The parties hereto agree that irreparable damage would occur in the event any provision of this Subscription Agreement was not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or in equity. Each of the parties hereby further waives (a) any defense in any action for specific performance that a remedy at law would be adequate and (b) any requirement under any law to post security or a bond as a prerequisite to obtaining equitable relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Except as otherwise provided herein, all costs and expenses incurred in connection with this Subscription Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses, whether or not the transactions contemplated hereby are consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. All taxes incurred in connection with this Subscription Agreement and the transactions contemplated hereby shall be borne by each party as provided for by applicable Law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. This Subscription Agreement may be amended in writing by the parties hereto at any time prior to the Subscription Closing. This Subscription Agreement may not be amended except by an instrument in writing signed by each of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. At any time, the Company may (a) extend the time for the performance of any obligation or other act of the undersigned, (b) waive any inaccuracy in the representations and warranties of the undersigned contained herein or in any document delivered by the undersigned pursuant hereto and (c) waive compliance with any agreement of the undersigned or any condition to its own obligations contained herein. At any time, the undersigned may (a) extend the time for the performance of any obligation or other act of the Company, (b) waive any inaccuracy in the representations and warranties of the Company contained herein or in any document delivered by the Company pursuant hereto and (c) waive compliance with any agreement of the Company or any condition to its own obligations contained herein. Any such extension or waiver shall be valid if set forth in an instrument in writing signed by the party or parties to be bound thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. The language used in this Subscription Agreement shall be deemed to be the language chosen by the parties to express their mutual intent and no rule of strict construction shall be applied against any party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. The Company may request from the undersigned such additional information as the Company may deem necessary to evaluate the eligibility of the undersigned to acquire the Securities, and the undersigned shall provide such information as may reasonably be requested, to the extent readily available and to the extent consistent with its internal policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. The undersigned acknowledges that the Company and its counsel will rely on the undersigned's acknowledgments, understandings, agreements, representations and warranties contained in this Subscription Agreement. The Company acknowledges that the undersigned will rely on the Company's acknowledgments, understandings, agreements, representations and warranties contained in this Subscription Agreement. Prior to the Subscription Closing, each of the parties agrees to promptly notify the other parties if (i) any of such party's acknowledgments, understandings, agreements, representations and warranties (other than any such representations and warranties that are qualified by materiality) made herein are no longer accurate in any material respect or (ii) any of such party's representations and warranties made herein that are qualified by materiality are no longer accurate in any respect. Each of the parties agrees that the purchase by the undersigned of the Warrant from the Company and the issuance of the Warrants by the Company to the undersigned will constitute a reaffirmation of the acknowledgments, understandings, agreements, representations and warranties herein (as modified by any such notice) by such party as of the time of such subscription and/or purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. Each of the Company and the undersigned is entitled to rely upon this Subscription Agreement and is irrevocably authorized to produce this Subscription Agreement or a copy hereof when required by law, regulatory authority or NYSE, as applicable, to do so in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

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[SIGNATURE PAGES FOLLOW]

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**IN WITNESS WHEREOF**, the undersigned has executed or caused this Subscription Agreement to be executed by its duly authorized representative as of the date set forth below.

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| | | |
|:---|:---|:---|
| Name of Investor: | Name of Investor: | State/Country of Formation or Domicile: |
| By: | Banco Bilbao Vizcaya Argentaria, S.A. |  |
| Name: | /s/ Jan de Dreu; /s/ Fernando Galea Pla |  |
| Title: | Representatives |  |

---

---

| | |
|:---|:---|
| Name in which the Warrants are to be registered (if different): | Date: February 9, 2023 |
| Business Address-Street: | Mailing Address-Street (if different): |
| City, State, Zip: | City, State, Zip: |
| Attn: | Attn: |
| Telephone No.: | Telephone No.: |
| Number of Shares: 1,007,894 |  |

---

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**IN WITNESS WHEREOF,** Wallbox N.V. has accepted this Subscription Agreement as of the date set forth below.

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| | | |
|:---|:---|:---|
|  | WALLBOX N.V. | WALLBOX N.V. |
|  | By: | /s/ Enric Asunción |
|  | Name: | Enric Asunción |
|  | Title: | Chief Executive Officer |
|  Date: February 9, 2023 |  |  |

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## Exhibit 4.4

**Exhibit 4.4** 

**WALLBOX N.V.** 

**AMENDED AND RESTATED 2021 EMPLOYEE STOCK PURCHASE PLAN** 

**ARTICLE I.** 

**PURPOSE** 

The purpose of this Plan is to assist Eligible Employees of the Company and its Designated Subsidiaries in acquiring a stock ownership interest in the Company.

The Plan consists of two components: (i) the Section 423 Component and (ii) the Non-Section 423 Component. The Section 423 Component is intended to qualify as an "employee stock purchase plan" under Section 423 of the Code and shall be administered, interpreted and construed in a manner consistent with the requirements of Section 423 of the Code. The Non-Section 423 Component authorizes the grant of rights which need not qualify as rights granted pursuant to an "employee stock purchase plan" under Section 423 of the Code. Rights granted under the Non-Section 423 Component shall be granted pursuant to separate Offerings containing such sub-plans, appendices, rules or procedures as may be adopted by the Administrator and designed to achieve tax, securities laws or other objectives for Eligible Employees and Designated Subsidiaries but shall not be intended to qualify as an "employee stock purchase plan" under Section 423 of the Code. Except as otherwise determined by the Administrator or provided herein, the Non-Section 423 Component will operate and be administered in the same manner as the Section 423 Component. Offerings intended to be made under the Non-Section 423 Component will be designated as such by the Administrator at or prior to the time of such Offering.

For purposes of this Plan, the Administrator may designate separate Offerings under the Plan in which Eligible Employees will participate. The terms of these Offerings need not be identical, even if the dates of the applicable Offering Period(s) in each such Offering are identical, provided that the terms of participation are the same within each separate Offering under the Section 423 Component (as determined under Section 423 of the Code). Solely by way of example and without limiting the foregoing, the Company could, but shall not be required to, provide for simultaneous Offerings under the Section 423 Component and the Non-Section 423 Component of the Plan.

**ARTICLE II.** 

**DEFINITIONS AND CONSTRUCTION** 

Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context clearly indicates otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 "***Administrator***" means the entity that conducts the general administration of the Plan as provided in Article XI hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 *"****Agent***" means the brokerage firm, bank or other financial institution, entity or person(s), if any, engaged, retained, appointed or authorized to act as the agent of the Company or an Employee with regard to the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 *"****Applicable Law***" means the requirements relating to the administration of equity incentive plans under U.S. federal and state securities, tax and other applicable laws, rules and regulations, the applicable rules of any stock exchange or quotation system on which Shares are listed or quoted and the applicable laws and rules of any foreign country or other jurisdiction where rights under this Plan are granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 *"****Articles of Association***" means the Company's articles of association, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 "***Board***" means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 "***Code***" means the U.S. Internal Revenue Code of 1986, as amended, and the regulations issued thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 "***Common Stock***" means common stock of the Company and such other securities of the Company that may be substituted therefore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 "***Company***" means Wallbox N.V., a public company with limited liability incorporated under the laws of the Netherlands, registered with the Dutch trade register under number 83012559, or any successor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 "***Compensation***" of an Eligible Employee means, unless otherwise determined by the Administrator, the gross base compensation or wages received by such Eligible Employee as compensation for services to the Company or any Designated Subsidiary, excluding overtime payments, sales commissions, incentive compensation, bonuses, expense reimbursements, income received in connection with any compensatory equity awards, fringe benefits and other special payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 "***Compensation Committee***" has the meaning given to such term in Section 11.1 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 "***Designated Subsidiary***" means any Subsidiary designated by the Administrator in accordance with Section 11.2 hereof, such designation to specify whether such participation is in the Section 423 Component or Non-Section 423 Component. A Designated Subsidiary may participate in either the Section 423 Component or Non-Section 423 Component, but not both; provided that a Subsidiary that, for U.S. tax purposes, is disregarded from the Company or any Subsidiary that participates in the Section 423 Component shall automatically constitute a Designated Subsidiary that participates in the Section 423 Component.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 "***Effectiv***e ***Date***" means the date on which the transactions contemplated by that certain Business Combination Agreement, by and among the Company, Kensington Capital Acquisition Corp. II, and Orion Merger Sub Corp., dated as of June 9, 2021, as may be amended from time to time, provided that the Board has adopted the Plan prior to or on such date, subject to approval of the Plan by the Company's stockholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 "***Eligible Employee***" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Employee who does not, immediately after any rights under this Plan are granted, own (directly or through attribution) stock possessing 5% or more of the total combined voting power or value of all classes of Shares and other securities of the Company, a Parent or a Subsidiary (as determined under Section 423(b)(3) of the Code). For purposes of the foregoing, the rules of Section 424(d) of the Code with regard to the attribution of stock ownership shall apply in determining the stock ownership of an individual and stock that an Employee may purchase under outstanding options shall be treated as stock owned by the Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, the Administrator may provide in an Offering Document that an Employee shall not be eligible to participate in an Offering Period under the Section 423 Component if: (i) such Employee is a highly compensated employee within the meaning of Section 423(b)(4)(D) of the Code; (ii) such Employee has not met a service requirement designated by the Administrator pursuant to Section 423(b)(4) (A) of the Code (which service requirement may not exceed two years); (iii) such Employee's customary employment is for twenty hours per week or less; (iv) such Employee's customary employment is for less than five months in any calendar year; and/or (v) such Employee is a citizen or resident of a foreign jurisdiction and the grant of a right to purchase Shares under the Plan to such Employee would be prohibited under the laws of such foreign jurisdiction or the grant of a right to purchase Shares under the Plan to such Employee in compliance with the laws of such foreign jurisdiction would cause the Plan to violate the requirements of Section 423 of the Code, as determined by the Administrator in its sole discretion; <u>provided</u>, <u>further</u>, that any exclusion in clauses (i), (ii), (iii), (iv) or (v) shall be applied in an identical manner under each Offering Period to all Employees, in accordance with Treasury Regulation Section 1.423-2(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Further notwithstanding the foregoing, with respect to the Non-Section 423 Component, the first sentence in this definition shall apply in determining who is an "Eligible Employee," except (i) the Administrator may limit eligibility further within the Company or a Designated Subsidiary so as to only designate some Employees of the Company or a Designated Subsidiary as Eligible Employees and (ii) to the extent the restrictions in the first sentence in this definition are not consistent with applicable local laws, the applicable local laws shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 "***Employee***" means any individual who renders services to the Company or any Designated Subsidiary in the status of an employee, and, with respect to the Section 423 Component, a person who is an employee within the meaning of Section 3401(c) of the Code. For purposes of an individual's participation in, or other rights under the Plan, all determinations by the Company shall be final, binding and conclusive, notwithstanding that any court of law or governmental agency subsequently makes a contrary determination. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on sick leave or other leave of absence approved by the Company or Designated Subsidiary and meeting the requirements of Treasury Regulation Section 1.421-1(h)(2). Where the period of leave exceeds three (3) months and the individual's right to reemployment is not guaranteed either by statute or by contract, the employment relationship shall be deemed to have terminated on the first day immediately following such three (3)-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 "***Enrollment Date***" means the first Trading Day of each Offering Period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 "***Fair Market Value***" means, as of any date, the value of Shares determined as follows: (i) if the Shares are listed on any established stock exchange, its Fair Market Value will be the closing sales price for such Shares as quoted on such exchange for such date, or if no sale occurred on such date, the last day preceding such date during which a sale occurred, as reported in The Wall Street Journal or another source the Administrator deems reliable; (ii) if the Shares are not traded on a stock exchange but are quoted on a national market or other quotation system, the closing sales price on such date, or if no sales occurred on such date, then on the last date preceding such date during which a sale occurred, as reported in The Wall Street Journal or another source the Administrator deems reliable; or (iii) without an established market for the Shares, the Administrator will determine the Fair Market Value in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 "***Non-Section 423 Component***" means those Offerings under the Plan, together with the sub-plans, appendices, rules or procedures, if any, adopted by the Administrator as a part of this Plan, in each case, pursuant to which rights to purchase Shares during an Offering Period may be granted to Eligible Employees that need not satisfy the requirements for rights to purchase Shares granted pursuant to an "employee stock purchase plan" that are set forth under Section 423 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 "***Offering***" means an offer under the Plan of a right to purchase Shares that may be exercised during an Offering Period as further described in Article IV hereof. Unless otherwise specified by the Administrator, each Offering to the Eligible Employees of the Company or a Designated Subsidiary shall be deemed a separate Offering, even if the dates and other terms of the applicable Offering Periods of each such Offering are identical, and the provisions of the Plan will separately apply to each Offering. To the extent permitted by Treas. Reg. § 1.423-2(a)(1), the terms of each separate Offering under the Section 423 Component need not be identical, provided that the terms of the Section 423 Component and an Offering thereunder together satisfy Treas. Reg. § 1.423-2(a)(2) and (a)(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 "***Offering Document***" has the meaning given to such term in Section 4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 "***Offering Period***" has the meaning given to such term in Section 4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 "***Parent***" means any corporation, other than the Company, in an unbroken chain of corporations ending with the Company if, at the time of the determination, each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 "***Participant***" means any Eligible Employee who has executed a subscription agreement and been granted rights to purchase Shares pursuant to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 "***Payday***" means the regular and recurring established day for payment of Compensation to an Employee of the Company or any Designated Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 *"****Plan***" means this Amended and Restated 2021 Employee Stock Purchase Plan, including both the Section 423 Component and Non-Section 423 Component and any other sub-plans or appendices hereto, as amended from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 "***Purchase Date***" means the last Trading Day of each Purchase Period or such other date as determined by the Administrator and set forth in the Offering Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 "***Purchase Period***" shall refer to one or more periods within an Offering Period, as designated in the applicable Offering Document; <u>provided</u>, <u>however</u>, that, in the event no purchase period is designated by the Administrator in the applicable Offering Document, the purchase period for each Offering Period covered by such Offering Document shall be the same as the applicable Offering Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 "***Purchase Price***" means the purchase price designated by the Administrator in the applicable Offering Document (which purchase price, for purposes of the Section 423 Component, shall not be less than 85% of the Fair Market Value of a Share on the Enrollment Date or on the Purchase Date, whichever is lower); <u>provided</u>, <u>however</u>, that, in the event no purchase price is designated by the Administrator in the applicable Offering Document, the purchase price for the Offering Periods covered by such Offering Document shall be 85% of the Fair Market Value of a Share on the Enrollment Date or on the Purchase Date, whichever is lower; <u>provided</u>, <u>further</u>, that the Purchase Price may be adjusted by the Administrator pursuant to Article VIII hereof and shall not be less than the par value of a Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 "***Section 423 Component***" means those Offerings under the Plan, together with the sub-plans, appendices, rules or procedures, if any, adopted by the Administrator as a part of this Plan, in each case, pursuant to which rights to purchase Shares during an Offering Period may be granted to Eligible Employees that are intended to satisfy the requirements for rights to purchase Shares granted pursuant to an "employee stock purchase plan" that are set forth under Section 423 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 "***Securities Act***" means the U.S. Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 "***Share***" means a share of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 "***Subsidiary***" means any corporation, other than the Company, in an unbroken chain of corporations beginning with the Company if, at the time of the determination, each of the corporations other than the last corporation in an unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain; <u>provided</u>, <u>however</u>, that a limited liability company or partnership may be treated as a Subsidiary to the extent either (a) such entity is treated as a disregarded entity under Treasury Regulation Section 301.7701-3(a) by reason of the Company or any other Subsidiary that is a corporation being the sole owner of such entity or (b) such entity elects to be classified as a corporation under Treasury Regulation Section 301.7701-3(a) and such entity would otherwise qualify as a Subsidiary. In addition, with respect to the Non-Section 423 Component, Subsidiary shall include any corporate or non-corporate entity in which the Company has a direct or indirect equity interest or significant business relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 "***Trading Day***" means a day on which national stock exchanges in the United States are open for trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 "***Treas. Reg.***" means U.S. Department of the Treasury regulations.

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**ARTICLE III.** 

**SHARES SUBJECT TO THE PLAN** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Number of Shares</u>. Subject to Article VIII hereof, the aggregate number of Shares that may be issued pursuant to rights granted under the Plan shall be 8,550,209 Shares. In addition to the foregoing, subject to Article VIII hereof, on the first day of each calendar year beginning on January 1, 2022 and ending on and including January 1, 2031, the number of Shares available for issuance under the Plan shall be increased by that number of Shares equal to the lesser of (a) 1% of the aggregate number of shares of Common Stock of the Company outstanding on the final day of the immediately preceding calendar year and (b) such smaller number of Shares as determined by the Board subject to the amount of the Company's authorized share capital under the Articles of Association. If any right granted under the Plan shall for any reason terminate without having been exercised, the Shares not purchased under such right shall again become available for issuance under the Plan. Notwithstanding anything in this Section 3.1 to the contrary, the number of Shares that may be issued or transferred pursuant to the rights granted under the Section 423 Component of the Plan shall not exceed an aggregate of 8,550,209 Shares, subject to Article VIII hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Shares Distributed</u>. Any Shares distributed pursuant to the Plan may consist of newly issued Shares, treasury Shares and/or Shares purchased on the open market.

**ARTICLE IV.** 

**OFFERING PERIODS; OFFERING DOCUMENTS; PURCHASE DATES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Offerin</u>g <u>Periods</u>. The Administrator may from time to time grant or provide for the grant of rights to purchase Shares under the Plan to Eligible Employees during one or more periods (each, an "***Offering Period***") selected by the Administrator. The terms and conditions applicable to each Offering Period shall be set forth in an "***Offering Document***" adopted by the Administrator, which Offering Document shall be in such form and shall contain such terms and conditions as the Administrator shall deem appropriate and shall be incorporated by reference into and made part of the Plan and shall be attached hereto as part of the Plan. The provisions of separate Offerings or Offering Periods under the Plan need not be identical.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Offerin</u>g <u>Documents</u>. Each Offering Document with respect to an Offering Period shall specify (through incorporation of the provisions of this Plan by reference or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the length of the Offering Period, which period shall not exceed twenty-seven months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the maximum number of Shares that may be purchased by any Eligible Employee during such Offering Period, which, in the absence of a contrary designation by the Administrator, shall be 20,000 Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such other provisions as the Administrator determines are appropriate, subject to the Plan.

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**ARTICLE V.** 

**ELIGIBILITY AND PARTICIPATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>El</u>ig<u>ibility</u>. Any Eligible Employee who shall be employed by the Company or a Designated Subsidiary on a given Enrollment Date for an Offering Period shall be eligible to participate in the Plan during such Offering Period, subject to the requirements of this Article V hereof and, for the Section 423 Component, the limitations imposed by Section 423(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Enrollment in Plan</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise set forth in an Offering Document or determined by the Administrator, an Eligible Employee may become a Participant in the Plan for an Offering Period by delivering a subscription agreement to the Company by such time prior to the Enrollment Date for such Offering Period (or such other date specified in the Offering Document) designated by the Administrator and in such form as the Company provides.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each subscription agreement shall designate either (i) a whole percentage of such Eligible Employee's Compensation or (ii) a fixed dollar amount, in either case, to be withheld by the Company or the Designated Subsidiary employing such Eligible Employee on each Payday during the Offering Period as payroll deductions under the Plan. In either event, the designated percentage or fixed dollar amount may not be less than 1% and may not be more than the maximum percentage specified by the Administrator in the applicable Offering Document (which percentage shall be 20% in the absence of any such designation) as payroll deductions. The payroll deductions made for each Participant shall be credited to an account for such Participant under the Plan and shall be deposited with the general funds of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Participant may increase or decrease the percentage of Compensation or the fixed dollar amount designated in his or her subscription agreement, subject to the limits of this Section 5.2, or may suspend his or her payroll deductions, at any time during an Offering Period; <u>provided</u>, <u>however</u>, that the Administrator may limit the number of changes a Participant may make to his or her payroll deduction elections during each Offering Period in the applicable Offering Document (and in the absence of any specific designation by the Administrator, a Participant shall be allowed to decrease (but not increase) his or her payroll deduction elections one time during each Offering Period). Any such change or suspension of payroll deductions shall be effective with the first full payroll period following ten business days after the Company's receipt of the new subscription agreement (or such shorter or longer period as may be specified by the Administrator in the applicable Offering Document). In the event a Participant suspends his or her payroll deductions, such Participant's cumulative payroll deductions prior to the suspension shall remain in his or her account and shall be applied to the purchase of Shares on the next occurring Purchase Date and shall not be paid to such Participant unless he or she withdraws from participation in the Plan pursuant to Article VII hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as otherwise set forth in an Offering Document or determined by the Administrator, a Participant may participate in the Plan only by means of payroll deduction and may not make contributions by lump sum payment for any Offering Period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Payroll Deductions</u>. Except as otherwise provided in the applicable Offering Document, payroll deductions for a Participant shall commence on the first Payday following the Enrollment Date and shall end on the last Payday in the Offering Period to which the Participant's authorization is applicable, unless sooner terminated by the Participant as provided in Article VII hereof or suspended by the Participant or the Administrator as provided in Sections 5.2(c) and 5.6 hereof, respectively. Notwithstanding any other provisions of the Plan to the contrary, in non-U.S. jurisdictions where participation in the Plan through payroll deductions is prohibited, the Administrator may provide that an Eligible Employee may elect to participate through contributions to the Participant's account under the Plan in a form acceptable to the Administrator in lieu of or in addition to payroll deductions; <u>provided</u>, <u>however</u>, that, for any Offering under the Section 423 Component, the Administrator shall take into consideration any limitations under Section 423 of the Code when applying an alternative method of contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Effect of Enrollment</u>. A Participant's completion of a subscription agreement will enroll such Participant in the Plan for each subsequent Offering Period on the terms contained therein until the Participant either submits a new subscription agreement, withdraws from participation under the Plan as provided in Article VII hereof or otherwise becomes ineligible to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Limitation on Purchase of Shares</u>. An Eligible Employee may be granted rights under the Section 423 Component only if such rights, together with any other rights granted to such Eligible Employee under "employee stock purchase plans" of the Company, any Parent or any Subsidiary, as specified by Section 423(b)(8) of the Code, do not permit such employee's rights to purchase stock of the Company or any Parent or Subsidiary to accrue at a rate that exceeds $25,000 of the Fair Market Value of such stock (determined as of the first day of the Offering Period during which such rights are granted) for each calendar year in which such rights are outstanding at any time. This limitation shall be applied in accordance with Section 423(b)(8) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>Suspension of Payroll Deductions</u>. Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 5.5 hereof (with respect to the Section 423 Component) or the other limitations set forth in this Plan, a Participant's payroll deductions may be suspended by the Administrator at any time during an Offering Period. The balance of the amount credited to the account of each Participant that has not been applied to the purchase of Shares by reason of Section 423(b)(8) of the Code, Section 5.5 hereof or the other limitations set forth in this Plan shall be paid to such Participant in one lump sum in cash as soon as reasonably practicable after the Purchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 <u>Fore</u>ig<u>n Employees</u>. In order to facilitate participation in the Plan, the Administrator may provide for such special terms applicable to Participants who are citizens or residents a foreign jurisdiction, or who are employed by a Designated Subsidiary outside of the United States, as the Administrator may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. Except as permitted by Section 423 of the Code, with respect to the Section 423 Component, such special terms may not be more favorable than the terms of rights granted under the Section 423 Component to Eligible Employees who are residents of the United States. Such special terms may be set forth in an addendum to the Plan in the form of an appendix or sub-plan (which appendix or sub-plan may be designed to govern

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Offerings under the Section 423 Component or the Non-Section 423 Component, as determined by the Administrator). To the extent that the terms and conditions set forth in an appendix or sub-plan conflict with any provisions of the Plan, the provisions of the appendix or sub-plan shall govern. The adoption of any such appendix or sub-plan shall be pursuant to Section 11.2(g). Without limiting the foregoing, the Administrator is specifically authorized to adopt rules and procedures, with respect to Participants who are foreign nationals or employed in non-U.S. jurisdictions, regarding the exclusion of particular Subsidiaries from participation in the Plan, eligibility to participate, the definition of Compensation, handling of payroll deductions or other contributions by Participants, payment of interest, conversion of local currency, data privacy security, payroll tax, withholding procedures, establishment of bank or trust accounts to hold payroll deductions or contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 <u>Leave of Absence</u>. During leaves of absence approved by the Company meeting the requirements of Treasury Regulation Section 1.421-1(h)(2) under the Code, a Participant may continue participation in the Plan by making cash payments to the Company on his or her normal Payday equal to the Participant's authorized payroll deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 <u>Exchange</u> <u>Rate</u>. Unless otherwise determined by the Administrator or the Company, the exchange rate applicable to payments in a currency other than euro of the amount at which new Shares are issued under this Plan shall be the date prior to the issuance of such new Shares, such within the meaning of Section 2:80(a) of the Dutch Civil Code.

**ARTICLE VI.** 

**GRANT AND EXERCISE OF RIGHTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Grant of Rights</u>. On the Enrollment Date of each Offering Period, each Eligible Employee participating in such Offering Period shall be granted a right to purchase the maximum number of Shares specified under Section 3.1 hereof, subject to the limits in Section 4.2(b), and shall have the right to buy, on each Purchase Date during such Offering Period (at the applicable Purchase Price), such number of whole Shares as is determined by dividing (a) such Participant's payroll deductions accumulated prior to such Purchase Date and retained in the Participant's account as of the Purchase Date by (b) the applicable Purchase Price (rounded down to the nearest Share). The right shall expire on the earliest of: (x) the last Purchase Date of the Offering Period, (y) the last day of the Offering Period and (z) the date on which the Participant withdraws in accordance with Sections 7.1 or 7.3 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Exercise of Rights</u>. On each Purchase Date, each Participant's accumulated payroll deductions and any other additional payments specifically provided for in the applicable Offering Document will be applied to the purchase of whole Shares, up to the maximum number of Shares permitted pursuant to the terms of the Plan and the applicable Offering Document, at the Purchase Price. No fractional Shares shall be issued upon the exercise of rights granted under the Plan. Any cash in lieu of fractional Shares remaining after the purchase of whole Shares upon exercise of a purchase right will be credited to a Participant's account and carried forward and applied toward the purchase of whole Shares for the next following Offering Period. Shares issued pursuant to the Plan may be evidenced in such manner as the Administrator may determine and may be issued in certificated form or issued pursuant to book-entry procedures.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Pro Rata Allocation of Shares</u>. If the Administrator determines that, on a given Purchase Date, the number of Shares with respect to which rights are to be exercised may exceed (a) the number of Shares that were available for issuance under the Plan on the Enrollment Date of the applicable Offering Period or (b) the number of Shares available for issuance under the Plan on such Purchase Date, the Administrator may in its sole discretion provide that the Company shall make a pro rata allocation of the Shares available for purchase on such Enrollment Date or Purchase Date, as applicable, in as uniform a manner as shall be practicable and as it shall determine in its sole discretion to be equitable among all Participants for whom rights to purchase Shares are to be exercised pursuant to this Article VI on such Purchase Date and shall either (i) continue all Offering Periods then in effect or (ii) terminate any or all Offering Periods then in effect pursuant to Article IX hereof. The Company may make pro rata allocation of the Shares available on the Enrollment Date of any applicable Offering Period pursuant to the preceding sentence, notwithstanding any authorization of additional Shares for issuance under the Plan by the Company's stockholders subsequent to such Enrollment Date. The balance of the amount credited to the account of each Participant that has not been applied to the purchase of Shares shall be paid to such Participant in one lump sum in cash as soon as reasonably practicable after the Purchase Date or such earlier date as determined by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Withholdin</u>g. At the time a Participant's rights under the Plan are exercised, in whole or in part, or at the time some or all of the Shares issued under the Plan is disposed of, the Participant must make adequate provision for the Company's federal, state or other tax withholding obligations, if any, that arise upon the exercise of the right or the disposition of the Shares. At any time, the Company may, but shall not be obligated to, withhold from the Participant's Compensation or Shares received pursuant to the Plan the amount necessary for the Company to meet applicable withholding obligations, including any withholding required to make available to the Company any tax deductions or benefits attributable to sale or early disposition of Shares by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Conditions to Issuance of Shares</u>. The Company shall not be required to issue or deliver any certificate or certificates for, or make any book entries evidencing, Shares purchased upon the exercise of rights under the Plan prior to fulfillment of all of the following conditions: (a) the admission of such Shares to listing on all stock exchanges, if any, on which the Shares are then listed; (b) the completion of any registration or other qualification of such Shares under any state or federal law or under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body, that the Administrator shall, in its absolute discretion, deem necessary or advisable; (c) the obtaining of any approval or other clearance from any state or federal governmental agency that the Administrator shall, in its absolute discretion, determine to be necessary or advisable; (d) the payment to the Company of all amounts that it is required to withhold under federal, state or local law upon exercise of the rights, if any; and (e) the lapse of such reasonable period of time following the exercise of the rights as the Administrator may from time to time establish for reasons of administrative convenience.

**ARTICLE VII.** 

**WITHDRAWAL; CESSATION OF ELIGIBILITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Withdrawal</u>. A Participant may withdraw all but not less than all of the payroll deductions credited to his or her account and not yet used to exercise his or her rights under the

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Plan at any time by giving written notice to the Company in a form acceptable to the Company no later than one week prior to the end of the Offering Period (or such shorter or longer period as may be specified by the Administrator in the applicable Offering Document). All of the Participant's payroll deductions credited to his or her account during an Offering Period shall be paid to such Participant as soon as reasonably practicable after receipt of notice of withdrawal and such Participant's rights for the Offering Period shall be automatically terminated and no further payroll deductions for the purchase of Shares shall be made for such Offering Period. If a Participant withdraws from an Offering Period, payroll deductions shall not resume at the beginning of the next Offering Period unless the Participant timely delivers to the Company a new subscription agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Future Participation</u>. A Participant's withdrawal from an Offering Period shall not have any effect upon his or her eligibility to participate in any similar plan that may hereafter be adopted by the Company or a Designated Subsidiary or in subsequent Offering Periods that commence after the termination of the Offering Period from which the Participant withdraws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Cessation of Eligibility</u>. Upon a Participant's ceasing to be an Eligible Employee for any reason, he or she shall be deemed to have elected to withdraw from the Plan pursuant to this Article VII and the payroll deductions credited to such Participant's account during the Offering Period shall be paid to such Participant or, in the case of his or her death, to the person or persons designated by such Participant pursuant to Section 12.4 hereof, as soon as reasonably practicable, and such Participant's rights for the Offering Period shall be automatically terminated. If a Participant transfers employment from the Company or any Designated Subsidiary participating in the Section 423 Component to any Designated Subsidiary participating in the Non-Section 423 Component, such transfer shall not be treated as a termination of employment, but the Participant shall immediately cease to participate in the Section 423 Component; however, any contributions made for the Offering Period in which such transfer occurs shall be transferred to the Non-Section 423 Component and such Participant shall immediately join the then-current Offering under the Non-Section 423 Component upon the same terms and conditions in effect for the Participant's participation in the Section 423 Component, except for such modifications otherwise applicable for Participants in such Offering. A Participant who transfers employment from any Designated Subsidiary participating in the Non-Section 423 Component to the Company or any Designated Subsidiary participating in the Section 423 Component shall not be treated as terminating the Participant's employment and shall remain a Participant in the Non-Section 423 Component until the earlier of (i) the end of the current Offering Period under the Non-Section 423 Component or (ii) the Enrollment Date of the first Offering Period in which the Participant is eligible to participate following such transfer. Notwithstanding the foregoing, the Administrator may establish different rules to govern transfers of employment between entities participating in the Section 423 Component and the Non-Section 423 Component, consistent with the applicable requirements of Section 423 of the Code.

**ARTICLE VIII.** 

**ADJUSTMENTS UPON CHANGES IN SHARES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Changes in Capitalization</u>. Subject to Section 9.1 hereof, in the event that the Administrator determines that any dividend or other distribution (whether in the form of cash,

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Shares, other securities or other property), change in control, reorganization, merger, amalgamation, consolidation, combination, repurchase, redemption, recapitalization, liquidation, dissolution, or sale, transfer, exchange or other disposition of all or substantially all of the assets of the Company, or sale or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company, or other similar corporate transaction or event, as determined by the Administrator, affects the Shares such that an adjustment is determined by the Administrator to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended by the Company to be made available under the Plan or with respect to any outstanding purchase rights under the Plan, the Administrator shall make equitable adjustments, if any, to reflect such change with respect to (a) the aggregate number and type of Shares (or other securities or property) that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Section 8.3 hereof and the limitations established in each Offering Document pursuant to Section 4.2(b) hereof on the maximum number of Shares that may be purchased); (b) the class(es) and number of Shares and price per Share subject to outstanding rights; and (c) the Purchase Price with respect to any outstanding rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Other Ad</u>j<u>ustments</u>. Subject to Section 8.3 hereof, in the event of any transaction or event described in Section 8.1 hereof or any unusual or nonrecurring transactions or events affecting the Company, any affiliate of the Company, or the financial statements of the Company or any affiliate (including without limitation, any change in control), or in the event of changes in Applicable Law or accounting principles, the Administrator, in its discretion, and on such terms and conditions as it deems appropriate, is hereby authorized to take any one or more of the following actions whenever the Administrator determines that such action is appropriate in order to prevent the dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to any right under the Plan, to facilitate such transactions or events or to give effect to such changes in laws, regulations or principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To provide for either (i) termination of any outstanding right in exchange for an amount of cash, if any, equal to the amount that would have been obtained upon the exercise of such right had such right been currently exercisable or (ii) the replacement of such outstanding right with other rights or property selected by the Administrator in its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To provide that the outstanding rights under the Plan shall be assumed by the successor or survivor corporation, or a Parent or Subsidiary thereof, or shall be substituted for by similar rights covering the stock of the successor or survivor corporation, or a Parent or Subsidiary thereof, with appropriate adjustments as to the number and kind of shares and prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To make adjustments in the number and type of Shares (or other securities or property) subject to outstanding rights under the Plan and/or in the terms and conditions of outstanding rights and rights that may be granted in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To provide that Participants' accumulated payroll deductions may be used to purchase Shares prior to the next occurring Purchase Date on such date as the Administrator determines in its sole discretion and the Participants' rights under the ongoing Offering Period(s) shall be terminated; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To provide that all outstanding rights shall terminate without being exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>No Ad</u>j<u>ustment Under Certain Circumstances</u>. Unless determined otherwise by the Administrator, no adjustment or action described in this Article VIII or in any other provision of the Plan shall be authorized to the extent that such adjustment or action would cause the Section 423 Component of the Plan to fail to satisfy the requirements of Section 423 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>No Other Rights</u>. Except as expressly provided in the Plan, no Participant shall have any rights by reason of any subdivision or consolidation of shares of stock of any class, the payment of any dividend, any increase or decrease in the number of shares of stock of any class or any dissolution, liquidation, merger or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or pursuant to action of the Administrator under the Plan, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of Shares subject to outstanding rights under the Plan or the Purchase Price with respect to any outstanding rights.

**ARTICLE IX.** 

**AMENDMENT, MODIFICATION AND TERMINATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Amendment, Modification and Termination</u>. The Administrator may amend, suspend or terminate the Plan at any time and from time to time; <u>provided</u>*,* <u>however</u>, that approval of the Company's stockholders shall be required to amend the Plan to: (a) increase the aggregate number, or change the type, of shares that may be sold pursuant to rights under the Plan under Section 3.1 (other than an adjustment as provided by Article VIII hereof) or (b) change the corporations or classes of corporations whose employees may be granted rights under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Certain Changes to Plan</u>. Without stockholder consent and without regard to whether any Participant rights may be considered to have been adversely affected (and, with respect to the Section 423 Component of the Plan, after taking into account Section 423 of the Code), the Administrator shall be entitled to (a) change or terminate the Offering Periods, (b) add or revise Offering Period share limits, (c) limit the frequency and/or number of changes in the amount withheld from Compensation during an Offering Period, (d) establish the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars, (e) permit payroll withholding in excess of the amount designated by a Participant in order to adjust for delays or mistakes in the Company's processing of payroll withholding elections, (f) establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Shares for each Participant properly correspond with amounts withheld from the Participant's Compensation and (g) establish such other limitations or procedures as the Administrator determines in its sole discretion to be advisable that are consistent with the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Actions In the Event of Unfavorable Financial Accountin</u>g <u>Consequences</u>. In the event the Administrator determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences, the Administrator may, in its discretion and, to the extent necessary or desirable, modify or amend the Plan to reduce or eliminate such accounting consequence including, but not limited to:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) altering the Purchase Price for any Offering Period including an Offering Period underway at the time of the change in Purchase Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shortening any Offering Period so that the Offering Period ends on a new Purchase Date, including an Offering Period underway at the time of the Administrator action; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) allocating Shares.

Such modifications or amendments shall not require stockholder approval or the consent of any Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Payments Upon Termination of Plan</u>. Upon termination of the Plan, the balance in each Participant's Plan account shall be refunded as soon as practicable after such termination, without any interest thereon, or the Offering Period may be shortened so that the purchase of Shares occurs prior to the termination of the Plan.

**ARTICLE X.** 

**TERM OF PLAN** 

The Plan shall become effective on the Effective Date. The effectiveness of the Section 423 Component of the Plan shall be subject to approval of the Plan by the Company's stockholders within twelve months following the date the Plan is first approved by the Board. No right may be granted under the Section 423 Component of the Plan prior to such stockholder approval. The Plan shall remain in effect until terminated under Section 9.1. No rights may be granted under the Plan during any period of suspension of the Plan or after termination of the Plan.

**ARTICLE XI.** 

**ADMINISTRATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Administrator</u>. Unless otherwise determined by the Board, the Administrator of the Plan shall be the Compensation Committee of the Board (or another committee or a subcommittee of the Board to which the Board delegates administration of the Plan). The Board may at any time vest in the Board any authority or duties for administration of the Plan. The Administrator may delegate administrative tasks under the Plan to the services of an Agent or Employees to assist in the administration of the Plan, including establishing and maintaining an individual securities account under the Plan for each Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Authority of Administrator</u>. The Administrator shall have the power, subject to, and within the limitations of, the express provisions of the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To determine when and how rights to purchase Shares shall be granted and the provisions of each offering of such rights (which need not be identical).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To designate from time to time which Subsidiaries of the Company shall be Designated Subsidiaries, which designation may be made without the approval of the stockholders of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To impose a mandatory holding period pursuant to which Employees may not dispose of or transfer Shares purchased under the Plan for a period of time determined by the Administrator in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To construe and interpret the Plan and rights granted under it and to establish, amend and revoke rules and regulations for its administration. The Administrator, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the extent it shall deem necessary or expedient to make the Plan fully effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To amend, suspend or terminate the Plan as provided in Article IX hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Generally, to exercise such powers and to perform such acts as the Administrator deems necessary or expedient to promote the best interests of the Company and its Subsidiaries and to carry out the intent that the Plan be treated as an "employee stock purchase plan" within the meaning of Section 423 of the Code for the Section 423 Component.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Administrator may adopt sub-plans applicable to particular Designated Subsidiaries or locations, which sub-plans may be designed to be outside the scope of Section 423 of the Code. The rules of such sub-plans may take precedence over other provisions of this Plan, with the exception of Section 5.7 hereof, but unless otherwise superseded by the terms of such sub-plan, the provisions of this Plan shall govern the operation of such sub-plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 <u>Decisions Bindin</u>g. The Administrator's interpretation of the Plan, any rights granted pursuant to the Plan, any subscription agreement and all decisions and determinations by the Administrator with respect to the Plan are final, binding and conclusive on all parties.

**ARTICLE XII.** 

**MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <u>Restriction upon Assignment</u>. A right granted under the Plan shall not be transferable other than by will or the Applicable Laws of descent and distribution and is exercisable during the Participant's lifetime only by the Participant. Except as provided in Section 12.4 hereof, a right under the Plan may not be exercised to any extent except by the Participant. The Company shall not recognize and shall be under no duty to recognize any assignment or alienation of the Participant's interest in the Plan, the Participant's rights under the Plan or any rights thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <u>Rights as a Stockholder</u>. With respect to Shares subject to a right granted under the Plan, a Participant shall not be deemed to be a stockholder of the Company and the Participant shall not have any of the rights or privileges of a stockholder, until such Shares have been issued to the Participant or his or her nominee following exercise of the Participant's rights under the Plan. No adjustments shall be made for dividends (ordinary or extraordinary, whether in cash securities or other property) or distribution or other rights for which the record date occurs prior to the date of such issuance, except as otherwise expressly provided herein or as determined by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <u>Interest</u>. No interest shall accrue on the payroll deductions or contributions of a Participant under the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 <u>Designation of Beneficiary</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Participant may, in the manner determined by the Administrator, file a written designation of a beneficiary who is to receive any Shares and/or cash, if any, from the Participant's account under the Plan in the event of such Participant's death subsequent to a Purchase Date on which the Participant's rights are exercised but prior to delivery to such Participant of such Shares and cash. In addition, a Participant may file a written designation of a beneficiary who is to receive any cash from the Participant's account under the Plan in the event of such Participant's death prior to exercise of the Participant's rights under the Plan. If the Participant is married and resides in a community property state, a designation of a person other than the Participant's spouse as his or her beneficiary shall not be effective without the prior written consent of the Participant's spouse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such designation of beneficiary may be changed by the Participant at any time by written notice to the Company. In the event of the death of a Participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such Participant's death, the Company shall deliver such Shares and/or cash to the executor or administrator of the estate of the Participant. If no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such Shares and/or cash to the spouse or to any one or more dependents or relatives of the Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 <u>Notices</u>. All notices or other communications by a Participant to the Company under or in connection with the Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 <u>Equal Rights and Privileges</u>. Subject to Section 5.7 hereof, all Eligible Employees will have equal rights and privileges under the Section 423 Component so that the Section 423 Component of this Plan qualifies as an "employee stock purchase plan" within the meaning of Section 423 of the Code. Subject to Section 9.2, any provision of the Section 423 Component that is inconsistent with Section 423 of the Code will, without further act or amendment by the Company, the Board or the Administrator, be reformed to comply with the equal rights and privileges requirement of Section 423 of the Code. Eligible Employees participating in the Non-Section 423 Component need not have the same rights and privileges as other Eligible Employees participating in the Non-Section 423 Component or as Eligible Employees participating in the Section 423 Component.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 <u>Use of Funds</u>. All payroll deductions received or held by the Company under the Plan may be used by the Company for any corporate purpose and the Company shall not be obligated to segregate such payroll deductions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 <u>No Employment Rights</u>. Nothing in the Plan shall be construed to give any person (including any Eligible Employee or Participant) the right to remain in the employ of the Company or any Parent or Subsidiary or affect the right of the Company or any Parent or Subsidiary to terminate the employment of any person (including any Eligible Employee or Participant) at any time, with or without cause.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9 <u>Notice of Disposition of Shares</u>. Each Participant shall give prompt notice to the Company of any disposition or other transfer of any Shares purchased upon exercise of a right under the Section 423 Component of the Plan if such disposition or transfer is made: (a) within two years from the Enrollment Date of the Offering Period in which the Shares were purchased or (b) within one year after the Purchase Date on which such Shares were purchased. Such notice shall specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by the Participant in such disposition or other transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 <u>Governin</u>g <u>Law</u>. The Plan and any agreements hereunder shall be administered, interpreted and enforced in accordance with the laws of the State of Delaware, disregarding any state's choice of law principles requiring the application of a jurisdiction's laws other than the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 <u>Electronic Forms</u>. To the extent permitted by Applicable Law and in the discretion of the Administrator, an Eligible Employee may submit any form or notice as set forth herein by means of an electronic form approved by the Administrator. Before the commencement of an Offering Period, the Administrator shall prescribe the time limits within which any such electronic form shall be submitted to the Administrator with respect to such Offering Period in order to be a valid election.

**\* \* \* \* \***

## Exhibit 4.11

**Exhibit 4.11**![LOGO](g455258logo001.jpg)

Barcelona, March 5, 2021

**G A T H E R E D:** 

On the one hand, Mr. **RAMON MARIA XUCLÀ COMAS**, of legal age, married, resident of Barcelona, with address for the purposes of this contract at Avenida del Parque Logístico n<sup><u>o</u></sup> 2-10, Polígono Industrial de la Zona Franca, 08040-BARCELONA, holder of identity card number (D.N.I.) n<sup><u>o</u></sup> 78066433V.

And on the other hand, Mr. **ENRIC ASUNCION ESCORSA**, of legal age, married, domiciled for these purposes in Barcelona, Calle Foc 68 and holder of identity card number (D.N.I.) 47.795.190-V.

**I N T E R V E N E:** 

Mr. Ramon Maria Xuclà Comas acts for and on behalf of the **CONSORCIO DE LA ZONA FRANCA DE BARCELONA** (hereinafter referred to as CONSORCIO or ARRENDADOR) domiciled in this City, Avenida del Parque Logístico, number 2 - 10 of the Polígono Industrial de la Zona Franca, has assigned the Tax Identification Number Q-0876006-H and is governed by Statutes approved by Order of the Ministry of Finance of July 1, 1968, Official Bulletin of the State n<sup><u>o</u></sup> 182, of July 30, 1968. It acts by virtue of the deed of substitution of power of attorney, granted by the Notary Mr. Antonio Diez de Blas on October 15, 2018 and number 3,156 of his protocol.

And Mr. Enric Asuncion Escorsa in his capacity as Managing Director (*Consejero Delegado*) who acts in his capacity as Managing Director (*Consejero Delegado*), by virtue of public deed granted before the Notary of Barcelona D. Jaime Agustín Justribó on June 11, 2019, with number 1,212 of his protocol, duly registered in the Mercantile Registry and does so in the name and on behalf of the company WALL BOX CHARGERS, S.L. (hereinafter WALLBOX or RENTER), a Spanish company, domiciled in Madrid, Paseo de la Castellana 95, incorporated for an indefinite period of time by deed authorized by the Notary Public of Martorell, Ms. Matilde Farriol Bonet, under number 983 of her protocol. Registered in the Mercantile Registry of Madrid in Volume 36.360, Folio 189, Page M-653256 and with Tax Identification Number (N.I.F.) B-66.542.903.

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Both parties, in the respective capacities in which they intervene, mutually and reciprocally acknowledge full legal capacity for this act and their free and spontaneous wills.

**D E C L A R E:** 

I.- That the CONSORCIO DE LA ZONA FRANCA DE BARCELONA is the owner of the following property:

"industrial plot of land of sixteen thousand eight hundred square meters (16,800 m2), located at number 26 of street D of Sector C of the Industrial Park of the Zona Franca de Barcelona".

It does not constitute an independent registered property and is formed by the following portions of registered properties of the Property Registry of Hospitalet number 7:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Registered property number 711 of 14,400 m2 of surface area (in its entirety), in volume 1,330, book 22, and
folio 216.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• portion of 2.400 m2 of surface of the registered property number 733, in volume 1.343, book 25 and folio 50.

According to topographic measurement, the surface of the industrial plot is 16,920.00 m2.

**Cadastral reference:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Land: 7357810DF2775E0001TG

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Building: 7357810DF2775E0002YH

That, although it is not registered or described in the Property Registry (*Registro de la Propiedad*), inside the plot there is an industrial building with an area of eleven thousand two hundred and twenty square meters (11,220 m2).

Hereinafter referred to as "PROPERTY".

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Attached to the present grant as <u>annex number 1</u> is the plan of the described plot, said plan prevailing in case of discrepancy with the descriptions made.

II.- That the aforementioned plot is located in the Industrial Estate of the Zona Franca, which is governed in urban terms by the General Metropolitan Plan of July 14, 1976 (*Plan General Metropolitano de 14 de julio de 1976*), and by the Partial Plan for the Development of the Industrial Estate of the Zona Franca (*Plan Parcial de Ordenación del Polígono de la Zona Franca*), finally approved on February 16, 1968. According to this urban planning, the plot described in the previous paragraph is classified as 22-A, industrial land. The CONSORCI declares and guarantees that all the urban development obligations contemplated in this planning have been fulfilled. As all the urban development execution procedures have been completed, the plot has the status of plot of land.

The parties declare that they have sufficient knowledge of the content of the urban planning regulations applicable to the plot described in the preceding paragraph.

The Lessor declares that, as of today and according to his knowledge, there is no urban development plan on the Property that modifies the industrial qualification 22-a.

III.- That, after the corresponding negotiations held by the parties, in which each one has acted with the corresponding specialized legal advice, they have reached an agreement to formalize the lease of the object to be stated, and therefore they formalize the present LEASE AGREEMENT OTHER THAN THE HOUSE, which shall be governed by the current LAU, insofar as it is not expressly provided for in the following

**CLAUSES** 

**<u>FIRST</u>** – **<u>Purpose</u>.** - The object of the lease contract is the "PROPERTY" described in item I, which is owned by the consortium in favor of the company Wall Box Chargers, S.L., which it receives in its current state and to its full satisfaction.

**<u>SECOND</u>** – **<u>Destination</u>.** - The "PROPERTY" shall be used by the LESSEE solely and exclusively for the design, manufacture, assembly, logistics, etc. of the "WALL BOX CHARGERS".

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and storage of intelligent charging systems and batteries for electric and hybrid vehicles.

This use may not be modified without prior written authorization from the LESSOR.

It is expressly prohibited the exercise of activities classified as noxious, annoying, unhealthy and dangerous, without the prior adoption of the pertinent corrective measures imposed by the mandatory administrative authorization for the exercise of the aforementioned activities.

**<u>THIRD – Duration</u>.** - The present contract shall have a duration of TEN (10) YEARS and its validity shall be understood to begin, for all purposes, on March 8, 2021, and shall therefore terminate on March 7, 2031.

The contract shall be extended, optionally by the LESSEE and compulsorily by the LESSOR, by means of two (2) extensions of five (5) years each, with 2 years of mandatory compliance at the beginning of each extension, unless the LESSEE reliably communicates its intention not to extend this Contract, at least six (6) months prior to the date of termination of the Contract or the beginning of its automatic extensions.

Of said initial term of 10 years, the first 5 years of the contract shall be binding on the LESSEE. With respect to the remaining 5 years of the contract and the extensions, the LESSEE may withdraw from the contract provided that he communicates his decision FOUR (4) months prior to the effective date and compensates the LESSOR with an amount equivalent to three (3) months' rent in force.

Upon expiration of the agreed term, the present contract or any of its extensions shall be automatically terminated, and it may not be considered that there is a tacit renewal even if the notice referred to in Article 1,566 of the Civil Code (*Real Decreto de 24 de julio de 1889 por el que se publica el Código Civil*) has not been issued.

Upon termination of the lease for any reason whatsoever, the LESSEE shall leave the "PROPERTY" free, vacant and available.

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**<u>FOURTH</u> – <u>RENT</u>.-** 

4.1 RENT.-The LESSEE shall pay the LESSOR, for the "PROPERTY" under lease, a monthly rent of **SIXTY ONE THOUSAND SEVEN HUNDRED AND TEN EUROS AND FIFTY CENTS** (61,710.00 €) at a rate of 5.50 €/m2/month for the surface area of the building, without prejudice to the provisions of sections 4.2. and 4.3. of this clause.

The corresponding taxes and fees shall be applied to the rent, especially the value added tax (VAT) or the one that replaces it, at the legal rate in force, so that the total rent of the lease shall be constituted by the aforementioned figures, multiplied by the total surface areas of the building and offices, object of the lease.

The aforementioned amounts shall be paid by means of a receipt to be issued by the LESSOR to be charged to the bank account designated for such purpose by the LESSEE and in advance, within the first five days of each month.

4.2 RENT DISCOUNTS - The parties agree to the following discounts on the rent only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rebate of 2.00 €/m2/month (i.e. 22,440.00 €/month) during the first two years after the end of the
grace period provided for in section 4.3. below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bonus of 0.50 €/m2/month (i.e. 5,610.50 €/month) during the third and fourth year after the end of the
grace period provided for in section 4.3. below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. RENT GRACE PERIOD. - The parties have agreed that during the first eight (8) months of the contract
("grace period") no rent shall be paid. The first rent shall therefore accrue on October 8, 2021.

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| | |
|:---|:---|
| **<u>FIFTH</u>** | - **<u>Rent Review</u>.-**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. REVISION OF THE RENT

The rent shall be reviewed on January 1 of each calendar year, the first review being carried out on January 1, 2023, in accordance with the provisions set in Law 2/2015, 30 March, on the de-indexation of the Spanish economy, using as a reference index the annual variation of the index of office rental prices in Catalonia, published by the National Institute of Statistics, taking as the reference annuity that which corresponds to the last index published on the date of review of the contract.

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The review shall always be carried out on the total or revised rent that the LESSEE pays at the time it is carried out, applying to it the variation experienced by the aforementioned index in the twelve months prior to the day on which it is carried out.

Given that the publication of the definitive indexes is normally delayed, the parties agree to apply the corresponding provisional index, without prejudice to any readjustments that may be necessary, in view of the definitive index that is published.

The delay in the practice of the revisions shall not in any way signify waiver or lapse of the right, and the LESSOR may make the revisions retroactively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. EXTRAORDINARY REVISION

Independently of what is established in the previous paragraph, the parties agree that, on January 1, 2031, the monthly rent SHALL be revised to adjust it to the market price for the rental of warehouses in the area.

The market rent shall be considered to be the one agreed by the parties; in the absence of express agreement, the one established in accordance with the following.

For such purposes, 12 months prior to the time at which this extraordinary review is to operate, the party seeking the review shall summon the other party for a day later in one month from the date of receipt of the request, in order to exchange a report from a recognized real estate consultant on a proposal for determining market rent. The summons will indicate day, hour and office of notary or notary public where the parties will carry out the exchange of opinion, which notary will draw up the corresponding minutes. If on the date specified in the summons one of the parties does not

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appears, or does not provide a reasoned opinion, the rent shall be fixed according to the proposal of the appearing party supported by the corresponding opinion. If on the date indicated both parties appear, each providing its own opinion, in the event that the higher proposal does not exceed the other proposal by more than 20%, the rent shall be set at the arithmetical midpoint between the two. In the event that they differ by more than 20%, and the parties are unable to reach an agreement on the determination of the market rent, the determination of the market rent will be submitted to the arbitration tribunal of Barcelona, which will be entrusted with the appointment of the arbitrator and the administration of the arbitration, and if this arbitration tribunal does not exist, to the arbitration tribunal of the person currently holding the position of Dean of the College of Economists. The arbitration shall be of equity, and the parties submit themselves from this moment to the arbitration decision to be adopted. The fees of the arbitration proceedings shall be paid by the parties in the proportion in which the income claimed by each party deviates from the income determined by the arbitration system, so that the more the proposed percentage deviates from the arbitration income, the greater the participation in the payment of the costs. By way of example: if the rent offered by the lessor is 125, and the rent offered by the lessee is 25, and the arbitration rent is set at 100, the costs will be borne at 25% by the former and 75% by the latter.

In any case, the variation of the rent shall not exceed 30% of the rent being paid by the TENANT at the time of the review.

**<u>SIXTH</u>**.-**<u>Deposit</u>**.- The LESSEE hereby deposits with the LESSOR an amount equivalent to two monthly payments of rent, which amounts **to ONE HUNDRED AND TWENTY-THREE THOUSAND FOUR HUNDRED AND TWENTY EUROS** (123,420.00 €), as a guarantee for the performance of the obligations agreed upon in this contract. Said amount shall be subject to legal liabilities.

In compliance with the provisions of article 36 of the current Urban Leases Law (LAU) (*Ley 29/1994, de 24 de noviembre, de Arrendamientos Urbanos*), the LESSOR undertakes to deposit said amount with INCASOL. At the end of the contract, the LESSOR shall inform INCASOL of the termination of the contract. Once INCASOL has paid the amounts to the LESSOR, the latter will return them to the LESSEE, provided that the LESSEE has complied with each and every one of the obligations

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assumed in the present contract and once the property has verified the state of conservation of the leased surfaces. Otherwise, it shall be returned to them with any deductions that may be applicable.

The existence of this deposit in the hands of the LESSOR does not authorize the LESSEE to fail to make or delay the payment of the contractual rent and other amounts due to the LESSOR.

The bond shall be subject to update at the time of each extraordinary rent review in accordance with the provisions of clause 5.2, at which time it shall be updated to the amount equivalent to two monthly payments of the rent in force at the time of the update.

**<u>SEVENTH</u>.**- **<u>Other Guarantees</u>.-THE** TENANT hereby delivers a BANK GUARANTEE in the amount of TWO HUNDRED AND FORTY SIX THOUSAND EIGHT HUNDRED AND FORTY EUROS (246,840.00) corresponding to FOUR (4) months' rent.

The guarantee must contain signatures authenticated by a notary public and be registered in the Special Registry of Guarantees (Registro *Especial de Avales)*.

The presentation of the guarantee is constituted as a resolutory condition of this document.

The said guarantee shall guarantee all the obligations assumed by the LESSEE in this contract after its entry into force, in such a way that upon breach of any of them, the LESSOR shall own the entire amount guaranteed as a penalty, proceeding to the execution of the said GUARANTEE without prior notice, without prejudice to the corresponding actions for damages that may correspond to the LESSOR.

The LESSEE delivers a bank guarantee valid until March 4, 2022. Prior to the expiration of said bank guarantee, the TENANT shall deposit a new bank guarantee to replace it.

This guarantee is subject to the same regime as the legal deposit agreed upon by the parties in section 6.1 above; consequently, this additional guarantee shall be retained by the property and liquidated to the LESSEE upon termination of the lease, with the corresponding executions existing economic liabilities of the LESSEE at the time of restitution.

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Said guarantee shall also be updated at the time of each extraordinary rent review in accordance with the provisions of clause 5.2, at which time its amount shall be updated to the amount equivalent to 50% of the rent in force at the time of the update.

Failure to deliver the guarantee, or to update it, in the terms and contents indicated above, entitles the LANDLORD to terminate this contract at any time without the right to indemnification in favor of the LESSEE, who now waives any claim whatsoever.

**<u>EIGHTH</u>** - **<u>Works</u>**.- The works and installations that the LESSEE may wish to carry out, always with the prior written authorization of the LESSOR, in order to adapt the rented object to the agreed purposes, shall be exclusively at his expense, and he shall be obliged to return it in the state and conditions in which he received it at the end of the contract, removing all the works sufficiently in advance, unless the LESSOR exempts him from this obligation because he is interested in maintaining the works and installations carried out, the LESSEE renouncing from now on to claim any compensation or economic consideration for the improvements made, even in the event that the same represent a real and effective enrichment for the LESSOR.

All works and installations must comply with the conditions and requirements of the PGM, the Regulatory Ordinances of the Partial Plan, the Ordinances of the Barcelona City Council and other legal, regulatory and administrative provisions in force on the matter and the rules and instructions issued by competent bodies relating to the protection of the environment.

**<u>NINTH</u>** - **<u>SUPPLIES</u>** The LESSEE shall have to contract all types of supplies required for its activity directly with the supply companies and assume the full cost thereof, whether derived from the contracting of the supply, or from the change of name if the supply has already been contracted, or from the provision of the same.

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**<u>TENTH. - SPECIFIC OBLIGATIONS OF THE LESSEE.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Independently of any other obligations derived from the present lease, the lessee company will have to specifically comply with the following obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) to respect the administrative regulations applicable to its activity and the town planning regulations
applicable to the sector. In particular, to comply with the instructions of the Consortium regarding the works of all kinds that are intended to be carried out. The partial plan for the development of the Zona Franca Industrial Estate is attached as
Annex No. 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Before starting the activities to be carried out on the leased plot of land, the LESSEE must have fenced the
same at its own expense, a fence that must meet the conditions required by the Regulatory Ordinances of the Industrial Estate of its location.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The LESSEE undertakes to make its best efforts to ensure that its employees do not park or park their own
vehicles, or those of its staff or management, on any of the streets of the industrial estate of the free zone, except in the areas designated for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) It shall be obliged to proceed to the daily cleaning of the sidewalks bordering the facade of the leased
object.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Not to carry out the access or exit of vehicles through the corners or chamfers of the streets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) To conserve, maintain and repair the fences that border the leased area and the ford of access to the plot
within 15 calendar days following the notice given by the Consortium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) The TENANT shall be responsible for the construction works of the access ford to the leased "FINCA".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) To deliver annually to the LANDLORD a copy of the maintenance contracts of all the installations and services
of the premises, as well as that of the photovoltaic panels. To facilitate and allow the LANDLORD, and the workers or industrialists sent by the LANDLORD, access to the leased property, upon request 24 hours in advance, for the purpose of inspecting
the condition and characteristics of the leased property in order to verify the fulfillment of the contractual obligations without hindering or impairing the LESSEE'S activity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) To facilitate and allow access to the leased property to the LESSOR, and to the operators or industrialists
sent by the LESSOR, upon request with 24 hour's notice, for the purpose of inspecting the condition and characteristics of the leased property in order to verify the fulfillment of the contractual obligations without hindering or impairing the
activity of the lessee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) The necessary authorizations, permits, licenses, or administrative formalities (prior communication or
responsible declaration, or any other), shall be the responsibility of the LESSEE and shall be entirely at the LESSEE'S expense, with no liability for the LESSOR. To this effect, the lack of the necessary administrative procedures or
authorizations, or the cancellation, revocation or termination thereof, for whatever reason, even if the cause is the objective characteristics of the property or the applicable urban planning regulations, shall not affect the validity or
effectiveness of this contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) To assume all expenses and taxes levied on the ownership, use, usufruct, occupation or any other aspect of the
leased surface and of the existing buildings and constructions on the plot or which, by way of improvements, the LESSEE may erect. In this sense, the LESSEE shall be liable for the real estate tax or any other tax levied on the ownership, usufruct
or any other aspect of the leased surface and the buildings and constructions on the plot. The repercussion of the quotas that the LESSOR is obliged to pay for such taxes shall be made to the LESSEE on a quarterly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) To vacate the "PROPERTY" leased upon termination of the contract for any reason. Failure by the
LESSEE to comply with this obligation shall entail a penalty equivalent to two months' rent, in the amount corresponding to the date on which the eviction was to take place, for each month during which the non-compliance lasts; this penalty shall be doubled if the non-compliance lasts for more than six months, as from the expiry of said term; it shall be tripled if the non-compliance lasts for more than twelve months, as from the expiry of said term, and so on, increasing by a multiple for each six months of delay in the eviction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) Not to store or handle, on the leased property, explosive, inflammable, uncomfortable or unhealthy materials
without the required licenses, except for all the activities of the lessee, for which they must have the generic licenses that cover them.

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![LOGO](g455258logo001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) To clean the interior, the facades of the premises, the fences and the roof, and to keep the area of the leased
"PROPERTY" that is free of buildings in a proper state of cleanliness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o) To consent to the passage on the leased property of existing pipes or networks (these because they do not
hinder the normal activity of the LESSEE) or future ones, as the case may be (these provided that they do not harm the use of the LESSEE), with the obligation to respect them, not to alter them, not to manipulate them or use them in any way, and to
allow on these pipes or networks any intervention or work on them with sufficient prior notice and provided that it does not imply any alteration or harm to its activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p) In general, it is obliged to submit to the norms contained in the Regulatory Ordinances of the Industrial
Estate and to the legal dispositions in town planning matters that are applicable at all times.

**<u>ELEVENTH. LIABILITY FOR DAMAGES AND INSURANCE.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 THE LESSEE shall be directly and exclusively liable for any damages that may be caused to third parties or things for any cause attributable to him, his employees, dependents or assistants, including damages derived from installations for services and supplies, and especially those that are a direct or indirect consequence of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The activity carried out and/or the performance of any kind of works in the leased property, exempting the lessor
from all liability, including for damages derived from installations for services and supplies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to comply with the obligations imposed by the municipal ordinances in force at any given time regarding
Fire Protection Conditions in buildings, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The production on the leased property of noise, vibrations, heat radiation, fumes, bad smells, emissions or
electrical interference, and in general any other activity that may cause damage to the lessor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 The LESSEE undertakes to take out, at its own expense, a civil liability policy covering, inter alia, the risk of possible damage to its premises. This policy shall necessarily remain in force during the entire term of this contract and shall contain an express waiver of the right of recourse against the LESSOR.

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![LOGO](g455258logo001.jpg)

Failure to subscribe the aforementioned policy in the terms and contents indicated above shall entitle the LESSOR to terminate the present contract at any time without the right to indemnification in favor of the LESSEE, who hereby waives any claim whatsoever. For this purpose, the LESSOR, in order to be able to verify compliance with this obligation, may request that a copy of the policy taken out at any time during the term of the contract be delivered to him, as well as proof of the receipts for the payment of the premiums.

**TWELTHT** - **<u>Assignment of rights</u>** - With express waiver of art.32 of the LAU, total or partial assignments are prohibited, as well as subleases of all or part of the leased surface. The TENANT may neither subrogate, nor transfer, nor in any way assign for valuable consideration or free of charge, any of the rights acquired under this contract, except to other companies belonging to the same group within the meaning of art. 42 Commercial Code (*Real Decreto de 22 de Agosto de 1885 por el que se publica el Código de Comercio*).

Failure to comply with this agreement shall be cause for termination of the contract.

**<u>THIRTEENTH. - Conservation, repairs and improvements.-</u>** 

The LESSEE declares to receive the leased object in good conditions of conservation and to his full satisfaction. The Technical Due Diligence report commissioned by the LESSEE is attached hereto as <u>annex number 3</u> and as <u>annex number 4</u> the initial proposal for the implementation and description of the alterations to be carried out in the industrial building.

Henceforth, all the works and expenses necessary for the conservation, repair, replacement, maintenance and improvement of the leased object, as well as of the installations and services existing therein, with special mention of the fire extinguishers, shall be at the exclusive expense of the LESSEE, with express waiver of the provisions of article 21 of the LAU.

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![LOGO](g455258logo001.jpg)

**<u>FOURTEENTH</u>**. - **<u>Fire regulations</u>**. - The LESSEE shall keep the fire extinguishers and the access to these free and clear and without any obstacle that may hinder or hinder the use of said fire protection systems.

**<u>FIFTEENTH</u>**. - **<u>Soil Contamination</u>**. - The LESSEE who carries out any potentially contaminating activity, of those provided for in Law 5/2013 of 13 June 2013, Law 22/2011 of 28 July and Royal Decree 9/2005 of 14 January, or in the legislation in force, is obliged to provide the LESSOR with a copy of the preliminary situation report or complementary reports or situation reports referred to in article 3 of the aforementioned regulatory provision.

In the event of the administrative declaration of contaminated land, the LESSEE assumes the obligation to communicate to the LESSOR the notifications received, both of procedural acts and of resolutions of the administrative procedures referred to in article 4 of royal decree 9/2005, of 14 January, and shall carry out the actions that may be appropriate in application of article 7 of the aforementioned regulation.

The LESSEE shall at all times be liable to the LESSOR for the liabilities required in application of the aforementioned regulations or any other that may replace them, with the obligation to compensate the property for any damage or harm caused by the infringement of the regulations or the contamination of the soil produced by the activity carried out by the LESSEE. For the appropriate purposes, a soil and groundwater quality report and a risk analysis report are attached as <u>annex number 5</u>.

In any case, upon termination of the lease, the LESSEE shall draw up a status report on soil and water pollution and shall be charged the costs of carrying out all the decontamination work required to comply with the regulations in force at any given time in this area. During the time the decontamination work is being carried out, the LESSEE shall continue to pay the agreed rent.

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**<u>SIXTEENTH</u>. - <u>Solar Energy</u>**. - The LANDLORD, through its CSR policy, is adhered to the declaration of principles of the UN Global Compact that pursues the fulfillment of the Sustainable Development Goals (SDGs) within the framework of institutions and companies. The industrial sector is an environment that is particularly sensitive to the objective linked to energy consumption, water, sustainable resources and respect for the environment. In this scenario, it is essential for the LESSOR to encourage and promote the use of energy systems from renewable sources among its tenants.

In order to bring the industrial sector closer to a sustainable environment, the LESSEE is obliged to incorporate in the construction project of any building, the installation of photovoltaic solar energy on the maximum possible surface of the roof. To this end, the LANDLORD shall collaborate with the LESSEE to provide the technical support necessary to optimize the implementation of PV. In the event that the LESSEE does not carry out such implementation on the roof, the CONSORTIUM reserves the right of use and exploitation of such roofs to carry out, at the CONSORTIUM's expense, the implementation of solar photovoltaic energy by contracting the service to specialized third parties, unless the LESSEE sufficiently justifies the inconveniences that this implementation could entail to its operation.

**<u>SEVENTEENTH</u>**. - **<u>Law of the contract</u>**.- In all matters not provided for in this contract, Title III of the current LAU shall apply, expressly excluding the provisions of articles 31, 33 and 34 of the same.

By virtue of the power that article 4.3 of the current Urban Leases Law (LAU) gives to the contracting parties to exclude the application of some benefits and rights, the parties expressly and formally exclude the application, in the present leasing relationship, with express waiver by the lessees, of the following rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Article 30 of the LAU, in connection with Articles 21, 22, 23 and 26.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Article 21 of the LAU, referring to conservation and repair works.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Article 22 of the LAU referring to improvement works.

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![LOGO](g455258logo001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Article 23 of the LAU, referring to works that modify the structure, stability, security and configuration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Articles 31 and 25 of the LAU, referring to the rights of preferential acquisition and challenge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Article 26 of the LAU, referring to conservation works or works required by the competent authority that make the
object uninhabitable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Article 32 of the LAU, referring to the rights of assignment of the contract and sublease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Article 34 of the LAU, referring to the compensation to the lessee, or eventually if interpreted as sublessee,
for the clientele at the end of the contract.

<u>**EIGHTEENTH**</u>. - **<u>Data Protection</u>**.- The processing of the personal data included in the heading of this contract shall be carried out in accordance with the provisions of Regulation (EU) 2016/679 of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and the free movement of such data and shall be incorporated into the processing system owned by Consorci de la Zona Franca de Barcelona, hereinafter "CZFB", for the purpose of providing you with the services contracted as a client and to send you advertising and commercial prospecting and/or documents and communications that may be of interest to you. The parties shall at all times properly comply with the provisions contained in the aforementioned Regulations and any other regulations in force or that may be enacted in the future on the subject.

The data collected will be kept for the duration of the service, as well as during the periods of limitation of legal actions in case of possible liability that may arise from the contractual relationship, and will be treated in a lawful, fair, transparent, relevant, limited, and updated, taking all reasonable measures to ensure that they are deleted or rectified without delay when they are inaccurate. Also, your data may be communicated to public administrations and all those entities and collaborators that are necessary to provide the services. Failure to provide the data to the aforementioned entities implies that the provision of services cannot be fulfilled. You may exercise your rights of access, rectification, suppression and opposition, limitation of processing, data portability and not to be subject to automated individualized decisions, by sending your request to Consorci de la Zona Franca de Barcelona, Av. Parc Logístic, 2-10, 08040 Barcelona, or by e-mail to dpd@zfbarcelona.es, and submit to the competent Control Authority the claim you deem appropriate.

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CZFB undertakes not to disclose any confidential data relating to the other Party's business to which it may have access without the prior express consent of the other Party. CZFB also guarantees that it has informed and obtained the agreement of its employees to the express prohibition on disclosing any data to which they may accidentally have access in connection with the services provided, and the commitment to maintain the secrecy of such information and documentation to which they may have access, in accordance with Article 5 of Organic Law 3/2018 of 5 December on the Protection of Personal Data and the guarantee of digital rights. Upon completion of the agreed services, CZFB shall proceed to delete or, where appropriate, return the personal data obtained during the performance of the services, regardless of the medium or document on which they are contained, unless the retention of the personal data is required by the applicable regulations. It shall be the responsibility of the recipient to control the disclosure of such data within its organization.

<u>**NINETEENTH**. -</u> **<u>Causes for termination</u>.** - The breach of any of the obligations agreed upon in this contract shall give rise to its termination and to the indemnification of damages caused by the offender, and the latter shall be responsible for the payment of the expenses arising from the claim, if any.

**<u>TWENTYTH</u>.** - **<u>Jurisdiction</u>**. - In order to resolve any discrepancy or divergence that may arise between the parties with respect to the performance or interpretation of this contract, both parties, waiving their own jurisdiction, expressly submit to the jurisdiction of the Courts and Tribunals of Barcelona,

<u>**TWENTY-FIRST**</u>. - **<u>ANNEXES TO THE CONTRACT</u>**. - The following annexes are attached to the present contract and are considered as an integral part of the same, for the purposes of knowledge, consent and acceptance by the parties:

Annex No. 1 - Plan of the property.

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![LOGO](g455258logo001.jpg)

Annex No. 2 - Partial Plan for the development of the Zona Franca Industrial Park.

Annex No. 3 - Technical Due Diligence.

Annex No. 4 - proposed implementation and description of the reforms.

Annex No. 5 - soil and groundwater quality report.

ADDITIONAL CLAUSE. - THE LANDLORD expressly authorizes the LESSEE to allow W.T. GRUPESA LOGÍSTICAS S.A. to occupy a space in the warehouse temporarily.

And in proof of conformity, both contracting parties sign this document.

---

| | |
|:---|:---|
| /s/ Ramon Maria Xuclà Comas | /s/ Enric Asunción Escorsa |
| Ramon Maria Xuclà Comas | Enric Asunción Escorsa |
| **Consorcio Zona Franca Barcelona** | **Wall Box Chargers, SL** |

---

## Exhibit 4.12

**Exhibit 4.12** 

**IBERDROLA CLIENTES S.A.U.** 

AS A SELLER

And

**WALL BOX CHARGERS, S.L.** 

AS A PURCHASER

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POWER PURCHASE AGREEEMENT (PPA ON SITE)

IN SELF-CONSUMPTION REGIME

WITH SURPLUSES

------

**CONTENT** 

---

| | | |
|:---|:---|:---|
| **Clause** | **Clause** | **Page** |
| 1. | Definitions | 2 |
| 2. | Period of Validity and Entry into Force | 8 |
| 3. | Assembly of the Dedicated Installation | 8 |
| 4. | Right of use and access to the Site | 9 |
| 5. | Sale and Purchase | 10 |
| 6. | Price | 10 |
| 7. | Change of law | 11 |
| 8. | Expected Consumption | 11 |
| 9. | General commitments of the Parties | 11 |
| 10. | Representations and Warranties | 15 |
| 11. | Quality of supply | 16 |
| 12. | Payment terms | 16 |
| 13. | Causes of Force Majeure | 17 |
| 14. | Transmission and Assignment | 17 |
| 15. | Indemnification | 18 |
| 16. | Insurance | 19 |
| 17. | Guarantee of the Purchaser's parent company | 20 |
| 18. | Confidentiality | 20 |
| 19. | Breach, Resolution and Suspension | 21 |
| 20. | Limitation of Liability | 23 |
| 21. | Notifications | 24 |
| 22. | Partial invalidity | 26 |
| 23. | Amendments and Supplements | 26 |
| 24. | Dispute Resolution and Applicable Law | 26 |
| 25. | Data protection | 26 |
|  SCHEDULE 1. SITE | SCHEDULE 1. SITE | 33 |
|  SCHEDULE 3. TECHNICAL SPECIFICATIONS | SCHEDULE 3. TECHNICAL SPECIFICATIONS | 34 |
|  SCHEDULE 6. AGREEMENT PRICE | SCHEDULE 6. AGREEMENT PRICE | 35 |
|  SCHEDULE 8. EXPECTED CONSUMPTION AND MINIMUM CONSUMPTION | SCHEDULE 8. EXPECTED CONSUMPTION AND MINIMUM CONSUMPTION | 36 |
|  SCHEDULE 9.1. SELLER'S COMMITMENTS IN RELATION TO FIRE PREVENTION, POSSIBLE DAMAGE TO PHOTOVOLTAIC PANELS AND ELECTRICAL RISKS | SCHEDULE 9.1. SELLER'S COMMITMENTS IN RELATION TO FIRE PREVENTION, POSSIBLE DAMAGE TO PHOTOVOLTAIC PANELS AND ELECTRICAL RISKS | 37 |
|  SCHEDULE 9.1.Bis. MAINTENANCE OF THE DEDICATED INSTALLATION | SCHEDULE 9.1.Bis. MAINTENANCE OF THE DEDICATED INSTALLATION | 39 |
|  SCHEDULE 11. STANDARDS RELATING TO SPECIFICATIONS FOR ELECTRICAL PROTECTIONS | SCHEDULE 11. STANDARDS RELATING TO SPECIFICATIONS FOR ELECTRICAL PROTECTIONS | 42 |
|  SCHEDULE 19. COMPENSATION FOR TERMINATION OF THE CONTRACT | SCHEDULE 19. COMPENSATION FOR TERMINATION OF THE CONTRACT | 43 |

---

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**THIS POWER PURCHASE AGREEMENT (PPA ON SITE)** (hereinafter the "**Agreement**") is entered in Barcelona on 27 September 2021.

**BETWEEN**:

(1) **IBERDROLA CLIENTES, S.A.U.** (the "**Seller** "), a public limited company (*Sociedad anónima*) legally incorporated and existing in accordance with Spanish law, with registered office at Plaza de Euskadi, 5, 48009 Bilbao (Vizcaya), with Tax Identification Number (C.I.F.) A95758389;

and

(2) **WALL BOX CHARGERS, S.L.** (the "**Purchaser** "), a limited company (*Sociedad limitada*)
legally incorporated and existing in accordance with Spanish law, with C.I.F. B66542903, registered office at Calle Anabel Segura, n° 7 H1, 28108 Alcobendas (Madrid), which is duly registered in the Commercial Registry of Barcelona, Volume
44872, Page 59, General Section, Sheet n° B-469977, 1st Inscription;

hereinafter referred to as the "**Parties**" or individually a "**Party**".

**EXHIBIT**:

(A) The Seller is authorized to participate in the retail sale of electricity and natural gas as a marketer and is
registered in the list of electricity marketers published on the CNMC website with number R2-515.

(B) The Purchaser is a company producing electric vehicle charging equipment.

(C) The Purchaser carries out its activity in a site, as described in Schedule 1, (the "**Site** ").
The Purchaser has the use and benefit of the Site under the title described in such Schedule 1.

(D) The Purchaser wishes to ensure the supply of renewable energy to meet its energy demand and the Seller wishes
to supply renewable energy to the Purchaser, in accordance with the terms and conditions of this Agreement.

(E) In relation to the foregoing, the Seller, being able to contract third parties for this purpose, shall build,
install, commission and operate photovoltaic installations in the Site in accordance with the technical specifications (the "**Technical Specifications**") included in Schedule 3 attached to this Agreement (the "**Dedicated Installation** "). For this purpose, the Seller will be designated as the promoter and builder of the facilities in accordance with Law 38/1999, of November 5, on Building Management (LOE) and, therefore, shall comply with all legal
obligations.

(F) The Dedicated Installation will be considered as a self-consumption installation in accordance with Royal
Decree 244/2019, of April 5, which regulates the administrative, technical and economic conditions of self-consumption of electrical energy. The Seller shall not market the photovoltaic energy generated if there is sufficient demand by the
Purchaser for its self-consumption at the Site. The Seller may sell the energy to third parties only when the photovoltaic energy generated exceeds the Purchaser's consumption needs. The Seller will take care of the connection of the Dedicated
Installation to the external network, obtain the relevant permissions and fulfill the information obligations.

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(G) In view of the foregoing and in order to establish the main conditions governing the construction, operation,
maintenance and dismantling of the Dedicated Installation (the "**Works** "), as well as the long-term purchase and sale of energy under a self-consumption regime, the Parties have agreed to conclude this Power Purchase Agreement.

1. **DEFINITIONS** 

Unless the context requires otherwise, in this Agreement (including the Exhibits), the following terms and expressions shall have the following meanings:

"**Actual Generation**" is the electricity actually generated by the Dedicated Installation in any Relevant Period during the Term.

"**Agreement**" shall mean the present power purchase agreement.

"**Applicable law**": means, with respect to any Party, any applicable law, regulation or ruling that that Party is required to comply with.

"**Bankruptcy Law**" shall mean Law 22/2003, of 9 July, Bankruptcy (with its amendments or any other law that replaces it).

"**Best Practices**" shall mean the practice of a person who seeks in good faith and with the diligence of a good entrepreneur to perform his contractual obligations in a due and timely manner and, in doing so and in the general conduct of his enterprise, to exercise the degree of skill, caution, diligence, prudence, foresight and care reasonably expected of a trained and experienced person engaged in the same type of business or operations with respect to the renewable energy generation assets of similar type, size and complexity to the facility, and taking into account all relevant manufacturer's equipment recommendations, guidelines, operations and maintenance manuals and applicable Legislation.

"**Breach**" shall mean any of the causer specified in Clauses 19.1 and 19.2.

"**Business day**" shall be any day, other than Saturday or Sunday, in which the banks are open in Spain.

"**Change of Law**": change of law (a) means the entry into force of an Applicable Law that is not in force on the Effective Date of this Agreement; (b) the modification, revocation or replacement of the Applicable Law in force on the Effective Date of this Agreement; and/or (c) a change after the date of this Agreement in the interpretation or application by the competent authority of the Applicable Law.

"**COD deadline**" shall mean 12 months after the date on which all the necessary permits and authorizations have been obtained to start the assembly of the Dedicated Installation.

**"COD Estimated Date"** nine (9) months from the Effective Date shall be understood.

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"**Commercial Operation Date (or COD**)" shall mean the date on which the following conditions are met for the Dedicated Installation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The certificate referred to in article 132 of Royal Decree 1955/2000, of 1 December, or act of
commissioning, necessary for the Dedicated Installation, has been obtained and is in force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The authorized and installed capacity is equal to or greater than the installed capacity established in the
Technical Specifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The Dedicated Installation is supplying electrical power to the Site at the Supply Point.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The Seller has obtained any other authorization necessary for the operation of the Dedicated Installation.

**"Compensation for Resolution"** shall have the meaning given to it in clause 19.2, 19.4 or 19.7, as applicable.

The Parties expressly agree that the Compensation for Resolution shall be a reasonable calculation of the loss that may be incurred by the Seller/Purchaser as a result of the Breach of the other relevant Party and that it shall be the sole and exclusive compensation of the Party that has not incurred in a breach under this Agreement upon termination thereof.

"**Complaining party**" shall have the meaning attributed in Clause 13 (*Force majeure*).

"**Confidential Information**" shall mean the content of this Agreement and all information and data that a Party discloses to the other Party under or in connection with this Agreement, including, but not limited to, financial, technical and commercial information, whether documented or not, relating to the transaction documented in this Agreement and any other matter governed by this Agreement, with the exception of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Information that is in the public domain or that becomes known by means other than a breach of this Agreement
or any other confidentiality commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Information that a Party demonstrates that it knew before the other Party disclosed it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Information received from a third party without restrictions as to its disclosure.

"**Contracted Volume**" means actual self-consumption until reaching the Actual Generation.

In this Agreement, unless the context requires otherwise or is specified otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All references to the exhibits, sections and schedules are to the exhibits, sections and schedules of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The headings are for the purpose of facilitating reference only and shall not affect the interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Terms such as "hereinafter", "herein" and others beginning with "in this Agreement" shall refer, unless the context clearly indicates otherwise, to the entirety of this Agreement and not to any specific section or clause thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) In interpreting this Agreement, no restrictive meaning shall be accorded to the general terms introduced by the term "other" merely because they are preceded by words indicating a specific type of acts, matters or things, nor shall any restrictive meaning be accorded to the general terms merely because they are followed by specific examples intended to be adopted by the general terms and any reference to the terms" include" or "included" shall be construed without limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) A reference to any gender will include all genders and singular words will include the plural and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Any reference to a person shall be construed to include any individual, enterprise, company, corporation, government, state or body of a state or any joint venture, partnership, partnership, works council or representative body of employees (whether or not it has independent legal personality).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) If any action or obligation is to be taken or performed under any provision of this Agreement and it falls on a day other than a business day, such action or obligation shall be taken or performed on the business day following such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) A person shall include his or her successors, personal representatives, assignees, beneficiaries or permitted substitutes, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Any reference to one hour will be a reference to the Spanish time.

"**Dedicated Installation**" means the photovoltaic system referred to in Exhibit E.

"**Default interest**" shall have the meaning attributed in the Clause 12.3 (*Default interest*).

"**Effective Date**" shall mean the date of conclusion of this Agreement.

"**Electric power market**" shall mean the Spanish electricity market managed by the Independent Market Operator (OMIE).

"**Emplacement**" means the installation described in exhibit C.

"**Expected Consumption**" shall mean the Expected Consumption of the Dedicated Installation during the Term of the Contract, as defined in Schedule 8.

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"**Force Majeure**" shall have the meaning ascribed to the term in Clause 13 (*Force majeure*).

"**Group Company**" shall mean, in relation to a person, any other person in respect of whom he is a subsidiary.

"**Group**" shall have the meaning given in Article 42 of the Spanish Commercial Code.

"**Guarantee of the Parent Company**" NOT APPLICABLE.

"**Guarantor of the Purchaser**" NOT APPLICABLE.

"**Independent Market Operator**" OMI-Polo Español, S.A. as operator of the Iberian Electricity Market or OMIE.

"**Independent System Operator**" shall mean REE (*Red Eléctrica de España*), which operates the Spanish Electricity System.

"**Insolvency**" shall include the following cases with respect to the Party concerned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The adoption of a resolution for the liquidation of the Party that is not intended for or is followed by a restructuring or merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The appointment of a beneficiary, administrator, trustee and manager or a similar officer by any person of all or a fundamental part of the property, assets or enterprises of such Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The Party is unable to pay its debts for the purposes of the Bankruptcy Law or is deemed or declared to be unable to pay its debts under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) That the Party submits a petition to the relevant court pursuant to Article 5 bis of the Bankruptcy Law or, with respect to the Purchaser's Guarantor, files a petition with the relevant court declaring the commencement of negotiations to reach an agreement with its creditors in order to reschedule or renegotiate its debt in accordance with the applicable Bankruptcy Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) The enforcement of any guarantee or other agreement having similar effect on a significant part of its assets, unless the other Party permits such enforcement under a direct agreement with the lenders of the Party concerned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Any procedure or measure analogous to the preceding paragraphs that is adopted in any other jurisdiction.

"**Kw**" means kilowatt.

"**Kwh**" means as kilowatt hour.

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"**Legal interest**" shall mean the interest rate provided for in the General State Budgets of each year and published by the Bank of Spain.

"**Licenses**" shall mean all licenses or authorizations necessary for the assembly and operation of the Dedicated Installation in accordance with applicable law, including the relevant authorizations of the relevant distributor.

"**Limitation of Liability**" shall be 60,000 (SIXTY THOUSAND) euros.

"**Minimum Consumption**" shall mean the Minimum Consumption that the Purchaser undertakes to make from the Dedicated Installation during the Term of the Contract, defined in Clause 5.1 and Schedule 8.

"**Mw**" means megawatt.

**"MWh"** means megawatt hour.

"**Real Consumption**" shall mean the electricity actually consumed by the Purchaser in any Relevant Period during the Term.

"**Relevant Period**" shall mean twelve calendar months, beginning on the Date of the Commercial Transaction or any subsequent period of 12 months.

"**Rules of operation of the market**" means the rules for the functioning of the market in force at any given time as (http://<u>www.omie.es/files/20151223_reglas_mercado_ingles.pdf)</u>, published by the Independent Market Operator (OMIE), which include the procedures and conditions of a general nature necessary for the efficient functioning of the daily and intraday markets for the production of electricity and, in particular, for their financial management, as well as for the participation of both the entities that carry out electricity supply activities and the direct consumers of the market.

"**Sanctioned person**" means any person or entity that is, or is an Affiliate of a person or entity that is, included in any list of persons related to the sanctions imposed by OFAC, the United States Department of State, the United Nations Security Council, the European Union and the United Kingdom.

"**Sanctions**" means economic or financial sanctions or trade embargoes imposed, dictated or enforced from time to time by: (a) the United States Government, including those issued by the Office of Foreign Assets Control (OFAC) or the United States Department of State; (b) the United Nations Security Council; (c) the European Union or the United Kingdom.

"**Spanish Energy Regulator**" or "**CNMC**" means the National Commission of Markets and Competition (CNMC) or the administrative body that can assume its function as national regulator in Spain to enforce the obligations established in Article 35 of Directive 2009/72/EC.

"**Subsidiary**" of a company shall men a company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) is controlled, directly or indirectly, by it; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) more than 50% of the voting rights, or a similar right, belongs (legally or effectively), directly or
indirectly, to it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) that it is a subsidiary of another subsidiary of the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) In the case of the Purchaser, who is part of the WALL BOX CHARGERS, S.L. Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) In the case of the Seller, which is part of the Iberdrola Group, S.A.

and, for these purposes, a company shall be deemed to be controlled by another if this other company can manage its management and policies by owning shares with voting rights, or acting in concert with other shareholders, by contract or (when used in relation to a Spanish company) in another way, as established in Article 42 of the Spanish Commercial Code.

"**Supply Point**" shall mean the point at which the Seller will transfer and the Purchaser will acquire the electricity at each of the Site whose CUPS are listed in Schedule 3.

"**Surplus**" shall be the difference between Actual Generation and Actual Consumption.

"**Tax**" or "**Taxes**" shall mean all types of taxes, fees, public prices, etc., and the territorial surcharges that may be established by any state, regional or local regulation or judicial resolution and that may affect the generation or supply of electricity shall be transferred (up or down) to the price.

"**Technical Specifications**" shall have the meaning given to it in Schedule 3

"**Term**" means the period beginning on the Date of the commercial transaction and ending on the Date of Termination.

**"Termination Date"** shall mean the date ten (10) years after the COD, or twenty-five (25) years after the COD if the Purchaser decides to unilaterally extend the agreement for an additional period of fifteen (15) years in accordance with clause 2 of this agreement.

**"Working hours"** means from 8:00 a.m. to 8:00 p.m. on any working day.

**"Works"** it will have the meaning that is given in the Exhibit G.

The content of the Schedules forms an integral part of this Agreement and will have the same effect as if they were incorporated into the body of this Agreement, and the expressions "this Agreement" and "the Agreement", as used in any of the Schedules, shall mean this Agreement and any reference to "this Agreement" shall be deemed to include the Schedules.

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2. **PERIOD OF VALIDITY AND ENTRY IN FORCE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall enter into force on the date of execution and shall remain in force until the Termination
Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Seller's obligation to sell and Purchaser's obligation to purchase Expected Consumption shall
commence on the COD and continue during the Effective Period until the Termination Date.

Upon ten (10) years from COD, the Agreement shall automatically extend up to twenty-five (25) years from COD with the conditions set forth in this Agreement, unless Purchaser reliably notifies Seller of its intention to terminate the Agreement at ten (10) years with at least twelve (12) months' notice. In that case, the Agreement will be automatically terminated ten (10) years from the COD, without the right to compensation for either party.

Additionally, Purchaser may notify Seller of its intention to acquire the Dedicated Installation at the end of year ten (10) from COD. In order to acquire the Dedicated Installation, a notice shall be send twelve (12) months prior to that date. The parties shall negotiate in good faith the terms of such acquisition on the basis of their market price. In case of not reaching an agreement within a maximum period of sixty (60) days from the notification of the prior notice, the agreement will be automatically terminated ten (10) years from the COD, and the Seller must proceed to the dismantling of the Dedicated Installation, in accordance with the provisions of Clause 19.6.

3. **ASEMBLY OF DEDICATED INSTALLATION** 

3.1 **Assembly of the Dedicated Installation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser authorizes the Seller to carry out the assembly of the Dedicated Installation at the Site in
accordance with the Technical Specifications, the Applicable Legislation and the Licenses, and the Seller undertakes to carry out the necessary actions in order to initiate the assembly of the Dedicated Installation at the Site in accordance with
the Technical Specifications, the Applicable Law and Licenses. To this end, the Seller undertakes to apply for and obtain the Licenses without delay from the Effective Date of this Agreement. Purchaser shall cooperate with Seller in obtaining such
licenses and authorizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser authorizes Seller to have access to the Site and Dedicated Installation during the Term of this
Agreement, and to take any other action that may be necessary or convenient to operate, maintain or, in the event of termination of this Agreement, dismantle the Dedicated Installation, collaborating the Purchaser with the Seller in those actions
that it reasonably requires for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Seller undertakes to operate, assume ownership, maintain and keep the Dedicated Installation in accordance with
the Licenses, the terms of this Agreement and Applicable Law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Seller undertakes to dismantle the Dedicated Installation on site upon expiration of this Agreement for the
expiration of the term, or as agreed in Clause 19.6.

For the avoidance of doubt, it is hereby declared that the property of the Dedicated Installation shall belong to the Seller for the entire Term of this Agreement.

3.2 **Confirmation that construction can begin** 

The Seller agrees to obtain all Licenses necessary to commence assembly of the Dedicated Installation and to notify Purchaser that such licenses have been obtained within ten (10) months of the Effective Date.

In the event that Seller has not confirmed that all necessary Licenses have been obtained to initiate assembly of the Dedicated Installation within the aforementioned time period, the Parties shall be entitled to terminate this Agreement by sending a notice of termination to the other Party. Neither Party shall pay any compensation for the termination of this Agreement in accordance with this Clause 3.2. Notwithstanding the foregoing, the parties shall negotiate in good faith the extension of the previous period, in case it is still possible to obtain such Licenses, as well as postpone the rest of the terms of the agreement for a period of 30 days. If no agreement is reached, either Party may terminate the Agreement without either Party being required to pay any compensation for such termination.

3.3 **Assessment of surface suitability** 

The Seller shall verify that the surface characteristics are suitable for the purpose of the Dedicated Installation and compatible with it.

The Purchaser undertakes to provide the Seller with adequate access to the Site and to cooperate with the Seller to ensure that the work related to the aforementioned checks is not unjustifiably hindered or increased. In the event that Seller concludes that the Site is not suitable for the assembly, placement or operation of the Dedicated Installation, either Party shall be entitled to terminate this Agreement by sending a notice of termination to the other Party. Upon termination of this Agreement under this Clause 3.3, neither Party shall be entitled to compensation.

4. **RIGHT OF USE AND ACCESS TO THE SITE** 

4.1 **Right of use** 

For the purposes of the assembly and operation of the Dedicated Installation and the sale of the Actual Generation, Purchaser shall grant Seller a right to use the Site land from the Effective Date and during the Term of this Agreement (the "**Right of use**").

The Seller shall not be entitled to use the surfaces subject to the Right of Use for any other activity not provided for in this Agreement.

The Seller shall be entitled to make any changes to the surface subject to the Right of Use by legal requirements and to the extent that the security of the Site is not adversely affected, and prior communication to the Purchaser.

The maintenance and conservation of the surface subject to the Right of Use corresponds to the Purchaser, and the Seller shall be solely responsible for the maintenance and conservation of the Dedicated Installation.

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4.2 **Access to the Site** 

During the Term of this Contract, the Purchaser undertakes to provide the Seller with adequate access to the Site, as necessary for the execution of the Works in the time and manner due, including the storage of the materials and equipment necessary for the Works.

The Seller acknowledges that the Purchaser, by itself or through its employees, subcontractors or agents, shall work and carry out its own commercial activities in and around the Site, and accepts that all its employees who participate in the realization of the Works that access the Site must be duly identified, complying with labor regulations, and will make every effort to organize the Works in such a manner and reduce the number of workers involved to minimize any impact on Purchaser's activities at the Site.

4.3 **Site Changes** 

If at any time during the Term Purchaser needs to perform any work on the Site that may have an impact, whether temporary or definitive, on the production of the Dedicated Installation (a "**Change**"), shall notify the Seller so that both jointly decide on the best way to implement such Change in order to minimize any negative impact, as well as possible compensation to the Seller for the temporary or permanent loss in the production capacity of the Dedicated Installation, which at least will be the difference between the Price for Actual Consumption and that corresponding to the Price for Minimum Consumption.

The Purchaser expressly acknowledges that it shall hold seller harmless from any loss, cost, damage, liability and any other expenses, including but not limited to additional costs incurred by Seller for the execution of the Works, caused by or in connection with any Change. In any event, Clause 9.1(c)(ii) shall apply.

5. **SALE AND PURCHASE** 

5.1 In accordance with and subject to the terms and conditions of this Agreement, during the Term, the Seller shall
sell and deliver the Contracted Volume, and the Purchaser, in turn, shall purchase and accept the Contracted Volume and pay the Price. In no case shall the Purchaser resell the energy supplied by the Seller.

The Purchaser shall purchase and accept, as a minimum, the Minimum Consumption set out in Schedule 8 for the Dedicated Installation. Thus, in the event of registering an Actual Consumption lower than the Minimum Consumption, the Seller will proceed to invoice the Purchaser for the consumption defect as indicated in Clause 12.1.

For the avoidance of doubt, the Parties expressly agree that: i) the Seller shall be entitled to sell the Surplus to third parties and ii) the Purchaser shall only purchase electricity from third parties to the extent that the Actual Consumption cannot be satisfied with the Actual Generation.

6. **AGREEEMENT PRICE** 

During the Term, Purchaser shall purchase and Seller shall sell the Contracted Volume at the price set forth in Schedule 6 (the "**Agreement Price**").

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In the event that the Actual Generation exceeds the Actual Consumption, the Seller may sell the Surplus to the market or to third parties.

7. **CHANGE OF LAW** 

In the event of a Change of Law that gives rise to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a variation of the costs incurred by the Seller in connection with the generation or supply of energy in order to fulfil its obligations under this Agreement provided that these costs arise from a new regulation or administrative decision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any variation in the Taxes applied to the generation and/or supply of energy and that must be borne by the Seller to fulfill its obligations under this Agreement;

the Agreement Price will be adjusted upwards or downwards with effect from the date on which the Change of Law takes effect, to reflect the variation in (i) or (ii).

No other change of law shall imply any upward or downward adjustment in the Agreement Price.

The Price adjustment referred to in this Clause shall be applied automatically to the Agreement Price, without the need to take additional actions, without prejudice to the information obligation agreed in Clause 9.1 c (iii).

"Variation" for the purposes of this clause means the creation, modification, replacement, elimination, repeal, declaration of nullity, annulment or total or partial suspension, whether they are the result of a state, regional or local regulation or an administrative or judicial judgment or resolution.

8. **EXPECTED CONSUMPTION** 

8.1 **Expected Consumption** 

The Seller shall supply energy to the Purchaser under this Agreement on the basis of the Expected Consumption, for which the Seller shall provide the Site with a Dedicated Installation with sufficient power to do so.

8.2 **Measure** 

The measure will be carried out in accordance with the Applicable Legislation.

9. **GENERAL UNDERTAKINGS OF THE PARTIES** 

9.1 **Seller's Undertakings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Undertakings related to the Dedicated Installation to date of the COD:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Seller shall make every effort to have the Dedicated Installation commenced its operation before or on the COD
Estimated Date. In any case, the Seller shall not be liable for delays not attributable to the Seller, in particular those relating to the obtaining of licenses. If they occur, these delays in obtaining licenses shall be added to the COD Estimated
Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Seller shall comply with all necessary Spanish regulations relating to fire prevention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Seller shall comply with all applicable laws and regulations, including, but not limited to, safety
regulations, regulations relating to emissions, surface and effluent discharges, labor laws, including laws relating to the employment, health, safety, welfare, immigration and emigration of Contractor personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In addition, when designing the Dedicated Installation, seller shall take into account fires, possible damage
to photovoltaic panels and electrical hazards, as described in Schedule 9.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Undertakings related to the sale of electrical energy under this Agreement:

During the Term, Seller agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) comply with all obligations arising from the Rules of Market Operation and Operating Procedures, as well as the
requirements of any Applicable Legislation, authorization and license in all material respects, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sell and deliver, or cause to be delivered, the Contracted Volume at the Supply Point in accordance with the
terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Undertakings related to the Dedicated Installation during the Term:

During the Term, seller agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Assuming ownership*. The Dedicated Installation shall belong to the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Construction and operation of the Dedicated Installation.* Seller shall be responsible to Purchaser for
the design, financing, construction, operation and maintenance of the Dedicated Installation in accordance with Applicable Legislation and Best Practices. The maintenance of the Dedicated Installation shall be done as specified in Schedule 9.1.Bis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Notification obligations*. The Seller shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Report any adjustment to the Agreement Price in connection with the occurrence of a Change of Law, without
delay and in no event later than fifteen (15) days after such Change of Law is published.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Inform, at the request of the Purchaser, about the measurement data of the renewable energy produced by the
Dedicated Installation at the injection points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Grant the Purchaser permanent access to the monitoring system of the Dedicated Installation.

9.2 **Purchaser's Undertakings** 

During the Term, the Purchaser undertakes to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Pay in time and form the Agreement Price, in accordance with the provisions in Clause 12 (*Payment Terms*).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Comply with the requirements of any Applicable Legislation, authorization and license in all important
respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not to resell the energy supplied by the Seller in any case.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Collaborate with Seller in good faith in obtaining such permits and authorizations as may be necessary for
Seller to build, maintain, and operate the installation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To guarantee the Seller free access to the Dedicated Installation in accordance with the Right of Use agreed in
Clause 4 in order to enable it to properly complete the installation, maintenance and operation of the Dedicated Installation.

9.3 **Undertakings from both sides** 

Anti-corruption: Both parties manifest and warrant that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. They know, accept and undertake to respect the ethical principles and social responsibility of each one. In particular, the Purchaser declares and guarantees that he knows, accepts and undertakes to respect the ethical and social responsibility principles of the Seller that make up the Corporate Governance System of the Iberdrola Group and, in particular, undertakes to comply with the *Code of Ethics* and the Anti-Corruption and Fraud Policy published on Iberdrola's corporate website (<u>www.iberdrola.com</u>), which you declare to have read, and which are considered an integral part of this Agreement. The Seller declares and guarantees that it knows, accepts and undertakes to respect the ethical principles and social responsibility of the Purchaser that make up the Corporate Governance System of the Lactalis Group and, in particular, undertakes to comply with the Purchaser's Code of Ethics and the Policy against corruption and fraud published on the Lactalis corporate website, that you declare to have read, and that they are considered an integral part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Have complied with and will comply with the applicable legislation on fraud and corruption of any jurisdiction, such as: i) Organic Law 10/1995, of 23 November, of the Spanish Criminal Code, ii) Spanish Law 10/2010, of 28 April, on the prevention of money laundering and the financing of terrorism and Royal Decree 304/2014, of 5 May, (iii) the United Kingdom Bribery Act of 2010 (UKBA), (iv) the United States Foreign Corrupt Practices Act (FCPA) and (v) all applicable laws enacted to implement the Organization for Economic Co-operation and Development's (OECD) Convention on Combating Bribery of Foreign Public Servants in International Business Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Have not promised, offered, delivered or paid, and will not promise, offer, deliver or pay, directly or indirectly, any bribe, payment, gift, benefit or undue advantage or unjustified to facilitate transactions of any kind and will not make improper payments of any kind to any third party (including employees) in connection with this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Have not promised, offered, delivered or paid, and shall not promise, offer, deliver or pay, directly or indirectly, any item of value for the purpose of (i) influencing any act or decision of a third party (including employees), (ii) ensuring undue advantages for the other Party or any of the Parties' Group Companies, or to (iii) persuade a third party (including employees) to exert influence over the act or decision of an official, authority, administration or public entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Have not attempted or will attempt to obtain any confidential information in connection with this Agreement that has not been or is disclosed by the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. They have not promised, offered or delivered, and will not promise, offer or deliver gifts or valuables, of any nature, to persons or entities that are public officials or authorities in the formalization of this Agreement or in connection with it. (i) Only gifts or objects which are reasonable, justified, have a symbolic value and a legitimate commercial purpose may be offered or given as gifts, in such a way that in no case affect or condition the actions or decisions of third parties and such gifts may not be cash or objects easily convertible into cash, and shall conform to generally accepted usages and customs; ii) meal expenses may only be incurred as a result of or in connection with the exectuion of this Agreement, with persons other than public officials or authorities, in accordance with all applicable anti-corruption laws and the aforementioned principles relating to the integrity and ethics of both Parties and provided that they serve a legitimate business purpose. Any travel, transportation or accommodation expenses that are not specific to each Party shall require prior written authorization from the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. They are not aware of or are aware of any official or public authority that benefits directly or indirectly from this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. None of the Parties or any of its Affiliates or, to the best of its knowledge, any of its employees, directors, officers or any person acting on its behalf (the "**Related people**") are currently or can reasonably be expected to be subject to Sanctions in the future (as defined in Clause 1). In the event that either Party or any of its related Persons are subject to any Sanction, each Party shall immediately inform the other Party thereof, without prejudice to the latter's right to unilaterally terminate this Agreement without incurring any liability or penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Neither the Party itself nor any Related Person has its registered office in, nor is it a resident of, any country or territory that has the status of a tax haven or that has received sanctions from the aforementioned entities that prohibit commercial relations with such countries.

Any breach of the obligations set forth in the preceding paragraphs by either Party shall be deemed a material breach for the purposes of the provisions of this Agreement. In such a case: (i) each Party shall hold harmless and indemnify the non-breaching Party and any other affected Group company in respect of all damages, losses, liabilities, costs, penalties and any other amounts of any kind, including reasonable attorneys' fees, arising out of or in connection with such breach and (ii) the Party not incurring such breach shall have the right to immediately terminate this Agreement without liability or penalty.

Neither Party shall engage, employ, use (formally or informally) any subcontractor, consultant or other third party to provide the services contained in this Agreement without the prior written consent of the other Party and without a written agreement requiring such third parties to comply with the provisions of the preceding paragraphs.

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In the event of any discrepancy between the provisions of the Parties' Code of Ethics and the preceding paragraphs, the provisions of this clause shall prevail.

10. **REPRESENTATIONS AND WARRANTIES** 

10.1 **Representations and Warranties of both Parties** 

Both Seller and Purchaser represent and warrant that, on the Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) They are companies (*sociedades de capital*) duly organized and legally constituted in accordance with
Spanish law and that have all the legal faculties necessary to formalize this Agreement and to carry out the terms, conditions and provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement constitutes valid, legal and binding obligations for both Seller and Purchaser, enforceable in
accordance with the terms of this Agreement, except to the extent that enforceability may be limited by applicable laws affecting the rights of creditors in general.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There are no pending actions, judgments or proceedings or, to the best of the knowledge of both Seller and
Purchaser, risk of them occurring, against or affecting Seller before any court or administrative body or arbitration tribunal that could materially adversely affect the ability of both Seller and Purchaser to perform and perform their obligations
under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The execution by both Seller and Purchaser of this Agreement has been duly authorized by all necessary
corporate actions, and shall not contravene any Applicable Law or any provision of, or constitute a breach of no other agreement or instrument to which they are a party or by which they and their property may be bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All the necessary measures to authorize the formalization by both the Seller and the Purchaser of this
Agreement and the transactions contemplated therein have been carried out and are in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the best of their knowledge, the information provided by both the Seller and the Purchaser is true and
accurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) They comply with the requirements of all applicable legislations, authorizations and licenses in all important
respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) They are not aware of any facts, events or circumstances that may have a material adverse effect on their
ability to perform their obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Its managers, directors and employees are subject to policies and procedures aimed at preventing bribery and
corruption.

10.2 **Purchaser's Representations and Warranties** 

The Purchaser represents and warrant that, on the Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser shall have no right to obtain substantial economic benefits from the use of the Dedicated
Installation, nor the right to decide on the use or operation thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement does not constitute a lease of any kind, nor does it convey Purchaser's right to control
the use of the Dedicated Installation in exchange for consideration. For these purposes, Purchaser acknowledges and agrees that it does not own, control or operate in any way the Dedicated Installation.

11. **QUALITY SUPPLY** 

The power supply and construction of the Dedicated Installation under this Agreement shall be carried out in accordance with the quality standards described in Schedule 11.

In addition, the Purchaser's electrical installations shall comply with Spanish electrical standards and regulations and, in particular, the Low Voltage Electrotechnical Regulation as described in Schedule 11 (the "**Electrical Protection Regulations**"). In the event that the Purchaser does not comply with the applicable electrical regulations, the Seller will not assume any responsibility.

12. **CONDITIONS OF PAYMENT** 

12.1 **Recurring invoicing** 

Seller shall bill Purchaser monthly for electricity (expressed in kWh) supplied in accordance with this Agreement during the preceding month. The amount thus invoiced shall be calculated in accordance with Clause 6 (*Agreement Price*).

Annually, the Seller shall invoice the Purchaser, if any, for the Minimum Consumption adjustment referred to in Clause 5.1., during the first month of each Year as defined in Schedule 8.

12.2 **Payment of amounts due** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The amounts invoiced by the Seller under this Agreement shall be due and payable by the Purchaser within 30
calendar days of the issuance of the corresponding invoice (the "**Expiration date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order for a payment to be considered to have been made on time, it must be received before the Expiration Date, in the bank account that the Seller has notified the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The payments received shall be used, firstly, to satisfy default interest and, secondly, the applicable tolls
and charges, as well as the taxes applicable to the supply of energy. Finally, payments shall be used to pay for the electricity supplied.

12.3 **Default Interest** 

If payment is not made before the Expiration Date, the Party responsible for making the payment shall accrue interest as of that date. This interest shall be accrued daily at a rate equal to the legal interest (the "**Default Interest**") from (but excluding) the Expiration Date to (but excluding) the date on which the relevant Party receives the amount due.

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13. **CAUSES OF FORCE MAJEURE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither Party shall be liable for any delay or failure to perform its obligations under this Agreement, to the
extent that such delay or failure arises from a Force Majeure event. For the purposes of this Agreement, "Force Majeure" shall mean the provisions of article 1105 of the Spanish Civil Code, as interpreted by the Spanish Courts at all
times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Party affected by a case of Force Majeure shall notify the other Party as soon as possible, together with
the details of that event, its expected duration and the obligations of the Reporting Party affected by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As long as the Force Majeure event continues, the Party that is affected by Force Majeure shall be exempt from
the performance of its obligations under this Agreement to the extent that such obligations are affected by the case of Force Majeure, except those payment obligations that expire in accordance with this Agreement, from whose fulfillment will not be
exempt (including without limitation, the payment of energy delivered) except when force majeure affects the execution of the payment in which case the payment expiration date will be postponed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The affected Party shall make its best efforts to eliminate or reduce the effects of the Force Majeure event,
provide the other Party with reasonable updates, when and if available, of the expected scope and duration of its inability to comply, and resume full compliance with its obligations as soon as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If a Force Majeure event lasts more than twelve (12) consecutive months, affecting all or a substantial
part of the Agreement, either Party shall be entitled to terminate this Agreement by giving written notice to the other Party twenty (20) Business Days prior to such termination (and provided that the Force Majeure event continues during this
period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Neither Party shall pay Compensation for Resolution, or any other compensation, when this Agreement is
terminated pursuant to this Clause 13(e) (Force Majeure).

14. **TRANSMISSION AND ASSIGNMENT** 

14.1 **Transmission and Assignment of the Agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither Party shall assign or transfer any of its benefits, rights, interests or obligations under the
Agreement or grant, declare, create or dispose of any right or interest under the Agreement, without the prior written consent of the other Party, and such consent shall not be unreasonably denied or delayed, provided that (1) a Party may
assign this Agreement to an Affiliate if such Affiliate has the experience and financial, legal, and technical capacity necessary to perform this Agreement as reasonably determined and approved by the other Party, and (2) Purchaser may assign
this Agreement to a third party who becomes the owner or lessee of the Site, if such third party has the financial, legal and technical capacity necessary to perform this Agreement and is not a competitor of Seller as reasonably determined and
approved by Seller.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the avoidance of doubt, the Parties acknowledge that consent may reasonably be refused, inter alia, where
the assignee does not have the same or similar solvency, creditworthiness or reputation as the Seller.

15. **INDEMNIFICATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Seller shall hold harmless for any liability and indemnify the Purchaser against all direct damages caused
to the Purchaser or its property, real or personal, arising out of or in the course of or by reason of the Works of the Dedicated Installation, and up to a maximum amount of FIVE MILLION (5,000,000) EUROS, but only to the extent that they have been
caused by acts or omissions of the Seller, of one of its Affiliates, of any contractor or subcontractor, or of any person who is directly or indirectly employed by any of them, or of any person for whose acts that person may be liable, and provided
that in each case Seller's liability is proportionately reduced to the extent that the damage or loss is attributable to any gross negligence, intentional act or breach of this Agreement by the Purchaser's Parties entitled to
indemnification (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Seller shall hold harmless for any liability and indemnify Purchaser, its Affiliates and each of their
respective employees, shareholders, managers and directors (the "**Purchaser's Parties entitled to indemnification**") against any costs, expenses (including lawyers' fees and court costs), liabilities, damages, claims,
lawsuits or proceedings of any kind, regardless of the causes thereof with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) physical damage, illness or death of any person arising out of or in the course of or by reason of the Works of
the Dedicated Installation, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) damage to the property of any third party, real or personal, arising out of or in the course of or by reason of
the Works of the Dedicated Installation,

but only to the extent that they have been caused by acts or omissions of Seller, one of its Affiliates, any contractor or subcontractor, or any person who is directly or indirectly employed by any of them, or any person for whose acts that person may be liable, and provided that in each case Seller's liability is proportionately reduced to the extent that the physical damage, illness, death or loss is attributable to any gross negligence, intentional act or breach of this Agreement by the Purchaser's Parties entitled to compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Purchaser shall hold harmless for any liability and indemnify Seller, its Affiliates and each of their
respective employees, shareholders, managers and directors (the "**Seller's Parties entitled to indemnification**") against any costs, expenses (including lawyers' fees and court costs), liabilities, damages, claims, lawsuits
or proceedings of any kind, regardless of the causes thereof with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) physical damages, illnesses or deaths of any persons arising from acts or omissions of Purchaser and
Purchaser's Parties entitled to compensation, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) damage to any of your property, real or personal (including the Dedicated Installation), arising out of acts or
omissions of the Purchaser and the Purchaser's Parties entitled to compensation,

but only to the extent that they have been caused by acts or omissions of Purchaser, one of its Affiliates, any contractor or subcontractor, or any person who is directly or indirectly employed by any of them, or any person for whose acts that person may be liable, and provided that in each case Purchaser's liability is proportionately reduced to the extent that the physical damage, illness, death or loss is attributable to any gross negligence, intentional act or breach of this Agreement by the Seller Parties entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Seller shall be liable for physical damage and loss intentionally caused in accordance with the legal
provisions and applicable legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The indemnities set forth in this clause 15 shall survive termination or expiration of this Agreement.

16. **INSURANCES** 

16.1 **Purchaser's Insurance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Term, the Purchaser will subscribe and maintain in force at its expense the insurance necessary to
cover the liabilities derived from its operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All subrogation rights of insurers against Seller and its subcontractors for damages or claims arising out of
the conclusion of this Agreement under such policies shall be waived unless such damages are caused by a vitiated act (including, but not limited to, any fraudulent act, material misrepresentation, substantial concealment or breach of any warranty
or condition of the policy that allows an insurer to avoid liability for the policy or claim damages from any insured) or gross negligence or willful misconduct of Seller or one of its subcontractors.

16.2 **Seller's Insurance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Works of the Dedicated Installation and during the entire term of the Agreement, the Seller shall
subscribe to and maintain in force at its own expense, or cause to be subscribed and maintained in force, a comprehensive insurance/insurances of the Contractor covering civil liability, up to a limit of 3 (three) million euros adequate against any
damage or loss caused by the Seller, its subcontractors, employees or any other person whose services the Seller uses for the execution of the Works.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All insurance policies that Seller is required to subscribe and maintain or have subscribed and maintained
shall include a waiver of insurers' subrogation rights against Purchaser and their respective managers, directors and employees.

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16.3 **Certificates of insurance** 

Before starting the assembly of the Dedicated Installation and each January after the COD, the Seller and the Purchaser shall provide the other Party with proof, through the corresponding certificate, that the insurance required by Clause 16 has been subscribed.

16.4 **No limitation of insurance liabilities** 

Nothing in this Clause 16 shall limit the obligations or liabilities of the Parties under this Agreement or otherwise. Any unsecured liabilities (including those that reach a limit, are excluded, are deductible or exceed coverage) shall be borne by Purchaser and Seller in accordance with their responsibilities under this Agreement.

17. **GUARANTEE OF THE PARENT COMPANY OF THE PURCHASER** 

NOT APPLICABLE.

18. **CONFINDENTIALITY** 

18.1 **General obligations** 

The Parties undertake not to disclose Confidential Information to any third party, except in the cases provided for in this Clause.

The obligation not to disclose Confidential Information set forth in this Clause shall remain in effect even after the Termination Date of the Agreement, for a period of three (3) years from such Termination Date.

18.2 **Exceptions** 

Without prejudice to the foregoing, a Party may disclose Confidential Information, on the basis of the strict need to know it (in particular with respect to the conditions relating to the prices of the Agreement), to the following persons, **provided** that Party requires that they treat such Confidential Information as confidential and **provided** that such Party is responsible for any unauthorized disclosure or use by such persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To employees of such Party and to employees of companies in which the Party is a majority shareholder and its
owner company or to any employee of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the owner(s) of such Party or to any of their respective Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the professional advisers, insurers and auditors of that Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the Independent Market Operator and the Independent System Operator, which is necessary for the fulfillment
of the Party's obligations under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To any bank or other financial institution and its professional advisers or rating agencies to the extent
necessary in connection with the financing or refinancing of a Party's business activities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To any supplier or contractor who possesses a right or obligation in relation to seller under or in connection
with the Dedicated Installation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To any person, and their professional advisors, to (or through) whom a Party transfers (or may transfer),
directly or indirectly, (A) all or any of its rights or obligations under this Agreement or (B) all or part of the shares or votes with respect to Seller.

The confidentiality obligations under the foregoing shall further apply subject to such limitations as may exist under laws, decisions of public authorities or courts, or securities or energy exchange rules and such disclosure or use as may be required for the purposes of any legal proceedings arising out of this Agreement, **provided that** prior to any disclosure or use, the Party that is to disclose the information notifies without delay, to the extent legally possible, the other Party of such a requirement in order to provide that Party with an opportunity to challenge such disclosure or use or to otherwise agree on the timing and content of such disclosure or use.

19. **BREACH, RESOLUTION AND SUSPENSION** 

19.1 **Breach by the Seller** 

The occurrence of one or more of the following events shall constitute a case of Breach by the Seller (each, a "**Seller's Breach**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Seller breaches its essential obligations under this Agreement and such breach is not remedied within one
(1) month to from the Purchaser's written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The COD is not reached on or before the COD Deadline for reasons attributable to the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Seller assigns this Agreement or any of its rights or obligations hereunder, except as permitted by Clause 14
of this Agreement and such breach is not remedied within one (1) month of Purchaser's written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Seller is subject to an Insolvency Event or breaches Clause 9.3.

19.2 **Consequences of a Breach by the Seller** 

In the event that the Seller incurs a breach, the Purchaser, after sending a notification within a period of not less than five (5) business days (the "**Notice of Resolution**") seller may terminate this Agreement without incurring any liability to Seller, and such termination shall be effective on the date specified in the Notice of Resolution (the "**Breach Resolution Date**").

Without prejudice to the compensation payable described below, on the Breach Resolution Date the Parties shall immediately pay all amounts accrued and due under this Agreement prior to the Breach Resolution Date, plus Default Interest, if applicable.

In addition to the payment of any other amounts owed by Seller as provided above, Seller shall pay Purchaser Compensation for Resolution. If the Compensation for Resolution is not paid in full within 30 calendar days of the Notice of Resolution, the Notice of Resolution will accrue Default Interest from (but excluding) the due date of that period until (but excluding) the date on which the amount due is actually paid.

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19.3 **Breach by the Purchaser** 

The occurrence of one or more of the following cases shall constitute a case of breach by the Purchaser (each, a "**Purchaser's Breach**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Purchaser fails to pay, in whole or in part, any amount due pursuant to the terms of this Agreement and such
breach is not remedied within one (1) month of Seller's written notice by Purchaser or Purchaser's Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser breaches its essential obligations under this Agreement and such breach is not remedied within one
(1) month of Seller's written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any of the Representations and Warranties made and given by Purchaser under Clause 10 are materially incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Purchaser assigns or transmits this Agreement or any of its rights or obligations hereunder, except as
permitted in Clause 14 of this Agreement and such breach is not remedied within one (1) month of Seller's written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Purchaser is subject to an Insolvency Event or breaches clause 9.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The non-maintenance in full force during the entire term of the
Agreement of the Guarantee of the Parent Company, when applicable, according to clause 17.

19.4 **Consequences of a Breach by the Purchaser** 

In the event that the Purchaser incurs a breach, the Seller, after sending a notification within a period of not less than five (5) business days (the "**Notice of Resolution**") to the Purchaser, it may terminate this Agreement without incurring any liability to the Purchaser, and such termination shall be effective on the date specified in the Notice of Termination (the "**Breach Resolution Date** ").

Without prejudice to the compensation payable described below, on the Breach Resolution Date the Parties shall immediately pay all amounts accrued and due under this Agreement prior to the Breach Resolution Date, plus Default Interest, if applicable.

In addition to the payment of any other amounts due between the Parties as provided above, Purchaser shall pay Seller Compensation for Resolution. Purchaser shall pay the Compensation for Resolution within 30 calendar days of the Notice of Resolution.

If Purchaser fails to pay the Compensation for Resolution to Seller in full within 30 calendar days from the Termination Date, the Termination Date will accrue Default Interest from (but excluding) the due date of such period until (but excluding) the date on which the amount due is actually paid.

19.5 **Suspension** 

If a Breach of the payment obligations of either Party occurs, the Party that does not incur a breach shall be entitled to suspend its obligations under this Agreement.

19.6 **Dismantling of the Dedicated Installation** 

Within 6 months of the Termination Date, Seller will dismantle the Dedicated Installation. The dismantling will include the removal of the Dedicated Installation, but

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in no case shall the Seller be obliged to restore the surface to the conditions prior to the construction of the Dedicated Installation. Seller shall dismantle the Dedicated Installation at its own expense.

19.7 **Resolution for unilateral convenience of the Agreement** 

The Parties may terminate this Agreement unilaterally at any time, provided that one Party notifies the other in writing of its willingness to terminate it in advance + at least three (3) months in advance of the date on which it is considered unilaterally terminated (the "**Unilateral Resolution Date**").

Without prejudice to the Compensation for Resolution described in Schedule 19, on the Unilateral Resolution Date the Purchaser shall immediately pay all sums accrued and due between them under this Agreement prior to the Unilateral Resolution Date, plus Default Interest, if applicable.

In addition to the payment of any other amounts due between the Parties as provided above, the Party terminating the Agreement shall pay the other Party the Compensation for Resolution. The Party terminating the Agreement shall pay the Compensation for Resolution within 30 calendar days from the Unilateral Resolution Date.

The Parties expressly agree that, again in this case, Compensation for Resolution is a reasonable calculation of the damages that a Party may suffer as a result of the unilateral and early termination of this Agreement by the other Party, and that it will be the sole and exclusive compensation under this Agreement at the time of termination of this Agreement.

If the Party terminating the Agreement fails to pay the Compensation for Resolution to the other Party in full within 30 calendar days of the Termination Date, such Compensation for Resolution shall accrue Default Interest from (but excluding) the due date of such period until (but excluding) the date on which the amount due is actually paid.

19.8 **Surviving obligations** 

Resolution or expiration of this Agreement (a) shall not relieve either Party of its obligations with respect to the confidentiality of the other Party's information, as set forth in Clause 18; b) shall not relieve either Party of any obligation under this Agreement that, expressly or implicitly, persists after termination thereof, and (c) except as otherwise provided in any provision of this Agreement that expressly limits the liability of either Party, shall not relieve Seller or Purchaser of any obligation or liability for damages to the other Party arising out of or caused by acts or omissions of such Party prior to or arising out of the entry into force of such resolution. This Clause 19.8 shall survive resolution or expiration of this Agreement.

20. **LIMITATION OF LIABILITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchaser shall be relieved of all liability with respect to any obligation related to or arising from the
design, financing, construction or operation and maintenance of the Dedicated Installation. In no event shall Purchaser be liable for any damages, claims, demands, suits, claims, claims, costs, expenses or liabilities in excess of the Limit of
Liability, whether such liability arises from a breach of contract, a crime, a product liability, a contribution, a strict liability or any other legal theory; bearing in mind that

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the above limitation of liability does not apply to (i) liabilities arising from gross negligence, fraud, intentional misconduct, environmental damage, or unlawful acts; (ii) any compensation under Clause 15 (c); iii) any damage payable to a third party who is entitled to be indemnified, nor iv) any breach to which the Purchaser's Compensation for Resolution applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as expressly provided in this Agreement, neither Party shall be liable to the other Party for any loss
of profits ()"*Lucro cesante* "), incidental or indirect damage in connection with the performance of the respective obligations under this Agreement, except in the case of gross negligence or willful misconduct on the part of such
Party, or of any person engaged by such Party to perform any of that Party's obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In no event Seller shall be liable for any damages, claims, demands, suits, claims, claims, costs, expenses or
liabilities in excess of the Limit of Liability, whether such liability arises from a breach of contract, a crime, a product liability, a contribution, a strict liability or any other legal theory; bearing in mind that the above limitation of
liability does not apply to (i) liabilities arising from gross negligence, fraud, intentional misconduct, environmental damage, or unlawful acts; (ii) no compensation under Clause 15 (a); iii) any damages payable to a third party who is
entitled to compensation, nor iv) any breach to which seller's Compensation fro Resolution applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Party agrees that it has a duty to mitigate damages, and that it shall do everything commercially possible
to minimize the damage it may suffer as a result of the other Party's compliance or breach. In particular, the Parties undertake to make every effort to cooperate with the other Party in the event that any claim is made or any judicial or
administrative proceedings are initiated in relation to the supply of energy under this Agreement by third parties or by any competent authority.

21. **NOTIFICACIONES** 

21.1 **Notification form and addresses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice or other communication to be made in writing by a Party under this Agreement shall be deemed valid
and effective if notified personally to the other Party or sent by registered mail, burofax or e-mail to the addresses indicated below.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Both parties recognize the appointment of Patricia Olazarri Casas as "**Account Director**" to
deal with the Purchaser in connection with this Agreement. The Purchaser must be informed immediately in the event of the replacement of the account manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notifications to the Seller:

Patricia Olazarri Casas

Paseo de la Zona Franca 111 - Planta 21, Módulo C, 08038 Barcelona

Tel. 932240851 / 669352694<u> </u>

<u>polazarri@iberdrola.es</u>

Notifications sent to the e-mail should automatically generate an acknowledgement of receipt indicating the date, time and number of the request, in order to record the time and date on which the request was received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notifications to the purchaser: Ciscu

Andrew

Carrer del Foc, 68, 08038 Barcelona

Tel. 655 586 655

<u>ciscu.andreul@wallbox.com</u>

Dario Prieto

Carrer del Foc, 68, 08038 Barcelona

Tel. 637 281 029 / 676 042 378

<u>dario.prieto@wallbox.com</u>

Pablo Miller

Carrer del Foc, 68, 08038 Barcelona

Tel. 674 638 208

<u>pablo.moleiro@wallbox.com</u>

21.2 **Delivery confirmation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A notification shall be deemed to have been delivered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of personal delivery: at the time of delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of registered mail or burofax: two working days after the date of dispatch.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of email: when there is confirmation of delivery and reading or express response.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if that day is a Business Day, or otherwise, the Business Day immediately following.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Changes of address shall be notified to the other Party, as provided for in this provision, at least ten
(10) calendar days in advance.

22. **PARTIAL INVALIDITY** 

If any provision of this Agreement or the application of such provision is declared or held to be void, invalid, unlawful or unenforceable in whole or in part for any reason, the remaining provisions of this Agreement shall remain in full force and effect. The Parties shall endeavor to modify such null, invalid or unenforceable provisions and, therefore, this Agreement, in order to comply, to the extent possible, with the will of this Agreement and to achieve the purpose intended by the Parties and the balance between the benefits, liabilities, risks and compensations under the Agreement initially entered into by the Parties.

23. **AMENDMENTS AND SUPPLEMENTS** 

For amendments and supplements to this Agreement to be considered valid, they must be made in writing and signed by both Parties.

24. **DISPUTE RESOLUTION AND LEGISLATION APPLICABLE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement and the non-contractual obligations arising from or
related to it shall be governed by Spanish law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties shall expressly and irrevocably submit to the jurisdiction of the Courts and Tribunals of the city
of Madrid for the resolution of any conflict that may arise in relation to this Agreement.

25. **PROTECTION OF DATA** 

For the purposes of this Agreement, by the expression "personal data" (hereinafter referred to as "**Personal Data**") means any information or data stored, processed or transmitted by either Party that refers to a specific identified or identifiable living person or any other meaning or definition under applicable data protection law.

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The Personal Data of the representatives of the Parties and those of the designated contact persons who may participate in this Agreement will be processed, respectively, by each of the Parties, who will act independently as data controllers. Such data will be processed in order to comply with the rights and obligations arising from the Agreement. The legal basis for such processing is the execution of this Agreement and compliance with the legal obligations of the Parties.

The Personal Data will be stored while the contractual relationship established herein is in force and, subsequently, said data will be duly blocked, until the expiration of the limitation period of the available legal measures. Personal Data will only be processed by the Parties and by those third parties to whom the law or contracts require to disclose such Personal Data (such is the case of third parties that are service providers to whom any service related to the management or fulfillment of the Agreement has been entrusted).

The interested party may exercise, in the terms established in the applicable legislation, the rights of access, rectification and deletion, as well as the rights of restriction of treatment, opposition and portability of the data, by means of written notification to each of the Parties to the addresses indicated in the Agreement and, in the case of the Seller, also by communicating to your data protection officer at the following email address: <u>Dpo@iberdrola.es</u> and, in the case of the Purchaser, at the address indicated at the beginning of this Agreement. In the event that the rights of individuals are not duly satisfied, the interested party will have the right to file a claim with the Spanish supervisory authority, that is, the Spanish Agency for Data Protection, or with any other competent control authority.

Each Party expressly agrees to inform its employees and other contact persons about the terms of this Clause, and shall release from all liability and indemnify the other Party in connection with any damages arising from the breach of this obligation.

Apart from the data of the representatives of the Parties and the Personal Data of the aforementioned contact persons, in the event that any activity to be carried out by an agent does not require, by its nature, access to Personal Data whose handling is the responsibility of the principal, the agent is expressly prohibited from such access in the event that he could accidentally access such information.

Thus, the agent confirms that he has informed his employees about the following aspects and maintains evidence of compliance with this requirement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The prohibition of access to Personal Data while performing work for the client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The obligation to inform the client about any security incident related to the service that could give rise to or, in fact, give rise to possible access to Personal Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The duty to maintain the confidentiality of any information about Personal Data with those who may eventually have access to it, which also it must remain confidential after the termination of the Agreement, and not use it for any purpose.

Notwithstanding the foregoing, if as a result of any security incident, or if it is unavoidable for the conclusion of the Agreement, the agent's personnel or its subcontractors access or handle Personal Data owned by the principal, the agent undertakes to immediately inform the principal of such access or handling.

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**THIS AGREEMENT** it is executed into two identical originals, of which the Parties receive one each.

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASER** | **PURCHASER** | **SELLER** | **SELLER** |
| **WALL BOX CHARGERS, S.L.** | **WALL BOX CHARGERS, S.L.** | **IBERDROLA CLIENTES S.A.U.** | **IBERDROLA CLIENTES S.A.U.** |
| /s/ Enric Asuncion | /s/ Enric Asuncion | 27303345E | Digitally signed by 27303345E |
| Number: | Enric Asuncion | ALFONSO | ALFONSO CALDERÓN |
| Charge | CEO | CALDERON | Date: 2021.10.05 |
|  |  |  | 0 9.:1 9.:5 6.+ 0.2.'.0.0.' |
|  |  | Number: |  |
|  |  | Charge: |  |
|  |  | 30689424H | Digitally signed by |
|  |  | ICIAR | 30689424H ICIAR |
|  |  | MARCAIDA | MARCAIDA |
|  |  |  | Date: 2021.10.07<br> 12:35:43 +02'00' |

---

## Exhibit 4.13

**Exhibit 4.13** 

**LEASE AGREEMENT FOR USE OTHER THAN HOUSING** 

In Barcelona, on August 11, 2021.

**B Y A N D B E T W E E N** 

**OF THE ONE PART**.- Mr. Pablo Vergés Asúa and Mr. Javier Peinado Jiménez, of legal age, with address, for these purposes, at Calle Alcalá nº. 265 of Madrid (28027), and provided with N.I.F. 52.366.734N and 28.922.160M, respectively.

**ON THE OTHER PART**.- Mr. Enric Asunción Escorsa, of legal age, with address, for these purposes at Paseo de la Castellana nº 95, 28th floor of Madrid (28046), and provided with NIF 47.795.190-V.

**A N D B E T W E E N** 

The first, in the name and representation of the commercial entity called "**IBERDROLA INMOBILIARIA PATRIMONIO, S.A.U**."; (formerly known as "IBERDROLA INMOBILIARIA CATALUNYA, S.A.U.")**,** with address at Calle Alcalá, number 265 (Madrid); constituted for an indefinite period according to a deed authorized by the Notary of Barcelona, Mr. Juan-Francisco Boisan Benito, on March 10, 1.995, under number 1.133 of protocol, and with C.I.F. nº A-60803632.

Their powers for this act result from their status as joint attorneys according to the deed of elevation to public of social agreements, authorized by the Notary of Madrid, Mr. Manuel Lora-Tamayo Villacieros, on October 29, 2019, under number 2269 of protocol.

Hereinafter referred to as "**LESSOR**"

The second, in the name and representation of **WALL BOX CHARGERS, S.L.,** with address at Paseo de la Castellana nº 95, 28th floor of Madrid (28046); constituted for an indefinite period according to a deed authorized by the Notary of Martorell (Barcelona), Mrs. Matilde Farriol Bonet, on May 22, 2015, under protocol number 983, and with CIF B-66542903.

His powers for this act result from his status as CEO of the company according to the deed of appointment granted before the Notary of Barcelona, Mr. Jaime Agustín Justribó on June 11, 2019, under the number 1212 of protocol, duly registered in the Mercantile Registry as stated.

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Hereinafter referred to as "**TENANT**".

The LESSOR and the LESSEE shall hereinafter be referred to together, as "**Parts**".

The Parties mutually recognize sufficient legal capacity to sign this Lease Agreement, by virtue of which,

**W H E R E A S** 

**I.-** That the LESSOR is the owner in full ownership of the plot described below (the "**Plot ONE"):**

**NUMBER ONE.-** Parcel marked with the number ONE of those that constitute as a whole the parcel of result number 1, of the Scope of the P.M.U. "Porta Firal" of Barcelona.

**TITLE.-** Plot UNO was constituted as an independent registry property by virtue of the deed of constitution of real estate complex, authorized by the Notary of Madrid, Mr. Fernando Pérez Alcalá del Olmo, on April 3, 2007, with the number 539 of protocol; corrected by another deed granted before the aforementioned Notary, Mr. Alcalá del Olmo, on February 7, 2008 with number 272 of his protocol; corrected again by virtue of a deed granted before the Notary of Barcelona, Mr. Camilo Sexto Presas, on February 19, 2019, with number 470 of his protocol. Hereinafter the "**Real Estate Complex**".

This Real Estate Complex is governed by the statutes that the LESSOR has delivered to the LESSEE prior to this act, and that the latter declares to know and accept (the "**Statutes of the Real Estate Complex**").

**REGISTRATION.-** Plot UNO is registered in the Property Registry of Barcelona nº 26, Volume 3358, Book 394, Folio 85, Finca 14.229 (Finca de Sants 1).

**QUOTA.**- Plot UNO corresponds to a participation fee of 21.4947% in the Real Estate Complex.

**Ii.-** That on the aforementioned Plot, the LESSOR has built a building for offices that will be commercially called "**Llevant Tower**" (hereinafter referred to as "**Building**"). The building will have a total of 25 floors, this is ground floor plus 24 floors above ground, with a total constructed area of 26,824.89 m², of which 23,575.09 m² will be above ground.

The Building is being constructed in accordance with (i) the execution project drafted by the entity TDA ARQUITECTURA Y URBANISMO 2002, S.L. (the "**Implementation Project**"); (ii) the building permit issued by the

------

Barcelona City Council, on March 6, 2008, file number 03- 2007LM22970 (the "**Building License**") and, (iii) under the facultative direction of the architects Eduard Permanyer i Pintor, collegiate 10.267-9 with DNI: 37.667.915- X, D. Josep Nel·lo, collegiate 29.951-0 with DNI: 46.335.818 and D. Alfredo Pérez, collegiate 38.006-7 with DNI: 46.801.930-N (the "**Facultative Management**").

The LESSOR states that the Building (i) will have technical specifications corresponding to buildings of class "A"; (ii) it has the class "A" energy certification according to Royal Decree 235/2013 and (iii) it is in the process of certification in sustainable construction BREEAM and Building Standard WELL v2 with the aim of achieving a scoring "Excellent" and "Glod-Platinum", respectively.

**TITLE.-** The new construction under construction has been declared by virtue of a public deed granted before the Notary of Barcelona, Mr. Camilo José Sexto Presas, on July 22, 2020, under number 1601 of his protocol.

**REGISTRATION**.- The new construction of the building is registered in the Property Registry of Barcelona nº 26, in volume 3,358, book 394, folio 86.

**III.-** That the LESSOR is also the owner in full ownership of some of the fifteen (15) entities in which it was divided (the **"Plot or Entity FIVE**") described below:

**NUMBER FIVE.-** Plot marked with the number FIVE of those that constitute, as a whole, the plot of result number 1 of the Scope of the P.M.U "Porta Firal", de Barcelona.

**TITLE.-** Plot FIVE was constituted as an independent registered property, by virtue of the deed of constitution of the Real Estate Complex outlined above.

Likewise, the LESSOR has proceeded to divide horizontally the Plot or Entity FIVE into fifteen (15) entities by virtue of the deed of declaration of new work and division in horizontal property regime, granted before the Notary of Barcelona, Mr. Camilo Sexto Presas, on February 19, 2019, with number 472 of protocol order corrected by another dated March 12, 2019, Granted before the same notary.

**INSCRIPTION**.- Plot FIVE is registered in the Property Registry No. 26 of Barcelona, volume 3358, book 394, folio 129, farm no. 14,233.

**IV.-** That the LESSOR is also the owner of 81 car parking spaces and 10 motorcycle spaces are an integral part of a private underground car park (hereinafter, the "Procomunal Parking"), of three floors below ground and with a total of 308 car spaces and 58 motorcycle spaces located in the space below ground of Finca 4 in basement floors -2 and -3 and below ground of Finca 2 in basement - 3 of the PMU Porta Firal Barcelona in front of the Paseo de la Zona Franca and Estany street. Access to this Procomunal Parking is made from the Paseo de la Zona Franca nº 121, another from Calle Estany corner with Calle Alts Forns nº 50 and another from the private road Passatge del Camps de la Marina.

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The Procomunal Parking is governed by the Statutes that have been delivered to the LESSEE, previously, stating that they know and accept them.

**V.-** That the LESSEE is interested in leasing all the 11th and 12th floors of the Building, with a total gross leasable area of 2,520.00 m², as well as 100 parking spaces for cars and 10 parking spaces for motorcycles, being therefore the desire of both Parties to formalize this **LEASE AGREEMENT FOR USE** OTHER THAN **HOUSING** (hereinafter referred to as "**Contract**"), in accordance with the following:

**C L A U S E S** 

**<u>FIRST.- OBJECT. DESTINATION AND LICENCES OF PREMISES LEASED.</u>** 

**1.1.- Purpose** 

The LESSOR assigns in lease to the LESSEE, who accepts, the properties that are detailed below (jointly, the "**Leased premises**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The totality of the 11th and 12th floors. of the Office Building, with a gross leasable area (hereinafter referred to as "GLA") of 2,520.00 m² (the "**Offices**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) A total of 100 places **Car parking**, identified as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 81 places in the basement -3 procomunal, from number 3277 to 3298 both
inclusive, from number 3515 to 3520 both inclusive, from number 3418 to 3438 both inclusive, from number 3429 to 3438 both inclusive, from number 3523 to 3532 both inclusive, from number 3467 to 3486 both inclusive, from number 3515 to 3520 both
inclusive, as well as adapted places 3521 and 3522.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 19 places in the basement -3 from number 3245 to 3263 inclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) A total of 10 places **Parking for motorcycles**, identified by the numbers M3093 to M3102, both inclusive in basement -3.

Hereinafter, car parking spaces and motorcycle parking spaces shall be collectively referred to as "**Parking Spaces**".

It is attached to this Agreement, as **Annex I**, location plans of the Offices and parking spaces.

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Notwithstanding the foregoing, from August 11 to September 30, 2021, the LESSEE will occupy, provisionally, the following 100 parking spaces for cars, called **Temporary parking spaces for cars** identified as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 33 places in the basement -2, from number 2105 to 2109 both inclusive,
from number 2076 to 2078 both inclusive, from number 2089 to 2091 both inclusive, from number 2045 to 2060 both inclusive, from number 2064 to 2069 both inclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 67 places in the basement -3 from number 3245 to 3268 both inclusive,
3200, 3201, 3233, 3234, from number 3159 to 3167 both inclusive, from number 3092 to 3100 both inclusive, from number 3141 to 3149 both inclusive, from number 3070 to 3079 both inclusive, as well as adapted places 3595 and 3596.

It is attached to this Agreement, as **Annex IX**, location plans for temporary car parking spaces.

**1.2.- Destination of the Leased Premises** 

The LESSEE will allocate the Leased Premises to the following exclusive uses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The 11th and 12th floors of the Building will be used exclusively for the use of Offices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The Parking Spaces will be used for their own use, prohibiting in any case to store objects in them, or to park vehicles other than those identified for each of them, with the exception of those corresponding to visits.

It is expressly forbidden to carry out any type of activity other than the above, in the Leased Premises. The LESSEE must obtain the prior written authorization of the LESSOR for any use of the Leased Premises, other than those specified above. The change of use without the express consent of the LESSOR, will be sufficient cause for it to urge the termination of this Contract.

The LESSEE undertakes not to carry out uncomfortable, harmful, unhealthy or dangerous activities for health in the Leased Premises, and to observe at all times the State, Autonomous and Municipal Ordinances in force, as well as to respect the Statutes, User Guide and Guide to Private Works, and internal regime regulations that govern at all times.

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**1.3.- Licenses of the LESSEE** 

The LESSEE must (i) obtain on its own and at its own expense as many administrative authorizations and licenses as are necessary to develop its activity in the Leased Premises, with total indemnity of the LESSOR; (II) pay any expenses or taxes accrued as a result of the exercise of said activity and, (iii) deliver to the LESSOR a copy of the corresponding license applications as well as the licenses that are granted and as much complementary documentation as appropriate, within one month from when it was requested and granted, respectively.

Notwithstanding the foregoing, the LESSOR will provide the collaboration that is reasonably necessary to facilitate the processing and obtaining, in favor of the LESSEE, of the aforementioned licenses, without in any case assuming any responsibility for their non-granting and / or denial by the competent Authorities for that purpose. Likewise, the non-granting and/or denial of the aforementioned licenses, in no case will empower the LESSEE to require the LESSOR to carry out the works of adaptation of the premises required by the competent Authority for the concession of the same.

**1.4.-Horizontal division of the Building and/or the Parking. Statutes and Internal Regime Regulations** 

The LESSOR reserves the right to grant, where appropriate, the deed of division in horizontal property regime of the Building, when it deems it appropriate, as well as to establish the definitive content of the Statutes of the Community by which it will be governed, without the need to obtain any type of prior consent from the TENANT, on the understanding that in no case may said Bylaws establish obligations borne by the LESSEE more burdensome than those assumed within the framework of this Contract, nor modify it.

Likewise, the LESSOR may grant the regulations of the internal regime of the Building and the User's Guide of the Building and Private Works (hereinafter, the "**Internal Regime Regulations**"). It is attached as **Annex II** copy of the Internal Regulations in force today. The Internal Regime Regulations establish basic rules regulating coexistence for the proper use of the services and common elements of the Building and the Parking, as well as everything related to the Works of the TENANT will be specified.

Likewise, the LESSOR reserves the right to adapt at any time the USER GUIDE and Private Works that develops the provisions of the Statutes of the Building and / or the Parking, and that are necessary for the correct functioning of the same.

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**<u>SECOND. - DELIVERY OF LEASED PREMISES.</u>** 

The Leased Premises are delivered in this act by the LESSOR to the TENANT, as a certain body, in perfect condition, according to the photographic report and the inventory that are attached as **Annex III.** 

**<u>THIRD.- DURATION</u>** 

**3.1.- Duration** 

This Agreement enters into force on the day of the date, having a term of TEN (10) full and consecutive years (hereinafter, the "**Contract Term**"), as of August 11, 2021, being extinguished, consequently, on August 10, 2031 (hereinafter, the "**End Date**").

Upon arrival of the End Date, the Contract will automatically be without effect, without the tacit renewal provided for in art.

1.566 of the Civil Code.

Once the Contract has been terminated, the LESSEE undertakes to hand over the keys and release the Leased Premises in the same state in which they were received, except for normal deterioration due to their use.

**3.2.- Withdrawal from the contract** 

Notwithstanding the provisions of section 3.1 above, the LESSEE may withdraw from the Contract prior to "**End Date**", at the end of the fifth (5th) year of validity thereof (hereinafter, the "**Early Termination Date**"). To this end, the LESTENER must communicate its decision to the LESSOR, through reliable channels, at least six (6) months before the Early Termination Date.

The remaining annuities will also be mandatory, in the event that the LESSEE does not exercise in time and form the power of withdrawal outlined in this section. Therefore, in the event that the LESSEE withdraws from the Contract prior to the corresponding Early Termination Date or prior to the End Date, it must indemnify the LESSOR with an amount equivalent to the Rent corresponding to the monthly payments remaining until the Early Termination Date or, where appropriate, the End Date, without prejudice to any other compensation that may correspond to the LESSOR for other concepts, by virtue of the provisions of stipulation 9.4 of this Contract. The calculation of the compensation for withdrawal will be made by multiplying the monthly Rent in force at the time of the unilateral withdrawal of the LESSEE, by the number of months remaining to be fulfilled until the Early Termination Date or, where appropriate, until the End Date.

The compensation that corresponds to the LESSOR for unilateral withdrawal of the LESSEE will not be affected or reduced by the fact that the Leased Premises were totally or partially leased to a third party within the Term of the Contract.

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The compensation referred to in the previous paragraph must be paid to the LESSOR simultaneously with the delivery of the Premises Leased by the LESSEE to the LESSOR. The aforementioned compensation will accrue without prejudice to any legal actions that the LESSOR may exercise against the LESSEE, and any other compensation for damages or penalties that may proceed, for any cause other than the unconsented termination of the Contract.

**3.3.- Default. Penalty clause** 

In the event that the LESSEE does not return to the LESSOR the possession of the Leased Premises, on the Date of Completion, the LESSEE must pay the LESSOR, as a penalty clause and without the need for prior notice, an amount equivalent to three times thirty of the monthly Rent of the Leased Premises (that is, one-twelfth of the Income) (the "**Daily Penalty**"), for each day of such a circumstance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) That the LESSEE did not return to the LESSOR the possession of the Leased Premises, on the Date of Completion.
The Daily Penalty will be multiplied by each day of delay in returning possession to the LESSOR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) That the LESSEE does not deliver the Leased Premises in their original state, completely unoccupied and free of
furniture and appliances, electrical wiring, voice, data, as well as other similar or similar concepts and facilities. The Daily Penalty will be multiplied for each day they remain occupied or with furniture or facilities.

For the purposes of the provisions of this Stipulation and in order to calculate the Daily Penalty, the Rent that the LESSEE was paying during the last month prior to the occurrence of any of the circumstances described will be taken into consideration.

This Daily Penalty will accrue without prejudice to any legal actions, including eviction, that the LESSOR may exercise against the LESSEE, and compensation for damages that may arise for any other reason.

**<u>FOURTH</u>. -<u>INCOME</u>** 

**4.1.- Amount** 

The LESSEE must pay the LESSOR from the accrual date indicated in Stipulation 4.3 below, the amounts detailed below, as rent (hereinafter, the "**Income**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A) Rent corresponding to the Offices:

The LESSEE will pay the LESSOR the amount of SIX HUNDRED AND FOUR THOUSAND EIGHT HUNDRED EUROS (€ 604,800) Annual in concept of Income of Offices Payable by

Months Advance to reason of FIFTY ONE THOUSAND FOUR HUNDRED EUROS (€ 50,400) each month (€ 20.00 / m² / month).

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Notwithstanding the foregoing, the LESSOR grants the LESSEE the following bonus in the payment of the Rent (the "**Bonus**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the first annuity of validity of the Contract, the annual Rent will be established in the amount of FIVE
HUNDRED FORTY-FOUR THOUSAND THREE HUNDRED AND TWENTY EUROS (€ 544,320), payable by advance monthly payments at a rate of € 45,360 each month (€ 18.00 / m² / month).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the second annuity of validity of the Contract, the annual Rent will be established in the amount of FIVE
HUNDRED SEVENTY-FOUR THOUSAND FIVE HUNDRED AND SIXTY EUROS (€ 574,560), payable by advance monthly payments at a rate of € 47,880 each month (€ 19.00 / m² / month).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the third year of validity of the Contract, the annual Rent will be established in the amount of FIVE
HUNDRED EIGHTY-NINE THOUSAND SIX HUNDRED AND EIGHTY EUROS (€ 589,680), payable by advance monthly payments at a rate of € 49,140 each month (€ 19.50 / m² / month).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B) Rent corresponding to car parking spaces: The LESSEE will pay the LESSOR the amount of ONE HUNDRED AND FOURTEEN
THOUSAND EUROS (€ 114,000) per year, as Rent of the Car Parking Spaces, payable by advance monthly payments in the amount of NINE THOUSAND QUINENTOS EUROS (€ 9,500), at a rate of ninety (95.00) euros / place / month.

Notwithstanding the foregoing, the LESSOR grants the LESSEE the following bonus in the payment of the Rent (the "Bonus"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the first annuity of the contract a sixty (60%) bonus. The LESSEE will pay the LESSOR the amount of
FORTY-FIVE THOUSAND SIX HUNDRED EUROS (€ 45,600) per year, as Rent of Car Parking Spaces, payable by advance monthly payments in the amount of THREE THOUSAND EIGHT HUNDRED (€ 3,800), at a rate of thirty-eight (38.00) euros /
place / month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the second year of the contract a forty (40%) bonus. The LESSEE will pay the LESSOR the amount of
SIXTY-EIGHT THOUSAND FOUR HUNDRED EUROS (€ 68,400) per year, as Rent of Car Parking Spaces, payable for advance monthly payments in the amount of FIVE THOUSAND SEVEN HUNDRED EUROS (€ 5,700), at a rate of fifty-seven (57.00) euros
/ place / month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the third year of the contract a thirty (30%) per cent bonus. The LESSEE will pay the LESSOR the amount of
SEVENTY-NINE THOUSAND EIGHT HUNDRED EUROS

------

(€ 79,800) per year, for Rent of Car Parking Spaces, payable by advance monthly payments in the amount of SIX THOUSAND SIX HUNDRED FIFTY EUROS <br>

(€ 6,650), at a rate of sixty-six and fifty cents (66.50) euros / place / month

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C) Rent corresponding to motorcycle parking spaces:

The LESSEE will pay the LESSOR the amount of FOUR THOUSAND TWO HUNDRED EUROS (€ 4,200) per year, as Rent of motorcycle parking spaces, payable by advance monthly payments in the amount of THREE HUNDRED AND FIFTY EUROS (€ 350), at a rate of thirty-five (35.00) €/place/month.

**4.2.- Payment method of the Rent** 

The Rent, together with any legal increases or increases, and assimilated amounts, must be paid by the LESSEE to the LESSOR for months in advance, within the first five (5) days of each month. Said payment must be made by means of the corresponding receipt that the LESSOR remits, charged to the current account indicated below:

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Account holder: WALLBOX CHARGERS, SL |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name of the entity: CAIXABANK SA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entity code: 2100 Branch |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Code: 0386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Account Number (IBAN): ES25 2100 0386 2202 0037 5056 |

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The parties, in compliance with the provisions of the regulations governing the Single Euro Payments Area (SEPA), expressly agree to establish with effect from today that the LESSOR will notify the LESSEE at least one (1) day before the due date of the corresponding account charge, of any debts arising from this Contract, the corresponding invoice serving as a formal document of notice. Attached to this Agreement, as Annex IV, SEPA direct debit order.

The LESSEE must notify the LESSOR of any modification of the details of her bank account. The LESSOR undertakes to send the LESSEE invoices for the amounts due by it at any time, within the last five working days of the month prior to each accrual.

If the LESSEE is late in the payment of the Rent or any other amounts to whose payment it is obliged by virtue of the terms of this Contract, and without prejudice to the power of the LESSOR to urge the termination of the Contract, a default interest will accrue, day by day, which will be calculated on the basis of the legal interest of delay in force at that time.

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The lease object of this Contract is subject to Value Added Tax (VAT), at the current rate, or any other that in the future may replace it and, consequently, in the monthly invoices of Rent and Common Expenses will be duly passed on VAT for due payment.

**4.3.- Lack. Accrual of Income** 

The LESSOR grants the LESSEE a grace period of TEN (10) months in the payment of the Rent, counting from the Start Date (August 11, 2021) accruing accordingly the same from the June 11, 2022. Notwithstanding the foregoing, if the LESSEE withdraws from the contract at the end of the fifth annuity, this is on August 10, 2026, or on any date prior to the aforementioned, the LESSEE must pay the LESSOR the amount of TWO HUNDRED AND FIFTY-ONE THOUSAND C EUROS (€ 241,400) as a penal clause freely agreed by the parties.

**4.4.- Income Update** 

From the beginning of the fifth (5th) contractual annuity, this is on August 11, 2025 as well as at the beginning of the successive contractual annuities, the Income corresponding to the Offices will be updated based on the current Income (the "**Update**"). The Update will be carried out in accordance with the variation experienced, in the twelve immediately preceding months, by the General Consumer Price Index for the National Whole (hereinafter, "**CPI**"), which is published by the National Institute of Statistics or another body that replaces it.

The Update will also be applicable annually to the Rent corresponding to the Parking Spaces, once the first annuity of validity of the Contract has elapsed.

Notwithstanding the foregoing, in the event that the variation of the CPI is negative, the Income will be reduced by the amount resulting at the time of the revision. The successive updates will be made on the accumulated income.

Given that the CPI is published with some delay, the LESSOR may make the update at any time after the date of the same and invoice the corresponding variation on the Rent retroactively. The update agreed under this stipulation will be of automatic application, without the need for prior notification by the LESSOR.

**4.5.- Non-compensation** 

The LESSEE may not offset from the Rent or Common Expenses any amount that may be owed by the LESSOR, whatever its concept, nor may she request the application of the Deposit to the payment of the Rent, Common Expenses or any amount owed to the LESSOR.

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**<u>FIFTH</u>. -<u>BAIL</u>** 

The LESSEE delivers to the LESSOR, a bank check in favor of the INSTITUT CATALÀ DEL SOL (INCASOL), as a deposit the amount of ONE HUNDRED AND TWENTY THOUSAND FIVE HUNDRED EUROS (€ 120,500), equivalent to two (2) monthly payments, to. (hereinafter the "**Bail**"). A copy of the check is attached to this Agreement, as **Annex V.** 

The Deposit will be governed by the provisions of article 36 of the current Law on Urban Leases.

The Deposit will be updated in the terms provided in the aforementioned article 36 of the Law of Urban Leases.

The Deposit in no case may be applied by the LESSEE to the payment of the Rent and will be returned by the LESSOR, where appropriate, at the end of the lease, as soon as the latter recovers it from the competent body where it was deposited, in accordance with the aforementioned Law.

**<u>SIXTH. - ADDITIONAL GUARANTEE</u>** 

In guarantee of compliance with all the obligations arising from this Contract, the LESSEE will deliver prior to August 27, 2021 to the LESSOR a solidary, unconditional and first demand bank guarantee, issued by a Spanish credit institution, or foreign with a branch in Spain, authorized by the LESSOR, waiving the benefits of division, order and excursion (the "Endorsement"). The Guarantee must necessarily conform to the model that accompanies this Contract, such as **Annex VI**. The Guarantee will have a duration of one (1) year and must be renewed by the LESSEE through successive guarantees for periods of one (1) year so that it remains in force throughout the duration of the lease. The amount of the Guarantee is equivalent to six (6) monthly payments of the Contract Income, that is, up to a maximum of THREE HUNDRED AND SIXTY-ONE THOUSAND FIVE HUNDRED EUROS (€ 361,500).

The LESSOR may request the execution, total or partial, of the Guarantee in the event that the LESSEE breaches any of the obligations arising from the Contract, and even in the event that it is terminated. Likewise, the LESSOR may execute the Guarantee, if forty-five (45) calendar days before its expiration the LESSEE has not delivered to the LESSOR another bank guarantee under the same conditions.

In no case will the collection of the Guarantee by the LESSOR exempt the LESSEE from continuing to pay the Rent.

The parties will proceed to exchange, in unity of act, at the end of each contractual annuity, the new guarantee that replaces the previous one and the old guarantee, signing for this purpose the corresponding one received.

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**<u>SEVENTH. -EXPENSE</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 Common expenses of the LESSEE.** 

The Rent agreed in the Contract does not include the common expenses that will be borne exclusively by the LESSEE.

The LESSEE will pay in full the proportion of the ordinary expenses related to the operation, replacement, maintenance, management, conservation and, in general, for the adequate maintenance of the Building, the Parking or the Procomunal Parking that corresponds to each of the Leased Premises, depending on the SBA and number of parking spaces occupied in each of them and in accordance with the provisions of Stipulation 7.2 below (hereinafter, The "**Common Expenses**").

For the purposes of the provisions of this contract, and by way of example, the following are considered Common Expenses:

The LESSEE must pay all expenses corresponding to the common services and supplies of the Building, whether or not they are susceptible to individualization through meters (even if the receipts were issued in the name of the LESSOR), including the connection or coupling fee, technical bulletins that are required and the installation, maintenance and replacement of meters. The LESSEE will carry out at its cost the change of ownership of those services that were registered, where appropriate, prior to the entry into force of this Contract.

Common Expenses of the Building will be considered, among others, those corresponding to: a) supplies (electricity; water; heating; air conditioning, as well as other similar or similar concepts, b) cleaning of common areas both inside and outside the Building, c) maintenance and repair of facilities and machinery of the Building, d) surveillance, security and gardening, in the Building, e) Property Tax in the proportion that applies to the LESSEE, fords, waste management and other taxes, fees or levies, f) Administration and management expenses of the Building, g) Insurance in relation to the Building, h) Cleaning and maintenance of the public square and outdoor green areas, and other common expenses of the Real Estate Complex and, i) common expenses of the Community of Owners of the Parking, in the proportion that corresponds to the number of spaces leased.

During the month of April of each annuity, the LESSOR undertakes to send the LESSEE a summary of the Common Expenses of the previous year.

**7.2.- Amount and method of payment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A) Common Expenses for Offices.

The amount of the common expenses to be paid by the LESSEE will be determined according to the ratio per m² of GLA, established in the annual budget.

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For this concept, the LESSEE will pay monthly to the LESSOR the amount of TWELVE THOUSAND THREE HUNDRED SEVENTY-THREE EUROS WITH TWENTY CENTS (€ 12,373.20) payable for advance monthly payments for Common Expenses corresponding to the Offices, at a rate of € 4.91 / m² / GLA / month, being regularized at the end of the calendar year with the corresponding value per € / m² / GLA leased, which will be communicated to users for each year.

Notwithstanding the foregoing, for the year 2021, the annual expenditure budget foresees an impact for this same concept of SEVEN THOUSAND FIVE HUNDRED AND SIXTY EUROS (€ 7,560) per month, payable by advance monthly payments at a rate of € 3.00 / m² / GLA. This budget will also be communicated in a timely manner to the LESSEE.

For the year 2022, the annual expenditure budget foresees an impact for this same concept of TEN THOUSAND EIGHT HUNDRED AND THIRTY-SIX EUROS (€ 10,836) per month, payable by advance monthly payments at a rate of € 4.30 / m² / GLA. This budget will also be communicated in a timely manner to the LESSEE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B) Common expenses corresponding to car parking spaces:

The LESSEE will pay the LESSOR the amount of THREE THOUSAND Euros (€ 3,000) per month, payable by advance monthly payments, as Common Expenses corresponding to car parking spaces at a rate of THIRTY EUROS (€ 30) each car apartment space.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C) Common expenses corresponding to motorcycle parking spaces:

The LESSEE will pay the LESSOR the amount of CINUENTA (€ 50) per month, payable for advance monthly payments, as Common Expenses corresponding to motorcycle parking spaces at a rate of FIVE EUROS (€ 5) each motorcycle apartment space.

The provisions of paragraph shall apply to the payment of Common Expenses 4.2. of this Agreement, in relation to the method of payment.

The LESSEE shall have the right to request annually documentary justification of the amounts of the aforementioned expenses.

**7.3.- Accrual of Common Expenses** 

Common Expenses will accrue from the date of signature of this contract.

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**7.4.- Private expenses of the LESSEE** 

The LESSEE must pay all the expenses corresponding to the services and private supplies of the Leased Premises, which are not expressly included within the Common expenses, whether or not they are susceptible of individualization through meters (even if the receipts were issued in the name of the LESSOR), for example, those of telephone, electricity, air conditioning, water, etc., including the connection or coupling fee, technical bulletins that are required and the installation, maintenance and replacement of meters, in addition to the maintenance of those equipment or facilities additional to the initial inventory established of the leased premises. These individualized expenses will not be included within the Common Expenses of the Building.

The LESSEE will carry out at its own cost the change of ownership of those individualizable services that were registered, where appropriate, prior to the entry into force of this Contract.

The electric vehicle charging service will be passed on to the LESSEE (fixed and variable) according to the consumption made.

**7.5.- Expenses of the LESSOR** 

The LESSOR undertakes to assume, at its own expense, the expenses derived exclusively from the following operations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The maintenance, repair, replacement or renovation of the structure, roof and facades of the Building and, where appropriate, the Parking. This obligation of reparation will not cover the damage caused to said elements negligently by the LESSEE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Renovation of the central and common facilities, machinery and equipment of the Building and, where appropriate, of the Parking, which are listed below**:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) heating, ventilation and air conditioning systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) plumbing, fire sprinklers and drainage systems, sewerage, drainage and surface water purification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) electricity, telecommunications and lighting systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Elevators.

**7.6.- Assimilated quantities** 

All amounts whose payment is assumed by the LESSEE by virtue of this SEVENTH Stipulation will be considered amounts assimilated to Rent, under the terms of the provisions of article 27.2 a) of the Urban Leasing Law. Consequently, the LESSOR may urge the termination of the Contract for non-payment of said amounts.

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**<u>OCTAVE. - RIGHT OF ACCESS</u>.** 

The LESSEE will allow the entry into the Leased Premises to the LESSOR, or to any person designated for this purpose by it, in order to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) verify compliance with all terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) verify the execution of works in the Leased Premises and their conservation (including the passage of materials and workers); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) facilitate the sale or lease of the Leased Premises.

Such visits will be given at least forty-eight (48) hours notice by the LESSOR, must be carried out during the LESSEE's working hours and will avoid causing damage to the activity of the LESSEE, except in cases of urgency or necessity, in which case it will not be necessary to give notice or respect the aforementioned business hours.

**<u>NOVENA. - WORKS, MAINTENANCE AND SIGNS</u>** 

**9.1.- Works of the LESSEE** 

The LESSOR undertakes to provide the LPO prior to October 31, 2021. Attached is a copy of the First Occupation License as **Annex VIII.** 

Notwithstanding the foregoing, the LESSOR facilitates access to the leased premises so that the LESSEE can start the private works of its premises.

In general, any works carried out by the LESSEE in the Leased Premises (the "**Works of the Tenant**") shall in any case be subject to the following rules, unless expressly provided otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For the execution of Works of the Lessee will be necessary the prior written permission of the LESSOR, upon presentation to the latter of the complete technical or architectural executive project corresponding. The LESSOR may only deny such permission when the Works of the Lessee infringe the urban regulations, the Statutes and / or User's Guide and Guide of private works, or damage the structure, external configuration, stability and security of the Leased Premises or the Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The LESSEE must formalize the low voltage supply contract for each leased premises. The cost of the private electrical legalization will be borne by the LESSEE, and a copy of the legalization certificates must be delivered to the LESSOR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Works of the Lessee thus authorized will be the charge and account of the LESSEE, and the latter must proceed to the restitution to the initial state of the Leased Premises, that is, to remove the screens, appliances, electrical wiring installations, voice, data, climate installations, luminaires, fire protection, as well as other similar or similar concepts and installations when finished, for any reason, this lease, unless the LESSOR informs the LESSEE that it chooses that the works made are for the benefit of the Leased Premises, without the right to claim or compensation for the LESSEE at any time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The LESSOR shall be entitled to supervise, at all times, the execution by the LESSEE of the Lessee's Works.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Any damage caused by the Works of the Lessee will be the sole responsibility of the latter. Any damage or damage that said Works of the Lessee could cause in the Building will be at the expense and expense of the LESSEE as long as the aforementioned damages or damages are attributable to the mass, with total indemnity for the LESSOR.

In no case will the LESSEE be responsible for the damages caused in the Building, when they have their origin only in construction defects and structural or facilities defects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The LESSEE will be responsible for obtaining as many municipal licenses as may be necessary for the execution of the Works of the Lessee, as well as the payment of any amounts accrued on the occasion of its application and obtaining.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Works of the Lessee may not prejudice the structure, external configuration, stability and security of the Leased Premises or the Building.

Once the initial implementation works of the LESSEE have been carried out, those works of small entity that (i) are innocuous to the structure or distribution of the Leased Premises, by not modifying or altering them, will not require prior authorization or subjection to any project (although they will be subject to the rest of the requirements established in this section), by not modifying or altering them; (ii) whose primary objective is the repair of any minor damage to them; and (iii) that do not require a license or administrative authorization for its execution.

The parties expressly agree that the provisions of Article 30 in relation to Articles 21, 22, 23 and 26 of the current Act 29/1994 on Urban Leases (hereinafter, the "**LAU**"), insofar as it contradicts what is agreed in the Contract.

The LESSOR authorizes the LESSEE to electrify its 100 car parking spaces with Wallbox brand chargers.

Regarding the execution of said electrification works, the LESSOR will hire an authorized installer, at the expense and on behalf of the LESSEE. The latter will assume the cost of the execution and maintenance of the individual electricity supply lines for the hundred (100) electric chargers from the general box with the protections located in the basement -3, as well as the cost and maintenance of the distribution trays suspended from the concrete slab. For these purposes, at the end of the installation, the LESTENER will provide the LESSOR with the invoice corresponding to the work previously carried out and must pay it by bank transfer within 15 calendar days. One hundred (100) electric charging point equipment, as well as foot or wall supports will be supplied and maintained by the LESSEE and provided to the electrical installer hired by the LESSOR for installation in the leased parking spaces.

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**9.2.- Maintenance of Leased Premises** 

The LESSEE will be obliged, during the term of the Contract, to maintain the Leased Premises, their accessories, existing facilities and private services, in good condition of use and conservation, except for the wear and tear of ordinary use, carrying out all the operations and works of maintenance, repair, replacement and renovation necessary for this purpose, with the exception of those actions that correspond to the LESSOR by virtue of the provisions of section 7.5 of this Agreement.

If the LESSEE does not carry out the aforementioned maintenance, renovation, repair or replacement tasks, these may be carried out by the LESSOR at the expense of the LESSEE, who must reimburse the cost of said tasks to the LESSOR within 30 days following the notification of the LESSOR requesting its payment.

**9.3.- Improvement Works** 

The LESSEE will be obliged to support the realization, by the LESSOR, of conservation and improvement works, whose execution cannot reasonably be deferred until the expiration of the Contract, without thereby being entitled to any compensation or reduction of Rent. The LESSOR must notify the LESSEE, at least forty-five (45) calendar days in advance, of the completion of the aforementioned improvement works, provided that they are not due to force majeure.

In no case will the power of withdrawal from the Contract by the LESSEE proceed, as a result of the execution of said conservation and improvement works, unless they absolutely prevent the use of all the Leased Premises for a period exceeding thirty consecutive calendar days.

**9.4.- Contribution to Adaptation Works** 

Although the Works of Adaptation of the Leased Premises will be executed by the LESSEE, at its exclusive expense, the LESSOR undertakes to contribute to the cost of the same in the amount of TWO HUNDRED AND FIFTY-TWO THOUSAND EUROS (€ 252,000), plus VAT corresponding (the "**Contribution of the LESSOR**"). The payment of the Lessor's Contribution is in any case conditional on the LESSEE having executed or is executing the works in accordance with the Executive Implementation Project previously approved by the LESSOR.

The Lessor's Contribution will be paid by the LESSOR to the LESSEE in two installments by transfer to the bank account of the LESSEE, the form of payment being the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 50%, that is, the amount of € 126,000 plus the corresponding VAT, to the acceptance of the complete
executive project by the ARENDADORA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The remaining 50%, this is the amount of € 126,000 plus the corresponding VAT, on October 1, 2021.

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The LESSEE will deliver to the LESSOR the corresponding invoices issued in the name of the latter, for the amount of the LESSOR's Contribution.

The Parties expressly state that in the event that the LESSEE withdraws from this contract to the **Early Termination Date**, or prior to that date, it must pay the LESSOR the amount of SIXTY-THREE THOUSAND EUROS (€ 63,000) in concept of return of contribution granted by the LESSOR. Without prejudice to the other penalties that may correspond to the early termination of this contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5 Labels** 

The LESSEE may place, inside the Building, posters or identifying signs in the place conveniently established by the LESSOR for this purpose. These signs or signs must in any case conform to the specifications established at all times by the LESSOR.

Notwithstanding the provisions of the previous section, the LESSEE may not install posters, decorative elements or signs of any kind on the exterior parts and in the common areas of the Building (roof; facades; windows; accesses, as well as other analogous or similar concepts). Nor may the LESSEE stick adhesive posters or of any kind, or place advertising elements on the windows that are visible from the outside.

**9.6.- Vacancy and Delivery** 

At the end of the Contract for any reason, the LESSEE will return the Leased Premises unoccupied and free of furniture, appliances, voice and data wiring, stocks and any other object that is not in the Leased Premises at the beginning of the lease, obliging the LESSEE to remove screens, installations, wiring, as well as other similar or similar concepts, and in good condition, except for the demerit for normal use, delivering the keys to the LESSOR.

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**<u>TENTH.- ASSIGNMENT AND SUBLEASING</u>** 

**10.1.- Assignment of the Contract** 

The LESSEE may not assign the rights and obligations arising from the Contract.

**10.2.- Subleasing of the Premises** 

The LESSEE may not sublease, totally or partially, the Leased Premises during the term of this contract,

**10.3.- Cases of Authorization of the LESSOR for the assignment and sublease.** 

Notwithstanding the provisions of the two previous sections, 10.1. and 10.2. The LESSEE may assign and sublease this contract without the consent of the LESSOR to companies of the same group, understood as a group the provisions of article 42 of the Commercial Code. The LESSEE must notify, by means of reliable communication sent to the LESSOR, said assignment, documenting the identity of the new company holding the contract.

In these cases, the LESSOR will not have any right to increase the rent established in section 2 of article 32 of the current lease law or in cases of transformation, spin-off and corporate merger that the LESSEE could carry out.

**<u>ELEVENTH.- INSURANCE</u>** 

**11.1.- Insurance of the LESSEE** 

The LESSEE undertakes to subscribe with an insurance company of recognized solvency and for the entire period of validity of the Contract, a civil liability insurance against third parties in relation to its occupation of the Leased Premises. The amount of such coverage may not be in any case less than the amount of FIVE HUNDRED THOUSAND EUROS (€ 500,000).

Likewise, the LESSEE undertakes to prove to the LESSOR that all the works that the LESSEE carries out in the Premises with the authorization of the LESSOR, will be insured by the contractors or subcontractors of the LESSEE for an amount that, at any time, is not less than the cost thereof.

The LESSEE must deliver to the LESSOR a copy of the policy or the certificate subscribed for this purpose expressly mentioning the property and the insured limit amount, within one month from the date of signing this Contract, as well as periodically a copy of the receipts paid by the LESSEE for the maintenance in force of the aforementioned policy.

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**11.2.- Insurance of the LESSOR** 

The LESSOR will insure the Leased Premises or, where appropriate, the Building, with an insurance company of recognized solvency throughout the period of validity of this Contract, with respect to the risks normally insured by a prudent lessor.

The insurance policy contracted by the LESSOR will not cover the damages, caused or suffered by the activity, furniture, facilities, merchandise or belongings of the LESSEE, being the contracting of an insurance for these purposes obligation and exclusive responsibility of the LESSEE.

**<u>TWELFTH.- RIGHT OF PRE-EMPTION AND PREFERENTIAL RIGHT OF LEASE</u>** 

The Parties expressly agree that the preferential acquisition rights referred to in article 31 of the current Urban Leasing Law, in relation to Article 25 of the same legal text, will not be applicable, thus renouncing the LESSEE to these rights.

Consequently, the LESSEE will not have the right of preferential acquisition in case of sale or sale of the Building and / or the Leased Premises, committing the LESSEE to raise this waiver to a public document if requested by the LESSOR. The costs incurred by the elevation to a public document of this waiver will be borne by the LESSOR.

**<u>THIRTEENTH. -RESOLUTION</u>** 

In addition to the causes provided for in article 35 of the Urban Leasing Law, the breach by the LESSOR or the LESSEE of any substantial obligation contained therein will be cause for termination of the Contract.

Without prejudice to the generality of the previous paragraph and by way of example and not exhaustive, the following will constitute causes for termination of this Contract, in accordance with the conditions stipulated therein: (i) the assignment of the rights and obligations arising from this Contract or the sublease, without the prior consent of the LESSOR, (ii) the execution of works without the authorization of the LESSOR, with the exception of those works of small entity that are innocuous to the structure or distribution of the Leased Premises, by not modifying or altering them; whose primary objective is the repair of any minor damage in them; and that do not require a license or administrative authorization for its execution. (iii) the installation of signs without authorization from the LESSOR (iv) prevent the LESSOR from passing and examining the Leased Premises, (v) the performance in the Leased Premises of annoying, unhealthy, harmful, dangerous and / or illegal activities, (vi) the lack of repairs in compliance with the obligation of conservation and maintenance, (vii) the

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breach of the Statutes and, where appropriate, the rules of internal regime that exist in the Building, (viii) the non-payment of the Rent, Common Expenses or similar amounts; (ix) the refusal to provide documentation relating to the prevention of money laundering and terrorist financing, the lack of cooperation in providing it, the manifest inconsistency of the documentation provided or, in general, the failure to comply with the requirements of the applicable regulations in force on the prevention of money laundering and terrorist financing. x) the failure of the Guarantee to be delivered by the LESSEE to the LESSOR, before the date established in clause SIX of this contract.

**<u>FOURTEENTH. - APPLICABLE REGULATIONS AND JURISDICTION</u>** 

**14.1.- Applicable regulations** 

This Contract will be governed by what was agreed by the Parties and, in what is not expressly agreed, by the current Urban Leasing Law (LAU). Notwithstanding the foregoing, in accordance with the provisions of Article 4.4 of the LAU, the Parties expressly agree to exclude the following articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Article 30, in conjunction with Articles 21, 22, 23, and 26 LAU; Article 32.1 and 32.3 and 32.4 LAU;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Article 31, in conjunction with Article 25 LAU; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Article 34 LAU.

Likewise, the Parties place on record that the obligations and commitments of a non-lease nature, relating to the period foreseen for the execution of the construction works of the Building and prior to the Delivery Act, will be governed by what is agreed between the Parties, as well as by the Civil Code and other provisions that are applicable.

**14.2.- Jurisdiction** 

Both parties expressly submit to the competence of the Judges and Courts of the city of Barcelona, expressly waiving any other jurisdiction that may correspond to them.

**<u>FIFTEENTH. - EXPENSES AND TAXES</u>** 

All expenses, taxes, charges and levies arising from this Contract will be borne by the LESSEE.

How many contributions, taxes, taxes, fees or any other levy, by the State, autonomous community, province, municipality, etc., present or future, or surcharges or increases of the current ones, which tax the ownership and use of the Building will be of account and charge of the LESSEE, in proportion to the coefficient of participation of the Leased Premises as a whole.

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**<u>SIXTEENTH.- ENERGY EFFICIENCY CERTIFICATION</u>** 

The LESSOR delivers to the LESSEE the energy efficiency certification of the Building attached to this contract as **Annex VII.** 

**<u>SEVENTEENTH.- COMMUNICATIONS</u>** 

All communications that the Parties must make in relation to this Agreement, will be made at the following addresses:

By the **LESSOR:**

IBERDROLA INMOBILIARIA PATRIMONIO S A.U.

For the attention of Mr. Guillermo Guzmán

Allende Torre Auditori, 3rd Floor, Module D

Pº de la Zona Franca nº 111.

08038 BARCELONA

By the **TENANT**:

WALL CHARGERS S.L.

For the attention of Enric Asunción

Escorsa Paseo de la Castellana nº 95,

planta 28 28046 MADRID

The Parties may modify the addresses contained in this stipulation by communicating this to the other Party in writing.

**<u>EIGHTEENTH.- PROTECTION OF CHARACTER DATA PERSONNEL</u>** 

For the purposes of this Agreement, "personal data" means any information stored, processed or transmitted by IBERDROLA INMOBILIARIA PATRIMONIO, S.A.U. or the counterparty relating to an identified or identifiable person, as well as any other meaning in accordance with the applicable legislation on the protection of personal data.

Regarding the data of the counterparty, IBERDROLA INMOBILIARIA PATRIMONIO, S.A.U. informs that this company is responsible for the processing of said personal data.

The purpose of data processing is the management of this contractual relationship.

The legal basis for the processing of the counterparty's data for the purpose indicated in the previous section is the fulfillment of the relationship

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contractual. For this purpose, the owner of the data is obliged to provide such data; otherwise, lBERDROLA INMOBILIARIA PATRIMONIO, S.A.U. cannot guarantee the execution of the contract.

IBERDROLA INMOBILIARIA PATRIMONIO, S.A.U. will keep the data of the counterparty as long as the contractual relationship that links it with it remains in force and, once it ends, said data will be duly blocked until the legal actions attached to it are prescribed for an additional period of five years from the termination of the contractual relationship for any reason.

The personal data of the counterparty will only be communicated to third parties and official bodies (i) when necessary for the execution of the contract; (ii) in compliance with legal obligations; or (iii) to comply with regulatory or judicial requirements. Likewise, the personal data of the counterparty may be accessible by service providers related to the execution of the contract.

The counterparty has the right to access your personal data subject to processing, as well as to request the rectification of inaccurate data or, where appropriate, request its deletion when the data is no longer necessary for the purposes for which they were collected, in addition to exercising the right of opposition and limitation to the treatment and portability of the data. In the case of having obtained the consent of the owner of the personal data, they have the right to revoke it at any time.

The counterparty may submit its requests for the exercise of rights through the following channels:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• By post to:

IBERDROLA INMOBILIARIA PATRIMONIO, S.A.U., calle Alcalá number. 265 of 28027- Madrid, or to the data protection delegate to: Calle Tomás Redondo nº. 1 of 28033- Madrid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• By email to:

asesoriajuridica.gdpr@iberdrolainmobiliaria.com or

to: dpo@iberdrola.es.

In the event that they have not obtained satisfaction in the exercise of their rights, the counterparty may file a claim with the Spanish Agency for Data Protection.

Finally, BERDROLA INMOBILIARIA PATRIMONIO, S.A.U. informs the counterparty that it has implemented the necessary technical measures in order to protect your data and information from accidental loss, access, use and unauthorized disclosure. However, despite the diligent implementation of such measures, the counterparty must know that security measures are not impregnable.

IBERDROLA INMOBILIARIA PATRIMONIO, S.A.U. is not responsible for the actions of third parties who, in violation of these measures, access the aforementioned data and information.

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**<u>NINETEENTH. - ETHICAL PRINCIPLES.</u>** 

The LESSEE declares and guarantees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) knows, accepts and undertakes to respect the ethical and social responsibility principles that are part of the Iberdrola Group's Corporate Governance System and, (ii) undertakes to comply with the Anti-Corruption and Fraud Policy published on Iberdrola's corporate website (www.iberdrola.com), which you represent to have read and which is considered an integral part of this contract.

Neither LESSEE nor any of its affiliates, and to the best of their knowledge, any of their respective employees, directors, public officers or any person acting on their behalf (the "Related Persons") are at present or reasonably reasonable to be subject in the future to: (a) any sanctions of the United States of America ("USA") executed, imposed or published by the Office of Foreign Assets Control of the U.S. Department of the Treasury (the "OFAC"); or (b) any decision or measure similar in nature to such OFAC actions taken by: (i) the European Union;(ii) Her Majesty's Treasury of the United Kingdom; (iii) the U.S. government or, (iv) the United Nations Security Council (collectively, the "Sanctions"). If any sanction is imposed on the Lessee or any of its Related Persons, it must immediately inform the Lessor of this fact and the Lessor will have the right to unilaterally terminate this contract without liability or penalty.

Neither the LESSEE nor any of its Related Persons has its registered office located, organized or is resident in a country or territory that is considered a tax haven or that has been subject to sanctions by the aforementioned organizations that prohibit commercial relations with said countries.

The breach by the LESSEE of the obligations established in the preceding sections, or the lack of veracity of the statements contained therein, will be considered a material or serious breach for the purposes of the provisions of this contract. In that case, (i) the Lessee shall defend, hold harmless and hold harmless the Lessor and any other company of its Group that is affected, from all damages, losses, liabilities, costs, penalties and any other amounts of any nature, including reasonable attorneys' fees, arising out of or related to such breach or lack of veracity and (ii) the Lessor will be entitled to immediate termination of this contract. without any liability or penalty.

**<u>VIGESIMA. - MONEY LAUNDERING</u>** 

In compliance with the regulations on the Prevention of Money Laundering and the Financing of Terrorism, the LESSOR has the obligation to require the LESSEE to provide documents proving their identity and, where appropriate, of the beneficial owners from the moment of entering into a business relationship until its completion, as well as to update said documents in order to prevent the execution of operations linked to said activities.

------

The refusal to provide the same, the lack of cooperation in providing it, the manifest incongruity of the documentation provided or, in general, the breach of the requirements demanded by the current regulations applicable in the matter by the LESSEE, will empower the LESSOR to terminate this contract in accordance with the provisions of the stipulation relating to the Resolution of this contract

And, in proof of conformity, both parties sign this contract, in duplicate copy and for a single purpose, in the place and date indicated at the beginning.

---

| | |
|:---|:---|
| **THE LESSOR** | **THE TENANT** |
| **IBERDROLA INMOBILIARIA PATRIMONIO, S.A.U.** | **WALL BOX CHARGERS, S.L.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signed by 52366734N PABLO VERGES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (R: A60803632) on 11/08/2021 with a certificate issued by AC Representation |  |
| ![LOGO](g455258g80x82.jpg) | ![LOGO](g455258g86k37.jpg) |

---

---

| | |
|:---|:---|
| 28922160M | Digitally signed by |
| FRANCISCO | 28922160M |
| JAVIER | FRANCISCO JAVIER |
| PEINADO | PEINADO |
|  | Date: 2021.08.13 |
|  | 12:23:09 +02'00' |

---

------

**ANNEXES TO THE LEASE** 

ANNEX I. – Map Location of offices and parking spaces

ANNEX II.- Comprehensive internal regulations for the guide to private works and the user's guide.

ANNEX III.- Photographic report and inventory

ANNEX IV. - Direct debit order SEPA ANNEX V. – Copy of the Deposit Check

ANNEX VI. – Bank Guarantee Model

ANNEX. Vii. – Copy Energy Efficiency Label.

ANNEX. VIII – Copy First Occupation License

ANNEX. IX – Map of the situation of temporary car parking spaces

## Exhibit 4.14

**Exhibit 4.14** 

**FACILITY AGREEMENT** 

**for an amount of €25,000,000** 

between

WALL Box CHARGERS, S.L.U.

as Original Borrower

and

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

as Original Lender

------

CONTENTS

---

| | | |
|:---|:---|:---|
| 1. | AMOUNT AND PARTICIPATION | 8 |
| 2. | PURPOSE OF THE FACILITY | 8 |
| 3. | UTILISATION | 8 |
| 4. | CONDITIONS PRECEDENT TO THE EXECUTION OF THIS AGREEMENT AND TO THE DISBURSEMENT OF THE FACILITY | 9 |
| 5. | LIABILITY OF THE LENDERS AND THE OBLIGORS | 10 |
| 6. | ACCRUAL AND INTEREST PERIODS | 13 |
| 7. | INTEREST RATE | 13 |
| 8. | SETTLEMENT AND PAYMENT OF INTEREST | 19 |
| 9. | DEFAULT INTEREST | 21 |
| 10. | CAPITALISATION | 21 |
| 11. | TERM AND MATURITY | 22 |
| 12. | ORDINARY REPAYMENT | 23 |
| 13. | PREPAYMENT OF THE FACILITY | 24 |
| 14. | TAXES | 30 |
| 15. | ILLEGALITY | 38 |
| 16. | INCREASED COSTS AND MARKET DISRUPTION | 39 |
| 17. | REPRESENTATIONS AND WARRANTIES | 43 |
| 18. | INFORMATION OBLIGATIONS | 51 |
| 19. | OTHER OBLIGATIONS OF THE BORROWER | 54 |
| 20. | EVENTS OF DEFAULT | 63 |
| 21. | INDEMNITY | 68 |
| 22. | PAYMENTS | 69 |
| 23. | SET-OFF | 70 |
| 24. | PROPORTIONALITY OF PAYMENTS | 70 |
| 25. | ALLOCATION OF PAYMENTS | 71 |
| 26. | FEES | 72 |
| 27. | COSTS AND EXPENSES | 72 |
| 28. | THE AGENT AND THE LENDERS | 74 |
| 29. | ASSIGNMENT BY OBLIGORS | 80 |
| 30. | ASSIGNMENT BY LENDERS | 80 |
| 31. | CALCULATION AND CERTIFICATES | 83 |
| 32. | NOTICES | 84 |
| 33. | VAT, TRANSFER TAX AND STAMP DUTY | 86 |

---

------

---

| | | |
|:---|:---|:---|
| 34. | CALCULATION OF TIME PERIODS | 86 |
| 35. | PROCESSING OF PERSONAL DATA | 87 |
| 36. | SECURITY AND GENERAL SECURITY PROVISIONS | 89 |
| 37. | FIRST-DEMAND GUARANTEE | 90 |
| 38. | APPLICABLE LAW AND JURISDICTION | 93 |
| 39. | NOTARISATION | 93 |

---

---

| | |
|:---|:---|
| ANNEXES |  |
| ANNEX I | EXISTING INDEBTEDNESS |
| ANNEX II | STRUCTURE OF THE GROUP |
| ANNEX III | TRANSLATION OF "CALCULATION AND CERTIFICATES" CLAUSE |
| ANNEX N | NOTIFICATION DETAILS |

---

------

In Barcelona, on 9 February 2023.

APPEARING

**On the one side:** 

**WALL BOX CHARGERS, S.L.U.,** a company duly incorporated pursuant to the laws of Spain, with registered office at Paseo de la Castellana 95, 28<sup>th</sup> floor, Madrid (Spain), and with Tax Identification Code [\*\*\*] (hereinafter, the **"Borrower"**). It is duly represented by [\*\*\*] duly empowered for these purposes.

**On the other side:** 

**WALLBOX N.V.,** a company duly incorporated pursuant to the laws of the Netherlands, with registered seat at Amsterdam, the Netherlands and its address at Carrer del Foe 68, 08038 Barcelona, Spain, and with Spanish Tax Identification Code [\*\*\*] (hereinafter, the **"Guarantor"**) and registered at the Dutch chamber of commerce under number [\*\*\*]. It is duly represented by [\*\*\*] duly empowered for these purposes.

The Borrower and the Guarantor may be hereinafter jointly referred to as the **"Obligors"** and, each of them individually, as an **"Obligor"**.

**And on the other side:** 

**BANCO BILBAO VIZCAYA ARGENTARIA, S.A.,** a Spanish credit entity with registered office in Bilbao, at Plaza de San Nicolas 4 and with Tax Identification Code [\*\*\*] (hereinafter, **"BBVA"**). It is duly represented by [\*\*\*] and [\*\*\*] duly empowered for these purposes.

For the purposes of this Agreement:

(i) BBVA shall be referred to as the **"Original Lender"** and, together with its successive assignees
pursuant to the provisions of Clause 30 of this Agreement, as the **"Lenders"** and, each of them individually, as a **"Lender"**;

(ii) the entity holding the role of Agent, from time to time, pursuant to Clause 28 shall be also referred to as the **"Agent"**. On the date of this Agreement and until an assignment of this Agreement takes place (if any), all references contained in this Agreement to the Agent shall be deemed to be made to the Original Lender; and

(iii) the Borrower, the Guarantor, the Lenders and the Agent shall be jointly referred to as the **"Parties"** and each of them individually as a **"Party"**.

------

**WHEREAS** 

I. That the Borrower is a Spanish private limited liability company *(sociedad de responsabilidad limitada)* the main corporate purpose of which is creating and producing advanced chargers for electric vehicles and energy management systems and whose parent company is the Guarantor.

Hereinafter, the Guarantor, the Borrower and the rest of Subsidiaries of the Guarantor or the Borrower (within the meaning of article 42 of the Spanish Commercial Code) shall be referred to as the **"Group"**. For the avoidance of doubt, Wallbox Fawsn Charging System Co. Ltd shall not be considered as a pa1t of the Group.

Moreover, for the purposes of this Agreement, **"Subsidiary"** means an entity of which a person has direct or indirect control and control for this purpose shall have the meaning set out in article 42 of the Spanish Commercial Code. For the avoidance of doubt, the Guarantor shall not be considered as a Subsidiary.

II. That for the purposes of financing general corporate needs of the Borrower, the Borrower has requested BBVA, as
Original Lender, to make available a loan facility for an amount of TWENTY-FIVE MILLION EUROS (€25,000,000) (the **"Facility"**).

III. That, as part of the expected return corresponding to the Lenders in connection with the Facility, on the date
hereof, the Guarantor and the Original Lender have executed a warrant agreement, subject to the laws of the state of New York, by virtue of which the Guarantor confers the Original Lender the right to acquire shares of the Guarantor under certain
conditions detailed in such agreement (the **"Warrant Agreement"**).

In order for the Warrant Agreement to be enforceable on its enforcement date, prior to the date hereof the Guarantor has passed a board resolution acknowledging and accepting the content of the Warrant Agreement, undertaking to vote in favour of any capital increase which, as appropriate, may be required, waiving the pre-emption right in the event of the exercise of the Warrant Agreement by the Lender.

Hereinafter, the Warrant Agreement together with the relevant subscription agreement and the board resolutions of the Guarantor referred to above shall be jointly referred to as the **"Warrant Documents"**.

IV. That the Borrower is the owner of valuable Intellectual Property. When assessing the viability of the Facility
requested by the Borrower, the Original Lender has specially considered the following intellectual property rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Industrial design - [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Patents (in the course of being filed at the time of this Agreement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A) Application Number: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B) Application Number: [\*\*\*]

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Software: which operates the bidirectional charger for electric vehicle (Quasar) and filed before the *Registre de la Propietat Intel Lectual de Catalunya* under number [\*\*\*].

Hereinafter, the **"Material IP"**.

For the purposes of this Agreement, **"Intellectual Property"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any patents, trademarks, service marks, designs, business names, copyrights, database rights, design rights,
domain names, moral rights, inventions, confidential information, knowhow, source code, processes, software, formulae, technology and other intellectual property rights and interests (which may now or in the future subsist), whether registered or
unregistered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the benefit of all applications and rights to use such assets of each member of the Group (which may now or in
the future subsist).

V. In order to guarantee/secure the complete and due fulfilment of the payment obligations assumed by the Borrower *vis-a-vis* the Lenders in the terms set forth under this Agreement, the Original Lender has requested the Obligors that they grant, as applicable, the following
guarantee and security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a first demand guarantee in the terms provided for in Clause 37 herein below to be granted by the Guarantor
(the **"First Demand Guarantee"**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a first ranking right of pledge, subject to Spanish law, over the credit rights arising from the following
accounts of the Borrower opened at **BBVA**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [\*\*\*]

(jointly, the **"Spanish Accounts"**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a promissory chattel mortgage over the Material IP owned by the Borrower, subject to Spanish law.

Hereinafter, the agreements by virtue of which any of the security or promissory security referred to above are granted shall be referred to as the **"Security Agreements"**.

Additionally, this Agreement, the Warrant Documents, the Security Agreements, the fee letters as provided for in Clause 26 below, as well as any other documents that amend, clarify, rectify or replace the aforementioned documents or that are designated as such by the Agent and the Borrower, shall be jointly referred to as the **"Finance Documents"**.

VI. Subject to the terms and conditions set forth in this Agreement and especially on the basis of (i) the
First Demand Guarantee, the Security Agreements and the Warrant Documents and (ii) the truthfulness and accuracy of the representations and warranties made by the Obligors, the Original Lender has agreed to make available the Facility to the
Borrower.

------

VII. In light of the foregoing, the Parties, expressly declaring that the powers, in respect of which they
respectively execute this agreement as duly represented hereunder, remain in full force and effect, hereby agree to enter into this FACILITY AGREEMENT (hereinafter, the **"Agreement"**), which shall be governed by the following clauses:

------

**CLAUSES** 

**SECTION I** 

**THE FACILITY** 

1. **AMOUNT AND PARTICIPATION** 

1.1 In accordance with and subject to the tenns and conditions provided for under this Agreement, the Original
Lender hereby makes available to the Borrower a euro loan facility (the **"Facility"**), in an amount equal to TWENTY-FIVE MILLION EUROS (€25,000,000) (the **"Facility Amount"**).

The Borrower accepts the Facility and undertakes to repay the due and payable principal amounts of the Facility and to effect payment of the interest, commissions, taxes and expenses which accrue in respect thereof and any other amounts due hereunder in the form, terms and at the time as provided for in this Agreement.

1.2 The participation of the Original Lender in the Facility Amount is, on the Signing Date, as follows:

---

| | | |
|:---|:---|:---|
| **Original Lender** | **Participation ln the**<br>**Facility Amount** | **Share** |
|  BBVA | €25,000,000 | 100% |
|  Total | €25,000,000 | 100% |

---

2. **PURPOSE OF THE FACILITY** 

2.1 The Facility is granted exclusively for general corporate purposes of the Borrower, as well as to pay any fee
under Clause 26 below.

2.2 The Borrower undertakes to apply the amount of the Facility exclusively in accordance with Clause 2.1 above.

Notwithstanding the foregoing, none of the Lenders (nor the Agent) assumes any obligation to monitor the due performance by the Borrower of the obligation set out in this Clause, although the Agent, at its own discretion or following the instructions of any of the Lenders, may request the Borrower to provide all information which is reasonably considered necessary or appropriate for such purpose.

3. **UTILISATION** 

By entering this Agreement, the Borrower hereby irrevocably requests the Original Lenders to deliver the Facility Amount on the date of execution of this Agreement, for the purposes described in Clause 2.1 above.

Likewise, by executing Agreement, the Original Lender hereby expressly confirms to that effect that each and every condition established in Clause 4 below has been duly satisfied.

------

The Borrower hereby acknowledges full receipt of the Facility Amount in the account [\*\*\*] opened by the Borrower at BBVA.

4. **CONDITIONS PRECEDENT TO THE EXECUTION OF THIS AGREEMENT AND TO THE DISBURSEMENT OF THE FACILITY** 

All the Parties acknowledge that all the conditions precedent set out below have been duly met, to the Original Lender's satisfaction, simultaneously with, or prior to, the execution of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A copy of the constitutional documents and/or bylaws of the Borrower and the Guarantor (including customary
filings and certificates from appropriate registers in the relevant jurisdiction) or, alternatively, an updated certificate issued by the relevant Commercial Registry containing the by-laws of each of the two
companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A copy of the powers of attorney (if any) of the signatories of those Finance Documents to be entered into on
the date of this Agreement evidencing the capacity of such signatories to enter into the relevant Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Documentary evidence that the Borrower and the Guarantor have adopted the resolutions (of the management body
and/or, ifrequired by law or its constitutional documents, the relevant shareholders) approving the terms of, and the transactions contemplated by, the Finance Documents to which each of them is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any documentation and other evidence requested by the Lenders to carry out and be satisfied each of them has
complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations and internal policy pursuant to the transactions contemplated in the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Lender's prior access to the data room of the Borrower opened in the latest equity round of the
Borrower, delivery of the documentation with five-year forecasts on the evolution of the balance sheet, cash flow, income statement, comprehensive information on the latest investment round (deck, term sheets, etc.), information on the current
shareholdings and shareholders' agreement (if any) and the corresponding due diligence (financial, legal, tax, etc.) reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Due execution of the Security Agreements (including any necessary irrevocable power of attorney in connection
therewith) and of the Warrant Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Delivery of a legal opinion of: (a) DLA Piper Spain, S.L.U., legal advisers to the Original Lender, on the
legality, validity and enforceability of this Agreement and the rest of the Finance Documents, governed by Spanish law; and (b) DLA Piper Netherlands, legal advisers to the Original Lender on the capacity of the Guarantor to enter into the
Finance Documents to which it is expressed to be a party and on the legality, validity and enforceability of the Finance Documents, governed by Dutch law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Delivery of a legal opinion of Latham & Watkins LLP legal adviser to the Borrower, on the legality,
validity and enforceability of the Warrant Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Delivery of the internal legal opinion issued by a senior legal counsel of the Borrower on the capacity of the
Borrower to enter into the Finance Documents to which it is expressed to be a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) All representations made by the Obligors pursuant to Clause 17 below are true and accurate in all material
respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) No Event of Default has occurred and is continuing and no such Event of Default may occur as a result of the
disbursement of the Facility Amount.

The Parties also acknowledge that the due satisfaction of such conditions precedent constitutes an essential ground for the decision of the Original Lenders to enter into this Agreement and to make available the Facility on the date hereof.

5. **LIABILITY OF THE LENDERS AND THE OBLIG0RS** 

5.1 **Liability of the Lenders** 

The contractual position assumed by the Lenders under this Agreement is of a joint but not several nature *(mancomunada)* and, accordingly their rights and obligations hereunder are totally independent.

In the event that any Lender breaches any of the obligations assumed by virtue of this Agreement, such breach shall not increase the obligations assumed by the rest of the Lenders, nor shall any such breach affect the obligations of the Obligors or release any of the Obligors from any of their own obligations hereunder (and without prejudice to the actions and exceptions that may correspond to the Obligors *vis-a-vis* the defaulting Lender(s)).

Save to the extent otherwise provided for in any Finance Document, (i) any of the Lenders may take out-of-court actions directed towards the conservation and defence of its own rights and those of the other Lenders; and (ii) a Lender, however, may only exercise its own rights through the courts (and not those of any other Lender).

5.2 **Lenders' decisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 The decisions that correspond to the Lenders under this Agreement shall be adopted, save when otherwise
expressly provided for in this Agreement, by the Majority Lenders. Any decision adopted by the Majority Lenders that amend or waive any of the terms and conditions of this Agreement shall be binding upon each and every one of the Lenders.

For the purposes of this Agreement, the term **"Majority Lenders"** means a Lender or Lenders whose participation in the outstanding amount under the Facility represents, at least, 66<sup>1</sup>⁄<sub>2</sub> percent thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 The Agent may effect, on behalf of any Lender, any waiver permitted by this Clause 5.2. The Lenders undertake
to act in coordination with the Agent in order to formalize any required actions or measures that are necessary for the ratification of the actions performed by the Agent on their behalf in connection with any waiver permitted by this Clause 5.2.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3 The Agent may engage, pay for and rely on the services of lawyers in determining the consent level required for
and effecting any amendment, waiver or consent under this Agreement. The Borrower will only be obliged to reimburse said costs if they have been previously agreed by the Agent and the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.4 As an exception to the general rule stated above, the Parties acknowledge and accept that an amendment, waiver
or consent of, or in relation to, any term of the Finance Documents that has the effect of changing or relates to any of the following matters, shall not be made, or given, without the prior the unanimous consent of all the Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any decision or authorisation that would imply any alteration to the proportionality rules between the Lenders
as established in Clause 24 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any decision or authorisation that would imply any new or additional obligations upon any of the Lenders,
unless the express consent of the affected Lender(s) is obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any decision or authorisation that affects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount, calculation and due date of any of the payment obligations as provided for in this Agreement
(including any mandatory prepayment obligations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Facility Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Final Termination Date (either the Initial Termination Date or the Extended Termination Date), the
Extension Request or any Partial Repayment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any amendment to the definition of or waiver in relation to a Change of Control (as defined in Clause 13.2.1
below) or any authorisation to the occurrence of a Change of Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any decision or authorisation that would affect the Ordinary Interest Rate, the Substitute Interest Rate or the
Applicable Margin (as each such term is defined in Clause 7 below) (except for any EURIBOR Substitution Event, as defined in Clause 7.2 below, that may be agreed upon the consent of the Majority Lenders), the Default Interest Rate (as defined in
Clause 9 below) or the fees or commissions payable hereunder, as well as the system for the calculation and/or settlement and/or amount thereof together with any other changes to the procedure for the calculation, amount or charging of fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) any decision or authorisation that would give rise to any alteration of the dates for the payment of principal,
interest, fees or for any other payment (as well as its amount) as established under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any decision or authorisation that adversely affects the validity, enforceability or priority of ranking of any
Security Agreement or of the

------

First Demand Guarantee granted from time to time in favour of the Lenders pursuant to this Agreement, including but not limited to any authorisation for the non-granting of any Security Agreement or of the First Demand Guarantee provided for under this Agreement as well as the release or replacement thereof (unless permitted under any Finance Document);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any decision or authorisation in connection with the provisions of this Clause 5.2 or of the majority regime
set out in this Agreement for the adoption of decisions by the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any decision in connection with the provisions set forth in Clauses 15 *(Illegality),* 16 *(Increased costs and Market Disruption)* or 38 *(Applicable law and Jurisdiction)* of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any matters or decisions the approval of which requires, pursuant to the terms of this Agreement, the consent
of all the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.5 In any case, the decision-making process by the Lenders set out in the preceding paragraph, will not apply if
the matter being decided upon involves a permanent and final amendment in any of the terms and conditions of this Agreement, in which case the prior, express and unanimous conformity of each and every one of the Lenders will be necessary. Such
amendment shall not be deemed to constitute the Lender's authorisation, prior to its occurrence, of a circumstantial and specific situation or action affecting the Borrower, in breach of the provisions of Clauses 18 or 19 of this Agreement.

5.3 **Guarantor's liability** 

Without prejudice to the unlimited personal liability of the Borrower pursuant to Article 1911 of the Spanish Civil Code, the Guarantor guarantees, to the widest extent legally possible, the due compliance with the payment obligations assumed by the Borrower under the Facility, to the extent and in the terms set out in Clause 37 below.

In all cases, the liability of the Guarantor shall be deemed limited by, and subject to, any legally mandatory restrictions that may be applicable from time to time to the Guarantor.

Any claim by the Guarantor *vis-a-vis* the Borrower as a result of any payment under the First Demand Guarantee shall be deemed fully subordinated to the Lenders' claims against the Borrower under the Finance Documents. Accordingly, the Guarantor shall not claim from the Borrower the payment of any amounts paid by the Guarantor in such capacity and concept (including interest) nor file any on or off court actions aimed at obtaining such payment for so long as any Lender has not been fully satisfied of all amounts due under any Finance Document.

------

**SECTION II** 

**ORDINARY INTEREST** 

6. **ACCRUAL AND INTEREST PERIODS** 

6.1 The outstanding principal amount of the Facility shall accrue interest on a daily basis in favour of the
Lenders, as from the date of this Agreement up until the date on which the Facility Amount has been completely amortised and repaid, and the applicable interest shall be calculated on the basis of a year period of three hundred and sixty
(360) days and depending upon the number of calendar days which have actually elapsed.

6.2 For the purposes of the determination of the interest rate applicable from time to time to the Facility Amount,
the Facility shall be understood to be divided into successive periods of time (each of which shall be referred to as an "**Interest Period** "), the first of which shall commence on the date of this Agreement and the second and
successive interest periods shall commence on the final day of the immediately preceding Interest Period. For the purposes of the accrual, calculation and settlement of interest, the first day of the Interest Period shall be deemed included and the
final day of the same Interest Period shall be deemed excluded.

The duration of each Interest Period shall be one (1) month.

Notwithstanding the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.1 the first Interest Period applicable to the Facility Amount shall end on 28 February 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2 any Interest Period that would otherwise continue beyond a Partial Repayment Date (as defined in Clause 12
below) or beyond the Final Termination Date shall be of a duration such that the Interest Period shall conclude on the Partial Repayment Date or on the Final Termination Date, as applicable, although the foregoing were to imply that the duration of
said Interest Period were to be established in weeks and/or days; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.3 in the case that any of the provisions of Clauses 7.3.1 and 7.3.2 becomes applicable, the Interest Period
affected by the foregoing application shall have the duration period which results from the application of the provisions of such Clauses.

7. **INTEREST RATE** 

7.1 **Ordinary Interest Rate** 

The interest rate applicable during each Interest Period thereof shall be the sum of the 1 month EURIBOR plus the Applicable Margin, as both terms are defined herein below, and shall be fixed on the second (2) Business day prior to the date of commencement of the corresponding Interest Period.

For the purposes of this Agreement, the terms set out below shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 "**EURIBOR** ", in relation to any Interest Period:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the reference rate of the Euro Money Market taken on the second (2nd) Business Day prior to the commencement of
each Interest Period which results from the application of the convention in force from time to time, with the sponsorship of the EMMI (European Money Markets Institute) (currently the convention shows the reference rate on the Reuters'
EURIBOR0I Screen, at 11:00 a.m. (Central European Time)) for facilities with funding occurring two (2) Business Days after the rate is set, in accordance with the TARGET-2 system (Trans-European Automated
Real-Time Gross Settlement Express Transfer System), for deposits in Euros for the same term as the Interest Period in question (that is, one (1) month); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the event that the corresponding Interest Period were to have a duration other than the periods for the
deposits in Euros for which, in accordance with the convention referred to in the preceding sub-paragraph (a), reference rates exist, the EURIBOR applicable during such Interest Period shall be calculated by
means of the linear interpolation of the two (2) interest rates that, pursuant to the provisions of the preceding sub -paragraph (a), correspond to the immediately preceding and immediately subsequent periods for which reference rates are
available (if no reference rates were listed in respect of a preceding period, the interest rate which corresponds to the immediately subsequent period shall be directly applicable).

The reference rate determined in accordance with the conventions referred to in the previous paragraphs will be increased by any taxes or surcharges that are applicable or that may be applicable in the future in respect of these types of operations, plus any other type of expense that are applicable thereto and, in particular, any expense which arises as a consequence of obtaining the relevant funds.

The Parties agree that if EURIBOR is less than zero, EURIBOR shall be deemed to be zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 "**Applicable Margin** ": eight percent (8.00%) per annum.

Hereinafter, any interest rate determined by way of the application of the provisions of Clause 7.1 herein shall be referred to as the "**Ordinary Interest Rate**".

7.2 **EURIBOR Substitution** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1 The Parties agree that if a EURIBOR Substitution Event occurs, any decision, action, authorisation or amendment
to the Finance Documents relating to, *inter alia,* the following matters shall be approved by agreement of the Borrower and the Majority Lenders and, in particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the replacement of EURIBOR by a Substitute Reference Rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any of the following decisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the adaptation of any clauses in the Finance Documents for the use of the Substitute Reference Rate;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the regulation in the Finance Documents of the possibility of using the Substitute Reference Rate in order to
calculate interest under this Agreement (including, but not limited to, any other amendments that may be necessary to allow the Substitute Reference Rate to be applicable under this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the implementation of market conventions applicable to the Substitute Reference Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) regulation of the relevant substitute interest rate (and market rupture) clauses applicable to the Substitute
Reference Rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the adjustment of the price to reduce or remove, as far as possible, any transfer of economic value from one
Party to another as a result of the application of the Substitute Reference Rate (and, in the event that any adjustment or method of calculation has been formally designated or recommended by the Designating Body, the adjustment shall be made in
accordance with that designation or recommendation).

If no agreement is reached in relation to the above issues as a result of an act or omission directly attributable to the Borrower within a term of sixty (60) days from the date on which the relevant negotiation was initiated, or if this is agreed by the Parties, each Lender will have an individual right to declare cancel all its obligations under this Agreement. In such a case, the Borrower shall be obliged to repay to the corresponding Lender, without any payment of fee applying, its participation in the Facility Amount which remains outstanding and to pay, at the same time, the corresponding interest amounts calculated up until the date on which the payment effectively takes place, as well as the expenses and other amounts that, pursuant to this Agreement, had been accrued up until the aforementioned date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.2 For the purposes of this Clause, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **"Stabilising Factor"** means the positive or negative difference between the value of the
primary reference index on the last date of its publication and the relevant substitute reference index to be applied at the time of substitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **''Designating Body"** means any central bank, regulator, supervisory authority or a
collective thereof, any task force or committee sponsored or directed by any of the foregoing or set up at their request, or the Financial Stability Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **"EURIBOR Substitution Event"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a public declaration of insolvency by the European Money Markets Institute (EMMI) (by such Institute or its
supervisory body) or the issuance of any information or resolution confirming its insolvency;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a public declaration by the European Money Markets Institute (EMMI) that it has ceased or will cease to provide
EURIBOR permanently or indefinitely without there being, at such time, a successor to continue to provide EURIBOR to the market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a public announcement by the supervisor of the European Money Markets Institute (EMMI) that the EURIBOR has
been or will be suspended permanently or indefinitely;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a public announcement by the supervisor of the European Money Markets Institute (EMMI) that the EURIBOR will no
longer be used;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a statement whereby the European Money Markets Institute (EMMI) declares that, due to any market-specific
circumstances, it is not possible to determine EURIBOR in accordance with the EURIBOR definition and, in the opinion of the Majority Lenders and the Borrowers, this is not a temporary situation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the joint decision of: (i) the Majority Lenders; and (ii) the Borrowers, about EURIBOR ceasing to be
the appropriate reference rate for the Facility under this Agreement.

In no case shall it be understood that the change in the EURIBOR methodology, formula or calculation system constitutes a EURIBOR Substitution Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **"Substitute Reference Rate"** means the reference rate which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is formally designated, selected or recommended as a substitute for EURIBOR by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) the European Money Markets Institute (EMMI) (providing that the market or economic reality measured by the
proposed reference rate is equal to that measured by EURIBOR); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any Designating Body,

with the Stabilising Factor to be added to or deducted from both, as appropriate.

If, at the relevant time, designations, selections or recommendations have been made by the two bodies referred to in (1) and (2) above, the opinion of the Designating Body shall prevail and, therefore, the Substitute Reference Rate shall be the one designated or recommended by the Designating Body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Substitute Reference Rate cannot be determined in accordance with section (i) above, the substitute
reference rate will be the internal yield rate in the secondary market for public debt with a term of between two (2) and six (6) years, defined in Annex 8 of Banco de Espana Circular 5/2012 as *"the six-monthly moving* 

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*average centred on the last month of the daily weighted average internal yields of securities issued by the State in book entries and traded in simple spot transactions on the secondary market between account holders, with a residual maturity of between two and six years."* This index is published on a monthly basis in the Official State Gazette and in order to determine the interest rate applicable to this Agreement, the most recent index published in the Official State Gazette prior to the start date of each new Interest Period shall be used, to which the Stabilising Factor shall be added or deducted, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the Substitute Reference Rate cannot be determined in accordance with sections (i) or (ii) above, the
legal interest rate published in the Official State Gazette shall be used as the substitute reference rate. In order to determine the interest rate applicable to this Agreement, the most recent index published in the Official State Gazette prior to
the start date of each new Interest Period shall be used.

7.3 **Substitute Interest Rates** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.1 Principal Substitute Interest Rate

In the event that it were impossible to detennine, by reason of the situation of the markets themselves, the Ordinary Interest Rate applicable to the Interest Period in question, a principal variable substitute interest rate shall be applied to the corresponding Interest Period (hereinafter referred to as the "**Principal Substitute Interest Rate**"), which shall be determined in accordance with the following paragraphs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The applicable Principal Substitute Interest Rate shall be calculated by the Agent, by means of the addition of
the Applicable Margin to the Substitute EURIBOR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The term **"Substitute EURIBOR"** shall be understood to mean, for the purposes of this Agreement,
the reference rate of the Euro Money Market, as this term is defined in Clause 7.1.1 herein above, for deposits in Euros for a duration inferior to the initially applicable duration period, in accordance with the provisions of Clause 6.2, for which
reference rates are available (and the duration period which is closest to that which was initially applicable shall be preferred over the most distant duration period and it shall be furthermore understood that should the reference rate be
negative, the value of ''zero" shall be applied thereto).

The reference rate determined in accordance with the convention referred to in the previous paragraph will be increased by any taxes or surcharges that are levied from time to time in respect of these types of operations, plus any other type of expense that is applicable thereto and, in particular, any expense which arises as a consequence of obtaining the relevant funds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.2 Subsidiary Substitute Interest Rate

In the event that it were impossible to determine the Substitute EURIBOR in accordance with the provisions of Clause 7.3.1 herein above, a subsidiary substitute interest rate shall be applicable (hereinafter referred to as the **"Subsidiary Substitute Interest Rate"** and, together with the Principal Substitute Interest Rate, the "**Substitute Interest Rates**") which shall be equal to the arithmetic average of the interest rates provided to the Agent by the Reference Entities on the date of commencement of the corresponding Interest Period for deposits ofa duration of one (1) day (and it shall be understood that should the arithmetic average be negative, the value of "zero" shall be applied thereto), plus the Applicable Margin, increased by any taxes or surcharges that are levied from time to time in respect of these types of operations, plus any other type of expense that are applicable thereto and, in particular, any expense which arises as a consequence of obtaining the relevant funds.

For the purposes of this Agreement, **"Reference Entities"** means BNP Paribas, S.A., Goldman Sachs International, ING Groep, N.V. and Natixis Bank, S.A.

The Subsidiary Substitute Interest Rate determined in accordance with the foregoing shall be applicable as from the date of the due determination thereof.

In the event that any of the Reference Entities were to merge with, or were to be taken-over by, any other credit entity, for the purposes of this Agreement the newly resultant or acquiring entity shall substitute the merged or acquired entity. If, on the other hand, the excision or segregation of any of the Reference Entities were to take place, all of the financial entities resulting from the excision or segregation that continue to be credit entities shall be considered to be Reference Entities.

In the event that any of the Reference Entities were to be wound-up, cannot provide any reference rate for any reason or were to cease to exist for any reason other than the reasons provided for in the preceding paragraph, as well as if any of the Reference Entities were to be incorporated into this Agreement in the capacity of Lenders, the Agent shall designate the entity that is to replace the Reference Entity in question, and shall duly notify such designation to the Lenders and to the Borrower.

Leaving aside the situations of mandatory substitution which are set out in the preceding paragraph, any of the Reference Entities may be substituted for another entity by means of agreement between the Borrower and the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.3 Application of the Substitute Interest Rates

In the case of the application of any of the Substitute Interest Rates a separate interest settlement shall be effected in respect of each and every one of the Substitute Interest Rates used, individually in respect of the number of days of application of the respective interest rate.

The application of the Substitute Interest Rates shall cease at the time at which the exceptional circumstances that had given rise to the application thereof have disappeared, and the Ordinary Interest Rate shall once again be applicable, as soon as the applicable market circumstances so permit, subject to the prior and immediate notification thereof from the Agent to the Borrowers and to the Lenders.

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In order to return to the application of the Ordinary Interest, within three (3) Business Days prior to the expiry of the Interest Period then in force and effect in relation in question for which the Principal Substitute Interest Rate had been applied, the procedure for the determination of the Ordinary Interest Rate, in accordance with the provisions of Clause 7.1, shall be reinitiated. In the event that the Subsidiary Substitute Interest Rate had been applied and accordingly, the Interest Period then in force and effect were that of one (1) day or if the restitution of the Ordinary Interest Rate were to coincide with one of the final three (3) Business Days of an Interest Period in which the Principal Substitute Interest Rate were applicable, the Borrower shall decide the new Interest Period on the same date of the notification of the Agent in respect of the restitution of the Ordinary Interest Rate. Said Interest Period shall commence three (3) Business Days after the date of the notification by the Agent, and during such period the Substitute Interest Rate in force and effect up until that time shall be applicable thereto.

7.4 **Notification of the applicable Interest Rate** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.1 Both the Ordinary Interest Rate as well as the Principal Substitute Interest Rate, determined in accordance
with the provisions of Clauses 7.1 and 7.3.1, respectively, shall be notified by the Agent to the Borrower and to the Lenders before five o'clock in the afternoon (5:00 p.m.) on the second
(2<sup>nd</sup>) Business day prior to the date of commencement of the corresponding Interest Period. The Subsidiary Substitute Interest Rate shall be notified by the Agent to the Borrower and to the Lenders
on the same date on which it is determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.2 The Borrower hereby accepts that the determination of the interest rate applicable, as the case may be, to each
Interest Period be carried out and be notified thereto in the manner which is set out under this Agreement, in order that such interest rates are determined as closely as possible to market conditions from time to time and expressly waives any
rights to any greater period which may otherwise correspond thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.3 In the event of any manifested error in respect of the calculation of the applicable Ordinary Interest Rate or
Substitute Interest Rate, with such error having been verified at any time whatsoever during the current Interest Period, such error shall be immediately remedied by the Agent, and such rectification shall be effective as from the initial date of
the application of the erroneous interest rate.

8. **SETTLEMENT AND PAYMENT OF INTEREST** 

8.1 Interest accrued during each Interest Period shall be settled and paid on the date on which the corresponding
Interest Period concludes (each such date, an "**Interest Payment Date** ").

Interest must be paid by the Borrower to the Agent based upon the interest settlement calculations effected by the Agent and which the Agent duly notifies to the Borrower, for the distribution thereof among the Lenders in the proportion which corresponds to each one of them for the relevant interest payment, depending upon the participation thereof in respect of the outstanding Facility Amount to which the interest payment is to be attributed, without any notification or prior request or demand being necessary in respect thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Exceptionally, in the event of a (voluntary or mandatory) prepayment of the Facility as provided for in this
Agreement, interest corresponding to the principal amount prepaid accrued up to the corresponding prepayment date will be paid on the prepayment date.

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**SECTION III** 

**DEFAULT INTEREST AND CAPITALISATION** 

9. **DEFAULT INTEREST** 

9.1 **Accrual** 

If the Borrower does not fulfil any of its payment obligations as provided for under this Agreement, at the duly stipulated date, the Borrower shall be obliged to effect payment to the Lenders of default interest (hereinafter, the **"Default Interest"**) for the payment default. The aforementioned Default Interest shall accrue on a daily basis, based upon a year period of three hundred and sixty (360) days, in respect of the amounts which have not been paid at the duly stipulated time, as from the date of maturity thereof, inclusive, and up until the date on which the payment is totally effected (not inclusive).

The aforementioned Default Interest shall be determined by the Agent and shall be paid over by the Borrower monthly and on the date on which the unpaid amounts which gave rise to the accrual thereof are duly paid over.

9.2 **Default Interest Rate** 

The Default Interest rate shall be the interest rate which results from the addition of a penalty interest rate of three percent (3%) per annum to the Ordinary Interest Rate or the Substitute Interest Rate (as applicable), including the Applicable Margin, which is being applied to the Interest Period related to the relevant Facility on which the payment default takes place.

Hereinafter, any interest rate determined in accordance with the foregoing shall be referred to as a **"Default Interest Rate"**.

The Default Interest Rate shall also be the default rate for the purposes of Article 576. l of Law 1/2000, of 7 January, on Civil Procedure (hereinafter, the **"Civil Procedure Law"**).

10. **CAPITALISATION** 

For the purposes of Article 317 of the Spanish Commercial Code, the Parties hereby agree that any amount of ordinary interest due and unpaid shall be capitalised on the same date on which the relevant amount becomes payable and shall accrue Default Interest at the corresponding Default Interest Rate. Furthermore, due and unpaid Default Interest will be capitalised monthly and shall also accrue Default Interest at the corresponding Default Interest Rate.

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**SECTION IV** 

**TERM, ORDINARY REPAYMENT AND EARLY REPAYMENT** 

11. **TERM AND MATURITY** 

11.1 **Final Termination Date** 

This Agreement shall remain in full force and effect until:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date falling four (4) years as from the date of this Agreement (i.e. the 9 February 2027; the **"Initial Termination Date"**), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if an Extension Request has been delivered by the Borrower and the procedure indicated in Clause 11.2 has been
fulfilled, the date falling five (5) years as from the date of this Agreement (i.e. the 9 February 2028; the **"Extended Termination Date"**).

Hereinafter, the Initial Termination Date or the Extended Termination Date, as applicable, shall be referred to as the **"Final Termination Date"**, being the date on which the Borrower shall pay all the amounts due and payable for any concept whatsoever by virtue of this Agreement.

11.2 **Extended Termination Date** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower may request by notifying the Agent in writing (the **"Extension Request"**) the
extension of the Initial Termination Date until the Extended Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Extension Request:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall be irrevocable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) may only be provided at any time during the period starting from 9 December 2023 to 9 January 2024 (both
included);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) may only be delivered provided that no Event of Default is continuing; and no Event of Default may reasonably
be expected to result from such extension; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) shall confirm the Borrower's irrevocable decision to extend the Initial Termination Date until the
Extended Termination Date and the undertaking to pay the Extension Fee (as defined in Clause 26.2) in the terms indicated by the Lenders according to paragraph (d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower may only provide one Extension Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Agent shall: (i) promptly provide the Lenders with a copy of the Extension Request upon its receipt
and (ii) give a response to the Borrower to the Extension Request within a term of fifteen (15) Business Days as from receipt of such Extension Request (and in any case no later than 9 February 2024) confirming the amount of the applicable
Extension Fee and the date on which such payment shall be made in order for the extension to be effective (the **"Extension Response"**).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Initial Termination Date is not extended until the Extended Tennination Date in accordance with this
Clause, the Parties agree that the ordinary repayment of the Facility Amount shall take place as per Clause 12.1.1, any outstanding amounts under this Agreement will become due and payable *(liquido, vencido y exigible)* on the Initial
Termination Date and the Borrower shall repay such due amounts in full on the Initial Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the Lenders agree to the extension of the term of this Agreement and the Initial Termination Date is
extended until the Extended Maturity Date -upon effective receipt of the applicable Extension Fee notified to the Borrower in the Extension Response—, the Parties agree that the ordinary repayment of the Facility Amount shall take place as per
Clause 12.1.2, any outstanding amounts under this Agreement will become due and payable *(liquido, vencido y exigible)* on the Extended Termination Date and the Borrower shall repay such due amounts in full on the Extended Termination Date

12. **ORDINARY REPAYMENT** 

12.1 The Borrower shall repay the Facility Amount in constant monthly instalments starting on the 9 March 2024 and
until the relevant Final Termination Date for the following amounts and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.1 a principal amount of six hundred and ninety-four thousand, four hundred and forty-four euros and forty-four
cents (€694,444.44) in case the Final Maturity Date remains on the Initial Termination Date; or

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| | |
|:---|:---|
| 12.l.2 | a principal amount of five hundred twenty thousand, eight hundred and thirty three euros and thirty three cents (€520,833.33) in case the Initial Termination Date is extended until the Extended Termination Date pursuant to the proceeding set out in Clause 11.2 above.  |

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Each of the payment dates in which each monthly instalments shall be paid shall be referred to as **"Partial Repayment Date"**.

12.2 The amounts of each instalment provided for in the paragraph above assume that no prepayment has been made in
accordance with the provisions of Clause 13 below. To the extent that a prepayment has been made in accordance with Clause 13 below, the amount to be repaid at each Partial Repayment Date will be adjusted pursuant to Clauses 13.1.5 or

13.4 (as applicable) to include any prepayments made in accordance with Clause 13 below.

12.3 In case the Final Termination Date is set on the Extended Termination Date according to Clause 11.2 above, the
monthly instalments outstanding on the date of the Extension Request (and any other related due amounts) shall be repaid in full on the Extended Termination Date.

12.4 On the Final Termination Date (as applicable), the Borrower must have effected payment of all of the amounts
due and payable under this Agreement. In any case, the Agreement will remain in force until any due amounts (for any concept) hereunder have been totally paid up.

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12.5 Determination of the Final Termination Date

To the extent that it is not possible confirm the Final Termination Date on the date of this Agreement, the Parties shall record the date to be finally considered as Final Termination Date under this Agreement, by instructing for such purpose the Notary Public before whom this Agreement is notarized, so that the Notary Public may supplement this Agreement (at the Borrower's expense) in order to confirm the foregoing, by attaching the Extension Request and the Extension Response to the notarized Agreement by incorporating the relevant notarial record *(diligencia notarial).*

**13.** **PREPAYMENT OF THE FACILITY** 

13.1 **Voluntary prepayment** 

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| | |
|:---|:---|
| 13.l.1 | At any time prior to the Final Termination Date the Borrower may prepay all or part of the Facility Amount which is outstanding, provided that:  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent has been duly notified in writing at least ten (10) Business Days prior to the date on which the
prepayment is to be effected,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the purported prepayment date coincides with an Interest Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the relevant Early Prepayment Fee is paid on the date on which the prepayment is to be effected, together with
the interest accrued and unpaid until the prepayment date.

For the purposes of this Agreement **"Early Prepayment Fee"** means, with respect to the principal amount to be prepaid (whether voluntarily pursuant to this Clause 13.1 or mandatorily pursuant to Clause 13.2 below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) until the first anniversary of this Agreement (included): 1.5%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) from the day following the first anniversary of this Agreement and thereafter: 2%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of a partial prepayment, such partial prepayment must be for a minimum amount of at least ONE
MILLION EUROS (€1,000,000) or for any greater amount which constitutes a multiple of ONE HUNDRED THOUSAND EUROS (€100,000), unless the Facility Amount which is outstanding is lower than the aforementioned amount, in which case the Borrower
may early repay all of such pending amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.2 After such time as the Agent has received the prepayment notice from the Borrower, such notice shall be
irrevocable and binding upon the Borrower, and the Agent shall notify the rest of the Lenders thereof, no later than the first (1<sup>st</sup>) Business Day following the due receipt of the aforementioned
notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.3 If the Borrower breaches its undertaking to repay the amount referred to in the corresponding notice, such
situation shall be considered as a breach of the payment

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obligations thereof, and accordingly, the Borrower shall consequently be obliged to pay Default Interest in respect of the amounts that should have been prepaid according to the notice. Upon payment in full of the accrued Default Interest, this breach shall be deemed cured. Every prepayment notice made by the Borrower pursuant to this Clause must indicate the date on which the prepayment is to be effected and the amount thereof.

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| | |
|:---|:---|
| 13.l.4 | The amounts subject to any prepayment may not be utilised again or used by the Borrower.  |

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| | |
|:---|:---|
| 13.l.5 | Voluntary prepaid amounts shall be applied, at the discretionary choice of the Borrower (i) to the ordinary repayment instalments in direct or reverse chronological order of the repayment instalments of the Facility; or (ii) *pro rata* among all the outstanding repayment instalments. If no choice is made by the Borrower, any such amounts shall be applied as provided in (i) above (in reverse chronological order).  |

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13.2 **Mandatory prepayment** 

The Borrower shall prepay the outstanding Facility Amount, in the following events and terms and for the indicated amounts:

13.2.l Change of Control

If a Change of Control (as this term is defined below) occurs, the Facility shall automatically be cancelled and all outstanding amounts due to the Lenders under this Agreement, together with accrued interest, and all other amounts accrued under the Finance Documents immediately due and payable, together with the applicable Early Prepayment Fee.

For the purposes of this Agreement **"Change of Control"** means any circumstance in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Mr Enric Asuncion Escorsa and Mr Eduard Castaneda Mafie jointly cease, directly or indirectly, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (whether by way of ownership of shares, proxy, contract, agency or otherwise) cast, or control the casting of
50.001% or more of the maximum number of votes that might be cast at a general shareholders' meeting of the Guarantor, save in the case any such change arises from a share capital increase in the Guarantor, in which case such percentage shall
not be lower than 40.001%; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (whether by way of ownership of shares, proxy, contract, agency or otherwise) have the right to appoint or
remove the majority of the directors of the Guarantor,

as a result of any operation, transaction, fact or circumstance (including any action in concert with third parties); and/or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Guarantor ceases to directly own hundred percent (100%) of the shares the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Mr Enric Asuncion Escorsa ceases to be the Chief Executive Officer (or any other equivalent top management
role) of the Group.

For the purposes of the Change of Control, any reference to **"action in concert"** shall be understood as a group of persons who, pursuant to an agreement or understanding (whether formal or informal), actively co-operate, through the acquisition directly or indirectly of shares in an entity by any of them, either directly or indirectly, to obtain or consolidate control of that entity.

13.2.2 Disposal of Material IP

If the Borrower and/or any of its Subsidiaries disposes, encumbers, pledges, mortgages or transfers, in any manner, in favour of a third party any Material IP without the express prior consent of all Lenders, the Facility shall automatically be cancelled and all outstanding amounts due to the Lenders under this Agreement, together with accrued interest, and all other amounts accrued under the Finance Documents immediately due and payable, together with the applicable Early Prepayment Fee.

13.2.3 Asset disposal

Except for the Permitted Disposals, if the Borrower disposes or transfers, in any manner and outside of the ordinary course of business of the Borrower, in favour of a third party (outside de Group) any asset or business (whether by a voluntary or involuntary single transaction or series of transactions), including the transfer of shareholding stakes in any other companies and any Intellectual Property (other than between the Group) but excluding the Material IP (which would be subject to Clause 13.2.2 above), the Borrower shall make an early repayment of the Facility for the amount equivalent to the total net cash proceeds effectively received in respect of the disposal (after deduction of direct and indirect taxes as well as the duly justified expenses—including, but not limited to, any amounts retained to cover contingent and other anticipated liabilities in connection with such disposal or required to discharge any financial indebtedness—accrued or incurred as a consequence of, or in relation to, the disposal, as the case may be) in respect of the part thereof that has not been effectively used for, formally allocated or committed to be applied to (within one hundred and eighty (180) days following the date of disposal or such longer period that may be agreed between the Borrower and the Majority Lenders) the disposal (by the Borrower) of assets and/or companies of the same or similar nature; and in any case provided that (a) the net cash proceeds effectively received from such sale or disposal, either on an individual basis or for a series of sales or disposals during a period of one (1) year, exceed TWO MILLIONS EUROS (€2,000,000); and (b) any of the foregoing is duly evidenced to the Lenders through the Agent. The amount to be prepaid shall also accrue the relevant Early Prepayment Fee.

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13.2.4 Distribution

Except for the Permitted Payments, in the event of a distribution to the Guarantor's shareholders (whether by way of share capital reimbursement or share premium reimbursement, own shares acquisition with return of contributions, payments of dividends, repayment of principal, payment of interest, or any other concept analogous to the above under the Subordinated Debt), the Facility shall automatically be cancelled and all outstanding amounts due to the Lenders under this Agreement, together with accrued interest, and all other amounts accrued under the Finance Documents immediately due and payable, together with the applicable Early Prepayment Fee.

For the purposes of this Agreement, **"Permitted Payments"** means any remuneration or payments for any concept whatsoever (including fund administrative / management costs, salaries, stock option plan, RSU plans or employee share purchase plan or warrants) to any shareholder or director of the Guarantor, to the Chief Executive Officer and/or Chief Financial Officer of the Guarantor and/or to any beneficiaries of any stock option plan, RSU plans or employee share purchase plan or warrants, as disclosed in the Consolidated Annual Financial Statements (as defined in Clause 18.1).

13.2.5 Illegality

If, in any applicable jurisdiction, it becomes unlawful for any Obligor to perform any of its obligations as contemplated by this Agreement the Facility shall automatically be cancelled and all outstanding amounts due to the Lenders under this Agreement, together with accrued interest, and all other amounts accrued under the Finance Documents immectiately due and payable, together with the applicable Early Prepayment Fee.

13.2.6 Sanctions

If any Obligor is declared a Restricted Party or is involved or has been involved in any transaction or conduct that is going to result in it becoming a Restricted Patty, or is subject to any Sanction or, according to any Lender, breaches any obligation under this Agreement in relation to any of the foregoing, the Facility shall automatically be cancelled and all outstanding amounts due to the Lenders under this Agreement, together with accrued interest, and all other amounts accrued under the Finance Documents immediately due and payable, together with the applicable Early Prepayment Fee.

For the purposes of this Agreement:

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| | |
|:---|:---|
| **"Anti- Corruption Laws"** | means the Bribery Act 2010, the United States Foreign Corrupt Practices Act of 1977 and any similar laws or regulations in any jurisdiction relating to bribery, corruption or any similar practices. |

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| | |
|:---|:---|
| **"OFAC"** | means the Office of Foreign Assets Control of the US Department of the Treasury. |
| **"OFSI"** | means the Office of Financial Sanctions Implementation of the Her Majesty's Treasury. |
| **"Restricted Party"** | means a person: |
|  | (i) included in, or participated or controlled by, a person included in a Sanctions List, or a person acting on its behalf;<br>(ii) domiciled in or incorporated under the laws of a Sanctioned Country, or a participated or controlled person, or acting in the name and on behalf of such person; or<br>(iii) in any other way subject to Sanctions. |
| **"Sanctioned Country"** | means a country or territory, or its Government, subject to, or being the object of, Sanctions, including, without limitation, Iran, North Corea, Sudan, South Sudan, Siria or the following countries subject to restrictions: Irak, Myanmar, Somalia, Cuba and Russia. |
| **"Sanctions** | means: |
| **Authority"** |  |
|  | (iv) the United Nations Security Council; |
|  | (v) the United States of America; |
|  | (vi) the European Union; |
|  | (vii) the United Kingdom; |
|  | (viii) the Member States of the European Union; |
|  | (ix) the governments and official institution or agencies from paragraphs (1) to (5) above, including OFAC, the US Department of State and Her Majesty's Treasury, through the OFSI. |
| **"Sanctions List"** | means the Specially Designated Nationals and Blocked Persons List maintained by OFAC, the Consolidated List of Financial Sanctions and the List of Sanctioned Investors controlled by Her Majesty's Treasury or any similar public list that manages or the public announcement of any Sanction carried out by any Sanctions Authority, as it is publicly updated from time to time. |
| **"Sanctions"** | means any sanctioning regulation in economic, financial or trade matters, and seizures or similar measures enacted or enforced by any Sanctions Authority. |

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13.3 **Timing for mandatory prepayments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In respect of the events provided for in Clauses 13.2.1, 13.2.2, 13.2.4, 13.2.5 and I 3.2.6 above, the relevant
early repayment must take place on the date set forth thereunder, it being understood that should the repayment date not fall on an Interest Payment Date, the Borrower must satisfy to the Lenders any justified Break Costs as well as any interest
amounts due and accrued in accordance with Clause 8.2 above and any sums to be paid pursuant to Clause 14.5.

For the purposes of this Agreement, **"Break Costs"** means an amount (if any) equal to the difference between the interest rate (excluding the Applicable Margin) the Lenders would have received for the prepaid amount if the latter had been prepaid on the last day of the Interest Period and the amount which that Lender would be able to obtain by placing an amount equal to the principal amount received by it on deposit in the Euro Money Market for the remaining term of the current Interest Period, multiplied by the number of days up to the end date of the relevant Interest Period and divided by three hundred and sixty (360) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In respect of the event provided for in Clause 13.2.3, above, (i) the prepayment shall be made on the
Interest Payment Date falling immediately after the date when the term provided for in the aforementioned Clauses has duly elapsed; and (ii) the receipt of any of the aforementioned payments or the occurrence of the aforementioned events must
be duly notified in writing by the Borrower to the Agent within ten (l0) Business Days following the date on which the relevant payments are received or the relevant events occur (and the Agent shall notify such situation to the rest of the Lenders
on the Business Day following the date when the Agent is notified by the Borrower).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any amounts prepaid or cancelled by virtue of the terms of this Clause may in no event be used or redrawn by
the Borrower.

13.4 **Allocation of mandatory prepayment amounts** 

The Parties agree that the amounts mandatori1y prepaid by the Borrower shall be applied to the repayment of the ordinary repayment instalments of the Facility Amount in reverse chronological order.

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SECTION V

OTHER CIRCUMSTANCES

14. **TAXES** 

14.1 In this Agreement:

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| | |
|:---|:---|
| **"Code"** | means the US Internal Revenue Code of 1986. |
| **"Domestic Lender"** | means any of the Lenders entitled to receive the interest payable by the relevant Obligor pursuant to the Finance Documents and is: |
|  | (i) a Spanish-resident financial entity that complies with the requirements described in paragraph (c) of Article 61 of the Corporate Income Tax Regulations approved by Royal Decree 634/2015, of 10 July 2015 *(Real Decreto 634/2015, de 10 de Julio, por el que se aprueba el Reglamento de/ lmpuesto sobre Sociedades)* as amended or restated; or |
|  | (ii) Spanish tax resident securitisation fund *(fondo de titulizacion)* as identified in paragraph (k) of Article 61 of the Corporate Income Tax Regulations approved by Royal Decree 634/2015, of 10 July 2015 *(Real Decreto 634/2015, de 10 de Julio, por el que se aprueba el Reglamento del Impuesto sobre Sociedades)* as amended or restated; or |
|  | (iii) Spanish permanent establishment of a non- Spanish financial entity that complies with the requirements descried in the second paragraph of Article 8.1 of the Non-Resident Income Tax Regulations approved by Royal Decree 1776/2004, of 30 July 2004 *(Real Decreto 1776/2004, de 30 de Julio, por el que se aprueba el Reglamento de/ Impuesto sobre la Renta de no Residentes)* as amended or restated. |
| **"EU Lender"** | means and entity resident for Tax purposes in (i) a Member State of the European Union (other than Spain) or (ii) a permanent establishment of such European Union resident situated in another State of the European Union to which that Lender's participation in the Finance Documents is effectively connected, or (iii) a member of the |

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| | |
|:---|:---|
|  | European Economic Area (other than Spain), or (iv) a permanent establishment of such European Economic Area resident situated in another State of the European Economic Area, provided that it does not act through a country or territory classified as a non-cooperative jurisdiction pursuant to Spanish law (as determined from time to time by the Spanish Minister of Finance) nor through a permanent establishment in Spain and, in the case of (iii) and (iv) above, there is an effective exchange of Tax information between Spain and such State in the European Economic Area. |
| **"Facility Office"** | means the office or offices notified by a Lender to the Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than five (5) Business Days' written notice) as the office or offices through which it will perform its obligations under this Agreement. |
| **"FATCA Application Date"** | means: |
|  | (a) in relation to a "withholdable payment" described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014; or |
|  | (b) in relation to a "passthrough payment" described in section 1471(d)(7) of the Code not falling within paragraph (a) above, the first date from which such payment may become subject to a deduction or withholding required by FATCA. |
| **"FATCA Deduction"** | means a deduction or withholding from a payment under a Finance Document required by FATCA. |
| **"FATCA Exempt Party"** | means a party that is entitled to receive payments free from any FATCA Deduction. |
| **"FATCA"** | means: |
|  | (a) sections 1471 to 1474 of the Code or any associated regulations; |
|  | (b) any treaty, law or regulation of any other jwisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a) above; or |

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| | |
|:---|:---|
|  | (c) any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction. |
| **"Protected Party"** | means a Lender which is or will be subject to any liability, or required to make any payment, for or on account of tax in relation to a sum received or receivable (or any sum deemed for the purposes of tax to be received or receivable) under a Finance Document. |
| **"Qualifying Lender"** | means: |
|  | (a) in respect of the payments made by Obligors which are residents for tax purposes in Spain means any of the Lenders which is the beneficial owner and entitled to receive the interest payable by the relevant Obligor pursuant to the Finance Documents and is: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Domestic Lender; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an EU Lender; or |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Treaty Lender. |
|  | (b) in respect of the payments made by Obligors which are residents for tax purposes in a country other than Spain means a Lender which is the beneficial owner and entitled to receive the interest payable by the relevant Obligor pursuant to the Finance Documents and is either: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) resident (as defined in the appropriate double taxation agreement) in a country with which the relevant Obligor's jurisdiction has a double taxation agreement giving residents of that country full exemption from the relevant Obligor's jurisdiction taxation |

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on interest and it fulfils those conditions provided in relation to it in such double taxation agreement in order to benefit from the exemption; and does not carry on business in the relevant Obliger's jurisdiction through a permanent establishment with which the payment is effectively connected; or |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is otherwise entitled to receive a payment of interest under this Agreement without any Tax Deduction imposed by the relevant Obligor's jurisdiction. |
| **"Tax Credit"** | means a credit against, relief or remission for, or repayment of any Tax. |
| **"Tax Deduction"** | means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction. |
| **"Tax Payment"** | means either the increase in a payment made by an Obliger to a Lender under Clause 14.2 or a payment under Clause 14.3. |
| **"Tax"** | means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). |
| **"Treaty Lender"** | means a Lender which: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is treated as a resident of a Treaty State for the purposes of the Treaty and is entitled without limitations to the benefits of such Treaty; and |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) does not carry on a business in Spain through a permanent establishment or a territory considered to be a non- cooperative jurisdiction for Spanish tax purposes with which that Lender's participation in the Facility is effectively connected. |

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| | |
|:---|:---|
| **"Treaty State"** | means a jurisdiction having a double taxation agreement (a "**Treaty**") with Spain which makes provision for full exemption from Tax imposed by Spain on interest. |
| **"US"** | means United States of America |

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Unless a contrary indication appears, in this Clause 14 a reference to "determines" or "determined" means a determination made in the absolute discretion of the person making the determination.

14.2 Tax gross-up

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| | |
|:---|:---|
| 14.2.l | Any payments to be made by any of the Obligors to any of the Lenders or to the Agent, in accordance with the terms of this Agreement, whether or not in respect of principal amounts, interest, fees or any other concept whatsoever, shall be made as net amounts and without any deduction or withholding for any concept whatsoever or Tax Deduction, unless the deduction or withholding is required pursuant to the legislation applicable to the relevant Obligor, in which case the amount of the payment due from that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.2 The relevant Obligor shall promptly upon becoming aware that it must make a Tax Deduction (or that there is any
change in the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender shall notify the Agent on becoming so aware in respect of a payment payable to that Lender. In addition a Lender shall notify the Agent promptly on
it becoming aware that it ceases to be a Qualifying Lender. If the Agent receives such notification from a Lender it shall notify that Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.3 A payment shall not be increased under paragraph 14.2.1 above by reason of a Tax Deduction on account of Tax
imposed by the competent taxing authorities, if on the date on which the payment falls due:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been a
Qualifying Lender, but on that date that Lender is not or has ceased to be a Qualifying Lender other than as a result of any change after the date it became a Lender under this Agreement in (or in the official interpretation, administration, or
application of) any law or Treaty or any published practice or published concession of any relevant taxing authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the relevant Lender is a Qualifying Lender (other than a Domestic Lender) and has not complied with its
obligations under paragraphs 14.2.4 and 14.2.5 below.

The lack of compliance of the obligations set out in this paragraph exempt the Obligors of the corresponding obligations under this section until the relevant lack of compliance ceases.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.4 A Qualifying Lender and the relevant Obligor shall co-operate in
completing any procedural formalities necessary for the relevant Obligor to meet any legal requirement to make or had made that payment without a Tax Deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.5 Each EU Lender and each Treaty Lender shall deliver to the Borrower (through the Agent), as soon as reasonably
practicable after the date on which it becomes a party to this Agreement and, in any case, before any payment under the Finance Documents is due or made (whichever occurs first), a valid certificate of tax residence issued by the competent taxing
authorities of that EU Lender's or Treaty Lender's country of residence which shall be dated within the year prior to the relevant payment under a Finance Document being due or made (whichever occurs first) or refer to the year in which
the payment is due or made (whichever occurs first, if the certificate mentions a specific period. In the case of a Treaty Lender, the certificate of tax residence duly issued by the competent Tax authorities of its country of residence shall
evidence that it is resident for Tax purposes in that country within the meaning of the relevant Treaty. Each EU Lender and each Treaty Lender shall deliver a replacement certificate of tax residence on or before the expiry date of any previously
delivered certificate of tax residence (in each case, to the extent such certificates are and continue to be issued by such competent taxing authorities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.6 If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment
required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.7 Within thirty (30) days of making either a Tax Deduction or any payment required in connection with that
Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Agent, for its distribution to the Lender entitled to the payment, the original payment receipt (or a certified copy thereof) or evidence reasonably satisfactory to that
Lender that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority.

14.3 Tax indemnity

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| | |
|:---|:---|
| 14.3.l | The Obligors, as applicable, shall (within three (3) Business Days of demand by the Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.2 Paragraph (a) above shall not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to any Tax assessed on a Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) under the law of the jurisdiction in which that Lender is incorporated or, if different, the jurisdiction (or
jurisdictions) in which that Lender is treated as resident for Tax purposes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) under the law of the jurisdiction in which that Lender's Facility Office (including a permanent
establishment for Tax purposes) is located in respect of amounts received or receivable in that jurisdiction,

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if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent a loss, liability or cost:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is compensated for by an increased payment under Clause 15.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) would have been compensated for by an increased payment under Clause 15.2 but was not so compensated solely
because one of the exclusions set forth in Clause 14.2.3 applied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) relates to a FATCA Deduction required to be made by a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.3 A Protected Party making, or intending to make, a claim under paragraph 15.3.1 above shall promptly notify the
Agent of the event which will give, or has given, rise to the claim, following which the Agent shall notify the relevant Obligor, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.4 A Protected Party shall, on receiving a payment from an Obligor under this Clause 15.3, notify the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3.5 The indemnity in this Clause 14.3 will remain in force until the date falling one year after Termination Date.

14.4 Tax Credit

If a Tax Deduction is required by law to be made from a payment made by the Borrower to a Treaty Lender, but the Treaty Lender is entitled to a repayment or rebate of the relevant Tax (a **"Treaty Rebate"**) by virtue of a relevant Treaty, then the Treaty Lender shall promptly following the written request to do so from the Borrower, claim that Treaty Rebate and shall, within five (5) Business Days ofreceiving any such Treaty Rebate, pay to the Borrower a sum equal to the amount of such Treaty Rebate.

If an Obligor makes a Tax Payment and the relevant Lender determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.1 a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment
or to a Tax Deduction in consequence of which that Tax Payment was required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4.2 that Lender has exercised that Tax Credit,

the Lender shall pay an amount to the Obligor which that Lender determines will leave it (after that payment) in the same after-tax position as it would have been in had the Tax Payment not been required to be made by the Obligor.

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14.5 Lender Status Confirmation

Each Lender which becomes a Party to this Agreement after the date of this Agreement shall indicate, for the benefit of the Agent and without liability to any Obligor, which of the following categories it falls in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not a Qualifying Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Qualifying Lender (other than a Domestic Lender or a Treaty Lender);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a Treaty Lender or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a Domestic Lender.

If a new Lender fails to indicate its status in accordance with this clause 14.5 then such Lender shall be treated for the purposes of this Agreement (including by each Obligor) as if it is not a Qualifying Lender until such time as it notifies the Agent which category applies (and the Agent, upon receipt of such notification, shall inform the Obliger).

14.6 FATCA Deduction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6.1 Each party may make any FATCA Deduction it is required to make by FATCA (as this term is defined in Clause 14.7
herein below), and any payment required in connection with that FATCA Deduction, and no party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otheJWise compensate the recipient of the payment for that
FATCA Deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6.2 Each party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change
in the rate or the basis of such FATCA Deduction), notify the party to whom it is making the payment and, in addition, shall notify the Borrower and the Agent and the Agent shall notify the other Lenders.

14.7 FATCA Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7.1 Subject to Clause 14.7.3 below, each party shall, within ten (10) Business days of a reasonable request by
another party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) confirm to that other Party whether it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a FATCA Exempt Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not a FATCA Exempt Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) supply to that other party such forms, documentation and other information relating to its status under FATCA
as that other party reasonably requests for the purposes of that other Party's compliance with FATCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) supply to that other party such forms, documentation and other information relating to its status as that other
party reasonably requests for the purposes of that other party's compliance with any other law, regulation, or exchange of information regime.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7.2 If a party confirms to another party pursuant to paragraph 14.7.l(a) above that it is a FATCA Exempt Party and
it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that party shall notify that other party reasonably promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7.3 Clause 14.7.1 above shall not oblige any Lender to do anything, and paragraph 14.7.1(c) above shall not oblige
any other party to do anything, which would or might in its reasonable opinion constitute a breach of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fiduciary duty; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any duty of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7.4 If a party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or
other information requested in accordance with paragraphs 14.7.l(a) or 14.7.l(b) above (including, for the avoidance of doubt, where Clause 14.7.3 above applies), then such party shall be treated for the purposes of the Finance Documents (and
payments under them) as if it is not a FATCA Exempt Party until such time as the party in question provides the requested confirmation, forms, documentation or other information.

15. **ILLEGALITY** 

If at any time after the execution of this Agreement, the performance thereof by any Lender were to imply any breach of any legal or regulatory provision, or any obligatory measure or binding criteria, which is issued by any competent official authorities or bodies, the affected Lender shall notify such situation to the Borrower, through the Agent, and shall use, during the period of thirty (30) days (or, as the case may be, during such shorter period of time as provided for pursuant to the provision, measure or criteria, as a maximum period, for the cancellation of the operations which have been determined to be illegal), its best efforts (provided that the foregoing does not imply any breach of applicable legislation) in order to overcome the situation of illegality (without, in any event whatsoever, it being understood that the Lender has assumed any obligation in respect of the results of such efforts), including, by way of illustration but not limited to, the relocation of the office initially used for the Facility under this Agreement to another jurisdiction or the assignment of all of the rights and obligations under this Agreement to another financial institution acceptable to the Borrower (or introduced by the Borrower) which wishes to participate in the Facility (in compliance with the provisions set forth in Clause 30 below) or to a subsidiary or affiliate of the affected Lender(s) that is not affected by the illegality.

Notwithstanding the above, in the event that the affected Lender were unable to overcome the situation of illegality within the period provided therefor, the Lender may declare, as from such time, that all of its obligations arising under this Agreement are duly cancelled. In such a situation, the Borrower shall be obliged to repay to the affected Lender, on the date of cancellation of the obligations thereof pursuant to the notice sent by the affected Lender, the participation in the Facility Amount which remains outstanding to the affected Lender and to pay, at the same time, the corresponding interest amounts calculated up until the date on which the payment effectively takes place, as well as the expenses and other amounts that, pursuant to this Agreement, has been accrued up until the aforementioned date.

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16. **INCREASED COSTS AND MARKET DISRUPTION** 

16.1 **Increased costs** 

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| | |
|:---|:---|
| 16.l.1 | The Borrower expressly undertakes to maintain the Lenders, to the extent they are financial institutions, with the equivalence of the benefits existing between the Parties as at the time of execution of this Agreement. Accordingly, in the event that as a result of the introduction of or any change in (or in the interpretation, administration or application of) any national and/or international law or regulation affecting financial institutions after the date of this Agreement, or compliance with any such new national and/or international law or regulation enacted or approved after the date of this Agreement, obligations were to be imposed upon the Lenders (such as co-efficients, reserves or deposits or others) or new additional costs which represent an increase to the cost of the funds sourced in the euro money market for the financing of this Agreement, or new limitations were imposed in respect of the interest rate or of the fees, or of any other nature whatsoever, that would represent a decrease in the revenue amounts to which the Lenders were entitled by virtue of this Agreement, the Borrower shall be obliged to compensate the affected Lenders in respect of such provisions to the same extent to which the costs of the aforementioned funds are increased and/or the revenue amounts reduced (other than if the above is (i) attributable to a FATCA Deduction required to be made by a party, (ii) attributable to a deduction or withholding for taxes required by law to be made by an Obligor or (iii) attributable to the wilful breach or misconduct by the relevant Lender of any law or regulation).  |

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The foregoing compensation shall be effected by means of the payment of additional sums by the Borrower in respect of the settlement calculations made and presented thereto by the Agent (duly justified), which must be accompanied by the corresponding confirmations provided by the affected Lenders of the grounds for the increase of costs or reduction of revenue amounts and the calculation and amount of the increased costs.

This clause will also apply to the increase of costs as a result of implementing, applying or complying with Basel III and any other law or regulation implementing Basel Ill including CRD IV, but in all cases excluding laws or regulations relating to Basel III and CRD IV or rules for their implementation that have been published at the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.2 Notwithstanding the provisions of Clause 16.1.1 herein above, the Lender affected by any situation set out
herein above shall use its best efforts (provided that the foregoing does not imply any breach of applicable legislation) in order to reach an alternative solution that would allow for the relevant situation to be overcome (without, in any event
whatsoever, it being understood that the Lender has assumed any obligation in respect of the results of such efforts), including, by way of illustration but not limited to, the relocation of the office initially used for the Facility subject to this
Agreement to another jurisdiction or the assignment of all of the rights and obligations under this Agreement to another financial institution

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which wishes to participate in the Facility (in compliance with the provisions set forth in Clause 30 below) or to a subsidiary or affiliate of the affected Lender(s) that is not affected by any situation set out herein above. The lack of assignment by the affected Lender does not allow the Borrower to not comply with their obligations under this Agreement.

If in accordance with this clause there is an increase in the profitability or incomes for the Lenders, there will be mechanisms agreed among the Parties to transfer to the Borrower such increase.

16.2 **Market disruption and Operating Systems Incidents** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.1 The Borrower hereby acknowledges and accepts that the Lenders finance the funds provided under the Facility by
contracting, in the euro money market or by means of other usual sources of funds, the corresponding deposits and other liability operations for the periods corresponding to the Interest Periods and for the amounts corresponding to the respective
participations thereof in the Facility.

The Borrower hereby acknowledges and accepts that the correct functioning of the euro money market is an essential premise for the execution of the Agreement and the maintenance of the Facility granted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.2 As a result of the foregoing, if, on the date of determination of the interest rate applicable to an Interest
Period, any Lenders, the participation of which in the Facility which remains to be repaid represents at least forty percent (40%) thereof, were unable to contract the liability operations required in order to finance the funds provided under this
Agreement in the conditions regarding the corresponding periods and amounts due to any of the following circumstances (the **"Market Disruption Circumstances"**): (i) the cost of obtaining of matching deposits in the euro money market
or through other usual sources of funds, are, for the affected Lender or Lenders, greater than the EURlBOR; or (ii) if the reference interest is unable to be determined in accordance with the provisions of this Agreement, the affected Lender(s)
shall immediately notify the Agent thereof and the Agent shall immediately notify the Borrower and the rest of the Lenders thereof and provide them with written confirmation of the occurrence of the Market Disruption Circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.3 The duration of the relevant Interest Period corresponding to the outstanding principal amounts under the
Facility in such moment, and as long as the relevant Market Disruption Circumstance is continuing, will be one month save if the periods available in the euro money market for contracting the deposits and other liability operations necessary in
order to allow the financing of the funds by the Lenders are different and the interest rate on each Lender's share of the outstanding Facility Amount for the relevant Interest Period shall be the percentage rate per annum which is the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Applicable Margin;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the rate notified to the Agent by that Lender as soon as practicable and in any event within three
(3) Business Days of the first day of that Interest Period (or, if earlier, on the date falling three (3) Business Days before the date on which interest is due to be paid in respect of that Interest Period), to be that which expresses as
a percentage rate per annum the cost to the relevant Lender of funding its participation in the Facility Amount from whatever source it may reasonably select; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any expenses, taxes or surcharges that are applicable in respect of these types of operations provided that
they are duly justified by the Lenders in the terms stated in this Agreement.

After the due notification to the Borrower and the Lenders as referred to in the first paragraph of this Clause 16.2.2, the affected Lender(s) shall carry out its best efforts to mitigate and/or remove the Market Disruption Circumstances and the Borrower and the affected Lender(s) shall negotiate, in good faith, the possible alternatives to be adopted in order to ensure the continuance of the Facility in the conditions regarding the corresponding periods and amounts and to minimize to the extent possible the impact on the Borrower (such as, by way of illustration but not limited to, the relocation of the office initially used for the Facility subject to this Agreement to another jurisdiction or the substitution of the affected Lender(s) or the assignment of all of the rights and obligations under this Agreement to a subsidiary or affiliate of the affected Lender(s) that is not affected by any situation set out herein above).

In the event that in respect of the aforementioned negotiation no alternative solution were to be reached within the period of sixty (60) days as from the date on which the negotiations were commenced or should the Parties duly agree that no alternative solution is available, the Borrower shall choose one of the three alternatives described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the early repayment of the participation of the affected Lender(s) under the Facility shall be effected, and
the Borrower shall be obliged, within a maximum period of five (5) Business Days as from the date of termination of the aforementioned period, to repay the principal amount and any other amount owed thereto under this Agreement, calculated up
until the date on which the payment effectively takes place, in accordance with the provisions of Clause 21.1 herein below. Early repayment in accordance with this clause does not trigger prepayment fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) propose to each affected Lender that it assign at par value, in accordance with Clause 30, their participation
to another Lender or other assignee credit entity that is not affected by the Market Disruption Circumstances; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) pay to the affected Lenders the additional costs yielded to them as a consequence of the Market Disruption
Circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.4 Under no circumstances whatsoever shall the Lenders assume any liability whatsoever for Market Disruption
Circumstances and all of the foregoing in accordance with the provisions of Article 1105 of the Spanish Civil Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.5 The Borrower hereby acknowledges and accepts that, in order for the Lenders to be able to perform the actions
necessary to comply with their obligations under this Agreement, the operating systems that are normally and necessarily used for such purposes must be available and working properly, i.e. the financial system as a whole, the Euro Money Market and
human equipment, computer, electronic or telematic systems and platforms (including, but not limited to, payment systems, cash and securities clearing and settlement systems, or communication and information transmission systems), whether owned or
operated by third parties (the **"Operating Systems"**).

Consequently, the Borrower acknowledges and accepts that the Lenders do not guarantee the availability or correct operation of the Operating Systems and that, therefore, they assume no liability or obligation to indemnify for incidents of any kind (whether computer or security incidents, failures, delays, errors or omissions), temporary or definitive suspensions of the Operating Systems or for any other circumstance or incident that affect or may affect the normal performance of their obligations under this Agreement and, in particular, for those unavoidable events or exceptional circumstances or force majeure that take place from the date of signing this Agreement in accordance with Article 1105 of the Civil Code.

16.3 For the purposes of this Agreement

**"Basel Ill"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) agreements on capital requirements, leverage coefficient and liquidity rules contained in the documents
"Basel III: A global regulatory framework for more resilient banks and banking systems", "Basel III: International framework for liquidity risk measurement, standards and monitoring" and "Guidance for national authorities
operating the countercyclical capital buffer", published by the Basel Committee on Banking Supervision in December 2010, as amended, complemented or reformulated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) rules applicable to global systemically important banks included in the document "Global systemically
important banks: assessment methodology and the additional loss absorbency requirement - Rules text", published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented and reformulated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other guideline or rule published by the Basel Committee on Banking Supervision related to "Basel
III";

**"CRD IV"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Regulation (EU) No 575/2013 of the European Parliament and of the Council on 26 June 2013 about the
prudential requirements for credit institutions and investment firms, by means of which the Regulation (EU) No 648/2012; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the
activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC.

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**SECTION VI** 

**REPRESENTATIONS AND WARRANTIES, OBLIGATIONS AND EARLY** 

**TERMINATION** 

17. **REPRESENTATIONS AND WARRANTIES** 

17.1 **Representations and warranties of the Borrower** 

The Lenders have agreed to enter into this Agreement based upon the following representations and warranties of the Borrower (which are made with respect to itself and, as applicable, with respect to the Subsidiaries when is expressly stated, acknowledging that they are essential and decisive for the Lenders giving their consent). The Borrower represents and warrants that:

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| | |
|:---|:---|
| 17.l.l | It is a company duly incorporated and organized pursuant to the laws of the Spain, with full legal capacity to act, contract and perform the obligations assumed under the Finance Documents to which it is a party, and all corporate actions or other actions otherwise required for the execution of such Finance Documents, for the implementation of the activities set forth thereunder and for the fulfilment of the obligations arising from those Finance Documents have been duly carried out.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.2 The execution of this Agreement and the remaining Finance Documents to which it is a party does not enter into
conflict with or breach any corporate rules applicable to it or its articles of association, having obtained all the authorisations that it may need in order to formalise the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.3 In accordance with the regulations in force in Spain, as of the date of this Agreement, the payment claims of
the Agent and of the Lenders against the Borrower by virtue of this Agreement shall be at least subject to the same ranking equally as the claims which may be formulated by any other unsecured creditors save for the claims of other creditors
mandatorily preferred by law or that benefit from a Permitted Security or the claims that are subordinated by laws of general application to companies generally.

For the purposes of this Agreement,

**"Permitted Security"** shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Security permitted under Clause 19.2.5, as well as the bonds or guarantees permitted under Clause 19.2.6,
and any guarantee, bond or Security granted in connection with any Permitted Disposal provided such disposal is made in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Security granted for the purposes of securing any specific financing whose exclusive purpose is the
acquisition of specific rights or assets or the funding of specific investments provided any these financings are considered Permitted Indebtedness (as defined in Clause 17.1.17) and taken over such specific rights, assets or investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Security arising by operation of law in respect of taxes being contested in good faith and by appropriate
means; and/or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Security permitted by the Majority Lenders or granted in favour of BBVA.

**"Security"** means any *in rem* security, assignment of credit rights by way of security *(cesiones en garantia),* liens or encumbrances of any kind or any other agreement or arrangement conferring security or having a similar effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.4 Except for those assets or rights that may be subject to public law uses or rights, the Borrower does not have
any right to claim either for itself or in respect of its assets any type of immunity whatsoever in respect of the enforcement or seizure thereof or in respect of any other similar legal rules of general application in any proceeding carried out in
Spain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.5 All the acts, conditions and formalities, required by law, the articles of association or any other corporate
documents, that shall be carried out or fulfilled with the aim of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) allowing the valid execution of this Agreement and any other Finance Document to which it is a party, as well
as the exercise and fulfilment of obligations expressly assumed by the Borrower by virtue of the same; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ensuring that the obligations expressly assumed by the Borrower under the Finance Documents to which it is a
party, are legal, valid and binding (subject to the Legal Reservations and, in the case of the Security Agreements, the Perfection Requirements),

have been duly carried out and fulfilled.

For the purposes of this Agreement, **"Legal Reservations"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the general principles regarding the effectiveness of the legal rules contained in Chapter III of First Title
of the Spanish Civil Code, as well as the principle of private autonomy set forth in the article 1,255 of the Spanish Civil Code or any other similar concept in the relevant applicable legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the limitations to the validity or enforceability of the obligations, as well as to the enforceability of the *in rem* rights in relation to (i) mandatory rules whose application cannot be waived or excluded by agreement between the parties pursuant to the applicable regulation in force from time to time; and (ii) Spanish insolvency act (or any similar
law in the relevant jurisdiction) and, in general terms, all the regulation on insolvency or which, generally, influence the creditors' rights which may be applicable from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other similar principles or limitations which may be applicable, from time to time, in accordance with the
laws of any jurisdiction which is relevant in relation to the Finance Documents; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any reservations or limitations contained in any legal opinions issued in favour of the Lender in relation to
the Finance Documents.

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**"Perfection Requirements"** means the making of the appropriate registrations, filings, requirements or notifications of the Security Agreements as specifically contemplated by any legal opinion issued in favour of the Lender in relation to the Security Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.6 Subject to the Legal Reservations and, in the case of the Security Agreements, the Perfection Requirements,
each of the Finance Documents to which the Borrower is a party constitutes a source oflegal obligations which are legal, valid and binding upon the Borrower.

17. l.7 The Borrower and its Subsidiaries are in compliance with all social, corporate, civil, labour, tax, environmental and any other legal obligations applicable to them, where failure would have a Material Adverse Effect.

17. l.8 The financial year of each member of the Group closes on 31 December.

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| | |
|:---|:---|
| 17.l.9 | All the financial and asset information of the Obligors and their Subsidiaries was, on the date of preparation of the relevant documents, elaborated in good faith and in accordance with account principles generally accepted in the relevant jurisdiction, without a Material Adverse Effect with respect to the position set out in said documents having occurred prior to or on the date of this Agreement.  |

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For the purposes of this Agreement, **"Material Adverse Effect"** means any circumstance, fact, situation or legal change (or a combination of any of them):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) adversely and materially affects or may affect (just by the lapse of time) the capacity of the Borrower and the
Guarantor to comply with the obligations assumed under this Agreement or any other Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) adversely and materially affects or may affect (just by the lapse of time) the business, operations or
financial condition of the Borrower or the Guarantor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) causes the result that any of the Finance Documents as well as any of the rights conferred in them upon the
Lenders (including but not limited to the Warrant Documents), becomes illegal, ineffective, or unenforceable vis-a -vis the Obligors.

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| | |
|:---|:---|
| 17.1.l0 | All the factual information provided to the Lenders is complete, correct, and exact in all material aspects and the financial forecasts have been prepared in good faith using the recent historic information of the Group available when elaborating said forecasts and based upon reasonable and adequate hypotheses, without there having been any circumstance or omission of any material fact which has the consequence that the information provided to the Lenders is not accurate or truthful in its material aspects or which, had it been known, could, to the best of their knowledge and belief, have materially influenced the decision of the Lenders to execute the Finance Documents.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.11 The execution of the Finance Documents does not breach any obligations assumed by the Borrower under other
agreements with third parties and does not enable the counterparties under said agreements to early terminate or amend said agreements, the result of which may result in a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.12 The Borrower and its Subsidiaries have obtained and maintained in force all the permits, licences and
authorisations which are necessary for developing the activities representing their corporate purpose, without any exceptions that have not been known on the date of this Agreement by the Lenders and that may result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.13 The Borrower has its "centre of main interests" (as such term is defined in Article 3(1) of
Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings, as amended from time to time) at the place of its registered office. The Borrower does not have an "establishment" (as
such term is defined in Article 2 paragraph (10) of Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings, as amended from time to time) different to those existing on the date of
this Agreement outside of the place of its registered office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.14 (i) No litigation or other legal proceedings have been initiated, and to the best of its knowledge, the
Borrower is not aware of those litigation or legal proceedings to be initiated imminently; and (ii) no administrative or judicial measures have been adopted by any competent authority; which, in all the said scenarios, may result in a Material
Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.15 No Event of Default whatsoever has occurred and is continuing after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.16 The Borrower is the legitimate owner of its assets, without existing any charge over all or part of their
income or assets, whether present or future, save for those created or to be created in the future by virtue of the Permitted Security or in connection with any Permitted Disposal (provided such disposal is made in the ordinary course of business)
or is permitted under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.17 There are no existing bonds, guarantees or counter-guarantees granted by the Borrower other than the ones
relating to any Permitted Indebtedness or those guarantees granted in the ordinary course of business (on arm's-length basis, based on legitimate grounds and taking into account the corporate interest of
the Group or any of its members).

For the purposes of this Agreement:

**"Permitted Indebtedness"** means any indebtedness arising:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any indebtedness incurred by the Obligors and/or their Subsidiaries from time to time and so long as the
Financial Covenants are not breached;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Subordinated Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Existing Indebtedness or the Permitted Security; and/or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any other financing agreements entered into with the prior, express, and written consent of the Agent acting on
the instructions of the Majority Lenders.

**"Existing Indebtedness"** means the existing indebtedness of the Borrower as of the date of this Agreement included in **Annex I** hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.18 The Borrower and its Subsidiaries do not have in place any other financing agreements (whether loan, credit,
discount, factoring or financial leasing agreements or financing agreements of any other nature -excluding, in any event, the factoring without recourse—), other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Finance Documents; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the ones considered as Permitted Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.19 The execution of the Finance Documents, with the obligations and rights which arise as a result thereof, shall
not imply any obligation in respect of the Borrower to establish any encumbrances or to execute any guarantees in favour of any third parties in respect of all or part of the present or future assets or income thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.20 Any commercial transactions carried out by the Borrower are transfer-pricing compliant and, therefore, made on
market conditions (in particular, with direct or indirect shareholders of the Borrower or entities participated by them) and/or aligned with the business sector of the Group or corresponding company within the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.21 The Borrower and its Subsidiaries keep their respective goods and assets adequately insured, as well as the
liabilities derived from the exercise of their business, with insurance entities, in accordance with market practice for companies within the same sector in which the Group operates, being the aforementioned insurance policies in force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.22 The corporate structure of the Group on the date of this Agreement is the one set out in **Annex II** to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.23 The Borrower and its Subsidiaries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are the rightful owners or hold valid license or right to use and exploit all of the Intellectual Property
which are used for carrying on the business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have adopted the necessary measures, including payment of the mandatory fees, in order to protect and maintain
in force and effect the ownership of the Material IP and any other Intellectual Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) have not breached third parties' industrial property rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.24 The Intellectual Property rights owned by the Borrower and its Subsidiaries are adequate for the development of
the activities representing their corporate purpose, without any litigation whatsoever over the Material IP and without any litigation over the rest of lntellectual Property rights which could result in a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.25 No part of any registered Intellectual Property or of the Material IP has been judged invalid or unenforceable,
in whole or in part, neither the Borrower is aware of any current, pending or threatened challenge or objection by any third party to the use by it or any member of the Group of any Intellectual Property rights, or the infringement of any of its
Intellectual Property rights by any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.26 There are no option rights, convertible bonds or any other right of equivalent nature that entitle to acquire
any type of equity interest in the share capital of the Borrower and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.27 Neither the Borrower nor the Subsidiaries (i) are insolvent in accordance with Article 2.1 of the means
the Spanish Royal Legislative Decree 1/2020, of May 5 approving the Consolidated Text of the Spanish insolvency law *(Real Decreto Legislativo 112020, de 5 de mayo, por el que se aprueba el texto refundido de la Ley Concursal)* as amended
from time to time (the **"Insolvency Law"**) (or any other similar in the jurisdiction of the relevant Subsidiary), or are in a situation in which they are not able to regularly fulfil their due obligations in accordance with Article
2.3 of the Insolvency Law (or any other similar in the jurisdiction of the relevant Subsidiary), or foresee that they will not be in a position to regularly and punctually fulfil their due obligations, nor have either of them taken any steps
whatsoever (nor do they have any knowledge of any third party having taken any steps whatsoever) towards the declaration of insolvency, the cessation of activities, the dissolution, intervention or re-organisation, or for the appointment of any receivers, administrator or analogous civil servant in respect of the Borrower and its Subsidiaries or in respect of any of the assets thereof; (ii) have
carried out the communication pursuant to Articles 583 to **  595 **  and related provisions of the Insolvency Law (or equivalent proceeding in the jurisdiction of the relevant Borrower and its Subsidiaries); or (iii) is subject to any
insolvency arrangement *(concurso de acreedores)* or to any insolvency proceeding or corporate reorganisation, whether judicial or private, derived from an insolvency situation or from the lack of capacity to attend ongoing payments or it has
been declared a stay of payments arrangements in relation to any debts thereof.

Likewise, the Borrower is in a position to punctually fulfil its obligations and it is not under any mandatory dissolution event *("causa de disolución obligatoria")* under article 363 et subq. of the Spanish Companies Law or any other applicable legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.28 It is not required to make any deduction for or on account of Tax from any payment it may make under any
Finance Document to a Lender which is a Qualifying Lender (as of the date of this Agreement) provided that this is compliant with the formalities set out in Clause 14.2 above and with the domestic regulations of the country of residence of the
Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.29 The Borrower is not materially overdue in the filing of any Tax returns nor materially overdue in the payment
of any amount in respect of any Tax, in a way that may result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.30 The Borrower is not a member of a value added tax group.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.31 The Facility will be exclusively used for the purposes corresponding under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.32 The shares and quotas of the Borrower are and will be free of any charges or encumbrances.

17.1.33 (a) The Borrower and its Subsidiaries have conducted their business in compliance with Anti-Corruption Laws and have instituted and maintain as at the date of this Agreement policies and procedures designed to promote and achieve compliance with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Borrower nor any of its Subsidiaries (nor to the best of its knowledge and belief-having made due
and careful enquiry- any agent, director, employee or officer of any of them) has made or received, or directed or authorised any other person to make or receive, any offer, payment or promise to pay, of any money, gift or other thing of value,
directly or indirectly, to or for the use or benefit of any person, where this violates or would violate, or creates or would create liability for it or any other person under, any Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the Borrower nor any of its Subsidiaries (nor to the best of its knowledge and belief—having made
due and careful enquiry—any agent, director, employee or officer of any of them) is being investigated by any agency, or party to any proceedings, in each case in relation to any Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.34 Neither the Borrower nor any Subsidiary (nor to the best of their knowledge and belief—having made due and
careful enquiry—their indirect shareholders, their legal representatives, employees, agents, nor any other person holding control over any of the former):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is a Restricted Party or is involved or has been involved in any transaction or conduct that is going to result
in it becoming a Restricted Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is subject to a claim, proceeding or requirement with respect to any Sanction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is involved in any transaction with the intention of evading or avoiding any Sanction that may be applicable.

17.2 **Representations and warranties of the Guarantor** 

The Lenders have agreed to enter into this Agreement based upon the following representations and warranties of the Guarantor. The Guarantor represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.1 It is a company duly incorporated and organized pursuant to the laws of the Netherlands, listed in the New York
Stock Exchange, with fu11 legal capacity to act, contract and perform the obligations assumed under the Finance Documents to which it is a party, and all corporate actions or other actions necessary to authorise the execution of such Finance
Documents, for the implementation of the activities set forth thereunder and for the fulfilment of the obligations arising from those Finance Documents have been duly carried out.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.2 The execution of this Agreement and the remaining Finance Documents to which it is a party does not conflict
with or breach any corporate rules applicable to it or its articles of association (having obtained all the authorisations that it may need in order to formalise the Finance Documents) nor any obligations assumed by the Guarantor under other
agreements with third parties and does not enable the counterparties under said agreements to early terminate or amend said agreements which may result a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.3 Subject to the Legal Reservations, each of the Finance Documents to which the Guarantor is a party constitutes
a source of legal obligations which are legal, valid and binding upon the Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.4 The Guarantor has obtained and maintained in force all the permits, licences and authorisations which are
necessary for developing the activities representing its corporate purpose, without any exceptions that have not been known on the date of this Agreement by the Lenders and that may result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.5 The Guarantor (i) is not insolvent in accordance with Article 2.1 of the Insolvency Law (or equivalent
legislation in the Netherlands), or is in a situation in which it is not able to regularly fulfil its due obligations in accordance with Article 2.3 of the Insolvency Law (or equivalent legislation in the Netherlands), or foresee that it will not be
in a position to regularly and punctually fulfil its due obligations, nor has taken any steps whatsoever (nor do it has any knowledge of any third party having taken any steps whatsoever) towards the declaration of insolvency, the cessation of
activities, the dissolution, winding-up, intervention or re-organisation, or for the appointment of any receivers, administrator or analogous civil servant in respect of
the Guarantor or in respect of any of its assets; (ii) has carried out the communication pursuant to Articles 583 to **  595 **  and related provisions of the Insolvency Law (or equivalent proceeding in the Netherlands); or (iii) is
subject to any insolvency arrangement *(concurso de acreedores)* or to any insolvency proceeding or corporate reorganisation, whether judicial or private, derived from an insolvency situation or from the lack of capacity to attend ongoing
payments or it has been declared a stay of payments arrangements in relation to any debts thereof.

Likewise, the Guarantor is in a position to punctually fulfil its obligations and it is not under any mandatory dissolution event.

17.2.6 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Guarantor has conducted its businesses in compliance with Anti-Corruption Laws and has instituted and
maintains as at the date of this Agreement policies and procedures designed to promote and achieve compliance with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Guarantor (nor to the best of its knowledge and belief—having made due and careful enquiry—any
agent, director, employee or officer of the

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Guarantor) has made or received, or directed or authorised any other person to make or receive, any offer, payment or promise to pay, of any money, gift or other thing of value, directly or indirectly, to or for the use or benefit of any person, where this violates or would violate, or creates or would create liability for it or any other person under, any Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Guarantor (nor to the best of its knowledge and belief—having made due and careful enquiry—any
agent, director, employee or officer of the Guarantor) is being investigated by any agency, or party to any proceedings, in each case in relation to any Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2.7 The Guarantor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is not a Restricted Party or is involved or has been involved in any transaction or conduct that is going to
result in it becoming a Restricted Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is not subject to a claim, proceeding or requirement with respect to any Sanction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is not involved in any transaction with the intention of evading or avoiding any Sanction that may be
applicable.

17.3 Some of the representations and warranties indicated in Clause 17.1 above are qualified by the expression *"to the best of their knowledge."* This expression shall only apply with respect to the specific subsection where it is included and it covers not only the real knowledge of the relevant Obligors but also the knowledge that they
should or may have upon carrying out the relevant examination or inquiry that should objectively be expected from an orderly and diligent businessman.

17.4 **Repetition of the representations and warranties** 

Each one of the representations and warranties contained in this Clause 17 (save for representations referred to in Clause 17.1.9, Clause 17.1.10 and Clause 17.1.22, which shall only be made on the date of this Agreement) (the **"Repeating Representations"**) shall be deemed to be repeated (a) on each Partial Repayment Date and (b) on each Interest Payment Date, by reference to the facts and circumstances that (then) exist, and notwithstanding the variations that, in light of the initial situation, have been permitted or authorised in accordance with the provisions of this Agreement and which have been duly notified to the Agent in accordance with the provisions of Clause 19 or by means of the financial information in accordance with the provisions of Clause 18 herein below.

18. **INFORMATION OBLIGATIONS** 

18.1 The Obligors must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.1 deliver to the Agent, as soon as they are available and, in any event, within one hundred eighty
(180) days following the end of each of their financial years, the individual annual accounts of each of the Obligors (the **"Individual Annual Financial Statements"**) and the consolidated annual accounts of the Group
(the **"Consolidated Annual Financial Statements"**) (including, in all circumstances,

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the balance sheet, income statement, cash-flow statement, statement of changes in equity and management report), corresponding to the ended financial year, together with the corresponding audit reports for the consolidated annual accounts of the Group and for the individual annual accounts of the Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.2 deliver to the Agent, as soon as they are available and, in any event, within forty-five (45) days
following the end of each of the first, second and third quarter of its financial year and within 90 days following the end of each of the fourth quarter of its financial year, the consolidated quarterly financial statements of the Group
(the **"Consolidated Quarterly Financial Statements"**) (including, in all circumstances, the balance sheet, income statement, cash-flow statement for that quarter), with sufficient detail to calculate the ratios and financial
levels envisaged in Clause 19.1 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.3 deliver to the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by no later than 30 June of each financial year until Final Termination Date, a certificate signed by the Chief
Financial Officer (CFO) of the Group and validated by the Auditors (when applicable) relating to the calculation (the **"Auditor Certificate"**), by reference to the relevant financial year and on the basis of the Consolidated Annual
Financial Statements, of the financial covenants set out in Clause 19.1 below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) within 45 days following the end of each of the first, second and third quarter of its financial year and
within 90 days following the end of each of the fourth quarter of each financial year until Final Termination Date, a certificate signed by the Chief Financial Officer (CFO) of the Group relating to the calculation (the **"CFO Certificate"**), by reference to the relevant previous quarter and on the basis of the Consolidated Quarterly Financial Statements, of the financial covenants set out in Clause 19.1 below and including an statement regarding the effective
Cash and Cash Equivalents position (as defined in Clause 19.1.3 below) of the Group as of the date of issuance of such certificate.

For the purposes of this Agreement, **"Auditors"** means an internationally reputable auditing firm appointed by the Guarantor.

The Parties agree that the first Auditor Certificate shall be delivered regarding the financial year ending on 31 December 2023 and, therefore, shall be delivered no later than 30 June 2024. The first CFO Certificate shall be delivered regarding the first quarter of2023 and, therefore, shall be delivered no later than 15 May 2023;

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| | |
|:---|:---|
| 18.l.4 | promptly, upon the formal corporate decision, inform the Lenders (through the Agent) of the Borrower's and Guarantor's transactional banking business, as well as the Borrower's and Guarantor's M&A transactions, to the extent permitted by the securities market regulations applicable to the Borrower, the Guarantor or the entities within their Group from time to time and, in any event, in accordance with such regulations. The Borrower agrees to consider with a positive approach any terms and conditions made available by the Lenders in relation to the above;  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.5 promptly after the same are publicly available, copies of all annual, regular, periodic and special reports and
any such information submitted by any Obligor from time to time to their investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.6 promptly, at the request of the Agent upon the occurrence of an Event of Default referred to in Clause 20.1.1
below which is continuing and at the Borrower's expense (having to reimburse the Agent or relevant Lender all costs and expenses incurred if obtained by itself), provide the Agent or such Lender with a Spanish sworn translation of this
Agreement, in suitable form if required for enforcement or submission into evidence before the Spanish courts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.7 promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings
which are current, threatened or pending against any Obligor, and which, if adversely determined, which may result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.8 promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral body or agency
which is made against any Obligor and which may result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.9 promptly upon becoming aware of such circumstance, the occurrence of a potential Change of Control and/or the
details of any executed disposal of assets (whether of Material IP or not) which can entail an early prepayment under Clause 13.2 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1.10 at any time, at the Agent's request, provide the Agent, as soon as reasonably practicable, with such
reasonable and relevant information about their business, assets, operations and the Group's financial position or Cash position (as defined in Clause 19.1.3 below) that may be requested by the Agent (in any event by reference to the closing of
a calendar month or quarter, as requested).

18.2 The Obligors warrant that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.1 each set of annual accounts, information and/or financial statements furnished by the Obligors pursuant to
Clause 18.1 has been prepared in good faith and in accordance with generally accepted accounting principles in Spain and the Netherlands, and, with respect to the financial statements referred to in Clauses 18.1.1 and 18.1.2, both inclusive, that
they reflect the financial position of the Obligors (and of the Group, as applicable) at the end of the period to which such financial statements refer, as well as the results of their transactions during such period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2.2 each set of Individual Annual Financial Statements and Consolidated Annual Financial Statements has been
audited by the Auditors.

18.3 Likewise, the Obligors undertake to supply the Lenders (and, in the case of section 18.3.2 below, the assignee
that is going to become Lender pursuant to the assignment notice) so that they may comply with money laundering regulations or the requirements and standards regarding knowledge of their clients that may apply to each of them, any additional
documentation or information that may be reasonably required by any of said entities through the Agent, in the following cases:

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18.3.l whenever there is any change in the applicable regulations (or interpretation thereof) after the date of this Agreement affecting the Parties' obligations in relation to money laundering or the customer information and documentation requirements applicable to each Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3.2 upon notification of an assignment by a Lender of all or part of its contractual position, in accordance with
Clause 30 of this Agreement.

19. **OTHER OBLIGATIONS OF THE BORROWER** 

In addition to the main obligation to repay the Facility, and to make payment of interest, commissions, costs, and any other amount owed in accordance with this Agreement, for which the Obligors are responsible in accordance with the terms hereof, while this Agreement remains in force, the Borrower undertakes to comply with the additional obligations detailed in Clause 19.1 and 19.2 and the Guarantor undertakes to comply with the undertakings detailed in Clause 19.3 below.

19.1 **Financial covenants** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.1 During the life of this Agreement, and based upon the Consolidated Annual Financial Statements and Consolidated
Quarterly Financial Statements, the Borrower undertakes to fulfill the financial covenant and level indicated below on each of the test dates referred to in the table below (**"Financial Covenants"**):

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| | | |
|:---|:---|:---|
| **Net Financial Debt/Gross Profit atio** | **Maximum<br>Level (S)** | **Maximum<br>Level (S)** |
|  2023 |  | I.60x |
|  2024 |  | 1.30x |
|  2025 |  | l.00x |
|  2026 and thereafter |  | 0.60x |

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| | |
|:---|:---|
| **Total Shareholders' Equity** | **Minimum<br>Level (>)** |
|  Until Final Termination Date | 0 |

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The first verification of the Financial Covenants shall occur in relation to the quarter ended on 31 March 2023. The verifications to be made on the test dates falling on 31 December of each financing year, shall be made by reference to the Consolidated Annual Financial Statements; and the ones falling on each 31 March, 30 June, 30 September, by reference to the Consolidated Quarterly Financial Statements. The compliance with the levels of the Net Financial Debt/Gross Profit Ratio set out in this Clause 19.1.1 shall be verified, in accordance with the following rules:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) through a test carried out by the Chief Financial Officer (CFO) of the Group and validated by the Auditors,
certified in accordance with Clause 18. l.3(a), by reference to the Consolidated Annual Financial Statements, during the life of this Agreement (starting with respect to those regarding the financial year end 2023); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) through a test carried out by the Chief Financial Officer (CFO) of the Group, in accordance with Clause 18.
l.3(b), by reference to the Consolidated Quarterly Financial Statements, during the life of this Agreement (starting with respect to those regarding the first quarter of 2023).

The compliance with the Total Shareholders' Equity level set out in this Clause 19.1.1 shall be confirmed by the Chief Financial Officer (CFO) of the Group, on a quarterly basis by reference to the Consolidated Quarterly Financial Statements, during the life of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.2 Failure to comply with the levels of the Net Financial Debt/Gross Profit Ratio set out above during two
consecutive periods (in the terms set out in Clause 20.1.2 below) may be cured by the Guarantor's Shareholders or the parties designated by them (on the understanding that, under no circumstance, they will be obliged to perform said cure) by
making the pertinent contribution of Equity or on-lending the relevant Subordinated Debt (hereinafter, each of them, the or a **"Contribution"**), subject to the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Contribution needed to provide such cure shall be the amount by which the outstanding principal under the
Facility should need to be reduced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) said Contribution shall be deemed to reduce the Net Financial Debt (as defined below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a new certificate signed by the Chief Financial Officer (CFO) of the Group must be submitted, evidencing
compliance with the Net Financial Debt/Gross Profit Ratio, upon completion of the cure provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.3 For the purposes of this Agreement, it is hereby agreed that the expressions set out herein shall have the
meanings attributed to them in this section (on the understanding that all of them refer to the Group at a consolidated level, and that the accounting terms to which they refer shall be interpreted in accordance with International Financial
Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB)):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **"Cash and Cash Equivalents"** means cash balances and call deposits with an original maturity of
three months or less.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **"EBITDA"** means, as at the relevant date of calculation, by reference to the twelve
(12) month period ending on such calculation date and on a consolidated basis, without duplication, profit (loss) for the year before income tax (credit), financial income, interest expenses, amortization and depreciation and any share-based
compensation expense payable in equity instruments (non-cash).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **"Equity"** means funds granted to the Obligors in the form of any contract that evidences a
residual interest in the assets of an entity after deducting all of its liabilities and that result in an increase of Total Shareholders' Equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **"Gross Profit"** means revenue-changes in inventories and raw materials and consumables used and
shall be measured on the last 12-month on a rolling basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **"Lease Liabilities"** means the present value oflease payments as reported on the balance sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **"Net Financial Debt/Gross Profit Ratio"** means, as of any date of determination, the ratio of
(x) Net Financial Debt at such date to (y) the Gross Profit for the latest consolidated financial statements of the Group available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **"Net Financial Debt"** means, as of the relevant date of calculation on a consolidated basis,
the sum of the aggregate outstanding indebtedness of the Group (reported as "Loans and borrowings" in 2021 audited accounts) plus "Lease Liabilities" less, without duplication, (i) "Cash and Cash Equivalents"; and
(ii) the "Subordinated Debt").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **"Participative Loan"** means any loan entered into in accordance with and subject to the scheme
described in Article 20 of Royal Decree-Law 7/1996 of June 7, on urgent tax measures and on the promotion and deregulation of economic activity (on the understanding that any payments thereunder must be
made in accordance with the terms in Clause 13.2.4 and/or considered a Permitted Payment) or any equivalent loan in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **"Subordinated Debt"** means any financing granted from time to time to the Obligors by their
direct or indirect shareholders (which is not another Obligor) or any other third party in the form of loans or credits (including any Participative Loan), which have the express condition of being subordinated by the relevant party to all the
payment obligations deriving from the Finance Documents, with regard to the order of priority for all civil and commercial effects and, in particular,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) their maturity date is at least six (6) months after the Final Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it does not provide for the possibility of payment (including, for these purposes, payment by compensation) of
commissions, interest, or other items, or the repayment of principal (including early repayment) until all the amounts owed by virtue of the Finance Documents have been totally paid (unless (a) payment constitutes a Permitted Payment; or
(b) it is capitalized as share capital provided that such share capital is pledged in favor of the Lenders);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it cannot be early terminated or accelerated nor any amount can be demanded as due under the subordinated debt
until all amounts outstanding under the Finance Documents have been totally paid (unless (a) payment constitutes a Permitted Payment; or (b) it is capitalized as share capital);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it includes a provision (for the benefit of the Lenders) stating that the obligations assumed by the relevant
Obligor by virtue of said debt are subordinated to any obligations of an Obligors arising from the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) it is not secured or guaranteed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) said subordination provision may not be amended or novated without the prior written consent of all Lenders;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the conditions contained in the paragraphs above must expressly appear in the agreements formalizing said
indebtedness as stipulations in favor of the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **"Total Shareholders' Equity"** means total Equity attributable to owners of the Group.

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| | |
|:---|:---|
| I9.2 | **General undertakings**  |

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The Borrower expressly assumes the following undertakings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.1 to obtain and do whatever is necessary to keep in full effect all authorizations, approvals, licenses and
consents required by the current legal provisions at any time in Spain and/or in the jurisdiction of residence, establishment, or incorporation of the relevant Subsidiary to allow them to legally enter into this Agreement and the remaining Finance
Documents to which they are party, and to comply with their obligations thereunder and exercise their rights according to said terms, or to guarantee the legality, validity, effectiveness, enforceability, or probative value in Spain of this
Agreement and of the remaining Finance Documents (subject to the Legal Reservations and, in the case of the Security Agreement, the Perfection Requirements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.2 to inform the Agent of the occunence of any circumstance of which it is aware and which cause that any of the
representations and warranties of Clause 17 ceases to be true after the date of this Agreement when such representation and warranty should be repeated pursuant to Clause 17.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.3 to inform the Agent, immediately and in no event later than three (3) Business Days from the date on which
it is known, of the occunence of any Event of Default and, upon receipt of written request to that effect from the Agent, to confirm to the Agent that, unless previously notified or notified in the relevant confirmation itself, that no Event of
Default has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.4 to maintain the payment obligations of the Borrower under the Finance Documents with at least the same rank
with the claims of all its other unsecured or unsubordinated, except for obligations mandatorily preferred by law applying to companies generally;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.5 not to grant or allow any Security to be granted over its assets, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) those which are required to be granted by law; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) those which are to be granted pursuant to this Agreement or which are Permitted Security or otherwise which
have been expressly authorized by the Majority Lenders; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) those detailed in paragraphs (a) to (d) of Clause 19.2.6 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.6 not to grant or maintain, nor allow any of its Subsidiary to maintain, any bonds or guarantees, including
counter-guarantees, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the First Demand Guarantee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) those which are required to be granted under the Permitted Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Permitted Indebtedness; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) those guarantees granted in the ordinary course of business (on arm's-length basis, based on legitimate
grounds and taking into account the corporate interest of the Group or any of its members) or in connection with any Permitted Disposal provided such disposal is made in the ordinary course of business (on arm's-length basis, based on legitimate grounds and taking into account the corporate interest of the Group or any of its members).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.7 except for the Permitted Indebtedness, not to grant loans, credit or financings of any kind, nor to transfer
funds, in favor of any third parties that are: (a) outside of the Group, (b) beyond the ordinary course of business, (c) not on arm's-length basis, not based on legitimate grounds and not
taking into account the corporate interest of the Group or any of its members. For the avoidance of doubt, parent company guarantees or other corporate guarantees granted by any companies in the Group in the ordinary course of business are
permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.8 not to create or recognize, nor allow other companies in its Subsidiaries to create or recognize, debt, on or
off the balance sheet (including derivative instruments), or to obtain financing of any type (including loans, credits, discounts, factoring, leasing, the acquisition of non-real estate assets with deferred
payments), except for the Permitted Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.9 not to sell, lease, or otherwise effectively dispose of assets (whether tangible or intangible, present or
future), with the exception of any Permitted Disposal. For the avoidance of doubt, the proceeds obtained from a Permitted Disposals shall not be applied to the mandatory prepayment of the Facility in the terms of Clauses 13.2.2 and 13.2.3 above;

For the purposes of this Agreement, **"Permitted Disposals"** means any disposal by any means (that is on arm's length terms):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) made between the companies of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of any asset (other than shares or business) made by any member of the Group in the ordinary course of
business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of Cash or Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the sale or transfer by any means of shares held by the Borrower in Wallbox Fawsn Charging Systen1 Co. Ltd;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) expressly permitted under this Agreement or in a Security Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) which is a moveable plant and machinery and fixtures and fittings in accordance with good estate management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in the ordinary course of trade or business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a Permitted Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) which is a lease, sub-lease or licence of property in the ordinary
course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) of obsolete or redundant or excess assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) of any moveable plant and machinery (other than fixtures) in the ordinary course of business; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) with the prior written consent of the Agent (acting on the instructions of the Majority Lenders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.10 to use the Facility exclusively for the purpose set out in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.11 to maintain with financially sound and reputable insurance companies, insurance with respect to the Borrower
and its Subsidiaries' properties and business against loss or damage of the kinds customarily insured against by persons engaged in the same or similar business, of such types and in such amounts (after giving effect to any self-insurance
reasonable and customary for similarly situated persons engaged in the same, similar or complementary businesses) as are customarily carried under similar circumstances by such other persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.12 to maintain, at all times during the term of this Agreement, a minimum Cash and Cash Equivalents for an amount
of at least thirty million euros (€30,000,000) and to maintain in the Spanish Accounts, at all times during the term of this Agreement, at least an amount equal to twelve (12) months of debt service. For the purposes of clarification, debt
service shall mean any amounts that shall be due and payable by the Borrower under this Agreement in each following 12-month period including payment of principal and interest for the relevant 12-month period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.13 not to incorporate, nor allow other companies within its Subsidiaries to incorporate, new companies, entities
or groupings, nor to enter into joint venture agreements, nor to acquire by any means any equity interest in existing companies and/or entities neither to invest in Capex for an annual aggregate amount higher than €30,000,000, without the prior
written consent of the Lenders. In case the Group

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shows a positive EBITDA in the relevant Consolidated Annual Financial Statements and/or Consolidated Quarterly Financial Statements during two consecutive quarters, this limitation will cease to apply.

For the purposes of this Agreement, **"Capex"** means capex expenditure, including, without limitation, effective payments made for investments in property, plant and equipment, intangible and financial fixed assets, including capitalized costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.14 not to adopt, nor consent to the adoption, of corporate resolutions aimed at amending the articles of
association unless (i) such amendments do not affect and cannot in any way affect the rights of the Lenders under the Finance Documents and (ii) those that may be required by law. In the event that the Borrower intends to change its
registered address, such action shall be authorized by the Lenders, provided that the validity and enforceability of the Finance Documents is maintained, the Lenders' contractual and/or procedural rights or privileges are not impaired in any
manner whatsoever and that the documents which, in the reasonable opinion of the Lenders, are required to maintain and preserve all the foregoing are duly signed in due course (at the Borrower's expense);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.15 to keep its accounting and draft its annual accounts and other financial statements (including the consolidated
accounts and statements of the Group), and also those relating to its Subsidiaries, in accordance with the current legal development and in accordance with the applicable generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.16 not to vary its accounting criteria and practices, nor those relating to its Subsidiaries, unless required by
the applicable legislation. If due to any applicable legislation, a change in such practices and criteria is required, the definition of the commitments, covenants and terms of a financial nature set out in this Agreement shall be revised by the
Borrower and Lenders so that they are adapted to the new circumstances. Any costs and fees of any kind arising from an amendment of this Agreement due to the terms of this Clause shall be borne by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.17 not to decrease their current stake in the share capital of the companies of the Group, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) said circumstance is motivated by a merger procedure that is permitted under this Agreement or it is merger
between companies of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it is due to transfers of equity interests in the share capital of the companies of the Group among the
Obligors themselves or any companies of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it is permitted under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it is mandatory by law,

neither to hold shares or holdings in treasury shares nor to carry out transactions relating to treasury shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.18 with respect to the Borrower, to exercise the voting rights it holds in its Subsidiaries in a way that such
exercise ensures at all times the Borrower's compliance with the obligations arising from the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.19 to ensure, by any means permitted by law (including, but not limited to, the distribution of any unrestricted
reserves) and without incurring in any Indebtedness for such purpose, that the economic flows generated by its Subsidiaries are distributed to the extent necessary to the Borrower, in strict compliance with any applicable material corporate,
accounting or tax regulations (specifically, with any transfer pricing regulation) and with their respective bylaws and, in particular, in order to ensure that the Financial Covenants are met at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.20 to maintain and make all its Subsidiaries to maintain the specific business activity of their current corporate
purpose, or an ancillary or related businesses, without carrying out any act addressed to alter or substantially change such activity, and to carry out such activity in full compliance with all material respects of the applicable legislation,
carrying out the actions needed so that its Subsidiaries comply with the material obligations in all material respects imposed by any civil, commercial, social, labor, tax, environmental or administrative obligation, or any other kind of obligation
applicable thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.21 with respect to the Borrower and its Subsidiaries, to obtain and/or request, process, and carry out the actions
needed to obtain and maintain all permits, licenses, and authorizations of any kind that are needed for the purpose of carrying out the activities representing their corporate purpose and the corporate purpose (where failure to do so has or is
reasonably likely to have a Material Adverse Effect);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.22 with respect to the Borrower and its Subsidiaries, not to issue, nor allow to issue options, convertible bonds,
or other rights of equivalent nature that entitle to acquire any type of equity interest in the share capital of any of the Borrower and its Subsidiaries except if it is permitted under this Agreement (in particular, under a Permitted Disposal or a
Permitted Security);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.23 in connection with the Material IP to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) protect, defend and maintain the validity and enforceability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) use reasonable endeavours to prevent any infringement thereof in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) make registrations and pay all registration fees and taxes necessary to maintain the Material IP in full force
and effect and record its interest therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) not use or permit the Material IP to be used in a way or take any step or omit to take any step-in respect of that Material IP which may materially and adversely affect its the existence or value or materially and adversely imperil the right of any member of the Group to use such property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) not discontinue the use of any of the Material IP;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) promptly advise the Lenders in writing of material infiingements of the Material IP; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) not allow the Material IP to be abandoned, forfeited, dedicated to the public or encumbered without the
Lenders' prior written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.24 not to sell, dispose or encumber in any manner whatsoever the Material IP and not to sell, dispose or encumber
in any manner whatsoever the Intellectual Property owned by any company of the Group in a way it could lead to a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.25 preserve ownership or legitimate right of use over all their relevant assets, both tangible and intangible,
needed to perform the main activities of the Group, taking whatever actions are needed and paying whatever amounts are required for the purpose of preserving ownership thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.26 not to (and shall ensure no of its Subsidiaries will) hold any cryptocurrencies at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.27 not to enter into any hedging or derivative agreement (other than currency hedging transactions in the ordinary
course of business and without any speculative purpose whatsoever);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.28 to punctually carry out any actions that may be necessary at all times to obtain and maintain in all material
respects the full validity and effectiveness of the Security granted or to be granted to the Lenders in accordance with the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.29 not to use the Facility to support the investment by the Borrower, the Guarantor or any of its Subsidiaries, or
by any direct or indirect shareholder of any of them for any illicit use, including products of money laundering or linked to the financing of terrorism, and to promptly inform the Lenders if at any time it becomes aware of an illicit use of any
such funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.30 not to (i) use, lend, contribute, or in any other form facilitate all or part of the funds under this
Agreement to finance any transaction, business, or any other activity that is carried out for the benefit of any Restricted Party; or (ii) get involved in any transaction with the aim of avoiding, evading, or breaching or attempting to breach
any Sanction applicable thereto; (iii) finance all or part of any payment in connection with a Finance Document with funds deriving from any business or transaction carried out, to the best of their knowledge, with a Restricted Party, or any
action that results in a failure to comply with a Sanction.

19.3 **General undertaking of the Guarantor** 

The Guarantor expressly assumes the following undertakings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3.1 to cause the Borrower to comply with the obligations contained in Clause 19.2 above including, in particular,
by exercising the voting rights it holds in the Borrower in a way that such exercise ensures at all times the Borrower's compliance with the those obligations;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3.2 to obtain and do whatever is necessary to keep in full effect all authorizations, approvals, licenses and
consents required by the current legal provisions at any time in the Netherlands to allow it to legally enter into this Agreement and the remaining Finance Documents to which it is a party, and to comply with its obligations thereunder and exercise
its rights according to said terms, or to guarantee the legality, validity, effectiveness, enforceability, or probative value in Spain and/or the Netherlands of this Agreement and of the remaining Finance Documents (subject to the Legal Reservations
and, in the case of the Security Agreements, the Perfection Requirements).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3.3 To comply at all times with any legal regulations applicable (but not limited to, any local, regional, national
legislation or contained in international treaties signed by the Netherlands and the regulations of the European Union, including as well the compliance with corrective measures required by such normatively), including also own legal obligations of
due diligence (including, without limitation, the keeping of trade books) and the corresponding tax and any other obligations (including also the obligations of reporting of information to the relevant competent authorities, supervisors and
regulatory bodies.

20. **EVENTS OF DEFAULT** 

20.1 **Events of Default** 

All amounts outstanding by virtue of this Agreement may be declared due and payable by the Majority Lenders in accordance with the terms of Clause 21.2 below, if any one of the below circumstances occur and is not waived or, if being capable of cure, cured within fifteen (15) Business Days from the earlier of the date on which (i) the Borrower becomes aware (or should have become aware if it had acted diligently) of the occurrence of the relevant Event of Default or (ii) the Agent communicates such circumstance to the Borrower (hereinafter each referred to as a **"Event of Default"**).

The Parties acknowledge that each Event of Default constitutes an essential element for this Agreement to be kept in force by the Lenders, being this acknowledged and accepted by the Borrower and, where applicable, the Guarantor, for all appropriate legal and contractual purposes.

The Parties agree that each of the following circumstances constitute an Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.1 Failure to pay on the relevant due dates any amount that is due by the Borrower to the Lenders and/or to the
Agent for principal, interest, default interest, commissions, taxes, fees, or for any other purpose set out in this Agreement or in any of the remaining Finance Documents (including any repayment obligation arising from Clause 13.2), unless the
failure to pay has been caused by a technical or administrative error of the intervening bank when transferring the funds, and the payment is made within three (3) Business Days following the date when it became due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.2 The failure to comply during two (2) consecutive testing periods with any of the Financial Covenants
provided that is not cured in accordance with the terms of Clause 19.1.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.3 Failure to comply by any of the Obligors with any of the other obligations (binding on them or on any other
member of the Group) (different from payment and financial covenants obligations) assumed under this Agreement (especially those set forth in Clauses 18 and 19, when applicable to the relevant Obligor) and in the remaining Finance Documents to which
they are party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.4 Misrepresentation or inaccuracy in any of the representations made by any of the Obligors in the Finance
Documents or in any information provided by the Obligors on the basis of which the Lenders have signed this Agreement, as well as representations that the Obligors henceforth make in accordance with the provisions of the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.5 If any of the Obligors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) fails to comply with any payment obligations in accordance with agreements relating to any Indebtedness entered
into with third parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fails to comply with any payment obligations in accordance with other agreements of a commercial nature entered
into with third parties for an annual amount higher than THREE MILLION EUROS (€3,000,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.6 If any of the Obligors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is unable or admits inability to pay its debts as they fall due or insolvency or pre insolvency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is deemed to, or is declared to, be unable to pay its debts under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) suspends of threatens to suspend making payments on any of its debts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it falls into any of the categories set out in Article 363(c) of the Spanish Companies Act and any other
applicable legislation which would require it to be dissolved unless the relevant Obligor or its shareholders provide evidence satisfactory to the Agent that, in accordance with the relevant regulation (and to the extent permitted under any
applicable laws), the steps are being taken to remedy the situations and remove the requirement for that Obligor's dissolution within the period legally established for that purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its
creditors (excluding any Lender in its capacity as such) with a view to rescheduling any of its indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.7 If any of the Obligors cannot, generally, pay its debts to the extent they are due, or (and to the extent
permitted under any applicable laws) any corporate action, legal proceedings or other procedure or step is taken in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, bankruptcy,
administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or equivalent scenario) of any Obligor;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a composition, compromise, assignment or arrangement with any creditor of any Obligor (other than in relation
to discussions with the Lenders in relation to the Finance Documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager or other
similar officer in respect of any Obligor or any of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enforcement of any Security over any assets of any Obligor or an attachment over any asset subject to any
Security Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any action by any Obligor, any of their respective directors or any third party aiming to the declaration of
insolvency *("concurso"),* including any *"solicitud de concurso voluntario"* or the occurrence of any of the situations described in Article 5.2, Article 583 and the Second Book of the Insolvency Law (or equivalent
under any applicable laws).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.8 If any litigation, arbitration or administrative proceedings or investigations of, or before, any court or
arbitral body are started and under which final non-appealable judgment or order is made against an Obligor which may result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.9 If during the term of this Agreement, claims or penalties are claimed against the Obligors of a tax nature once
the relevant administrative process on the tax debt/sanction liquidation has become final and provided it entails a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.10 If any authorisation, license or administrative approval is revoked, rescinded, suspended, modified in an
adverse manner or not renewed in the ordinary course for a full term where such revocation, rescission, suspension, modification or non-renewal has, or could reasonably be expected to have, a Material Adverse Effect and, in particular, if any stock
exchange or regulatory authority applicable to the Guarantor revokes, rescinds, suspends, modifies in an adverse manner or does not renew any such authorisation, license or administrative approval which may entail a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.11 If any of the material obligations arising from the Finance Documents for the parties thereof (which are
different from the Lenders and the Agent) is not legal, valid and binding, as well as if such circumstance occurs in connection with any of the Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.12 If any Material Adverse Effect occurs, unless express prior written consent by all the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.13 If the Borrower or its Subsidiaries takes any type of action or measure against the terms of Clauses 19.2.1 and
19.2.28 above which leads to:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the impairment of rights granted to beneficiaries pursuant to the Security Agreements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the enforceability of the Security Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.14 If the opinion expressed by the Auditors on any of the financial statements of any Obligors delivered in
accordance with the terms of Clause 18 above is issued with an "unfavourable opinion", an "opinion with reservations", an "opinion with exceptions" (on the understanding that if it is an opinion with reservations or
exceptions only to the extent that it is based on facts or circumstances whose impact on the assets could result in a Material Adverse Effect) or a "denied opinion", in accordance with the generally accepted accounting principles in Spain
(or where applicable in the jurisdiction where the corresponding Obligor is domiciled) and the applicable technical audit standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.15 If an Obligor suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material
part of its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1.16 If it is or becomes illegal for an Obligor to fulfill its obligations under any of the Finance Documents
(including any Warrant Document).

20.2 **Declaration of early termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.1 Should any Event of Default set out in Clause 20.l above occur and is continuing (that is, once any remediation
period stated in said Clause 20.l has elapsed or has not been waived), the Agent shall declare the early termination, if the Majority Lenders so decides, and shall require the Borrower to make immediate payment of the amounts owed pursuant to this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.2 In any case, the individual right of each Lender to invoke the early termination of this Agreement shall remain
intact, with respect to its participation therein, after the lapse of fifteen (15) Business Days after the notification by the Agent to the Lenders of its intention to exercise such right, without the Majority Lenders having agreed for the
early termination.

20.3 **Consequences of early termination** 

In the event that, pursuant to the terms of Clause 20.2 above, the Agent (in the case provided for under Clause 20.2.1) or any Lender (in the case provided for under Clause 20.2.2) were to declare the early termination of this Agreement, the Borrower shall be bound to pay the Lenders (or, where applicable, the Lender that has opted for early termination), on the same date if it is a Business Day that the early termination has been declared, the outstanding Facility Amount (or where applicable, the portion thereof that corresponds to the Lender that has opted for early termination), as well as the other amounts due by virtue of this Agreement, including ordinary and default interest, fees, taxes, and expenses owed in accordance with the terms of this Agreement, and likewise the corresponding indemnity pursuant to Clause 21 below.

In any case, once the early maturity of this Agreement has been declared by the Lenders, any judicial or extrajudicial claim relating to the *in rem* security created under the Security Agreements and the First Demand Guarantee granted in relation to this Agreement

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(including the enforcement thereof), and for which the Lenders shall be responsible for exercising, must be initiated in accordance with the last paragraph of this Clause 20.3 through the Agent, who sha11 act for these purposes as a special attorney of the Lenders, condition that shall be formalized by means of the granting of the authorizations necessary for that purpose.

Likewise, those Lenders that cannot grant the aforementioned authorizations undertake to exercise the aforementioned actions and claims jointly with the Agent, in a single procedure.

In any event, and in accordance with the terms of Clause 36.3, the enforcement of the *in rem* security referred to thereunder and of the First Demand Guarantee, shall require the prior agreement of the Majority Lenders (thus without enforcement being possible by the individual decision of a Lender, not even in the cases provided for under Clauses 15, 16 and 20.2.2 above).

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**SECTION VII** 

**INDEMNITY** 

21. **INDEMNITY** 

21.1 In the event that any Lender, or the Agent acting on its behalf, should receive or recover the whole or any
part of the share corresponding to that Lender in the outstanding Facility Amount, when such reception takes place on a date other than an Interest Payment Date, then the Borrower shall pay to the Agent, at the Agent's request on behalf of the
Lender concerned, the applicable Break Costs in accordance with the realization of said payment (as calculated by the Agent or the Lender concerned).

The compensation that is due in accordance with the provisions of this Clause 21 shall be cumulative and not exclusive with respect to the obligation to pay default interest to which the Borrower may be entitled pursuant to the provisions of Clause 9 herein above.

21.2 The Borrower shall indemnify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2.1 the Agent and each of the Lenders in respect of any expense, claim, loss (but excluding loss of profit),
necessary outgoings (such as legal fees) or liability reasonably incurred by them, along with such amount if irrevocable VAT as may be applicable thereto, which any of them may suffer or that may arise with respect to any of them as a result of the
occurrence of any Event of Default attributable to the Obligors or due to any breach by the Borrower of the obligations assumed by them under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2.2 each of the Lenders in respect of any loss or damage (but excluding loss of profit) that they may suffer as a
result of contributing or committing the funds corresponding to their participation in the Facility Amount, when such Facility does not become effective due to a breach of the provisions of this Agreement attributable to the Borrower.

21.3 For the purposes of this Agreement, **"VAT"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value
added tax (EC Directive 2006/112); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for,
or levied in addition to, such tax referred to in paragraph (i) above or imposed elsewhere.

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**SECTION VIII** 

**PAYMENTS** 

22. **PAYMENTS** 

22.1 All payments relating to costs and expenses that the Borrower or, as the case may be, the Guarantor are bound
to make as the result of any obligation assumed by them under this Agreement shall be made in Euros, this is, the single currency in the member states of the Economic and Monetary Union (EMU) of the European Union.

22.2 All payments that the Borrower or, as the case may be, the Guarantor are bound to make in respect of principal,
interest, commissions, expenses or as regards any other item arising under this Agreement shall be paid by twelve o'clock in the morning (12:00 a.m.) on the date upon which they fall due in terms of this Agreement, according to the value of
that date pursuant to the valuation rules of the Bank of Spain (or, as the case may be, of the European Central Bank), without any need for prior notice. Payment shall be made by way of deposit of the sum concerned in such accounts as the Agent may
from time to time has notified in writing to the Borrower.

For this purpose, the Borrower and the Guarantor hereby expressly authorise the Agent to debit these accounts with the amounts owed by each of them for any reason under this Agreement on each of the dates on which they are to be paid.

Any payment that the Borrower and/or the Guarantor, as the case may be, are bound to make in terms of this Agreement shall be deemed to have been received by the Lenders when the amount thereof is at the disposal of the Agent in such accounts referred to above, which shall give rise to full effects of receipt and discharge insofar as the Borrower and the Guarantor are concerned, as if such payment/s had been received in the corresponding proportion by the other Lenders.

22.3 The Agent shall distribute the sums effectively received among the Lenders, in proportion to their respective
participation in the relevant payment. The Agent shall pay such amounts into the corresponding account, among those that the other Lenders may from time to time have notified in writing to the Agent, on the same date on which the Agent has received
them from the Borrower or, as the case may be, from the Guarantor and according to the valuation rules laid down by the Bank of Spain (or, as the case may be, by the European Central Bank or in accordance with such other rules of valuation as may be
applicable).

22.4 Except as otherwise provided in this Agreement or in the Finance Documents, all payments that the Borrower
and/or the Guarantor are bound to make shall be made net and without any deductions in respect of taxes, set-off, withholdings or any other concept, in accordance with the provisions of Clause 14 herein above
and the domestic legislation applicable to the Obligors.

22.5 When the Agent is notified of the remittance of any amount on behalf of any Party to this Agreement, it shall
not be bound to pay over the said sum until it is completely satisfied that such amount has been effectively received. However, in the event that the Agent should pay over any sum in advance before it has effectively been received, the Agent shall
be entitled both to request the person/s in receipt of such sum/s to repay it/them and to claim payment of the expenses incurred as a result of such payment in advance from the party in breach.

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23. **SET-OFF** 

The Obligors hereby expressly authorise each Lender to apply any balance/s they may hold in their favour, whether in any current, savings or loan account or on fixed-term deposit or any other kind of deposit and whether present or future, towards payment of any sum/s due, outstanding and unpaid (*liquido*, *vencible y exigible*) by the Obligors under this Agreement. The said authorisation shall also cover conversion from one currency to another in accordance with the market practice, being the Lenders required to make best efforts to maximize the amount of the same. It is excluded the set-off rights of any kind of securities, including company shares and stock, deposited by the Obligors with the Lenders (excluding those subject, if applicable, to the Security Agreements, the former hereby authorise the latter to sell them with a view to set-off the obligations assumed by the Obligors under this Agreement by means of the sum/s received from such sale/s).

The Lenders that proceed to make any set-off pursuant to this Clause, shall notify the Agent and the Borrower this extent within three (3) Business Days from the date of the relevant set-off.

24. **PROPORTIONALITY OF PAYMENTS** 

Any payment received by the Lenders from the Obligors in respect of principal of the Facility or interest, whether via the Agent or by any other means (including through the exercise of a set-off right), shall be proportional to their respective participation in the Facility Amount to which the payment shall be allocated (except in those cases provided for in Clauses 15, 16, and 20.2.2 above). Any Lender that receives any payment/sunder the Facility which fail/s to respect the proportionality referred to above shall place the whole of the payment/s received at the disposal of the Agent so that the Agent may duly redistribute such payment/s among the Lenders.

Notwithstanding the exception provided for in the following paragraph, the system of proportionality established in this Clause 24 shall be equally applicable in the event that any of the Lenders should have received any sum in an amount greater than that received by the other Lenders pursuant to the privilege set forth in Section 280.7 of the Insolvency Act (or any other similar provision under the jurisdiction of the relevant Obligor), except when, before bringing insolvency proceedings against the Obligor, the relevant Lender has offered to the other Lenders the opportunity of filing, through the Agent, a joint request for insolvency proceedings and the Majority Lenders has not approved such a joint request no later than five (5) Business days thereafter. For such purposes, the Lenders hereby authorise the Agent, as from the date of execution hereof, so that, following agreement by the Majority Lenders to that end, the Agent may seek a declaration of insolvency in relation to any Obligor in the name and on behalf of those Lenders who voted in favour of the request for insolvency proceedings against the relevant Obligor. The Lenders that cannot empower the Agent in relation to the actions foreseen in this section undertake to appear, jointly with the Agent, to carry out the actions or to grant the documents that may be required.

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Furthermore, the Lenders hereby expressly agree that the proportionality rule provided for in this Clause 24 shall not be applicable in respect of any sum/s representing principal and/or interest that, if applicable, any Lender, which, in the event of the insolvency of any Obligor and by virtue of the provisions of Section 281.1 or Section 281.5, read along with those of Section 282, 283 and 284, of the Insolvency Act (or of any other analogous provision under the jurisdiction of the relevant Obliger) falls to be deemed a subordinate creditor, may cease to receive.

In the event that there are amounts due under this Agreement, allocation of payments due under this Agreement shall be done *pro rata* so that, at all times, each of the Lenders receive payments proportionally to their claims against the Borrower under this Agreement. Any Lender that receives any payment/s under this Agreement which fail/s to respect the proportionality referred to above shall place, as applicable, the whole of the payment/s received at the disposal of the Agent so that the Agent may duly redistribute such payment/s among the Lenders.

25. **ALLOCATION OF PAYMENTS** 

25.1 Any payment made by the Borrower and, if applicable, the Guarantor to the Agent, pursuant to the provisions of
this Agreement, for distribution among the Lenders, shall be allocated to the following items of those amounts owed by the Borrower and, if applicable, the Guarantor, in accordance with the order set out as follows:

1- Default Interest

2- Ordinary interest and Break Costs

---

| | |
|:---|:---|
| 3- | Fees  |

---

4- Costs and taxes

5- Indemnity and increase costs

6- Judicial costs

---

| | |
|:---|:---|
| 7- | Facility Amount which is outstanding  |

---

25.2 The allocation of payments shall begin with those debts that have been outstanding for longest. Under no
circumstances shall the allocation of any payment to any debt be deemed to imply the waiver of any other debt, even though such other debt may have been outstanding for longer and may have arisen from the same or a different obligation, unless such
waiver is expressly stated by the Lenders.

25.3 Payments shall be allocated in the same manner in the event that, as a result of any extraordinary and
unanticipated circumstances and notwithstanding the provisions of this Agreement, payment should be made by the Borrower or, if applicable, the Guarantor to any of the Lenders, but without prejudice to the *pro rata* distribution that would
fall to be carried out in such a case in accordance with the provisions of Clause 24 herein above.

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**SECTION IX** 

**FEES AND EXPENSES** 

26. **FEES** 

26.1 **Structuring fee** 

The Borrower shall pay to the Original Lender a structuring fee for the amount indicated in the letter sent by the Original Lender to the Borrower on the dat of this Agreement, which it expressly declares to know and accept.

26.2 **Extension fee** 

In case the Borrower submits an Extension Request pursuant to Clause 11.2 and the Extended Termination Date is accepted by the Lenders, the Borrower shall pay to the Lenders an extension fee for an amount equivalent to cero point thirty percent (0.30%) of the Facility Amount within a term of five (5) Business Days as from receipt of the Extension Response (the "**Extension Fee**").

27. **COSTS AND EXPENSES** 

27.1 The Borrower shall bear or, as the case may be and at the request of the Agent (following the instructions
provided by the Lenders for such purposes), repay to the Agent and the Lenders, all duly evidenced,justified and reasonable costs and expenses (including notary's costs, the fees of the Lenders' legal advisers—according to the budgets
previously approved by the Borrower and any costs and expenses related to the eventual sworn translation of this Agreement if required as referred to in Clause 18.1.6 above, together with the corresponding VAT (save to the extent that a Lender
reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority), incurred by the former in relation with the negotiation, preparation, granting and notarizing of this Agreement and of the
other Finance Documents, as well as with the performance of the operations contemplated therein (including expressly the negotiation, preparation and perfection of any guarantees referred to in this Agreement, the performance of any necessary
novation both in relation to said guarantees and to the other Finance Documents -including, in connection with any Extension Request and relevant documentation in order to formalize it, if applicable—and any expenses derived from the
authorization by the Lenders of specific actions or situations that affect any of the Obligors and that contravene the provisions of Clause 18 or 19 of this Agreement waivers), and with the exception of the expenses, taxes and disbursements derived
from the assignments made by the Lenders in accordance with the provisions of Clause 30, which shall be paid and supported by the assignor or assignee of the Lenders.

27.2 At the request of the Agent, the Borrower shall repay to the Agent and the Lenders all reasonable and justified
costs and expenses, whether of a judicial or an extra-judicial nature, and the fees of lawyers and court attorneys that are incurred (provided that the Borrower is ordered to pay the costs of the proceedings in question) or any others reasonable and
justified that could arise as a result of any Events of Default or on the occasion of the enforcement (or, where applicable, preservation) of any rights under any of the Finance Documents.

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27.3 The Borrower shall bear all the indirect taxes (save to the extent that a Lender reasonably determines that it
is entitled to credit or repayment in respect of such VAT from the relevant tax authority), duties and contributions of any kind, whether present or future, arising as a result of the formalisation, application, execution, performance and
termination of this Agreement and of the remaining Finance Documents (excluding any assignment made by the Lender of any Finance Documents). Subject to Clause 14.3, the Borrower shall be bound to indemnify the Agent and the Lenders with respect to
any liability, expense or claim that may arise as a result of any failure to pay or delay in payment of the aforementioned taxes, duties and contributions, unless such failure is directly attributable to the Lenders or to the Agent, as the case may
be.

Notwithstanding any other provisions of this Agreement and for the avoidance of doubt, any taxes accrue for the exercise by any Lender (or its successors) of the rights under Warrant Agreement shall be borne by the Lender (or its successors).

27.4 The Borrower shall also be responsible for the fees, costs and expenses duly justified derived from the
movement of funds in the accounts of the Lenders in the Bank of Spain or derived from any other system used by the Lenders to make the payments provided for in this Agreement.

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**SECTIONX** 

**AGENCY PROVISIONS** 

28. **THE AGENT AND THE LENDERS** 

28.1 **Designation** 

Upon any assignment under this Agreement in accordance with Clause 30 being effective, each of the Lenders (other than the Original Lender), jointly and irrevocably appoint BBVA to act as its Agent in relation to this Agreement for the period of time between the date of signature of this Agreement (included) and as long as this Agreement remains in force (with the express acknowledgement and consent by the Obligors).

The Lenders authorise the entity that at any given time holds the condition of Agent to exercise the rights, powers and faculties expressly delegated to the Agent in accordance with this Agreement, together with all other rights, faculties and powers of an ancillary nature with respect to the former. Without limiting the independent and joint nature of the obligations of the Lenders under this Agreement, it is agreed that, in relation to the development and operation of this Agreement and any other Finance Document, the Agent shall act both in its own name and right and as an irrevocable special agent of the Lenders. Consequently, unless otherwise expressly provided for in this Agreement, (i) any notification between the Lenders and the Obligors shall be channelled through the Agent, (ii) any notification made or received by the Agent shall produce the same effects as if it had been made or received by the Lenders, and (iii) payments of any nature derived from this Agreement shall be made by the Obligates precisely to the Agent, with full discharge effects for the former as if they had been received in the corresponding proportion by the other Lenders. In accordance with the provisions of Article 1170 of the Spanish Civil Code, in the event that any cheque or check delivered by the Borrower or the Guarantor to the Agent cannot be made, such delivery shall not produce the effects of payment, nor shall it therefore release the Borrower or the Guarantor from their obligation, furthermore giving the Agent, if the latter has made the payments foreseen in favour of the Lenders the corresponding right to repeat against the latter.

28.2 **Resignation** 

The Agent may at any time resign from the office to which he is appointed in terms of this Agreement, without any need to give any reason for such resignation. It shall do so by giving prior written notice to that effect to all the other parties to the Agreement, but on the understanding that its resignation will not become effective until a successor to the Agent has been appointed in accordance with the following provisions of this Clause 28.2 and such successor has accepted office.

If the Agent gives prior notice of its resignation pursuant to this Clause, the Majority Lenders may, with the Borrower's consent, appoint a successor to the Agent within thirty (30) days. Such consent on the part of the Borrower may not be unreasonably withheld provided that the agency fee remains unchanged (unless otherwise agreed between the Lenders and the Borrower) and, if the new Agent is one of the Lenders, the Borrower shall not refuse their consent under any circumstances. The Borrower's consent shall be deemed to have been tacitly given if the Borrower fails to notify the outgoing Agent in writing to

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the contrary within ten (10) days of the date when they received the resignation notice. In the event that the Majority Lenders should fail to appoint a successor within the said period referred to above with the consent of the Borrower (when such consent is required pursuant to the foregoing provisions) or if the appointee should refuse to accept the office, then the Agent shall itself designate a successor from among the Lenders, subject to prior notice being given to the Borrower.

Once a successor to the Agent has been duly appointed and the appointee has accepted office, the outgoing Agent shall be freed and relieved of any other obligations under this Agreement but shall remain subject to the obligations and entitled to the rights provided for in Clause 28.4 below in relation to its conduct in the exercise of that office.

The Agent shall resign in accordance with this Clause 28.2 if on or after the date which is three (3) months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2.1 the Agent fails to respond to a request under Clause 14.7 and a Lender reasonably believes that the Agent will
not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2.2 the information supplied by the Agent pursuant to Clause 14.7 indicates that the Agent will not be (or will
have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2.3 the Agent notifies the Borrower and the Lenders that the Agent will not be (or will have ceased to be) a FATCA
Exempt Party on or after that FATCA Application Date;

and (in each case) a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, and that Lender, by notice to the Agent, requires it to resign.

28.3 **Revocation** 

In the event that the Agent should fail to comply with its obligations under this Agreement and/or the other Finance Documents, the Majority Lenders shall be entitled to revoke the appointment of the Agent.

The Lender that invokes grounds for revocation as provided for in the preceding paragraph shall immediately inform the Agent thereof, with a view to an appropriate decision being adopted in that regard by the Majority Lenders.

The Agent shall then pass the request from the relevant Lender to the other Lenders by no later than the third (3<sup>rd</sup>) Business Day immediately following the date of receipt of such request.

The other Lenders shall notify the Agent of their position in relation to the matter within five (5) Business Days of the date when the request was remitted by the Agent.

The decision adopted by the Majority Lenders shall be notified, on the same date as it is adopted, by the Agent to the other parties and, if it is in favour of the Agent's substitution, also to the Borrower.

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The revocation of the Agent shall not be effective until a successor is appointed by the Majority Lenders. However, from the moment in which, in accordance with the provisions of the preceding paragraphs, the Majority Lenders has adopted the decision to revoke the appointment of the existing Agent, all the functions delegated to the outgoing Agent shall be deemed automatically revoked except those intended for the appointment of the new Agent as well as those initially delegated to the Agent which are strictly necessary to preserve the rights conferred on the Parties to this Agreement and the other Finance Documents and provided that, in the latter case, it has received express written instructions from the Lenders on how to exercise them.

Once the revocation of the outgoing Agent's appointment has been agreed, the procedure for appointing the new Agent shall commence immediately. The provisions of Clause 28.2 herein above relating to the Agent's resignation shall apply as regards the form and deadlines of the said procedure.

Once a successor to the Agent has been duly appointed and the appointee has accepted office, the outgoing Agent shall be freed and relieved of any other obligations under this Agreement but shall remain subject to the obligations and entitled to the rights provided for in Clause 28.2 herein below in relation to its conduct in the exercise of its office.

If the Agent should so request in writing, the Lenders shall be bound, within the period of thirty (30) days following the date of receipt of such request, to execute such public and/or private documents as may be necessary in order to ratify the powers conferred upon the Agent in terms of this Agreement and the other Finance Documents.

28.4 **Powers and obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.4.1 The Agent shall be entitled as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to assume, unless having received any notice to the contrary from any other party to this Agreement in its
condition as Agent, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any formal representations made by the Borrower or the Guarantor in connection with this Agreement, any of the
other Finance Documents or the securities provided hereunder are true;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Event of Default has occurred pursuant to the provisions of Clause 20.1 herein above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no right or power conferred under this Agreement upon all or upon the Majority Lenders, as the case may be, or
upon each of them or upon any other person or group of persons has been exercised, unless it has received, in its capacity as Agent to the Lenders, notification to the contrary from any other party to the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to exercise on behalfof the Lenders the appropriate judicial or extrajudicial actions and claims in relation to
the guarantees provided at all times by the Lenders and/or the Guarantor in favour of the Lenders in accordance with the provisions of this Agreement. The Lenders may grant to the Agent such powers of attorney as may be necessary for this purpose
whenever possible.

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Likewise, any enforcing Lender to which the above granting is not possible, undertakes to exercise jointly with the Agent and/or with the other enforcing Lender as applicable—and in the same procedure—the aforementioned actions and claims in question;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to engage and pay for the advice or services of lawyers, accountants, or other experts whose advice or services
may appear to it to be necessary, desirable or desirable, and rely on the advice thus obtained. However, in the event that the fees may be relevant, the Agent, prior to the hiring of such services: (a) request three (3) estimates from
among the most prestigious experts in the sector, choosing the cheapest of them and (b) inform the Lenders in case any of them has any objection in this respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to rely on any communication or document that it considers to be authentic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to refrain from exercising any right or power corresponding to it in its capacity as Agent by virtue of this
Agreement and/or the security granted under it, unless and until it receives from a Majority Lenders or from all of the Lenders, as the case may be, instructions as to whether or not it should exercise such right or power and, if it ought to do so,
how it should exercise that right or power; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) to refrain from acting in accordance with the instructions of a Majority Lenders or of all the Lenders, as the
case may be, to institute any legal action or proceedings relating to this Agreement and/or the security granted under it, until payment of all the costs, expenses (including legal fees), claims, losses and liabilities (along with the corresponding
amounts of VAT thereon), which the Agent may incur or which may arise in the course of complying with such instructions, has been suitably secured to his satisfaction (whether by way of payment in advance or in any other manner).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.4.2 The Agent shall be bound as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to inform each Lender as to the terms of any notice or document that he may receive in his capacity as Agent
from any of the Parties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to inform each Lender when any event which may cause the early termination of this Agreement pursuant to the
provisions of Clause 20 herein above and it has received notice thereof from any of the other parties to the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) unless this Agreement provides otherwise, to act as Agent by virtue of this Agreement and in accordance with
any instructions given to it by the Lenders according to the corresponding decision-making process applicable in each case, and such instructions shall be binding on all the Lenders;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) when ordered to do so by all or a Majority Lenders, as the case may be, to refrain from exercising any right or
power corresponding to it in its capacity as Agent by virtue of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to act diligently in the exercise of its office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.4.3 Notwithstanding any provision to the contrary that may be contained, whether expressly or tacitly, in this
Agreement, the Agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not be bound to verify the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether any formal declaration made by any of the Parties in relation to this Agreement and/or the other
Finance Documents is correct or if the information provided by the Borrower or the Guarantor is true;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) whether any event that may cause the early tennination of this agreement pursuant to the provisions of Clause
20 herein above has occurred; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) whether any of the Parties to the Agreement has complied with its obligations under this Agreement, the other
Finance Documents and/ any securities granted thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not be bound to pay to any Lender any sum received by the Agent in its own name (except for those amounts that
the Agent may receive in its capacity as a Lender) or the proceeds of any such sum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not be bound to disclose to any Lender any information concerning the Obligors or the Group, if such
divulgation would constitute or, in its opinion, might constitute either a breach of any legal regulation, which might give rise to criminal liability, or a breach of the principle of good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) not assume any liability *vis-a-vis* the Lenders with respect to the legality, validity, effectiveness, accuracy or enforceability of this Agreement, of the securities and guarantees
granted thereunder or of any other ancillary document or contract, or as regards adopting or failing to adopt any measure in relation to the Agreement and/or any securities or guarantees granted thereunder, or concerning the performance of his
obligations under this Agreement, except in cases of gross negligence or wilful misconduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) not be bound by any obligation other than those expressly laid down in this Agreement and the other Finance
Documents and any securities or guarantees granted thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.4.4 At the request of the Agent, each Lender shall indemnify the Agent *pro rata,* in the proportion that its
share in the outstanding Facility Amount represents with respect to the total of that Facility Amount at the time when such request is made, as regards any and all costs, expenses (including lawyers' and court attorneys' fees),

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claims, losses and liabilities (along with the corresponding amounts of VAT thereon), which the Agent may incur in the course of performing its obligations as Agent in terms of this Agreement provided that such costs, etc. are duly evidenced and have not arisen as a direct result of gross negligence or wilful misconduct on the Agent's part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.4.5 Each of the Lenders undertakes not to assert against the Agent any claim it may have against it in relation to
the matters referred to in this Clause (except as a direct consequence of its own gross negligence or wilful misconduct) or, in any event, against any director, officer, representative or employee of the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.4.6 The Agent, along with the other Lenders, shall be entitled to accept deposits from, lend money to and, in
general, deal in any kind of banking or other business with the Obligors or the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.4.7 Each of the Lenders acknowledges and agrees that it has been and shall continue to be the only responsible
party for carrying out its own independent investigations and assessments with respect to the financial situation, credit risk, operations and the legal nature and regime of the Obligors and the Group.

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**SECTION XI** 

**ASSIGNMENTS** 

29. **ASSIGNMENT BY OBLIGRS** 

The Obligors shall not assign, transfer, replace or subrogate any of the rights and obligations corresponding to them under this Agreement or allow the subrogation of any third party into the rights or contractual position of the Lenders, unless permitted under this Agreement or with the express unanimous consent in writing of all the Lenders.

30. **ASSIGNMENT BY LENDERS** 

30.1 The Lenders may assign or transfer, whether in whole or in part, its participation under the Facility, without
the need ofa prior consent of the Borrower, provided that such assignment complies with the following conditions (otherwise, the prior consent of the Borrower will be required):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.1.1 that the assignment is notified (including the identity of the assignee) to the Agent at least five
(5) Business Days before it is to become effective, unless the Agent consents otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.1.2 that the assignment is notified (including the identity of the assignee) to the Borrower within five
(5) Business Days after it has become effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.1.3 that the assignment is granted in favour of any other banks, financial institutions, trusts, funds or other
entities which are regularly engaged in or established for the purpose of making, purchasing or investing in Joans, securities or other financial assets, including, for the avoidance of doubt, any Affiliates of a Lender; and

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| | |
|:---|:---|
| 30.l.4 | that the assignment amount is equal to or higher than ONE MILLION EUROS (€1,000,000), or greater whole multiples of ONE HUNDRED THOUSAND EUROS (€100,000), unless the sum to be assigned represents the total of the assignor's participation in the outstanding Facility;  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.1.5 that the effective date of the assignment falls on an Interest Payment Date, unless the Agent consents
otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.1.6 that the assignment does not give rise to increased costs, expenses and taxes for the account of any of the
Obligors (including any payments to be made under Clause 14.2) nor to additional obligations for the Obligors and that the assignee has the condition of FATCA Exempt Party upon carrying out the assignment.

Notwithstanding the above, upon the occurrence of an Event of Default which is continuing, the Lenders may freely assign its participation under the Facility in favour of any entities, without the need to company with the requirements set out therein.

The assignee shall pay to the Agent, on the date when the assignment becomes effective, an assignment fee amounting up to THREE THOUSAND EUROS (€3,000).

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For the purposes of this Agreement, **"Affiliate"** means, in relation to any person, a Subsidiary of that person or a holding company of that person or any other Subsidiary of that holding company.

30.2 For clarification purposes and without prejudice to any rights that may correspond to the Lenders under this
Agreement, the Lenders may at any time, without obtaining the prior consent of the Borrower, pledge, assign in security or use as a guarantee any or all of its rights *vis-a-vis* the Borrower under this Agreement and remaining Finance Documents (excluding the Warrant Documents) in favour of the following entities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.2.1 assign or create any charge, security or guarantee whatsoever in favour of federal reserves, central banks,
national credit or monetary institutions or any other equivalent international institutions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.2.2 in the event the relevant Lender is a fund (in the terms set out in Clause 30.1 above), assign or create any
charge, security or guarantee whatsoever in favour of holders of bonds, notes or securities issued for such purposes (or in favour of its agent or trustee),

provided that such pledge, assignment in security or guarantee does not entail any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) release of the Lender from any of its obligations under this Agreement and the remaining Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an increase in costs, expenses, taxes or obligations for any of the Obligors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the enforcement of the relevant charge, guarantee or security shall not give rise to an unauthorised assignment
in accordance with this Agreement;

30.3 For the avoidance of doubt, the Warrant Agreement shall only be assigned under the terms expressly detailed in
the Warrant Agreement and not in this Agreement.

30.4 Unless otherwise agreed in writing, the Parties mutually undertake to maintain the strictest confidentiality of
this Agreement and the Finance Documents, and not to disclose any information directly or indirectly related to this Agreement and the Finance Documents, unless disclosure of such information is: (a) required by law (or by any judicial or
administrative authority); (b) is required to be disclosed to any regulator authority; or (c) where disclosure is necessary for the exercise of its rights under this Agreement or for the defence of its rights in a judicial or arbitration
proceeding.

30.5 Each Party may, however, eventually disclose information relating to this Agreement and the Finance Documents
to (i) its advisors (such as lawyer and financial advisors) and auditors who are bound by law or the rules of their profession to keep secret what is disclosed in their capacity as such or, failing such advisors, who have entered into a
confidentiality agreement on substantially the same terms as this Agreement; (ii) any entity within the group of any Party; (iv) potential assignees of the Lenders in accordance with Clause 30.1 above; (iii) entities in favour of
which a charge or guarantee is created in the terms set forth in Clause 30.2 above; or (iv) entities in charge of the preparation of league tables; subject that in all the said scenarios the relevant third party shall be bound by the
confidentiality unde1takings under this Agreement. In any case all of the above disclosures are allowed to the extent it is permitted by law or by any regulations applicable to the Obligors from time to time.

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30.6 The Borrower and the Lenders shall agree in writing the terms of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any reference to the activity carried out by the Lenders in their advertising communications and in their
activity in the media for the purpose of promoting and publicizing their participation in the Facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any disclosure of information of the Facility for the purpose of being able to credit and register its
participation in the Facility in lists of operations and rankings prepared in the financial industry.

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**SECTION XII** 

**MISCELLANEOUS CLAUSES** 

31. **CALCULATION AND CERTIFICATES** 

31.1 For the purposes of this Agreement, the Agent, acting in that capacity, shall open and maintain on its books a
special accounts in the Borrower's names. In such account the Agent shall debit the amounts relating to principal, ordinary interest, fees, costs, default interest, additional expenses and other sums owed by the Borrower under this Agreement,
and it shall credit all the sums received by the Agent in payment of the amounts owed by the Borrower as a result thereof, such that the balances of the said account reflect at all times the amounts owed by the Borrower under this Agreement.

31.2 In addition to the accounts and sub-accounts referred to in Clause 31.1
herein above, each of the Lenders shall open and maintain on their books special accounts analogous to that described above, in which the relevant Lender shall record the amounts owed to it by the Borrower under this Agreement and the sums paid to
it by the Borrower, such that the balances of the said accounts reflect at all times the amount owed by the Borrower to the relevant Lender under this Agreement.

31.3 It is expressly agreed that, for the purposes of any legal claims arising under this Agreement, in accordance
with the terms of this Agreement, any amount due to the Agent or any of the Lenders (and reflected in each of the accounts and sub-accounts referred to in Clauses 31.1 and 31.2 above) shall be deemed to be a
due, payable and demandable amount.

For the purposes of Article 572.2 of the Civil Procedure Law, the Parties agree that the amount payable in the event of execution shall be that resulting from the liquidation carried out by the Agent or by the Lender in question (or by those of the Lenders in question, if there are several), by means of a certificate establishing the amount owed. For clarification purposes, the Parties state that the aforementioned settlements may include all or part of the concepts, as indicated in Article 573.3 of the Civil Procedure Law, without this implying any waiver of any amount owed by the Borrowers by virtue of this Agreement.

In this regard, the Parties expressly acknowledge that, if the Agent issues a certificate relating to any of the accounts and sub-accounts referred to in Clause 31.1 herein above, this shall preclude any of the Lenders from issuing a subsequent certificate relating to the account and sub-account concerned as referred to in Clause 31.2. Likewise, if any of the Lenders issues a certificate relating to any of the accounts and sub-accounts referred to in Clause 31.2 herein above, this shall preclude the Agent from issuing a subsequent certificate relating to the account and sub-account concerned as referred to in Clause 31. l, unless the Agent shall have previously carried out the necessary adjustments to deduct from the certificate issued by him such amount as is set out in the corresponding certificate previously issued by any Lender.

31.4 A certificate issued by a Lender with respect (i) to the amount by which a debt owed to that Lender under
this Agreement should be increased in terms of Clause 16. l herein above or (ii) to the amount claimed at that time as indemnity or compensation for any expense or liability, as referred to in Clauses 14, 16.1, 21 and 27 herein above, shall be
deemed conclusive, save error, for the purposes of this Agreement, provided that the requirements laid down in the said Clauses in that regard are complied with.

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31.5 All the Parties hereto hereby expressly authorise the Agent to request the notary who certifies the
formalisation of this Agreement in a notarial instrument .to issue such formal copies of the said deed, sufficient for enforcement, as may be necessary for the purposes of this Clause 31 and of Section 517 of the Civil Procedure Law.
Furthermore, in addition to the foregoing, each of the Lenders hereby undertakes, if necessary for the aforementioned purposes and if expressly requested by the Agent, to make available to the latter, as soon as possible, the copy of the said
enforceable deed that they hold.

31.6 A translation of this Clause 31 into the Spanish language is attached to this Agreement as  **<u>Annex III</u>** . The Parties hereby acknowledge and accept that such translation is accurate and correct for all legal purposes and waive any right to challenge such translation at any time.

32. **NOTICES** 

32.1 All notices, requests, notifications and communications in general between the Lenders and the Agent, or *vice versa,* or between the Lenders, including the Agent, and the Obligors, or *vice versa,* that refer to this Agreement or fall to be made by virtue hereof, and in respect of which there is no provision in this Agreement for any special
formality, shall be deemed duly carried out when they are remitted, with due notice beforehand, either by way of fax, e-mail or any other system that allows reception thereof to be evidenced, and addressed to
the relevant Lender, the Agent or the Obligors, as applicable, in accordance with the details indicated in Clause 32.3 herein below, or by means of a letter sent to such address.

32.2 Communications of a general nature relating to this Agreement and those that refer to it as a whole and that
the Obligors have to make shall be sent, in all cases, to the Agent, who shall pass them on to the other Lenders in accordance with the provisions hereof. Once any such communication has been received by the Agent, it shall be deemed to have been
received by all the Lenders.

Likewise, communications of a general nature relating to this Agreement and those refer to it as a whole which the Lenders have to remit to the Obligors shall be sent, in all cases, via the Agent.

32.3 In the case that there are two or more Lenders, the Obligors authorise the Agent so that, through a website or
web platform of its sole election (the **"Web Platform"**), it can process or send requests, waivers, notices, communications or any other infonnation or documentation to be processed or sent in the exercise of its role of Agent.

Notwithstanding the foregoing, those Lenders to this Agreement that do not want to communicate or to be notified through the Web Platform shall notify this circumstance to the Agent. In this case, the Agent will send the communications to the relevant party through any of the means referred to in Clause 32.1 above.

The Agent, following prior notice to the Lenders and to the Obligors, may stop processing or sending the documentation referred to in the first paragraph of this Clause 32.3 through the Web Platform at any moment. In this case, the Agent will send the communications through any of the remaining means referred to in Clause 32.1 above.

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The Parties agree that the requests, waivers, notices, communications and any other infonnation or documentation to be sent by the Agent will be understood to be notified to all Parties, or to the relevant Party, from the moment these are available at the Web Platform, regardless of the fact that said parties had not completed all the necessary procedures for the registration, access and receipt (including, in particular, the execution of the relevant confidentiality undertaking) of the documentation through the Web Platform.

Additionally, in relation to the functioning of the Web Platform, the parties agree on the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.3.1 As soon as the Agent proceeds to the election of the Web Platform, each of the Lenders must provide the Agent
with all the information that may be necessary to register on the Web Platform. This may include requesting certain information from its employees, representatives and/or agents, such as their name, surname, telephone number, postal address and e-mail address, all of them of a professional nature. Likewise, the Lenders authorize the Agent to proceed, where appropriate, to the communication of these data to the Web Platform at each designated time, even if
this means international transfer of the data of its employees, representatives and/or agents. The Lenders will be responsible for complying with the legal obligations that, in relation to data protection, are applicable at all times in accordance
with the provisions of Clause 35 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.3.2 Each of the Lenders and Obligors is solely responsible for completing the access and registration instructions
in the Web Platform, as well as for the maintenance and periodic update of the information needed to keep the access to the Web Platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.3.3 Each of the Lenders and/or Obligors shall communicate to the Agent, as soon as it is aware of, any incidence or
failure in relation to the functioning of the Web Platfonn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.3.4 Each of the Lenders and Obligors acknowledges and assumes that the distribution and delivery of documentation
through the Web Platfonn may not be safe and that there may be confidentiality risks or other type of risks (in particular, virus and other IT incidences) linked to the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.3.5 The Agent will not be obliged to, save in accordance with the applicable law, maintain and store the
documentation and information provided through the Web Platform. In particular, the Agent does no assume any custody or preservation obligation of the existing documentation in the Web Platform *vis-a-vis* the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.3.6 From the tennination of the Facility, the Agent is authorised by the Lenders and the Obligors to remove from
the Web Platform the existing documentation and infonnation in relation to the Facility.

The costs and expenses of any kind arising from the opening and maintenance of the Web Platform, as well as any other related to it, shall be borne by the Agent.

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32.4 The parties acknowledge and accept that the Agent does not guarantee the security, accurateness, precision,
suitability or the correct functioning of the Web Platform. The Agent will not assume liability or any obligation to indemnify for any IT or security incidences, failures, errors or omissions of the Web Platform or for any other circumstance or
incident that affects or may affect the normal functioning of the Web Platform and/or the information stored therein, including, in particular, those derived from the delivery of notices and communications through the Web Platform.

32.5 No change to any of the addresses indicated in this Agreement shall have any effect unless and until it has
been notified in writing to the Agent or to the Obligors, as the case may be, at least five (5) days beforehand. Insofar as assignees are concerned, their address shall be deemed to be that which is stated in the corresponding notice to the
Agent informing it of the assignment.

32.6 The addresses of each of the Parties for notification purposes are the ones indicated in  **<u>Annex IV</u>** to this Agreement.

33. **VAT, TRANSFER TAX AND STAMP DUTY** 

The Parties hereby declare that this Agreement constitutes a transaction subject to VAT but exempt from payment in accordance with the provisions of Article 20, sub-section 1.18 c) of Act 37/1992, of 28 December. Moreover, this Agreement is not subject to Transfer Tax and Stamp Duty pursuant to Articles 7.5 and 31 of the Act, as amended, on the said tax, as promulgated by Royal Legislative Decree l/1993, of 24 September, approving the restated text of the Transfer Tax and Stamp Duty Act.

34. **CALCULATION OF TIME PERIODS** 

34.1 **Definitions** 

For the purposes of calculating the time periods laid down in this Agreement, the following definitions set out in this Clause shall apply:

**"Hours"** shall be deemed to refer to the time in Madrid, unless the Agreement expressly states otherwise;

**"Calendar day"** or **"day"** shall be deemed to refer to all the days of the Gregorian calendar. In the case of time periods indicated in terms of days, they shall be deemed to refer to calendar days, unless the Agreement expressly states otherwise;

"**Business day**":

for the purposes of setting rates and making payments, the term shall be deemed to refer to all the days of the week except for those days on which the Trans-European Automated Real Time Gross-Settlement Express Transfer System (TARGET-2) is closed or not operative; and

for all other purposes, the term shall be deemed to refer to all the days of the week except Saturdays, Sundays and holidays in the city of Madrid and Barcelona;

**"Week"** shall be deemed to refer to the period between a given day and the same day of the following week;

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**"Month''** shall be deemed to refer to the period between a given day and the day with the same number in the next month, unless the next month does not include a day with that number, in which case the period shall end on the last day of that month;

**"Half-year"** or **"six-month period"** shall be deemed to refer to the period of time calculated as from any given day up to the day with the same number in the sixth consecutive following month of the calendar, unless that sixth consecutive following month does not include a day with the said number, in which case the period shall end on the last day of that sixth following month;

**"Year"** shall be deemed to refer to the period of time calculated as from any given day up to the day with the same number in the twelfth consecutive following month of the calendar, unless that twelfth consecutive following month does not include a day with the said number, in which case the period shall end on the last day of that twelfth following month.

34.2 **Due date falling on a Business day** 

For the purposes of calculating any of the dates, time periods or deadlines provided for in this Agreement, if any of them falls or is due to begin or to end on a date that is not a Business day, the due date shall be deemed to be transferred to the next Business day, unless that day falls within the next month of the calendar, in which case the due date shall be deemed to be transferred to the Business day immediately before that day. Any interval of additional or lesser duration caused in a given period of time by the foregoing provisions shall be deducted or added, respectively, in the next time period.

35. **PROCESSING OF PERSONAL DATA** 

As data controllers, each of the Parties informs and will inform the data subjects that (i) the personal data (identification, contact, signature data, as well as data included in the documentation accrediting representation) of the signatories acting for and on behalf of each of the Parties hereto (the **"Representatives"**) and; (ii) personal data (identification and contact details) of the persons included in this Agreement for notification purposes (the **"Contact Persons"**) or others as may be subsequently indicated; will all be processed by each of the Parties on the basis of their legitimate interest in the proper establishment and maintenance of the business relationship and in order to manage the maintenance, perfonnance, development, control and execution of the terms of this Agreement. Likewise, if applicable due to a legal obligation, they will process the Representatives' data in the interests of prevention of money laundering and terrorist financing to allow them to comply with reporting and identification requirements, as well as providing information on payment transactions to authorities in other countries, within and outside the European Union, based on the legislation of certain countries and agreements signed between them.

The personal data of Representatives and Contact Persons shall be stored by the Parties during the term of this Agreement. Once completed, these data will be blocked for the established legal limitation periods, generally 15 years. Following the expiration of said periods, the data will be destroyed.

The Parties will not disclose the Representatives' personal data to third parties, except in circumstances provided for by law.

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Representatives and Contact Persons may, in accordance with the terms established in the regulations on data protection in force from time to time, exercise their rights of access, rectification, erasure, objection, restriction of processing and portability in writing, accompanied by a copy of a document accrediting their identity to the corresponding address set out under Clause 32.

Furthermore, if the Representatives and Contact Persons consider that their personal data have not been processed in accordance with the data protection regulations, they may contact the Data Protection Officer of the respective Party, where applicable, at the same addresses. They may also lodge a complaint with the Spanish Data Protection Agency *(Agencia Espanola de Proteción de Datos)* (www.agpd.es).

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**SECTION XIII** 

**SECURITY PACKAGE** 

36. **SECURITY AND GENERAL SECURITY PROVISIONS** 

36.1 The Parties hereby declare that, in order to ensure compliance with any payment obligations of the Borrower *vis-a-vis* the Lenders under this Agreement, the following Security and guarantee shall be granted by the Borrower and the Guarantor on the date hereof for the benefit of
the Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The First Demand Guarantee in the terms provided for in Clause 37 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a first ranking right of pledge over the credit rights arising from the Spanish Accounts subject to Spanish
law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a promissory chattel mortgage over the Material IP, subject to Spanish law.;

36.2 The Lenders hereby agree that the amounts received by any of them as a result of the enforcement of the
Security Agreements or of the First Demand Guarantee shall be applied *pro rata* to pay the obligations under each of the Finance Documents in proportion to the relevant amounts due and unpaid thereunder.

Accordingly, if any of the Lenders receives a payment for the cause mentioned in the previous paragraph by virtue of which the rule of allocation of payments foreseen in this Clause 36.2 is breached, the entity in question must immediately inform the Agent and deliver, as soon as possible, the necessary amounts so that, once the appropriate redistribution has been carried out by the Agent, the said allocation rule is complied with. In this case, the Lenders undertake to grant as many documents as may be necessary or convenient in order to evidence the situation resulting from the redistribution to the Borrower and to third parties.

36.3 The Security and the First Demand Guarantee created from time to time in accordance with this Agreement or any
other Finance Document shall be enforceable through the Agent on the terms s t out in Clause 28.4. l(b) above (without it being possible in any event for any of the Lenders to enforce the Security Agreements or the First Demand Guarantee by
individual decision) and subject to the prior agreement of the Majority Lenders and to the agreement of such Majority Lenders to early terminate this Agreement, pursuant to the terms of Clause 20.2.1.

For clarification purposes, for any decision or authorisation involving the substitution, reduction, amendment, cancellation or non-creation of any of the Security or affecting the validity, effectiveness, enforceability, scope or coverage of the Security provided at any time in favour of the Lenders (except when this is expressly provided for in any of the Finance Documents), the unanimous consent of the Lenders shall be required.

36.4 Dutch terms

In this Agreement, where it relates to a Dutch entity or other applicable term, a reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a  ***necessary action to authorise,*** where applicable, includes without limitation:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any action required to comply with the Dutch Works Council Act (*Wet op de ondernemingsraden);* and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) obtaining an unconditional positive advice *(advies)* from the competent works council(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  ***financial assistance*** means any act contemplated by section 2:98(c) of the Dutch Civil Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a  ***winding-up, administration*** or  ***dissolution*** includes a Dutch entity being:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) declared bankrupt *(Jailliet verk/aard);* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) dissolved *(ontbonden);* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a  ***moratorium*** includes *surseance van betaling* and granted a moratorium includes *surseance* verleend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any  ***step*** or  ***procedure*** taken in connection with insolvency proceedings includes a
Dutch entity having filed a notice under Section 36 of the Tax Collection Act of the Netherlands *(lnvorderingswet 1990)* or Section 60 of the Social Insurance Financing Act of the Netherlands *(Wet Financiering Sociale Venekeringen)* in conjunction with Section 36 of the Tax Collection Act of the Netherlands *(lnvorderingswet 1990);* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a  ***liquidator*** includes a *curator* or a *beoogd curator;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) an  ***administrator*** includes a *bewindvoerder* or a *beoogd curator;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a  ***receiver*** or an  ***administrative receiver*** does not include a *curator* or *bewindvoerder;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an  ***attachment*** includes a *beslag;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)  ***The Netherlands*** means the European part of the Netherlands and  ***Dutch*** means in or of
The Netherlands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)  ***constitutional documents*** means the articles of association *(statuten)* and deed of
incorporation *(akte van oprichting)* and an up-to-date extract of registration of the Trade Register of the Dutch Chamber of Commerce;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)  ***gross negligence*** means *grove nalatigheid;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)  ***wilful misconduct*** means *bewuste roekeloosheid;* and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) works  ***council*** means each works council *(ondernemingsraad)* or central or group works
council *(centrale of groeps ondernemingsraad)* having jurisdiction over that person.

37. **FIRST-DEMAND GUARANTEE** 

37.1 Without prejudice to the unlimited personal liability of the Borrower, the Guarantor, hereby grants in favour
of the Lenders, which accept it, a first demand guarantee (hereinafter, the **"First Demand Guarantee"**) guaranteeing jointly and severally *(solidariamente)* with respect to the Borrower and *via-a-vis* the Lenders, the fulfilment of any payment obligations, for any reason (whether for repayment of principal, interest, fees, expenses or any other reason),
assumed by the Borrower under or in connection with the Finance Documents, in the same tenns and conditions established in the Finance Documents, with respect to all the concepts guaranteed herein (jointly, the "**Secured Obligations** ").

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The rights corresponding to each of the Lenders in this First Demand Guarantee shall be proportional to the participation that each of them holds at any given time in the Secured Obligations.

37.2 This First Demand Guarantee extends to any renewals (expressly waiving, therefore, the provisions of Article
1,851 of the Spanish Civil Code in particular, as a consequence of the extension of the Initial Termination Date to the Extended Tennination Date), amendments or modifications (including the release of any Guarantor, which for the purposes of
Article 1,850 of the Spanish Civil Code, shall not require the consent of the rest of the Guarantors) of any type that may occur with respect to the Secured Obligations, so that this First Demand Guarantee shall be in force until the total
cancellation of such Secured Obligations.

37.3 The Guarantor expressly acknowledges that this First Demand Guarantee is set out as a first-demand guarantee
and not a surety *(flanza)* in accordance with the provisions of Articles 1,822 and following of the Spanish Civil Code. The First Demand Guarantee shall not therefore be treated as a surety *(flanza)* and the benefits of priority,
excussio and division *(orden, excusión division)* conferred by Spanish law on the grantor of such surety *(fiadores)* shall not apply.

Accordingly, the obligations assumed by each of the Guarantors under the First Demand Guarantee shall be of an autonomous and abstract nature, such that it shall not be affected but shall maintain its effectiveness and validity even if any of the obligations covered by the First Demand Guarantee should be originally null and void or should be annulled at a later stage, including in the event of an insolvency situation affecting the Borrower. This First Demand Guarantee shall be interpreted in the terms indicated in, *inter alia,* the rulings of the Spanish Supreme Court dated 27 February 2000, 28 May 2004, 9 December 2005, l October 2007, 4 December 2009, 4 March 2014, 10 June 2014 and 2 June 2017.

37.4 Furthermore, the Guarantor expressly declares that the scope of the First Demand Guarantee shall not be amended
in any way whatsoever by any measure that may be adopted by the Lenders with respect to the judicial homologation of any possible refinancing agreement or the approval of any agreement with creditors (*convenio)* that might, as the case may be,
take place as a result of an insolvency situation affecting the Borrower. In such a case, the obligations of the Guarantor shall remain invariable in the agreed terms, as if such measure had not been adopted.

37.5 Any claim that may arise under this First Demand Guarantee shall be carried out by the Agent following the
instructions of the Majority Lenders unless the Agent breaches its obligation to make such claim following the instructions received for this purpose from the Majority Lenders within ten (10) days following receipt thereof, in which case each
of the Lenders concerned, acting individually, may make the claim directly against the Guarantor.

37.6 Any claim that is made under this First Demand Guarantee shall solely and exclusively specify the amount of the
sum claimed, without any need to comply with any other conditions or requirements. The Guarantor shall make payment of the sum claimed within the ten (10) next Business Days following the date of receipt of the corresponding claim

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for payment made by the Agent in this regard. The Guarantor shall be obliged to satisfy the Agent and the Lenders, as applicable in accordance with the provisions of Clause 31 above, within ten (10) Business Days following the date on which they receive the appropriate request to that effect, the amount claimed therein, by means of its deposit in the bank account designated by the beneficiary in the corresponding request. In this case, the amount to be paid by the Guarantor shall be increased to the extent necessary to guarantee that, after making such deduction or retention, the beneficiaries of this First Demand Guarantee receive (free of any liability in respect of the deduction or retention) a net sum equal to that which they would have received if the deduction or retention had not or should not have been made.

37.7 The Guarantor hereby expressly waives the defence of any exception or set-off *vis-a-vis* the Lenders, except for the *'exceptio doli'* defence (and, as a more obvious
manifestation of the same, the previous reception and non-return by the Lenders of payment of the secured obligations).

37.8 Any partial payments made by the Guarantor in fulfilment of its obligations under this First Demand Guarantee
shall not entitle it to claim to the Borrower any amounts paid to the Lenders, unless and until the Lenders have been totally repaid all the sums due under this Agreement.

37.9 In the event of any delay by the Guarantor in payment of any sum claimed by virtue of this First Demand
Guarantee, the Guarantor shall pay to the Lenders, but without double counting, default interest on the unpaid amount, which shall fall due, payable and be liquidated and paid in accordance with the provisions of Clause 9 of this Agreement at the
corresponding interest rate as provided for in said Clause.

37.10 This First Demand Guarantee shall remain valid, effective and in force until the date on which the Secured
Obligations have been fully and irrevocably satisfied. In the event of any claim by the Lenders under the First Demand Guarantee, such claim shall not restrict their right to make any further clairn/s as long as this First Demand Guarantee remains
in force. The Lenders shall keep all their powers and rights of action against the Borrower and the Guarantor in respect of those Secured Obligations that have not been either fulfilled or set-off for by
virtue of the enforcement of the First Demand Guarantee. Enforcement of the First Demand Guarantee shall not restrict in any way the unlimited personal liability of the Borrower pursuant to Article 1,911 of the Spanish Civil Code.

37.11 For the purposes of determining the amounts that the Lenders are entitled from time to time to claim under this
First Demand Guarantee, the Guarantors hereby expressly accepts and ratifies the provisions for determination and calculation of the amounts due by the Borrower that are set out in Clause 31 herein above.

37.12 Any guarantee under this Clause 37 granted by the Guarantor does not apply to the extent it would result in
this guarantee constituting unlawful financial assistance.

37.13 Finally, without prejudice to any other mode of service allowed under any relevant law, the Guarantor
irrevocably appoints the Borrower as its agent for service of process in relation to any proceedings before the Spanish courts in connection with this Agreement and agrees that failure by the Borrower for service of process to notify the Guarantor
of the process will not invalidate the proceedings concerned.

------

**SECTION XIV** 

**APPLICABLE LAW AND JURISDICTION** 

38. **APPLICABLE LAW AND JURISDICTION** 

38.1 This Agreement is governed by Spanish common law.

38.2 The Parties, waiving any other jurisdiction that may be applicable, hereby submit to the Spanish Courts and
Tribunals of the city of Madrid to settle any dispute arising out of or in connection with the interpretation, fulfilment, termination and enforcement of this Agreement.

39. **NOTARISATION** 

The Parties have executed this Agreement on the date stated in its heading and is notarised by means of a *poliza notarial* before the Notary Public of Barcelona, Ms. Laura Nogales Martin.

------

The Borrower:

---

| |
|:---|
| **WALL BOX CHARGERS, S.L.U.** |
| /s/ D. Jordi Laniz Gavalda |

---

The Guarantor:

---

| |
|:---|
| **WALLBOX N.V.** |
| /s/ D. Seteve Dolsa Sanvicens |
| The Original Lender: |

---

---

| | |
|:---|:---|
| **BANCO BILBAO VIZCAYA ARGENTARIA, S.A.** |  |
| /s/ D. Jan de Dreu | /s/ D. Fernando Galea Pla |

---

## Exhibit 8.1

**Exhibit 8.1** 

**Subsidiaries of Wallbox N.V.** 

---

| | |
|:---|:---|
| **Legal Name** | **Jurisdiction of Incorporation** |
|  Wall Box Chargers, S.L.U. | Spain |
|  Kensington Capital Acquisition Corp. II | Delaware |
|  Wallbox Energy, S.L.U. | Spain |
|  Wallbox UK Limited | United Kingdom |
|  SAS Wallbox France | France |
|  WBC Wallbox Chargers Deutschland GmbH | Germany |
|  Wallbox Italy, S.R.L. | Italy |
|  Wallbox Netherlands B.V. | Netherlands |
|  Wallbox USA Inc. | Delaware |
|  Wallbox Shanghai Ltd. | China |
|  Wallbox AS (Intelligent Solution AS) | Norway |
|  Wallbox ApS | Denmark |
|  Wallbox AB (Intelligent Solution Sweden AB) | Sweden |
|  Wallbox Oy | Finland |
|  Electromaps, S.L.U. | Spain |
|  Coil, Inc. | California |
|  AR Electronics Solutions, S.L.U. | Spain |
|  Wallbox Australia PTY, Ltd | Australia |
|  WBX Chargers Portugal, Unipessoal Lda | Portugal |

---

## Exhibit 12.1

**Exhibit 12.1** 

**CERTIFICATION** 

I, Enric Asunción Escorsa, Chief Executive Officer, certify that:

1. I have reviewed this Annual Report on Form 20-F of Wallbox N.V. for the
fiscal year ended December 31, 2022;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The company's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting; or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the company's internal control over financial reporting that
occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

5. The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in
the company's internal control over financial reporting.

Date: March 30, 2023

---

| | |
|:---|:---|
| By: | /s/ Enric Asunción Escorsa |
|  | Enric Asunción Escorsa |
|  | Chief Executive Officer<br> (Principal Executive Officer) |

---

## Exhibit 12.2

**Exhibit 12.2** 

**CERTIFICATION** 

I, Jordi Lainz, Chief Financial Officer, certify that:

1. I have reviewed this Annual Report on Form 20-F of Wallbox N.V. for the
fiscal year ended December 31, 2022;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The company's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting; or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the company's internal control over financial reporting that
occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

5. The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in
the company's internal control over financial reporting.

Date: March 30, 2023

---

| | |
|:---|:---|
| By: | /s/ Jordi Lainz |
|  | Jordi Lainz |
|  | Chief Financial Officer<br> (Principal Financial Officer) |

---

## Exhibit 13.1

**Exhibit 13.1** 

**CERTIFICATION PURSUANT TO** 

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Annual Report on Form 20-F of Wallbox N.V. (the "Company") for the fiscal year ended December 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Company.

Date: March 30, 2023

---

| | |
|:---|:---|
| By: | /s/ Enric Asunción Escorsa |
|  | Enric Asunción Escorsa |
|  | Chief Executive Officer<br> (Principal Executive Officer) |

---

## Exhibit 13.2

**Exhibit 13.2** 

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Annual Report on Form 20-F of Wallbox N.V. (the "Company") for the fiscal year ended December 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Company.

Date: March 30, 2023

---

| | |
|:---|:---|
| By: | /s/ Jordi Lainz |
|  | Jordi Lainz |
|  | Chief Financial Officer<br> (Principal Financial Officer) |

---

## Exhibit 15.1

**Exhibit 15.1** 

**Consent of Independent Registered Public Accounting Firm** 

Wallbox N.V.

Barcelona, Spain

We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (No. 333-263795) and Form F-3 (No. 333-268347 and No. 333-268792) of Wallbox N.V. of our report dated March 30, 2023, relating to the consolidated financial statements of Wallbox N.V, which appears in this Annual Report on Form 20-F.

/s/ BDO Bedrijfsrevisoren BV

BDO Bedrijfsrevisoren BV

Zaventem, Belgium

March 30, 2023