# EDGAR Filing Document

**Accession Number:** 0002095418
**File Stem:** 0001213900-26-055750
**Filing Date:** 2026-5
**Character Count:** 107393
**Document Hash:** 1687d740659d51013ed403a4d717f944
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-055750.hdr.sgml**: 20260513

**ACCESSION NUMBER**: 0001213900-26-055750

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20260513

**DATE AS OF CHANGE**: 20260513

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ballard Power Systems Inc.
- **CENTRAL INDEX KEY:** 0001453015
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRICAL INDUSTRIAL APPARATUS [3620]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 832202493
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-84685
- **FILM NUMBER:** 26972984

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 9000 GLENLYON PARKWAY
- **CITY:** BURNABY
- **PROVINCE COUNTRY:** A1
- **ZIP:** V5J 5J8
- **BUSINESS PHONE:** 604-454-0900

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 9000 GLENLYON PARKWAY
- **CITY:** BURNABY
- **PROVINCE COUNTRY:** A1
- **ZIP:** V5J 5J8

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 7076991 Canada Inc.
- **DATE OF NAME CHANGE:** 20090102
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Weichai Power Hong Kong International Development Co., Ltd
- **CENTRAL INDEX KEY:** 0002095418

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** K3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 2102-03 CHINA MERCHANTS TWR SHUN TAK CTR
- **STREET 2:** 168-200 CONNAUGHT ROAD CENTRAL
- **CITY:** HONG KONG
- **PROVINCE COUNTRY:** F4
- **ZIP:** 00000
- **BUSINESS PHONE:** 852 22953686

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 2102-03 CHINA MERCHANTS TWR SHUN TAK CTR
- **STREET 2:** 168-200 CONNAUGHT ROAD CENTRAL
- **CITY:** HONG KONG
- **PROVINCE COUNTRY:** F4
- **ZIP:** 00000

## Exhibit 99.1

**Exhibit 1**

**SCHEDULE A**

**Executive Officers, Directors and Control Persons of the Reporting Persons**

The following are each of the executive officers and directors or person holding equivalent positions of Weichai Power Hong Kong International Development Co., Limited and their respective principal occupation or employment and citizenship. Unless otherwise indicated, the principal business address of each of the individuals listed below is Unit 2102-03 China Merchants Tower, Shun Tak Center, 168-200 Connaught Road Central, Hong Kong.

---

| | | |
|:---|:---|:---|
| **Name** | **Principal <br> Occupation** | **Citizenship** |
| **Board of Directors** | **Board of Directors** | **Board of Directors** |
| Li Wang | Director | PRC |
| Yunyun Hu | Director | PRC |
| Cuiping Wang | Director | PRC |

---

The following are each of the executive officers and directors or person holding equivalent positions of Weichai Power Co., Ltd. and their respective principal occupation or employment and citizenship. Unless otherwise indicated, the principal business address of each of the individuals listed below is Section A 197, Fu Shou East Street, High Technology Industrial Development Zone, Weifang, Shandong Province, The People's Republic of China, 261061.

---

| | | |
|:---|:---|:---|
| **Name** | **Principal Occupation** | **Citizenship** |
| **Board of Directors** | **Board of Directors** | **Board of Directors** |
| Ma Changhai | Chairman of the Board | PRC |
| Wang Decheng | Executive Director | PRC |
| Huang Weibiao | Executive Director | PRC |
| Sun Shaojun | Executive Director | PRC |
| Yuan Hongming | Executive Director | PRC |
| Ma Xuyao | Executive Director | PRC |
| Zhang Liangfu | Non-Executive Director | PRC |
| Richard Robinson Smith | Non-Executive Director | Germany / United States |
| Michael Martin Macht | Non-Executive Director | Germany |
| Jiang Yan | Independent Director | PRC |
| Chi Deqiang | Independent Director | PRC |
| Zhao Fuquan | Independent Director | United States |
| Xu Bing | Independent Director | PRC |
| Tao Hua'an | Independent Director | PRC |
| **Executive Management** | **Executive Management** | **Executive Management** |
| Wang Decheng | General Manager | PRC |
| Wang Cuiping | Chief Financial Officer | PRC |
| Guo Shenggang | Deputy General Manager | PRC |
| Cheng Guangxu | Deputy General Manager | PRC |
| Zhi Baojing | Deputy General Manager | PRC |
| Ding Yingdong | Deputy General Manager | PRC |
| Wang Lingjin | Deputy General Manager | PRC |
| Wang Li | Secretary of the Board | PRC |
| Hu Yunyun | Company Secretary | PRC |

---

The following are each of the executive officers and directors or person holding equivalent positions of Shandong Heavy Industry Group Co., Ltd. and their principal occupation or employment and citizenship. Unless otherwise indicated, the principal business address of each of the individuals listed below is #40-1 Yanzi Shan West Road, Jinan, Shandong, The People's Republic of China, 250014.

---

| | | |
|:---|:---|:---|
| **Name** | **Principal Occupation** | **Citizenship** |
| **Board of Directors** | **Board of Directors** | **Board of Directors** |
| Wang Zhijian | Chairman of the Board | PRC |
| Ye Jianjun | Director | PRC |
| Wang Yuejun | Employee Director | PRC |
| Yin Ke | External Director | PRC |
| Ding Huiping | External Director | PRC |
| Lu Yi | External Director | Singapore |
| Ning Xiangdong | External Director | PRC |
| **Executive Management** | **Executive Management** | **Executive Management** |
| Wang Zhijian | General Manager | PRC |
| Hu Haihua | Deputy General Manager | PRC |
| Zhang Gengsheng | Deputy General Manager | PRC |
| Ma Changhai | Deputy General Manager | PRC |

---

**INDEX TO EXHIBITS** 

---

| | |
|:---|:---|
| Exhibit A | [Amended and Restated Joint Filing Agreement, dated as of May 13, 2026, by and among Weichai Power Hong Kong International Development Co., Limited, Weichai Power Co., Ltd. and Shandong Heavy Industry Group Co., Ltd.](ea029051401ex-a.htm) |
| Exhibit B | [The Subscription Agreement, dated as of August 29, 2018, by and between Ballard Power Systems Inc. and Weichai Power Co., Ltd. (incorporated by reference to Exhibit 99.2 of the Issuer's Report on Form 6-K filed with the SEC on September 4, 2018)](https://www.sec.gov/Archives/edgar/data/1453015/000145301518000022/redactedweichaisubscriptio.htm) |
| Exhibit C | [The Investor Rights Agreement, dated as of November 13, 2018, by and between Ballard Power Systems Inc. and Weichai Power Hong Kong International Development Co., Limited (incorporated by reference to Exhibit C of the Reporting Person's Schedule 13D filed with the SEC on November 23, 2018)](https://www.sec.gov/Archives/edgar/data/1453015/000110465918069697/a18-40592_1sc13d.htm) |
| Exhibit D | [The Facility Letter, dated as of September 28, 2018, by and between Australia and New Zealand Banking Group Limited and Weichai Power Hong Kong International Development Co., Limited (incorporated by reference to Exhibit D of the Reporting Person's Schedule 13D filed with the SEC on November 23, 2018)](https://www.sec.gov/Archives/edgar/data/1453015/000110465918069697/a18-40592_1sc13d.htm) |
| Exhibit E | [The Facility Letter, dated as of October 24, 2018, by and between Standard Chartered Bank (Hong Kong) Limited and Weichai Power Hong Kong International Development Co., Limited (incorporated by reference to Exhibit E of the Reporting Person's Schedule 13D filed with the SEC on November 23, 2018)](https://www.sec.gov/Archives/edgar/data/1453015/000110465918069697/a18-40592_1sc13d.htm) |
| Exhibit F | [The Investor Rights Agreement, dated as of April 8, 2020, which amends and restates the Investor Rights Agreement dated as of November 13, 2018, by and between Ballard Power Systems Inc. and Weichai Power Hong Kong International Development Co., Limited](ea029051401ex-f.htm) |
| Exhibit G | [The Power of Attorney of Weichai Power Co., Ltd., dated as of December 19, 2025, appointing Chenglong Sun as its authorized representative in respect of the filing of Schedule 13D amendments](ea029051401ex-g.htm) |
| Exhibit H | [The Power of Attorney of Shandong Heavy Industry Group Co., Ltd., dated as of December 19, 2025, appointing Chenglong Sun as its authorized representative in respect of the filing of Schedule 13D amendments](ea029051401ex-h.htm) |

---

## Ex-99.A

**Exhibit A**

**Amended and Restated Joint Filing Agreement**

This Amended and Restated Joint Filing Agreement (this "**Agreement**"), which amends and restates the Joint Filing Agreement dated as of November 23, 2018, is entered into as of May 13, 2026, by and among the parties hereto. The undersigned hereby agree that the Statement on Schedule 13D with respect to the Common Share of Ballard Power Systems Inc., a British Columbia, Canada company, and any amendment thereafter signed by each of the undersigned shall be (unless otherwise determined by the undersigned) filed on behalf of each of the undersigned pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

---

| | |
|:---|:---|
| **Weichai Power Hong Kong International Development Co., Limited** | **Weichai Power Hong Kong International Development Co., Limited** |
| By: | /s/ Yunyun Hu |
| Name: | Yunyun Hu |
| Title: | Director |
| **Weichai Power Co., Ltd.** | **Weichai Power Co., Ltd.** |
| By: | /s/ Chenglong Sun |
| Name: | Chenglong Sun |
| Title: | Authorized Representative |
| **Shandong Heavy Industry Group Co., Ltd.** | **Shandong Heavy Industry Group Co., Ltd.** |
| By: | /s/ Chenglong Sun |
| Name: | Chenglong Sun |
| Title: | Authorized Representative |

---

## Ex-99.F

**Exhibit F**

INVESTOR RIGHTS AGREEMENT

BETWEEN

WEICHAI POWER HONG KONG INTERNATIONAL

DEVELOPMENT CO., LIMITED

AND

BALLARD POWER SYSTEMS INC.

APRIL 8, 2020

**INVESTOR RIGHTS AGREEMENT**

THIS INVESTOR RIGHTS AGREEMENT (this "**Agreement**") is dated as of April 8, 2020.

**BETWEEN:**

**WEICHAI POWER HONG KONG INTERNATIONAL DEVELOPMENT CO., LIMITED, a corporation existing under the laws of Hong Kong** 

**("**Weichai**")**

**AND:**

**BALLARD POWER SYSTEMS INC.**, a corporation existing under the laws of the Province of British Columbia, Canada

("**Ballard**")

**WHEREAS:**

A. Ballard and Weichai Power Co., Ltd. ()"**Weichai Power** ",
the 100% parent of Weichai) have entered into a subscription agreement (the "**Subscription Agreement**") to provide for
the issuance and sale by Ballard to Weichai Power or its designated Affiliate (the "**Placement**") of common shares in
the capital of Ballard (the "**Common Shares**") representing approximately 19.9% of the outstanding Common Shares;

B. Weichai Power has designated Weichai to acquire and hold the Subscription Shares (as defined below) of
Ballard prior to the Closing;

C. Ballard and Weichai have agreed to enter into this Agreement to provide for certain rights and restrictions
in connection with Weichai's on-going rights to sell or transfer the Common Shares it acquires under the Placement (the "**Subscription Shares**") and to acquire further Common Shares.

**NOW THEREFORE** in consideration of the mutual covenants and agreements contained in this Agreement and for other good and valuable consideration the receipt and adequacy of which are acknowledged, the parties agree as follows:

**ARTICLE 1 INTERPRETATION**

Section 1.1 Defined Terms.

(1) As used in this Agreement, the following terms have the following meanings:

"**1<sup>st</sup> ATM Notice**" has the meaning set out in Section 3.3(1)(a).

"**2<sup>nd</sup> ATM Notice**" has the meaning set out in Section 3.3(1)(b).

"**1<sup>st</sup> Issue Notice**" has the meaning set out in Section 3.1(2).

"**2<sup>nd</sup> Issue Notice**" has the meaning set out in Section 3.1(3).

"**Act**" means the *Business Corporations Act* (British Columbia).

"**Agreement**" means this Investor Rights Agreement as the same may be supplemented or amended from time to time.

"**Affiliate**" of a Person (other than a natural person) is an affiliate of another Person if (a) one of them is the subsidiary of the other, or (b) each of them is controlled by the same Person.

"**Anti-dilution Right**" has the meaning set out in Section 3.1(1).

"**Anti-Dilution Right Notice Period**" has the meaning set out in Section 3.2(1).

"**ATM Anti-Dilution Right Notice Period**" has the meaning set out in Section 3.3(1)(c).

"**ATM Exercise Notice**" has the meaning set out in Section 3.3(1)(c).

"**ATM Issue**" has the meaning set out in Section 3.3(1).

"**Biennial Adjustment Offer**" has the meaning set out in Section 3.6(1).

"**Board**" means the board of directors of Ballard, as may be constituted from time to time.

"**Business Day**" means any day which is not a Saturday, Sunday, public holiday or a day on which banks are not open for business in Vancouver, Canada or Weifang, Shandong Province, PRC.

"**Closing Date**" has the meaning set out in Section 3.1(1).

"**Common Shares**" has the meaning set out in Recital A.

"**Conditions**" has the meaning set out in Section 2.3.

"**Convertible Securities**" has the meaning set out in Section 3.1(1).

"**Director Nominee**" has the meaning set out in Section 2.1.

"**Directors**" mean the directors of Ballard from time to time.

"**Directors Election Meeting**" means a meeting of shareholders of Ballard at which Directors are to be elected to the Board.

"**Exercise Notice**" has the meaning set out in Section 3.2(1).

"**Governmental Entity**" means (i) any international, multinational, national, federal, provincial, state, municipal, local or other governmental or public department, central bank, court, commission, board, bureau, agency or instrumentality, domestic or foreign, (ii) any subdivision or authority of any of the above, (iii) any stock exchange and (iv) any quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the above.

"**Ill Repute**" means, with respect to any Director Nominee, that such Director Nominee has (i) breached his or her fiduciary duty, or has been grossly negligent in discharging his or her duties as a Director; (ii) has been convicted, pled guilty to, or in the reasonable judgment of the Board, is likely to be convicted of any offense or crime that in the Board's reasonable judgment, involves dishonesty or fraud; or (iii) has committed an act or made a public statement of a nature such that having such Director Nominee serve on the Board would have a serious adverse effect on Ballard.

"**Incentive Securities**" has the meaning set out in Section 3.1(6).

"**Issue**" has the meaning set out in Section 3.1(1).

"**Issue Notice**" has the meaning set out in Section 3.1(2).

"**Law**" means any and all applicable (i) laws, constitutions, treaties, statutes, codes, ordinances, orders, decrees, rules, regulations and by-laws, (ii) judgments, orders, writs, injunctions, decisions, awards and directives of any Governmental Entity and (iii) policies, guidelines, notices and protocols of any Governmental Entity.

"**NASDAQ**" means the NASDAQ Global Market.

"**Nomination Letter**" has the meaning set out in Section 2.2.

"**Nomination Right**" means the right to designate a Director Nominee as provided in Section 2 of this Agreement.

"**Notice**" means any notice required to be given regarding the matters contemplated by this Agreement; and "**Notify**" or "**Notification**" will have corresponding meanings.

"**Person**" means a natural person, partnership, limited partnership, limited liability partnership, corporation, limited liability company, unlimited liability company, joint stock company, trust, unincorporated association, joint venture or other entity or Governmental Entity, and pronouns have a similarly extended meaning.

"**Placement**" has the meaning set out in Recital A.

"**Potential Purchaser**" has the meaning set out in Section 4.6.

"**PRC**" means the People's Republic of China, excluding Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan.

"**Pro Rata Interest**" means, on any date, with respect to a Person, the security ownership interest of such Person and its Affiliates in Ballard, expressed as a percentage, equal to (i) the aggregate number of outstanding Voting Shares and other voting or equity shares of Ballard beneficially owned, directly or indirectly, by such Person and its Affiliates; divided by (ii) the aggregate number of outstanding Voting Shares and other voting or equity shares of Ballard.

"**Regulatory Cutback**" has the meaning set out in Section 3.5(1).

"**SEC**" means the U.S. Securities and Exchange Commission.

"**Securities Laws**" means, collectively, the applicable securities Laws of each of the provinces and territories of Canada and the United States and the respective regulations, instruments and rules made under those Laws together with all applicable published policy statements, notices, blanket orders and rulings of the securities commissions or regulatory authorities of Canada and the SEC of the United States and the applicable rules and requirements of any stock exchange on which Ballard has applied to list its securities.

"**Subscription Agreement**" has the meaning set out in Recital A.

"**Subscription Shares**" has the meaning set out in Recital A.

"**Voting Shares**" has the meaning set out in Section 3.1(1).

"**Waiver**" has the meaning set out in Section 3.7(1).

**ARTICLE 2**

**NOMINATION RIGHTS**

Section 2.1 Board Nomination Rights

(1) Subject to the terms and conditions of this Section 2, for so long as Weichai has and maintains a Pro
Rata Interest equal to at least fifteen percent (15%), Weichai will be entitled to nominate two (2) individuals for appointment or election
as Directors of Ballard (each, a "**Director Nominee** "). The Director Nominees shall initially be the individuals nominated
by Weichai in writing prior to the Closing Date (the "**Initial Weichai Nominees** "). The right to designate a Director Nominee
shall be referred to as a "**Nomination Right** ".

(2) Ballard shall take all available steps as may be necessary to have the Initial Weichai Nominees to be
appointed to the Board as a Director of Ballard within one (1) month after the Closing Date.

(3) Weichai Director Nominees may seek to serve as members of
a committee of the Board, which the Board will reasonably consider, subject to the Weichai Director Nominees meeting independence, financial
literacy and other requirements of applicable Law.

Section 2.2 Board Nomination Procedure

(1) Ballard shall notify Weichai of its intention to hold a Directors
Election Meeting at least sixty (60) days prior to the date of every such meeting (the "**Meeting Notice Date** ").

(2) At least fifty (50) days and no more than sixty (60) days
before each Directors Election Meeting, Weichai will deliver to Ballard a written notice (the "**Nomination Letter**") specifying
the names of its Director Nominees together with the information regarding each Director Nominee that Ballard is required by the Act
and Securities Laws to include in a management information circular of Ballard to be sent to shareholders of Ballard in respect of such
Directors Election Meeting and such other information, including a biography of each Director Nominee, that is consistent with the information
Ballard intends to publish about management nominees as Directors of Ballard in such management information circular. If a Director Nominee
is not currently a Director, Weichai shall provide a signed consent
to act as a Director from such Director Nominee and confirmation that it believes the Director Nominee meets the Conditions.

(3) If Weichai fails to deliver the Nomination Letter to Ballard
at least fifty (50) days before the Directors Election Meeting, Weichai shall be deemed to have, if such individuals are willing and
able to act, re-nominated its Director Nominees that then currently serve as Directors of Ballard at such time, subject to such individuals
satisfying the Conditions for re-appointment to the Board. If such individuals are not willing or able to act, Weichai shall be deemed
to have waived its Nomination Right with respect to such Director Nominee(s) for the ensuing annual term of the Board.

(4) The Director Nominees nominated by Weichai pursuant to Section
2.2(2) or Section 2.2(3) of this Agreement shall be nominated by or at the direction of the Board or an authorized officer of Ballard,
including pursuant to a notice of meeting, to stand for election or appointment to the Board at the Directors Election Meeting. Ballard
shall use commercially reasonable best efforts to cause the election or appointment of the Director Nominees to the Board at each Directors
Election Meeting, including by endorsing and recommending the Director Nominees, soliciting proxies from its shareholders for such election
or appointment, voting the Common Shares in respect of which management is granted a discretionary proxy in favor of the election or
appointment of such Director Nominees and shall otherwise support the election or appointment of the Director Nominees in a manner no
less rigorous and favorable to the Director Nominees than the manner in which Ballard supports other nominees for election or appointment
to the Board.

(5) Subject to Section 2.5, following a Directors Election Meeting
at which a Director Nominee of Weichai was elected as a director, such Director Nominee shall be entitled to remain a Director until
(i) he/she resigns, (ii) his/her successor is elected or appointed pursuant to this Agreement or applicable law, (iii) he/she is disqualified
from being a director under the Act (or any equivalent statute of a jurisdiction to which Ballard has been continued or under which it
is otherwise governed), or (iv) he/she ceases to meet any of the Conditions.

Section 2.3 Conditions

(1) Notwithstanding anything to the contrary in this Agreement,
each Director Nominee shall, as a condition of election or appointment as a Director, satisfy the following conditions as reasonably
determined by the Board (such conditions referred to as the "**Conditions** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Director Nominee must meet the qualification requirements
to serve as a director under the Act (or any equivalent statute of a jurisdiction to which Ballard has been continued or under which
it is otherwise governed) and as a director "independent" of Ballard under applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Director Nominee must not be of Ill Repute; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each Director Nominee must be either sufficiently conversant
with the English language to be able to participate in Board meetings or accompanied by an English interpreter.

(2) Notwithstanding anything to the contrary in this Agreement,
if at any time a Director Nominee ceases to satisfy any of the Conditions, Weichai shall promptly cause such Director Nominee to tender
his or her resignation from the Board, and the provisions of Section 2.4 shall apply.

Section 2.4 Vacancies

If a Director Nominee resigns, is lawfully removed, is not elected by the shareholders, or otherwise ceases to be eligible to be a Director for any reason, Weichai shall be entitled to fill such vacancy by the election or appointment of another individual nominated by Weichai, provided that Weichai is still entitled to do so pursuant to this Agreement, and in such case Ballard (acting through the Board) shall take all steps required to effect the appointment or election to the Board, as soon as reasonably practicable, of an individual designated by Weichai who meets the Conditions.

Section 2.5 Loss of Nomination Rights

If at any time Weichai loses its Nomination Right by ceasing to hold a Pro Rata Interest of at least fifteen percent (15%), Weichai shall notify Ballard promptly and, within ten (10) Business Days of the date that Weichai's Nomination Right was lost, cause its Director Nominees to resign from the Board.

Section 2.6 Reimbursement and Insurance

(1) Ballard agrees and undertakes that, so long as Weichai has
a Nomination Right, each Director who is not an officer or employee of Ballard shall be reimbursed by Ballard for the reasonable travel
and other expenses incurred by him/her to attend Board meetings in accordance with the normal policies and procedures of Ballard.

(2) Ballard shall obtain and/or maintain from financially sound
and reputable insurers Directors and Officers liability insurance in an amount and on terms and conditions reasonably determined by the
Board to be adequate and will be consistent with the market practice, and will use commercially reasonable efforts to cause such insurance
policies to be maintained until such time as the Board determines that such insurance should be discontinued, which in any event shall
last for the term of Weichai Director Nominee's office as a Director. In addition, Ballard shall indemnify and hold harmless all
of its Directors and officers and former Directors who served as Directors at any time following the date of this Agreement, and their
respective heirs and legal representatives, from and against any loss or damage incurred by them for any act or omission taken or suffered
by the Director Nominee(s) in connection with acting as a Director, to the fullest extent permitted by the Act (or any equivalent statute
of a jurisdiction to which Ballard has been continued or under which it is otherwise governed) and applicable Law.

Section 2.7 Voting of Common Shares

(1) Provided Ballard has complied with its obligations with respect
to the Nomination Right in all material respects, for so long as Weichai continues to hold at least fifteen percent (15%) of the outstanding
Common Shares, Weichai covenants and agrees with Ballard to vote, or to cause to be voted, all of the Voting Shares over which it exercises
control or direction in a manner not contrary to the recommendation of the Board of Ballard at each meeting of shareholders of Ballard
as set out in the applicable management information circular of Ballard, with Weichai either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) voting "for"; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) abstaining from voting on (but not withholding),

each matter of business that is in relation to the election of Ballard directors (other than those served by the Weichai's Director Nominees) and all other matters which require Ballard's shareholders to enact them by passing ordinary resolutions pursuant to the applicable laws, regulations, listing rules or the Articles of Ballard, as amended from time to time (save for any such matter which is reasonably expected to have impact on the Weichai's shareholder rights, in which case Weichai shall be entitled to vote or to cause to be voted, all of the Voting Shares over which it exercises control or direction in its own discretion) (each, a "**Ballard Recommended Vote**").

(2) In respect of any meeting of shareholders of Ballard, Weichai
will, promptly upon request by Ballard, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provide Ballard with evidence that it has already submitted
voting instructions on each Ballard Recommended Vote in accordance with its obligations under Section 2.7(1); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide Ballard with a proxy or the information necessary
to enable Ballard to complete voting instructions on behalf of Weichai on each Ballard Recommended Vote in the manner not contrary to
the recommendations in the applicable management information circular of Ballard.

(3) For avoidance of doubt, with respect to any matters which
shall require Ballard's shareholders to enact them by passing special resolutions, Weichai shall be entitled to vote or to cause
to be voted, all of the Voting Shares over which it exercises control or direction in its own discretion.

Section 2.8 Information Sharing with Weichai

Ballard recognizes that individuals associated with Weichai and its Affiliates will be Director Nominees and serve on the Board from time to time, and that such individuals (i) will from time to time receive non-public information concerning Ballard and its subsidiaries, and (ii) may (subject to their compliance with the applicable Laws (including but not limited to any applicable Securities Laws) in respect of sharing of Ballard's non-public information with Weichai and their obligation to maintain the general confidential obligation of such information) share such information with other individuals associated with Weichai and its Affiliates. Such sharing will be for the dual purpose of facilitating support to Director Nominees in their capacity as Director and enabling Weichai, as a stockholder, to better evaluate Ballard's performance and prospects, but not for any other purpose to the detriment of Ballard and its Affiliates. Notwithstanding the foregoing, Director Nominees will not share any information if Ballard informs Director Nominees that such sharing could be reasonably expected to compromise or otherwise adversely affect Ballard's and its Affiliates ability to assert any attorney/client privilege or similar rights. Ballard hereby irrevocably consents to such sharing.

**ARTICLE 3**

**ANTI-DILUTION RIGHT**

Section 3.1 Subscription.

(1) Commencing on the date of closing of the transactions contemplated by the Subscription Agreement (the
" **Closing Date** "), and subject to such transactions closing in accordance with the terms and subject to the conditions
contained in the Subscription Agreement, if Ballard proposes or becomes obligated to issue Common Shares or other voting, participating
or equity shares in the capital of Ballard, or proposed to transfer any Common Shares that have been repurchased from the open market
and held under Ballard's brokerage account or otherwise held under Ballard's name (if any) (collectively, the "**Voting Shares** "), or any securities convertible into Voting Shares or entitling the holder thereof to acquire Voting Shares (collectively,
the "**Convertible Securities**") (each such issuance of Voting Shares or Convertible Securities, an "**Issue** "),
Weichai shall have the right but not the obligation to subscribe, either directly or through its designated Affiliates, for additional
Voting Shares or Convertible Securities, as applicable (the "**Anti-dilution Righ** t") as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an Issue of Voting Shares, that number of Voting Shares such that the ratio after the Issue,
assuming full exercise of the Anti-dilution Right, of (i) the aggregate number of Voting Shares held by Weichai and/or its designated
Affiliate (as the case may be) and Voting Shares into which Convertible Securities held by Weichai and/or its designated Affiliate (as
the case may be) are convertible, to (ii) the aggregate number of outstanding Voting Shares and Voting Shares into which outstanding Convertible
Securities are convertible, shall be the same as the lesser of: (A) the corresponding ratio immediately prior to the Issue; and (B) the
corresponding ratio immediately following the Placement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an Issue of Convertible Securities, that number of Convertible Securities such that the
ratio after the Issue, assuming full exercise of the Anti-dilution Right, of (i) the aggregate number of Voting Shares held by Weichai
and/or its designated Affiliate (as the case may be) and Voting Shares into which Convertible Securities held by Weichai and/or its designated
Affiliate (as the case may be) are convertible, to (ii) the aggregate number of outstanding Voting Shares and Voting Shares into which
outstanding Convertible Securities are convertible, shall be the same as the lesser of: (A) the corresponding ratio immediately prior
to the Issue; and (B) the corresponding ratio immediately following the Placement.

(2) Ballard shall make commercially reasonable best efforts to provide a Notice (the "**1<sup>st</sup> Issue Notice**") to Weichai in writing of an Issue no less than twenty (20) Business Days prior to public announcement of an Issue
setting out (i) an estimate of the number of Voting Shares or Convertible Securities to be issued, (ii) the preliminary terms and conditions
of any Voting Shares or Convertible Securities to be issued, and (iii) the range of the subscription price per Voting Share or Convertible
Security to be issued, as applicable.

(3) Ballard shall make commercially reasonable best efforts to provide a Notice (the "**2<sup>nd</sup> Issue Notice**") to Weichai in writing of an Issue no less than five (5) Business Days prior to public announcement of an Issue
setting out (i) the number of Voting Shares or Convertible Securities to be issued, (ii) the material terms and conditions of any Voting
Shares or Convertible Securities to be issued, and (iii) the subscription price per Voting Share or Convertible Security to be issued,
as applicable.

(4) If Weichai (and/or its designated Affiliate, as the case may be) exercises the Anti-dilution Right in
accordance with Section 3.2, the subscription price at which Voting Shares or Convertible Securities, as applicable, will be issued by
Ballard to Weichai (and/or its designated Affiliate (as the case may be)) pursuant to such exercise shall be an amount in cash equal to
the price for which each Voting Share or Convertible Security, as applicable, is issued by Ballard in connection with the Issue.

(5) If Ballard issues Voting Shares for non-cash consideration or if Ballard enters into a merger agreement
or business combination agreement resulting in a combined company, provided that the equityholders of Ballard immediately prior to such
transaction hold a majority of the outstanding shares of Ballard or of the combined company immediately following such transaction, Weichai
(and/or its designated Affiliate (as the case may be)) shall be entitled to exercise the Anti-dilution Right following completion of such
transaction in order to permit Weichai and/or its designated Affiliate (as the case may be) to acquire Voting Shares or voting or equity
shares or securities convertible into voting or equity shares of the combined company so as to achieve the same percentage holdings that
Weichai beneficially held in Ballard prior to such transaction, at an issue price equal to the volume weighted average trading price of
such securities for the five (5) trading days before completion by Ballard of such non-cash transaction or merger or business combination.

(6) Notwithstanding anything to the contrary contained herein, "Convertible Securities" shall not
include incentive or compensation securities granted to directors, officers, employees or consultants of Ballard or its subsidiaries in
accordance with the terms of Ballard's security-based compensation arrangements (collectively, "**Incentive Securities** ").

Section 3.2 Exercise of Anti-dilution Right.

(1) If Weichai (and/or its designated Affiliate (as the case may be)) wishes to exercise the Anti-dilution
Right in respect of a particular Issue, Weichai shall give written notice to Ballard (the "**Exercise Notice**") of the exercise
of such right and of the number of Voting Shares or Convertible Securities, as applicable, Weichai (and/or its designated Affiliate (as
the case may be)) wishes to purchase (subject to the limits set forth in Article 4), within five (5) Business Days after the date of receipt
of the 2<sup>nd</sup> Issue Notice (the "**Anti-Dilution Right Notice Period** "). Weichai will make commercially reasonable
efforts to deliver any Exercise Notice to Ballard in time for the Anti-dilution Right to be exercised concurrently with the closing of
the Issue but Weichai will not be obligated to do so.

(2) If Ballard receives an Exercise Notice from Weichai within the Anti-Dilution Right Notice Period then
Ballard shall, subject to the receipt and continued effectiveness of all required regulatory approvals (including stock exchange approvals),
which approvals Ballard shall use commercially reasonable efforts to promptly obtain (including by applying for any necessary price protection
confirmations), issue to Weichai against payment of the subscription price payable in respect thereof, that number of Voting Shares or
Convertible Securities, as applicable, set forth in the Exercise Notice. The closing of any private placement pursuant to an exercise
of the Anti-dilution Right by Weichai will take place on the date that is not later than ten (10) Business Days after the expiry of the
Anti-Dilution Right Notice Period, unless all filings, notices, approvals and authorizations necessary to complete the closing of such
private placement have not been made, given or obtained by that date, in which case the closing will be extended for such period as is
reasonably necessary to obtain the same.

Section 3.3 Anti-dilution Right in Relation to At-The-Market Offerings.

(1) The Anti-Dilution Right will operate in the following manner in relation to any at-the-market offering of Voting Shares (an "**ATM Issue**") by Ballard:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Ballard shall make commercially reasonable best efforts to provide a Notice (the "**1<sup>st</sup> ATM Notice**") to Weichai in writing of an ATM Issue no less than twenty (20) Business Days prior to commencing the ATM Issue setting
out an estimate of the maximum aggregate offering proceedsof the ATM Issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Ballard will provide a Notice (the "**2<sup>nd</sup> ATM Notice**") to Weichai in writing
of an ATM Issue: (i) within five 5 Business Days of completion of an ATM Issue or (ii) if the ATM Issue will not be commenced and completed
within one of Ballard's fiscal quarters, within five (5) Business Days of the end of each fiscal quarter during which such ATM Issue
is ongoing, such 2<sup>nd</sup> ATM Notice to set out: (y) the number of Voting Shares issued under the ATM Issue (or during the prior
fiscal quarter under an ATM Issue that will occur during more than one fiscal quarter); and (z) the weighted average price at which such
Voting Shares were issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If Weichai (and/or its designated Affiliate (as the case may be)) wishes to exercise the Anti-dilution
Right in respect of a particular ATM Issue by purchasing the Voting Shares to be sold by Ballard's sales agent(s), Weichai shall,
within fifteen (15) Business Days after the date of receipt of a 1<sup>st</sup> ATM Notice, give written notice to Ballard (the "**ATM Participation Notice**") setting forth the maximum dollar amount Weichai (and/or its designated Affiliate (as the case may be))
wishes to invest through the ATM Issue (to a maximum percentage of the maximum aggregate offering proceeds of the ATM Issue equal to the
percentage obtained when dividing (i) the aggregate number of Voting Shares then held by Weichai and/or its designated Affiliate (as the
case may be) and Voting Shares into which Convertible Securities then held by Weichai and/or its designated Affiliate (as the case may
be) are convertible, by (ii) the aggregate number of Voting Shares then outstanding and Voting Shares into which then outstanding Convertible
Securities are convertible. Ballard shall, following receipt of a timely ATM Participation Notice: (y) direct its sales agent(s) to permit
Weichai and/or its designated Affiliate (as the case may be) to participate in the ATM Issue to the extent practical and permitted by
applicable securities legislation and stock exchange rules, and (z) use commercially reasonable efforts to assist Weichai in participating
in the ATM Issue. Ballard understands that its sales agent(s) currently would require Weichai (and/or its designated Affiliate (as the
case may be) to establish and fund a trading account through which its participation in the ATM would be conducted; grant the sales agent(s)
the authority to execute purchases of Shares at their daily closing price; and undertake to make all required regulatory filings regarding
such purchases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If Weichai (and/or its designated Affiliate (as the case may be)) wishes to exercise the Anti-dilution
Right in respect of a particular ATM Issue on a private placement basis, Weichai shall give written notice to Ballard (the "**ATM Exercise Notice**") of the exercise of such right and of the number of Voting Shares Weichai (and/or its designated Affiliate (as
the case may be)) wishes to purchase (to a maximum of the number of Voting Shares contemplated in Section 3.1(1), after taking into account
any Voting Shares purchased through participation in the ATM Issue as contemplated in Section 3.3(1)(c)), within five (5) Business Days
after the date of receipt of a 2<sup>nd</sup> ATM Notice or, if such date falls on a day on which a trading blackout on Weichai imposed
by Ballard is in effect, ten (10) Business Days following the expiry of such trading blackout period (the "**ATM Anti-Dilution Right Notice Period** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If Ballard receives an ATM Exercise Notice from Weichai within the ATM Anti-Dilution Right Notice Period
then Ballard shall, subject to the receipt and continued effectiveness of all required regulatory approvals (including stock exchange
approvals), which approvals Ballard shall use commercially reasonable efforts to promptly obtain (including by applying for any necessary
price protection confirmations), issue on a private placement basis to Weichai or its designated Affiliate that number of Voting Shares
set forth in the Exercise Notice, at a price per Voting Share equal to the higher of: (i) the weighted average price at which the Voting
Shares were issued as set out in the 2<sup>nd</sup> ATM Notice; and (ii) the lowest price (including permitted discounts) at which the
applicable stock exchange(s) will permit the issuance to Weichai (and/or its designated Affiliate (as the case may be)) under the Anti-Dilution
Right to occur having regard to the "current market price" of such Voting Shares the Business Day following the day on which
the ATM Exercise Notice is received by Ballard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The closing of any private placement pursuant to an exercise of the Anti-dilution Right by Weichai will
take place on the date that is not later than ten (10) Business Days after the expiry of the Anti-Dilution Right Notice Period, unless
all filings, notices, approvals and authorizations necessary to complete the closing of such private placement have not been made, given
or obtained by that date, in which case the closing will be extended for such period as is reasonably necessary to obtain the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The foregoing provisions of this Section 3.3 shall apply to any ATM Issue to the exclusion of any corresponding
provisions of Section 3.1 or Section 3.2 that apply to an Issue that is not an ATM Issue.

Section 3.4 Exceptions to Anti-dilution Right.

(1) The Anti-dilution Right shall not apply in the event of an Issue in the following circumstances (the "**Anti-dilution Exemptions** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Voting Shares issuable upon the exercise of Convertible Securities outstanding as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Voting Shares issuable upon the exercise of Convertible Securities issued pursuant to any Issue following
the Closing Date in respect of which Weichai has exercised the Anti-dilution Right; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Issue of Voting Shares or Convertible Securities made to all holders of Voting Shares (including Weichai) on a pro rata basis.

Section 3.5 Regulatory Cutback.

(1) If, pursuant to the rules of applicable Securities Laws, the exercise of the Anti-dilution Right by Weichai
(and/or its designated Affiliate (as the case may be)) results in a requirement for Ballard to obtain shareholder approval (as the sole
reason to obtain such shareholder approval, and not, for greater certainty, if shareholder approval is required by reason of the size
of the Issue which triggers the Anti-dilution Right or for any other reason), Weichai shall accept such lesser amount of Voting Shares
or Convertible Securities, as applicable, as will not trigger such requirement (a "**Regulatory Cutback** ").

(2) If a Regulatory Cutback applies, Ballard hereby covenants to use all lawful and commercially reasonable
best efforts to obtain, at the next meeting of shareholders of Ballard following completion of the transaction to which such Regulatory
Cutback applies, the approval of the shareholders of Ballard in respect of (i) the issuance of the Voting Shares or Convertible Securities
subject to the Regulatory Cutback (at the same price as would have been applicable had the Regulatory Cutback not been required, subject
to receipt of applicable regulatory, including stock exchange, approvals) so as to allow Weichai to achieve the same percentage holdings
in Ballard that Weichai would otherwise have been initially entitled to, absent the Regulatory Cutback, and (ii) the issuance of any Voting
Shares or Convertible Securities to which Weichai would have been entitled pursuant to a new Issue by Ballard after a Regulatory Cutback
has been triggered.

Section 3.6 Biennial Adjustment Offer.

(1) Ballard shall give Notice to Weichai within thirty-one (31) days after the end of the first quarter of
every second calendar year (commencing in the year of 2020) of the aggregate number of Voting Shares issued during such previous two (2)
calendar years pursuant to the exercise of Incentive Securities, and shall make an irrevocable offer (the "**Biennial Adjustment Offer**") to Weichai open for a period of thirty (30) days from the date of such Notice or, if such date falls on a day on which
a trading blackout in respect of Ballard is in effect, ten (10) Business Days following the expiry of such trading blackout period, to
subscribe for, either directly or through its designated Affiliate, on a private placement basis, at the then current market price of
Voting Shares, that number of Voting Shares such that the ratio, after taking into account the number of Voting Shares issued upon exercise
of Incentive Securities during the prior two (2) calendar years, of (i) the aggregate number of Voting Shares held by Weichai and its
Affiliate (if applicable) and Voting Shares into which Convertible Securities held by Weichai and its Affiliate (if applicable) are convertible,
to (ii) the aggregate number of outstanding Voting Shares and Voting Shares into which outstanding Convertible Securities are convertible,
shall be the same as the lesser of: (A) the corresponding ratio prior to the issuance of Voting Shares upon exercise of any Incentive
Securities during the prior two (2) calendar years; and (B) the corresponding ratio immediately following the Placement.

(2) If an Biennial Adjustment Offer is accepted by Weichai, the purchase and sale of Voting Shares subject
to the Biennial Adjustment Offer shall be completed within ten (10) Business Days from the date of such acceptance, unless all filings,
notices, approvals and authorizations necessary to complete the closing of such purchase and sale have not been made, given or obtained by
that date, in which case the closing will be extended for such period as is reasonably necessary to obtain the same.

(3) For the purpose of this Section 3.6, the "current market price" shall be the volume weighted
average trading price for twenty (20) trading days before such acceptance, or such pricing as is in accordance with the rules of the Toronto
Stock Exchange or any other stock exchange on which Voting Shares are then listed. Weichai's right to receive an Biennial Adjustment
Offer will remain in effect at any time that Weichai remains entitled to exercise the Anti-dilution Right, and for the purpose of determining
if Weichai retains such right, the number of Voting Shares issued during such <u>two (2) prior</u> calendar years pursuant to the exercise
of Incentive Securities shall not be taken into account.

Section 3.7 Waiver.

(1) Notwithstanding anything to the contrary contained herein, the Anti-dilution Right will become effective
on the later of (i) Ballard obtaining a waiver from NASDAQ in respect of the Anti-dilution Right if required pursuant to applicable U.S.
Securities Laws (the "**Waiver** "), and (ii) the Closing Date. Ballard covenants and agrees to use its commercially reasonable
efforts to obtain the Waiver as soon as reasonably practicable following the date hereof.

(2) Notwithstanding anything to the contrary contained herein, Weichai shall be entitled to exercise the Anti-dilution
Right with respect to any Issues completed by Ballard after the Closing Date and before the date on which Ballard obtains the Waiver so
as to allow Weichai to achieve the same percentage holdings in Ballard that Weichai would have otherwise been entitled to maintain had
the Anti-dilution Right become effective on the Closing Date.

Section 3.8 Termination of Anti-dilution Right.

The Anti-dilution Right and all other rights set out in this Article 3 shall terminate and be of no further force or effect after any time Weichai directly or indirectly beneficially owns less than ten percent (10%) of the issued and outstanding Voting Shares, provided that in the calculation of whether Weichai directly or indirectly beneficially owns less than ten percent (10%) of the issued and outstanding Voting Shares, (i) the issued and outstanding Voting Shares will not include any Voting Shares issued pursuant to any Anti-Dilution Exemptions or the exercise of any Incentive Securities (unless Weichai has been given and had the opportunity to complete the Biennial Adjustment Offer in respect of such Incentive Securities); (ii) the issued and outstanding Voting Shares will not include any Voting Shares issued before the Waiver is obtained, if applicable; and (iii) the issued and outstanding Voting Shares will not include any Voting Shares issued for non-cash consideration or in relation to a merger or business combination (unless Weichai has been given and had the opportunity to complete the Anti-Dilution Right pursuant to Section 3.1(4)). In addition, for the purpose of calculating the number of shares that Weichai directly or indirectly beneficially owns for the purpose of this section, Weichai will be deemed to own the full amount of Voting Shares subject to the exercise of the Anti-dilution Right under Section 3.5 had there been no Regulatory Cut Back (unless Weichai has had the opportunity to complete the purchase of Voting Shares as contemplated in Section 3.5(2)).

**ARTICLE 4**

**RESTRICTIONS ON DISPOSITIONS AND ACQUISITIONS, STANDSTILL COVENANTS AND SUPERIOR PROPOSAL RIGHT**

Section 4.1 Restrictions on Dispositions.

(1) Subject to Section 4.3, Weichai shall not sell, transfer or otherwise dispose, directly or indirectly,
all or any portion of the Subscription Shares or sell, transfer or otherwise dispose of its economic interest therein or economic consequences
of ownership of such Voting Shares for a period of two (2) years following the Closing Date (the "**Standstill Period** ")
without the prior written consent of the Board (with the Director Nominees of Weichai excluded from such approval vote). Notwithstanding
the foregoing, the restriction on Weichai set out above will not apply: (i) to a sale, transfer or disposition pursuant to any plan of
arrangement, re-organization, amalgamation, takeover bid, merger or other similar combination transaction where an offer to purchase or
exchange or reorganize the Voting Shares has been made to all shareholders of Ballard by a third party or involves all the Voting Shares;
(ii) a sale, transfer or disposition to an Affiliate of Weichai, provided that Weichai causes such Affiliate to whom such Voting Shares
are transferred to expressly agree in writing to be bound by the terms of this Agreement, and provided further that such sale, transfer
or disposition is made in accordance with applicable Securities Laws; (iii) if a proceeding is commenced against or involving Ballard
under the *Bankruptcy and Insolvency Act* or the *Companies' Creditors Arrangement Act* or any similar legislation; or
(iv) if Ballard has received notice from any securities regulatory authority that the Voting Shares will be permanently cease-traded within
a specified period.

(2) Following the Standstill Period set forth in Section 4.1(1), Weichai shall be permitted to sell such Subscription
Shares either by private agreement or through the facilities of any stock exchange on which Subscription Shares are traded provided, however,
that in the case of a sale through the facilities of any such stock exchange, Weichai shall in good faith attempt to dispose of such Subscription
Shares in a manner that does not materially disrupt orderly trading in such securities, but for clarification, if Weichai considers that
in order to protect its own reasonable commercial interest, it has to dispose of the Subscription Shares as soon as possible, then Weichai
is free to dispose of the Subscription Shares in any manner it deems appropriate, provided that when Weichai holds a Pro Rata Interest
of at least ten percent (10%), Weichai shall provide Ballard with one (1) Business Day advance notice in writing.

Section 4.2 Restrictions on Acquisitions.

(1) Subject to Section 4.2(2), during the Standstill Period, Weichai shall not acquire any Voting Shares,
Convertible Securities or rights or options to acquire any Voting Shares, which will result in Weichai and its Affiliates owning twenty
percent (20%) or more of the Voting Shares.

(2) Notwithstanding Section 4.2(1), during the Standstill Period, Weichai may submit a confidential proposal
to the Board (in such a manner as would not require Ballard to make any public disclosure regarding such proposal) to acquire all of the
outstanding Voting Shares whether by way of a plan of arrangement, re-organization, amalgamation, takeover bid, merger or other similar
combination transaction (each, a "**Weichai Offer** "), it being understood that Section 4.4(i) shall apply to each such
Weichai Offer. Ballard will be entitled, in its sole discretion,
to respond to the Weichai Offer is such manner as it determines. For greater certainty, other than as contemplated by Section 4.3, Weichai
shall be prohibited from making a Weichai Offer so long as a Third Party Offer is outstanding.

Section 4.3 Superior Proposal Right

(1) If Ballard receives or otherwise becomes aware of any Acquisition Proposal that the Board determines,
in its sole discretion, is or could constitute a transaction that it recommends to Ballard shareholders (each such transaction, a "**Third Party Offer** "), Ballard shall, as soon as reasonably practicable and in any event no less than twenty (20) Business Days before entering into
any agreement to implement such Third Party Offer, provide Weichai with written notice (the "**Third Party Acquisition Notice** ")
that it is negotiating a Third Party Offer, which notice shall set forth the indicative range of the pricing and other material terms
of the Third Party Offer.

(2) Weichai will have an opportunity (but not the obligation) during a period of twenty (20) Business Days
(the "**Response Period**") from the date of receipt of the Third Party Acquisition Notice to make an Acquisition Proposal
(a "**Weichai Response Proposal**") to the Board that is or could constitute a Superior Proposal.

(3) If the Board determines, in good faith after consultation with its outside legal counsel and financial
advisors, that a Weichai Response Proposal constitutes a Superior Proposal compared to the terms of a Third Party Offer, Ballard and Weichai
will, as soon as reasonably practicable, negotiate and enter into a definitive agreement to implement such Superior Proposal. If Weichai
does not submit a Weichai Response Proposal which constitutes a Superior Proposal during the Response Period, then immediately prior to
the public announcement of the Third Party Offer, Weichai will execute a support agreement in the form and substance to be mutually agreed
by Weichai and the relevant parties, undertaking to vote and/or tender all of the Voting Shares over which it exercises direction or control
in favor of the Third Party Offer.

(4) Following Weichai's submission of a Weichai Response Proposal which constitutes a Superior Proposal,
but prior to execution of a definitive agreement in respect thereof, if Ballard receives or otherwise becomes aware of any new Acquisition
Proposal, Ballard shall, as soon as reasonably practicable, provide Weichai with written notice of such Acquisition Proposal, and Weichai
shall be entitled, but not obligated, to make new Weichai Response Proposal to the Board in response to any Acquisition Proposal made
by third party.

(5) For the purposes of this Section 4.3, the following definitions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Acquisition Proposal**" means any offer or proposal (written or oral) from any Person
or group of Persons relating to: (a) any acquisition or purchase, direct or indirect, of: (i) the assets of Ballard that, individually
or in the aggregate, constitute 50% or more of the consolidated assets of Ballard or which contribute 50% or more of the consolidated
revenue of Ballard, or (ii) 50% or more of the issued and outstanding Voting Shares; (b) any take-over bid, tender offer or exchange offer
that, if consummated, would result in such Person or group of Persons beneficially owning 50% or more of the issued and outstanding Voting
Shares; (c) a plan of arrangement, merger, amalgamation, consolidation, share exchange, business combination, reorganization,
recapitalization, liquidation, dissolution or other similar transaction involving Ballard or any of its subsidiaries whose assets or revenues,
individually or in the aggregate, constitute 50% or more of the consolidated assets or revenues, as applicable, of Ballard and its subsidiaries,
taken as a whole; or (d) a sale relating to 50% or more of Ballard's consolidated assets (or a transaction involving Ballard's
material intellectual property having the same economic effect as a sale of such assets).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Superior Proposal**" means any bona fide written Acquisition Proposal from Weichai or
its Affiliates that: (i) complies with Securities Laws; (ii) is reasonably capable of being completed without undue delay, taking into
account all legal, financial, regulatory and other aspects of such proposal and the Person making such proposal; (iii) is not subject
to any financing contingency and in respect of which it has been demonstrated to the satisfaction of the Board, acting in good faith (after
receipt of advice from its financial advisers) that any required financing to complete such Acquisition Proposal is reasonably likely
to be obtained; (iv) to the extent that such Acquisition Proposal involves the acquisition of outstanding Voting Shares, is made available
to all Ballard shareholders, on the same terms and conditions; and (v) that the Board determines, in its good faith judgment, after receiving
advice of its outside legal and financial advisors and after taking into account all the terms and conditions of the Acquisition Proposal,
including all legal, financial, regulatory and other aspects of such Acquisition Proposal, would, if consummated in accordance with its
terms, but without assuming away the risk of non-completion, result in a transaction which is more favourable, from a financial point
of view, to the Ballard shareholders than the applicable Third Party Offer.

Section 4.4 Standstill Covenant.

During the Standstill Period, subject to Section 4.2(2) and Section 4.3, neither Weichai nor its Affiliates shall in any manner, directly or indirectly, alone or jointly or in concert with any other Person (including by providing financing to any other Person), without the prior written consent of Ballard, effect, seek, offer or propose, or in any way assist, advise or encourage any other Person to effect, seek, offer or propose, by any means whatsoever, in each case whether publicly or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any acquisition of any Voting Shares or rights or options to acquire any Voting Shares, if, following
any such acquisition, Weichai would, in the aggregate, directly or indirectly beneficially own twenty percent (20%) or more of the Voting
Shares or shares to which are attached twenty percent (20%) or more of the voting rights attaching to all voting shares of Ballard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any take-over bid, merger, amalgamation, plan of arrangement, reorganization or other business combination
involving Ballard or any of its Affiliates or any of their assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction with
respect to Ballard or any of its Affiliates or any of their assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any solicitation of any proxies or any other activity in order to vote, advise or influence any Person
with respect to the voting of any Voting Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) form, join, or in any way participate in a group to attempt to influence the conduct of the holders of
Voting Shares or take any other action to seek to control or influence the Board, management or policies of Ballard or to obtain representation
on the Board (other than as provided in Section 2);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) attempt to induce any Person not to make or conclude any proposal with respect to Ballard, by threatening
or indicating that it may take any of the foregoing actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) otherwise act, alone or in concert with others, to seek to control the management, directors or corporate
policies of Ballard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) enter into any discussions or arrangements with respect to, or act as a financing source for, any of the
foregoing actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) make any public or private disclosure of any consideration, intention, plan or arrangement to do or take
any of the foregoing actions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) take any action which might require Ballard to make public disclosure regarding any of the foregoing.

Section 4.5 Exceptions.

(1) The provisions of Section 4.1 and Section 4.4 shall not prohibit or restrict Weichai (and/or its Affiliate(s)) from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) exercising its rights under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercising its right to vote the Voting Shares it holds in the manner it deems appropriate or to tender,
exchange, deal with or in any other way participate as a shareholder in any transaction involving Ballard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) tendering its Voting Shares under a take-over bid for such class of Voting Shares, provided such take-over
bid was not commenced in violation of the restrictions in Section 4.4(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) proposing or commencing a take-over bid on a class of Voting Shares or another change of control transaction
of Ballard or take any of the actions set out in Section 4.4 above if Ballard commences proceedings under the *Bankruptcy and Insolvency Act* or C *ompanies Creditors Arrangement Act* or any other similar legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) selling or transferring its Voting Shares to any of its wholly-owned subsidiaries, or by any wholly-owned
subsidiary of Weichai to Weichai or to another wholly-owned subsidiary of Weichai, so long as Weichai causes such wholly-owned subsidiary
to whom such Voting Shares are transferred to expressly agree in writing to be bound by the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) disposing of its Voting Shares by operation of a statutory amalgamation, statutory arrangement or other
statutory procedure involving Ballard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) subject to compliance with applicable Securities Laws, acquiring Voting Shares on the market as not otherwise
prohibited or restricted by this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) granting a security interest over its Voting Shares in favour of (i) a bank or other financial institution
that provides financing to Weichai or an Affiliate thereof, or (ii) a security trustee, facility agent or security agent on behalf of
a bank or other financial institution that provides financing to Weichai or an Affiliate thereof, in each case as security for the indebtedness
of Weichai or any of its Affiliates, pursuant to which actions to enforce any such security interest granted in connection with any such
indebtedness may be taken by any secured parties following a default by Weichai (or any of its Affiliates, as applicable) or any event
triggering enforcement under such indebtedness in accordance with its terms.

Section 4.6 Notice of Proposed Dispositions.

No less than five (5) Business Days before selling any Voting Shares or Convertible Securities representing more than 1% of Ballard's then outstanding Voting Shares (after giving effect to the conversion of any such Convertible Securities proposed to be sold by Weichai), Weichai will provide Ballard with Notice of such proposed sale in order to provide Ballard an opportunity to introduce Weichai to potential purchasers of such securities (each a **"Potential Purchaser"**). Ballard will make any such introductions within three (3) Business Days of receiving such Notice from Weichai. Weichai will consider any proposal to acquire such securities received from any Potential Purchaser promptly following such introduction, but will be under no obligation to sell any Voting Shares or Convertible Securities to any Potential Purchaser. Ballard shall receive no fees or other compensation for introducing any Potential Purchaser to Weichai. Notwithstanding the foregoing, this Section 4.6 shall not apply to any sale or transaction effected pursuant to Section 4.5(1)(c), Section 4.5(1)(d) or Section 4.5(1)(f).

**ARTICLE 5**

**CERTAIN AGREEMENTS**

Section 5.1 Reports

Ballard will maintain proper books of account and records in accordance with generally accepted accounting principles applied on a consistent basis. Ballard will to deliver to Weichai such information as reasonably requested by Weichai, and approved by the Board of Ballard, to comply with applicable Law, generally applicable accounting principles, the rules or regulations of any securities exchange, or Weichai's internal management policies and rules.

**ARTICLE 6**

**REPRESENTATIONS AND WARRANTIES OF BALLARD**

Ballard represents and warrants to Weichai as of the date of this Agreement as follows:

Section 6.1 Corporate Status.

Ballard is duly incorporated and validly existing under the laws of its governing jurisdiction and (a) has all requisite corporate power and authority to carry on its business as it is now being conducted and (b) is duly qualified to do business in each of the jurisdictions in which the ownership, operation or leasing of its properties and assets or the conduct of its business requires it to be so qualified, except where the failure to be so qualified would not materially impair Ballard's ability to perform its obligations under this Agreement and other documents referred to in this Agreement to which Ballard is a party, or consummate the transactions contemplated hereby.

Section 6.2 Authorization.

Ballard has all the requisite corporate power and authority to enter into, and to perform its obligations under, this Agreement. The execution and delivery of this Agreement by Ballard and the consummation by Ballard of the transactions contemplated hereby have been duly and validly authorized by the Board and no other corporate proceedings of Ballard, including approval of the shareholders of Ballard, are necessary to authorize this Agreement or to consummate the transactions contemplated hereby. This Agreement has been duly executed and delivered by Ballard, and (assuming due authorization, execution and delivery by Weichai) this Agreement constitutes a valid and binding obligation of Ballard, enforceable against Ballard in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors' rights generally or by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law).

Section 6.3 No Conflict.

The execution, delivery and performance of this Agreement by Ballard and the consummation by Ballard of the transactions contemplated hereby will not (a) violate any applicable law to which any of Ballard or its Affiliates are subject, (b) materially conflict with, result in a material violation or material breach of, or constitute a material default under, result in the acceleration of, create in any party the right to accelerate, terminate or cancel any material contract to which Ballard or its subsidiaries is a party or by which Ballard or its subsidiaries is bound or to which the assets of Ballard or its subsidiaries are subject, or (c) violate the constitutional documents of any of Ballard or its subsidiaries, other than, in the case of clauses (b) and (c) above, any such violations, defaults, conflicts, breaches, accelerations or rights that would not impair Ballard's ability to perform its obligations under this Agreement and other documents referred to in this Agreement to which Ballard is a party, or consummate the transactions contemplated hereby.

Section 6.4 Disclaimer of Warranties.

Notwithstanding any provision of this Agreement to the contrary, Ballard makes no representations or warranties to Weichai or any other Person in connection with this Agreement, except as specifically set forth in this Article 6 and as set out in the Subscription Agreement. All other representations and warranties, whether express or implied, are disclaimed by Ballard.

**ARTICLE 7**

**REPRESENTATIONS AND WARRANTIES OF WEICHAI**

Weichai represents and warrants to Ballard as of the date of this Agreement as follows:

Section 7.1 Corporate Status.

Weichai is duly incorporated and validly existing under the laws of its governing jurisdiction and (a) has all requisite corporate power and authority to carry on its business as it is now being conducted and (b) is duly qualified to do business in each of the jurisdictions in which the ownership, operation or leasing of its properties and assets or the conduct of its business requires it to be so qualified, except where the failure to be so qualified would not materially impair Weichai's ability to perform its obligations under this Agreement or consummate the transactions contemplated hereby.

Section 7.2 Authorization.

Weichai has all the requisite corporate power and authority to enter into, and to perform its obligations under, this Agreement. The execution and delivery of this Agreement by Weichai and the consummation by Weichai of the transactions contemplated hereby have been duly and validly authorized by the appropriate corporate proceeding of Weichai and no other corporate proceedings of Weichai, including approval of the shareholders of Weichai, are necessary to authorize this Agreement or to consummate the transactions contemplated hereby. This Agreement has been duly executed and delivered by Weichai, and (assuming due authorization, execution and delivery by Ballard) this Agreement constitutes a valid and binding obligation of Weichai, enforceable against Weichai in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors' rights generally or by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law).

Section 7.3 No Conflict.

The execution, delivery and performance of this Agreement by Weichai and the consummation by Weichai of the transactions contemplated hereby will not (a) violate any applicable law to which any of Weichai or its Affiliates are subject, (b) materially conflict with, result in a material violation or material breach of, or constitute a material default under, result in the acceleration of, create in any party the right to accelerate, terminate or cancel any contract to which Weichai or its Affiliates is a party or by which Weichai or its Affiliates is bound or to which the assets of Weichai or its Affiliates are subject, or (c) violate the constitutional documents of any of Weichai or its Affiliates, other than, in the case of clauses (b) and (c) above, any such violations, defaults, conflicts, breaches, accelerations or rights that would not materially impair Weichai's ability to perform its obligations under this Agreement or consummate the transactions contemplated hereby.

Section 7.4 Disclaimer of Warranties.

Notwithstanding any provision of this Agreement to the contrary, Weichai makes no representations or warranties to Ballard or any other Person in connection with this Agreement, except as specifically set forth in this Article 7. All other representations and warranties, whether express or implied, are disclaimed by Weichai.

**ARTICLE 8**

**MISCELLANEOUS**

Section 8.1 Interpretation.

(1) Any reference in this Agreement to gender includes all genders. Words importing the singular number include
the plural and vice versa. The division of this Agreement into Articles, Sections and other subdivisions and the insertion of headings
are for convenient reference only and do not affect this Agreement's interpretation. In this Agreement (i) the words "including",
"includes" and "include" mean "including (or includes or include) without limitation", (ii) the words
"the aggregate of", "the total of", "the sum of", or a phrase of similar meaning means "the
aggregate (or total or sum), without duplication, of".

(2) All references in this Agreement and the Schedules to dollars, "$"or "US$" are
to the currency of United States of America, unless otherwise specifically indicated.

Section 8.2 Notices.

(1) Any Notice must be in writing, sent by e-mail, mail, personal delivery, courier or facsimile and addressed
as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to Weichai at:

Weichai Power Hong Kong International Development Co., Limited Room 3407-08, 34/Floor, Gloucester Tower, The Landmark 15 Queen's Road, Central, Hong Kong Special Administrative Region

---

| | |
|:---|:---|
| Attention: | Hao Qinggui |
| Facsimile: | +86 21 5081 4488 |
| Email: | haoqg@weichai.com |
| Attention: | Liu Mingkai |
| Facsimile: | +86 21 5081 4488 |
| Email: | liumk@weichai.com |
| with a copy, which will not constitute Notice, to: | with a copy, which will not constitute Notice, to: |
| King & Wood Mallesons | King & Wood Mallesons |
| 20th Floor, East Tower, World Financial Center | 20th Floor, East Tower, World Financial Center |
| 1 Dongsanhuan Zhonglu, Chaoyang District Beijing 100020 PRC | 1 Dongsanhuan Zhonglu, Chaoyang District Beijing 100020 PRC |
| Attention: | Xu Ping |
| Facsimile: | +86 (10) 58785577 |
| Email: | xuping@cn.kwm.com |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to Ballard at:

---

| | |
|:---|:---|
| Ballard Power Systems Inc. | Ballard Power Systems Inc. |
| 9000 Glenlyon Parkway | 9000 Glenlyon Parkway |
| Burnaby, British Columbia V5J 5J8 Canada | Burnaby, British Columbia V5J 5J8 Canada |
| Attention: | Corporate Secretary |
| Facsimile: | +1 (604) 412-4700 |
| Email: | kerry.hillier@ballard.com |
| with a copy, which will not constitute Notice, to: | with a copy, which will not constitute Notice, to: |
| Stikeman Elliott LLP | Stikeman Elliott LLP |
| 1700 – 666 Burrard Street | 1700 – 666 Burrard Street |
| Vancouver, British Columbia V6C 2X8 | Vancouver, British Columbia V6C 2X8 |
| Canada | Canada |
| Attention: | John F. Anderson |
| Facsimile: | +1 (604) 681-1825 |
| Email: | janderson@stikeman.com |

---

(2) A Notice is deemed to be given and received (i) if sent by mail, on the fifth (5<sup>th</sup>) Business
Day following the date of mailing, if the date of mailing is a Business Day and the mailing was effected before 4:00 p.m. (local time
in the place of mailing), (ii) if sent by e-mail, personal delivery or courier, on the date of delivery if it is a Business Day and the
delivery was made before 4:00 p.m. (local time in the place of receipt) and otherwise on the next Business Day, or (iii) if sent by facsimile,
on the Business Day following the date of confirmation of transmission by the originating facsimile. A party may change its address for
service from time to time by providing a Notice in accordance with the foregoing. Any subsequent Notice must be sent to the party at its
changed address. Any element of a party's address that is not specifically changed in a Notice will be assumed not to be changed.
Sending a copy of a Notice to a party's legal counsel as contemplated above is for information purposes only and does not constitute
delivery of the Notice to that party. The failure to send a copy of a Notice to legal counsel does not invalidate delivery of that Notice
to a party. The party sending any Notice has the burden of proving delivery and receipt of any such Notice.

Section 8.3 Expenses.

Except as otherwise contemplated in this Agreement, each party will bear its own costs and expenses (including legal and accounting fees and travel expenses) incurred in connection with the preparation, execution, delivery and performance of this Agreement.

Section 8.4 Further Assurances.

Each of the parties further covenants and agrees that it will execute such further agreements, assurances, papers and documents and perform or cause to be done and performed such further and other acts and things that may be necessary or desirable from time to time in order to give full effect to this Agreement and every part hereof.

Section 8.5 Announcements.

(1) Ballard and Weichai will issue a press release with respect to this Agreement promptly following the execution
of this Agreement, the text of such announcement to be in a form approved by each of Ballard and Weichai in advance, acting reasonably
and without delay.

(2) Ballard will be required pursuant to applicable Canadian Securities Laws to file this Agreement and a
material change report respecting the transactions contemplated by this Agreement (a draft of which material change report to be provided
to Weichai for its comments and confirmation (which shall not be unreasonably withhold, rejected or delayed) at least five (5) Business
Day before filing) on the System for Electronic Document Analysis and Retrieval ()"**SEDAR** "), and Ballard will be required
pursuant to

U.S. Securities Laws to file such documents on one or more Form 6-Ks with the SEC.

Section 8.6 Amendments.

This Agreement may only be amended, supplemented or otherwise modified by written agreement signed by both parties.

Section 8.7 Waiver.

No waiver of any of the provisions of this Agreement will constitute a waiver of any other provision (whether or not similar). No waiver will be binding unless executed in writing by the party to be bound by the waiver. A party's failure or delay in exercising any right under this Agreement will not operate as a waiver of that right. A single or partial exercise of any right will not preclude a party from any other or further exercise of that right or the exercise of any other right it may have.

Section 8.8 Entire Agreement.

This Agreement together with the Subscription Agreement constitutes the entire agreement between the parties with respect to the transactions contemplated by it and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the parties. There are no representations, warranties, covenants, conditions or other agreements, express or implied, collateral, statutory or otherwise, between the parties in connection with the subject matter of this Agreement, except as specifically set forth in this Agreement. The parties have not relied and are not relying on any other information, discussion or understanding in entering into and completing the transactions contemplated by this Agreement.

Section 8.9 Successors and Assigns.

This Agreement becomes effective only when executed by Ballard and Weichai. After that time, it will be binding upon and ensure to the benefit of Ballard, Weichai and their respective successors and permitted assigns. Neither this Agreement nor any of the rights or obligations under this Agreement may be assigned or transferred, in whole or in part, by any party without the prior written consent of the other party, provided that Weichai may assign its rights and obligations hereunder to any Affiliate concurrently with transfer of its shares of Ballard to such Affiliate pursuant to Section 4.1(1).

Section 8.10 Severability.

If any provision of this Agreement is determined to be illegal, invalid or unenforceable, by an arbitrator or any court of competent jurisdiction from which no appeal exists or is taken, that provision will be severed from this Agreement and the remaining provisions will remain in full force and effect.

Section 8.11 Time of Essence.

Time is of the essence in this Agreement.

Section 8.12 Governing Law.

This Agreement will be governed by, interpreted and enforced in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein. All disputes, controversies or differences which may arise between the parties out of or in relation to or in connection with this Agreement shall be finally settled by arbitration conducted with the Hong Kong International Arbitration Centre (the "**HKIAC**") in accordance with the HKIAC Administered Arbitration Rules in force when the notice of arbitration is submitted. The seat of arbitration shall be Hong Kong and the arbitral tribunal shall be composed of three (3) arbitrators. Each party shall appoint one (1) arbitrator, and the said two (2) arbitrators shall appoint a third arbitrator. The arbitration shall be conducted in English.

Section 8.13 Execution By Electronic Means and Counterparts.

This Agreement may be executed in any number of counterparts (including counterparts by electronic means) and all such counterparts taken together will be deemed to constitute one and the same document. If Weichai does not deliver a complete copy of this Agreement to Ballard, Ballard shall be entitled to assume that Weichai accepts and agrees with all of the terms and conditions of this Agreement on the pages not delivered at Closing Date unaltered.

**[Signature Page Follows]**

**IN WITNESS WHEREOF** the parties hereto have executed this Agreement as of the date first written above.

---

| | | | |
|:---|:---|:---|:---|
| **WEICHAI POWER HONG KONG INTERNATIONAL DEVELOPMENT CO., LIMITED** | **WEICHAI POWER HONG KONG INTERNATIONAL DEVELOPMENT CO., LIMITED** | **BALLARD POWER SYSTEMS INC.** | **BALLARD POWER SYSTEMS INC.** |
| By: | ![](ea029051401_ex-fimg1.jpg) | By: | /s/ Randall MacEwen |
|  |  | Its: | Randall MacEwen |
| Its: | Investment Director |  | President & CEO |
| April 8 (PDT), 2020 | April 8 (PDT), 2020 | By: | /s/ Anthony Guglielmin |
|  |  | Its: | Anthony Guglielmin |
|  |  |  | Chief Financial Officer |

---

Signature Page

## Ex-99.G

**Exhibit G**

**Power of Attorney** 

I, Ma Changhai, am the legal representative of Weichai Power Co., Ltd. (the "Company").

Whereas, the Company's subsidiary, Weichai Power Hong Kong International Development Co., Limited ("Weichai Hong Kong"), intends to sell a portion of its shares of common stock in Ballard Power Systems Inc. ("BLDP"), and pursuant to Section 13(d) of the U.S. Securities Exchange Act of 1934, Weichai Hong Kong is required to file an amendment to Schedule 13D. In accordance with the relevant provisions of the aforementioned regulations, the Company, as an indirect beneficial owner of BLDP, must also have duly authorized representatives execute relevant legal documents, including the Schedule 13D amendment.

Now, therefore, I hereby authorize and appoint Sun Chenglong as the authorized representative of the Company to execute, on behalf of the Company, all relevant legal documents, including the Schedule 13D amendment, for the aforementioned matters.

Term of Authorization: From December 11, 2025, until the completion of the authorized matters.

The authorized representative shall not have the right to sub-delegate. This authorization is hereby granted.

Authorized Representative：Sun Chenglong

Company: Weichai Power Co., Ltd.

---

| | |
|:---|:---|
| Company: Weichai Power Co., Ltd. | Company: Weichai Power Co., Ltd. |
| By: | /s/ Ma Changmei |
| Name: | Ma Changmei |
| Title: | Legal Representative |

---

---

| | |
|:---|:---|
| By: | /s/ Sun Chenglong |
| Name: | Sun Chenglong |
| Title: | Authorized Representative |

---

Date: December 19, 2025

## Ex-99.H

**Exhibit H**

**Power of Attorney** 

I, Wang Zhijian am the legal representative of Shandong Heavy Industry Group Co., Ltd. (the **"Company"**).

Whereas the Company's indirect holding subsidiary, Weichai Power Hong Kong International Development Co., Limited ("Weichai Hong Kong"), intends to sell its shares of common stock in Ballard Power Systems Inc. ("BLDP"), and pursuant to the U.S. Securities Exchange Act of 1934, Weichai Hong Kong is required to file an amendment to Schedule 13D. In accordance with the relevant provisions of the aforementioned regulations, the Company, as an indirect beneficial owner of BLDP, must also have duly authorized representatives execute relevant legal documents, including the Schedule 13D amendment.

Now, therefore, I hereby authorize and appoint Sun Chenglong as the authorized representative of the Company to execute, on behalf of the Company, all relevant legal documents, including the Schedule 13D amendment, for the aforementioned matters.

Term of Authorization: From November 5th, 2025, until the completion of the authorized matters.

The authorized representative shall not have the right to sub-delegate. This authorization is hereby granted.

Authorized Representative：Sun Chenglong

Company: Shandong Heavy Industry Group Co., Ltd.

---

| | |
|:---|:---|
| Company: Shandong Heavy Industry Group Co., Ltd. | Company: Shandong Heavy Industry Group Co., Ltd. |
| By: | /s/ Wang Zhijian |
| Name: | Wang Zhijian |
| Title: | Legal Representative |

---

---

| | |
|:---|:---|
| By: | /s/ Sun Chenglong |
| Name: | Sun Chenglong |
| Title: | Authorized Representative |

---

Date: December 19, 2025

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Ballard Power Systems Inc.**

*(Name of Issuer)*

**Common Shares**

*(Title of Class of Securities)*

**—**

*(CUSIP Number)*

**Yunyun HU**<br>2102-03 China Merchants Twr, Shun Tak<br>Ctr,168-200 Connaught Rd Central<br>Hong Kong K3 000000<br>852 22953686

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**05/12/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Weichai Power Hong Kong International Development Co., Limited** | Name of reporting person<br>**Weichai Power Hong Kong International Development Co., Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**BK** | Source of funds (See Instructions)<br>**BK** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**HONG KONG** | Citizenship or place of organization<br>**HONG KONG** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**39252826.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**39252826.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**39252826.00** | Aggregate amount beneficially owned by each reporting person<br>**39252826.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.02%** | Percent of class represented by amount in Row (11)<br>**13.02%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** The percentage of class of securities is calculated by dividing the number of Common Shares (as defined below) beneficially owned by the Reporting Persons (as defined below) by a total of 301,475,849 issued and outstanding Common Shares of the Issuer (as defined below), as reported on the Issuer's First Quarter 2026 Interim Financial Statements, attached as Exhibit 99.1 to the Form 6-K filed by the Issuer with the Securities and Exchange Commission ("SEC") on May 5, 2026.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Weichai Power Co., Ltd.** | Name of reporting person<br>**Weichai Power Co., Ltd.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**BK** | Source of funds (See Instructions)<br>**BK** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CHINA** | Citizenship or place of organization<br>**CHINA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**39252826.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**39252826.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**39252826.00** | Aggregate amount beneficially owned by each reporting person<br>**39252826.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.02%** | Percent of class represented by amount in Row (11)<br>**13.02%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** The percentage of class of securities is calculated by dividing the number of Common Shares beneficially owned by the Reporting Persons by a total of 301,475,849 issued and outstanding Common Shares of the Issuer, as reported on the Issuer's First Quarter 2026 Interim Financial Statements, attached as Exhibit 99.1 to the Form 6-K filed by the Issuer with the SEC on May 5, 2026.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Shandong Heavy Industry Group Co., Ltd.** | Name of reporting person<br>**Shandong Heavy Industry Group Co., Ltd.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**BK** | Source of funds (See Instructions)<br>**BK** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CHINA** | Citizenship or place of organization<br>**CHINA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**39252826.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**39252826.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**39252826.00** | Aggregate amount beneficially owned by each reporting person<br>**39252826.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.02%** | Percent of class represented by amount in Row (11)<br>**13.02%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** The percentage of class of securities is calculated by dividing the number of Common Shares beneficially owned by the Reporting Persons by a total of 301,475,849 issued and outstanding Common Shares of the Issuer, as reported on the Issuer's First Quarter 2026 Interim Financial Statements, attached as Exhibit 99.1 to the Form 6-K filed by the Issuer with the SEC on May 5, 2026.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares

**(b) Name of Issuer:**
Ballard Power Systems Inc.

**(c) Address of Issuer's Principal Executive Offices:**
9000 Glenlyon Parkway, Burnaby, British Columbia, A1, V5J 5J8

This Amendment No. 1 amends the statement on the Schedule 13D originally filed by the Reporting Persons on November 23, 2018. Except as otherwise provided herein, each Item of the Schedule 13D remains unchanged.

**Item 4. Purpose of Transaction**

Item 4 of the Schedule 13D is hereby amended in its entirety as follows:

The information contained in Item 3 above is herein incorporated by reference.

The Reporting Persons acquired securities of the Issuer for investment purposes.

Investor Rights Agreement

Pursuant to the Investor Rights Agreement, for so long as Weichai Hong Kong beneficially owns a number of Common Shares that is equal to at least 15% of the total outstanding Common Shares of the Issuer, Weichai Hong Kong will be entitled to designate two (2) individuals for appointment or election to the Issuer's board of directors (the "Board"). Such directors appointed by Weichai Hong Kong must resign within 10 business days after Weichai Hong Kong ceases to beneficially own at least 15% of the total outstanding Common Shares of the Issuer. As of May 8, 2026, Weichai Hong Kong beneficially owned less than 15% of the total outstanding Common Shares of the Issuer. As a result, Michael Chen and Huajie Wang, two directors appointed by Weichai Hong Kong, will resign from the Board of the Issuer within 10 business days after May 8, 2026. Upon the resignation of such directors, no director of the Issuer will be appointed by Weichai Hong Kong.

The Investor Rights Agreement also contains restrictions on dispositions which prohibit Weichai Hong Kong from selling or transferring the Subscription Shares for a period of two (2) years following the Closing Date, subject to customary exceptions for transfers to affiliates and participation in material transactions involving the Issuer. Such restrictions on disposition have expired as of November 12, 2020.

The Investor Rights Agreement also contains customary standstill restrictions which prohibit Weichai Hong Kong from acquiring beneficial ownership of additional Common Shares or taking other specified actions with respect to the Issuer for two (2) years following the Closing Date. Such standstill restrictions have expired as of November 12, 2020.

The Investor Rights Agreement also provides Weichai Hong Kong with anti-dilution rights to maintain its ownership position in the Issuer, pursuant to which Weichai Hong Kong has a right to purchase a pro rata portion of any new issue of securities, or at-the-market offering of securities, issued by the Issuer, including Common Share and convertible share (excluding certain excepted issuances).

The Investor Rights Agreement also provides a superior proposal right pursuant to which the Issuer must notify Weichai Hong Kong if it receives an acquisition proposal from a third party which will constitute a change of control transaction and determines it could constitute a transaction that it recommends to its shareholders. Within 20 business days upon notice, Weichai Hong Kong has a right to submit a superior proposal to compete against the third-party offer, or it will choose to support the proposed transaction.

The foregoing descriptions of the Weichai Subscription Agreement, the Investor Rights Agreement, and the transactions contemplated thereby, are not intended to be complete and are qualified in their entirety by reference to the Weichai Subscription Agreement, the original Investor Rights Agreement, and the amended and restated Investor Rights Agreement, copies of which are filed as Exhibit B, C, F hereto, respectively, and which are incorporated herein by reference.

In their capacity as a significant shareholder of the Issuer, the Reporting Persons may take an active role in working with the Issuer's management on operational, financial and strategic initiatives. The Reporting Persons review and intend to continue to review, on an ongoing and continuing basis, their investment in the Issuer. Depending upon the factors discussed below and subject to applicable law and the terms of the Weichai Subscription Agreement and the Investor Rights Agreement, the Reporting Persons may from time to time acquire additional securities of the Issuer or sell or otherwise dispose of some or all of their securities of the Issuer. Subject to applicable law and the terms of the Weichai Subscription Agreement and Investor Rights Agreement, any transactions that the Reporting Persons may pursue may be made at any time and from time to time, with or without prior notice, and will depend upon a variety of factors, including, without limitation, current and anticipated future trading prices of the securities of the Issuer, the financial condition, results of operations and prospects of the Issuer, general economic, financial market and industry conditions, other investment and business opportunities available to the Reporting Persons, tax considerations and other factors.

Other than as described in this Schedule 13D, none of the Reporting Persons currently has any plans or proposals that relate to, or may result in, any of the actions specified in clauses 4(a) - (j) of Item 4 of Schedule 13D (although the Reporting Persons reserve the right to develop such plans).

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a) of the Schedule 13D is hereby amended in its entirety as follows:

The aggregate number of securities and percentage of the class of securities of the Issuer beneficially owned by each Reporting Person named in Item 2(a), as well as the number of securities as to which such person is deemed to have sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition, shared power to dispose or direct the disposition, is set forth in the following table:

                                                                                            Number of Shares
                                                                               Power to Vote       Power to Dispose
                                       No of Securities                                                                             Percent of
Reporting Person        Beneficially Owned       Sole     Shared         Sole     Shared(1)           Class(2)

Weichai Hong Kong          39,252,826                0      39,252,826       0        39,252,826        13.02%
Weichai Power                 39,252,826                 0      39,252,826       0        39,252,826         13.02%
SHIG                                39,252,826                 0      39,252,826       0        39,252,826         13.02%
Total(3)                            39,252,826                 0      39,252,826      0         39,252,826           13.02%
(all Reporting Persons)

1 Weichai Hong Kong is the direct and record owner of 39,252,826 Common Shares and shares the power to vote and the power to dispose of all of such Common Shares with Weichai Power and SHIG by virtue of the fact that Weichai Power is Weichai Hong Kong's parent company, and Weichai Power is controlled by SHIG. SHIG holds less than 20% of the shares in Weichai Power but is able to exercise influence over Weichai Power by virtue of its status as the largest shareholder of Weichai Power and representatives or designees of SHIG currently comprise a majority of members of Weichai Power's board of directors.

2 The percentage of class of securities is calculated by dividing the number of Common Shares beneficially owned by the Reporting Persons by a total of 301,475,849 issued and outstanding Common Shares of the Issuer, as reported on the Issuer's First Quarter 2026 Interim Financial Statements, attached as Exhibit 99.1 to the Form 6-K filed by the Issuer with the SEC on May 5, 2026.

3 The Reporting Persons disclaim membership in a group.

**(b)**
Item 5(b) of the Schedule 13D is hereby amended in its entirety as follows:

The information contained in Item 5(a) above is herein incorporated by reference.

**(c)**
Item 5 of the Schedule 13D is hereby amended in its entirety as follows:

During the past sixty days, Weichai Hong Kong sold an aggregate of 6,878,886 Common Shares in open market transactions as follows:

Date                Number of Common Shares Sold           Price per Common Share

05/08/2026              2,111,111                                              $4.2742
05/11/2026              2,399,353                                              $4.1767
05/12/2026              2,368,422                                              $4.2167

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 of the Schedule 13D is hereby amended in its entirety as follows:

The information set forth in or incorporated by reference in Items 3 and 4 of this Schedule 13D is incorporated by reference in its entirety into this Item 6.

In addition, Weichai Power and the Issuer established a joint venture company, Weichai Ballard Hy-Energy Technologies Co., Ltd. ("Weichai-Ballard JV"), located in Weifang, Shandong Province, China, with Weichai Power holding 51% interest, and the Issuer indirectly holding 49% interest. Weichai-Ballard JV's business is to manufacture certain fuel cell products utilizing Ballard's liquid cooled fuel cell stack ("LCS") and LCS-based power modules for bus, commercial truck, and forklift applications with certain exclusive rights in China.

Pursuant to Rule 13d-1(k) promulgated under the Act, the Reporting Persons have entered into an Amended and Restated Joint Filing Agreement, dated as of May 13, 2026, a copy of which is attached hereto as Exhibit A, with respect to the joint filing of this Schedule 13D and any amendment or amendments hereto.

Except as referenced above or as described in Items 3 and 4 hereof, there are no contracts, arrangements, understandings or relationships among the persons named in Item 2 or between such persons and any other person with respect to any securities of the Issuer.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Weichai Power Hong Kong International Development Co., Limited

**Signature:** /s/ Yunyun Hu

**Name/Title:** Yunyun Hu/Director

**Date:** 05/13/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Weichai Power Co., Ltd.

**Signature:** /s/ Chenglong Sun

**Name/Title:** Chenglong Sun/Authorized Representative

**Date:** 05/13/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Shandong Heavy Industry Group Co., Ltd.

**Signature:** /s/ Chenglong Sun

**Name/Title:** Chenglong Sun/Authorized Representative

**Date:** 05/13/2026